0001752724-23-211425.txt : 20230922 0001752724-23-211425.hdr.sgml : 20230922 20230922121143 ACCESSION NUMBER: 0001752724-23-211425 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230731 FILED AS OF DATE: 20230922 DATE AS OF CHANGE: 20230922 PERIOD START: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN STRATEGIC SERIES CENTRAL INDEX KEY: 0000872625 IRS NUMBER: 000000000 STATE OF INCORPORATION: FL FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-06243 FILM NUMBER: 231270877 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-570-3000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA 250 GROWTH FUND DATE OF NAME CHANGE: 19911216 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CALIFORNIA 250 GROWTH INDEX FUND DATE OF NAME CHANGE: 19910917 0000872625 S000006889 FRANKLIN SMALL CAP GROWTH FUND C000018655 CLASS A FSGRX C000018657 CLASS C FCSGX C000018658 ADVISOR CLASS FSSAX C000018659 CLASS R FSSRX C000128865 Class R6 FSMLX NPORT-P 1 primary_doc.xml NPORT-P false 0000872625 XXXXXXXX S000006889 C000018658 C000018655 C000128865 C000018657 C000018659 Franklin Strategic Series 811-06243 0000872625 549300NDWC0J6DXVSX36 One Franklin Parkway San Mateo 94403-1906 650-312-2000 Franklin Small Cap Growth Fund S000006889 549300XFMMOAHNB37068 2024-04-30 2023-07-31 N 2789276103.06 20801783.62 2768474319.44 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Apogee Therapeutics, Inc. 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N/A Rent the Runway, Inc., Class A 76010Y103 1062558.00000000 NS USD 1965732.30000000 0.071004173172 Long EC CORP US N 1 N N N Kratos Defense & Security Solutions, Inc. 5493000EKBN0UY1F3F88 Kratos Defense & Security Solutions, Inc. 50077B207 1797664.00000000 NS USD 27126749.76000000 0.979844731429 Long EC CORP US N 1 N N N Smule, Inc. N/A Smule, Inc. N/A 162712.00000000 NS USD 2278029.02000000 0.082284636126 Long EP CORP US Y 3 N N N 2023-08-30 Franklin Strategic Series Ryan Wheeler Ryan Wheeler Assistant Treasurer XXXX NPORT-EX 2 FSS.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FSS-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
2
Franklin
Growth
Opportunities
Fund
5
Franklin
Natural
Resources
Fund
9
Franklin
Small
Cap
Growth
Fund
13
Franklin
Small-Mid
Cap
Growth
Fund
18
Franklin
Strategic
Income
Fund
24
Notes
to
Schedules
of
Investments
139
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2023
Franklin
Biotechnology
Discovery
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.7%
Biotechnology
73.3%
a
89bio,
Inc.
...........................................
United
States
254,237
$
4,027,114
a
ACELYRIN,
Inc.
......................................
United
States
280,090
6,957,436
a,b
Acumen
Pharmaceuticals,
Inc.
...........................
United
States
491,900
3,640,060
a
Alector,
Inc.
..........................................
United
States
303,345
2,080,947
Amgen,
Inc.
.........................................
United
States
228,082
53,405,401
a
Apogee
Therapeutics,
Inc.
...............................
United
States
140,457
3,005,780
a,b,c
Applied
Therapeutics,
Inc.
...............................
United
States
2,584,054
4,599,616
a
Arcutis
Biotherapeutics,
Inc.
.............................
United
States
402,520
4,391,493
a
Argenx
SE,
ADR
......................................
Netherlands
68,085
34,347,521
a
Ascendis
Pharma
A/S,
ADR
.............................
Denmark
309,111
27,866,357
a
Avidity
Biosciences,
Inc.
................................
United
States
109,386
1,040,261
a,b,c
Benitec
Biopharma,
Inc.
................................
Australia
364,886
1,123,849
a
Biogen,
Inc.
.........................................
United
States
152,922
41,317,995
a
BioMarin
Pharmaceutical,
Inc.
............................
United
States
259,989
22,860,833
a,b
Candel
Therapeutics,
Inc.
...............................
United
States
400,800
432,864
a,b
Centessa
Pharmaceuticals
plc,
ADR
.......................
United
States
278,993
2,204,045
a
Crinetics
Pharmaceuticals,
Inc.
...........................
United
States
43,322
823,118
a
CRISPR
Therapeutics
AG
...............................
Switzerland
72,193
4,138,825
a
Cullinan
Oncology,
Inc.
.................................
United
States
590,557
6,253,999
a
Cytokinetics,
Inc.
......................................
United
States
232,424
7,751,340
a
Day
One
Biopharmaceuticals,
Inc.
.........................
United
States
908,581
12,029,612
a,b
Disc
Medicine,
Inc.
....................................
United
States
50,325
2,496,120
a
Dyne
Therapeutics,
Inc.
................................
United
States
355,434
4,329,186
a
Equillium,
Inc.
........................................
United
States
294,800
218,152
Gilead
Sciences,
Inc.
..................................
United
States
516,365
39,316,031
a
Harpoon
Therapeutics,
Inc.
..............................
United
States
445,299
348,803
a
Heron
Therapeutics,
Inc.
................................
United
States
1,739,677
2,887,864
a
HilleVax,
Inc.
.........................................
United
States
423,056
6,438,912
a
Insmed,
Inc.
.........................................
United
States
780,500
17,241,245
a
Jasper
Therapeutics,
Inc.
...............................
United
States
1,439,300
2,173,343
a
Karuna
Therapeutics,
Inc.
...............................
United
States
38,051
7,601,448
a
Keros
Therapeutics,
Inc.
................................
United
States
153,551
6,430,716
a
Kezar
Life
Sciences,
Inc.
................................
United
States
449,150
1,006,096
a
Kura
Oncology,
Inc.
....................................
United
States
178,292
1,861,369
a
Legend
Biotech
Corp.,
ADR
.............................
United
States
134,634
10,167,560
a
Merus
NV
...........................................
Netherlands
404,226
10,606,890
a,b
Mineralys
Therapeutics,
Inc.
.............................
United
States
143,600
2,029,068
a
Mirati
Therapeutics,
Inc.
................................
United
States
132,023
3,996,336
a
Mirum
Pharmaceuticals,
Inc.
.............................
United
States
236,190
6,084,254
a
Moderna,
Inc.
........................................
United
States
67,390
7,929,107
a,b
MoonLake
Immunotherapeutics,
A
.........................
United
States
67,535
4,106,803
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
177,673
18,103,102
a
Nuvalent,
Inc.,
A
......................................
United
States
17,163
855,576
a
PTC
Therapeutics,
Inc.
.................................
United
States
643,974
25,977,911
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
68,033
50,474,363
a,b
Reneo
Pharmaceuticals,
Inc.
.............................
United
States
429,233
3,446,741
a
Rocket
Pharmaceuticals,
Inc.
............................
United
States
217,526
3,926,344
a
Roivant
Sciences
Ltd.
..................................
United
States
531,068
6,362,195
a
Sage
Therapeutics,
Inc.
................................
United
States
75,830
2,629,784
a
Sarepta
Therapeutics,
Inc.
..............................
United
States
66,852
7,246,088
a
Seagen,
Inc.
.........................................
United
States
116,366
22,316,671
a
Sutro
Biopharma,
Inc.
..................................
United
States
564,189
2,521,925
a
Taysha
Gene
Therapies,
Inc.
.............................
United
States
304,256
204,825
a
Ultragenyx
Pharmaceutical,
Inc.
..........................
United
States
60,696
2,617,212
a
Vaxcyte,
Inc.
.........................................
United
States
176,239
8,470,046
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
168,394
59,331,942
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
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
Xenon
Pharmaceuticals,
Inc.
.............................
Canada
55,051
$
2,032,483
598,084,977
Health
Care
Providers
&
Services
0.8%
a
Guardant
Health,
Inc.
..................................
United
States
173,066
6,753,035
Life
Sciences
Tools
&
Services
5.7%
a
Avantor,
Inc.
.........................................
United
States
450,529
9,267,382
a
Illumina,
Inc.
.........................................
United
States
129,900
24,960,285
Thermo
Fisher
Scientific,
Inc.
............................
United
States
22,679
12,443,060
46,670,727
Pharmaceuticals
17.9%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
451,308
32,358,784
a
Catalent,
Inc.
........................................
United
States
22,700
1,101,404
a
Cymabay
Therapeutics,
Inc.
.............................
United
States
796,553
10,395,017
a,b
EyePoint
Pharmaceuticals,
Inc.
...........................
United
States
818,933
10,236,663
a
Intra-Cellular
Therapies,
Inc.
.............................
United
States
442,216
27,346,637
a
Jazz
Pharmaceuticals
plc
...............................
United
States
261,163
34,060,878
a
Marinus
Pharmaceuticals,
Inc.
............................
United
States
651,933
6,936,567
a
Pliant
Therapeutics,
Inc.
................................
United
States
300,500
5,360,920
a
Revance
Therapeutics,
Inc.
..............................
United
States
454,804
10,747,019
a,b
Structure
Therapeutics,
Inc.,
ADR
.........................
United
States
80,210
2,954,134
a
Terns
Pharmaceuticals,
Inc.
.............................
United
States
565,300
4,081,466
145,579,489
Total
Common
Stocks
(Cost
$568,750,808)
.....................................
797,088,228
Convertible
Preferred
Stocks
0.6%
Biotechnology
0.6%
a,d,e
Aeglea
BioTherapeutics,
Inc.
.............................
United
States
5,500
3,027,003
a,d,e
Carmot
Therapeutics,
Inc.,
E
.............................
United
States
83,100
1,911,986
4,938,989
Total
Convertible
Preferred
Stocks
(Cost
$3,512,926)
............................
4,938,989
Preferred
Stocks
1.1%
Biotechnology
0.5%
a,c,d,e
Pipeline
Therapeutics,
Inc.,
C
............................
United
States
1,651,505
4,368,175
a
Health
Care
Providers
&
Services
0.1%
a,c,d,e
Artiva
Biotherapeutics,
Inc.,
B
............................
United
States
189,499
871,278
a
Life
Sciences
Tools
&
Services
0.5%
Sartorius
AG
.........................................
Germany
9,200
3,796,075
Total
Preferred
Stocks
(Cost
$10,694,391)
......................................
9,035,528
Warrants
Warrants
0.4%
Biotechnology
0.4%
a,c
Applied
Therapeutics,
Inc.,
6/27/27
........................
United
States
814,000
1,448,839
a,c,d
Applied
Therapeutics,
Inc.,
6/27/27
........................
United
States
1,628,100
1,431,870
a,c,d
Benitec
Biopharma,
Inc.,
II,
9/14/27
........................
Australia
412,910
796,237
3,676,946
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
158
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Pharmaceuticals
0.0%
†
a
Nuvation
Bio,
Inc.,
7/07/27
..............................
United
States
115,266
$
16,310
Total
Warrants
(Cost
$814,620)
................................................
3,693,256
Shares
Escrows
and
Litigation
Trusts
0.0%
a,d
Sanofi
SA,
Escrow
Account
..............................
France
2,333,755
—
Total
Escrows
and
Litigation
Trusts
(Cost
$9,748)
...............................
—
Total
Long
Term
Investments
(Cost
$583,782,493)
...............................
814,756,001
a
Short
Term
Investments
1.0%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.1%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
644,337
644,337
Total
Money
Market
Funds
(Cost
$644,337)
.....................................
644,337
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.9%
Money
Market
Funds
0.9%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
7,333,765
7,333,765
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$7,333,765)
............................................................
7,333,765
Total
Short
Term
Investments
(Cost
$7,978,102
)
.................................
7,978,102
a
Total
Investments
(Cost
$591,760,595)
100.8%
..................................
$822,734,103
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(6,737,561)
Net
Assets
100.0%
...........................................................
$815,996,542
†
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,
2023.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
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,
2023
Franklin
Growth
Opportunities
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.4%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
192,267
$
35,748,203
a,b,c
Space
Exploration
Technologies
Corp.,
A
....................
United
States
142,857
11,571,417
47,319,620
Automobiles
0.8%
a
Tesla,
Inc.
...........................................
United
States
128,015
34,235,051
Beverages
2.3%
Constellation
Brands,
Inc.,
A
.............................
United
States
78,775
21,489,820
a
Monster
Beverage
Corp.
................................
United
States
1,306,200
75,093,438
96,583,258
Broadline
Retail
6.6%
a
Amazon.com,
Inc.
.....................................
United
States
2,043,843
273,220,931
Capital
Markets
3.5%
Ares
Management
Corp.,
A
..............................
United
States
281,208
27,901,458
MSCI,
Inc.,
A
.........................................
United
States
85,652
46,944,148
S&P
Global,
Inc.
......................................
United
States
174,352
68,783,607
143,629,213
Chemicals
1.7%
Linde
plc
............................................
United
States
185,449
72,449,361
Commercial
Services
&
Supplies
1.4%
a,b,c
Celonis
SE
..........................................
Germany
4,619
1,574,300
a,b,c
Celonis
SE,
D
........................................
Germany
25,571
8,715,401
Republic
Services,
Inc.,
A
...............................
United
States
325,579
49,198,243
59,487,944
Electric
Utilities
0.8%
NextEra
Energy,
Inc.
...................................
United
States
462,062
33,869,145
Entertainment
1.3%
a
Netflix,
Inc.
..........................................
United
States
121,083
53,151,805
Financial
Services
5.6%
Mastercard,
Inc.,
A
....................................
United
States
485,172
191,293,616
Visa,
Inc.,
A
..........................................
United
States
172,754
41,068,809
232,362,425
Food
Products
0.9%
a
Freshpet,
Inc.
........................................
United
States
192,209
14,135,050
Lamb
Weston
Holdings,
Inc.
.............................
United
States
227,837
23,610,748
37,745,798
Ground
Transportation
2.3%
a
Uber
Technologies,
Inc.
.................................
United
States
1,192,859
58,998,806
Union
Pacific
Corp.
....................................
United
States
148,837
34,533,161
93,531,967
Health
Care
Equipment
&
Supplies
2.8%
a
IDEXX
Laboratories,
Inc.
................................
United
States
52,443
29,091,705
a
IL
MAKIAGE
Cosmetics
(2013)
Ltd.
........................
Israel
580,952
30,958,932
a
Intuitive
Surgical,
Inc.
..................................
United
States
172,399
55,926,236
115,976,873
Health
Care
Providers
&
Services
2.2%
a
Guardant
Health,
Inc.
..................................
United
States
253,022
9,872,918
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
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
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................................
United
States
165,099
$
83,601,181
93,474,099
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
109,736
22,410,286
Hotels,
Restaurants
&
Leisure
1.7%
a
Chipotle
Mexican
Grill,
Inc.,
A
............................
United
States
36,937
72,480,736
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
.............................
United
States
154,246
29,943,776
Interactive
Media
&
Services
7.7%
a
Alphabet,
Inc.,
C
......................................
United
States
1,144,821
152,387,123
a
Meta
Platforms,
Inc.,
A
.................................
United
States
520,968
165,980,405
318,367,528
IT
Services
1.3%
a,b,c
Canva,
Inc.
..........................................
Australia
11,829
10,869,905
a
MongoDB,
Inc.,
A
.....................................
United
States
69,960
29,621,064
a
Snowflake,
Inc.,
A
.....................................
United
States
71,533
12,712,129
53,203,098
Leisure
Products
2.0%
a,b,c
Fanatics
Holdings,
Inc.
.................................
United
States
1,029,939
81,494,001
Life
Sciences
Tools
&
Services
3.8%
Danaher
Corp.
.......................................
United
States
268,633
68,517,533
Thermo
Fisher
Scientific,
Inc.
............................
United
States
85,567
46,947,190
West
Pharmaceutical
Services,
Inc.
........................
United
States
120,242
44,253,866
159,718,589
Machinery
0.1%
a,d
Proterra,
Inc.
.........................................
United
States
2,480,674
4,192,339
Personal
Care
Products
0.2%
a
Oddity
Tech
Ltd.,
A
....................................
Israel
157,600
8,398,504
Pharmaceuticals
3.5%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
859,219
61,606,002
Eli
Lilly
&
Co.
........................................
United
States
180,250
81,932,638
143,538,640
Professional
Services
1.0%
Paycom
Software,
Inc.
.................................
United
States
43,500
16,041,060
TransUnion
..........................................
United
States
330,721
26,355,157
42,396,217
Real
Estate
Management
&
Development
1.2%
a
CoStar
Group,
Inc.
....................................
United
States
612,067
51,395,266
Semiconductors
&
Semiconductor
Equipment
9.3%
Analog
Devices,
Inc.
...................................
United
States
231,566
46,204,364
ASML
Holding
NV,
NYRS
...............................
Netherlands
42,533
30,471,066
a,d
GLOBALFOUNDRIES,
Inc.
..............................
United
States
270,998
17,259,863
Monolithic
Power
Systems,
Inc.
...........................
United
States
150,900
84,427,041
NVIDIA
Corp.
........................................
United
States
443,217
207,110,872
385,473,206
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
22.9%
a
Adobe,
Inc.
..........................................
United
States
176,412
$
96,350,942
a
Atlassian
Corp.,
A
.....................................
United
States
136,583
24,849,911
a
BILL
Holdings,
Inc.
....................................
United
States
169,882
21,293,010
a,b,c
ClearMotion,
Inc.
......................................
United
States
6,309,366
682,781
a
Confluent,
Inc.,
A
......................................
United
States
299,634
10,349,358
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
210,366
34,007,768
a
Datadog,
Inc.,
A
......................................
United
States
105,681
12,335,086
a
HubSpot,
Inc.
........................................
United
States
39,045
22,667,575
Intuit,
Inc.
...........................................
United
States
135,624
69,398,801
Microsoft
Corp.
.......................................
United
States
749,290
251,701,497
a
Monday.com
Ltd.
......................................
United
States
42,563
7,694,539
Oracle
Corp.
.........................................
United
States
470,244
55,126,704
Roper
Technologies,
Inc.
................................
United
States
103,989
51,271,776
a
Salesforce,
Inc.
.......................................
United
States
180,703
40,659,982
a
ServiceNow,
Inc.
......................................
United
States
222,123
129,497,709
a
Synopsys,
Inc.
.......................................
United
States
155,992
70,477,186
a
Tyler
Technologies,
Inc.
.................................
United
States
48,843
19,372,599
a
Workday,
Inc.,
A
......................................
United
States
149,619
35,479,153
953,216,377
Specialized
REITs
0.9%
SBA
Communications
Corp.,
A
...........................
United
States
169,294
37,066,921
Specialty
Retail
0.6%
a
AutoZone,
Inc.
.......................................
United
States
10,586
26,271,488
Technology
Hardware,
Storage
&
Peripherals
5.8%
Apple,
Inc.
..........................................
United
States
1,218,359
239,346,626
Textiles,
Apparel
&
Luxury
Goods
0.9%
a
Figs,
Inc.,
A
..........................................
United
States
1,208,624
8,895,472
NIKE,
Inc.,
B
.........................................
United
States
240,502
26,549,016
35,444,488
Total
Common
Stocks
(Cost
$1,657,681,118)
....................................
4,051,395,576
Convertible
Preferred
Stocks
1.2%
Software
1.2%
a,b,c
Databricks,
Inc.,
G
....................................
United
States
338,280
31,017,196
a,b,c
Lacework,
Inc.,
D
.....................................
United
States
810,440
13,816,464
a,b,c
OneTrust
LLC,
C
......................................
United
States
517,056
7,750,670
52,584,330
Total
Convertible
Preferred
Stocks
(Cost
$50,470,099)
...........................
52,584,330
Preferred
Stocks
1.1%
Commercial
Services
&
Supplies
0.2%
a,b,c,e
Optoro,
Inc.,
E
.......................................
United
States
556,026
8,294,039
a
Health
Care
Providers
&
Services
0.5%
a,b,c
Tempus
Labs,
Inc.,
F
...................................
United
States
504,854
15,784,637
a,b,c
Tempus
Labs,
Inc.,
G
..................................
United
States
126,131
3,943,580
19,728,217
Software
0.4%
a,b,c
ClearMotion,
Inc.,
A-3
..................................
United
States
417,667
56,938
a,b,c
ClearMotion,
Inc.,
A-4
..................................
United
States
2,606,463
335,100
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
See
Abbreviations
on
page
158
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
(continued)
Software
(continued)
a,b,c,e
Talkdesk,
Inc.,
C
......................................
United
States
1,753,060
$
10,223,614
a,b,c
Tanium,
Inc.,
G
.......................................
United
States
805,800
5,702,533
16,318,185
Total
Preferred
Stocks
(Cost
$44,049,689)
......................................
44,340,441
Escrows
and
Litigation
Trusts
0.0%
a,b
Proterra,
Inc.,
Escrow
Account
...........................
United
States
382,355
—
a,b
Wheels
Up
Experience,
Inc.,
Escrow
Account
................
United
States
10,278
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$1,752,200,906)
.............................
4,148,320,347
a
Short
Term
Investments
0.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.5%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
20,488,013
20,488,013
Total
Money
Market
Funds
(Cost
$20,488,013)
..................................
20,488,013
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.4%
Money
Market
Funds
0.4%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
17,602,543
17,602,543
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$17,602,543)
...........................................................
17,602,543
Total
Short
Term
Investments
(Cost
$38,090,556
)
................................
38,090,556
a
Total
Investments
(Cost
$1,790,291,462)
100.6%
................................
$4,186,410,903
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(26,166,052)
Net
Assets
100.0%
...........................................................
$4,160,244,851
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,
2023.
e
See
Note
4
regarding
holdings
of
5%
voting
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,
2023
Franklin
Natural
Resources
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
Common
Stocks
99.1%
Agricultural
Products
&
Services
1.2%
Bunge
Ltd.
..........................................
United
States
22,500
$
2,445,075
a
Darling
Ingredients,
Inc.
................................
United
States
34,400
2,382,200
4,827,275
Construction
Machinery
&
Heavy
Transportation
Equipment
0.2%
a
Proterra,
Inc.
.........................................
United
States
496,800
839,592
a
Construction
Materials
1.0%
Martin
Marietta
Materials,
Inc.
............................
United
States
9,000
4,018,140
Copper
6.4%
Antofagasta
plc
.......................................
Chile
205,400
4,418,282
a
Capstone
Copper
Corp.
................................
Canada
552,700
2,887,990
a
ERO
Copper
Corp.
....................................
Brazil
134,500
3,233,467
First
Quantum
Minerals
Ltd.
.............................
Zambia
38,400
1,138,953
Freeport-McMoRan,
Inc.
................................
United
States
251,700
11,238,405
Lundin
Mining
Corp.
...................................
Chile
365,200
3,265,363
26,182,460
Diversified
Chemicals
0.9%
Huntsman
Corp.
......................................
United
States
131,400
3,911,778
Diversified
Metals
&
Mining
4.9%
29Metals
Ltd.
........................................
Australia
1,285,800
625,465
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
489,200
157,675
a,b
Aclara
Resources,
Inc.,
144A
............................
United
Kingdom
510,754
164,622
Anglo
American
plc
....................................
South
Africa
84,900
2,610,928
BHP
Group
Ltd.,
ADR
..................................
Australia
108,800
6,816,320
Glencore
plc
.........................................
Australia
334,000
2,031,279
Rio
Tinto
plc,
ADR
.....................................
Australia
55,900
3,720,145
Teck
Resources
Ltd.,
B
.................................
Canada
85,500
3,798,765
19,925,199
Electrical
Components
&
Equipment
2.3%
a
Fluence
Energy,
Inc.,
A
.................................
United
States
59,500
1,739,780
a
FREYR
Battery
SA
....................................
Norway
408,100
3,436,202
a
NEXTracker,
Inc.,
A
....................................
United
States
45,500
1,926,925
a
SES
AI
Corp.
........................................
United
States
227,544
714,488
a
Shoals
Technologies
Group,
Inc.,
A
........................
United
States
60,000
1,557,600
9,374,995
Environmental
&
Facilities
Services
0.4%
a
Li-Cycle
Holdings
Corp.
.................................
Canada
311,800
1,880,154
1,880,154
Fertilizers
&
Agricultural
Chemicals
2.1%
Corteva,
Inc.
.........................................
United
States
74,100
4,181,463
Nutrien
Ltd.
..........................................
Canada
64,800
4,464,072
8,645,535
Gold
5.8%
Agnico
Eagle
Mines
Ltd.
................................
Canada
95,500
5,006,761
Alamos
Gold,
Inc.,
A
...................................
Canada
344,700
4,258,428
Barrick
Gold
Corp.
....................................
Canada
321,500
5,558,735
Newmont
Corp.
.......................................
United
States
155,200
6,661,184
SSR
Mining,
Inc.
......................................
Canada
207,600
3,022,656
24,507,764
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Heavy
Electrical
Equipment
0.3%
a
TPI
Composites,
Inc.
...................................
United
States
202,200
$
1,201,068
a
Industrial
Gases
2.8%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
18,600
5,679,138
Linde
plc
............................................
United
States
14,500
5,664,715
11,343,853
Industrial
Machinery
&
Supplies
&
Components
0.7%
Xylem,
Inc.
..........................................
United
States
25,300
2,852,575
Integrated
Oil
&
Gas
15.1%
Chevron
Corp.
.......................................
United
States
103,300
16,906,078
Exxon
Mobil
Corp.
.....................................
United
States
141,900
15,217,356
Occidental
Petroleum
Corp.
.............................
United
States
104,400
6,590,772
Shell
plc,
ADR
........................................
Netherlands
155,400
9,577,302
Suncor
Energy,
Inc.
....................................
Canada
261,600
8,185,664
TotalEnergies
SE,
ADR
.................................
France
96,410
5,866,548
62,343,720
Marine
Transportation
0.5%
Eneti,
Inc.
...........................................
United
States
155,500
1,971,740
Metal,
Glass
&
Plastic
Containers
1.2%
Ball
Corp.
...........................................
United
States
50,400
2,957,976
Crown
Holdings,
Inc.
...................................
United
States
22,100
2,049,996
5,007,972
Oil
&
Gas
Drilling
1.7%
Helmerich
&
Payne,
Inc.
................................
United
States
71,000
3,178,670
Patterson-UTI
Energy,
Inc.
..............................
United
States
133,000
2,106,720
a
Precision
Drilling
Corp.
.................................
Canada
24,800
1,648,208
6,933,598
Oil
&
Gas
Equipment
&
Services
13.6%
Baker
Hughes
Co.,
A
...................................
United
States
169,200
6,055,668
Cactus,
Inc.,
A
........................................
United
States
57,900
2,940,162
ChampionX
Corp.
.....................................
United
States
87,600
3,118,560
Halliburton
Co.
.......................................
United
States
148,300
5,795,564
Liberty
Energy,
Inc.,
A
..................................
United
States
162,800
2,681,316
a
NexTier
Oilfield
Solutions,
Inc.
............................
United
States
263,300
3,138,536
a
Nine
Energy
Service,
Inc.
...............................
United
States
105,492
530,625
a
Oceaneering
International,
Inc.
...........................
United
States
99,600
2,236,020
a
Oil
States
International,
Inc.
.............................
United
States
132,700
1,066,908
a
Ranger
Energy
Services,
Inc.,
A
..........................
United
States
295,700
3,104,850
Schlumberger
NV
.....................................
United
States
244,000
14,234,960
Schoeller-Bleckmann
Oilfield
Equipment
AG
.................
Austria
17,600
1,066,727
Select
Water
Solutions,
Inc.,
A
............................
United
States
223,400
1,878,794
Technip
Energies
NV
...................................
France
76,999
1,755,121
a
TechnipFMC
plc
......................................
United
Kingdom
361,800
6,635,412
56,239,223
Oil
&
Gas
Exploration
&
Production
22.0%
Aker
BP
ASA
.........................................
Norway
136,200
3,815,050
Canadian
Natural
Resources
Ltd.
.........................
Canada
189,700
11,536,511
ConocoPhillips
.......................................
United
States
164,300
19,341,396
Coterra
Energy,
Inc.
...................................
United
States
277,600
7,645,104
Devon
Energy
Corp.
...................................
United
States
138,200
7,462,800
EOG
Resources,
Inc.
..................................
United
States
114,300
15,148,179
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Oil
&
Gas
Exploration
&
Production
(continued)
EQT
Corp.
..........................................
United
States
56,400
$
2,378,952
Hess
Corp.
..........................................
United
States
56,600
8,587,918
Matador
Resources
Co.
................................
United
States
55,100
3,065,213
PDC
Energy,
Inc.
.....................................
United
States
16,200
1,229,418
Pioneer
Natural
Resources
Co.
...........................
United
States
42,901
9,681,469
Tourmaline
Oil
Corp.
...................................
Canada
20,000
1,036,554
90,928,564
Oil
&
Gas
Refining
&
Marketing
5.6%
Marathon
Petroleum
Corp.
..............................
United
States
63,700
8,473,374
Phillips
66
...........................................
United
States
68,000
7,585,400
Valero
Energy
Corp.
...................................
United
States
53,500
6,896,685
22,955,459
Oil
&
Gas
Storage
&
Transportation
7.7%
Cheniere
Energy,
Inc.
..................................
United
States
16,600
2,686,876
Enbridge,
Inc.
........................................
Canada
71,000
2,612,800
Kinder
Morgan,
Inc.
....................................
United
States
357,100
6,324,241
New
Fortress
Energy,
Inc.
...............................
United
States
68,100
1,944,255
Targa
Resources
Corp.
.................................
United
States
52,300
4,288,077
TC
Energy
Corp.
......................................
Canada
178,800
6,413,556
Williams
Cos.,
Inc.
(The)
................................
United
States
209,800
7,227,610
31,497,415
Paper
&
Plastic
Packaging
Products
&
Materials
0.7%
Packaging
Corp.
of
America
.............................
United
States
19,600
3,005,660
Semiconductor
Materials
&
Equipment
0.3%
a
SolarEdge
Technologies,
Inc.
............................
United
States
5,200
1,255,592
a
Specialty
Chemicals
1.0%
Albemarle
Corp.
......................................
United
States
10,800
2,292,624
Ecolab,
Inc.
..........................................
United
States
5,700
1,043,898
Neo
Performance
Materials,
Inc.
..........................
Canada
23,600
152,668
b
Neo
Performance
Materials,
Inc.,
144A
.....................
Canada
85,000
549,863
4,039,053
Steel
0.7%
Vale
SA,
ADR,
B
......................................
Brazil
199,400
2,917,222
Total
Common
Stocks
(Cost
$253,001,225)
.....................................
408,605,606
Warrants
a
a
a
a
a
Warrants
0.2%
Integrated
Oil
&
Gas
0.2%
a
Occidental
Petroleum
Corp.,
8/03/27
.......................
United
States
17,900
737,122
Total
Warrants
(Cost
$88,605)
.................................................
737,122
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
See
Abbreviations
on
page
158
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Convertible
Bonds
0.3%
Oil
&
Gas
Equipment
&
Services
0.3%
Oil
States
International,
Inc.,
Senior
Note,
4.75%,
4/01/26
.......
United
States
1,200,000
$
1,302,051
Total
Convertible
Bonds
(Cost
$1,200,000)
.....................................
1,302,051
Total
Long
Term
Investments
(Cost
$254,289,830)
...............................
410,644,779
a
Short
Term
Investments
0.4%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.4%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
1,599,325
1,599,325
Total
Money
Market
Funds
(Cost
$1,599,325)
...................................
1,599,325
Total
Short
Term
Investments
(Cost
$1,599,325
)
.................................
1,599,325
a
Total
Investments
(Cost
$255,889,155)
100.0%
..................................
$412,244,104
Other
Assets,
less
Liabilities
0.0%
.............................................
99,385
Net
Assets
100.0%
...........................................................
$412,343,489
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2023,
the
aggregate
value
of
these
securities
was
$714,485,
representing
0.2%
of
net
assets.
c
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2023
Franklin
Small
Cap
Growth
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.4%
Aerospace
&
Defense
5.3%
a
AAR
Corp.
..........................................
United
States
815,100
$
48,742,980
a
Axon
Enterprise,
Inc.
...................................
United
States
92,200
17,142,746
BWX
Technologies,
Inc.
................................
United
States
782,100
53,964,900
a
Kratos
Defense
&
Security
Solutions,
Inc.
...................
United
States
1,797,664
27,126,750
146,977,376
Banks
1.6%
Pinnacle
Financial
Partners,
Inc.
..........................
United
States
378,904
28,758,814
Western
Alliance
Bancorp
...............................
United
States
324,800
16,873,360
45,632,174
Biotechnology
7.3%
a,b
Acumen
Pharmaceuticals,
Inc.
...........................
United
States
1,200,300
8,882,220
a
Alector,
Inc.
..........................................
United
States
581,300
3,987,718
a
Apogee
Therapeutics,
Inc.
...............................
United
States
446,800
9,561,520
a
Ascendis
Pharma
A/S,
ADR
.............................
Denmark
217,200
19,580,580
a
Chinook
Therapeutics,
Inc.
..............................
United
States
410,500
16,083,390
a
Cullinan
Oncology,
Inc.
.................................
United
States
621,500
6,581,685
a
Cytokinetics,
Inc.
......................................
United
States
321,000
10,705,350
a
Day
One
Biopharmaceuticals,
Inc.
.........................
United
States
1,056,922
13,993,648
a
Dyne
Therapeutics,
Inc.
................................
United
States
736,500
8,970,570
a
Heron
Therapeutics,
Inc.
................................
United
States
1,797,608
2,984,029
a
Insmed,
Inc.
.........................................
United
States
1,019,000
22,509,710
a
Karuna
Therapeutics,
Inc.
...............................
United
States
71,700
14,323,509
a
Kura
Oncology,
Inc.
....................................
United
States
571,700
5,968,548
a
Merus
NV
...........................................
Netherlands
312,800
8,207,872
a
Mirati
Therapeutics,
Inc.
................................
United
States
214,900
6,505,023
a
PTC
Therapeutics,
Inc.
.................................
United
States
645,200
26,027,368
a
Sutro
Biopharma,
Inc.
..................................
United
States
968,449
4,328,967
a
Twist
Bioscience
Corp.
.................................
United
States
119,862
2,917,441
a
Vaxcyte,
Inc.
.........................................
United
States
204,100
9,809,046
201,928,194
Building
Products
1.1%
a
Masonite
International
Corp.
.............................
United
States
300,200
31,385,910
Capital
Markets
3.4%
Bridge
Investment
Group
Holdings,
Inc.,
A
...................
United
States
1,410,600
17,646,606
Evercore,
Inc.,
A
......................................
United
States
239,800
32,387,388
Houlihan
Lokey,
Inc.,
A
.................................
United
States
435,600
43,494,660
93,528,654
Communications
Equipment
0.8%
a
Viavi
Solutions,
Inc.
....................................
United
States
1,924,500
20,919,315
Construction
&
Engineering
3.1%
Arcosa,
Inc.
.........................................
United
States
685,200
52,883,736
Granite
Construction,
Inc.
...............................
United
States
772,843
31,632,464
84,516,200
Consumer
Staples
Distribution
&
Retail
1.1%
a
Performance
Food
Group
Co.
............................
United
States
527,500
31,523,400
Diversified
Consumer
Services
0.7%
a
Nerdy,
Inc.
..........................................
United
States
3,825,800
18,899,452
Electronic
Equipment,
Instruments
&
Components
1.2%
Vontier
Corp.
.........................................
United
States
1,091,200
33,750,816
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
1.7%
Liberty
Energy,
Inc.,
A
..................................
United
States
2,822,200
$
46,481,634
Financial
Services
4.5%
a
Flywire
Corp.
........................................
United
States
1,431,010
48,854,681
a,c
Paymentus
Holdings,
Inc.,
A
.............................
United
States
2,195,300
24,784,937
a
Repay
Holdings
Corp.,
A
................................
United
States
1,395,637
11,653,569
a
Shift4
Payments,
Inc.,
A
................................
United
States
587,900
40,559,221
125,852,408
Food
Products
3.9%
a
Freshpet,
Inc.
........................................
United
States
414,800
30,504,392
a
Hostess
Brands,
Inc.,
A
.................................
United
States
784,174
18,851,543
a
Nomad
Foods
Ltd.
....................................
United
Kingdom
942,100
16,750,538
a
Simply
Good
Foods
Co.
(The)
............................
United
States
1,055,300
40,850,663
106,957,136
Health
Care
Equipment
&
Supplies
6.3%
a
Haemonetics
Corp.
....................................
United
States
485,600
44,791,744
a
Inari
Medical,
Inc.
.....................................
United
States
184,700
10,540,829
a
Inspire
Medical
Systems,
Inc.
............................
United
States
168,144
48,393,525
a
Integer
Holdings
Corp.
.................................
United
States
434,900
40,219,552
a
Neogen
Corp.
........................................
United
States
565,932
13,123,963
a
Nevro
Corp.
.........................................
United
States
348,300
8,704,017
a
Pulmonx
Corp.
.......................................
United
States
647,016
9,058,224
174,831,854
Health
Care
Providers
&
Services
4.1%
a
HealthEquity,
Inc.
.....................................
United
States
694,416
47,178,623
a
Hims
&
Hers
Health,
Inc.
................................
United
States
1,606,947
14,414,315
a
NeoGenomics,
Inc.
....................................
United
States
1,270,400
22,016,032
a
Privia
Health
Group,
Inc.
................................
United
States
1,090,200
30,438,384
114,047,354
Health
Care
Technology
2.1%
a
Certara,
Inc.
.........................................
United
States
1,122,500
21,855,075
a
Phreesia,
Inc.
........................................
United
States
1,103,182
34,992,933
56,848,008
Hotel
&
Resort
REITs
0.7%
b
Pebblebrook
Hotel
Trust
................................
United
States
1,174,800
18,150,660
Hotels,
Restaurants
&
Leisure
5.0%
a,b
Cava
Group,
Inc.
......................................
United
States
149,100
8,515,101
a
Portillo's,
Inc.,
A
......................................
United
States
1,188,100
27,385,705
Red
Rock
Resorts,
Inc.,
A
...............................
United
States
845,300
40,997,050
Texas
Roadhouse,
Inc.,
A
...............................
United
States
315,400
35,182,870
Wingstop,
Inc.
........................................
United
States
163,013
27,480,731
139,561,457
Household
Durables
3.3%
a
M/I
Homes,
Inc.
.......................................
United
States
427,546
42,754,600
a
Sonos,
Inc.
..........................................
United
States
874,600
14,990,644
a
Tri
Pointe
Homes,
Inc.
..................................
United
States
1,019,100
32,488,908
90,234,152
Industrial
REITs
1.2%
Rexford
Industrial
Realty,
Inc.
............................
United
States
588,400
32,414,956
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
IT
Services
0.5%
a
BigCommerce
Holdings,
Inc.,
1
...........................
United
States
1,260,100
$
13,621,681
Life
Sciences
Tools
&
Services
0.2%
a
CryoPort,
Inc.
........................................
United
States
330,300
5,307,921
Machinery
2.5%
Kennametal,
Inc.
......................................
United
States
920,700
28,062,936
a
Proterra,
Inc.
.........................................
United
States
4,726,443
7,987,689
a
RBC
Bearings,
Inc.
....................................
United
States
141,700
32,031,285
68,081,910
Media
1.1%
New
York
Times
Co.
(The),
A
.............................
United
States
754,656
30,759,778
Oil,
Gas
&
Consumable
Fuels
1.6%
Matador
Resources
Co.
................................
United
States
796,100
44,287,043
Passenger
Airlines
2.0%
a
Allegiant
Travel
Co.
....................................
United
States
448,448
55,473,018
Personal
Care
Products
1.7%
a
BellRing
Brands,
Inc.
...................................
United
States
1,163,300
41,820,635
a
Oddity
Tech
Ltd.,
A
....................................
Israel
103,400
5,510,186
47,330,821
Pharmaceuticals
3.0%
a
Cymabay
Therapeutics,
Inc.
.............................
United
States
662,700
8,648,235
a,b
EyePoint
Pharmaceuticals,
Inc.
...........................
United
States
1,679,800
20,997,500
a
Intra-Cellular
Therapies,
Inc.
.............................
United
States
339,400
20,988,496
a
Pliant
Therapeutics,
Inc.
................................
United
States
521,100
9,296,424
a
Revance
Therapeutics,
Inc.
..............................
United
States
963,592
22,769,679
82,700,334
Professional
Services
3.0%
a
Legalzoom.com,
Inc.
...................................
United
States
2,680,980
40,965,374
a
Paycor
HCM,
Inc.
.....................................
United
States
1,616,200
43,411,132
84,376,506
Semiconductors
&
Semiconductor
Equipment
6.2%
a
Lattice
Semiconductor
Corp.
.............................
United
States
579,400
52,690,636
a
Onto
Innovation,
Inc.
...................................
United
States
453,209
56,342,942
a
Silicon
Laboratories,
Inc.
................................
United
States
123,100
18,359,134
a
SiTime
Corp.
.........................................
United
States
346,912
44,755,117
172,147,829
Software
8.3%
a
Alkami
Technology,
Inc.
.................................
United
States
513,250
8,663,660
a
Alteryx,
Inc.,
A
........................................
United
States
293,900
12,185,094
a
AvePoint,
Inc.
........................................
United
States
1,771,700
10,984,540
a,d,e
ClearMotion,
Inc.
......................................
United
States
3,698,772
400,270
a
CS
Disco,
Inc.
........................................
United
States
2,102,613
20,479,451
a
Envestnet,
Inc.
.......................................
United
States
289,622
17,950,771
a
Freshworks,
Inc.,
A
....................................
United
States
1,529,300
28,536,738
a
Gitlab,
Inc.,
A
........................................
United
States
793,000
39,356,590
a
HashiCorp,
Inc.,
A
.....................................
United
States
278,200
8,237,502
a
LiveRamp
Holdings,
Inc.
................................
United
States
1,191,900
34,016,826
a
Monday.com
Ltd.
......................................
United
States
254,900
46,080,822
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Q2
Holdings,
Inc.
.....................................
United
States
117,600
$
4,171,272
231,063,536
Specialty
Retail
4.4%
American
Eagle
Outfitters,
Inc.
...........................
United
States
1,578,200
22,173,710
a
Boot
Barn
Holdings,
Inc.
................................
United
States
410,860
38,579,754
a
Five
Below,
Inc.
.......................................
United
States
134,800
28,084,232
Lithia
Motors,
Inc.,
A
...................................
United
States
44,726
13,888,765
a
MYT
Netherlands
Parent
BV,
ADR
.........................
Germany
492,597
2,068,907
a
Petco
Health
&
Wellness
Co.,
Inc.,
A
.......................
United
States
1,942,500
15,850,800
120,646,168
Textiles,
Apparel
&
Luxury
Goods
1.1%
a
Figs,
Inc.,
A
..........................................
United
States
957,700
7,048,672
a,b
Rent
the
Runway,
Inc.,
A
................................
United
States
21,600
39,960
a
Rent
the
Runway,
Inc.,
A
................................
United
States
1,062,558
1,965,732
Steven
Madden
Ltd.
...................................
United
States
665,550
22,216,059
31,270,423
Trading
Companies
&
Distributors
1.4%
a
Beacon
Roofing
Supply,
Inc.
.............................
United
States
451,000
38,637,170
Total
Common
Stocks
(Cost
$2,164,663,197)
....................................
2,640,145,248
Convertible
Preferred
Stocks
2.1%
Diversified
Consumer
Services
0.4%
a,d,e
Newsela,
Inc.,
D
......................................
United
States
709,046
12,203,748
a
Software
1.4%
a,c,d,e
Benchling,
Inc.,
F
.....................................
United
States
382,306
6,831,520
a,d,e
Checkr,
Inc.,
E
.......................................
United
States
1,388,889
21,822,736
a,d,e
OneTrust
LLC,
A
......................................
United
States
625,361
9,374,161
a,d,e
OneTrust
LLC,
A-1
....................................
United
States
56,457
846,291
38,874,708
Specialty
Retail
0.3%
a,c,d,e
1661,
Inc.,
F
.........................................
United
States
3,436,485
7,256,953
a
Total
Convertible
Preferred
Stocks
(Cost
$80,000,000)
...........................
58,335,409
Preferred
Stocks
0.7%
Automobile
Components
0.2%
a,d,e
Tula
eTechnology,
Inc.
..................................
United
States
361,111
—
a,d,e
Tula
eTechnology,
Inc.,
E
...............................
United
States
3,611,111
6,267,437
6,267,437
Commercial
Services
&
Supplies
0.3%
a,c,d,e
Optoro,
Inc.,
E
.......................................
United
States
554,878
8,276,916
a
Software
0.2%
a,d,e
ClearMotion,
Inc.,
A-3
..................................
United
States
1,037,942
141,496
a,d,e
ClearMotion,
Inc.,
A-4
..................................
United
States
6,477,294
832,753
a,d,e
Smule,
Inc.
..........................................
United
States
162,712
2,278,029
a,d,e
Smule,
Inc.,
144A,
G
...................................
United
States
1,542,673
2,469,361
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
158
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
(continued)
Software
(continued)
a,d,e
Smule,
Inc.,
144A,
H
...................................
United
States
352,675
$
667,081
6,388,720
Total
Preferred
Stocks
(Cost
$32,909,382)
......................................
20,933,073
Escrows
and
Litigation
Trusts
0.0%
a,d
Proterra,
Inc.,
Escrow
Account
...........................
United
States
344,921
—
a,d
Wheels
Up
Experience,
Inc.,
Escrow
Account
................
United
States
8,808
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$2,277,572,579)
.............................
2,719,413,730
a
Short
Term
Investments
2.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.8%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
49,698,657
49,698,657
Total
Money
Market
Funds
(Cost
$49,698,657)
..................................
49,698,657
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.6%
Money
Market
Funds
0.6%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
17,991,060
17,991,060
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$17,991,060)
...........................................................
17,991,060
Total
Short
Term
Investments
(Cost
$67,689,717
)
................................
67,689,717
a
Total
Investments
(Cost
$2,345,262,296)
100.6%
................................
$2,787,103,447
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(18,460,224)
Net
Assets
10
0.0
%
...........................................................
$2,768,643,223
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2023.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
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,
2023
Franklin
Small-Mid
Cap
Growth
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
94.1%
Aerospace
&
Defense
2.8%
a
Axon
Enterprise,
Inc.
...................................
United
States
218,400
$
40,607,112
TransDigm
Group,
Inc.
.................................
United
States
79,100
71,167,852
111,774,964
Automobile
Components
0.4%
a
Mobileye
Global,
Inc.,
A
.................................
Israel
365,400
13,950,972
Beverages
0.9%
Brown-Forman
Corp.,
B
................................
United
States
503,600
35,554,160
Biotechnology
3.3%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
126,200
24,659,480
a
Horizon
Therapeutics
plc
................................
United
States
276,600
27,734,682
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
160,800
16,383,912
a
PTC
Therapeutics,
Inc.
.................................
United
States
492,400
19,863,416
a
Seagen,
Inc.
.........................................
United
States
179,100
34,347,798
a
Vaxcyte,
Inc.
.........................................
United
States
124,500
5,983,470
128,972,758
Building
Products
1.6%
Trane
Technologies
plc
.................................
United
States
312,100
62,245,224
Capital
Markets
5.9%
Ares
Management
Corp.,
A
..............................
United
States
624,400
61,952,968
Blue
Owl
Capital,
Inc.,
A
................................
United
States
381,200
4,696,384
LPL
Financial
Holdings,
Inc.
.............................
United
States
221,900
50,894,984
MSCI,
Inc.,
A
.........................................
United
States
107,500
58,918,600
Nasdaq,
Inc.
.........................................
United
States
467,400
23,599,026
Tradeweb
Markets,
Inc.,
A
...............................
United
States
389,300
31,840,847
231,902,809
Chemicals
0.8%
Albemarle
Corp.
......................................
United
States
141,700
30,080,076
Commercial
Services
&
Supplies
1.3%
Republic
Services,
Inc.,
A
...............................
United
States
352,300
53,236,053
Communications
Equipment
1.7%
a
Arista
Networks,
Inc.
...................................
United
States
430,800
66,812,772
Containers
&
Packaging
0.8%
Avery
Dennison
Corp.
..................................
United
States
167,400
30,803,274
Electrical
Equipment
1.5%
AMETEK,
Inc.
........................................
United
States
142,300
22,568,780
Rockwell
Automation,
Inc.
...............................
United
States
112,300
37,765,367
60,334,147
Electronic
Equipment,
Instruments
&
Components
1.7%
Amphenol
Corp.,
A
....................................
United
States
385,700
34,061,167
a
Zebra
Technologies
Corp.,
A
.............................
United
States
103,500
31,873,860
65,935,027
Energy
Equipment
&
Services
0.5%
Halliburton
Co.
.......................................
United
States
532,300
20,802,284
Entertainment
0.7%
a
ROBLOX
Corp.,
A
.....................................
United
States
708,700
27,816,475
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
1.6%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
17,200
$
31,926,366
a
Block,
Inc.,
A
.........................................
United
States
152,700
12,296,931
a
Toast,
Inc.,
A
.........................................
United
States
849,600
18,750,672
62,973,969
Food
Products
1.3%
a
Freshpet,
Inc.
........................................
United
States
334,100
24,569,714
Lamb
Weston
Holdings,
Inc.
.............................
United
States
269,700
27,949,011
52,518,725
Ground
Transportation
1.8%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
168,250
70,579,193
Health
Care
Equipment
&
Supplies
6.1%
a
Dexcom,
Inc.
.........................................
United
States
592,956
73,858,599
a
IDEXX
Laboratories,
Inc.
................................
United
States
121,200
67,233,276
a
Inari
Medical,
Inc.
.....................................
United
States
378,000
21,572,460
a
Insulet
Corp.
.........................................
United
States
144,700
40,045,725
a
Penumbra,
Inc.
.......................................
United
States
127,600
38,708,736
241,418,796
Health
Care
Providers
&
Services
0.6%
a
HealthEquity,
Inc.
.....................................
United
States
355,600
24,159,464
Health
Care
Technology
1.8%
a
Certara,
Inc.
.........................................
United
States
367,100
7,147,437
a
Veeva
Systems,
Inc.,
A
.................................
United
States
304,600
62,205,412
69,352,849
Hotels,
Restaurants
&
Leisure
6.1%
a,c
Cava
Group,
Inc.
......................................
United
States
214,800
12,267,228
a
Chipotle
Mexican
Grill,
Inc.,
A
............................
United
States
23,700
46,506,036
Darden
Restaurants,
Inc.
...............................
United
States
310,700
52,483,444
a
DoorDash,
Inc.,
A
.....................................
United
States
253,000
22,969,870
a
Expedia
Group,
Inc.
...................................
United
States
434,300
53,214,779
Vail
Resorts,
Inc.
......................................
United
States
135,500
31,908,895
Wynn
Resorts
Ltd.
....................................
United
States
214,000
23,321,720
242,671,972
Household
Durables
0.8%
a
NVR,
Inc.
...........................................
United
States
5,300
33,424,132
Industrial
REITs
0.7%
Terreno
Realty
Corp.
...................................
United
States
449,800
26,691,132
Interactive
Media
&
Services
2.2%
a
Match
Group,
Inc.
.....................................
United
States
1,011,259
47,033,656
a
Pinterest,
Inc.,
A
......................................
United
States
1,436,100
41,632,539
88,666,195
IT
Services
2.5%
a
Cloudflare,
Inc.,
A
.....................................
United
States
420,600
28,924,662
a
Gartner,
Inc.
.........................................
United
States
109,400
38,682,746
a
MongoDB,
Inc.,
A
.....................................
United
States
73,600
31,162,240
98,769,648
Leisure
Products
1.6%
a,d,e
Fanatics
Holdings,
Inc.
.................................
United
States
793,714
62,802,680
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
5.3%
a
10X
Genomics,
Inc.,
A
..................................
United
States
449,600
$
28,315,808
Agilent
Technologies,
Inc.
...............................
United
States
407,400
49,609,098
a
Mettler-Toledo
International,
Inc.
..........................
United
States
42,900
53,945,463
a
Repligen
Corp.
.......................................
United
States
91,100
15,629,116
West
Pharmaceutical
Services,
Inc.
........................
United
States
171,000
62,934,840
210,434,325
Machinery
1.0%
IDEX
Corp.
..........................................
United
States
156,000
35,226,360
a
Proterra,
Inc.
.........................................
United
States
2,874,055
4,857,153
40,083,513
Oil,
Gas
&
Consumable
Fuels
2.5%
Cheniere
Energy,
Inc.
..................................
United
States
245,200
39,688,072
Hess
Corp.
..........................................
United
States
231,400
35,110,322
Targa
Resources
Corp.
.................................
United
States
278,100
22,801,419
97,599,813
Passenger
Airlines
1.6%
Delta
Air
Lines,
Inc.
....................................
United
States
1,333,900
61,706,214
Personal
Care
Products
1.1%
a
BellRing
Brands,
Inc.
...................................
United
States
1,011,000
36,345,450
a
Oddity
Tech
Ltd.,
A
....................................
Israel
150,200
8,004,158
44,349,608
Pharmaceuticals
0.8%
a
Jazz
Pharmaceuticals
plc
...............................
United
States
248,300
32,383,286
Professional
Services
4.2%
Paychex,
Inc.
........................................
United
States
581,300
72,935,711
a
Paylocity
Holding
Corp.
.................................
United
States
185,864
42,163,248
TransUnion
..........................................
United
States
648,100
51,647,089
166,746,048
Real
Estate
Management
&
Development
0.6%
a
CoStar
Group,
Inc.
....................................
United
States
291,600
24,485,652
Residential
REITs
1.0%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
540,500
38,472,790
Semiconductors
&
Semiconductor
Equipment
4.1%
KLA
Corp.
...........................................
United
States
34,300
17,628,485
a
Lattice
Semiconductor
Corp.
.............................
United
States
482,414
43,870,729
Monolithic
Power
Systems,
Inc.
...........................
United
States
98,900
55,333,561
a
SiTime
Corp.
.........................................
United
States
225,614
29,106,462
a
Wolfspeed,
Inc.
.......................................
United
States
270,100
17,799,590
163,738,827
Software
11.2%
a
Alkami
Technology,
Inc.
.................................
United
States
1,110,200
18,740,176
a
ANSYS,
Inc.
.........................................
United
States
160,900
55,043,890
a
Arteris,
Inc.
..........................................
United
States
1,319,600
10,015,764
a
Atlassian
Corp.,
A
.....................................
United
States
163,200
29,692,608
a
BILL
Holdings,
Inc.
....................................
United
States
213,633
26,776,760
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
415,500
67,169,730
a
Datadog,
Inc.,
A
......................................
United
States
337,300
39,369,656
a
Fair
Isaac
Corp.
......................................
United
States
53,200
44,580,004
a
HubSpot,
Inc.
........................................
United
States
38,800
22,525,340
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Monday.com
Ltd.
......................................
United
States
135,400
$
24,477,612
a
Synopsys,
Inc.
.......................................
United
States
166,300
75,134,340
a
Workday,
Inc.,
A
......................................
United
States
129,800
30,779,474
444,305,354
Specialized
REITs
0.7%
SBA
Communications
Corp.,
A
...........................
United
States
117,200
25,660,940
Specialty
Retail
5.6%
a
AutoZone,
Inc.
.......................................
United
States
21,100
52,364,292
a
Burlington
Stores,
Inc.
..................................
United
States
203,900
36,216,718
a
Five
Below,
Inc.
.......................................
United
States
170,400
35,501,136
a
Petco
Health
&
Wellness
Co.,
Inc.,
A
.......................
United
States
675,000
5,508,000
Ross
Stores,
Inc.
.....................................
United
States
349,700
40,089,608
Tractor
Supply
Co.
....................................
United
States
234,500
52,525,655
222,205,409
Textiles,
Apparel
&
Luxury
Goods
1.7%
a
Lululemon
Athletica,
Inc.
................................
United
States
178,400
67,529,752
Trading
Companies
&
Distributors
1.7%
Fastenal
Co.
.........................................
United
States
1,139,700
66,797,817
Total
Common
Stocks
(Cost
$2,734,419,143)
....................................
3,720,749,098
Convertible
Preferred
Stocks
1.3%
Diversified
Consumer
Services
0.2%
a,d,e
Newsela,
Inc.,
D
......................................
United
States
423,782
7,293,926
a
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,d,e,f
Phononic
Devices,
Inc.,
F
...............................
United
States
2,970,061
1,241,652
a
Software
1.1%
a,d,e,f
Benchling,
Inc.,
F
.....................................
United
States
347,106
6,202,522
a,d,e,f
Blaize,
Inc.,
D
........................................
United
States
1,948,384
3,051,900
a,d,e,f
Blaize,
Inc.,
D-2
......................................
United
States
1,467,659
1,094,514
a,d,e
Databricks,
Inc.,
G
....................................
United
States
227,829
20,889,845
a,d,e
OneTrust
LLC,
C
......................................
United
States
767,526
11,505,215
42,743,996
Total
Convertible
Preferred
Stocks
(Cost
$83,781,543)
...........................
51,279,574
Preferred
Stocks
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,d,e,f
Phononic
Devices,
Inc.,
G-2
.............................
United
States
513,050
554,994
a,d,e,f
Phononic,
Inc.
........................................
United
States
117,763
542,906
1,097,900
Total
Preferred
Stocks
(Cost
$460,692)
.........................................
1,097,900
Warrants
Warrants
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,d,e,f
Phononic,
Inc.,
H,
10/17/27
..............................
United
States
47,104
52,278
Software
0.0%
a,d,e,f
Blaize,
Inc.,
9/19/25
...................................
United
States
146,765
—
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Software
(continued)
a,d,e,f
Blaize,
Inc.,
12/09/25
...................................
United
States
1
$
—
a,d,e,f
Blaize,
Inc.,
D,
2/28/24
.................................
United
States
260,815
—
—
Total
Warrants
(Cost
$44,091)
.................................................
52,278
Principal
Amount
*
Corporate
Bonds
0.0%
†
Software
0.0%
†
d,e,f
Blaize,
Inc.
,
10
%
,
12/09/24
..............................
United
States
570,121
570,178
Total
Corporate
Bonds
(Cost
$570,121)
........................................
570,178
Senior
Floating
Rate
Interests
0.1%
Semiconductors
&
Semiconductor
Equipment
0.1%
d,e,f,g
Phononic,
Inc.
,
Advance
Term
Loan
,
12
%
,
PIK,
6/30/25
.........
United
States
844,049
687,386
Total
Senior
Floating
Rate
Interests
(Cost
$787,912)
.............................
687,386
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,d
Proterra,
Inc.,
Escrow
Account
...........................
United
States
134,477
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$2,820,063,502)
.............................
3,774,436,414
a
Short
Term
Investments
5.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.0%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
197,169,478
197,169,478
Total
Money
Market
Funds
(Cost
$197,169,478)
.................................
197,169,478
Principal
Amount
*
a
a
a
Repurchase
Agreements
0.2%
j
Joint
Repurchase
Agreement,
5.24%,
8/01/23
(Maturity
Value
$7,861,621)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$1,685,374)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$3,816,739)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$2,359,508)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
4.5%,
10/20/27
-
10/20/51;
U.S.
Government
Agency
Strips,
11/15/37
-
8/15/52;
U.S.
Treasury
Bonds,
3.13%,
8/15/44;
U.S.
Treasury
Bonds,
Index
Linked,
0.13%,
4/15/25;
and
U.S.
Treasury
Notes,
0.25%
-
4.25%,
11/15/24
-
7/31/30
(valued
at
$8,018,661)
7,860,477
7,860,477
Total
Repurchase
Agreements
(Cost
$7,860,477)
................................
7,860,477
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
See
Abbreviations
on
page
158
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
h,i
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
5,902,200
$
5,902,200
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$5,902,200)
............................................................
5,902,200
Total
Short
Term
Investments
(Cost
$210,932,155
)
...............................
210,932,155
a
Total
Investments
(Cost
$3,030,995,657)
100.8%
................................
$3,985,368,569
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(31,380,779)
Net
Assets
100.0%
...........................................................
$3,953,987,790
*
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
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,
2023,
the
value
of
this
security
was
$31,926,366,
representing
0.8%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
July
31,
2023.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
See
Note
4
regarding
holdings
of
5%
voting
securities.
g
Income
may
be
received
in
additional
securities
and/or
cash.
h
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
j
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
July
31,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2023
Franklin
Strategic
Income
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.7%
Broadline
Retail
0.0%
a,b,c
K2016470219
South
Africa
Ltd.,
A
.........................
South
Africa
125,940,079
$
—
a,b,c
K2016470219
South
Africa
Ltd.,
B
.........................
South
Africa
12,532,821
—
—
Energy
Equipment
&
Services
0.5%
b
Weatherford
International
plc
.............................
United
States
151,545
12,593,389
Media
0.0%
†
b
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
285,564
514,015
b
iHeartMedia,
Inc.,
A
....................................
United
States
117,026
553,533
1,067,548
Oil,
Gas
&
Consumable
Fuels
0.2%
b
Amplify
Energy
Corp.
..................................
United
States
5,288
38,814
d
Birch
Permian
Holdings,
Inc.
.............................
United
States
406,124
5,970,023
6,008,837
Total
Common
Stocks
(Cost
$22,627,345)
......................................
19,669,774
Management
Investment
Companies
5.4%
Capital
Markets
5.4%
e
Franklin
Floating
Rate
Income
Fund
.......................
United
States
18,687,540
148,939,694
Total
Management
Investment
Companies
(Cost
$174,404,193)
...................
148,939,694
Warrants
Warrants
0.0%
Oil,
Gas
&
Consumable
Fuels
0.0%
a,b
Canvas
Energy,
Inc.,
10/01/24
............................
United
States
9
—
a,b
Canvas
Energy,
Inc.,
10/01/25
............................
United
States
9
—
—
Software
0.0%
a,b,c
WorkCapital
BSD
SARL,
2/13/26
..........................
Luxembourg
6,000,000
—
Total
Warrants
(Cost
$750,000)
................................................
—
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
f,g,h,i
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
711,806
65,666
Total
Convertible
Bonds
(Cost
$196,542)
.......................................
65,666
Corporate
Bonds
48.9%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
5,000,000
4,529,958
Senior
Note,
5.15%,
5/01/30
...........................
United
States
8,100,000
8,037,620
i
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
10,000,000
9,955,160
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
2,500,000
2,510,585
25,033,323
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Air
Freight
&
Logistics
0.1%
i
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
2,300,000
$
2,193,314
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
1,200,000
963,261
3,156,575
Automobile
Components
1.0%
i
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
3,300,000
3,395,845
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
2,000,000
2,016,534
i
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
7,000,000
6,778,660
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
3,400,000
2,877,356
i
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
6,600,000
5,666,746
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
8,300,000
7,662,697
28,397,838
Automobiles
0.2%
i
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
7,000,000
6,200,959
Banks
5.7%
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
3,000,000
2,360,830
Bank
of
America
Corp.
,
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
8,000,000
7,524,037
Senior
Bond,
2.676%
to
6/18/40,
FRN
thereafter,
6/19/41
.....
United
States
4,000,000
2,836,510
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
......
United
States
9,500,000
9,154,374
i
BNP
Paribas
SA
,
Senior
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
..................................
France
4,400,000
4,213,935
i
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
7,900,000
6,995,209
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
15,500,000
15,473,716
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
8,300,000
6,942,690
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
9,100,000
8,870,987
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.......
United
Kingdom
5,850,000
5,734,101
JPMorgan
Chase
&
Co.
,
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
.....
United
States
9,400,000
7,958,871
Senior
Bond,
2.525%
to
11/18/40,
FRN
thereafter,
11/19/41
....
United
States
4,000,000
2,770,046
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
6,800,000
6,673,954
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
5,000,000
4,786,909
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
9,200,000
9,104,562
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
5,100,000
5,125,721
Royal
Bank
of
Canada
,
Senior
Note
,
5.2
%
,
8/01/28
............
Canada
8,300,000
8,289,500
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
6,700,000
5,873,091
i
Societe
Generale
SA
,
Senior
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
France
7,500,000
5,925,058
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
7,200,000
6,358,663
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
9,900,000
9,714,060
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
7,900,000
7,892,412
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Banks
(continued)
i
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
5,300,000
$
4,254,760
Wells
Fargo
&
Co.
,
Senior
Note
,
4.54%
to
8/14/25,
FRN
thereafter
,
8/15/26
...........................................
United
States
4,700,000
4,598,653
159,432,649
Beverages
0.3%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
1,300,000
1,201,862
i
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
9,000,000
7,911,180
9,113,042
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
6,000,000
5,437,747
Amgen,
Inc.
,
Senior
Bond,
4.2%,
3/01/33
............................
United
States
4,000,000
3,719,834
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
6,600,000
6,589,448
15,747,029
Broadline
Retail
0.0%
a,f,i
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
10,914,248
—
a,f,i
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
4,807,777
—
—
Building
Products
0.8%
i
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
3,300,000
3,223,209
i
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
5,000,000
4,781,175
i
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
7,000,000
6,965,000
i
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
4,800,000
4,476,802
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
1,600,000
1,390,688
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
1,400,000
1,131,837
21,968,711
Capital
Markets
2.4%
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
7,800,000
7,742,118
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.21%
to
4/21/41,
FRN
thereafter,
4/22/42
......
United
States
7,000,000
5,197,089
Senior
Note,
5.7%,
11/01/24
...........................
United
States
6,200,000
6,194,915
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
3,400,000
3,310,640
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
3,000,000
2,677,441
i
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
8,000,000
7,026,187
Morgan
Stanley
,
Senior
Bond
,
3.591
%
,
7/22/28
...............
United
States
10,000,000
9,318,618
i
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
11,800,000
9,636,143
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
4,000,000
3,880,500
i
Senior
Note,
144A,
2.193%
to
6/04/25,
FRN
thereafter,
6/05/26
.
Switzerland
1,000,000
927,916
i
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
3,050,000
3,054,450
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Capital
Markets
(continued)
UBS
Group
AG,
(continued)
i
Senior
Note,
144A,
5.711%
to
1/11/26,
FRN
thereafter,
1/12/27
.
Switzerland
8,150,000
$
8,141,352
67,107,369
Chemicals
1.8%
i
ASP
Unifrax
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
9/30/28
...........................................
United
States
2,600,000
1,940,549
i
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
7,000,000
4,519,768
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
4,850,000
4,889,086
i
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
6,700,000
5,791,011
i
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
3,000,000
2,712,064
i
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
6,600,000
5,838,792
i
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
7,900,000
7,808,878
i
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
5,000,000
4,651,181
f,i
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
2,500,000
1,762,500
Nutrien
Ltd.
,
Senior
Note
,
4.9
%
,
3/27/28
....................
Canada
1,150,000
1,133,339
i
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
6,385,000
6,215,689
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
2,500,000
2,174,964
i
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
1,400,000
1,190,483
50,628,304
Commercial
Services
&
Supplies
0.8%
i
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
6,000,000
5,215,174
i
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
11,000,000
9,721,879
i
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
7,000,000
6,151,635
21,088,688
Communications
Equipment
0.2%
i
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
6
%
,
6/15/25
..
United
States
5,518,000
5,010,955
Construction
&
Engineering
0.2%
i
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
5,600,000
5,046,073
Construction
Materials
0.3%
i
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
..........
United
States
7,000,000
7,146,627
Consumer
Finance
0.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
4,500,000
3,601,979
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
3,800,000
3,864,600
i
Park
Aerospace
Holdings
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
2/15/24
.
Ireland
3,100,000
3,075,114
i
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
8,000,000
6,083,539
i
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
5,800,000
5,254,402
21,879,634
Consumer
Staples
Distribution
&
Retail
0.3%
i
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
7,900,000
6,886,284
Containers
&
Packaging
1.7%
i
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
3,700,000
3,180,413
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
5,000,000
4,688,317
i
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
5,000,000
4,520,434
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
i
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
5/15/31
...........................................
United
States
3,000,000
$
3,052,410
i
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
6,100,000
5,398,610
i
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
4,600,000
4,147,107
i
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.125%,
12/01/24
....................
United
States
3,000,000
2,959,531
Senior
Note,
144A,
6.125%,
2/01/28
.....................
United
States
9,000,000
8,967,677
i
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
...........................................
Netherlands
7,000,000
6,657,554
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
3,600,000
2,928,959
46,501,012
Distributors
0.2%
i
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
2,700,000
2,817,326
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
1,500,000
1,520,625
4,337,951
Diversified
Consumer
Services
0.3%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
7,500,000
6,935,025
Diversified
REITs
0.5%
i
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
7,700,000
6,151,572
Simon
Property
Group
LP
,
Senior
Bond,
4.25%,
11/30/46
..........................
United
States
3,000,000
2,377,984
Senior
Bond,
3.25%,
9/13/49
...........................
United
States
7,000,000
4,702,843
13,232,399
Diversified
Telecommunication
Services
1.2%
i
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
5,000,000
1,866,008
i
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.5%,
1/15/28
................
France
2,500,000
1,837,130
Senior
Secured
Note,
144A,
5.5%,
10/15/29
...............
France
3,000,000
2,132,885
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
4,000,000
2,678,889
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
7,000,000
5,713,843
i
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
2,800,000
2,685,932
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
5,400,000
5,074,604
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
....
United
States
8,400,000
6,710,752
i
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
7,000,000
6,002,384
34,702,427
Electric
Utilities
2.0%
Duke
Energy
Corp.
,
Senior
Bond,
2.45%,
6/01/30
...........................
United
States
6,200,000
5,218,474
Senior
Bond,
3.75%,
9/01/46
...........................
United
States
1,600,000
1,223,540
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
1,000,000
1,012,311
i
Enel
Finance
International
NV
,
Senior
Note
,
144A,
2.65
%
,
9/10/24
Italy
7,800,000
7,527,485
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
...........................
United
States
13,400,000
12,541,913
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Exelon
Corp.,
(continued)
Senior
Bond,
4.45%,
4/15/46
...........................
United
States
1,400,000
$
1,200,287
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
3,300,000
3,325,348
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..............
United
States
5,000,000
4,271,077
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
820,000
866,087
i
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
11,000,000
9,721,540
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
6,000,000
5,354,665
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
...............
United
States
4,500,000
4,494,015
56,756,742
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
1,900,000
1,800,289
i
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
8,500,000
7,638,284
9,438,573
Electronic
Equipment,
Instruments
&
Components
0.4%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
5,000,000
4,365,450
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
7,100,000
6,859,526
11,224,976
Energy
Equipment
&
Services
0.1%
i
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
3,800,000
3,617,161
Entertainment
0.6%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
11,800,000
11,567,761
Senior
Bond,
6.375%,
5/15/29
..........................
United
States
2,000,000
2,116,494
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
......
United
States
2,100,000
1,927,935
15,612,190
Financial
Services
0.3%
a,j
Cia
Securitizadora
de
Creditos
Financeiros
Vert-Fintech
,
12
,
Senior
Secured
Note
,
FRN
,
14.9
%
,
(
BZDIOVRA
+
5.75
%
),
2/14/24
....
Brazil
12,733,484
BRL
1,460,560
i
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
7,000,000
5,933,513
7,394,073
Food
Products
0.8%
i
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
2,000,000
1,592,519
i
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
9,000,000
8,872,821
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
1,550,000
1,543,432
Hershey
Co.
(The)
,
Senior
Bond
,
4.5
%
,
5/04/33
...............
United
States
2,400,000
2,379,351
i
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
144A,
2.5%,
1/15/27
.......................
United
States
6,300,000
5,665,275
Senior
Note,
144A,
3.625%,
1/15/32
.....................
United
States
3,500,000
2,901,500
22,954,898
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
2,800,000
1,903,355
Ground
Transportation
0.3%
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
1,600,000
1,369,532
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Ground
Transportation
(continued)
i
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
9,500,000
$
8,060,095
9,429,627
Health
Care
Equipment
&
Supplies
0.5%
i
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
4,700,000
5,077,656
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
..
United
States
4,700,000
4,714,889
i
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
5,300,000
4,706,816
14,499,361
Health
Care
Providers
&
Services
2.0%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
3,000,000
2,828,604
Senior
Note,
2.45%,
7/15/28
...........................
United
States
2,300,000
1,983,302
Senior
Note,
4.625%,
12/15/29
.........................
United
States
2,300,000
2,140,449
Senior
Note,
3.375%,
2/15/30
..........................
United
States
1,400,000
1,206,040
Senior
Note,
2.625%,
8/01/31
..........................
United
States
5,300,000
4,243,153
i
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
1,000,000
663,924
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
3,700,000
3,297,388
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
2,300,000
1,969,099
CVS
Health
Corp.
,
Senior
Bond,
1.75%,
8/21/30
...........................
United
States
4,000,000
3,197,847
Senior
Bond,
2.7%,
8/21/40
............................
United
States
6,300,000
4,376,452
i
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
9,000,000
7,687,813
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
1,400,000
1,081,268
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
7,200,000
6,332,827
i
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
5,500,000
4,200,103
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
2,100,000
1,804,421
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125
%
,
6/15/30
...
United
States
10,000,000
9,730,000
56,742,690
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
............................
United
States
3,000,000
2,632,749
Senior
Bond,
3.5%,
3/15/31
............................
United
States
4,000,000
2,890,947
5,523,696
Health
Care
Technology
0.3%
i
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
5/15/30
................
United
States
7,200,000
7,279,128
Hotel
&
Resort
REITs
0.1%
i
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
3,500,000
3,047,805
Hotels,
Restaurants
&
Leisure
1.2%
i
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
6,000,000
6,137,586
i
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
4,000,000
3,582,702
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
8,300,000
7,449,596
i
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
7,500,000
6,417,470
i
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
3,100,000
2,814,707
i
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
8,000,000
6,171,560
32,573,621
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Household
Durables
0.1%
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
2,900,000
$
2,511,748
Household
Products
0.3%
i
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
5,000,000
4,178,690
i
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
4,500,000
3,715,477
7,894,167
Independent
Power
and
Renewable
Electricity
Producers
0.9%
i
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
5,000,000
4,533,137
i
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
4,300,000
3,623,327
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
4,000,000
3,447,760
i
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
7,800,000
6,471,625
i
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
6/01/30
...........................................
United
States
7,200,000
7,480,368
25,556,217
Insurance
1.2%
i
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
3,100,000
3,090,621
i
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
.....................
United
States
6,000,000
5,975,225
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
10,000,000
7,335,464
i
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
9,600,000
9,553,430
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
3,000,000
2,856,219
i
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
...........................................
United
States
5,600,000
5,551,168
34,362,127
Interactive
Media
&
Services
0.5%
Meta
Platforms,
Inc.
,
Senior
Note
,
4.8
%
,
5/15/30
..............
United
States
7,000,000
7,025,326
i
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
9,100,000
7,583,155
14,608,481
IT
Services
1.0%
i
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
9,200,000
7,644,435
i
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
7,000,000
6,550,385
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
3,800,000
3,352,141
i
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
11,000,000
10,409,950
27,956,911
Machinery
0.3%
i
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
5,500,000
5,643,548
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
3,700,000
3,606,622
9,250,170
Media
1.7%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
15,900,000
12,870,610
i
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
5,200,000
4,354,376
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
2,400,000
2,206,143
Comcast
Corp.
,
Senior
Bond
,
4.8
%
,
5/15/33
.................
United
States
5,200,000
5,148,036
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Media
(continued)
i
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.......
United
States
5,000,000
$
3,467,950
i
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
6,000,000
5,421,743
i
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
4,000,000
3,085,574
Fox
Corp.
,
Senior
Bond
,
3.5
%
,
4/08/30
.....................
United
States
1,400,000
1,257,495
i
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
4.125
%
,
12/01/30
..........................................
United
States
2,500,000
1,632,363
i
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
9,000,000
7,839,154
47,283,444
Metals
&
Mining
1.1%
i
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
9,200,000
8,007,956
i
Indonesia
Asahan
Aluminium
PT
/
Mineral
Industri
Indonesia
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
...................
Indonesia
6,900,000
6,756,687
i
Novelis
Corp.
,
Senior
Note
,
144A,
3.25
%
,
11/15/26
............
United
States
1,700,000
1,546,954
i
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
................
South
Korea
7,950,000
7,951,824
i
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
6,100,000
5,259,274
29,522,695
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
i
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
10,000,000
8,440,184
Multi-Utilities
0.6%
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
3,200,000
3,001,631
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
7,800,000
6,966,169
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
5,700,000
5,633,938
15,601,738
Oil,
Gas
&
Consumable
Fuels
4.8%
i
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
8,700,000
7,222,092
i
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
4,969,000
5,094,035
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
3,700,000
3,184,901
i
Civitas
Resources,
Inc.
,
Senior
Note,
144A,
8.375%,
7/01/28
.....................
United
States
3,300,000
3,398,373
Senior
Note,
144A,
8.75%,
7/01/31
......................
United
States
3,300,000
3,419,625
i
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
7,000,000
6,603,940
i
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
6,500,000
6,130,589
i
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
4,600,000
3,998,231
i
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
8,700,000
8,479,022
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.............
United
States
7,300,000
6,618,472
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
10,900,000
10,385,219
i
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
1,700,000
1,663,506
i
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
800,000
812,629
i
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
Senior
Secured
Bond
,
144A,
2.16
%
,
3/31/34
.....................................
United
Arab
Emirates
2,661,300
2,268,790
i
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
6,500,000
5,910,714
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
1,700,000
1,546,703
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
2,000,000
1,851,800
i
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
5,000,000
4,811,125
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
15,000,000
$
12,611,793
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
10,000,000
9,500,531
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
4.5
%
,
5/15/29
..
United
States
12,000,000
10,785,564
i
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
............
Norway
9,000,000
9,719,190
i
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
.....................................
United
States
2,600,000
2,207,773
i
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
...........................................
United
States
5,500,000
5,585,976
133,810,593
Paper
&
Forest
Products
0.3%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
7,100,000
6,094,411
DM3N,
Senior
Bond,
3.125%,
1/15/32
....................
Brazil
4,400,000
3,533,193
9,627,604
Passenger
Airlines
0.5%
i
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
5,900,000
5,717,740
i
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
7,800,000
7,647,631
i
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
1,700,000
1,611,358
14,976,729
Personal
Care
Products
1.3%
i
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
6,200,000
6,229,016
i
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
7,427,500
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
5/15/33
.....
United
States
8,800,000
8,669,797
i
Kenvue,
Inc.
,
Senior
Note
,
144A,
5.05
%
,
3/22/28
..............
United
States
8,600,000
8,679,761
i
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
7,360,000
2,674,330
i
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
3,700,000
3,111,330
36,791,734
Pharmaceuticals
1.2%
i
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
11,700,000
11,203,934
g,i
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note
,
144A,
9.5
%
,
7/31/27
.................................
United
States
6,580,000
337,225
i
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
7,000,000
6,280,306
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
United
States
3,500,000
3,478,207
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
5,300,000
3,750,478
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
9,100,000
8,346,247
33,396,397
Real
Estate
Management
&
Development
0.2%
i
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
4,000,000
3,992,360
i
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
3,450,000
631,843
i
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
1,800,000
EUR
1,673,085
6,297,288
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Corporate
Bonds
(continued)
Software
0.2%
i
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
6,000,000
$
5,191,182
Specialized
REITs
0.3%
i
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
...........
United
States
7,200,000
7,231,248
Specialty
Retail
0.3%
Advance
Auto
Parts,
Inc.
,
Senior
Note,
5.9%,
3/09/26
............................
United
States
700,000
698,865
Senior
Note,
5.95%,
3/09/28
...........................
United
States
600,000
597,762
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
1,900,000
1,789,459
i
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
2,500,000
1,867,503
i
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,700,000
4,000,969
8,954,558
Technology
Hardware,
Storage
&
Peripherals
0.1%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
2,100,000
1,741,173
Textiles,
Apparel
&
Luxury
Goods
0.2%
i
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
6,000,000
6,140,240
Tobacco
0.8%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
12,400,000
10,978,626
i
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
4.25%,
7/21/25
......................
United
Kingdom
2,800,000
2,702,349
Senior
Bond,
144A,
3.875%,
7/26/29
.....................
United
Kingdom
2,200,000
1,963,880
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
....
United
States
7,200,000
7,183,889
22,828,744
Trading
Companies
&
Distributors
0.6%
i
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
10,200,000
8,974,415
i
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
1,800,000
1,731,324
i
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
7,000,000
7,144,865
17,850,604
Transportation
Infrastructure
0.0%
†
i
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
1,080,000
703,431
Wireless
Telecommunication
Services
0.6%
f,g,i
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
146,354
62,908
T-Mobile
USA,
Inc.
,
Senior
Bond,
3.3%,
2/15/51
............................
United
States
4,800,000
3,347,128
Senior
Note,
3.875%,
4/15/30
..........................
United
States
13,400,000
12,318,303
15,728,339
Total
Corporate
Bonds
(Cost
$1,518,811,001)
...................................
1,361,808,516
Senior
Floating
Rate
Interests
0.0%
Software
0.0%
a,c,g
WorkCapital
BSD
SARL
,
Term
Loan
,
6.5
%
,
1/01/38
............
Luxembourg
20,000,000
—
Total
Senior
Floating
Rate
Interests
(Cost
$19,530,078)
..........................
—
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
k
Marketplace
Loans
1.7%
a
Financial
Services
1.7%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$52,197,052)
....................................
$
46,567,550
Foreign
Government
and
Agency
Securities
2.5%
i
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
l
13,600,000
11,746,320
i
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
l
11,500,000
10,628,530
Colombia
Government
Bond
,
Senior
Bond,
3.875%,
4/25/27
..........................
Colombia
14,000,000
12,921,507
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
55,750,000,000
COP
13,778,199
i
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
9,500,000
7,623,606
i
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
1,700,000
1,712,704
i
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
3,400,000
3,394,278
i
Petroleos
Mexicanos
,
Senior
Bond
,
144A,
10
%
,
2/07/33
........
Mexico
3,200,000
2,982,935
i
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
4,700,000
4,682,149
Total
Foreign
Government
and
Agency
Securities
(Cost
$84,330,443)
..............
69,470,228
U.S.
Government
and
Agency
Securities
20.4%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
7,700,000
5,668,980
U.S.
Treasury
Bonds
,
6.25%,
8/15/23
.....................................
United
States
4,000,000
4,000,990
6.875%,
8/15/25
.....................................
United
States
1,000,000
1,039,140
3%,
8/15/48
........................................
United
States
7,500,000
6,156,885
3%,
2/15/49
........................................
United
States
17,300,000
14,232,967
2.875%,
5/15/49
.....................................
United
States
17,000,000
13,671,055
U.S.
Treasury
Notes
,
2.625%,
12/31/23
....................................
United
States
8,800,000
8,704,614
2.125%,
9/30/24
.....................................
United
States
38,000,000
36,637,344
4.375%,
10/31/24
....................................
United
States
35,500,000
35,112,412
4.125%,
1/31/25
.....................................
United
States
30,500,000
30,041,309
1.5%,
2/15/25
......................................
United
States
66,800,000
63,227,766
3.5%,
9/15/25
......................................
United
States
32,500,000
31,630,371
4.25%,
10/15/25
.....................................
United
States
62,500,000
61,793,213
2.875%,
11/30/25
....................................
United
States
33,000,000
31,660,019
m
Index
Linked,
0.625%,
1/15/26
..........................
United
States
27,000,000
33,005,881
2.375%,
4/30/26
.....................................
United
States
14,000,000
13,218,242
3.625%,
5/15/26
.....................................
United
States
3,500,000
3,414,688
2%,
11/15/26
.......................................
United
States
39,500,000
36,579,932
4.125%,
9/30/27
.....................................
United
States
45,000,000
44,713,476
3.5%,
1/31/28
......................................
United
States
3,400,000
3,298,531
2.75%,
2/15/28
.....................................
United
States
2,500,000
2,347,803
1.25%,
4/30/28
.....................................
United
States
2,800,000
2,446,281
3.5%,
4/30/28
......................................
United
States
2,700,000
2,619,211
2.875%,
5/15/28
.....................................
United
States
4,800,000
4,524,375
1.25%,
9/30/28
.....................................
United
States
1,700,000
1,470,799
2.375%,
3/31/29
.....................................
United
States
17,700,000
16,119,791
3.875%,
11/30/29
....................................
United
States
2,500,000
2,465,576
3.75%,
5/31/30
.....................................
United
States
18,500,000
18,132,891
2.75%,
8/15/32
.....................................
United
States
1,600,000
1,452,937
4.125%,
11/15/32
....................................
United
States
24,200,000
24,483,594
3.5%,
2/15/33
......................................
United
States
14,000,000
13,495,781
Total
U.S.
Government
and
Agency
Securities
(Cost
$573,543,853)
................
567,366,854
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Asset-Backed
Securities
4.7%
Commercial
Services
&
Supplies
0.1%
i,n
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
7.52
%
,
(
3-month
SOFR
+
2.212
%
),
7/15/31
.
.............................
United
States
3,070,000
$
2,997,457
Financial
Services
4.6%
i,n
BlueMountain
CLO
Ltd.
,
2018-1A
,
D
,
144A,
FRN
,
8.681
%
,
(
3-month
SOFR
+
3.312
%
),
7/30/30
.
.............................
United
States
5,000,000
4,390,462
i,n
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.088
%
,
(
3-month
SOFR
+
1.762
%
),
10/20/29
.
....................
United
States
3,500,000
3,448,025
i,n
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.77
%
,
(
3-month
SOFR
+
2.462
%
),
10/15/31
.
....................
United
States
12,000,000
11,440,553
i,n
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-3A,
BR,
144A,
FRN,
7.27%,
(3-month
SOFR
+
1.962%),
10/15/30
..........................................
United
States
300,000
290,557
2014-2RA,
B,
144A,
FRN,
7.146%,
(3-month
USD
LIBOR
+
1.825%),
5/15/31
....................................
United
States
580,000
561,627
2014-4RA,
C,
144A,
FRN,
8.47%,
(3-month
SOFR
+
3.162%),
7/15/30
...........................................
United
States
3,000,000
2,777,207
i,o
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2018-29,
PT,
144A,
FRN,
5.222%,
12/15/43
................
United
States
26,828
24,602
2019-26,
PT,
144A,
FRN,
17.76%,
8/15/44
.................
United
States
425,618
400,917
2019-31,
PT,
144A,
FRN,
16.736%,
9/15/44
................
United
States
353,027
327,289
2019-37,
PT,
144A,
FRN,
17.615%,
10/17/44
...............
United
States
426,449
404,581
2019-42,
PT,
144A,
FRN,
17.028%,
11/15/44
...............
United
States
425,757
399,444
2019-51,
PT,
144A,
FRN,
16.266%,
1/15/45
................
United
States
453,454
426,512
2019-52,
PT,
144A,
FRN,
14.111%,
1/15/45
................
United
States
484,821
457,041
2019-S1,
PT,
144A,
FRN,
11.025%,
4/15/44
................
United
States
90,765
87,063
2019-S2,
PT,
144A,
FRN,
10.27%,
5/16/44
.................
United
States
105,406
96,616
2019-S3,
PT,
144A,
FRN,
10.792%,
6/15/44
................
United
States
168,187
156,383
2019-S4,
PT,
144A,
FRN,
12.225%,
8/15/44
................
United
States
253,942
243,169
2019-S5,
PT,
144A,
FRN,
12.001%,
9/15/44
................
United
States
245,535
230,055
2019-S6,
PT,
144A,
FRN,
10.305%,
10/17/44
...............
United
States
307,506
285,511
2019-S7,
PT,
144A,
FRN,
11.761%,
12/15/44
...............
United
States
209,049
193,855
2019-S8,
PT,
144A,
FRN,
9.234%,
1/15/45
.................
United
States
247,241
229,269
2020-2,
PT,
144A,
FRN,
14.166%,
3/15/45
.................
United
States
455,768
428,644
2020-7,
PT,
144A,
FRN,
16.794%,
4/17/45
.................
United
States
262,567
242,801
i,n
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
6.61
%
,
(
3-month
SOFR
+
1.302
%
),
4/15/34
.
.............................
United
States
30,321,000
30,010,210
i
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
11,922,012
10,567,747
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
4,392,390
3,776,736
i,n
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
7.17
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
...................................
United
States
4,590,000
4,476,016
i,n
LCM
XVIII
LP
,
18A
,
DR
,
144A,
FRN
,
8.388
%
,
(
3-month
SOFR
+
3.062
%
),
4/20/31
.
...................................
United
States
6,860,000
6,047,646
i,n
Neuberger
Berman
CLO
XXII
Ltd.
,
2016-22A
,
CR
,
144A,
FRN
,
7.77
%
,
(
3-month
SOFR
+
2.462
%
),
10/17/30
.
...............
United
States
2,129,630
2,090,086
i,n
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
6.682
%
,
(
3-month
SOFR
+
1.362
%
),
4/19/31
.
.....................
United
States
7,493,684
7,464,509
i,n
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.407
%
,
(
3-month
SOFR
+
2.062
%
),
10/24/30
.
..............
United
States
3,914,730
3,860,928
i,n
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.54
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
................
United
States
7,438,150
7,422,785
i,o
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
13.669%,
3/15/26
................
United
States
236,908
229,431
2020-PT2,
A,
144A,
FRN,
12.135%,
4/15/26
................
United
States
291,018
277,266
2020-PT3,
A,
144A,
FRN,
8.951%,
5/15/26
.................
United
States
96,903
89,568
i,n
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.77
%
,
(
3-month
SOFR
+
2.462
%
),
1/15/31
.
...................................
United
States
14,100,000
14,133,324
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
i,o
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
8.903%,
6/15/25
.................
United
States
91,907
$
82,893
2019-PT2,
A,
144A,
FRN,
14.841%,
2/15/26
................
United
States
228,292
223,675
i,n
Voya
CLO
Ltd.
,
2013-2A,
A2AR,
144A,
FRN,
7.013%,
(3-month
SOFR
+
1.662%),
4/25/31
...........................................
United
States
2,200,000
2,145,581
2013-2A,
BR,
144A,
FRN,
7.463%,
(3-month
SOFR
+
2.112%),
4/25/31
...........................................
United
States
5,770,000
5,484,303
2016-1A,
BR,
144A,
FRN,
7.388%,
(3-month
SOFR
+
2.062%),
1/20/31
...........................................
United
States
590,000
560,458
126,485,345
a
a
a
a
a
a
Passenger
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
775,800
749,461
Total
Asset-Backed
Securities
(Cost
$135,509,348)
..............................
130,232,263
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
p
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
6.363
%
,
7/15/56
......
United
States
640,000
660,024
i,n
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
6.036%,
(1-month
SOFR
+
0.814%),
9/15/36
...........................................
United
States
2,480,000
2,417,515
2021-VOLT,
B,
144A,
FRN,
6.286%,
(1-month
SOFR
+
1.064%),
9/15/36
...........................................
United
States
3,890,000
3,768,810
2022-LP2,
A,
144A,
FRN,
6.235%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
7,614,653
7,395,333
o
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.012
%
,
7/10/38
United
States
2,336,688
1,250,128
15,491,810
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$16,862,855)
................
15,491,810
Mortgage-Backed
Securities
7.3%
q
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
4.348%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
8,564
8,322
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
5.4%
FHLMC
Gold
Pool,
20
Year,
5%,
5/01/27
-
5/01/30
.............
United
States
101,672
101,049
FHLMC
Gold
Pool,
30
Year,
4.5%,
10/01/40
.................
United
States
41,120
40,508
FHLMC
Gold
Pool,
30
Year,
5%,
3/01/34
-
2/01/38
.............
United
States
247,900
247,496
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
6/01/36
...........
United
States
339,122
343,160
FHLMC
Gold
Pool,
30
Year,
6%,
6/01/33
-
6/01/37
.............
United
States
157,377
159,798
FHLMC
Gold
Pool,
30
Year,
6.5%,
12/01/25
-
6/01/36
..........
United
States
32,390
33,293
FHLMC
Gold
Pool,
30
Year,
7%,
8/01/32
....................
United
States
2,097
2,115
FHLMC
Gold
Pool,
30
Year,
7.5%,
1/01/26
-
1/01/31
...........
United
States
1,878
1,939
FHLMC
Gold
Pool,
30
Year,
8%,
11/01/25
...................
United
States
19
19
FHLMC
Gold
Pool,
30
Year,
9%,
12/01/24
...................
United
States
9
9
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
35,815,000
29,032,988
FHLMC
Pool,
30
Year,
4%,
6/01/52
........................
United
States
38,323,393
35,797,104
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
58,954,329
56,481,162
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
......................
United
States
28,269,348
28,160,008
150,400,648
q
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
4.279%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
46,514
46,043
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
1.9%
FNMA,
15
Year,
2.5%,
7/01/27
...........................
United
States
58,674
$
56,068
FNMA,
20
Year,
4.5%,
3/01/28
...........................
United
States
18,036
17,622
FNMA,
20
Year,
5%,
9/01/23
-
6/01/31
......................
United
States
133,109
131,450
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
16,725,326
14,763,212
FNMA,
30
Year,
4%,
2/01/49
.............................
United
States
8,520,852
8,111,109
FNMA,
30
Year,
4.5%,
2/01/41
...........................
United
States
128,192
126,136
FNMA,
30
Year,
5%,
10/01/35
............................
United
States
287,827
289,146
FNMA,
30
Year,
5.5%,
9/01/33
-
12/01/35
...................
United
States
441,802
446,157
FNMA,
30
Year,
6%,
6/01/34
-
5/01/38
......................
United
States
788,543
799,071
FNMA,
30
Year,
6%,
8/01/53
.............................
United
States
27,900,000
28,079,717
FNMA,
30
Year,
6.5%,
3/01/28
-
10/01/37
...................
United
States
123,769
128,667
FNMA,
30
Year,
7.5%,
10/01/29
...........................
United
States
2,196
2,254
FNMA,
30
Year,
8%,
1/01/25
-
5/01/26
......................
United
States
473
473
52,951,082
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.0%
†
GNMA
I,
30
Year,
8%,
2/15/25
............................
United
States
4
4
GNMA
I,
Single-family,
30
Year,
5%,
6/15/34
-
7/15/34
..........
United
States
41,186
41,184
GNMA
I,
Single-family,
30
Year,
5.5%,
2/15/33
-
6/15/36
........
United
States
167,210
167,601
GNMA
I,
Single-family,
30
Year,
6%,
8/15/36
.................
United
States
10,369
10,691
GNMA
I,
Single-family,
30
Year,
6.5%,
2/15/29
-
3/15/32
........
United
States
2,791
2,844
GNMA
I,
Single-family,
30
Year,
7%,
5/15/28
.................
United
States
37
37
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/26
-
5/15/27
........
United
States
231
230
GNMA
I,
Single-family,
30
Year,
8%,
7/15/26
-
9/15/27
..........
United
States
1,365
1,365
GNMA
I,
Single-family,
30
Year,
8.5%,
8/15/24
................
United
States
11
11
GNMA
I,
Single-family,
30
Year,
9.5%,
6/15/25
................
United
States
132
132
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
78,218
78,294
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
...............
United
States
41,287
42,323
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
43,598
45,545
GNMA
II,
Single-family,
30
Year,
6.5%,
7/20/28
-
12/20/31
.......
United
States
25,807
26,475
GNMA
II,
Single-family,
30
Year,
7.5%,
4/20/32
...............
United
States
7,311
7,427
424,163
Total
Mortgage-Backed
Securities
(Cost
$210,139,740)
...........................
203,830,258
Residential
Mortgage-Backed
Securities
3.4%
Financial
Services
3.4%
i
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
979,605
959,633
o
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
3,378,166
3,171,698
i,o
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
849,193
797,873
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
1,737,465
1,613,853
i,o
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
3,628,728
3,465,613
n
FHLMC
STACR
Debt
Notes
,
2014-DN3,
M3,
FRN,
9.183%,
(30-day
SOFR
Average
+
4.114%),
8/25/24
...........................................
United
States
183,615
185,652
2014-DN4,
M3,
FRN,
9.733%,
(30-day
SOFR
Average
+
4.664%),
10/25/24
..........................................
United
States
1,817,756
1,842,496
2015-DNA1,
M3,
FRN,
8.483%,
(30-day
SOFR
Average
+
3.414%),
10/25/27
...................................
United
States
312,544
315,674
2016-DNA2,
M3,
FRN,
9.833%,
(30-day
SOFR
Average
+
4.764%),
10/25/28
...................................
United
States
5,712,370
5,986,028
n
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
10.433%,
(30-day
SOFR
Average
+
5.364%),
10/25/23
..........................................
United
States
3,729,294
3,765,658
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
n
FNMA
Connecticut
Avenue
Securities,
(continued)
2014-C01,
M2,
FRN,
9.583%,
(30-day
SOFR
Average
+
4.514%),
1/25/24
...........................................
United
States
5,035,121
$
5,110,296
2014-C03,
2M2,
FRN,
8.083%,
(30-day
SOFR
Average
+
3.014%),
7/25/24
...........................................
United
States
562,958
567,999
2015-C01,
1M2,
FRN,
9.483%,
(30-day
SOFR
Average
+
4.414%),
2/25/25
...........................................
United
States
1,247,576
1,289,931
2015-C02,
1M2,
FRN,
9.183%,
(30-day
SOFR
Average
+
4.114%),
5/25/25
...........................................
United
States
4,681,936
4,821,139
2015-C03,
1M2,
FRN,
10.183%,
(30-day
SOFR
Average
+
5.114%),
7/25/25
....................................
United
States
5,495,766
5,759,586
2016-C01,
1M2,
FRN,
11.933%,
(30-day
SOFR
Average
+
6.864%),
8/25/28
....................................
United
States
923,638
988,733
2016-C03,
1M2,
FRN,
10.483%,
(30-day
SOFR
Average
+
5.414%),
10/25/28
...................................
United
States
5,082,996
5,390,726
2017-C04,
2M2,
FRN,
8.033%,
(30-day
SOFR
Average
+
2.964%),
11/25/29
..........................................
United
States
4,164,961
4,251,659
i,o
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
12,495,912
10,770,762
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
4,033,283
3,476,976
i,o
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
6,732,174
6,418,554
i,o
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
2,617,987
2,256,583
i,o
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
8,454,235
7,193,409
i,o
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
1,572,130
1,340,054
i,o
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
14,845,890
12,894,973
94,635,558
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$105,099,971)
................
94,635,558
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
620,001
—
b
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
6,000,000
135,000
Total
Escrows
and
Litigation
Trusts
(Cost
$5,707,489)
...........................
135,000
Total
Long
Term
Investments
(Cost
$2,919,709,910)
.............................
2,658,213,171
a
Short
Term
Investments
3.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.3%
e,r
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
....
United
States
36,334,524
36,334,524
Total
Money
Market
Funds
(Cost
$36,334,524)
..................................
36,334,524
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Repurchase
Agreements
2.2%
s
Joint
Repurchase
Agreement,
5.24%,
8/01/23
(Maturity
Value
$60,250,761)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$12,916,558)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$29,251,142)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$18,083,061)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
4.5%,
10/20/27
-
10/20/51;
U.S.
Government
Agency
Strips,  11/15/37
-
8/15/52;
U.S.
Treasury
Bonds,
3.13%,
8/15/44;
U.S.
Treasury
Bonds,
Index
Linked,
0.13%,
4/15/25;
and
U.S.
Treasury
Notes,
0.25%
-
4.25%,
11/15/24
-
7/31/30
(valued
at
$61,454,298)
.......................................
60,241,992
$
60,241,992
Total
Repurchase
Agreements
(Cost
$60,241,992)
...............................
60,241,992
Total
Short
Term
Investments
(Cost
$96,576,516
)
................................
96,576,516
a
Total
Investments
(Cost
$3,016,286,426)
99.0%
..................................
$2,754,789,687
Other
Assets,
less
Liabilities
1.0%
.............................................
30,089,820
Net
Assets
100.0%
...........................................................
$2,784,879,507
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
b
Non-income
producing.
c
See
Note
3
regarding
restricted
securities.
d
See
Note
4
regarding
holdings
of
5%
voting
securities.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
Perpetual
security
with
no
stated
maturity
date.
i
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,
2023,
the
aggregate
value
of
these
securities
was
$1,037,177,772,
representing
37.2%
of
net
assets.
j
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
See
full
breakdown
of
marketplace
loans
holdings
in
the
table
at
the
end
of
this
schedule.
l
A
supranational
organization
is
an
entity
formed
by
two
or
more
central
governments
through
international
treaties.
m
Principal
amount
of
security
is
adjusted
for
inflation.
n
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
o
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.
p
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
q
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,
but
instead
pass-through
weighted
average
interest
income
inclusive
of
any
caps
or
floors,
if
applicable,
from
the
underlying
mortgage
loans
in
which
the
majority
of
mortgages
pay
interest
based
on
the
index
shown
at
their
designated
reset
dates
plus
a
spread,
less
the
applicable
servicing
and
guaranty
fee
(MBS
margin).
r
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
s
Investment
is
through
participation
in
a
joint
account
with
other
funds
managed
by
the
investment
manager
or
an
affiliate
of
the
investment
manager.
At
July
31,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2023
Franklin
Strategic
Income
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
,
At
July
31,
2023,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
1.7%
Block,
Inc.
5050394.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
$
2,034
$
627
5051538.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
421
131
5059326.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
13,048
1,226
5060641.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
1,389
775
5061493.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
774
392
5062120.SQ.FTS.B,
Zero
Cpn,
9/05/23
...
888
287
5062300.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
731
358
5062340.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
2,080
305
5062512.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
3,648
840
5065106.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
1,308
504
5065174.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
118
67
5065196.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
7,615
2,443
5065404.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
2,680
242
5065943.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
330
115
5067242.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
5,386
1,616
5067403.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
2,045
687
5067489.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
39
25
5068096.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
665
410
5068551.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
12,355
5,487
5071139.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
2,783
1,553
5072967.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
542
130
5074442.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,909
349
5075119.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,810
613
5075424.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,563
460
5075548.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
2,611
1,211
5077583.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
3,691
465
5080816.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
1,916
728
5081612.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
1,324
353
5081691.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
1,128
591
5082283.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
552
138
5084934.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
33,929
8,756
5085496.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
57
26
5085858.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
884
236
5086206.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
131
103
5090272.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
4,187
706
5092317.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
1,668
792
5093863.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
10,192
1,668
5094324.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
1,339
170
5094427.SQ.FTS.B,
Zero
Cpn,
9/20/23
...
2,121
616
5095917.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
17,638
2,265
5096674.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
13,763
1,402
5097715.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
17
12
5097995.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
557
264
5098275.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
6,026
1,035
5100485.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
4,264
488
5106538.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
11,727
2,246
5107353.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
1,383
363
5109145.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
1,195
304
5110636.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
2,822
970
5110725.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
93
71
5110762.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
515
119
5110811.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
787
566
5111024.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
3,239
682
5111117.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
436
76
5112445.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
646
314
5112955.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
4,811
668
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5113266.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
$
1,765
$
606
5114206.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
988
296
5116150.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
1,623
899
5117309.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
503
124
5117854.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
927
160
5119131.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
2,823
737
5119221.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
2,448
909
5119608.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
2,249
983
5121651.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
5,644
3,561
5124518.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
11,687
3,338
5126438.SQ.FTS.B,
Zero
Cpn,
10/01/23
..
23,224
5,425
5128413.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
1,332
135
5128523.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
246
178
5128685.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
74
21
5131238.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
4,015
1,268
5131669.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
22,967
5,863
5132006.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
1,210
282
5132957.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
10
8
5133917.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
351
175
5134297.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
68
56
5135710.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
22
17
5136782.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
45
19
5136863.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
1,139
264
5137092.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
338
110
5138072.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
4,185
1,122
5138860.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
883
169
5138917.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
57
31
5139115.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
391
178
5141482.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
2,827
2,013
5142028.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
612
117
5142049.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
537
299
5145760.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
1,474
370
5145849.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
25
11
5148107.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
2,643
1,209
5148859.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
1,674
908
5149269.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
941
91
5150453.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
443
330
5150470.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
2,321
903
5152767.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
3,354
1,318
5152822.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
17,008
5,053
5153190.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
2,135
1,131
5153369.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
12,701
2,878
5153611.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,253
1,071
5153956.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
2,957
676
5154181.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,433
214
5154314.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
2,780
663
5154612.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,314
322
5156156.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
3,036
1,776
5157152.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
4,186
1,452
5157279.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
8,216
1,846
5157821.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
4,950
1,305
5159258.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
2,263
756
5159356.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
6,814
2,362
5159643.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
1,281
423
5160236.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
9,469
2,843
5162509.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
55,221
12,509
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5163000.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
$
6,619
$
2,618
5163616.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
3,878
2,045
5164173.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
37
24
5165378.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
3,908
1,293
5165754.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
1,316
177
5168750.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
2,545
959
5170843.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
14,553
5,320
5171656.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
875
95
5172517.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
3,305
526
5172676.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
2,635
1,341
5173148.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
670
434
5175259.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
440
47
5175826.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
3,737
1,018
5176617.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
935
201
5176935.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
632
156
5177078.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,090
607
5179181.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,034
600
5184366.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
3,564
1,500
5189604.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
4,636
1,967
5202714.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
3,810
3,227
5203664.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
1,277
351
5203735.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
6,108
2,038
5204240.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
717
211
5209815.SQ.FTS.B,
Zero
Cpn,
10/23/23
..
162
117
5210519.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
11,522
2,113
5210616.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
637
316
5210691.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
2,296
751
5211496.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
153
119
5219348.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
295
93
5219361.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
747
625
5223636.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
2,509
898
5223661.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
2,339
1,589
5230330.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,320
329
5230521.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
607
243
5230601.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
5,805
1,672
5234006.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
32,826
9,650
5235712.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
818
279
5237941.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
2,626
1,096
5238462.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
246
195
5238828.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
19,166
5,948
5240481.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,280
603
5240546.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,371
134
5240561.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
993
304
5240923.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
7,658
1,183
5241173.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
750
161
5244310.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
1,180
1,115
5245023.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
1,235
267
5245556.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
116
78
5245998.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
374
198
5246013.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
449
293
5246421.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
11,172
2,508
5251953.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
1,860
192
5252966.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
2,234
524
5253686.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
653
362
5256925.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
17,264
7,221
5257274.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
292
147
5257285.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
197
109
5262837.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,914
812
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5264439.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
$
663
$
342
5264599.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,731
1,013
5266384.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
783
181
5266471.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
2,448
1,314
5267196.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
2,396
956
5267302.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
212
42
5269783.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
903
363
5270825.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
4,533
611
5273532.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
493
320
5273714.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
2,612
749
5273786.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
2,394
1,024
5276774.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
3,264
868
5276919.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
2,389
1,171
5280986.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
1,327
189
5284007.SQ.FTS.B,
Zero
Cpn,
11/11/23
..
1,049
702
5287039.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
9,314
4,735
5287635.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
835
680
5288567.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
833
287
5288588.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
55,125
10,596
5289293.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
6,616
3,708
5289917.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
702
68
5292026.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
5,106
1,232
5293536.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
6,232
5,473
5293668.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
641
609
5293871.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
2,985
589
5293907.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
2,714
781
5293955.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
5,326
1,767
5294309.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
340
151
5295185.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
965
761
5295255.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
2,835
716
5296246.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,628
368
5296379.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
145
135
5300321.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
646
92
5300323.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,387
354
5303109.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
791
516
5303269.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
464
441
5304517.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
3,795
2,253
5304956.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,394
732
5305103.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
262
33
5307959.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
481
213
5308247.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
2,993
1,837
5309391.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
1,462
978
5311109.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
7,600
2,129
5312373.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
3,167
2,448
5314056.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
12,575
10,996
5316097.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
242
73
5317234.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
1,835
781
5317481.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
593
127
5319057.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
2,284
1,182
5321250.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,096
303
5322315.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
713
624
5323235.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
33
32
5324739.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
2,122
656
5325009.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
6,381
2,255
5325109.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
3,741
366
5325953.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
27,323
9,120
5326788.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
404
171
5329649.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
384
219
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5330611.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
$
3,094
$
467
5331997.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,172
191
5332017.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
3,457
947
5332382.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,453
143
5333523.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
620
174
5333772.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
967
133
5334010.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
435
147
5334017.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
803
701
5334919.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,216
199
5336258.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
4,115
2,078
5337318.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,470
707
5338841.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,769
811
5339131.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
367
303
5357298.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
434
338
5357594.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,011
840
5364437.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
11,459
8,237
5364900.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,391
222
5365379.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,121
521
5369148.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
969
471
5377413.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
944
177
5377620.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
13,408
6,156
5378585.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
392
83
5382984.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
1,064
640
5383205.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
510
360
5390465.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
1,439
992
5393796.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
765
138
5397535.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
5,543
1,459
5400184.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,412
1,011
5408127.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,021
591
5409973.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
751
472
5411388.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
722
206
5412456.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
743
196
5412734.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
8,127
2,068
5413423.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
2,550
1,362
5413569.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
27
15
5415130.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,101
501
5439954.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
199
164
5447166.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
28
18
5447961.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
697
608
5452329.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
278
122
5456242.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,883
562
5456428.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
8,556
4,810
5463036.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
775
301
5467355.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
3,582
1,432
5471641.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
874
404
5472733.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
3,788
2,667
5472760.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
4,496
2,085
5472809.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
686
546
5472855.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
528
223
5473041.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
962
696
5473353.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
564
329
5474502.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
1,623
1,259
5475686.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
2,736
616
5479438.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
1,064
309
5480752.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
3,098
747
5495504.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
528
428
5503173.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
138
105
5505930.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,120
273
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5506550.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
$
203
$
172
5506828.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
4,773
2,475
5507000.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
38,614
9,792
5515187.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
4,692
1,725
5516154.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
12,489
2,990
5518310.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
446
95
5531950.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
3,269
2,422
5533995.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
3,486
2,187
5534121.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
5,159
1,378
5534560.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
371
249
5534689.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
24,338
9,800
5535547.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
4,404
1,127
5536969.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
149
99
5537728.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
2,668
805
5537817.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
798
77
5537953.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
4,030
443
5539715.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
465
335
5539822.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
4,122
1,917
5539948.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
1,642
573
5541044.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
1,200
1,029
5541083.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
230
120
5541094.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
5,085
1,482
5542444.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
859
654
5542667.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
6,457
2,013
5546515.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
2,464
1,476
5547946.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,134
271
5547986.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
3,218
2,074
5552344.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,674
390
5554641.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
62,255
17,207
5556129.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
786
551
5556696.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
5,553
3,553
5562047.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
3,095
1,109
5563038.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
4,772
810
5563082.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
324
281
5564602.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
682
362
5564628.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
8,656
5,035
5565862.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
1,995
901
5565992.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
4,841
1,249
5567586.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
1,210
847
5567951.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
4,898
3,271
5568506.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
1,065
529
5568881.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
1,314
356
5569070.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
29,610
9,274
5572327.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
325
179
5573406.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
363
243
5574351.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
10,696
5,541
5575488.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
610
550
5575886.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
894
555
5576136.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
710
633
5576258.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
4,989
4,654
5576489.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
8,520
1,637
5576779.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
591
559
5577829.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
880
820
5579302.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
2,989
990
5581198.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
745
669
5581252.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
146
81
5583434.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
1,743
1,413
5584166.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
128
100
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5585235.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
$
2,198
$
792
5585522.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
823
375
5585981.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,449
1,175
5586899.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,468
558
5587431.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,365
320
5588063.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
460
438
5588173.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
7,797
3,212
5588206.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
5,115
2,729
5588243.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,114
368
5588411.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
137
107
5588462.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
524
206
5588473.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,570
1,325
5588504.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
765
489
5588832.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
7,140
3,352
5588959.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
796
398
5589322.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
4,040
1,578
5593219.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
11,167
6,891
5594180.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
830
265
5595540.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
380
104
5595624.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
986
94
5597497.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,680
864
5597681.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
3,936
1,894
5598844.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,145
1,008
5599450.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
103
93
5599728.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
4,867
1,876
5600496.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,007
600
5600526.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,008
103
5600632.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
3,133
348
5611517.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
2,096
1,797
5611621.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
863
732
5612313.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
8,314
2,099
5612507.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
11,600
4,416
5614938.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,387
764
5616046.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
1,632
206
5616216.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
5,841
3,699
5616524.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
366
257
5616972.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
711
658
5617510.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
117
57
5617615.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
680
605
5618116.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
8,099
3,046
5618863.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
1,492
1,072
5619464.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
646
291
5619821.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
2,348
1,588
5619959.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
2,374
1,891
5620066.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
2,868
772
5622024.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
2,337
548
5622763.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
476
149
5623363.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
10,990
5,573
5624299.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
6,091
1,402
5627066.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
956
623
5630151.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
506
426
5641620.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
919
270
5641673.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,015
489
5641753.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
237
222
5645369.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
643
567
5646375.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
124
115
5647775.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,305
263
5649633.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
17
15
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5650606.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
$
1,238
$
827
5652373.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,126
625
5654133.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
32,774
10,488
5655586.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
1,734
983
5655643.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
4,363
480
5655850.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
1,359
1,091
5656207.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
8,733
3,573
5656473.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
885
831
5662691.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
731
672
5663245.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
500
354
5663983.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
461
286
5666806.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
13,430
5,043
5670327.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
6,175
4,211
5671581.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
18,583
8,311
5672476.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
1,985
1,700
5672653.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
7,438
3,064
5673210.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,838
563
5673451.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
837
705
5675130.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
490
438
5678440.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,228
847
5689248.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,934
513
5694816.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,074
170
5694969.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,613
1,235
5695450.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
27,987
9,188
5696963.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
8,836
2,373
5697818.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
6,692
3,780
5698393.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
3,382
2,807
5698927.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,357
557
5699811.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
118
94
5700306.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
461
339
5700432.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
929
196
5700842.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,283
934
5700958.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
756
354
5701882.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,677
1,866
5702466.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
188
77
5702515.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
996
513
5703401.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,653
342
5703531.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,176
1,015
5703743.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,562
558
5706022.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
375
327
5706985.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,626
718
5707914.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,896
1,770
5708263.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,196
410
5708392.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
9,171
3,165
5708905.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
672
143
5708958.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
3,460
3,190
5709449.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
2,477
851
5709549.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
12,160
1,293
5715475.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
78
72
5715529.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,069
998
5715755.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
16,776
15,465
5719446.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,003
810
5719509.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,152
955
5719940.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
606
327
5721102.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,302
316
5721582.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,737
553
5727358.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
69
66
5728577.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
5,752
2,675
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5728944.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
$
5,800
$
3,096
5729373.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
845
572
5729395.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
11,514
9,889
5730277.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,000
349
5730943.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,590
837
5731303.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,531
515
5732624.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
11,619
2,058
5732684.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
2,726
1,450
5732996.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
272
211
5735082.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
940
878
5735367.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
1,367
259
5735573.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
5,816
3,057
5735989.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
3,088
1,686
5737632.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
5,796
1,176
5738477.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,046
982
5741303.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,619
1,133
5741694.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,885
1,724
5742308.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
301
284
5742838.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
833
267
5743017.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
568
562
5743589.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
336
244
5744005.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,652
1,142
5744642.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
328
323
5744990.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,510
1,363
5745113.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,303
962
5745135.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
7,799
2,955
5745280.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,149
767
5745765.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
199
62
5746717.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
4,483
4,069
5751520.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,991
282
5752156.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
968
187
5752502.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
201
178
5754310.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,070
367
5754783.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,586
1,075
5754815.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
654
572
5755417.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,854
1,432
5755879.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,754
2,809
5756120.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
4,439
4,019
5756221.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
20,690
13,295
5756610.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
4,556
2,042
5756833.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
2,725
1,559
5757071.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
1,236
766
5757607.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
9,346
932
5758291.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
5,772
1,148
5758638.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,595
2,389
5759456.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
1,843
1,486
5760007.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
1,017
533
5760954.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,824
776
5763172.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
5,617
1,416
5763445.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
4,506
3,942
5763642.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
516
261
5764817.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,160
468
5765151.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
119
103
5765966.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
3,139
1,996
5766290.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,997
1,902
5767311.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
948
666
5767488.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,233
460
5769057.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,296
1,010
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5769533.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
$
7,363
$
6,999
5771803.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
739
343
5773116.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
3,729
638
5774609.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
8,522
7,850
5777318.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
16,209
14,653
5777772.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
8,965
3,302
5778008.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
4,746
4,187
5778432.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
253
241
5780501.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
8,251
6,464
5781142.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
6,510
3,024
5781951.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
4,019
1,557
5784327.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,566
1,536
5784874.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,818
952
5786523.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,555
3,436
5788894.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
1,600
1,495
5790851.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,354
1,320
5791689.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,260
971
5792518.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
16,456
1,675
5796718.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
12,273
10,967
5802478.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
7,637
2,484
5805008.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,473
1,361
5805153.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,659
1,503
5805258.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
435
412
5806252.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
3,230
1,815
5806298.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
540
514
5806427.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,991
4,395
5807056.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
285
262
5809201.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
718
375
5810852.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,700
1,758
5812068.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
6,841
5,356
5812645.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
21,862
4,448
5813184.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
1,676
541
5813253.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
7,508
2,646
5813462.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,137
1,176
5813492.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
921
848
5814016.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
3,028
1,831
5814576.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
2,223
1,370
5815447.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
7,832
1,741
5815722.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
2,017
1,719
5816945.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
5,490
4,671
5817070.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
30,140
10,342
5817474.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
588
353
5819322.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
389
276
5819453.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
2,402
2,028
5819783.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
16,643
15,477
5820960.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
10
10
5820980.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
187
176
5821105.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
76
72
5821163.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
4,216
3,152
5822407.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,032
939
5822817.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,934
2,761
5823030.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,018
675
5823283.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
399
314
5823345.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,884
467
5823515.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
990
850
5823613.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
704
535
5824742.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
3,324
1,159
5825002.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
35,998
8,530
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5825354.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
$
5,154
$
1,113
5827842.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
7,668
1,335
5828601.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,508
2,418
5828926.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
17,907
7,316
5829358.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
3,437
3,310
5829638.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,952
1,126
5830037.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
567
563
5830080.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,462
636
5830440.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,577
876
5830672.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
6,767
4,598
5831192.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,725
773
5831833.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,530
2,163
5832209.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
26,363
6,371
5832576.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
285
158
5832609.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,194
1,109
5833299.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
446
433
5834028.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
789
355
5834294.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
1,081
886
5834318.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
8,185
2,792
5834411.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
4,461
2,757
5834476.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
729
676
5835079.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
683
112
5835279.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
906
815
5836920.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
8,358
6,650
5837211.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,901
1,249
5837252.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,427
252
5837271.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
44
44
5837315.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
4,547
537
5837346.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
783
683
5837545.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
780
746
5837962.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
785
730
5839815.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
615
261
5839822.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,543
2,426
5840394.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
7,735
2,080
5840821.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
4,137
1,776
5840915.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,672
1,651
5841824.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
585
512
5841881.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,190
987
5842093.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,746
563
5842110.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
849
194
5842131.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
936
913
5844459.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,281
631
5844510.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,983
1,912
5844650.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
965
761
5844889.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,559
2,499
5845343.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
7,541
7,244
5846033.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
620
583
5848226.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
3,006
2,970
5848551.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
4,704
4,493
5848782.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
194
183
5849234.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,564
2,200
5849709.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
570
469
5850831.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
8,194
7,392
5851647.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,618
788
5852027.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,366
425
5852374.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,034
1,987
5852610.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
988
206
5852840.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
4,640
3,239
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5852937.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
$
230
$
191
5853740.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,104
374
5853859.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
40,656
19,726
5854219.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,844
1,728
5854288.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,780
1,268
5854311.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
3,758
3,268
5854386.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
9,627
3,260
5855240.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
6,098
3,929
5855442.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
3,499
3,175
5855634.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
8,736
7,941
5855858.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,454
648
5855911.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,925
1,056
5855925.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,539
1,415
5856032.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,297
1,248
5856151.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,821
1,639
5856167.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,727
1,547
5856353.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,425
882
5856360.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
340
200
5856372.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
444
394
5856382.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
9,878
6,673
5856562.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
629
148
5856576.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
732
545
5856586.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,914
729
5856978.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,434
2,782
5857039.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
642
610
5860503.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
424
421
5860847.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,438
1,329
5861125.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
619
138
5861134.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
19,879
16,427
5861986.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
400
375
5862485.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,522
2,194
5862630.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,065
2,262
5862693.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,396
2,085
5862734.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,090
4,033
5862969.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
652
648
5865593.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
7,759
6,928
5866142.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,867
1,704
5866235.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
577
574
5866310.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
17,322
10,703
5866568.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,638
1,292
5866864.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,965
1,480
5866944.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
14,207
8,351
5867135.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,853
3,246
5867175.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,036
1,013
5871796.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,730
2,620
5872177.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
249
248
5872312.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
323
306
5872378.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
134
106
5872385.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
281
274
5872477.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
770
757
5872494.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
10,325
4,818
5872625.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,445
802
5873138.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,402
1,732
5873189.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,371
707
5873315.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
128
126
5873613.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,875
3,967
5873758.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,513
2,355
5873819.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,584
486
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5874329.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
$
1,079
$
261
5874482.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
657
78
5874516.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,384
992
5876036.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,861
2,305
5876285.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,551
1,482
5877063.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
791
506
5877065.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
507
419
5877458.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,452
1,415
5877738.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,524
1,441
5877776.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
899
207
5878297.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
1,683
696
5878314.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
3,522
3,196
5878846.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
957
573
5879122.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
197
48
5879150.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,322
1,290
5881215.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
98
97
5882844.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
129
122
5882869.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
1,018
888
5882889.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
1,842
1,555
5883001.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
9,234
9,025
5883334.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,109
376
5883652.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
862
825
5883938.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
236
226
5884117.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
798
427
5884190.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
13,787
9,520
5884477.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,285
387
5884916.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
239
225
5884947.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,587
1,522
5885192.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,394
442
5888804.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,532
1,191
5888881.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,351
636
5889080.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
771
626
5889273.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
6,820
6,496
5889436.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
20,314
6,105
5889597.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,059
799
5889750.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
768
686
5889875.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
510
364
5889963.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
804
611
5889976.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
5,746
2,703
5890643.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
9,053
8,629
5891203.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
972
946
5891279.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
394
349
5891419.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
18,277
16,059
5892149.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
316
309
5892295.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,017
923
5892308.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,098
799
5892438.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,173
1,816
5892624.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,559
1,567
5893541.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,112
939
5893549.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,321
1,095
5893657.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,564
2,105
5893815.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,195
119
5893929.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
788
215
5894019.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
157
146
5894091.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,167
723
5894734.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
1,285
1,128
5894983.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
533
404
5895353.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
3,336
2,875
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5895576.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
$
948
$
913
5896558.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
1,499
1,356
5897891.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
112
98
5898320.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
8,262
2,944
5898446.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
5,099
4,950
5898769.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
18,565
10,112
5900093.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,807
1,260
5900390.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
15,003
10,903
5900600.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
7,701
2,730
5900918.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,049
2,700
5900989.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
5,386
2,019
5901073.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,053
1,035
5901345.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,609
2,086
5902210.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,552
1,457
5903117.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
471
465
5903364.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,110
2,941
5903521.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
371
342
5903864.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,296
249
5904231.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
488
458
5908583.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
3,484
2,644
5908638.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
555
526
5909223.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
879
865
5910111.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,403
2,101
5910344.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
154
144
5910733.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,443
2,395
5910869.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,883
3,582
5911116.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
11,699
9,708
5911495.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
40,359
34,639
5911900.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,635
1,547
5911917.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,588
2,446
5912573.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,837
1,796
5912908.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,318
1,279
5913035.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
5,124
4,834
5913461.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
83
79
5913641.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
247
246
5913838.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
2,891
2,783
5913989.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,705
1,302
5914290.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,245
2,248
5914387.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
734
517
5914396.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,467
407
5914411.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
457
435
5914535.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,578
2,917
5915505.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
16,318
5,710
5915817.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
677
513
5915849.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,254
1,233
5917148.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,859
4,000
5917707.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,092
1,870
5918081.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,932
529
5918143.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,616
2,354
5918362.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,687
3,557
5918436.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
75
72
5918534.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
11,786
5,137
5918756.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
3,668
2,121
5918793.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
703
696
5918990.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,244
1,070
5919638.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,534
1,510
5919673.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,832
1,590
5920829.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,217
733
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5921220.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
$
512
$
376
5921285.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,698
2,577
5921428.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
672
626
5921918.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
11,547
9,810
5922194.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,105
1,054
5923022.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,435
1,139
5923878.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
680
658
5924262.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
806
476
5924327.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
410
366
5924530.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,473
1,426
5924891.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,024
1,967
5925421.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
6,125
5,858
5927931.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,089
2,989
5928081.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
9,025
6,975
5928628.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,382
318
5929388.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
15,243
14,187
5930281.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,673
2,152
5930747.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,845
2,706
5930851.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
7,128
4,227
5932230.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
423
412
5932279.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
203
167
5932601.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
605
515
5932622.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
117
111
5932633.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,170
419
5933493.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
614
523
5933571.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
6,584
6,365
5933972.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
3,601
3,400
5934044.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,602
1,110
5934059.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,242
187
5934117.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
651
646
5934219.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
26,017
14,306
5934701.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
1,129
456
5934730.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,564
266
5934767.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
6,585
6,380
5934944.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
6,983
5,752
5935068.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
6,208
5,678
5936844.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
109
100
5936902.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
805
338
5936923.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
9,927
2,277
5937124.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
232
24
5937439.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
731
711
5938005.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
509
502
5938321.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,304
1,252
5938584.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
6,806
3,813
5938667.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
6,941
3,888
5939429.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,663
1,464
5939824.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,498
1,404
5940582.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
6,853
5,913
5940667.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
772
76
5940780.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
141
138
5940805.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
772
634
5940809.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,138
307
5941367.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
6,407
5,478
5943004.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
398
326
5943067.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
492
322
5943120.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
472
455
5943421.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
61
60
5943947.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,726
634
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5944020.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
$
3,749
$
2,438
5944130.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,850
2,427
5944176.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,320
3,221
5945082.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,501
1,351
5945214.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
656
608
5945226.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,796
1,707
5945299.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
18,605
14,972
5945497.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
405
403
5945528.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
364
278
5945707.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
67
65
5948341.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
929
820
5950198.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
904
882
5950244.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
21,636
12,907
5950686.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
810
411
5950688.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
8,463
5,171
5952419.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,834
1,790
5952782.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
133
128
5952964.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,479
2,578
5953097.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
978
423
5953602.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
659
646
5954189.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
861
793
5954440.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
7,514
4,500
5954764.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
923
871
5955474.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
16
15
5955563.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
1,346
1,293
5956268.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
638
402
5956601.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
1,182
790
5956650.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
619
395
5956888.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
2,980
1,669
5957186.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
996
960
5957515.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,477
1,225
5957742.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
5,834
5,635
5958935.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
452
438
5959009.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
451
317
5959036.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,035
936
5959488.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
383
380
5959931.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,668
765
5959978.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2,688
1,293
5960434.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
437
226
5961004.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,886
3,780
5962366.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,483
1,168
5962409.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
712
653
5962481.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
13,883
13,478
5963691.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
698
635
5963712.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
889
851
5963750.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
636
392
5963754.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,823
1,675
5963929.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
311
237
5964017.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
543
491
5964109.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
7,205
4,009
5964730.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,088
1,025
5964871.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,254
1,205
5966156.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,422
1,519
5966242.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,848
1,796
5967124.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,911
2,830
5971214.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
24
23
5971333.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
903
896
5974741.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
6,392
6,227
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
5975969.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
$
4,224
$
1,350
5976083.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
76
76
5976923.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,862
1,808
5977024.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
2,410
1,037
5977392.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
588
551
5977411.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,107
1,085
5978631.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
511
351
5978898.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
405
331
5979513.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
749
701
5979619.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
4,448
3,006
5980129.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
695
606
5980216.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
582
434
5980376.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
934
926
5980582.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
2,167
2,158
5981924.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
23,063
7,412
5983705.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
4,402
2,161
5983869.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
5,786
2,834
5984339.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
617
607
5985165.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
759
729
5985306.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
6,344
5,802
5985801.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,744
3,610
5986027.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,601
694
5986989.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,011
830
5987019.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
62
62
5989444.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,058
995
5989473.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
872
787
5990599.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
2,057
1,955
5990975.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
719
646
5990989.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
368
354
5990992.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
3,048
2,783
5991404.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
12,927
11,354
5993243.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
5,576
5,483
5993648.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,858
1,783
5993795.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,299
716
5994648.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,962
2,864
5994798.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
815
744
5994965.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,465
3,485
5995769.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,698
2,074
5995853.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
7,553
1,428
5996185.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,050
1,035
5996429.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,784
2,676
5996582.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
418
233
5996773.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
8,103
7,567
5996999.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
2,174
1,627
5997474.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
196
195
5997515.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
3,779
3,622
5997632.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,824
1,779
5998144.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
124
120
5998388.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,282
1,259
5998606.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,480
2,396
6000218.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
368
355
6000328.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,618
667
6001519.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,628
2,073
6001714.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,051
906
6001985.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
761
588
6002029.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
992
965
6003390.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
9,957
9,481
6003974.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
13,374
12,726
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6004723.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
$
4,268
$
3,968
6004797.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,731
2,627
6005091.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,049
1,811
6005534.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,828
1,765
6006517.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,173
1,143
6009386.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,775
2,659
6010285.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,775
1,241
6010469.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
361
358
6010572.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
6,145
2,073
6010664.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,698
2,276
6010705.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,090
1,865
6010780.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,030
769
6010910.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
103
100
6010969.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
230
229
6011561.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
5,216
3,476
6011639.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,198
2,171
6011660.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
17,462
17,169
6012418.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
628
479
6012451.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,917
2,882
6012736.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,594
1,319
6012819.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,001
696
6012841.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
5,708
4,242
6013007.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
658
640
6014045.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
946
913
6014205.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,043
994
6014633.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
626
528
6014649.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,939
1,815
6015199.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,015
975
6015584.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
613
597
6015748.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,151
335
6015912.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,207
1,202
6016109.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
3,339
1,635
6016884.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
618
603
6016939.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
1,583
1,535
6017118.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
6,991
6,853
6017918.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
10,536
10,254
6021430.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
13,959
3,403
6022160.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
7,046
6,951
6022999.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
429
364
6023184.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
544
401
6023209.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,190
4,928
6023827.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
310
305
6023977.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
831
699
6024177.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,385
2,241
6024243.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
213
207
6024354.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
13,543
4,803
6026339.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
34,038
22,671
6027029.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
19,904
4,956
6027258.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,724
2,667
6029253.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
698
689
6029555.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
3,951
3,856
6029679.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,225
1,206
6030312.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
9,124
8,916
6031778.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,227
1,218
6032144.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
560
479
6032462.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
3,351
3,333
6032854.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
10,464
7,375
6033284.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,082
1,987
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
6035066.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
$
29
$
28
6035348.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,823
4,295
6035583.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,053
1,754
6035742.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,824
4,406
6035865.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
44
44
6036186.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
6,658
6,384
6036579.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
651
643
6036662.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,765
1,643
6036971.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
1,842
1,786
6037012.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
237
225
6037042.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
449
409
6037378.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
732
77
6037394.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
5,033
4,968
6037727.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,483
1,444
6037888.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,169
1,161
6038105.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
22
22
6038142.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
4,943
4,731
6038361.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,968
1,332
6039429.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,590
1,517
6041854.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
245
245
6042494.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,436
996
6042857.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,666
2,597
6043250.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,159
510
6043309.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,344
1,278
6043373.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,361
1,344
6043473.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,056
1,052
6043867.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
7,501
6,693
6044600.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,469
3,198
6045615.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
16,796
14,054
6046439.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
342
283
6047282.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
4,156
3,967
6047375.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,146
1,779
6047650.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,303
2,010
6047772.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,114
3,004
6047908.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,625
3,557
6048019.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,106
2,962
6048065.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
17,389
16,433
6050900.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
8,883
8,728
6051255.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,953
2,819
6051494.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,951
2,894
6051957.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,382
1,339
6052148.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
238
93
6052422.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,804
3,250
6053603.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,823
5,363
6054275.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
5,178
5,113
6054966.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
3,769
3,669
6055402.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
969
915
6055822.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,801
2,746
6055974.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,828
1,805
6056074.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,075
1,065
6057823.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
17,993
9,453
6057935.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
614
603
6057976.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,035
910
6058385.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
2,225
1,475
6058413.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
7,359
4,483
6059116.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
681
561
6059199.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
431
423
6059272.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
8,225
4,126
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6059532.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
$
1,238
$
1,211
6059594.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
501
495
6059695.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
1,154
1,126
6060282.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
823
806
6060917.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
3,066
2,378
6061385.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
310
282
6061646.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
550
542
6061696.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
2,812
2,576
6063087.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
4,312
2,671
6063486.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
530
237
6064155.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,924
1,391
6064190.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
838
573
6064260.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,662
1,653
6064464.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,001
831
6064481.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
12,929
12,640
6065990.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
10,663
10,427
6066945.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,146
1,703
6066989.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,129
855
6105833.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
125
118
6105858.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
30,369
26,889
6106878.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
6,814
5,127
6107120.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
6,001
3,131
6107298.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
4,924
4,832
6111911.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
2,576
2,511
6120399.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
5,429
5,386
6120947.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,771
1,594
6120978.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
870
535
6122243.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
6,471
6,174
6122550.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
160
147
6122683.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
9,407
996
6122851.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
5,276
3,610
6123750.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
705
694
6123828.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
15,343
12,657
6124061.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
398
377
6124929.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
1,635
1,564
6125411.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
40,114
12,236
6125976.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
6,176
5,905
6126187.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
1,346
1,253
6126292.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
3,778
3,134
6126543.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
773
479
6127024.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,520
1,401
6127052.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,007
873
6127148.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
5,178
4,538
6127262.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
790
774
6127369.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,552
1,433
6127392.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,017
969
6131364.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
170
150
6131376.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,197
4,067
6132964.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
137
130
6133021.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
1,915
1,698
6133073.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
1,228
1,161
6133138.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
24,447
21,136
6134462.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
9,838
9,007
6134883.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,180
2,139
6135663.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
682
679
6136040.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,325
1,161
6136089.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
904
394
6136426.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
267
257
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
6136511.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
$
1,818
$
1,677
6136693.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,631
1,350
6136797.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,589
2,541
6136859.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,471
3,401
6136958.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,671
1,641
6137120.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,192
1,853
6140560.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
4,034
3,969
6141322.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
18,046
17,206
6142703.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
1,196
1,166
6143084.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
622
69
6143090.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
792
774
6143325.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
8,837
8,485
6143654.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
15,980
15,763
6145383.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
25,311
8,769
6145653.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
259
255
6145838.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
698
686
6145899.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
20,025
19,163
6146581.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
550
540
6146989.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
3,466
3,399
6147104.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
10,310
7,073
6147397.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
111
110
6147485.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
288
265
6147651.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,181
1,124
6147718.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
3,425
1,649
6147775.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,022
673
6147847.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
2,905
2,777
6147979.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
4,667
4,393
6148142.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
2,291
2,147
6149268.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,411
1,713
6149472.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
853
806
6149657.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
8,931
6,261
6150210.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
550
490
6150335.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
290
284
6150963.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
19,030
7,386
6151521.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,554
2,005
6151607.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,046
1,578
6151673.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
856
831
6151826.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
633
532
6153029.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
753
547
6153050.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,420
4,220
6153165.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
6,700
5,840
6153665.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
833
793
6153758.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,406
2,367
6154074.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,237
3,105
6154297.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
6,696
6,581
6154815.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
13,812
13,164
6155623.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
446
435
6155652.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,725
2,586
6157480.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
589
441
6157483.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
819
803
6157554.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
12,718
12,119
6158308.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
822
804
6159444.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,013
982
6159498.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3
2
6159521.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,643
1,445
6159619.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,509
1,426
6160108.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,163
1,952
6160206.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,362
1,336
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6160262.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
$
4,566
$
3,120
6160357.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
873
843
6160512.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
163
162
6160578.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
6,831
5,182
6160821.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
3,126
2,958
6160835.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
8,363
8,080
6161028.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,262
976
6161226.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
838
830
6161261.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,545
496
6162505.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,884
454
6163373.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
526
432
6163434.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,909
2,989
6163496.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
4,168
3,997
6164137.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
4,215
4,091
6164819.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
897
438
6164840.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,783
3,681
6164962.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,150
1,071
6164977.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
400
395
6164985.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
2,693
2,447
6165262.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,868
1,791
6165291.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,000
983
6165512.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
2,157
2,063
6165596.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
3,859
3,794
6165691.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,392
1,110
6165709.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,479
1,291
6166220.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
742
728
6166298.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,230
1,370
6168570.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
700
670
6168721.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
15,167
13,340
6169262.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,043
1,921
6169516.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,653
1,852
6169581.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,589
1,438
6169660.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
27,224
26,292
6171352.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
15,766
15,524
6172108.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
1,239
1,223
6172240.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
16,128
15,870
6173073.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,822
2,027
6173109.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
5,614
4,528
6173156.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
5,447
5,301
6173601.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
1,422
1,392
6173929.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
501
489
6173965.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
6,911
5,004
6174582.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,042
2,994
6174898.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
7,385
7,235
6175114.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
7,430
7,322
6175425.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
26,963
21,980
6176018.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,330
2,274
6176235.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,721
3,687
6178405.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,581
2,167
6178453.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
5,661
5,480
6178565.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,182
2,557
6178645.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,713
1,434
6178707.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
37,425
35,905
6180683.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
3,185
1,913
6180787.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
7,641
4,193
6180901.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
7,527
7,409
6181976.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
21,265
20,734
6183302.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
1,804
1,781
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
6183579.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
$
6,085
$
5,707
6183917.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
1,830
1,786
6184265.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,915
2,759
6185229.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
5,679
5,558
6185582.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
1,683
1,660
6185725.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,391
1,226
6185770.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
2,564
1,078
6185794.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
3,866
3,380
6185869.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,643
1,604
6185954.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,743
424
6186115.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
5,683
3,854
6186378.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
3,616
3,360
6186612.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
3,711
3,545
6186788.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
5,850
5,746
6187158.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
11,581
11,005
6188953.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
2,825
2,778
6189719.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
2,569
2,497
6190940.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
427
413
6190982.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,546
3,542
6191154.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,631
1,605
6191277.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
142
134
6191735.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,742
1,604
6191797.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
984
967
6192002.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,072
1,005
6192534.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
4,743
4,540
6192760.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,364
2,957
6193270.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
466
437
6193307.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,319
1,267
6193526.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
376
289
6193538.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,124
2,447
6193647.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,197
1,419
6194057.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,087
1,058
6194207.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,231
1,201
6195071.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
3,211
3,173
6195293.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
218
215
6195812.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,066
1,036
6195876.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
6,004
5,703
6196365.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,018
1,934
6196456.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,664
1,631
6196597.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,797
1,720
6196636.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,748
1,497
6196677.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,319
2,287
6197025.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
3,641
1,254
6197562.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
3,793
3,706
6199979.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
17,821
17,546
6203144.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
93
93
6204172.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
369
365
6204242.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
912
871
6204308.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
25,765
11,908
6205057.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
6,960
6,632
6205579.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
377
331
6205829.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,365
1,308
6206619.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
886
802
6206644.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
4,135
4,079
6207105.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
7,453
6,857
6207454.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
3,356
3,088
6207705.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
3,489
3,370
6207951.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,718
2,402
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6208768.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
$
9,762
$
8,532
6208885.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
4,578
4,532
6209210.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
14,019
13,291
6209706.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
4,153
3,060
6209843.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
7,050
6,778
6210087.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
5,653
5,419
6210392.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
276
267
6210405.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
3,298
1,683
6210480.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
4,595
4,504
6211130.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
1,040
1,024
6211202.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
2,582
2,375
6211496.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,377
1,387
6211615.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
514
501
6211694.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,639
1,842
6211842.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
670
647
6212043.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,283
4,168
6212456.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
10,666
10,416
6213129.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
12,900
12,680
6214143.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,509
4,449
6214814.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
9,706
9,481
6215598.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
6,710
6,424
6215963.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
13,596
13,080
6216680.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
9,955
9,679
6217315.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
714
469
6217318.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,120
3,022
6217413.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,680
1,622
6217601.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
471
465
6217699.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
10,448
9,500
6217830.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,341
4,240
6217917.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
5,268
4,495
6217998.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,304
3,231
6218151.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,946
1,919
6218171.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,620
1,553
6218284.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
24,899
21,392
6219108.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
4,567
4,436
6219688.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,242
2,170
6219911.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,813
1,208
6219992.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,223
2,188
6220212.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,570
2,540
6220404.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
8,922
8,111
6220586.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,502
2,033
6220625.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
8,814
5,522
6220811.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
274
270
6221348.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,755
2,766
6221384.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,269
1,254
6223652.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
30,208
29,614
6225507.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
9,606
7,142
6225966.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
4,048
3,772
6226298.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
481
467
6226444.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
3,700
3,663
6226645.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
2,543
2,402
6226763.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
1,479
1,431
6226903.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
6,586
5,774
6226984.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
163
129
6227044.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
4,936
4,491
6227194.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,188
777
6227245.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
55
55
6227644.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
16,958
14,508
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
6228350.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
$
6,551
$
5,788
6228782.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
785
701
6228865.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,315
693
6229024.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,129
1,732
6229084.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
4,665
4,393
6229186.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
6,256
5,472
6229407.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,822
2,726
6235012.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
40,519
39,606
6236255.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
2,023
1,845
6236306.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
1,335
1,298
6236438.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
11,104
10,773
6237088.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,309
1,146
6237213.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
994
555
6237296.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,580
2,513
6237512.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,627
2,584
6237776.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
6,622
6,516
6238378.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,274
2,182
6238498.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
814
383
6238676.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,595
2,486
6239112.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
10,634
10,311
6239995.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
5,009
4,922
6240213.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,482
1,336
6240292.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,363
1,341
6240356.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
8,432
7,918
6240853.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
4,741
4,570
6241005.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
5,390
5,227
6241195.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
2,184
2,110
6241314.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,912
1,869
6241476.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
8,794
8,410
6241869.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
6,375
5,982
6242060.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,851
3,780
6242172.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
1,007
969
6242230.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
13,618
13,220
6242670.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
6,660
6,165
6242833.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
6,483
6,379
6243283.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
5,882
5,420
6243468.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
14,044
10,326
6243694.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,556
1,536
6243792.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
4,689
4,321
6243926.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
201
195
6243931.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,225
8,029
6244281.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
3,866
2,186
6244407.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
4,063
3,779
6244606.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
3,306
3,232
6244841.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
328
319
6244872.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
811
701
6245219.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,748
2,713
6245571.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
533
489
6245597.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
4,884
4,473
6245714.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,297
1,227
6245757.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
29,198
21,513
6246312.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
4,524
4,340
6246365.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,640
2,569
6248726.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,344
1,148
6248775.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,123
2,036
6248830.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
20,478
20,106
6250146.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
47
45
6250342.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
5,876
5,750
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6250796.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
$
6,201
$
5,951
6251513.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
797
791
6251633.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,219
1,209
6251727.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
186
176
6251740.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
6,176
6,078
6252082.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
6,341
6,154
6252494.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
13,153
8,491
6252766.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
10,319
9,967
6253192.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,934
1,891
6253296.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
7,063
3,706
6253430.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,850
1,767
6253492.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
7,429
7,290
6253757.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,004
992
6253936.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
3,056
2,972
6254110.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
4,616
4,441
6254212.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
6,428
6,192
6254361.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
2,401
2,009
6254473.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
15,042
6,938
6254764.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
2,636
2,333
6254841.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
9,109
4,235
6255132.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
4,317
4,135
6255243.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
6,412
6,280
6255520.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
722
652
6255731.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
110
108
6255809.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
1,563
1,447
6255897.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
8,680
8,523
6256138.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
488
473
6256200.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
231
224
6256235.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
788
759
6256584.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,957
1,836
6256624.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
7,725
5,783
6256788.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,356
1,298
6256896.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,314
3,176
6256974.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,251
3,160
6257332.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
3,845
3,478
6257669.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
1,539
1,513
6257767.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
195
184
6258064.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
8,851
8,693
6258403.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
9,395
9,222
6258694.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
3,183
3,065
6258789.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
14,177
14,011
6259376.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
7,182
6,890
6259575.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
1,891
1,826
6259695.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,225
921
6259746.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,303
2,251
6259847.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,800
2,632
6259881.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
1,205
1,006
6259920.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,335
2,220
6260137.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
30,358
26,234
6260717.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
10,312
10,055
6261141.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,615
1,558
6261171.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,691
5,193
6261390.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
3,624
3,586
6261647.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
2,541
2,468
6261675.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,011
4,710
6261777.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,642
5,544
6261909.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
8,490
6,257
6262015.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,201
1,121
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
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)
6262066.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
$
761
$
577
6262078.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
3,627
3,443
6262158.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
165
159
6262166.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,241
1,189
6262199.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
525
516
6262242.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
21,514
18,527
6262512.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
948
931
6265132.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,263
2,208
6265153.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
14,290
13,618
6265569.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,779
2,734
6266234.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,999
2,912
6266370.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
33,748
26,417
6267328.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
1,435
1,415
6267443.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
207
203
6267469.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
4,953
4,129
6267553.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
3,644
3,502
6267813.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
279
187
6267832.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
747
744
6268081.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
5,130
4,715
6268240.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,737
1,081
6268406.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
10,719
10,192
6269030.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
10,039
9,635
6269850.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,159
3,948
6270020.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
512
477
6270053.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
944
929
6270136.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,599
1,539
6270218.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
7,306
6,823
6270505.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,442
1,423
6270711.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
5,116
4,924
6270801.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,102
1,060
6270838.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,489
4,373
6270955.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,652
3,545
6271009.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
7,573
7,406
6271231.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,829
1,778
6271294.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
4,718
4,539
6271397.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
5,700
5,475
6271508.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
5,858
5,619
6271603.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
3,076
3,024
6271702.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
556
197
6271708.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
4,436
3,316
6271885.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
10,352
8,256
6272087.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
1,068
1,047
6272123.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
3,000
2,922
6272266.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
4,853
4,669
6272326.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
879
865
6272382.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
12,732
11,740
6272597.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
1,886
1,724
6273534.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,494
2,436
6273667.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
1,517
1,377
6273758.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,474
1,875
6273863.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
714
701
6273891.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
846
825
6273945.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
18,253
17,623
6274482.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
1,840
1,303
6274513.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
13,126
12,931
6275203.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
4,823
4,618
6275326.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,540
1,073
6275411.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
6,048
5,552
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6275549.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
$
4,333
$
4,177
6275684.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
4,907
4,785
6276755.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
9,517
9,109
6277033.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
3,434
2,867
6277228.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
6,940
6,574
6277663.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
8,736
7,763
6277889.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,926
2,633
6277934.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,964
1,433
6277968.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
881
826
6278139.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,331
1,226
6278170.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
407
382
6278193.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,578
1,887
6278630.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
118
113
6278671.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
4,390
4,262
6279873.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
17,367
16,946
6280292.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
2,089
2,022
6280514.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
4,412
4,316
6280839.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
3,899
3,834
6281030.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
12,702
12,196
6281350.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,059
1,038
6281432.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
20,621
20,021
6282043.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,175
1,128
6282550.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
18,854
18,181
6282812.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
26,220
24,863
6283635.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
3,159
2,703
6283883.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,614
1,472
6284320.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
5,194
4,709
6284447.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
4,010
3,767
6284632.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
3,763
2,524
6285079.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
534
497
6285105.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,416
1,311
6285215.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
387
363
6285291.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
29,681
27,659
6285821.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
2,310
1,483
6285867.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
2,787
2,646
6285959.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
9,815
3,776
6286097.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
17,119
16,335
6286608.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
2,667
2,567
6286796.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
147
143
6286908.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
8,240
7,983
6288150.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
5,025
3,878
6288241.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
9,004
8,827
6288517.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
31,556
30,526
6289281.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
4,875
4,090
6289424.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,116
1,098
6289900.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,150
2,887
6290034.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
10,468
10,201
6290604.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
7,537
5,629
6291208.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,448
1,390
6291994.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
8,807
8,612
6292289.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,045
3,919
6292603.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,916
2,254
6292704.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,002
3,911
6292949.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
19,676
15,071
6293420.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,826
4,657
6293502.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
4,601
4,423
6293658.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
844
802
6294033.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
1,317
1,272
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6294090.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
$
3,043
$
2,980
6294205.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
49,465
47,570
6297784.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
2,211
2,159
6297972.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
8,512
8,302
6298559.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
1,115
1,082
6299236.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
15,217
14,740
6300599.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
4,155
3,781
6300866.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
749
597
6300875.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,741
2,688
6300972.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
4,242
4,119
6301259.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
8,263
8,027
6301612.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,103
2,953
6301755.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,661
1,391
6301864.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
852
818
6301915.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
16,736
12,380
6302603.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
666
577
6302633.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
898
885
6302668.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,143
1,792
6302813.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
23,419
22,980
6303283.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
7,516
7,243
6303430.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
8,182
7,987
6303782.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
773
761
6303891.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
31,733
25,405
6304223.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
13,984
13,282
6304611.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
2,732
2,624
6304681.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
6,488
6,162
6304835.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
4,049
3,812
6305170.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
13,384
12,548
6305378.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
786
769
6305404.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,713
1,680
6305487.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
3,358
2,998
6305535.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
4,884
4,736
6305705.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,616
2,437
6305764.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
691
520
6305775.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
632
543
6305783.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,959
1,529
6305913.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
411
398
6306239.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
3,008
2,922
6306504.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
3,584
3,381
6306635.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,466
4,371
6306842.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
296
282
6306881.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,126
2,073
6306980.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
304
295
6307110.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
7,394
7,174
6307502.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,760
2,449
6307582.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,450
4,202
6307782.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,682
2,604
6307842.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,279
4,202
6308012.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,988
1,265
6308203.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,721
1,690
6308340.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
42,785
41,838
6308509.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
126
124
6308551.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
18,866
13,699
6308998.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,720
4,418
6309341.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,719
1,384
6309408.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
16,799
15,859
6310079.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
301
284
6310094.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,666
3,619
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6310540.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
$
30,630
$
29,397
6311127.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,654
1,067
6311146.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
16,747
16,235
6313293.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
39,247
35,078
6314763.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
982
870
6314821.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
31,256
30,312
6316200.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
12,600
11,824
6316783.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,210
2,140
6316975.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
357
350
6317457.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,263
2,189
6317738.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
7,502
7,133
6318142.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
1,392
1,365
6318268.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
5,259
4,526
6318395.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
4,152
3,649
6318502.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,933
2,817
6318573.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
3,135
3,068
6318821.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
828
811
6318905.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
5,081
4,818
6319056.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
28,291
26,678
6319765.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,206
1,174
6319792.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,565
1,530
6319854.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
23,102
22,856
6321267.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
5,830
5,473
6321602.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
103
102
6321682.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
676
654
6323554.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
5,598
4,900
6328683.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,568
1,124
6329781.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,963
1,911
6331375.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
6,859
4,483
6335162.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
578
518
6335990.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,522
2,341
6337721.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,867
3,752
6341104.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
948
843
6343346.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
5,845
5,561
6350485.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
861
240
6350994.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,284
2,175
6351277.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,603
4,375
6351343.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
7,721
6,216
6351545.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
566
547
6351585.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
39,586
35,302
6351823.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,134
1,980
6351887.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,637
2,510
6351975.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,958
1,023
6352016.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
1,974
1,881
6352107.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
4,298
4,205
6352630.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
8,354
7,870
6352949.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
335
318
6353401.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
5,302
5,018
6353581.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
986
970
6353625.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
28,957
27,516
6354516.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
11,858
11,475
6354871.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
9,273
9,180
6355174.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
53,231
50,090
6357160.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
11,656
11,013
6357410.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
3,107
3,036
6357497.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
3,053
2,741
6357583.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
3,712
3,257
6359450.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
668
617
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6359468.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
$
444
$
400
6359481.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
596
593
6359718.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,506
2,362
6359790.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,863
1,823
6360221.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
464
443
6360299.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,032
947
6360376.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
341
333
6360466.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,142
1,108
6360757.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
64
60
6360785.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
55,601
53,440
6362421.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
370
344
6362716.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
11,939
11,545
6363931.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
1,081
1,058
6363967.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
3,930
3,862
6364154.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
29,969
28,585
6365244.SQ.FTS.B,
Zero
Cpn,
7/27/24
...
32,612
30,628
6367525.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,957
3,856
6368053.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
7,522
7,327
6368654.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
164
162
6368728.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
3,476
3,227
6369494.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
11,462
10,529
6369870.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
582
547
6369909.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
5,293
5,108
6370182.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
472
432
6370198.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,781
1,668
6370285.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,998
1,037
6370339.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
7,314
7,185
6371621.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
12,435
8,091
6371938.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
4,999
4,808
6372376.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,304
1,265
6372419.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,888
1,869
6372533.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
3,877
3,771
6372671.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,438
1,381
6372693.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,427
1,293
6372714.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
11,453
10,206
6372961.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
61,560
41,591
6373735.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
5,823
5,593
6373834.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,135
1,924
6373877.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
5,130
4,930
6374296.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
3,479
3,403
6374394.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
4,248
4,114
6374599.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
18,276
17,337
6375401.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
8,145
7,971
6375750.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
233
229
6375767.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
4,554
3,902
6376128.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
23,179
22,513
6378594.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
7,377
7,083
6378826.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,991
1,935
6378866.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,977
695
6378943.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,236
2,189
6379023.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
758
741
6379092.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
954
559
6379126.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
2,967
2,869
6379377.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
11,148
10,588
6380018.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,210
1,161
6380061.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,972
1,934
6380361.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
26,312
25,074
6381274.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
25,964
24,100
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6382243.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
$
62,690
$
44,278
6383527.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
13,608
12,901
6383983.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
401
388
6384023.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
32,754
23,154
6384700.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
20,252
17,850
6384961.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
1,017
664
6384969.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
9,904
9,501
6385195.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
29,901
28,819
6385264.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
9,640
8,987
6385890.SQ.FTS.B,
Zero
Cpn,
8/04/24
...
4,118
3,991
6386045.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
3,644
3,453
6386181.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
217
208
6386189.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
6,115
6,011
6386509.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
3,935
3,781
6386635.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
1,423
1,154
6386650.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
3,168
2,999
6387053.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
11,738
11,471
6387976.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
40,997
39,994
6389202.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
3,980
2,430
6389269.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
5,130
2,433
6389398.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
8,192
7,946
6390152.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,651
3,472
6390309.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
26,828
24,230
6391615.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
10,229
9,739
6392027.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,380
3,333
6392194.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
3,971
3,812
6392690.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
5,622
4,419
6392793.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,373
1,307
6392802.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,939
1,645
6392846.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
4,640
4,410
6392950.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
1,425
1,394
6392987.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
7,102
3,041
6393102.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
456
394
6393248.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
189
186
6393293.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
5,422
4,487
6393441.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
3,885
3,439
6393493.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
7,917
7,766
6393749.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
2,643
2,588
6393862.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
15,082
13,816
6394418.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
8,741
8,456
6394736.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
7,794
6,988
6394910.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
719
705
6394981.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
1,412
1,246
6395015.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
675
461
6395270.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
28,263
27,532
6395906.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
23,608
22,862
6398019.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
17,671
17,425
6399251.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
9,540
9,410
6399791.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
2,667
2,526
6399960.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
20,476
20,242
6401009.SQ.FTS.B,
Zero
Cpn,
8/09/24
...
2,077
1,936
6401069.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,699
2,633
6401183.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,143
5,005
6401384.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
3,818
3,676
6401621.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
10,061
8,383
6401988.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
916
900
6402076.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
974
738
6402096.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
3,469
3,320
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6402213.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
$
974
$
928
6402426.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
34,451
27,705
6403343.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
5,649
5,355
6403462.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,061
1,029
6403694.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
3,053
2,696
6403717.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,387
1,255
6403789.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,312
1,334
6403845.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,312
2,181
6403953.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
2,636
2,461
6404033.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
2,183
1,929
6404091.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
2,876
2,804
6404145.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
3,568
3,435
6404209.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
4,133
3,981
6404279.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
5,025
4,842
6404394.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
6,768
6,649
6404527.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
1,681
1,576
6404565.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
5,003
4,898
6404831.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
19,350
18,897
6405217.SQ.FTS.B,
Zero
Cpn,
8/12/24
...
14,505
13,852
6406242.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
3,121
2,952
6406410.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
4,010
3,508
6406527.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
5,561
5,339
6406793.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
2,529
2,475
6406913.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
10,982
8,812
6407456.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
3,905
3,808
6407517.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
764
696
6407857.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
11,933
11,318
6408893.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
16,013
15,643
6409999.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,131
1,094
6410034.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
4,224
4,117
6410459.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
268
260
6410478.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
3,980
3,871
6410608.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
23,554
17,444
6411129.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
1,984
1,767
6411156.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
28,641
27,856
6411960.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
779
762
6412035.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,078
1,954
6412147.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
3,238
3,091
6412264.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,251
986
6412310.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
2,321
2,218
6412548.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
12,867
12,522
6413090.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
14,328
6,234
6413381.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
18,770
17,710
6413938.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
5,097
5,016
6414097.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
1,733
1,675
6414217.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
25,574
22,242
6414500.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
42,786
39,646
6417892.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
11
11
6417940.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
19,053
18,378
6418605.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
3,747
3,557
6418822.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,291
1,245
6419392.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
6,505
5,822
6419663.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
8,338
6,194
6419928.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
75
73
6419949.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
34,076
32,862
6420983.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
12,517
12,074
6421420.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
7,335
7,156
6421824.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
6,926
6,508
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6422193.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
$
3,522
$
3,296
6422335.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,179
2,105
6422493.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,518
1,427
6422559.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
7,700
6,744
6422816.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
2,069
2,018
6422872.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
24,167
23,460
6423450.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
721
700
6423527.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,173
1,161
6423716.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
859
829
6423780.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
1,702
1,587
6423847.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
12,146
10,728
6424176.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
32,538
28,829
6424759.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
6,781
4,231
6424963.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
4,064
3,971
6425057.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
4,985
4,841
6425198.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
3,736
3,640
6425260.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
804
778
6425282.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
30
30
6425295.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
4,216
3,852
6425362.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
636
619
6425371.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
2,938
2,869
6425440.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
115
110
6425498.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
11,229
10,907
6425728.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
1,455
1,395
6425760.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
968
933
6425836.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
5,068
4,873
6426034.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
480
454
6426051.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
1,879
1,812
6426228.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
2,797
2,694
6426293.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
509
469
6426378.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
5,947
5,492
6426452.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
13,786
12,062
6426769.SQ.FTS.B,
Zero
Cpn,
8/20/24
...
4,606
4,250
6427044.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
4,364
4,270
6427394.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
24,524
19,326
6428099.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
6,698
6,553
6428486.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
2,788
2,687
6428569.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
5,018
4,915
6428676.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
739
727
6428704.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
3,044
2,943
6428786.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
2,765
1,957
6428900.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
5,999
5,838
6429057.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
6,011
5,878
6429331.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
995
961
6429360.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
22,492
21,802
6429873.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
11,671
11,449
6430083.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
4,903
4,429
6430693.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
9,061
7,043
6431015.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
6,352
4,845
6431580.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,891
1,656
6431613.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
3,898
3,745
6432176.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,303
1,270
6432211.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,815
1,774
6432260.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
26,744
25,331
6432819.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
561
540
6432840.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
2,874
2,732
6432973.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,533
1,478
6433051.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
1,957
1,416
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6435236.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
$
8,819
$
8,685
6435561.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
2,766
2,568
6435587.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
5,866
5,786
6436390.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,413
2,949
6436569.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,785
1,715
6436784.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
710
687
6436804.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,011
1,001
6436884.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
14,775
14,115
6439473.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
273
253
6439581.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,467
889
6439616.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,596
3,401
6439657.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,121
3,021
6439737.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
4,940
4,326
6439850.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
8,208
6,261
6439983.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
12,686
12,590
6440981.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
15,593
12,707
6441536.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
204
203
6441592.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
2,456
2,281
6441773.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
5,455
4,786
6442031.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
10,286
10,094
6442480.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,423
3,296
6442614.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
1,257
1,217
6442691.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
3,764
3,644
6442768.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
32,714
31,563
6443460.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
10,581
8,635
6443602.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,165
4,030
6443725.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
4,770
3,040
6443882.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
2,594
2,499
6443913.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
14,718
14,199
6444489.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
694
676
6444497.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
5,317
5,177
6444717.SQ.FTS.B,
Zero
Cpn,
8/25/24
...
2,080
1,980
6445311.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
9,216
8,859
6445595.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
809
786
6445636.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
9,670
8,024
6446212.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
572
527
6446230.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
9,976
9,679
6447299.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
6,744
6,578
6447683.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,796
1,062
6447783.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
4,612
4,164
6447972.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
329
321
6448004.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,137
2,587
6448147.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,542
1,485
6448230.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
27,491
26,487
6449244.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
3,174
3,119
6449433.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,127
5,953
6449585.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,369
1,344
6449666.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
4,075
3,961
6449941.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
20,615
20,139
6451008.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,733
2,610
6451110.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,538
1,449
6451146.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,383
2,094
6451185.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
51
51
6451217.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
6,823
5,904
6451356.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
578
573
6451507.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
8,315
8,131
6451730.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,728
1,709
6451818.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
36,291
31,139
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6452427.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
$
386
$
378
6452462.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
3,054
2,917
6452549.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
4,329
4,212
6452609.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
884
810
6452634.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,038
1,991
6452694.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
2,304
1,694
6452723.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,879
471
6452738.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,964
1,870
6452753.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,821
1,776
6452770.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
4,698
4,431
6452844.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
266
261
6452876.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,044
914
6452903.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
852
828
6452929.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
586
558
6452942.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,358
4,200
6453032.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,048
3,955
6453104.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,127
1,098
6453153.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
3,072
3,027
6453434.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,197
3,997
6453579.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
7,136
6,914
6453799.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
1,067
948
6453837.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
4,013
3,893
6453955.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
19,018
18,550
6454314.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
6,494
5,893
6454405.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
38,469
36,365
6454985.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
9,374
9,038
6457417.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
4,336
4,107
6457468.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
1,568
1,508
6457547.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
60,080
31,861
6458499.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
3,603
3,393
6458584.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
6,069
5,791
6458708.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,843
2,783
6458821.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,781
2,612
6458923.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
10,261
9,347
6459160.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
4,829
4,648
6459270.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
36,674
33,551
6460417.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
8,272
8,069
6460667.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
11
11
6461007.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
912
898
6461088.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
6,100
5,452
6461434.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
13,307
12,628
6461892.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
6,797
6,482
6462068.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
1,624
1,521
6462140.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
6,809
6,558
6462310.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
22,140
20,996
6463011.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
5,285
5,033
6463337.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
16,450
13,103
6463659.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
6,337
5,917
6463822.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,543
1,452
6463860.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
857
835
6463905.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,515
1,460
6463928.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
5,040
4,944
6464039.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
2,672
2,148
6464078.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
2,379
2,064
6464106.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,015
993
6464136.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,212
1,205
6464356.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
495
479
6464361.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
6,293
5,871
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6464459.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
$
458
$
432
6464466.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
5,115
4,853
6464558.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
1,825
1,462
6464587.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
5,930
5,775
6464766.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
124
120
6464959.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
7,894
7,591
6465084.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
6,410
6,243
6465222.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
3,327
3,140
6465305.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,551
4,444
6465421.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,791
1,617
6465655.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,535
1,745
6465707.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
83
82
6466934.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,608
2,429
6467022.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
8,129
7,899
6467319.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
2,708
2,633
6467395.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,028
2,969
6467555.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
5,124
4,626
6467681.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
4,382
3,222
6467754.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
9,352
9,006
6467933.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
427
417
6468791.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,321
1,162
6468823.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
399
388
6468835.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,443
3,360
6469001.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,732
2,566
6469467.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
6,213
5,996
6469746.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
3,565
3,395
6470092.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
5,666
5,194
6470311.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
12,006
11,356
6471045.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,158
1,052
6471460.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
144
142
6471497.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
34,005
33,057
6472384.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
2,326
2,124
6472450.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
9,209
8,809
6472645.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,271
2,034
6472718.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
286
276
6473168.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
16,287
11,547
6473644.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
18,724
18,217
6474286.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
10,237
8,558
6474853.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
5,956
5,683
6475060.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
7,880
6,900
6475301.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,382
2,247
6475346.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,123
1,109
6475454.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,828
2,567
6475554.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
8,062
3,779
6475757.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,171
1,988
6477774.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
54,407
46,673
6479516.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
1,035
1,004
6479577.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
45,525
43,637
6480370.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
16,686
15,780
6480941.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
3,139
2,976
6481120.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
5,197
5,025
6481318.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
469
429
6481328.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
10,087
7,585
6481464.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
9,853
9,478
6481997.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
3,312
3,228
6482127.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
347
341
6482150.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
571
555
6482477.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
959
916
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6482592.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
$
14,299
$
13,612
6483182.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
14,451
13,782
6483513.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
9,469
7,875
6483819.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
14,566
13,366
6484049.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
1,877
1,844
6484103.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
4,049
4,019
6484336.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
23,522
19,820
6484844.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
6,105
5,941
6484909.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
3,915
3,342
6484986.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
1,293
1,279
6485101.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
3,705
3,222
6485148.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
13,354
6,717
6485317.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
2,958
2,591
6485375.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
157
154
6485400.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
6,037
5,868
6485515.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
779
695
6485531.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
2,826
2,755
6485588.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
799
784
6485616.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
10,942
10,132
6486133.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
3,205
3,133
6486340.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
1,063
802
6486361.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
3,098
2,991
6486448.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
6,098
5,675
6486663.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
18,819
16,903
6487708.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
5,604
5,341
6487929.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
892
727
6487962.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
5,542
5,359
6488356.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,633
3,541
6488525.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,047
1,019
6488588.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
9,954
9,771
6489083.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
6,816
5,952
6489330.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
2,352
2,152
6489454.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
1,171
1,133
6489483.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
10,141
9,499
6489711.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
9,726
8,755
6490057.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
86
83
6490385.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
2,168
2,042
6490529.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
4,465
3,602
6490644.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,363
1,323
6490736.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
10,147
8,871
6491167.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
4,041
3,935
6491440.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,457
1,426
6491504.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,109
2,683
6491615.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
4,095
3,855
6491686.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
10,472
9,716
6491982.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,187
1,169
6492188.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,302
3,242
6492333.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,963
1,866
6492467.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
4,776
4,669
6492699.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
886
844
6492739.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
4,018
3,840
6492827.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
586
572
6492843.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
5,797
5,710
6493143.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
5,246
4,601
6493234.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
11,645
11,264
6493440.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
2,375
1,912
6493467.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,222
1,672
6493514.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
8,246
8,054
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6493797.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
$
3,471
$
3,365
6493935.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,638
2,444
6493981.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,064
2,027
6494091.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
3,037
2,753
6494266.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
17,156
12,758
6494825.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,013
1,941
6494878.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,152
1,124
6494926.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
6,841
6,520
6495115.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,934
2,772
6495171.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
13,317
12,632
6495862.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
415
352
6495876.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
13,587
13,186
6496050.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,621
1,233
6496082.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
14,975
13,030
6496235.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
7,015
6,644
6496377.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
7,873
7,371
6496559.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
19,432
18,439
6499095.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
4,168
4,112
6499802.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
1,762
1,718
6500088.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
2,644
2,574
6500163.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
12,741
11,903
6500689.SQ.FTS.B,
Zero
Cpn,
9/16/24
...
57,362
53,848
6502748.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,087
987
6502762.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
7,936
7,645
6503026.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,308
1,844
6503133.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,361
1,290
6503201.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,828
1,587
6503254.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
557
520
6503282.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
9,135
8,463
6503671.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
9,641
9,247
6503916.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,288
1,271
6504651.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
11,275
10,831
6505187.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
3,867
3,812
6505246.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
11,535
9,330
6505579.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,374
2,310
6505688.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
5,101
4,962
6505844.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
830
824
6505929.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
527
505
6505938.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
494
485
6506049.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
5,239
4,287
6506162.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
1,549
1,479
6506191.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
319
315
6506217.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
1,229
399
6506231.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
9,283
9,125
6506478.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
2,148
1,973
6506564.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
3,066
2,825
6506649.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
9,291
8,977
6506817.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
6,150
5,956
6506923.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
3,999
3,888
6506988.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
4,009
3,023
6507269.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,890
2,782
6507459.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,413
4,954
6507612.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,312
1,297
6507748.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
103
102
6507816.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,251
3,866
6508052.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,359
1,228
6508186.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
13,980
13,529
6508534.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,834
2,944
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6508622.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
$
4,015
$
3,652
6508745.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
4,185
4,026
6508842.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
8,579
7,609
6509112.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,359
2,258
6509173.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,688
1,470
6509202.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,564
3,459
6509277.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,453
3,332
6509330.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,745
5,544
6509450.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
26,919
26,580
6510832.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
5,113
4,967
6511032.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
3,439
3,304
6511163.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,706
2,629
6511241.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
5,569
5,311
6511428.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
12,413
9,933
6511770.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
435
321
6511781.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
69,362
66,644
6513331.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
14,561
14,053
6513636.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
11,712
11,038
6513891.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
1,705
1,546
6513921.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,452
2,376
6513934.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
317
310
6513946.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
6,791
6,615
6514051.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
1,260
1,233
6514102.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
2,084
2,040
6514129.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
8,421
8,163
6514328.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
10,031
9,603
6514843.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,516
2,402
6514921.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
841
778
6514979.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
7,583
7,236
6515207.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
5,194
4,977
6515564.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
12,382
11,827
6515990.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
15,348
14,611
6516654.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,533
3,444
6516752.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
30,295
27,731
6518779.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
9,964
9,536
6519017.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,378
3,240
6519119.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
18,374
17,852
6520171.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,863
3,355
6520294.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
27,040
25,646
6520794.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
75,000
72,365
6522390.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
3,155
3,036
6522460.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,490
1,426
6522552.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,101
3,961
6522783.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
10,967
10,636
6523223.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
456
449
6523267.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
8,735
6,675
6523516.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,518
1,434
6523578.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
6,068
5,532
6523692.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
3,248
3,149
6523846.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
6,760
6,460
6524017.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
64,117
51,626
6525367.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
35,575
34,662
6525625.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
381
345
6525654.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
8,222
8,127
6526004.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
3,052
2,874
6526051.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
2,572
2,518
6526119.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
3,096
2,779
6526189.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
3,303
3,157
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6526245.SQ.FTS.B,
Zero
Cpn,
9/25/24
...
$
8,935
$
8,492
6526408.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
789
765
6526432.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
2,836
2,693
6526489.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,600
1,488
6526516.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
777
752
6526547.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,430
1,396
6526582.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
561
533
6526591.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,950
1,877
6526618.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
1,107
1,079
6526654.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
2,308
2,047
6527011.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
18,888
18,094
6528462.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
9,719
8,635
6529184.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,732
3,509
6529284.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
5,454
5,014
6529391.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
12,123
11,629
6529703.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
2,105
1,872
6530839.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
6,080
5,872
6530993.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
4,795
4,508
6531074.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
24,833
18,704
6531719.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
3,966
3,922
6532045.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
4,112
3,988
6532409.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
3,004
2,906
6532458.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,830
7,476
6532666.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
500
496
6532722.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
7,780
7,378
6532878.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
11,846
11,493
6533163.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
5,994
5,806
6533333.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
12,307
11,691
6533670.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
4,064
3,879
6533786.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
6,002
5,732
6533943.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
3,417
3,328
6534257.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,928
5,326
6534305.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
968
902
6534326.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,863
4,662
6534533.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
7,599
7,408
6534962.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
6,450
5,463
6535186.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,042
4,855
6535323.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
7,228
6,818
6535514.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,700
4,343
6535607.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,410
2,306
6535953.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
8,098
7,356
6536919.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,692
1,677
6537003.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,177
1,154
6537042.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
6,230
5,799
6537176.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
6,700
6,281
6537318.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,250
5,078
6537472.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,567
913
6537521.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
7,844
7,705
6537801.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
9,773
9,342
6537905.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
6,822
6,428
6537991.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
578
566
6540350.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
181
177
6540452.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,596
3,528
6540680.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
652
641
6540738.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
7,191
6,756
6541177.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,858
4,678
6541317.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
733
698
6541353.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,000
1,057
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6541454.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
$
7,692
$
7,474
6541653.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
33,825
32,722
6542743.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
330
320
6542756.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
1,581
1,554
6542801.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
9,655
9,435
6543102.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
29,353
28,874
6543166.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
5,108
2,502
6543345.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
5,793
5,632
6543864.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
8,291
8,063
6544501.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
14,600
12,684
6545005.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
6,808
6,577
6545514.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
4,244
4,183
6545631.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
11,930
11,524
6545882.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
20,946
19,228
6546612.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
22,398
21,372
6546849.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
7,218
6,998
6547283.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
658
628
6547304.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
2,257
2,104
6547360.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
2,115
2,023
6547411.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
22,069
20,952
6547843.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
3,388
3,339
6547935.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
721
682
6547946.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,064
1,895
6547983.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,457
2,284
6548032.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,610
1,543
6548064.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
1,299
1,170
6548177.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
2,679
2,579
6548489.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,381
1,287
6548586.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,271
1,188
6548750.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
9,318
8,984
6549184.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
5,635
5,392
6549425.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,221
2,068
6549468.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,735
1,716
6549603.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,105
1,906
6549754.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
2,917
2,853
6549954.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
3,190
2,968
6550151.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
77,326
74,485
6551736.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,361
1,337
6551930.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
3,944
3,859
6552065.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,416
1,353
6552110.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
11,267
10,779
6552448.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
11,305
11,047
6552948.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,823
1,454
6552996.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,634
4,359
6553144.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,846
2,733
6553220.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
6,213
6,058
6553336.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
4,098
3,995
6553419.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
29,910
29,031
6554242.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
19,031
18,363
6554875.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
5,933
5,617
6554986.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
2,612
2,503
6555041.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
50,242
46,077
6555517.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,869
2,783
6555644.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,198
2,129
6555719.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,452
1,422
6555850.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,269
3,139
6556002.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,779
3,605
6556175.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
6,459
6,292
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6556395.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
$
3,484
$
2,959
6556451.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
10,441
10,099
6556964.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,553
2,284
6557065.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
20,551
18,543
6557603.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
4,887
4,522
6558022.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
75,709
72,893
6559552.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,629
1,591
6559792.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
7,294
7,117
6560193.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,039
3,159
6560334.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,265
4,134
6560547.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
800
767
6560576.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
3,285
3,119
6560790.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,817
1,780
6560968.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
1,583
1,473
6561081.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,269
4,093
6561336.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
4,166
4,060
6561504.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
26,366
25,700
6563116.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,501
993
6563182.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
2,309
2,242
6563299.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,626
960
6563410.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
10,752
10,168
6564134.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
3,026
2,693
6564233.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
11,097
10,786
6564756.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
25,456
24,338
6565517.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
3,056
2,957
6565613.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,361
1,331
6565723.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,138
1,101
6565762.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,562
1,513
6565793.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
16,406
15,868
6566178.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
7,940
7,573
6566349.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
3,140
3,026
6566403.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
13,124
12,444
6566625.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
12,248
10,508
6566798.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
1,246
1,132
6566816.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
9,168
8,278
6566945.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,861
1,515
6566968.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
7,861
7,161
6567119.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,234
899
6567140.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
12,913
12,546
6567415.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
7,251
7,069
6567773.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
228
227
6567913.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
859
836
6567990.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
10,717
10,489
6568594.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
65
64
6568600.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,832
3,704
6568860.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
4,732
4,339
6569010.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,900
3,694
6569497.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
2,878
2,752
6569642.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
8,228
7,954
6569857.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,886
1,778
6569951.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
13,897
13,422
6570379.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
9,237
9,116
6570607.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
3,265
3,123
6570679.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
24,585
19,047
6571245.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
5,001
4,906
6571537.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,227
2,096
6571609.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
10,633
8,709
6571945.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,252
2,195
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6572100.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
$
3,151
$
3,035
6572171.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,874
1,814
6572243.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
3,466
3,412
6572397.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,498
1,444
6572521.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
3,237
3,074
6572748.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,814
1,409
6572810.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
2,290
2,188
6572938.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
1,376
1,343
6572977.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
26,346
25,946
6573851.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
26,495
25,172
6574331.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
20,230
17,403
6574590.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,891
1,825
6574678.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
5,594
5,425
6575241.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,542
2,441
6575286.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
3,744
3,546
6575350.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
36,244
35,165
6576266.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,210
1,947
6576333.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
10,592
10,345
6576712.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,092
1,072
6576761.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
2,457
2,412
6576817.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
16,680
16,468
6577636.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,937
1,918
6577747.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
749
741
6577779.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
8,153
7,939
6577955.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,033
1,012
6577981.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
10,941
10,645
6579977.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,862
2,791
6580068.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
13,086
11,718
6580399.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
4,413
4,086
6580597.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
4,025
3,764
6580754.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,090
6,083
6580943.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
23,230
21,703
6581588.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,028
951
6581607.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
726
717
6581647.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
383
373
6581786.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
5,324
3,242
6581897.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
12,488
11,891
6582216.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,872
2,839
6582337.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,564
3,164
6582394.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
13,477
13,188
6582712.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,626
1,570
6582733.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,475
1,384
6582759.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,781
7,633
6583053.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,163
2,109
6583101.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,631
3,576
6583189.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,076
2,996
6583280.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,223
2,143
6583335.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,149
6,410
6583419.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,509
1,346
6584141.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
3,151
3,065
6584224.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,803
1,712
6584272.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,539
1,489
6584321.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
4,043
3,879
6584430.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
14,608
14,255
6584904.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
8,180
7,936
6585083.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
3,735
3,628
6585188.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
17,477
12,757
6585390.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,680
1,668
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6585598.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
$
12,912
$
11,516
6585961.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
7,336
7,060
6586037.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
11,245
10,992
6586220.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,164
1,144
6586259.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,028
1,001
6586280.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,201
1,159
6586332.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,601
1,543
6586360.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
2,426
2,402
6586488.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,176
1,088
6586553.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,075
1,059
6586586.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
2,831
2,771
6586666.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
3,247
3,115
6586711.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
2,293
2,214
6586764.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
10,201
9,844
6586919.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
2,532
2,486
6586996.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
3,284
3,163
6587038.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,210
1,192
6587070.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,223
1,203
6587135.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,144
800
6587152.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
8,968
8,673
6587523.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
6,057
5,940
6587662.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
3,613
3,486
6587726.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
6,419
6,221
6587839.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
8,985
8,728
6588192.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,581
4,460
6588340.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,529
1,473
6588371.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
3,387
3,308
6588545.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
13,025
12,621
6589018.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
12,949
12,546
6589277.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
16,416
16,216
6589821.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
4,083
3,922
6589877.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,672
2,580
6589926.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
39,299
36,679
6590502.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
25,523
24,742
6590919.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
9,342
9,085
6591053.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
15,389
14,586
6591405.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
8,191
7,888
6591444.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,078
1,095
6591519.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
34,345
32,444
6592468.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
26,389
19,317
6592840.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,437
2,381
6592890.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,018
1,863
6592925.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,072
1,940
6592991.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,322
1,284
6593036.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
2,077
1,987
6593081.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
45,930
42,614
6593788.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
17,365
16,480
6594281.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
42,769
41,892
6594535.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
14,155
13,780
6595155.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,730
2,625
6595336.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
16,267
15,573
6595701.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
2,061
2,014
6595768.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,036
1,015
6596108.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
466
455
6596139.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
6,529
5,483
6596278.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
48,209
43,191
6596934.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
8,324
7,978
6597134.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
7,790
7,458
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6598685.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
$
14,852
$
14,609
6599632.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
15,037
14,698
6600209.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,311
6,078
6600369.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
6,692
6,465
6600486.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,260
2,230
6600558.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,023
1,878
6600624.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
925
895
6600631.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
5,494
5,301
6600801.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
573
562
6600811.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,544
2,412
6600878.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
2,819
2,773
6601001.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
25,914
25,446
6601726.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
570
510
6601739.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
8,597
8,299
6601801.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
78,505
74,583
6603713.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
732
722
6603765.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
18,094
16,974
6604167.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,615
1,587
6604282.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
916
852
6604327.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
947
905
6604362.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
1,088
1,026
6604385.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,606
1,551
6604416.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
966
918
6604422.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
1,326
1,271
6604437.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
26,477
25,566
6604802.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
5,670
5,497
6604862.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
585
562
6604895.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
10,872
10,541
6605052.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
10,046
9,839
6605226.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
15,802
14,868
6605375.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
1,790
1,162
6605987.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
24,256
21,910
6606655.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
14,544
14,300
6607172.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
5,460
5,292
6607281.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
528
516
6607284.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
5,153
4,944
6607385.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
5,401
5,205
6607464.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
58,627
56,648
6608364.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,539
1,431
6608375.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,568
1,538
6608419.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
9,285
8,957
6608485.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
4,258
4,138
6608563.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
6,033
5,768
6608623.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,012
6,699
6608756.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
10,688
8,859
6609034.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
9,146
8,958
6609603.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
848
841
6609720.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
10,161
9,412
6609917.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,702
3,609
6610005.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
9,256
9,107
6610240.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
11,079
9,061
6610498.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
12,642
11,308
6610822.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
2,359
2,303
6610854.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,996
1,921
6610873.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
40,367
38,623
6611556.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
900
810
6611559.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
12,179
10,817
6611748.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
3,653
3,004
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6611879.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
$
6,358
$
5,057
6612009.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
4,989
4,823
6612175.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
9,022
7,876
6612559.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
2,294
2,214
6612738.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
7,671
7,260
6613024.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
2,277
2,219
6613071.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
48,015
46,656
6614457.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
6,101
5,542
6614612.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
631
618
6614647.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
2,074
1,992
6614776.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
2,721
2,047
6614831.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
1,722
1,609
6614872.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
7,443
7,213
6616874.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
5,966
5,661
6617177.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
926
918
6617414.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
6,849
6,383
6617695.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
9,644
9,337
6618064.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
4,823
4,629
6618263.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
3,261
3,172
6618490.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
761
752
6618582.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
3,399
3,326
6618679.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
8,541
8,374
6618918.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
4,343
4,261
6619177.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
7,434
6,614
6619322.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
6,277
6,080
6619658.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
17,602
17,024
6620078.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
6,744
6,349
6620252.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
3,414
3,272
6620335.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
1,695
1,667
6620482.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
230
224
6620521.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
431
417
6620546.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
4,142
4,008
6620677.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
739
679
6620693.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
17,549
17,068
6621282.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
5,698
5,564
6621487.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
874
632
6621588.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
5,128
4,889
6621751.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
3,614
3,574
6621876.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
3,245
3,032
6621918.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
3,149
3,031
6622042.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
5,060
4,866
6622222.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
1,042
1,023
6622270.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
9,363
8,892
6622378.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
6,911
6,688
6622629.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
4,974
4,778
6622723.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
4,738
4,626
6622884.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
10,127
9,806
6623206.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
13,156
12,806
6623527.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
1,785
1,728
6623561.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
2,421
2,287
6623607.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
2,962
2,070
6623648.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
847
791
6623662.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
923
891
6623683.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
4,565
4,420
6623768.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
12,937
12,685
6624124.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
718
690
6624151.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
33,401
31,762
6624688.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
2,376
2,158
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6624737.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
$
4,390
$
4,235
6624841.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
4,564
4,420
6624957.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
3,610
2,616
6625004.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
485
454
6625012.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
21,343
20,530
6625388.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
4,446
4,308
6625511.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
7,474
7,183
6625822.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
5,830
5,457
6626404.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
3,479
3,166
6626526.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
815
732
6626560.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
5,850
5,621
6626756.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
51,933
49,828
6627906.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
10,873
10,151
6628077.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
1,104
1,053
6628104.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
8,424
5,716
6628234.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
923
877
6628247.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
11,699
11,238
6628495.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
14,408
13,842
6628788.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
6,460
5,922
6628906.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
9,780
8,493
6629057.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
4,660
4,492
6629229.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
2,450
2,377
6629413.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
4,606
4,263
6629526.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
836
807
6629629.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
3,771
3,459
6629767.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,626
1,562
6629787.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
8,245
6,982
6629946.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
4,375
3,463
6630025.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
23,296
19,718
6630743.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
16,217
15,294
6631137.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,873
1,771
6631150.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
19,105
18,446
6631651.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,807
1,694
6631689.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
30,992
29,389
6632373.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,018
974
6632388.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
6,928
6,122
6632504.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
2,640
2,546
6632555.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1
1
6632563.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,389
1,335
6632581.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
2,841
2,694
6632641.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
2,504
2,433
6632928.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
15,117
14,604
6633124.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
3,912
3,737
6633231.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
2,871
1,732
6633292.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
3,435
3,300
6633323.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,335
1,295
6633356.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
12,821
12,397
6633931.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
17,991
17,398
6634429.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,310
1,252
6634441.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
924
860
6634473.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,791
1,722
6634505.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,982
1,901
6634580.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
3,738
3,557
6634647.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
12,951
12,473
6634836.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
44
43
6634848.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
14,624
12,392
6635061.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
4,389
4,065
6635128.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
365
353
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6635146.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
$
12,529
$
12,015
6635306.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
4,227
4,008
6635374.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,577
1,473
6635391.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
47,831
46,107
6637826.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,409
1,369
6637887.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
2,040
1,968
6637912.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
8,725
8,451
6638301.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
9,379
9,047
6638629.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
6,457
5,869
6638916.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
4,555
4,374
6639032.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
16,913
15,725
6639430.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
4,470
3,705
6639559.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
619
599
6639604.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
5,606
5,435
6639798.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,557
1,496
6639843.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
2,210
1,924
6639899.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
3,317
3,025
6640056.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,247
1,203
6640094.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
3,826
2,628
6640162.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,981
1,907
6640191.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,114
1,075
6640238.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
13,258
12,728
6640554.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,480
1,411
6640568.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,111
1,072
6640586.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
701
665
6640605.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
3,543
3,442
6640736.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
800
774
6640769.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
38,908
36,044
6641366.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
586
511
6641408.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
1,043
1,003
6641527.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
9,860
9,231
6641788.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
3,347
3,128
6641907.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
4,022
3,508
6642090.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,609
2,394
6642127.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,975
2,869
6642261.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
1,556
1,494
6642327.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
5,190
4,970
6642469.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
3,425
3,309
6642618.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
687
665
6642636.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
39,237
37,522
6643396.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
8,291
7,817
6643601.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
4,808
4,655
6643765.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
293
287
6643782.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
10,138
9,824
6644191.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
81,263
78,045
6644584.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
12,295
11,594
6644853.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
4,577
4,434
6645017.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
1,563
1,483
6645052.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
4,769
4,587
6645151.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
1,316
1,273
6645190.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
6,229
5,965
6645308.SQ.FTS.B,
Zero
Cpn,
11/07/24
..
3,595
3,362
6645366.SQ.FTS.B,
Zero
Cpn,
11/07/24
..
3,633
3,543
6645497.SQ.FTS.B,
Zero
Cpn,
11/07/24
..
18,123
17,403
6646029.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,255
1,206
6646093.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
3,468
3,318
6646233.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,361
1,307
6646350.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
759
722
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6646389.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
$
1,115
$
735
6646499.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
20,801
19,913
6647296.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
5,812
4,954
6647387.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
4,487
4,366
6647698.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,356
1,311
6647754.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
3,176
3,066
6647923.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
3,127
3,017
6648033.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
11,118
10,161
6648232.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
32,875
31,559
6649005.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
3,084
2,975
6649077.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
17,626
16,783
6649498.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
1,327
1,274
6649541.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
2,048
1,975
6649600.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
2,163
2,064
6649660.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
3,095
2,977
6649745.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
3,422
3,302
6649882.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
914
699
6649911.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
10,220
9,841
6650392.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
6,233
5,997
6650629.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
5,028
4,497
6650770.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
26,609
25,079
6651290.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
5,073
4,777
6651402.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
3,748
3,520
6651437.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
982
886
6651493.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
7,972
7,679
6651688.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
68,570
65,637
6652929.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
692
662
6652967.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
8,486
8,154
6653184.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
17,060
16,323
6653777.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,636
1,572
6653850.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,567
1,495
6653918.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,386
1,307
6653960.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
3,980
3,765
6654077.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
19,433
18,644
6654394.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
485
466
6654402.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
2,789
2,694
6654448.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
5,337
5,107
6654571.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
4,396
4,244
6654712.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
3,176
3,052
6654772.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
17,505
16,735
6655117.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,181
1,135
6655130.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
931
890
6655176.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
4,160
3,965
6655279.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
9,890
8,674
6655452.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
3,930
3,702
6655499.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
750
709
6655538.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
8,932
7,465
6655750.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
3,678
3,544
6655825.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
6,611
6,236
6655894.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
11,784
10,692
6657882.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
88,944
79,663
6660179.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
3,448
3,356
6660329.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
46,601
44,802
6661441.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
15
14
6661587.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
6,178
5,428
6661798.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
5,459
5,304
6662055.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,196
2,124
6662189.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,512
3,367
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6662291.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
$
429
$
418
6662341.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,748
3,519
6662501.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,811
3,083
6662596.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
1,986
1,775
6662672.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
4,043
3,902
6662817.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
578
558
6662849.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
5,274
4,857
6662933.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,258
2,112
6662983.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
4,173
3,930
6663098.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
31,066
27,836
6663871.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
8,571
8,195
6664005.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
5,426
3,851
6664093.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,946
2,839
6664138.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
999
925
6664180.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
12,966
12,481
6664532.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
783
753
6664549.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,919
3,690
6664628.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,443
3,181
6664703.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,718
2,387
6664737.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,972
3,801
6664756.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
1,814
1,748
6664793.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
14,423
13,795
6664985.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
990
956
6664999.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
6,170
5,917
6665072.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
1,221
1,187
6665128.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
7,967
6,833
6665226.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
16,098
14,730
6665478.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
2,730
2,479
6665514.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
2,489
2,395
6665553.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
3,639
3,331
6665588.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
3,742
3,449
6665744.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
798
724
6665779.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,418
1,151
6665796.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,915
1,817
6665815.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
3,333
3,209
6665868.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
3,453
3,099
6665915.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,947
1,890
6665968.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,669
1,517
6665998.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
726
623
6666009.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
13,944
13,370
6666413.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,311
3,192
6666545.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,179
1,080
6666581.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
22,776
21,853
6667250.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
4,549
4,377
6667587.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
511
495
6667618.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
588
570
6667637.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
23,384
22,440
6668267.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
5,401
5,194
6668411.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
2,901
2,442
6668437.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,844
1,775
6668497.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,699
3,450
6668558.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,459
3,323
6668630.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,576
1,467
6668671.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
905
875
6668701.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
916
877
6668714.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,217
3,062
6668780.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
11,055
10,345
6668981.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
7,624
7,321
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6669111.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
$
1,841
$
1,702
6669161.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
9,996
9,303
6669301.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
2,091
1,760
6669342.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,225
1,160
6669357.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
6,735
6,461
6669451.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
5,938
5,233
6669508.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
8,931
7,871
6669674.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,469
1,202
6669692.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
454
433
6669707.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
32,258
29,756
6670037.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
6,805
5,856
6670211.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
4,312
4,127
6670357.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
11,307
10,760
6670874.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
8,577
8,255
6671235.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
653
629
6671253.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
534
518
6671268.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
3,317
3,141
6671398.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
21,853
20,975
6671816.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
28,389
27,104
6672262.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
3,805
3,421
6672313.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
7,996
7,189
6672424.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
60,501
56,939
6673493.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
8,499
7,915
6673736.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
36,970
32,642
6674725.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,239
1,191
6674753.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
3,828
3,689
6674843.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,619
1,334
6674912.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,808
1,685
6674961.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
9,113
8,688
6675190.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
4,432
4,255
6675254.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
11,690
11,254
6675448.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
4,732
4,426
6675558.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
5,129
4,028
6675627.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
2,973
2,155
6675711.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
9,580
9,143
6675882.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
594
572
6675891.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,688
1,547
6675926.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
4,008
3,806
6676011.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
3,325
2,989
6676154.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,342
1,251
6676172.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
3,801
3,658
6676221.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
8,749
8,118
6676401.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
5,328
4,917
6676490.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
2,707
2,588
6676534.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
7,967
7,743
6678245.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
7,969
7,640
6678462.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
682
662
6678636.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
3,068
2,901
6678696.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
24,890
23,779
6679343.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
10,609
9,374
6679542.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
4,655
4,401
6679671.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
4,815
4,613
6679858.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
5,548
5,286
6679980.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
8,679
8,231
6680200.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
6,819
6,586
6680333.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
3,509
3,370
6680421.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
26,487
25,268
6680996.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
18,291
17,624
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6681393.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
$
5,139
$
4,625
6681455.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
7,859
7,432
6681539.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
3,985
3,813
6681578.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
13,919
13,349
6681705.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
7,481
7,117
6681987.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
12,187
11,717
6682519.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
4,410
3,900
6682625.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
5,711
5,474
6682751.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,826
1,734
6682841.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
27,523
26,149
6683722.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
7,537
7,228
6683810.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
2,850
2,466
6683849.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,137
785
6683861.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
39,118
37,598
6684387.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,469
953
6684412.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,005
976
6684426.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
835
799
6684434.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
3,842
3,722
6684507.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
670
641
6684513.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
5,979
5,778
6684686.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,287
1,239
6684717.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
6,908
6,490
6684869.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
12,313
11,767
6685009.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
9,161
8,628
6685109.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
3,667
3,523
6685359.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
1,974
1,713
6685378.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
2,774
2,628
6685425.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
7,770
7,293
6685503.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
1,377
1,319
6685522.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
6,981
6,771
6685741.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
18,378
16,566
6685907.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
9,357
8,973
6686035.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
3,706
3,455
6686086.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
3,114
2,969
6686120.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
2,410
2,237
6686170.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
13,988
13,405
6686639.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
1,746
1,675
6686728.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,866
3,658
6686903.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
858
825
6686940.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
7,537
7,162
6687230.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
8,614
8,274
6687436.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
2,541
2,441
6687496.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,419
3,199
6687558.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
46,653
44,434
6688436.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
1,079
1,016
6688457.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
6,622
5,142
6688623.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
2,987
2,743
6688688.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
7,541
7,226
6688820.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
7,703
6,554
6688906.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
12,876
12,276
6689152.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
26,672
25,623
6689614.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
608
588
6689641.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
16,017
15,431
6689856.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
4,087
3,837
6689979.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
28,756
27,067
6690894.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
2,162
2,090
6691158.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
28,883
26,979
6691806.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
5,246
5,036
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6691982.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
$
407
$
397
6692002.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
5,582
5,241
6692129.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
1,725
1,671
6692234.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
8,913
8,390
6692529.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
8,788
8,376
6692715.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
62,469
60,030
6693422.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
2,281
2,126
6693487.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
1,180
1,132
6693524.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
7,416
7,155
6693747.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
1,429
1,330
6693785.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
11,826
11,134
6694025.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
14,189
13,624
6694499.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
2,715
2,608
6694568.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
31,380
30,121
6695405.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
3,300
3,032
6695476.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
6,155
5,900
6695635.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
1,433
1,350
6695690.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
585
573
6695705.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
27,015
25,367
6696070.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
14,187
13,322
6696323.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
15,587
14,675
6699675.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
8,191
7,862
6699890.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
13,639
13,017
6700118.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
19,060
18,016
6700802.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
79,139
75,521
6702927.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
2,700
2,586
6702969.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
5,566
5,312
6703046.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
8,785
8,451
6703265.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
10,885
10,517
6703676.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,993
1,865
6703703.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
58,235
55,694
6704085.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
3,289
3,117
6704224.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
63,662
60,382
6706191.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
4,654
4,420
6706281.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
6,119
5,900
6706675.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
5,831
5,537
6706860.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
12,037
11,737
6707223.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
3,665
3,393
6707292.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
26,321
25,029
6707769.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
852
822
6707781.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
398
379
6707789.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
611
573
6707845.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
3,704
3,545
6707897.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
24,312
23,289
6708277.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
11,990
11,531
6708472.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
3,092
2,949
6708506.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
9,476
9,082
6708662.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
6,281
5,491
6708729.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
2,070
1,966
6708793.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
1,421
1,362
6708811.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
13,090
12,441
6708987.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
9,341
8,777
6709111.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
2,238
2,149
6709316.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
1,206
1,036
6709323.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
7,674
7,274
6709392.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
1,199
1,158
6709403.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
24,171
22,758
6709758.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,324
1,275
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6709785.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
$
18,141
$
17,400
6713478.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
18,639
17,822
6714012.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
2,111
1,964
6714067.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
4,010
3,835
6714287.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
9,792
9,370
6714559.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,400
1,206
6714594.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
5,140
4,932
6714715.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
765
741
6714782.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
10,723
10,312
6715158.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
2,095
2,007
6715261.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
2,492
2,076
6715308.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
3,164
2,866
6715568.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,856
1,747
6715622.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
3,964
3,753
6715777.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
997
935
6715798.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
4,259
3,966
6715942.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
4,728
4,543
6716020.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,821
1,742
6716032.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
12,101
11,356
6716198.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
16,091
15,410
6717869.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
19,622
18,759
6718295.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,764
1,703
6718373.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,565
1,500
6718425.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
5,296
4,728
6718586.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
6,876
6,509
6718749.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
926
892
6718776.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
3,397
3,261
6718902.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
4,700
4,542
6719072.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
2,417
2,294
6719136.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
48
46
6719144.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
6,573
6,172
6719310.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
11,590
10,534
6719669.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
2,084
1,888
6719710.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
3,160
3,028
6719810.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,769
1,407
6719896.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
4,638
4,443
6719998.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,781
1,707
6720047.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
5,357
5,134
6720277.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
2,766
2,650
6720355.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
3,868
3,336
6720447.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
5,316
5,116
6720557.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
16,247
15,615
6720924.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
827
793
6720935.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,320
1,118
6720946.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
19,615
18,456
6721312.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
40,091
38,371
6722018.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
733
506
6722086.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
19,418
18,401
6722689.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
3,108
2,981
6722820.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
12,329
11,722
6723238.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
28,177
27,059
6723980.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
9,793
8,457
6724171.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
5,556
5,261
6724303.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
5,967
5,666
6724464.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
10,739
9,953
6724791.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
2,013
1,866
6724841.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
8,580
8,229
6725014.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
2,720
2,602
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6725080.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
$
6,118
$
5,828
6725186.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
1,486
1,416
6725346.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
612
577
6725388.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
42,269
40,596
6725593.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
7,610
7,276
6725712.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
15,546
13,442
6725896.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
5,415
5,222
6726004.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
19,546
18,614
6726296.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
1,579
1,500
6726320.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
3,904
3,729
6726389.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
3,023
2,667
6726427.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
1,241
1,153
6726451.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
3,437
3,284
6726510.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
9,055
8,403
6727020.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
10,089
9,483
6727595.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,682
1,611
6727643.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
16,132
15,426
6728151.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,106
1,066
6728190.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
55,739
53,299
6729082.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
2,541
2,430
6729098.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
3,058
2,904
6729129.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,428
1,363
6729149.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
3,095
2,911
6729195.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
2,262
2,162
6729242.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
4,064
3,524
6729311.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
19,433
18,485
6729657.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
4,843
4,633
6729710.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,025
967
6729723.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
5,401
4,683
6729777.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
4,408
4,166
6729866.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
2,705
2,557
6729931.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
6,939
6,311
6730115.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
7,351
7,020
6730198.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
41,688
39,603
6730881.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
11,716
11,038
6731144.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
1,584
1,532
6731182.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
2,068
1,966
6731255.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
9,566
9,153
6731473.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
9,484
9,081
6731762.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
3,720
3,568
6731838.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
31,412
29,527
6732398.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
1,812
1,660
6732421.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
1,132
1,077
6732450.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
714
686
6732463.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
25,155
24,014
6732866.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
5,679
5,422
6732939.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
3,285
3,155
6733011.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
4,315
4,154
6733136.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
5,404
5,027
6733215.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
44,711
42,489
6733823.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
4,147
3,895
6733936.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
1,786
1,726
6734003.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
11,875
11,340
6734265.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
2,557
2,445
6734339.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
1,034
993
6734359.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
10,375
9,830
6734573.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
35,269
33,363
6735986.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
10,299
9,667
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6736202.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
$
12,469
$
11,902
6736471.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
10,412
9,886
6736791.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
21,189
20,260
6737164.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
4,285
3,980
6737291.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
1,952
1,875
6737444.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
1,411
1,344
6737529.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
3,732
3,542
6739375.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
2,997
2,868
6739517.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
10,585
10,101
6739796.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
967
916
6739833.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
993
953
6739892.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
2,500
2,417
6740306.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
19,960
17,615
6740942.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
1,723
1,565
6741000.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
40,389
38,461
6742103.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
1,643
1,536
6742131.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
8,319
7,914
6742253.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
20,958
19,626
6742865.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
8,015
7,686
6742966.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
426
413
6743009.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
2,486
2,337
6743084.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,602
1,356
6743133.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,895
1,812
6743214.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
2,796
2,689
6743331.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
14,361
13,054
6743834.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
5,462
5,223
6744115.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,004
956
6744150.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,618
1,502
6744187.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,964
1,878
6744227.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
467
437
6744250.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
23,011
21,452
6744669.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
23,841
22,706
6745048.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
6,885
6,201
6745247.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,160
1,115
6745298.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
11,219
10,197
6745638.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
12,888
12,279
6745936.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
802
754
6745957.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
6,025
4,678
6746020.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,911
1,781
6746047.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,410
1,347
6746092.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
3,381
3,242
6746164.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
2,000
1,864
6746187.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,118
1,061
6746227.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,580
1,477
6746243.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
5,732
5,428
6746283.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
2,404
2,319
6746303.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
5,563
5,334
6746371.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
687
658
6746382.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
9,153
8,747
6746489.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
4,893
4,406
6746553.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,076
1,043
6746574.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,936
1,846
6746605.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
472
448
6746610.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
51,658
46,965
6746683.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
3,608
3,376
6746760.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
4,370
4,211
6746867.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
5,264
4,787
6746947.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
1,866
1,649
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6746977.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
$
16,022
$
14,572
6747181.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
5,005
4,814
6747280.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
8,106
7,722
6747381.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
5,667
5,386
6747474.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
14,763
14,061
6747704.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
13,127
12,482
6747900.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
2,986
2,835
6747947.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
8,978
8,376
6748221.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
4,679
4,457
6748336.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
14,777
14,098
6748908.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
3,430
3,281
6748981.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
855
828
6749058.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
8,383
8,000
6749321.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
23,555
22,592
6749922.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
3,030
2,900
6749980.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
4,988
4,684
6750119.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
2,584
2,472
6750163.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,071
1,033
6750186.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
4,530
4,303
6750262.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,097
1,030
6750281.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
935
898
6750314.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
8,736
7,874
6750452.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
3,482
3,275
6750503.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
11,898
11,281
6750663.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
9,666
9,226
6750784.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,234
1,189
6750803.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
12,884
12,250
6751012.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
8,801
8,468
6751164.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
11,317
10,824
6751389.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,723
1,618
6751424.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
6,652
6,338
6751525.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
22,186
21,107
6751956.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
3,000
2,877
6752041.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
5,107
4,897
6752272.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
2,436
2,332
6752389.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
19,279
18,449
6753000.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
761
716
6753008.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
9,016
8,344
6753247.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
15,610
14,681
6753545.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
1,969
1,895
6753622.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
6,112
5,719
6753796.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
43,185
41,137
6754533.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
11,788
11,284
6754810.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
1,632
1,440
6754849.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
30,379
28,517
6755408.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,367
2,278
6755530.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,206
2,113
6755575.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
3,097
2,956
6755643.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
4,108
3,604
6755759.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,655
1,470
6755811.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
10,361
9,909
6756228.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,422
2,277
6756294.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
8,033
7,504
6756476.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,173
1,130
6756506.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
11,170
10,649
6756738.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,714
1,649
6756782.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,131
2,005
6756818.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,987
2,855
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6756873.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
$
1,348
$
1,289
6756902.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,902
1,817
6756921.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
9,831
8,301
6757116.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,379
1,262
6757140.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
11,440
10,932
6757268.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
6,249
5,992
6757454.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
3,676
3,511
6757541.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
12,673
11,828
6757787.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
3,313
2,906
6757842.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
5,381
5,064
6758000.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
3,997
3,809
6758068.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
3,121
2,955
6758148.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,081
1,972
6758188.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,268
2,174
6758233.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
3,207
3,039
6758298.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
86,478
81,943
6762023.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
1,234
1,193
6762124.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
2,635
2,477
6762246.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
2,523
2,279
6762339.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
20,706
19,584
6763242.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
25,972
24,805
6764023.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
3,344
2,450
6764093.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
15,518
14,824
6764489.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
36,948
35,446
6765245.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
57,749
54,291
6765701.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
1,205
1,161
6765822.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
7,886
7,538
6766287.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
4,782
4,599
6766662.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
3,057
2,907
6766799.SQ.FTS.B,
Zero
Cpn,
12/16/24
..
98,145
92,684
6768969.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
3,573
3,406
6769042.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
2,381
2,269
6769066.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
14,984
14,179
6769341.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
10,862
9,927
6769494.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
3,041
2,674
6769533.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
9,659
9,242
6769728.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
7,751
7,382
6769864.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
14,726
13,937
6770128.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
9,189
8,840
6770332.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
440
426
6770345.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
9,253
8,825
6770517.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
1,449
1,386
6770530.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
1,550
1,490
6770555.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
8,687
8,293
6770680.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
3,052
2,937
6770741.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
8,754
7,958
6770869.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
3,621
3,459
6770923.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
6,600
5,694
6770986.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
2,253
2,163
6771027.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
11,072
10,575
6771134.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
18,561
17,428
6771304.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
38,895
37,073
6772311.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
69,229
66,285
6773708.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,992
1,906
6773736.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,733
1,668
6773786.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,171
1,132
6773812.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,207
1,086
6773825.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
7,197
6,861
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6773883.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
$
5,590
$
5,292
6773985.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
16,951
16,012
6774211.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
18,478
17,619
6774360.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
16,952
16,045
6774551.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
26,587
25,253
6774838.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
3,247
3,105
6774854.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
1,408
1,346
6774858.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
47,625
45,387
6774958.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
24,758
23,676
6775668.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,202
909
6775693.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
9,996
9,408
6775850.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
4,656
4,437
6775919.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
31,002
29,349
6776459.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,901
1,825
6776500.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
91,470
87,355
6777834.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,418
1,361
6779448.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
5,635
5,377
6779581.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
41,803
39,676
6780851.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
1,459
1,396
6780884.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
13,294
12,568
6781139.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
3,753
3,511
6781202.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
3,837
3,537
6781272.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
70,405
65,967
6782880.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
9,643
9,147
6783247.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
2,559
2,434
6783369.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
2,679
2,443
6783442.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
4,262
3,657
6783863.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
2,438
2,199
6783974.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
6,684
6,411
6784214.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
20,676
19,618
6784580.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
2,903
2,795
6784665.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
4,600
4,319
6784735.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
45,243
42,773
6785742.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
5,572
5,266
6785833.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
18,998
18,209
6785943.SQ.FTS.B,
Zero
Cpn,
12/24/24
..
45,130
43,193
6786865.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
5,817
5,547
6786981.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
339
330
6786988.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
3,968
3,837
6787099.SQ.FTS.B,
Zero
Cpn,
12/25/24
..
11,563
10,931
6787540.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
17,636
16,863
6788275.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
3,627
3,429
6788370.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
461
438
6788376.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
12,277
11,578
6788695.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
3,907
3,729
6788785.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
12,427
11,413
6789025.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
11,043
10,521
6789229.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
10,210
9,814
6789460.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
9,263
8,834
6789732.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
2,914
2,755
6789810.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
1,846
1,787
6789871.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
9,698
9,326
6790119.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
12,861
12,252
6790407.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
12,504
11,904
6790701.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
19,050
18,129
6790990.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,082
1,039
6791071.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
25,760
24,535
6791631.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
2,952
2,794
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6791771.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
$
14,624
$
13,817
6792040.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
3,227
3,093
6792087.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
3,051
2,913
6792152.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
2,187
2,094
6792217.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
4,178
3,949
6792314.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
7,940
6,940
6792440.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
19,941
18,697
6793577.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
6,047
5,882
6793771.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
2,131
2,014
6793816.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,262
1,180
6793845.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
8,068
7,565
6793971.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
45,275
42,930
6794636.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,513
1,172
6794663.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
64,957
61,745
6795123.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
755
607
6795269.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,527
1,431
6795315.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,229
1,058
6795391.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
3,825
3,545
6795506.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
36,843
33,992
6796301.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
23,225
21,666
6796713.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
983
910
6796730.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
3,583
3,279
6796801.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,715
1,562
6796818.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
775
698
6796824.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
2,105
1,954
6796843.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
29,576
27,766
6797104.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
362
331
6797114.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
18,677
17,289
6797393.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
3,658
3,428
6797462.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
405
343
6797472.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,596
1,481
6797487.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
11,023
10,337
6797675.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
45,336
42,125
6800044.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
5,264
4,827
6800135.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
5,926
5,463
6800228.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
6,500
6,029
6800374.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
8,743
8,194
6800611.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,051
954
6800644.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
14,731
13,752
6801003.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
18,259
17,122
6801359.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
9,157
8,583
6801539.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
10,411
9,390
6801723.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
11,357
10,495
6801935.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
3,073
2,836
6801988.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
5,165
4,763
6802056.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,844
1,709
6802079.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
18,211
16,798
6802481.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,289
1,198
6802494.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
5,609
5,150
6802576.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
3,855
3,564
6802609.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
9,761
8,952
6802734.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
3,211
2,969
6802842.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
9,354
8,683
6802996.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,006
918
6803011.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,444
1,332
6803048.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
5,641
5,206
6803097.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
10,301
9,654
6803212.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
65,339
60,816
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6804686.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
$
1,198
$
1,102
6804745.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
2,794
2,576
6804811.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
3,200
2,973
6804901.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
6,596
6,140
6805012.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
4,244
3,899
6805130.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
8,792
8,129
6805400.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
11,454
10,664
6805682.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
8,290
7,703
6805923.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
4,670
4,290
6806017.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
23,153
21,542
6806677.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
3,364
3,116
6806781.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
4,812
4,462
6806888.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
46,682
43,457
6807945.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
874
805
6807979.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
35,534
32,243
6808136.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
786
707
6808162.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
4,569
4,249
6808206.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
4,462
4,161
6808256.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
1,126
1,041
6808274.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
2,558
2,338
6808314.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
11,423
10,570
6808439.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
2,020
1,869
6808464.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
6,901
6,393
6808546.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
1,369
1,278
6808563.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
2,598
2,370
6808602.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
3,620
3,365
6808668.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
9,962
9,223
6808852.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
5,935
5,483
6808928.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
25,501
23,716
6809267.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
6,948
6,512
6809363.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
1,359
1,257
6809383.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
12,082
11,279
6809574.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
3,926
3,570
6809623.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
12,136
11,235
6809914.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,595
1,470
6809989.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
21,175
19,765
6810642.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
7,685
7,072
6810830.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,546
1,429
6810848.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
4,336
3,997
6810914.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
18,593
17,298
6811193.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
11,667
10,890
6811388.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,850
2,656
6811437.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,384
2,198
6811483.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
15,266
14,010
6811723.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
28,830
27,037
6812218.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
3,166
2,891
6812300.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
5,936
5,462
6812365.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
573
520
6812388.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,988
1,830
6812453.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
4,787
4,442
6812517.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
18,931
17,470
6812850.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
3,233
3,028
6812901.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
29,916
27,395
6813248.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
758
708
6813269.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
6,310
5,877
6813347.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
8,721
8,032
6813490.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
5,834
5,377
6813580.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
3,700
3,431
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6813615.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
$
3,562
$
3,225
6813645.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
21,878
20,498
6813946.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
1,541
1,356
6813980.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
5,573
5,083
6814239.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,954
2,713
6814391.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
401
366
6814415.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
10,484
9,570
6814737.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
542
500
6814746.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,326
1,238
6814760.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,628
2,430
6814811.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,582
1,437
6814861.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
4,432
4,076
6814971.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
4,704
4,364
6815092.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,508
2,324
6815132.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
4,387
4,035
6815234.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,130
1,031
6815258.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
6,639
6,223
6815367.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
3,060
2,834
6815421.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
751
691
6815433.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,726
1,590
6815459.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
57,060
52,385
6816296.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,335
2,153
6816353.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,316
2,154
6816368.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
9,955
9,108
6816502.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,202
1,090
6816521.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
4,454
4,130
6816582.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
64,154
58,726
6818919.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
656
601
6818955.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
9,413
8,783
6819086.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
5,478
5,035
6819224.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
1,424
1,313
6819252.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
6,269
5,870
6819440.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
1,905
1,743
6819485.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,150
2,927
6819609.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,072
2,867
6819723.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
1,914
1,779
6819849.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
8,924
8,210
6820050.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
15,797
14,617
6820387.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
1,626
1,483
6820430.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
7,204
6,505
6820626.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,702
3,415
6820693.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
27,195
25,481
6820983.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
2,377
2,171
6821028.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
63,502
59,472
6822097.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
8,140
7,565
6822254.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
1,331
1,212
6822297.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
14,409
13,340
6822497.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
3,659
3,407
6822573.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
15,525
14,255
6822823.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
11,133
10,310
6823161.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
1,552
1,398
6823228.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
3,052
2,796
6823276.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
7,067
6,621
6823439.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
16,852
15,784
6823811.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
3,235
3,030
6823890.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
12,715
11,859
6824197.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
2,130
1,978
6824236.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
6,230
5,808
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6824316.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
$
2,509
$
2,287
6824352.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
1,692
1,563
6824389.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
11,987
10,969
6824568.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
14,903
13,733
6824822.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
2,267
2,101
6824870.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
3,232
3,005
6824908.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
31,193
28,757
6825473.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
94,754
87,016
6825757.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
7,400
6,865
6825923.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
2,141
1,979
6825984.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
4,226
3,901
6826076.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
17,045
15,799
6826371.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
7,806
7,309
6826532.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
4,077
3,767
6826603.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
19,542
18,163
6826906.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
21,463
19,892
6827190.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
6,363
5,828
6827303.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
2,657
2,441
6827359.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
753
694
6827373.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
9,731
9,023
6828266.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
866
804
6828284.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
7,774
7,174
6828468.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
7,047
6,440
6828646.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
2,987
2,739
6828723.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
5,177
4,800
6828853.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
840
763
6828877.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
3,661
3,389
6828941.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
1,474
1,352
6828950.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
10,511
9,737
6829097.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
4,053
3,735
6829136.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
59,744
55,550
6829626.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
10,948
9,998
6829735.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
4,325
3,964
6829785.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
6,359
5,954
6830180.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
9,204
8,480
6830258.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
3,344
2,982
6830364.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
40,141
37,004
6830671.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,059
968
6830723.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
14,885
13,875
6831057.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
6,206
5,767
6831256.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
7,573
7,064
6831458.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
3,566
3,339
6831517.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
10,802
10,116
6831725.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,814
1,678
6831783.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
7,609
7,050
6831940.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,085
1,000
6831980.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,217
1,123
6831995.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
3,087
2,878
6832051.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,322
1,225
6832093.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,391
1,273
6832118.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
8,075
7,532
6832259.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
6,831
6,296
6832343.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
3,623
3,349
6832371.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
9,738
9,122
6832524.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,792
1,664
6832546.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
16,408
15,190
6832929.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
9,412
8,811
6833154.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
2,406
2,192
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6833212.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
$
6,536
$
6,122
6833319.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
2,626
2,445
6833356.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
27,412
25,440
6833692.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
11,484
10,757
6833875.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
12,940
12,035
6834184.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
1,093
991
6834221.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
2,974
2,720
6834279.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
1,166
1,070
6834301.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
9,285
8,631
6834544.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
2,682
2,450
6834572.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
18,492
17,239
6835014.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
2,195
2,056
6835192.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
314
236
6835204.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
2,276
2,077
6835238.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
74,062
68,870
6836269.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
3,388
3,158
6836329.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
6,815
6,355
6836478.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
3,554
3,278
6836515.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
12,763
11,780
6836687.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
6,077
5,621
6838453.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
5,917
5,413
6838613.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
8,950
8,254
6838796.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
2,171
1,991
6838880.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
9,898
9,079
6839257.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
4,362
4,083
6839356.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
10,848
10,152
6839643.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
799
729
6839650.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
2,980
2,749
6839699.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
9,331
8,697
6839928.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,874
1,730
6839957.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
6,523
6,042
6840112.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
29,647
27,309
6840598.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
31,743
29,335
6841513.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
4,334
3,982
6841575.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,128
1,032
6841626.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
6,847
6,330
6841788.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
11,756
10,958
6842120.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
11,428
10,585
6842194.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
1,092
1,007
6842265.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
2,138
1,979
6842327.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
2,890
2,661
6842431.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
8,447
7,908
6842726.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
5,778
5,351
6842944.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
2,371
2,184
6843000.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
2,684
2,477
6843045.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
16,997
15,795
6843449.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
5,234
4,791
6843608.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
2,182
1,996
6843667.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
62,549
56,973
6844587.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
32,256
29,876
6845183.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
6,532
6,114
6845302.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,886
1,742
6845337.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
5,244
4,855
6845396.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
3,987
3,645
6845436.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
2,190
2,010
6845456.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
4,390
4,005
6845501.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
5,646
5,243
6845621.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
18,236
17,068
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6845875.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
$
5,774
$
5,348
6845947.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,021
925
6845960.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
5,858
5,437
6846042.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
4,026
3,690
6846088.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
795
726
6846098.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
2,771
2,561
6846131.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
3,242
2,989
6846176.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
13,740
12,781
6846348.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
2,280
2,099
6846375.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
1,217
1,123
6846398.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
2,037
1,857
6846421.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
4,359
4,022
6846492.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
13,355
12,449
6846652.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
1,827
1,683
6846670.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
7,687
7,163
6846765.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
2,188
2,021
6846797.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
8,177
7,594
6847036.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
2,023
1,855
6847053.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
2,148
1,999
6847075.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
2,709
2,534
6847111.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
14,598
13,494
6847589.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
3,155
2,906
6847660.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
5,625
5,241
6847769.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
16,672
15,365
6848047.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
4,154
3,849
6848098.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
4,989
4,609
6848159.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
5,542
5,101
6848220.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
2,327
2,169
6848265.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,918
1,756
6848288.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
22,926
21,218
6848565.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
39,146
36,277
6849095.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,279
1,183
6849119.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
7,752
7,171
6849233.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
16,638
15,267
6849498.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
13,259
12,407
6849679.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
3,265
3,023
6849711.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
973
903
6849735.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
4,406
4,037
6849785.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
14,109
13,202
6849990.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
10,519
9,596
6850149.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
4,614
4,300
6850198.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
2,704
2,468
6850250.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
9,033
8,330
6850370.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
3,295
3,013
6850462.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
2,889
2,653
6850514.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
8,076
7,530
6850673.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
902
825
6850693.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
24,750
23,071
6851281.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
18,141
16,678
6851555.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
32,175
29,778
6852057.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
17,577
16,283
6852293.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
20,913
19,494
6852512.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
7,190
6,591
6852615.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
1,619
1,510
6852644.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
21,351
19,982
6853018.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
9,911
9,237
6853136.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
16,719
15,411
6853384.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
13,108
12,072
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6853607.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
$
5,786
$
5,315
6853727.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
15,597
14,315
6854147.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,632
2,428
6854221.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,999
1,819
6854306.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,105
1,034
6854339.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
23,542
21,745
6854811.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
3,495
3,228
6854874.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,692
1,580
6854899.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
22,795
21,052
6855209.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
8,310
7,569
6855301.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
33,997
31,049
6855849.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
9,140
8,554
6856022.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,917
1,758
6856060.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
3,502
3,178
6856126.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,027
1,874
6856176.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
22,146
20,330
6856450.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
2,413
2,243
6856480.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,253
1,148
6856503.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
3,991
3,735
6858167.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
11,231
10,401
6858427.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
808
739
6858450.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
4,070
3,734
6858579.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
678
619
6858621.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
1,401
1,276
6858689.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
5,378
5,031
6858888.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
9,461
8,739
6859049.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
3,896
3,617
6859134.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
10,926
10,180
6859384.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
34,223
31,422
6860233.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
97,099
90,154
6861615.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
6,142
5,722
6861805.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
40,423
37,306
6862863.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
3,812
3,524
6862914.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
2,183
2,026
6862957.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
8,168
7,474
6863147.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
16,704
15,560
6863421.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
10,591
9,716
6863654.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
9,418
8,593
6863856.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
31,078
28,953
6864440.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
57,694
53,264
6864609.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
3,702
3,437
6864687.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
25,984
23,940
6864999.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
4,883
4,448
6865054.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
4,317
3,984
6865089.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
8,035
7,487
6865186.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
7,668
7,170
6865269.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
5,836
5,399
6865346.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
6,427
5,882
6865428.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
6,088
5,619
6865503.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
3,088
2,818
6865526.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
721
672
6865537.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
1,451
1,337
6865566.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
5,555
5,157
6865627.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
5,207
4,754
6865689.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
7,535
6,839
6865793.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
6,615
6,116
6865885.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
7,719
7,179
6866189.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,145
1,046
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6866209.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
$
2,322
$
2,142
6866317.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,226
1,133
6866356.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
13,925
12,740
6866804.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
5,616
5,146
6866935.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,495
1,394
6866967.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
7,998
7,426
6867103.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,235
3,921
6867196.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
3,627
3,348
6867236.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,403
2,244
6867264.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
10,541
9,784
6867437.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,629
1,508
6867467.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
10,843
10,065
6867611.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
3,461
3,195
6867652.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
3,989
3,693
6867691.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,705
2,491
6867729.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,303
1,203
6867755.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
44,100
41,243
6868234.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
12,776
11,884
6868391.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,319
3,995
6868415.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
17,059
15,754
6868587.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
19,779
18,425
6868847.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
5,925
5,459
6868908.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
10,628
9,940
6869072.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
3,863
3,613
6869137.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
28,997
26,458
6869440.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
5,411
4,983
6869513.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,918
4,540
6869688.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,548
1,430
6869755.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,364
4,068
6869892.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
871
796
6869935.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,540
2,375
6869981.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,149
3,880
6870054.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,748
1,623
6870103.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
31,847
29,404
6870826.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,140
1,962
6870842.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,710
1,575
6870865.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,227
3,925
6870905.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
13,599
12,667
6870998.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
14,063
12,981
6871136.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
981
903
6871155.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
3,617
3,320
6871205.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
5,151
4,744
6871266.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,319
3,978
6871328.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,085
3,726
6871369.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
9,681
8,941
6871453.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
3,054
2,786
6871477.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
3,370
3,152
6871508.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,698
2,439
6871539.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
14,597
13,515
6871671.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
5,079
4,715
6871735.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
12,989
12,148
6871856.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
9,851
9,122
6871986.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,818
1,687
6872006.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
8,248
7,637
6872132.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
5,537
5,156
6872188.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,197
3,886
6872242.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,876
1,728
6872252.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,285
2,121
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6872272.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
$
5,890
$
5,389
6872367.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
9,133
8,360
6872469.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
9,659
8,942
6872654.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
6,801
6,359
6872741.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,565
1,432
6872768.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,507
1,379
6872794.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
837
774
6872834.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,959
1,777
6872867.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,055
976
6872896.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
8,392
7,829
6873066.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
7,791
7,191
6873280.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,470
2,300
6873383.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,732
1,584
6873424.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
6,763
6,298
6873530.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
8,867
8,167
6873680.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
999
933
6873687.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,478
2,299
6873718.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
562
524
6873727.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,551
1,419
6873742.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
14,106
12,940
6873908.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
6,504
5,933
6873961.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,626
2,418
6874004.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,603
1,480
6874035.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
4,073
3,766
6874099.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
7,391
6,796
6874217.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
28,368
26,197
6874544.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,521
2,327
6874588.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
5,878
5,454
6874616.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,701
2,479
6874644.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,639
2,414
6874679.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,786
1,633
6874692.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
6,812
6,225
6874849.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,403
1,283
6874864.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
9,126
8,377
6874983.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
3,009
2,786
6875037.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
6,974
6,521
6875105.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
24,176
22,436
6875459.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
8,549
7,914
6875569.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
8,675
8,112
4575478.SQ.FTS.B,
Zero
Cpn,
3/30/33
...
174
12
4578615.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
1,525
60
4580233.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
766
50
4581341.SQ.FTS.B,
Zero
Cpn,
4/02/33
...
1,011
68
4583983.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
3,383
333
4585288.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
13,554
515
4587010.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
1,755
119
4588245.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
3,204
286
4589702.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
3,489
214
4590358.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
353
24
4598182.SQ.FTS.B,
Zero
Cpn,
4/07/33
...
1,281
62
4598741.SQ.FTS.B,
Zero
Cpn,
4/07/33
...
82
3
4602285.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
31,555
2,299
4604615.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
13,726
1,263
4604886.SQ.FTS.B,
Zero
Cpn,
4/10/33
...
2,273
145
4606179.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
10,364
310
4606224.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
615
24
4606335.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,103
132
4606464.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
12,284
864
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4609551.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
$
5,454
$
281
4610443.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
10,147
993
4612920.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
2,172
166
4621133.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
6,295
646
4622639.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
3,183
225
4624325.SQ.FTS.B,
Zero
Cpn,
4/16/33
...
790
92
4624403.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
646
20
4624869.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
1,488
106
4625082.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
123
6
4626298.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
10,268
321
4626514.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
2,949
126
4627586.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
4,624
431
4629149.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
6,425
707
4632596.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
848
34
4635753.SQ.FTS.B,
Zero
Cpn,
4/21/33
...
11,156
908
4636668.SQ.FTS.B,
Zero
Cpn,
4/21/33
...
3,995
474
4638157.SQ.FTS.B,
Zero
Cpn,
4/22/33
...
144
8
4642502.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
1,095
52
4643723.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
710
74
4643970.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
2,081
191
4656958.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
3,103
330
4657373.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
3,122
365
4658038.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
688
72
4661015.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
2,307
242
4661890.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
2,289
238
4662184.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
2,428
125
4663096.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
27,120
2,503
4663916.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
24,742
1,537
4665676.SQ.FTS.B,
Zero
Cpn,
5/03/33
...
4,628
442
4671121.SQ.FTS.B,
Zero
Cpn,
5/04/33
...
1,180
108
4675799.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
3,286
196
4677893.SQ.FTS.B,
Zero
Cpn,
5/06/33
...
2,173
180
4691756.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
7,269
616
4692191.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
9,113
1,237
4692982.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
430
18
4693423.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
12,504
1,396
4693941.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
8,872
354
4694140.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
880
66
4694200.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
324
38
4701939.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
1,446
167
4706450.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
6,009
588
4706808.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
5,406
490
4707248.SQ.FTS.B,
Zero
Cpn,
5/11/33
...
641
50
4711828.SQ.FTS.B,
Zero
Cpn,
5/12/33
...
3,618
161
4714060.SQ.FTS.B,
Zero
Cpn,
5/13/33
...
1,082
102
4714469.SQ.FTS.B,
Zero
Cpn,
5/14/33
...
828
54
4738688.SQ.FTS.B,
Zero
Cpn,
5/18/33
...
840
100
4747188.SQ.FTS.B,
Zero
Cpn,
5/19/33
...
553
44
4750103.SQ.FTS.B,
Zero
Cpn,
5/20/33
...
8,831
872
4750803.SQ.FTS.B,
Zero
Cpn,
5/21/33
...
3,382
291
4754132.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
847
142
4764584.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
523
58
4773604.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
9,605
1,172
4774144.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
1,718
212
4777755.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
156
10
4777853.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
1,347
150
4779439.SQ.FTS.B,
Zero
Cpn,
5/25/33
...
327
37
4779678.SQ.FTS.B,
Zero
Cpn,
5/25/33
...
1,846
310
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4782528.SQ.FTS.B,
Zero
Cpn,
5/26/33
...
$
152
$
8
4786214.SQ.FTS.B,
Zero
Cpn,
5/28/33
...
255
23
4789370.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
9,602
1,094
4790824.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
3,330
226
4796651.SQ.FTS.B,
Zero
Cpn,
6/01/33
...
3,524
422
4799719.SQ.FTS.B,
Zero
Cpn,
6/01/33
...
131
24
4807880.SQ.FTS.B,
Zero
Cpn,
6/02/33
...
19,829
1,004
4808500.SQ.FTS.B,
Zero
Cpn,
6/02/33
...
7,711
1,074
4815617.SQ.FTS.B,
Zero
Cpn,
6/05/33
...
322
49
4815646.SQ.FTS.B,
Zero
Cpn,
6/05/33
...
5,300
969
4820091.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
1,630
250
4820553.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
10,164
777
4821904.SQ.FTS.B,
Zero
Cpn,
6/08/33
...
796
84
4830906.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
48
4
4830931.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
102
13
4831001.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
847
71
4831110.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
962
114
4831269.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
1,223
122
4831653.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
2,099
193
4831986.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
1,130
180
4832297.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
189
28
4832548.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
5,667
308
4833494.SQ.FTS.B,
Zero
Cpn,
6/11/33
...
182
33
4833520.SQ.FTS.B,
Zero
Cpn,
6/11/33
...
3,610
531
4834162.SQ.FTS.B,
Zero
Cpn,
6/12/33
...
208
26
4838333.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
750
67
4839102.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,596
159
4841116.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
11,234
1,835
4842421.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
134
14
4842605.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
4,000
371
4842631.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
5,776
692
4843200.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
998
189
4848370.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
3,805
783
4848622.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
2,069
416
4862341.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
527
65
4862443.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
7,578
1,111
4862769.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
2,999
628
4862938.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
691
89
4862998.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
1,298
152
4863062.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
3,882
439
4863238.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
2,993
384
4863412.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
11,632
2,258
4865141.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
111
16
4867257.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
607
37
4867843.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
493
70
4868757.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
3,219
458
4869171.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
386
38
4869815.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
7,257
1,115
4871837.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
1,490
137
4872022.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
610
89
4872027.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
681
115
4872072.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
4,085
592
4872437.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
275
46
4873297.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
113
16
4873313.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
1,287
179
4873405.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
5,886
808
4874157.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
3,873
671
4874535.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
977
133
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4874544.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
$
1,197
$
241
4874845.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
3,811
824
4875940.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
7,944
1,603
4876174.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
314
47
4876827.SQ.FTS.B,
Zero
Cpn,
6/24/33
...
1,176
248
4877017.SQ.FTS.B,
Zero
Cpn,
6/24/33
...
901
54
4877057.SQ.FTS.B,
Zero
Cpn,
6/24/33
...
209
24
4877067.SQ.FTS.B,
Zero
Cpn,
6/24/33
...
1,174
64
4877161.SQ.FTS.B,
Zero
Cpn,
6/24/33
...
440
75
4877254.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
1,462
284
4877394.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
4,239
890
4877534.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
1,841
115
4878103.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
627
109
4878787.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
4,067
613
4878962.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
761
108
4879124.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
4,098
832
4879260.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
1,625
253
4879371.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
536
34
4879728.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
2,694
364
4879828.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
1,599
227
4880063.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
2,612
292
4880273.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
32,499
4,894
4880374.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
12,118
1,809
4880603.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
249
38
4880840.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
2,414
237
4880881.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
274
27
4881595.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
1,106
234
4881625.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
1,074
71
4881632.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
5,202
646
4881933.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
502
73
4881967.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
822
113
4882127.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
35,043
4,353
4882630.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
5,042
1,052
4886903.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
2,071
211
4886912.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
2,287
129
4888694.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
2,367
340
4889268.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
524
75
4889574.SQ.FTS.B,
Zero
Cpn,
7/01/33
...
3,039
293
4893066.SQ.FTS.B,
Zero
Cpn,
7/04/33
...
3,265
188
4894101.SQ.FTS.B,
Zero
Cpn,
7/04/33
...
12,955
2,077
4894456.SQ.FTS.B,
Zero
Cpn,
7/04/33
...
12
1
4895085.SQ.FTS.B,
Zero
Cpn,
7/05/33
...
736
90
4895222.SQ.FTS.B,
Zero
Cpn,
7/05/33
...
564
126
4896484.SQ.FTS.B,
Zero
Cpn,
7/05/33
...
384
40
4896547.SQ.FTS.B,
Zero
Cpn,
7/05/33
...
4,712
634
4898791.SQ.FTS.B,
Zero
Cpn,
7/06/33
...
32
6
4898852.SQ.FTS.B,
Zero
Cpn,
7/06/33
...
2,213
237
4899151.SQ.FTS.B,
Zero
Cpn,
7/06/33
...
3,147
500
4907364.SQ.FTS.B,
Zero
Cpn,
7/11/33
...
1,373
88
4908064.SQ.FTS.B,
Zero
Cpn,
7/11/33
...
16,631
3,181
4916400.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
955
150
4916640.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
817
95
4916673.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
9,163
1,469
4922562.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
6,112
1,166
4922790.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
261
30
4923493.SQ.FTS.B,
Zero
Cpn,
7/15/33
...
134
16
4923524.SQ.FTS.B,
Zero
Cpn,
7/16/33
...
403
102
4925329.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
1,389
97
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4926230.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
$
1,232
$
156
4928876.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
514
115
4930391.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
610
150
4931016.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
741
190
4931020.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
10,152
2,310
4934833.SQ.FTS.B,
Zero
Cpn,
7/21/33
...
575
92
4935511.SQ.FTS.B,
Zero
Cpn,
7/22/33
...
450
87
4940284.SQ.FTS.B,
Zero
Cpn,
7/25/33
...
1,699
563
4940732.SQ.FTS.B,
Zero
Cpn,
7/25/33
...
350
83
4941224.SQ.FTS.B,
Zero
Cpn,
7/25/33
...
4,401
714
4942261.SQ.FTS.B,
Zero
Cpn,
7/26/33
...
664
138
4945879.SQ.FTS.B,
Zero
Cpn,
7/27/33
...
267
52
4947272.SQ.FTS.B,
Zero
Cpn,
7/27/33
...
1,224
296
4948736.SQ.FTS.B,
Zero
Cpn,
7/28/33
...
4,477
846
4953930.SQ.FTS.B,
Zero
Cpn,
7/28/33
...
6,278
1,313
4954105.SQ.FTS.B,
Zero
Cpn,
7/28/33
...
2,531
681
4956468.SQ.FTS.B,
Zero
Cpn,
7/30/33
...
223
39
4961597.SQ.FTS.B,
Zero
Cpn,
7/31/33
...
6,826
2,198
4964044.SQ.FTS.B,
Zero
Cpn,
8/01/33
...
3,509
805
4964338.SQ.FTS.B,
Zero
Cpn,
8/01/33
...
1,028
161
4965729.SQ.FTS.B,
Zero
Cpn,
8/01/33
...
130
36
4967002.SQ.FTS.B,
Zero
Cpn,
8/02/33
...
1,079
111
4971164.SQ.FTS.B,
Zero
Cpn,
8/03/33
...
2,172
632
4972172.SQ.FTS.B,
Zero
Cpn,
8/03/33
...
426
125
4975322.SQ.FTS.B,
Zero
Cpn,
8/05/33
...
1,106
100
4976561.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
2,306
420
4977066.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
13,052
1,347
4977248.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
23,393
5,181
4978982.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
8,763
3,713
4979273.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
2,120
597
4979694.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
7,423
720
4980976.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
3,062
349
4981159.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
3,162
582
4981755.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
1,211
246
4981981.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
1,273
397
4983108.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
419
85
4984948.SQ.FTS.B,
Zero
Cpn,
8/10/33
...
284
79
4989295.SQ.FTS.B,
Zero
Cpn,
8/11/33
...
176
61
4989442.SQ.FTS.B,
Zero
Cpn,
8/11/33
...
717
164
4990625.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
453
151
4990668.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
1,655
348
4990781.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
300
35
4995431.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
6,247
792
5004424.SQ.FTS.B,
Zero
Cpn,
8/16/33
...
1,835
337
5016072.SQ.FTS.B,
Zero
Cpn,
8/17/33
...
5,014
1,035
5023148.SQ.FTS.B,
Zero
Cpn,
8/18/33
...
1,062
490
5025752.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
6,406
579
5025882.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
1,669
180
5026234.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
737
385
5026934.SQ.FTS.B,
Zero
Cpn,
8/21/33
...
917
246
5027373.SQ.FTS.B,
Zero
Cpn,
8/21/33
...
8,844
806
5030021.SQ.FTS.B,
Zero
Cpn,
8/22/33
...
130
24
5030831.SQ.FTS.B,
Zero
Cpn,
8/22/33
...
5,213
482
5031471.SQ.FTS.B,
Zero
Cpn,
8/22/33
...
5,258
1,478
5033148.SQ.FTS.B,
Zero
Cpn,
8/23/33
...
471
90
5035669.SQ.FTS.B,
Zero
Cpn,
8/23/33
...
3,399
313
5037826.SQ.FTS.B,
Zero
Cpn,
8/24/33
...
1,003
227
5044258.SQ.FTS.B,
Zero
Cpn,
8/27/33
...
8,147
2,564
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5044404.SQ.FTS.B,
Zero
Cpn,
8/27/33
...
$
1,173
$
301
5044794.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
5,731
1,082
5045662.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
2,040
190
5047314.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
751
129
5047321.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
5,110
635
22,444,987
Freedom
Financial
Asset
Management
LLC
APP-11695207.FP.FTS.B,
15.49%,
12/12/23
2,630
2,642
APP-11878331.FP.FTS.B,
5.99%,
1/22/24
.
2,594
2,609
APP-12050449.FP.FTS.B,
5.99%,
1/22/24
.
1,590
1,598
APP-11694096.FP.FTS.B,
5.99%,
1/30/24
.
1,647
1,658
APP-11695208.FP.FTS.B,
5.99%,
2/04/24
.
3,320
463
APP-12436440.FP.FTS.B,
18.99%,
2/09/24
3,005
2,073
APP-12139572.FP.FTS.B,
5.99%,
3/01/24
.
3,203
3,220
APP-12139722.FP.FTS.B,
5.99%,
3/02/24
.
3,368
3,386
APP-12050193.FP.FTS.B,
5.99%,
3/06/24
.
3,538
3,558
APP-12210758.FP.FTS.B,
22.49%,
3/15/24
8,106
1,955
APP-12412711.FP.FTS.B,
5.99%,
3/16/24
.
3,483
3,506
APP-11550730.FP.FTS.B,
23.99%,
4/03/24
3,699
3,761
APP-14865243.FP.FTS.B,
5.99%,
6/10/24
.
3,803
3,826
APP-17433587.FP.FTS.B,
5.99%,
8/12/24
.
5,468
5,521
APP-10161712.FP.FTS.B,
23.99%,
8/15/24
2,105
2,089
APP-16681389.FP.FTS.B,
5.99%,
9/01/24
.
3,825
3,854
APP-16681827.FP.FTS.B,
5.99%,
9/01/24
.
5,563
5,611
APP-16688861.FP.FTS.B,
5.99%,
9/01/24
.
5,986
6,038
APP-16667764.FP.FTS.B,
5.99%,
9/10/24
.
5,578
5,633
APP-16650407.FP.FTS.B,
5.99%,
9/13/24
.
2,792
2,819
APP-17479345.FP.FTS.B,
5.99%,
9/13/24
.
1,924
1,936
APP-17493062.FP.FTS.B,
5.99%,
9/13/24
.
4,698
4,738
APP-16660226.FP.FTS.B,
5.99%,
9/14/24
.
5,600
5,654
APP-16682744.FP.FTS.B,
11.24%,
9/14/24
12,039
12,172
APP-16652913.FP.FTS.B,
16.24%,
9/14/24
23,657
23,922
APP-17325113.FP.FTS.B,
17.49%,
9/14/24
5,853
5,902
APP-17485719.FP.FTS.B,
5.99%,
9/15/24
.
5,008
5,059
APP-16473194.FP.FTS.B,
10.74%,
9/18/24
8,246
8,342
APP-17492345.FP.FTS.B,
5.99%,
9/19/24
.
5,934
5,996
APP-17451429.FP.FTS.B,
5.99%,
9/24/24
.
6,161
6,230
APP-16336846.FP.FTS.B,
14.24%,
9/24/24
11,105
11,235
APP-17490514.FP.FTS.B,
5.99%,
9/27/24
.
4,115
4,163
APP-10876917.FP.FTS.B,
23.99%,
10/19/24
..........................
2,742
2,724
APP-10901539.FP.FTS.B,
15.49%,
11/27/24
15,707
15,885
APP-10784743.FP.FTS.B,
23.99%,
11/28/24
7,206
7,293
APP-11694740.FP.FTS.B,
7.49%,
12/15/24
10,468
10,548
APP-11595022.FP.FTS.B,
8.49%,
12/16/24
9,521
9,603
APP-11694411.FP.FTS.B,
13.99%,
12/21/24
12,017
1,551
APP-11731526.FP.FTS.B,
16.49%,
12/21/24
7,030
7,090
APP-11694509.FP.FTS.B,
9.74%,
12/22/24
5,002
5,024
APP-11736995.FP.FTS.B,
17.99%,
12/22/24
5,715
5,752
APP-12144621.FP.FTS.B,
25.49%,
1/21/25
5,893
5,905
APP-11798754.FP.FTS.B,
6.99%,
1/22/25
.
15,774
15,924
APP-12148090.FP.FTS.B,
9.74%,
1/22/25
.
9,636
9,726
APP-12173761.FP.FTS.B,
25.49%,
1/22/25
5,313
5,327
APP-12164966.FP.FTS.B,
11.74%,
1/23/25
11,392
11,498
APP-12179908.FP.FTS.B,
18.99%,
1/23/25
5,680
5,722
APP-12087415.FP.FTS.B,
12.99%,
1/25/25
14,414
14,542
APP-11924017.FP.FTS.B,
15.99%,
1/28/25
10,145
10,231
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11509368.FP.FTS.B,
14.99%,
1/29/25
$
13,466
$
13,593
APP-12414484.FP.FTS.B,
17.24%,
2/02/25
18,973
18,845
APP-12287483.FP.FTS.B,
12.99%,
2/03/25
13,176
13,185
APP-11733782.FP.FTS.B,
15.74%,
2/03/25
11,961
11,843
APP-11694464.FP.FTS.B,
11.49%,
2/04/25
6,968
7,029
APP-12175602.FP.FTS.B,
17.49%,
2/25/25
7,810
7,876
APP-12165485.FP.FTS.B,
18.99%,
3/01/25
10,207
1,115
APP-12029075.FP.FTS.B,
15.99%,
3/05/25
11,801
11,776
APP-12124683.FP.FTS.B,
16.99%,
3/06/25
7,822
7,758
APP-12172939.FP.FTS.B,
9.74%,
3/07/25
.
11,348
11,444
APP-10156554.FP.FTS.B,
9.49%,
3/08/25
.
14,476
14,601
APP-12188446.FP.FTS.B,
11.99%,
3/08/25
11,536
11,614
APP-12185763.FP.FTS.B,
12.99%,
3/08/25
14,462
14,512
APP-12168882.FP.FTS.B,
17.49%,
3/08/25
14,400
14,362
APP-12175546.FP.FTS.B,
17.99%,
3/08/25
10,055
10,054
APP-12031531.FP.FTS.B,
20.99%,
3/08/25
10,384
10,213
APP-12414365.FP.FTS.B,
9.74%,
3/09/25
.
8,021
8,095
APP-12139801.FP.FTS.B,
9.49%,
3/11/25
.
12,321
12,436
APP-11853561.FP.FTS.B,
17.99%,
3/18/25
8,989
9,020
APP-12050722.FP.FTS.B,
9.49%,
3/20/25
.
11,463
11,578
APP-12413819.FP.FTS.B,
16.99%,
3/21/25
6,708
6,739
APP-12106203.FP.FTS.B,
9.74%,
3/22/25
.
11,024
11,139
APP-12270743.FP.FTS.B,
16.49%,
3/22/25
9,671
9,725
APP-12381356.FP.FTS.B,
9.74%,
3/24/25
.
8,947
9,039
APP-12414413.FP.FTS.B,
17.99%,
3/25/25
10,243
10,299
APP-12178610.FP.FTS.B,
23.99%,
7/09/25
10,295
1,172
APP-15099844.FP.FTS.B,
19.99%,
7/15/25
11,176
11,089
APP-15072875.FP.FTS.B,
15.49%,
7/18/25
12,322
12,350
APP-15063599.FP.FTS.B,
8.24%,
7/23/25
.
17,063
17,250
APP-15073908.FP.FTS.B,
22.74%,
7/25/25
8,511
8,417
APP-15052562.FP.FTS.B,
10.24%,
7/29/25
22,211
22,494
APP-15077310.FP.FTS.B,
25.49%,
7/29/25
8,411
8,264
APP-17112174.FP.FTS.B,
11.74%,
8/12/25
9,257
9,341
APP-10157776.FP.FTS.B,
22.49%,
8/13/25
23,686
24,714
APP-12017283.FP.FTS.B,
14.24%,
8/22/25
23,518
23,624
APP-16709443.FP.FTS.B,
15.24%,
9/02/25
11,437
11,485
APP-17041993.FP.FTS.B,
13.74%,
9/05/25
25,916
26,152
APP-17017611.FP.FTS.B,
11.99%,
9/06/25
30,484
30,767
APP-16692788.FP.FTS.B,
10.74%,
9/10/25
8,750
8,840
APP-16716169.FP.FTS.B,
9.49%,
9/14/25
.
11,420
11,548
APP-17284270.FP.FTS.B,
13.74%,
9/15/25
29,460
29,713
APP-16721812.FP.FTS.B,
14.24%,
9/15/25
10,157
10,252
APP-16622583.FP.FTS.B,
15.99%,
9/16/25
10,106
10,032
APP-16911624.FP.FTS.B,
10.99%,
9/18/25
21,039
21,271
APP-17495714.FP.FTS.B,
11.74%,
9/26/25
11,017
11,157
APP-10833798.FP.FTS.B,
15.99%,
10/18/25
..........................
12,765
13,062
APP-16948390.FP.FTS.B,
13.99%,
11/27/25
12,469
1,599
APP-11579289.FP.FTS.B,
10.99%,
12/05/25
8,464
8,558
APP-10861885.FP.FTS.B,
15.49%,
12/17/25
..........................
14,568
14,772
APP-11737115.FP.FTS.B,
12.49%,
12/18/25
10,104
10,253
APP-11731020.FP.FTS.B,
19.99%,
12/20/25
22,560
23,189
APP-11531737.FP.FTS.B,
13.99%,
12/22/25
8,786
8,910
APP-11442801.FP.FTS.B,
16.49%,
12/22/25
12,915
13,223
APP-10314724.FP.FTS.B,
11.74%,
1/08/26
16,484
16,652
APP-12165054.FP.FTS.B,
10.24%,
1/14/26
12,683
12,843
APP-12174416.FP.FTS.B,
10.24%,
1/22/26
13,751
13,958
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12171910.FP.FTS.B,
12.49%,
1/22/26
$
10,759
$
10,919
APP-11799040.FP.FTS.B,
15.74%,
1/22/26
27,599
28,074
APP-12006366.FP.FTS.B,
20.99%,
1/22/26
7,154
7,311
APP-11687753.FP.FTS.B,
13.49%,
1/25/26
15,163
15,420
APP-11657555.FP.FTS.B,
18.49%,
1/28/26
32,704
33,545
APP-12287012.FP.FTS.B,
17.49%,
2/01/26
9,930
10,067
APP-12458983.FP.FTS.B,
15.99%,
2/02/26
8,539
8,639
APP-11579337.FP.FTS.B,
10.99%,
2/04/26
17,859
18,117
APP-11595092.FP.FTS.B,
19.49%,
2/05/26
28,826
29,295
APP-12168235.FP.FTS.B,
19.49%,
2/23/26
6,555
6,691
APP-12139578.FP.FTS.B,
15.24%,
2/24/26
8,102
8,227
APP-12119897.FP.FTS.B,
10.24%,
2/28/26
14,995
15,231
APP-12176488.FP.FTS.B,
14.99%,
3/04/26
14,313
14,514
APP-12033031.FP.FTS.B,
13.99%,
3/05/26
5,340
5,418
APP-12050179.FP.FTS.B,
16.49%,
3/07/26
12,192
12,382
APP-12128364.FP.FTS.B,
13.24%,
3/08/26
16,327
16,410
APP-12463162.FP.FTS.B,
18.49%,
3/10/26
11,617
11,774
APP-12209184.FP.FTS.B,
19.49%,
3/11/26
4,460
4,424
APP-12287014.FP.FTS.B,
16.99%,
3/15/26
11,310
11,489
APP-12466087.FP.FTS.B,
18.99%,
3/15/26
9,806
9,953
APP-12397804.FP.FTS.B,
16.99%,
3/16/26
9,115
9,263
APP-12400371.FP.FTS.B,
16.99%,
3/16/26
14,507
14,705
APP-12372783.FP.FTS.B,
14.99%,
3/17/26
4,635
4,626
APP-12431691.FP.FTS.B,
9.49%,
3/20/26
.
21,071
21,398
APP-12286988.FP.FTS.B,
10.99%,
3/21/26
34,222
34,778
APP-12343526.FP.FTS.B,
16.99%,
3/21/26
19,409
6,140
APP-12448349.FP.FTS.B,
14.99%,
3/23/26
15,801
16,103
APP-12414671.FP.FTS.B,
15.99%,
3/23/26
16,957
17,288
APP-12431061.FP.FTS.B,
10.99%,
3/24/26
33,731
34,296
APP-12443256.FP.FTS.B,
16.74%,
3/24/26
29,392
9,237
APP-12414591.FP.FTS.B,
19.49%,
3/24/26
6,975
7,134
APP-12459668.FP.FTS.B,
14.99%,
3/25/26
13,521
13,799
APP-12464227.FP.FTS.B,
16.24%,
3/25/26
22,986
23,475
APP-12414582.FP.FTS.B,
18.49%,
3/25/26
14,628
14,937
APP-12199831.FP.FTS.B,
16.99%,
4/22/26
11,172
11,358
APP-15117837.FP.FTS.B,
22.24%,
7/15/26
12,150
12,220
APP-15068337.FP.FTS.B,
8.99%,
7/20/26
.
13,659
13,858
APP-14891119.FP.FTS.B,
18.74%,
7/24/26
40,198
40,763
APP-15053612.FP.FTS.B,
13.99%,
7/26/26
9,182
9,337
APP-15053337.FP.FTS.B,
17.99%,
7/26/26
9,672
9,808
APP-15004884.FP.FTS.B,
15.99%,
7/27/26
21,466
21,838
APP-15119191.FP.FTS.B,
18.49%,
7/28/26
5,011
5,082
APP-14912105.FP.FTS.B,
20.99%,
7/29/26
14,849
15,082
APP-16636359.FP.FTS.B,
14.74%,
7/30/26
21,444
21,753
APP-16690474.FP.FTS.B,
9.24%,
8/01/26
.
24,055
24,341
APP-10174955.FP.FTS.B,
19.49%,
8/15/26
25,023
2,817
APP-16637564.FP.FTS.B,
15.99%,
9/03/26
6,982
7,055
APP-16719236.FP.FTS.B,
10.49%,
9/04/26
14,505
14,683
APP-16676602.FP.FTS.B,
11.24%,
9/05/26
20,213
20,476
APP-10573456.FP.FTS.B,
17.49%,
9/10/26
11,793
6,661
APP-16630984.FP.FTS.B,
14.49%,
9/12/26
12,347
12,516
APP-15072534.FP.FTS.B,
20.49%,
9/13/26
10,651
2,188
APP-17112604.FP.FTS.B,
11.74%,
9/15/26
20,444
20,719
APP-16335651.FP.FTS.B,
14.49%,
9/15/26
13,903
14,125
APP-17464221.FP.FTS.B,
16.74%,
9/15/26
11,442
11,536
APP-17032039.FP.FTS.B,
10.49%,
9/16/26
20,927
21,249
APP-16710569.FP.FTS.B,
15.49%,
9/16/26
20,711
21,056
APP-16640009.FP.FTS.B,
12.49%,
9/19/26
14,640
14,885
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-10406165.FP.FTS.B,
18.99%,
9/20/26
$
13,670
$
14,006
APP-16275007.FP.FTS.B,
12.49%,
9/22/26
11,412
11,584
APP-17279512.FP.FTS.B,
16.74%,
9/22/26
12,429
12,553
APP-17112160.FP.FTS.B,
12.24%,
9/25/26
20,558
20,878
APP-17112272.FP.FTS.B,
14.24%,
9/25/26
18,666
18,969
APP-17457461.FP.FTS.B,
16.74%,
9/27/26
11,731
11,876
APP-16637316.FP.FTS.B,
18.24%,
9/27/26
14,646
14,831
APP-16632934.FP.FTS.B,
14.49%,
10/15/26
..........................
42,102
42,803
APP-10618590.FP.FTS.B,
20.49%,
10/26/26
..........................
12,970
2,833
APP-11021919.FP.FTS.B,
17.99%,
11/03/26
13,666
13,894
APP-11400385.FP.FTS.B,
14.49%,
11/26/26
8,842
8,979
APP-11381442.FP.FTS.B,
20.49%,
11/26/26
19,120
19,577
APP-11744624.FP.FTS.B,
13.24%,
12/09/26
17,883
18,109
APP-11579549.FP.FTS.B,
13.49%,
12/15/26
35,117
35,627
APP-11695023.FP.FTS.B,
13.49%,
12/15/26
12,652
12,835
APP-11700609.FP.FTS.B,
19.99%,
12/15/26
38,839
39,508
APP-11737058.FP.FTS.B,
22.49%,
12/15/26
7,710
7,852
APP-11671786.FP.FTS.B,
22.49%,
12/16/26
7,126
7,237
APP-11736851.FP.FTS.B,
19.99%,
12/17/26
11,396
2,376
APP-11693245.FP.FTS.B,
18.49%,
12/18/26
16,071
16,418
APP-11719573.FP.FTS.B,
19.99%,
12/18/26
10,127
10,342
APP-11022370.FP.FTS.B,
16.49%,
12/20/26
8,211
8,361
APP-11733566.FP.FTS.B,
19.24%,
12/20/26
6,308
6,258
APP-11740523.FP.FTS.B,
10.99%,
12/21/26
18,188
18,481
APP-11443178.FP.FTS.B,
11.74%,
12/21/26
10,405
10,578
APP-11694985.FP.FTS.B,
12.99%,
12/21/26
10,325
10,496
APP-11695114.FP.FTS.B,
17.49%,
12/21/26
12,943
2,634
APP-11730592.FP.FTS.B,
17.99%,
12/21/26
32,439
33,120
APP-11723942.FP.FTS.B,
19.49%,
12/21/26
37,236
38,047
APP-11731905.FP.FTS.B,
18.99%,
12/22/26
15,549
15,882
APP-11735206.FP.FTS.B,
19.49%,
12/22/26
18,256
1,901
APP-11730543.FP.FTS.B,
19.99%,
12/22/26
11,196
11,409
APP-11401848.FP.FTS.B,
15.49%,
1/05/27
9,941
10,060
APP-12116526.FP.FTS.B,
18.99%,
1/05/27
11,664
11,757
APP-11146646.FP.FTS.B,
12.74%,
1/07/27
24,490
24,853
APP-11397497.FP.FTS.B,
11.99%,
1/10/27
17,785
18,104
APP-11410185.FP.FTS.B,
22.49%,
1/10/27
23,387
23,639
APP-11413059.FP.FTS.B,
13.74%,
1/11/27
9,971
10,131
APP-11946615.FP.FTS.B,
16.49%,
1/11/27
17,320
17,550
APP-12090452.FP.FTS.B,
16.99%,
1/15/27
15,531
15,746
APP-12139980.FP.FTS.B,
19.99%,
1/15/27
6,106
1,935
APP-12032875.FP.FTS.B,
11.24%,
1/16/27
19,046
19,310
APP-12073890.FP.FTS.B,
10.99%,
1/20/27
16,570
16,813
APP-12132313.FP.FTS.B,
11.24%,
1/21/27
9,811
9,957
APP-12137436.FP.FTS.B,
16.99%,
1/21/27
23,287
23,689
APP-12173162.FP.FTS.B,
17.49%,
1/21/27
13,422
13,653
APP-11798808.FP.FTS.B,
10.99%,
1/22/27
15,092
15,322
APP-12172519.FP.FTS.B,
11.24%,
1/22/27
11,326
11,498
APP-12154405.FP.FTS.B,
14.49%,
1/22/27
11,546
11,726
APP-12161019.FP.FTS.B,
20.49%,
1/22/27
8,371
8,524
APP-12122672.FP.FTS.B,
22.99%,
1/22/27
14,350
1,735
APP-12169743.FP.FTS.B,
24.24%,
1/22/27
24,393
24,625
APP-12186510.FP.FTS.B,
9.74%,
1/23/27
.
32,082
32,574
APP-12107351.FP.FTS.B,
16.49%,
1/23/27
17,127
17,452
APP-12105986.FP.FTS.B,
10.99%,
1/25/27
25,921
26,340
APP-12209707.FP.FTS.B,
25.49%,
1/25/27
9,002
9,171
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11595106.FP.FTS.B,
13.49%,
1/26/27
$
10,679
$
10,862
APP-11579435.FP.FTS.B,
15.49%,
1/28/27
14,634
14,938
APP-11694310.FP.FTS.B,
16.74%,
1/28/27
34,796
35,444
APP-11739118.FP.FTS.B,
16.99%,
1/28/27
12,967
4,173
APP-11595260.FP.FTS.B,
18.99%,
1/29/27
11,638
11,893
APP-12414657.FP.FTS.B,
10.99%,
2/01/27
27,841
28,177
APP-11711469.FP.FTS.B,
19.99%,
2/01/27
13,232
13,341
APP-11705115.FP.FTS.B,
21.49%,
2/01/27
40,445
40,712
APP-11709913.FP.FTS.B,
21.49%,
2/02/27
41,306
42,025
APP-11732543.FP.FTS.B,
20.99%,
2/03/27
11,903
11,995
APP-11694211.FP.FTS.B,
11.99%,
2/04/27
38,611
39,306
APP-11724908.FP.FTS.B,
12.74%,
2/04/27
31,617
32,111
APP-11709701.FP.FTS.B,
16.49%,
2/04/27
11,788
11,965
APP-11712504.FP.FTS.B,
17.99%,
2/04/27
7,944
8,067
APP-11725393.FP.FTS.B,
17.99%,
2/04/27
39,722
40,152
APP-11731565.FP.FTS.B,
18.99%,
2/04/27
39,966
40,444
APP-11732774.FP.FTS.B,
19.49%,
2/04/27
10,082
2,030
APP-11694359.FP.FTS.B,
19.99%,
2/04/27
9,112
9,214
APP-11660434.FP.FTS.B,
20.49%,
2/04/27
23,519
23,899
APP-11694079.FP.FTS.B,
10.99%,
2/05/27
16,733
16,989
APP-11722179.FP.FTS.B,
11.99%,
2/05/27
21,412
21,746
APP-11740935.FP.FTS.B,
13.99%,
2/05/27
38,750
39,355
APP-11608429.FP.FTS.B,
17.49%,
2/05/27
31,704
32,202
APP-09759707.FP.FTS.B,
18.99%,
2/05/27
6,000
6,075
APP-11741297.FP.FTS.B,
19.24%,
2/05/27
16,825
16,961
APP-11742867.FP.FTS.B,
23.24%,
2/05/27
16,407
16,540
APP-12337990.FP.FTS.B,
16.49%,
2/07/27
6,340
6,423
APP-11738196.FP.FTS.B,
21.99%,
2/15/27
8,997
9,104
APP-11553389.FP.FTS.B,
12.24%,
2/22/27
15,588
15,819
APP-12029572.FP.FTS.B,
16.99%,
2/24/27
14,888
15,166
APP-12033253.FP.FTS.B,
17.99%,
2/24/27
11,262
11,497
APP-12159528.FP.FTS.B,
18.99%,
2/28/27
11,898
12,102
APP-12050224.FP.FTS.B,
11.74%,
3/01/27
32,822
33,261
APP-12168636.FP.FTS.B,
13.24%,
3/01/27
15,656
15,853
APP-12171147.FP.FTS.B,
16.24%,
3/01/27
27,852
3,163
APP-12211243.FP.FTS.B,
17.24%,
3/01/27
28,990
29,199
APP-12107891.FP.FTS.B,
17.99%,
3/01/27
12,697
12,744
APP-12208717.FP.FTS.B,
21.74%,
3/01/27
20,395
20,407
APP-12150597.FP.FTS.B,
25.49%,
3/01/27
8,801
8,794
APP-12158633.FP.FTS.B,
23.24%,
3/02/27
16,555
16,555
APP-12005996.FP.FTS.B,
15.49%,
3/03/27
9,350
9,438
APP-12105218.FP.FTS.B,
10.99%,
3/05/27
19,495
19,801
APP-12101962.FP.FTS.B,
13.49%,
3/05/27
12,598
12,794
APP-12214905.FP.FTS.B,
16.49%,
3/05/27
9,590
9,721
APP-12159801.FP.FTS.B,
16.99%,
3/05/27
22,306
22,561
APP-12164096.FP.FTS.B,
21.49%,
3/05/27
11,799
11,832
APP-12168034.FP.FTS.B,
18.99%,
3/06/27
12,748
12,851
APP-12172482.FP.FTS.B,
20.49%,
3/06/27
23,939
24,087
APP-12050159.FP.FTS.B,
13.24%,
3/07/27
27,302
27,708
APP-12032991.FP.FTS.B,
14.49%,
3/07/27
19,160
19,467
APP-12125835.FP.FTS.B,
19.99%,
3/07/27
11,588
11,701
APP-12140862.FP.FTS.B,
8.99%,
3/08/27
.
20,400
20,743
APP-12105970.FP.FTS.B,
10.99%,
3/08/27
17,519
17,785
APP-12155604.FP.FTS.B,
11.24%,
3/08/27
12,239
12,425
APP-12097459.FP.FTS.B,
13.24%,
3/08/27
19,674
19,966
APP-12106008.FP.FTS.B,
13.49%,
3/08/27
12,429
12,617
APP-12050743.FP.FTS.B,
14.99%,
3/08/27
13,965
14,163
APP-12150738.FP.FTS.B,
16.74%,
3/08/27
34,651
35,182
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12188890.FP.FTS.B,
20.49%,
3/08/27
$
16,354
$
1,761
APP-12432804.FP.FTS.B,
13.24%,
3/09/27
28,607
29,007
APP-12366828.FP.FTS.B,
16.99%,
3/09/27
12,739
12,903
APP-11965580.FP.FTS.B,
20.49%,
3/09/27
22,559
22,721
APP-11508449.FP.FTS.B,
8.49%,
3/10/27
.
23,553
23,873
APP-12216897.FP.FTS.B,
10.99%,
3/10/27
30,791
31,211
APP-12448900.FP.FTS.B,
13.24%,
3/10/27
25,515
13,150
APP-12451319.FP.FTS.B,
17.49%,
3/10/27
10,203
1,129
APP-12203395.FP.FTS.B,
22.49%,
3/10/27
9,176
9,252
APP-12199670.FP.FTS.B,
10.99%,
3/11/27
25,815
26,169
APP-12459432.FP.FTS.B,
13.24%,
3/11/27
19,637
19,929
APP-12464629.FP.FTS.B,
16.49%,
3/11/27
11,954
12,134
APP-12459441.FP.FTS.B,
17.49%,
3/11/27
13,582
13,718
APP-12210087.FP.FTS.B,
18.74%,
3/11/27
40,563
41,024
APP-12459768.FP.FTS.B,
19.74%,
3/11/27
27,533
27,831
APP-12071137.FP.FTS.B,
19.99%,
3/11/27
22,317
22,547
APP-12460903.FP.FTS.B,
10.99%,
3/15/27
30,847
31,309
APP-12467297.FP.FTS.B,
13.24%,
3/15/27
24,654
25,020
APP-12442169.FP.FTS.B,
14.49%,
3/15/27
16,498
16,757
APP-12291770.FP.FTS.B,
16.49%,
3/15/27
5,599
5,594
APP-12420649.FP.FTS.B,
16.74%,
3/15/27
34,087
34,588
APP-12379303.FP.FTS.B,
13.24%,
3/16/27
19,527
19,804
APP-12345397.FP.FTS.B,
19.74%,
3/16/27
11,862
11,708
APP-12196952.FP.FTS.B,
19.99%,
3/16/27
12,838
12,964
APP-12407602.FP.FTS.B,
19.99%,
3/16/27
6,086
6,028
APP-12408935.FP.FTS.B,
19.99%,
3/17/27
11,392
11,510
APP-12462116.FP.FTS.B,
17.49%,
3/18/27
23,300
23,615
APP-11948900.FP.FTS.B,
17.74%,
3/18/27
35,390
35,869
APP-12418630.FP.FTS.B,
17.99%,
3/18/27
16,770
16,874
APP-12433361.FP.FTS.B,
18.49%,
3/18/27
15,185
15,350
APP-12461150.FP.FTS.B,
18.49%,
3/18/27
14,568
14,728
APP-12421799.FP.FTS.B,
19.74%,
3/18/27
23,424
23,690
APP-12463831.FP.FTS.B,
19.99%,
3/18/27
8,053
8,179
APP-12357813.FP.FTS.B,
10.99%,
3/20/27
24,744
25,149
APP-12287686.FP.FTS.B,
11.24%,
3/20/27
18,596
18,892
APP-12422648.FP.FTS.B,
13.24%,
3/20/27
18,163
18,464
APP-12380981.FP.FTS.B,
13.74%,
3/20/27
8,624
8,768
APP-12392789.FP.FTS.B,
18.99%,
3/20/27
15,606
1,770
APP-12230901.FP.FTS.B,
20.24%,
3/20/27
42,698
14,060
APP-12412709.FP.FTS.B,
20.24%,
3/20/27
38,701
39,221
APP-12424835.FP.FTS.B,
23.99%,
3/20/27
27,660
27,778
APP-12459776.FP.FTS.B,
10.99%,
3/21/27
26,131
26,566
APP-12287335.FP.FTS.B,
13.24%,
3/21/27
16,885
17,161
APP-12402614.FP.FTS.B,
13.74%,
3/21/27
21,158
21,504
APP-12450320.FP.FTS.B,
19.99%,
3/21/27
11,432
11,579
APP-12176796.FP.FTS.B,
8.99%,
3/22/27
.
21,408
21,709
APP-12345892.FP.FTS.B,
13.49%,
3/22/27
12,469
12,682
APP-12345261.FP.FTS.B,
15.49%,
3/22/27
19,517
19,800
APP-12443158.FP.FTS.B,
17.49%,
3/22/27
9,667
9,803
APP-12446716.FP.FTS.B,
22.49%,
3/22/27
8,324
924
APP-12270745.FP.FTS.B,
17.74%,
3/23/27
30,993
31,446
APP-12429877.FP.FTS.B,
19.74%,
3/23/27
24,588
24,966
APP-12435676.FP.FTS.B,
20.49%,
3/23/27
32,813
33,261
APP-12420863.FP.FTS.B,
17.49%,
3/24/27
15,433
15,686
APP-12463499.FP.FTS.B,
17.49%,
3/24/27
18,658
18,981
APP-12468743.FP.FTS.B,
18.24%,
3/24/27
25,933
26,350
APP-12468934.FP.FTS.B,
19.99%,
3/24/27
8,489
5,106
APP-12408200.FP.FTS.B,
21.74%,
3/24/27
9,967
9,872
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12468566.FP.FTS.B,
19.74%,
3/25/27
$
26,665
$
26,815
APP-11872544.FP.FTS.B,
19.99%,
3/25/27
11,226
11,398
APP-12175594.FP.FTS.B,
18.99%,
4/01/27
11,312
6,968
APP-11744076.FP.FTS.B,
17.49%,
4/05/27
19,460
10,991
APP-12171005.FP.FTS.B,
23.99%,
4/08/27
26,483
26,626
APP-12176276.FP.FTS.B,
19.99%,
4/09/27
7,873
7,825
APP-12133804.FP.FTS.B,
10.99%,
4/30/27
17,598
17,843
APP-11665810.FP.FTS.B,
20.99%,
5/18/27
29,819
3,311
APP-14835801.FP.FTS.B,
11.24%,
6/05/27
25,143
25,412
APP-15016056.FP.FTS.B,
19.24%,
6/06/27
30,012
30,116
APP-12402250.FP.FTS.B,
19.99%,
6/30/27
21,952
21,964
APP-14953646.FP.FTS.B,
24.24%,
7/06/27
37,328
37,149
APP-15007182.FP.FTS.B,
16.99%,
7/11/27
9,739
9,834
APP-15105817.FP.FTS.B,
11.74%,
7/15/27
18,265
18,501
APP-15110260.FP.FTS.B,
13.99%,
7/15/27
26,831
27,152
APP-14523455.FP.FTS.B,
17.24%,
7/15/27
33,520
33,618
APP-15113452.FP.FTS.B,
18.49%,
7/15/27
11,019
11,067
APP-15103060.FP.FTS.B,
19.99%,
7/15/27
13,566
13,603
APP-15066730.FP.FTS.B,
20.99%,
7/15/27
13,078
1,437
APP-15871573.FP.FTS.B,
10.99%,
7/20/27
27,833
28,145
APP-14544639.FP.FTS.B,
11.99%,
7/21/27
12,505
12,689
APP-16662334.FP.FTS.B,
15.24%,
7/26/27
22,160
22,427
APP-15072881.FP.FTS.B,
17.49%,
7/26/27
12,855
13,055
APP-15066733.FP.FTS.B,
18.99%,
7/26/27
12,177
12,231
APP-15119411.FP.FTS.B,
9.74%,
7/28/27
.
19,423
19,738
APP-15116487.FP.FTS.B,
21.49%,
7/28/27
14,898
14,992
APP-14371097.FP.FTS.B,
14.74%,
7/29/27
42,384
43,116
APP-16465567.FP.FTS.B,
15.49%,
7/30/27
13,020
13,192
APP-16645516.FP.FTS.B,
10.99%,
7/31/27
17,819
8,967
APP-16640475.FP.FTS.B,
12.74%,
8/02/27
15,378
15,555
APP-16637899.FP.FTS.B,
15.49%,
8/02/27
16,360
16,518
APP-17319474.FP.FTS.B,
16.49%,
8/07/27
43,395
43,775
APP-17245315.FP.FTS.B,
17.74%,
8/09/27
9,182
9,183
APP-16283011.FP.FTS.B,
11.74%,
8/10/27
42,781
43,254
APP-17385444.FP.FTS.B,
15.24%,
8/12/27
21,672
21,890
APP-15122204.FP.FTS.B,
20.74%,
8/28/27
10,782
3,704
APP-15106325.FP.FTS.B,
23.24%,
8/28/27
16,719
16,811
APP-15098807.FP.FTS.B,
26.99%,
8/28/27
11,127
2,567
APP-16679044.FP.FTS.B,
8.99%,
9/01/27
.
11,467
11,583
APP-16632155.FP.FTS.B,
11.49%,
9/01/27
14,984
15,153
APP-16448250.FP.FTS.B,
13.49%,
9/01/27
6,038
6,097
APP-16676570.FP.FTS.B,
15.24%,
9/01/27
18,233
18,222
APP-16718578.FP.FTS.B,
15.74%,
9/02/27
9,568
9,677
APP-16852920.FP.FTS.B,
10.99%,
9/04/27
33,283
33,675
APP-16640455.FP.FTS.B,
10.99%,
9/05/27
19,285
19,518
APP-16682911.FP.FTS.B,
14.49%,
9/05/27
15,940
1,618
APP-16800634.FP.FTS.B,
15.99%,
9/10/27
42,837
43,360
APP-16335596.FP.FTS.B,
10.99%,
9/12/27
22,853
23,171
APP-16627732.FP.FTS.B,
12.99%,
9/12/27
21,633
21,943
APP-16399010.FP.FTS.B,
15.24%,
9/12/27
18,378
18,625
APP-15052242.FP.FTS.B,
11.74%,
9/13/27
43,462
44,413
APP-16664397.FP.FTS.B,
12.99%,
9/13/27
21,586
21,901
APP-17484422.FP.FTS.B,
15.24%,
9/13/27
19,455
9,888
APP-10624729.FP.FTS.B,
15.74%,
9/13/27
23,530
23,872
APP-17458875.FP.FTS.B,
16.49%,
9/13/27
4,355
4,404
APP-16677695.FP.FTS.B,
12.99%,
9/14/27
23,385
23,736
APP-16617425.FP.FTS.B,
9.49%,
9/15/27
.
17,971
18,205
APP-16687847.FP.FTS.B,
9.49%,
9/15/27
.
17,075
17,319
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-17011228.FP.FTS.B,
14.74%,
9/15/27
$
43,729
$
44,346
APP-16720658.FP.FTS.B,
15.24%,
9/15/27
33,847
34,327
APP-17027051.FP.FTS.B,
14.49%,
9/16/27
12,372
12,526
APP-17010091.FP.FTS.B,
15.49%,
9/18/27
35,013
35,549
APP-17488419.FP.FTS.B,
16.49%,
9/20/27
5,465
530
APP-16637461.FP.FTS.B,
18.49%,
9/20/27
16,747
16,933
APP-17497296.FP.FTS.B,
17.74%,
9/23/27
11,443
11,507
APP-17082038.FP.FTS.B,
12.49%,
9/26/27
26,523
26,937
APP-17385910.FP.FTS.B,
15.24%,
9/26/27
33,193
33,691
APP-17490395.FP.FTS.B,
15.24%,
9/26/27
28,825
29,258
APP-17115062.FP.FTS.B,
17.99%,
9/26/27
17,219
17,342
APP-17461708.FP.FTS.B,
12.49%,
9/27/27
27,381
27,817
APP-17239533.FP.FTS.B,
13.74%,
9/27/27
17,375
17,656
APP-17504832.FP.FTS.B,
13.74%,
9/27/27
19,078
19,405
APP-17102136.FP.FTS.B,
14.24%,
9/27/27
43,249
43,962
APP-17485387.FP.FTS.B,
15.24%,
9/30/27
32,563
33,073
APP-10590417.FP.FTS.B,
17.99%,
9/30/27
18,272
10,962
APP-12415203.FP.FTS.B,
21.24%,
11/21/27
21,981
7,676
APP-15602293.FP.FTS.B,
15.49%,
1/30/28
14,102
14,284
6,463,847
LendingClub
Corp.
-
LCX
159198648.LC.FTS.B,
17.74%,
9/25/24
...
4,674
4,638
158981937.LC.FTS.B,
16.12%,
9/26/24
...
4,639
4,611
161888275.LC.FTS.B,
15.24%,
11/14/24
..
5,164
5,067
162030908.LC.FTS.B,
12.4%,
11/19/24
...
5,273
4,897
162266279.LC.FTS.B,
11.02%,
11/22/24
..
9,669
9,436
161858763.LC.FTS.B,
14.3%,
11/29/24
...
1,769
1,724
162318190.LC.FTS.B,
13.08%,
12/13/24
..
1,901
1,748
163115691.LC.FTS.B,
13.08%,
12/13/24
..
13,375
13,041
163517783.LC.FTS.B,
13.08%,
12/18/24
..
8,446
7,869
163479653.LC.FTS.B,
20.55%,
12/30/24
..
4,760
4,666
163615560.LC.FTS.B,
20.55%,
12/30/24
..
6,179
6,082
163919650.LC.FTS.B,
20.55%,
12/30/24
..
2,513
2,473
164050345.LC.FTS.B,
13.08%,
12/31/24
..
11,109
10,761
164510336.LC.FTS.B,
13.08%,
1/15/25
...
11,191
10,550
164586812.LC.FTS.B,
8.19%,
1/27/25
...
4,754
4,517
162966512.LC.FTS.B,
11.02%,
2/12/25
...
8,579
7,838
166880211.LC.FTS.B,
8.19%,
2/18/25
....
7,163
6,710
163292439.LC.FTS.B,
8.19%,
2/23/25
...
6,082
5,628
166833583.LC.FTS.B,
13.08%,
2/24/25
...
10,345
9,624
167466589.LC.FTS.B,
8.19%,
2/27/25
...
4,703
4,449
166039716.LC.FTS.B,
10.33%,
2/28/25
...
14,584
14,095
164067189.LC.FTS.B,
13.08%,
2/28/25
...
14,660
14,141
165441115.LC.FTS.B,
8.81%,
4/05/25
....
6,318
5,846
168296354.LC.FTS.B,
13.08%,
5/13/25
...
9,128
8,425
168006688.LC.FTS.B,
8.19%,
11/21/25
...
12,119
11,106
163941621.LC.FTS.B,
Zero
Cpn,
12/31/32
5,106
–
179,942
LendingClub
Corp.
-
LCX
PM
170462708.LC.FTS.B,
10.81%,
9/17/23
...
1,288
1,284
170309569.LC.FTS.B,
19.12%,
9/17/23
...
650
551
170617520.LC.FTS.B,
10.81%,
9/22/23
...
1,224
1,216
170507906.LC.FTS.B,
10.81%,
9/23/23
...
386
385
170767991.LC.FTS.B,
15.4%,
9/23/23
...
137
137
170374076.LC.FTS.B,
18.24%,
9/25/23
...
359
360
170726414.LC.FTS.B,
9.56%,
9/28/23
...
760
756
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
170702407.LC.FTS.B,
10.81%,
9/28/23
...
$
709
$
703
170808772.LC.FTS.B,
10.81%,
9/29/23
...
1,640
1,633
170929457.LC.FTS.B,
14.02%,
9/30/23
...
120
119
170705708.LC.FTS.B,
9.56%,
10/05/23
...
1,420
1,404
170268845.LC.FTS.B,
10.19%,
10/06/23
..
1,450
1,436
170930834.LC.FTS.B,
10.19%,
10/06/23
..
2,386
2,366
171032133.LC.FTS.B,
10.81%,
10/14/23
..
192
191
170963456.LC.FTS.B,
19.95%,
10/14/23
..
2,207
2,203
171252541.LC.FTS.B,
10.19%,
10/15/23
..
143
142
171215486.LC.FTS.B,
10.81%,
10/15/23
..
481
477
171271973.LC.FTS.B,
19.12%,
10/15/23
..
1,067
1,070
171361625.LC.FTS.B,
10.19%,
10/20/23
..
928
923
171055998.LC.FTS.B,
14.02%,
10/20/23
..
1,703
1,695
171428113.LC.FTS.B,
18.24%,
10/20/23
..
1,795
1,793
171178790.LC.FTS.B,
8.46%,
10/21/23
...
1,430
1,411
171245584.LC.FTS.B,
8.46%,
10/22/23
...
513
510
171373758.LC.FTS.B,
10.19%,
10/22/23
..
2,863
2,843
171444548.LC.FTS.B,
10.81%,
10/22/23
..
5,767
700
170652695.LC.FTS.B,
14.02%,
10/24/23
..
506
503
170976689.LC.FTS.B,
8.46%,
10/28/23
...
1,260
1,249
171666793.LC.FTS.B,
18.24%,
10/28/23
..
1,124
1,113
171357136.LC.FTS.B,
9.02%,
10/31/23
...
1,266
1,249
171974686.LC.FTS.B,
10.81%,
11/17/23
..
894
883
172080082.LC.FTS.B,
9.02%,
11/18/23
...
3,122
3,094
172294502.LC.FTS.B,
8.46%,
11/24/23
...
1,240
1,228
172262310.LC.FTS.B,
9.56%,
12/04/23
...
1,878
1,856
173236004.LC.FTS.B,
19.12%,
12/23/23
..
1,751
1,758
173214358.LC.FTS.B,
19.12%,
12/28/23
..
1,751
1,766
173241001.LC.FTS.B,
17.3%,
12/29/23
...
773
768
173362025.LC.FTS.B,
20.74%,
12/29/23
..
1,591
1,578
173536070.LC.FTS.B,
16.08%,
1/05/24
...
504
501
173391094.LC.FTS.B,
17.3%,
1/05/24
...
613
610
173509997.LC.FTS.B,
10.81%,
1/06/24
...
949
932
172997854.LC.FTS.B,
19.12%,
1/08/24
...
625
623
173417195.LC.FTS.B,
14.71%,
1/09/24
...
2,987
2,955
173898269.LC.FTS.B,
16.99%,
1/19/24
...
2,688
2,682
173997873.LC.FTS.B,
17.49%,
1/20/24
...
2,253
2,246
173397544.LC.FTS.B,
20.74%,
1/20/24
...
764
764
173912279.LC.FTS.B,
9.99%,
1/21/24
...
2,437
2,383
174033162.LC.FTS.B,
16.49%,
1/21/24
...
507
506
173826580.LC.FTS.B,
16.99%,
1/24/24
...
4,358
4,318
174195278.LC.FTS.B,
16.49%,
1/27/24
...
1,215
1,214
174192330.LC.FTS.B,
20.74%,
1/27/24
...
3,411
3,442
174098270.LC.FTS.B,
6.74%,
2/01/24
...
4,211
4,130
174115077.LC.FTS.B,
8.49%,
2/01/24
....
6,444
6,339
174204894.LC.FTS.B,
12.34%,
2/01/24
...
3,370
3,317
174276782.LC.FTS.B,
17.19%,
2/01/24
...
236
234
174033886.LC.FTS.B,
12.49%,
6/05/24
...
7,614
6,279
170877107.LC.FTS.B,
5%,
9/02/24
......
5,395
4,384
170431322.LC.FTS.B,
18.24%,
9/14/25
...
2,724
2,659
170592201.LC.FTS.B,
14.02%,
9/16/25
...
10,389
10,023
170055181.LC.FTS.B,
16.08%,
9/16/25
...
7,979
7,778
170639161.LC.FTS.B,
19.12%,
9/18/25
...
5,501
5,378
170786159.LC.FTS.B,
14.02%,
9/25/25
...
12,465
11,824
170163928.LC.FTS.B,
15.4%,
9/25/25
...
5,314
5,189
170812112.LC.FTS.B,
14.02%,
9/29/25
...
10,727
10,212
171032242.LC.FTS.B,
19.12%,
10/02/25
..
8,506
8,259
170941274.LC.FTS.B,
16.08%,
10/05/25
..
16,465
15,724
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
LendingClub
Corp.
-
LCX
PM
(continued)
171264911.LC.FTS.B,
19.12%,
10/14/25
..
$
8,506
$
8,286
171461721.LC.FTS.B,
16.08%,
10/20/25
..
6,132
5,959
170983832.LC.FTS.B,
20.74%,
10/20/25
..
15,158
14,645
171322854.LC.FTS.B,
16.08%,
10/22/25
..
13,721
13,232
172156822.LC.FTS.B,
14.02%,
11/24/25
..
5,532
5,094
172665217.LC.FTS.B,
15.4%,
12/04/25
...
7,391
1,271
172752552.LC.FTS.B,
16.08%,
12/10/25
..
6,986
6,805
173203429.LC.FTS.B,
15.4%,
12/23/25
...
19,789
19,199
173295643.LC.FTS.B,
19.12%,
12/28/25
..
7,202
7,062
172820246.LC.FTS.B,
15.4%,
12/30/25
...
16,643
16,162
173301532.LC.FTS.B,
17.3%,
1/06/26
...
18,172
17,472
173496629.LC.FTS.B,
16.08%,
1/14/26
...
16,666
15,533
172611713.LC.FTS.B,
19.12%,
1/14/26
...
9,974
9,695
173772624.LC.FTS.B,
14.44%,
1/15/26
...
2,944
2,822
173580706.LC.FTS.B,
17.3%,
1/15/26
...
14,287
13,898
173303101.LC.FTS.B,
19.95%,
1/15/26
...
9,527
9,284
173821408.LC.FTS.B,
21.49%,
1/19/26
...
9,829
9,718
173896730.LC.FTS.B,
23.99%,
1/19/26
...
6,442
6,446
173933933.LC.FTS.B,
13.49%,
1/20/26
...
11,661
11,017
173875674.LC.FTS.B,
14.74%,
1/20/26
...
21,260
19,702
173270899.LC.FTS.B,
15.4%,
1/20/26
...
24,157
22,987
173854798.LC.FTS.B,
21.49%,
1/20/26
...
6,341
6,243
173998821.LC.FTS.B,
21.49%,
1/20/26
...
6,301
6,231
173871807.LC.FTS.B,
21.99%,
1/20/26
...
7,657
7,648
174045948.LC.FTS.B,
17.44%,
1/22/26
...
11,524
11,288
174087634.LC.FTS.B,
23.99%,
1/22/26
...
9,663
9,683
172757520.LC.FTS.B,
19.12%,
1/24/26
...
7,378
7,212
173785381.LC.FTS.B,
16.74%,
1/25/26
...
9,707
9,499
173956639.LC.FTS.B,
18.19%,
1/25/26
...
4,058
3,945
173841383.LC.FTS.B,
21.49%,
1/25/26
...
19,081
18,861
173813936.LC.FTS.B,
19.74%,
1/27/26
...
14,879
14,746
173737758.LC.FTS.B,
9.59%,
1/28/26
...
11,809
11,114
174278232.LC.FTS.B,
23.99%,
2/01/26
...
20,557
7,824
518,841
Prosper
Funding
LLC
1478692.PS.FTS.B,
18.99%,
11/24/23
....
1,293
471
1491946.PS.FTS.B,
15.49%,
12/22/23
...
787
31
1579196.PS.FTS.B,
25.75%,
6/29/24
....
1,760
1,796
1602993.PS.FTS.B,
8.7%,
7/23/24
......
14,996
2,073
1609512.PS.FTS.B,
16%,
8/05/24
.......
3,753
3,673
1603345.PS.FTS.B,
12.8%,
8/06/24
.....
946
927
1603741.PS.FTS.B,
16.6%,
8/06/24
.....
3,144
3,078
1603033.PS.FTS.B,
24.6%,
8/07/24
.....
3,647
3,619
1611408.PS.FTS.B,
15.4%,
8/09/24
.....
4,149
4,067
1611363.PS.FTS.B,
18.24%,
8/09/24
....
5,099
4,997
1613184.PS.FTS.B,
15.6%,
8/11/24
.....
4,156
4,077
1602197.PS.FTS.B,
18.41%,
8/14/24
....
2,071
2,030
1610577.PS.FTS.B,
19.8%,
8/21/24
.....
2,849
2,811
1608881.PS.FTS.B,
14.7%,
8/23/24
.....
1,237
1,219
1609535.PS.FTS.B,
26.21%,
8/24/24
....
4,529
4,560
1610579.PS.FTS.B,
15%,
8/25/24
.......
2,068
2,038
1620627.PS.FTS.B,
16.9%,
8/25/24
.....
4,624
4,558
1622424.PS.FTS.B,
16.1%,
8/27/24
.....
1,787
1,763
1623215.PS.FTS.B,
24.81%,
9/20/24
....
1,587
1,576
1634217.PS.FTS.B,
24.51%,
9/21/24
....
4,937
4,941
1623656.PS.FTS.B,
25.71%,
9/21/24
....
4,803
4,820
1628356.PS.FTS.B,
11.6%,
9/22/24
.....
1,075
1,053
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1635087.PS.FTS.B,
12.3%,
9/22/24
.....
$
3,763
$
3,712
1635063.PS.FTS.B,
14.56%,
9/22/24
....
5,029
4,922
1624643.PS.FTS.B,
15.12%,
9/22/24
....
1,627
1,599
1635060.PS.FTS.B,
16.64%,
9/22/24
....
6,722
6,605
1624631.PS.FTS.B,
17.8%,
9/22/24
.....
9,779
1,662
1624646.PS.FTS.B,
18.4%,
9/22/24
.....
1,363
1,358
1624622.PS.FTS.B,
18.41%,
9/22/24
....
7,178
7,051
1628338.PS.FTS.B,
18.41%,
9/22/24
....
4,495
4,415
1635348.PS.FTS.B,
26.3%,
9/22/24
.....
965
969
1635768.PS.FTS.B,
14.89%,
9/23/24
....
4,580
4,574
1629058.PS.FTS.B,
15.7%,
9/23/24
.....
1,112
1,093
1625948.PS.FTS.B,
11.6%,
9/24/24
.....
4,302
4,212
1636260.PS.FTS.B,
12.76%,
9/24/24
....
869
851
1636335.PS.FTS.B,
13%,
9/24/24
.......
6,528
6,392
1636458.PS.FTS.B,
13.8%,
9/24/24
.....
1,971
1,930
1636308.PS.FTS.B,
14.56%,
9/24/24
....
1,322
1,295
1626602.PS.FTS.B,
16.1%,
9/24/24
.....
1,897
1,865
1625990.PS.FTS.B,
16.28%,
9/24/24
....
15,641
15,379
1621098.PS.FTS.B,
17.5%,
9/24/24
.....
916
–
1629244.PS.FTS.B,
17.96%,
9/24/24
....
4,393
4,319
1636947.PS.FTS.B,
20.34%,
9/24/24
....
923
920
1630390.PS.FTS.B,
11.6%,
9/27/24
.....
4,588
4,496
1630750.PS.FTS.B,
11.7%,
9/27/24
.....
5,346
5,239
1637526.PS.FTS.B,
12.3%,
9/27/24
.....
6,922
6,782
1626884.PS.FTS.B,
15%,
9/27/24
.......
3,769
3,711
1637235.PS.FTS.B,
15.1%,
9/27/24
.....
2,358
2,321
1630384.PS.FTS.B,
16%,
9/27/24
.......
4,742
4,668
1630447.PS.FTS.B,
16%,
9/27/24
.......
1,899
1,869
1637214.PS.FTS.B,
16.39%,
9/27/24
....
3,246
3,194
1630396.PS.FTS.B,
16.43%,
9/27/24
....
9,098
8,956
1630414.PS.FTS.B,
16.43%,
9/27/24
....
953
938
1630936.PS.FTS.B,
12%,
9/28/24
.......
3,866
3,832
1631188.PS.FTS.B,
13.36%,
9/28/24
....
4,885
4,847
1630918.PS.FTS.B,
13.8%,
9/28/24
.....
3,735
3,707
1627928.PS.FTS.B,
14.7%,
9/28/24
.....
2,608
2,568
1627706.PS.FTS.B,
15.1%,
9/28/24
.....
943
941
1627796.PS.FTS.B,
15.4%,
9/28/24
.....
4,726
4,718
1628048.PS.FTS.B,
15.4%,
9/28/24
.....
3,176
3,170
1630837.PS.FTS.B,
15.4%,
9/28/24
.....
2,383
2,373
1638096.PS.FTS.B,
16.1%,
9/28/24
.....
717
710
1627961.PS.FTS.B,
19.3%,
9/28/24
.....
973
988
1631467.PS.FTS.B,
20.46%,
9/28/24
....
5,760
5,796
1638306.PS.FTS.B,
21.56%,
9/28/24
....
2,667
2,707
1639584.PS.FTS.B,
14.49%,
9/30/24
....
1,695
1,686
1627514.PS.FTS.B,
13.5%,
10/02/24
....
4,723
4,610
1625708.PS.FTS.B,
17.8%,
10/10/24
....
5,855
5,803
1630822.PS.FTS.B,
13.86%,
10/11/24
....
7,548
7,393
1638078.PS.FTS.B,
18.11%,
10/11/24
....
6,622
1,701
1639245.PS.FTS.B,
11.6%,
10/21/24
....
2,763
545
1648597.PS.FTS.B,
15.5%,
10/27/24
....
5,035
4,931
1655466.PS.FTS.B,
17.8%,
10/27/24
....
7,651
7,623
1648606.PS.FTS.B,
18.11%,
10/27/24
....
1,534
1,506
1649488.PS.FTS.B,
11.7%,
10/28/24
....
5,365
5,306
1646303.PS.FTS.B,
11.89%,
10/28/24
....
7,326
7,247
1656015.PS.FTS.B,
12.3%,
10/28/24
....
4,899
4,948
1649524.PS.FTS.B,
14.39%,
10/28/24
...
995
991
1649797.PS.FTS.B,
17.05%,
10/28/24
...
6,867
6,832
1656462.PS.FTS.B,
27.62%,
10/28/24
...
8,183
8,415
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1647104.PS.FTS.B,
10.8%,
10/29/24
....
$
2,420
$
2,392
1647374.PS.FTS.B,
13.13%,
10/29/24
...
3,450
3,392
1650016.PS.FTS.B,
13.5%,
10/29/24
....
9,885
9,836
1650442.PS.FTS.B,
16.57%,
10/29/24
...
7,738
7,487
1656681.PS.FTS.B,
17%,
10/29/24
......
1,071
1,080
1650046.PS.FTS.B,
19.41%,
10/29/24
...
11,730
11,885
1628921.PS.FTS.B,
13.7%,
10/31/24
....
10,047
10,153
1657803.PS.FTS.B,
13.13%,
11/01/24
....
5,172
5,020
1648730.PS.FTS.B,
17%,
11/02/24
......
6,080
5,967
1651990.PS.FTS.B,
18.41%,
11/02/24
....
12,836
12,424
1651379.PS.FTS.B,
10.8%,
11/05/24
....
7,745
7,520
1654657.PS.FTS.B,
12.3%,
11/05/24
....
15,686
–
1661403.PS.FTS.B,
14.11%,
11/05/24
....
12,404
12,042
1635077.PS.FTS.B,
20.57%,
11/05/24
....
8,010
7,872
1658215.PS.FTS.B,
16%,
11/08/24
......
4,966
642
1653476.PS.FTS.B,
10.8%,
11/09/24
....
1,468
1,424
1652624.PS.FTS.B,
12.3%,
11/09/24
....
1,958
1,903
1653332.PS.FTS.B,
12.79%,
11/09/24
....
9,827
9,541
1652882.PS.FTS.B,
13.4%,
11/09/24
....
1,675
1,638
1652855.PS.FTS.B,
13.41%,
11/09/24
....
5,194
5,043
1659070.PS.FTS.B,
13.7%,
11/09/24
....
6,366
–
1659052.PS.FTS.B,
15.29%,
11/09/24
....
2,002
1,948
1659220.PS.FTS.B,
16.6%,
11/09/24
....
5,073
4,979
1659274.PS.FTS.B,
19.5%,
11/09/24
....
7,220
7,110
1665651.PS.FTS.B,
19.6%,
11/09/24
....
7,741
7,623
1654961.PS.FTS.B,
11.88%,
11/12/24
....
7,320
7,119
1654955.PS.FTS.B,
15.5%,
11/12/24
....
4,885
4,759
1661158.PS.FTS.B,
17%,
11/12/24
......
9
9
1654004.PS.FTS.B,
15.29%,
11/16/24
....
2,502
2,436
1486265.PS.FTS.B,
19.99%,
11/16/24
....
5,446
5,384
1658144.PS.FTS.B,
14.49%,
11/17/24
....
14,808
14,529
1672080.PS.FTS.B,
18.41%,
11/19/24
....
5,647
4,754
1503354.PS.FTS.B,
20.74%,
11/24/24
....
2,831
744
1660819.PS.FTS.B,
17%,
11/26/24
......
1,532
1,506
1680283.PS.FTS.B,
11.07%,
12/16/24
....
2,310
2,244
1674119.PS.FTS.B,
11.6%,
12/16/24
.....
5,152
5,006
1674128.PS.FTS.B,
12.3%,
12/16/24
....
1,302
1,266
1687134.PS.FTS.B,
12.6%,
12/16/24
....
3,632
3,536
1686729.PS.FTS.B,
13.36%,
12/16/24
...
7,825
7,603
1687119.PS.FTS.B,
13.5%,
12/16/24
....
7,833
7,625
1680238.PS.FTS.B,
13.81%,
12/16/24
...
13,083
12,712
1673705.PS.FTS.B,
16%,
12/16/24
......
5,313
5,172
1686747.PS.FTS.B,
16.5%,
12/16/24
....
2,358
2,320
1674134.PS.FTS.B,
19.5%,
12/16/24
....
1,336
47
1680268.PS.FTS.B,
19.6%,
12/16/24
....
7,793
1,935
1680457.PS.FTS.B,
13.1%,
12/17/24
....
8,378
7,020
1689480.PS.FTS.B,
13.7%,
12/21/24
....
3,673
3,572
1689501.PS.FTS.B,
15.9%,
12/21/24
....
5,310
5,178
1676387.PS.FTS.B,
16.2%,
12/21/24
....
5,321
5,260
1674137.PS.FTS.B,
18.2%,
12/21/24
....
1,085
1,066
1689882.PS.FTS.B,
15.29%,
12/22/24
...
2,908
2,837
1683052.PS.FTS.B,
16.2%,
12/22/24
....
1,064
1,053
1683121.PS.FTS.B,
16.8%,
12/22/24
....
13,356
13,029
1689870.PS.FTS.B,
18.09%,
12/22/24
...
3,268
3,221
1683241.PS.FTS.B,
22.6%,
12/22/24
....
2,221
2,217
1678466.PS.FTS.B,
11.4%,
12/24/24
....
4,576
1,118
1690275.PS.FTS.B,
21.5%,
12/25/24
....
4,976
4,902
1685272.PS.FTS.B,
16.7%,
12/28/24
....
13,480
3,670
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1692336.PS.FTS.B,
21.8%,
12/28/24
....
$
6,069
$
890
1686151.PS.FTS.B,
14.6%,
12/29/24
....
1,108
1,098
1675928.PS.FTS.B,
10.97%,
12/30/24
...
5,412
5,247
1679818.PS.FTS.B,
17.8%,
12/30/24
....
9,181
9,164
1686726.PS.FTS.B,
18.41%,
12/30/24
...
14,308
14,128
1693752.PS.FTS.B,
23.9%,
12/30/24
....
3,366
673
1686607.PS.FTS.B,
26.09%,
12/30/24
...
1,944
307
1676435.PS.FTS.B,
16.93%,
12/31/24
...
7,077
6,864
1683092.PS.FTS.B,
24.4%,
1/04/25
.....
2,943
2,897
1694922.PS.FTS.B,
24.11%,
1/06/25
....
1,766
1,731
1684433.PS.FTS.B,
24.4%,
1/06/25
.....
2,859
2,816
1697064.PS.FTS.B,
24.4%,
1/06/25
.....
1,177
1,160
1684775.PS.FTS.B,
24.11%,
1/07/25
....
4,113
4,057
1687799.PS.FTS.B,
13.41%,
1/12/25
....
8,819
5,084
1681405.PS.FTS.B,
16.9%,
1/12/25
.....
9,105
5,269
1694614.PS.FTS.B,
11.4%,
1/13/25
.....
2,168
2,102
1688987.PS.FTS.B,
12%,
1/13/25
.......
4,898
4,747
1694584.PS.FTS.B,
12.2%,
1/13/25
.....
10,899
10,563
1701780.PS.FTS.B,
12.3%,
1/13/25
.....
8,695
4,867
1688570.PS.FTS.B,
13.87%,
1/13/25
....
3,306
3,207
1701399.PS.FTS.B,
16%,
1/13/25
.......
3,911
3,793
1688558.PS.FTS.B,
16.43%,
1/13/25
....
1,681
1,630
1701342.PS.FTS.B,
17.7%,
1/13/25
.....
14,120
13,863
1694587.PS.FTS.B,
19.6%,
1/13/25
.....
5,716
5,611
1701789.PS.FTS.B,
22.5%,
1/13/25
.....
1,802
32
1701807.PS.FTS.B,
24.09%,
1/13/25
....
1,281
331
1689359.PS.FTS.B,
12.3%,
1/14/25
.....
2,760
2,672
1689344.PS.FTS.B,
13.9%,
1/14/25
.....
5,511
5,348
1695688.PS.FTS.B,
13.96%,
1/14/25
....
3,584
3,474
1702149.PS.FTS.B,
15%,
1/14/25
.......
5,551
5,386
1695340.PS.FTS.B,
15.7%,
1/14/25
.....
5,576
5,410
1689368.PS.FTS.B,
16.2%,
1/14/25
.....
2,965
1,785
1695364.PS.FTS.B,
16.8%,
1/14/25
.....
2,825
2,734
1695355.PS.FTS.B,
18.4%,
1/14/25
.....
2,836
2,786
1695982.PS.FTS.B,
25.4%,
1/14/25
.....
4,459
4,399
1702809.PS.FTS.B,
14.89%,
1/18/25
....
13,867
13,476
1690361.PS.FTS.B,
18.5%,
1/18/25
.....
2,271
2,235
1696480.PS.FTS.B,
18.8%,
1/18/25
.....
2,844
2,799
1697491.PS.FTS.B,
16.7%,
1/19/25
.....
2,823
2,770
1704390.PS.FTS.B,
17.8%,
1/19/25
.....
1,130
1,113
1692221.PS.FTS.B,
23%,
1/19/25
.......
4,033
4,006
1676915.PS.FTS.B,
12.3%,
1/20/25
.....
5,766
4,770
1699183.PS.FTS.B,
13.05%,
1/20/25
....
19,181
18,655
1700809.PS.FTS.B,
22.6%,
1/24/25
.....
2,911
2,902
1696034.PS.FTS.B,
13.5%,
1/25/25
.....
1,083
1,055
1709424.PS.FTS.B,
23.4%,
1/26/25
.....
1,202
1,195
1684772.PS.FTS.B,
24.4%,
1/29/25
.....
3,120
3,161
1706926.PS.FTS.B,
19.8%,
2/01/25
.....
3,594
3,496
1706807.PS.FTS.B,
17.8%,
2/11/25
.....
2,368
2,316
1652873.PS.FTS.B,
19.6%,
2/14/25
.....
6,383
3,906
1715170.PS.FTS.B,
10.8%,
2/15/25
.....
1,701
1,647
1708031.PS.FTS.B,
12.9%,
2/15/25
.....
4,425
4,284
1708067.PS.FTS.B,
13%,
2/15/25
.......
5,750
5,567
1708037.PS.FTS.B,
13.36%,
2/15/25
....
491
495
1715161.PS.FTS.B,
14.11%,
2/15/25
....
1,338
1,303
1708871.PS.FTS.B,
14.49%,
2/15/25
....
5,803
5,620
1721421.PS.FTS.B,
16.3%,
2/15/25
.....
10,935
10,679
1715173.PS.FTS.B,
16.6%,
2/15/25
.....
2,344
2,270
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1721052.PS.FTS.B,
16.8%,
2/15/25
.....
$
2,154
$
1,794
1708904.PS.FTS.B,
23.4%,
2/15/25
.....
3,057
3,023
1708478.PS.FTS.B,
24.34%,
2/15/25
....
3,035
2,759
1708040.PS.FTS.B,
26.46%,
2/15/25
....
2,487
2,459
1716160.PS.FTS.B,
11.55%,
2/16/25
....
5,698
5,519
1715854.PS.FTS.B,
13.2%,
2/16/25
.....
3,870
3,750
1716088.PS.FTS.B,
17.8%,
2/16/25
.....
2,960
2,903
1715845.PS.FTS.B,
19.83%,
2/16/25
....
7,282
295
1723593.PS.FTS.B,
22.6%,
2/18/25
.....
9,130
9,046
1722492.PS.FTS.B,
16.64%,
2/20/25
....
5,641
5,465
1709597.PS.FTS.B,
18.5%,
2/20/25
.....
3,579
3,496
1708070.PS.FTS.B,
14.2%,
2/21/25
.....
5,817
5,620
1724148.PS.FTS.B,
12.3%,
2/22/25
.....
5,169
5,008
1718062.PS.FTS.B,
20.4%,
2/22/25
.....
1,202
1,182
1713806.PS.FTS.B,
10.07%,
2/23/25
....
22,581
22,038
1713725.PS.FTS.B,
13.9%,
2/23/25
.....
5,178
5,030
1721427.PS.FTS.B,
17.96%,
2/24/25
....
10,479
10,122
1712954.PS.FTS.B,
12.4%,
2/26/25
.....
2,294
2,226
1715152.PS.FTS.B,
21%,
2/28/25
.......
6,389
6,409
1708484.PS.FTS.B,
22.6%,
2/28/25
.....
2,585
2,597
1710380.PS.FTS.B,
23.59%,
2/28/25
....
1,862
1,866
1730775.PS.FTS.B,
16.3%,
3/03/25
.....
1,221
1,186
1708448.PS.FTS.B,
15.86%,
3/14/25
....
10,811
6,214
1724859.PS.FTS.B,
11.4%,
3/18/25
.....
5,471
5,299
1635648.PS.FTS.B,
17.54%,
6/30/25
....
10,988
–
1683602.PS.FTS.B,
23.4%,
7/05/25
.....
1,545
1,501
1642194.PS.FTS.B,
19.5%,
8/17/25
.....
11,930
7,567
1632058.PS.FTS.B,
12.9%,
8/29/25
.....
4,280
254
1626683.PS.FTS.B,
15.4%,
9/26/25
.....
3,557
3,372
1655328.PS.FTS.B,
15.4%,
9/27/25
.....
1,992
496
1638183.PS.FTS.B,
17.71%,
9/27/25
....
8,384
8,046
1716226.PS.FTS.B,
13.9%,
11/30/25
....
5,396
2,747
1489833.PS.FTS.B,
16.99%,
11/30/25
....
5,870
5,809
1705071.PS.FTS.B,
18.7%,
12/01/25
....
3,785
3,617
1689362.PS.FTS.B,
13.77%,
12/14/25
...
29,999
17,284
1485878.PS.FTS.B,
11.99%,
12/17/25
....
8,917
8,795
1708055.PS.FTS.B,
20.25%,
1/15/26
....
18,041
10,474
1709591.PS.FTS.B,
22.6%,
1/16/26
.....
10,727
5,880
1592846.PS.FTS.B,
15.9%,
7/23/26
.....
5,531
5,361
1599437.PS.FTS.B,
16.5%,
8/05/26
.....
24,818
23,916
1599440.PS.FTS.B,
26.4%,
8/05/26
.....
1,517
1,532
1599782.PS.FTS.B,
29.08%,
8/05/26
....
3,333
–
1600460.PS.FTS.B,
15.2%,
8/06/26
.....
10,533
10,156
1603750.PS.FTS.B,
15.9%,
8/06/26
.....
5,647
5,444
1600466.PS.FTS.B,
18.73%,
8/06/26
....
10,810
10,418
1603759.PS.FTS.B,
20.59%,
8/06/26
....
7,301
7,185
1604551.PS.FTS.B,
13.74%,
8/09/26
....
15,890
15,353
1611384.PS.FTS.B,
13.88%,
8/09/26
....
6,952
6,708
1611387.PS.FTS.B,
19.33%,
8/09/26
....
6,513
6,422
1611390.PS.FTS.B,
22.8%,
8/09/26
.....
1,482
1,502
1611810.PS.FTS.B,
13%,
8/10/26
.......
1,726
1,666
1606042.PS.FTS.B,
14.74%,
8/10/26
....
11,210
10,806
1611807.PS.FTS.B,
19.33%,
8/10/26
....
10,872
10,683
1612131.PS.FTS.B,
19.48%,
8/10/26
....
5,433
5,360
1602347.PS.FTS.B,
20.3%,
8/10/26
.....
1,457
1,437
1612149.PS.FTS.B,
20.7%,
8/10/26
.....
4,384
4,323
1612140.PS.FTS.B,
23.74%,
8/10/26
....
4,847
4,777
1606183.PS.FTS.B,
12.6%,
8/11/26
.....
10,324
9,967
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1606945.PS.FTS.B,
12.5%,
8/12/26
.....
$
5,377
$
660
1607296.PS.FTS.B,
13.3%,
8/12/26
.....
4,268
4,116
1603532.PS.FTS.B,
20.5%,
8/12/26
.....
7,701
7,574
1611322.PS.FTS.B,
12.5%,
8/19/26
.....
24,071
23,280
1618149.PS.FTS.B,
13.7%,
8/19/26
.....
7,637
7,385
1604576.PS.FTS.B,
18.3%,
8/19/26
.....
7,215
7,103
1611805.PS.FTS.B,
16.18%,
8/20/26
....
20,868
20,216
1602449.PS.FTS.B,
25%,
8/21/26
.......
1,513
1,526
1611804.PS.FTS.B,
18%,
8/22/26
.......
18,093
17,789
1619901.PS.FTS.B,
13.5%,
8/24/26
.....
8,318
8,053
1620930.PS.FTS.B,
15.8%,
8/25/26
.....
6,989
6,781
1615105.PS.FTS.B,
12.7%,
8/26/26
.....
13,088
12,677
1615738.PS.FTS.B,
13.3%,
8/27/26
.....
2,829
2,741
1612100.PS.FTS.B,
16.3%,
8/27/26
.....
7,228
7,019
1615246.PS.FTS.B,
16.64%,
8/27/26
....
8,695
8,443
1615636.PS.FTS.B,
12.5%,
8/30/26
.....
10,562
10,337
1612853.PS.FTS.B,
13%,
8/30/26
.......
28,225
27,684
1611798.PS.FTS.B,
25.74%,
9/01/26
....
7,839
7,832
1617610.PS.FTS.B,
15.29%,
9/11/26
....
9,776
9,464
1622321.PS.FTS.B,
19.23%,
9/17/26
....
2,211
2,182
1634619.PS.FTS.B,
19%,
9/21/26
.......
7,358
7,278
1624628.PS.FTS.B,
12.9%,
9/22/26
.....
17,619
17,033
1625300.PS.FTS.B,
11.79%,
9/23/26
....
4,892
4,731
1625246.PS.FTS.B,
12.5%,
9/23/26
.....
6,675
6,455
1630114.PS.FTS.B,
11.7%,
9/24/26
......
6,286
6,080
1630111.PS.FTS.B,
13.03%,
9/24/26
.....
11,640
11,258
1629628.PS.FTS.B,
14.31%,
9/24/26
....
8,545
8,276
1630660.PS.FTS.B,
11.79%,
9/27/26
....
5,419
–
1637199.PS.FTS.B,
12.4%,
9/27/26
.....
11,476
11,108
1626860.PS.FTS.B,
15%,
9/27/26
.......
4,748
4,603
1631629.PS.FTS.B,
11.7%,
9/28/26
.....
2,812
2,729
1631647.PS.FTS.B,
12.7%,
9/28/26
.....
10,659
10,438
1638105.PS.FTS.B,
13.4%,
9/28/26
.....
4,695
4,600
1628072.PS.FTS.B,
14.53%,
9/28/26
....
14,635
14,351
1627559.PS.FTS.B,
14.89%,
9/28/26
....
12,409
12,193
1638453.PS.FTS.B,
16.1%,
9/28/26
.....
11,039
10,857
1639041.PS.FTS.B,
11.7%,
9/29/26
.....
10,704
10,476
1469063.PS.FTS.B,
19.24%,
10/12/26
...
8,551
8,297
1646769.PS.FTS.B,
11.79%,
10/13/26
....
7,407
7,160
1626833.PS.FTS.B,
14.7%,
10/25/26
....
11,074
10,689
1648282.PS.FTS.B,
14%,
10/26/26
......
10,883
10,528
1648288.PS.FTS.B,
14.96%,
10/26/26
...
9,129
8,831
1645223.PS.FTS.B,
10.5%,
10/27/26
....
6,504
6,290
1645646.PS.FTS.B,
10.8%,
10/27/26
....
10,864
10,506
1648582.PS.FTS.B,
10.9%,
10/27/26
....
7,248
7,009
1645232.PS.FTS.B,
11.2%,
10/27/26
....
8,429
8,154
1645649.PS.FTS.B,
12.7%,
10/27/26
....
5,137
4,967
1655325.PS.FTS.B,
13.08%,
10/27/26
...
14,935
14,442
1648945.PS.FTS.B,
14.29%,
10/27/26
...
25,959
25,121
1648588.PS.FTS.B,
14.39%,
10/27/26
...
11,133
10,773
1648621.PS.FTS.B,
15.29%,
10/27/26
...
25,269
24,446
1646309.PS.FTS.B,
9.62%,
10/28/26
....
11,151
10,882
1649809.PS.FTS.B,
11.1%,
10/28/26
....
4,521
974
1649791.PS.FTS.B,
15.1%,
10/28/26
....
18,641
18,288
1646066.PS.FTS.B,
16.18%,
10/28/26
...
11,263
11,058
1645916.PS.FTS.B,
16.3%,
10/28/26
....
2,280
2,276
1646072.PS.FTS.B,
28.23%,
10/28/26
...
9,650
10,007
1650307.PS.FTS.B,
10.08%,
10/29/26
...
9,367
9,147
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1647161.PS.FTS.B,
10.5%,
10/29/26
....
$
5,059
$
4,941
1657278.PS.FTS.B,
10.5%,
10/29/26
....
5,684
5,553
1646819.PS.FTS.B,
11.2%,
10/29/26
....
2,905
2,839
1650901.PS.FTS.B,
11.2%,
10/29/26
....
11,256
11,001
1650547.PS.FTS.B,
13.7%,
10/29/26
....
8,689
8,517
1650847.PS.FTS.B,
13.93%,
10/29/26
...
5,919
5,798
1647071.PS.FTS.B,
14.38%,
10/29/26
...
14,854
14,251
1650865.PS.FTS.B,
15.18%,
10/29/26
...
7,460
7,314
1646828.PS.FTS.B,
15.29%,
10/29/26
...
16,271
2,207
1656183.PS.FTS.B,
14.38%,
10/31/26
...
5,574
5,379
1655343.PS.FTS.B,
16.65%,
10/31/26
...
10,062
9,915
1648990.PS.FTS.B,
18.33%,
10/31/26
...
12,964
12,722
1649806.PS.FTS.B,
12.33%,
11/01/26
....
11,784
5,963
1648793.PS.FTS.B,
26.43%,
11/02/26
....
7,963
7,931
1646054.PS.FTS.B,
15.1%,
11/03/26
....
283
285
1650023.PS.FTS.B,
14.79%,
11/04/26
....
8,181
7,937
1661388.PS.FTS.B,
11.55%,
11/05/26
....
2,911
2,799
1650968.PS.FTS.B,
16.33%,
11/05/26
....
13,520
12,956
1654723.PS.FTS.B,
18.6%,
11/05/26
....
6,475
6,313
1648496.PS.FTS.B,
19%,
11/07/26
......
3,430
3,329
1651754.PS.FTS.B,
10.5%,
11/08/26
....
14,448
13,901
1658080.PS.FTS.B,
14.63%,
11/08/26
....
11,144
10,693
1651784.PS.FTS.B,
16.18%,
11/08/26
....
18,759
17,997
1652300.PS.FTS.B,
21.18%,
11/08/26
....
11,079
10,807
1666515.PS.FTS.B,
11.2%,
11/09/26
.....
17,423
16,766
1665864.PS.FTS.B,
11.97%,
11/09/26
....
6,203
5,969
1666449.PS.FTS.B,
14.6%,
11/09/26
....
8,542
8,199
1658839.PS.FTS.B,
14.68%,
11/09/26
....
11,148
10,725
1658842.PS.FTS.B,
17%,
11/09/26
......
9,428
9,214
1659079.PS.FTS.B,
19%,
11/09/26
......
4,582
4,476
1665660.PS.FTS.B,
27.4%,
11/09/26
....
5,854
835
1667148.PS.FTS.B,
11.6%,
11/10/26
.....
6,817
1,436
1660714.PS.FTS.B,
13.6%,
11/10/26
....
7,950
383
1651394.PS.FTS.B,
15.29%,
11/10/26
....
14,972
14,320
1654735.PS.FTS.B,
18.25%,
11/10/26
....
19,075
18,521
1660333.PS.FTS.B,
21.18%,
11/10/26
....
3,092
3,020
1654187.PS.FTS.B,
22.5%,
11/10/26
....
11,714
11,666
1667997.PS.FTS.B,
11.79%,
11/12/26
....
6,560
6,317
1655114.PS.FTS.B,
12.32%,
11/12/26
....
9,305
1,144
1667757.PS.FTS.B,
18.25%,
11/12/26
....
9,882
9,669
1667178.PS.FTS.B,
13.3%,
11/15/26
....
7,385
7,077
1661914.PS.FTS.B,
13.5%,
11/15/26
....
18,435
17,735
1661875.PS.FTS.B,
18.33%,
11/15/26
....
11,408
11,179
1661797.PS.FTS.B,
21%,
11/15/26
......
1,569
1,570
1657538.PS.FTS.B,
21.3%,
11/16/26
....
1,572
1,574
1658339.PS.FTS.B,
16%,
11/17/26
......
5,621
5,517
1653086.PS.FTS.B,
18.2%,
11/19/26
....
9,545
9,287
1656447.PS.FTS.B,
14.38%,
11/27/26
....
16,713
16,130
1664327.PS.FTS.B,
13.5%,
11/30/26
....
3,008
2,944
1654196.PS.FTS.B,
11.6%,
12/03/26
....
14,908
14,323
1687146.PS.FTS.B,
11.43%,
12/16/26
....
8,906
8,577
1687128.PS.FTS.B,
12.3%,
12/16/26
....
7,464
7,188
1680286.PS.FTS.B,
12.5%,
12/16/26
....
7,473
7,197
1687125.PS.FTS.B,
13.4%,
12/16/26
....
7,517
7,239
1680241.PS.FTS.B,
14.38%,
12/16/26
...
18,905
18,206
1680235.PS.FTS.B,
14.41%,
12/16/26
...
26,462
25,483
1674101.PS.FTS.B,
14.53%,
12/16/26
...
13,500
13,001
1687113.PS.FTS.B,
15.18%,
12/16/26
....
12,541
12,046
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1680250.PS.FTS.B,
15.84%,
12/16/26
...
$
171
$
169
1679824.PS.FTS.B,
18.2%,
12/16/26
....
7,609
7,431
1680301.PS.FTS.B,
18.5%,
12/16/26
....
3,877
3,788
1673699.PS.FTS.B,
26.43%,
12/16/26
...
12,322
10,649
1675265.PS.FTS.B,
10.5%,
12/20/26
....
16,963
16,353
1681006.PS.FTS.B,
15.29%,
12/20/26
...
17,493
16,826
1682455.PS.FTS.B,
11.43%,
12/21/26
....
22,265
21,468
1673711.PS.FTS.B,
12.6%,
12/21/26
....
3,373
3,246
1688964.PS.FTS.B,
13.93%,
12/21/26
...
11,313
10,907
1689036.PS.FTS.B,
14.6%,
12/21/26
....
15,147
14,575
1689054.PS.FTS.B,
14.89%,
12/21/26
...
11,381
10,951
1676534.PS.FTS.B,
15.29%,
12/21/26
...
11,409
10,977
1676819.PS.FTS.B,
14.68%,
12/22/26
...
24,247
23,382
1674110.PS.FTS.B,
14.7%,
12/22/26
....
26,617
25,516
1677269.PS.FTS.B,
25.9%,
12/22/26
....
4,844
4,862
1690638.PS.FTS.B,
11.1%,
12/23/26
....
7,035
6,786
1687137.PS.FTS.B,
28.08%,
12/23/26
...
13,640
11,529
1688076.PS.FTS.B,
16.4%,
12/24/26
....
10,859
10,443
1680116.PS.FTS.B,
14%,
12/29/26
......
20,761
20,287
1690116.PS.FTS.B,
23.11%,
12/31/26
....
12,187
12,104
1686735.PS.FTS.B,
25.27%,
12/31/26
...
12,457
12,256
1694608.PS.FTS.B,
10.62%,
1/13/27
....
7,298
7,022
1701387.PS.FTS.B,
11.1%,
1/13/27
.....
6,040
5,810
1694572.PS.FTS.B,
11.6%,
1/13/27
.....
16,513
15,883
1695022.PS.FTS.B,
11.7%,
1/13/27
.....
11,251
10,823
1688996.PS.FTS.B,
11.79%,
1/13/27
....
18,580
17,870
1694605.PS.FTS.B,
15.2%,
1/13/27
.....
1,625
1,557
1701783.PS.FTS.B,
15.5%,
1/13/27
.....
12,653
–
1688990.PS.FTS.B,
17.82%,
1/13/27
....
23,564
22,564
1694623.PS.FTS.B,
18.5%,
1/13/27
.....
5,519
5,366
1701375.PS.FTS.B,
21.69%,
1/13/27
....
8,018
7,974
1694593.PS.FTS.B,
23.4%,
1/13/27
.....
8,326
1,206
1701396.PS.FTS.B,
27.4%,
1/13/27
.....
4,161
4,109
1702062.PS.FTS.B,
11.79%,
1/14/27
....
6,842
6,579
1702152.PS.FTS.B,
12.87%,
1/14/27
....
4,580
4,406
1695343.PS.FTS.B,
12.9%,
1/14/27
.....
4,123
3,966
1702287.PS.FTS.B,
15.29%,
1/14/27
....
7,743
7,419
1689365.PS.FTS.B,
15.8%,
1/14/27
.....
15,532
14,881
1702137.PS.FTS.B,
16.2%,
1/14/27
.....
5,059
4,847
1702161.PS.FTS.B,
18.13%,
1/14/27
....
3,147
3,015
1689329.PS.FTS.B,
18.4%,
1/14/27
.....
7,722
7,512
1674146.PS.FTS.B,
18.78%,
1/14/27
....
7,985
7,740
1689347.PS.FTS.B,
19%,
1/14/27
.......
6,324
6,151
1695361.PS.FTS.B,
26.13%,
1/14/27
....
12,292
12,217
1688534.PS.FTS.B,
12.9%,
1/16/27
.....
19,109
18,369
1703139.PS.FTS.B,
25.9%,
1/18/27
.....
1,637
1,631
1704984.PS.FTS.B,
10.29%,
1/19/27
....
9,767
9,407
1692188.PS.FTS.B,
11.2%,
1/19/27
.....
18,786
18,095
1691687.PS.FTS.B,
12.7%,
1/19/27
.....
22,877
22,033
1675340.PS.FTS.B,
16%,
1/19/27
.......
10,647
10,349
1692281.PS.FTS.B,
16.5%,
1/19/27
.....
27,290
26,191
1704129.PS.FTS.B,
21.18%,
1/19/27
....
8,223
6,874
1692593.PS.FTS.B,
10.5%,
1/20/27
.....
15,046
14,495
1698709.PS.FTS.B,
15.2%,
1/20/27
.....
11,609
11,147
1700548.PS.FTS.B,
25.9%,
1/24/27
.....
4,690
718
1695031.PS.FTS.B,
15.5%,
1/27/27
.....
7,943
7,594
1695725.PS.FTS.B,
16.1%,
1/30/27
.....
8,189
7,982
1708451.PS.FTS.B,
10.26%,
2/15/27
....
6,736
6,511
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1721439.PS.FTS.B,
12%,
2/15/27
.......
$
2,321
$
2,232
1721037.PS.FTS.B,
12.24%,
2/15/27
....
8,943
1,159
1715149.PS.FTS.B,
12.62%,
2/15/27
....
19,408
18,665
1708763.PS.FTS.B,
15.62%,
2/15/27
....
18,154
17,372
1715143.PS.FTS.B,
16.33%,
2/15/27
....
15,846
15,162
1708907.PS.FTS.B,
18.13%,
2/15/27
....
12,375
10,036
1708901.PS.FTS.B,
18.33%,
2/15/27
....
16,012
15,528
1720974.PS.FTS.B,
18.4%,
2/15/27
.....
15,655
15,117
1708466.PS.FTS.B,
18.6%,
2/15/27
.....
5,211
5,053
1708103.PS.FTS.B,
18.78%,
2/15/27
....
1,793
1,733
1721007.PS.FTS.B,
22%,
2/15/27
.......
9,782
9,692
1708913.PS.FTS.B,
25.2%,
2/15/27
.....
10,364
209
1715353.PS.FTS.B,
25.9%,
2/15/27
.....
1,660
1,643
1709507.PS.FTS.B,
13.5%,
2/16/27
.....
6,242
5,976
1709207.PS.FTS.B,
16%,
2/16/27
.......
8,717
8,426
1709498.PS.FTS.B,
25.9%,
2/16/27
.....
8,299
8,218
1722801.PS.FTS.B,
23.31%,
2/17/27
....
3,731
3,679
1718479.PS.FTS.B,
11.1%,
2/22/27
.....
6,942
6,684
1724556.PS.FTS.B,
17.38%,
2/22/27
....
5,129
4,992
1719415.PS.FTS.B,
10.8%,
2/23/27
.....
9,142
8,809
1719667.PS.FTS.B,
12.5%,
2/23/27
.....
11,637
11,212
1722171.PS.FTS.B,
18.78%,
2/28/27
....
6,165
5,933
1739157.PS.FTS.B,
11.5%,
3/18/27
.....
31,497
30,289
1749006.PS.FTS.B,
19.53%,
3/31/27
....
9,156
8,880
1749429.PS.FTS.B,
25.9%,
4/01/27
.....
5,133
5,046
1613553.PS.FTS.B,
19.78%,
6/15/27
....
10,829
162
1605754.PS.FTS.B,
28.4%,
7/10/27
.....
4,520
614
1647098.PS.FTS.B,
11.55%,
8/01/27
....
23,136
11,182
1637205.PS.FTS.B,
11.7%,
8/27/27
.....
8,268
3,944
1631731.PS.FTS.B,
16.8%,
8/28/27
.....
13,125
12,400
1686133.PS.FTS.B,
10.44%,
11/22/27
....
9,805
4,434
3,051,901
Upgrade,
Inc.
23712149.UG.FTS.B,
29.69%,
11/06/24
..
10,484
11,092
24548048.UG.FTS.B,
28.99%,
11/20/24
..
20,084
21,265
24415650.UG.FTS.B,
26.77%,
11/22/24
..
6,283
6,609
24697398.UG.FTS.B,
26.77%,
11/25/24
..
7,458
7,861
24468287.UG.FTS.B,
29.69%,
11/26/24
..
17,864
2,602
24606347.UG.FTS.B,
30.17%,
12/03/24
..
10,752
11,173
24618663.UG.FTS.B,
29.69%,
12/21/24
..
11,638
12,388
25533971.UG.FTS.B,
29.69%,
12/26/24
..
5,184
5,518
25721348.UG.FTS.B,
28.99%,
1/06/25
...
12,561
11,153
25684301.UG.FTS.B,
29.69%,
1/06/25
...
5,321
5,468
25284171.UG.FTS.B,
27.74%,
1/14/25
...
8,854
9,312
25595802.UG.FTS.B,
28.99%,
1/22/25
...
11,949
12,213
24508053.UG.FTS.B,
22.34%,
11/20/27
..
89
89
25513053.UG.FTS.B,
Zero
Cpn,
12/24/27
.
1,489
114
25111074.UG.FTS.B,
25.26%,
8/26/28
...
888
899
117,756
Upgrade,
Inc.
-
Card
991806859.UG.FTS.B,
29.49%,
9/06/23
..
10
6
991680577.UG.FTS.B,
29.49%,
9/21/23
..
25
1
991777453.UG.FTS.B,
29.49%,
9/23/23
..
13
13
991745671.UG.FTS.B,
29.48%,
10/07/23
.
13
12
991704902.UG.FTS.B,
28.98%,
10/18/23
.
13
13
991595661.UG.FTS.B,
Zero
Cpn,
10/24/23
20
1
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991687443.UG.FTS.B,
29.49%,
11/04/23
.
$
8
$
8
991578462.UG.FTS.B,
28.98%,
11/17/23
.
16
16
991762599.UG.FTS.B,
29.49%,
11/21/23
.
21
19
991622450.UG.FTS.B,
29.49%,
11/23/23
.
16
16
991784966.UG.FTS.B,
29.49%,
12/06/23
.
18
17
991552729.UG.FTS.B,
28.48%,
1/18/24
..
249
251
991592691.UG.FTS.B,
28.48%,
1/18/24
..
26
26
991622139.UG.FTS.B,
28.48%,
1/18/24
..
242
245
991536585.UG.FTS.B,
29.49%,
1/18/24
..
69
70
991546280.UG.FTS.B,
29.49%,
1/18/24
..
4
4
991546337.UG.FTS.B,
29.49%,
1/18/24
..
54
55
991587612.UG.FTS.B,
29.49%,
1/18/24
..
141
(5)
991629208.UG.FTS.B,
29.49%,
1/18/24
..
59
60
991727329.UG.FTS.B,
29.49%,
1/18/24
..
105
106
991769780.UG.FTS.B,
29.49%,
1/18/24
..
47
48
991782126.UG.FTS.B,
Zero
Cpn,
1/19/24
.
137
10
991546995.UG.FTS.B,
19.99%,
1/19/24
..
50
50
991545922.UG.FTS.B,
25.45%,
1/19/24
..
11
11
991546826.UG.FTS.B,
28.48%,
1/19/24
..
32
33
991765474.UG.FTS.B,
28.48%,
1/19/24
..
40
41
991781301.UG.FTS.B,
28.48%,
1/19/24
..
77
77
991782715.UG.FTS.B,
28.98%,
1/19/24
..
–
–
991644301.UG.FTS.B,
29.48%,
1/19/24
..
38
39
991689540.UG.FTS.B,
29.48%,
1/19/24
..
59
59
991759026.UG.FTS.B,
29.48%,
1/19/24
..
69
70
991542914.UG.FTS.B,
29.49%,
1/19/24
..
67
68
991546985.UG.FTS.B,
29.49%,
1/19/24
..
40
41
991547308.UG.FTS.B,
29.49%,
1/19/24
..
–
–
991547551.UG.FTS.B,
29.49%,
1/19/24
..
189
191
991598993.UG.FTS.B,
29.49%,
1/19/24
..
35
36
991623047.UG.FTS.B,
29.49%,
1/19/24
..
97
98
991662782.UG.FTS.B,
29.49%,
1/19/24
..
–
–
991697701.UG.FTS.B,
29.49%,
1/19/24
..
50
51
991712782.UG.FTS.B,
29.49%,
1/19/24
..
178
179
991716976.UG.FTS.B,
29.49%,
1/19/24
..
180
(7)
991733265.UG.FTS.B,
29.49%,
1/19/24
..
66
5
991760642.UG.FTS.B,
29.49%,
1/19/24
..
74
6
991765089.UG.FTS.B,
29.49%,
1/19/24
..
50
50
991768418.UG.FTS.B,
29.49%,
1/19/24
..
9
9
991558974.UG.FTS.B,
Zero
Cpn,
1/20/24
.
58
4
991634055.UG.FTS.B,
Zero
Cpn,
1/20/24
.
181
13
991637112.UG.FTS.B,
Zero
Cpn,
1/20/24
.
349
24
991740784.UG.FTS.B,
Zero
Cpn,
1/20/24
.
174
12
991782434.UG.FTS.B,
19.3%,
1/20/24
...
396
398
991546567.UG.FTS.B,
19.99%,
1/20/24
..
28
29
991558368.UG.FTS.B,
19.99%,
1/20/24
..
302
308
991572409.UG.FTS.B,
19.99%,
1/20/24
..
24
24
991583492.UG.FTS.B,
19.99%,
1/20/24
..
18
19
991591617.UG.FTS.B,
19.99%,
1/20/24
..
24
25
991597422.UG.FTS.B,
19.99%,
1/20/24
..
28
28
991663622.UG.FTS.B,
25.45%,
1/20/24
..
27
27
991573254.UG.FTS.B,
26.44%,
1/20/24
..
53
53
991549025.UG.FTS.B,
28.48%,
1/20/24
..
85
85
991554027.UG.FTS.B,
28.48%,
1/20/24
..
74
75
991554902.UG.FTS.B,
28.48%,
1/20/24
..
29
29
991569197.UG.FTS.B,
28.48%,
1/20/24
..
48
48
991583384.UG.FTS.B,
28.48%,
1/20/24
..
31
32
991590348.UG.FTS.B,
28.48%,
1/20/24
..
42
43
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991596321.UG.FTS.B,
28.48%,
1/20/24
..
$
12
$
12
991612639.UG.FTS.B,
28.48%,
1/20/24
..
39
40
991615418.UG.FTS.B,
28.48%,
1/20/24
..
29
30
991644127.UG.FTS.B,
28.48%,
1/20/24
..
86
88
991691451.UG.FTS.B,
28.48%,
1/20/24
..
46
46
991704363.UG.FTS.B,
28.48%,
1/20/24
..
32
32
991708292.UG.FTS.B,
28.48%,
1/20/24
..
203
(12)
991754575.UG.FTS.B,
28.48%,
1/20/24
..
117
118
991756843.UG.FTS.B,
28.48%,
1/20/24
..
27
28
991545055.UG.FTS.B,
29.46%,
1/20/24
..
63
64
991561413.UG.FTS.B,
29.47%,
1/20/24
..
9
9
991546096.UG.FTS.B,
29.48%,
1/20/24
..
88
89
991547890.UG.FTS.B,
29.48%,
1/20/24
..
174
177
991563118.UG.FTS.B,
29.48%,
1/20/24
..
6
6
991564976.UG.FTS.B,
29.48%,
1/20/24
..
13
13
991573314.UG.FTS.B,
29.48%,
1/20/24
..
84
85
991593773.UG.FTS.B,
29.48%,
1/20/24
..
22
23
991612779.UG.FTS.B,
29.48%,
1/20/24
..
28
29
991690864.UG.FTS.B,
29.48%,
1/20/24
..
384
334
991712564.UG.FTS.B,
29.48%,
1/20/24
..
131
132
991723500.UG.FTS.B,
29.48%,
1/20/24
..
42
43
991544517.UG.FTS.B,
29.49%,
1/20/24
..
52
53
991545295.UG.FTS.B,
29.49%,
1/20/24
..
184
15
991545502.UG.FTS.B,
29.49%,
1/20/24
..
136
139
991546518.UG.FTS.B,
29.49%,
1/20/24
..
46
(2)
991547820.UG.FTS.B,
29.49%,
1/20/24
..
–
–
991547826.UG.FTS.B,
29.49%,
1/20/24
..
82
83
991548275.UG.FTS.B,
29.49%,
1/20/24
..
84
85
991548490.UG.FTS.B,
29.49%,
1/20/24
..
98
100
991549381.UG.FTS.B,
29.49%,
1/20/24
..
108
110
991552461.UG.FTS.B,
29.49%,
1/20/24
..
41
41
991552688.UG.FTS.B,
29.49%,
1/20/24
..
10
10
991556087.UG.FTS.B,
29.49%,
1/20/24
..
30
30
991557821.UG.FTS.B,
29.49%,
1/20/24
..
86
14
991559051.UG.FTS.B,
29.49%,
1/20/24
..
5
5
991561923.UG.FTS.B,
29.49%,
1/20/24
..
93
93
991562972.UG.FTS.B,
29.49%,
1/20/24
..
264
269
991567858.UG.FTS.B,
29.49%,
1/20/24
..
189
189
991569020.UG.FTS.B,
29.49%,
1/20/24
..
58
(2)
991569938.UG.FTS.B,
29.49%,
1/20/24
..
30
30
991572954.UG.FTS.B,
29.49%,
1/20/24
..
325
50
991573325.UG.FTS.B,
29.49%,
1/20/24
..
15
16
991575505.UG.FTS.B,
29.49%,
1/20/24
..
392
396
991575740.UG.FTS.B,
29.49%,
1/20/24
..
24
24
991576674.UG.FTS.B,
29.49%,
1/20/24
..
29
30
991577337.UG.FTS.B,
29.49%,
1/20/24
..
–
–
991579389.UG.FTS.B,
29.49%,
1/20/24
..
69
70
991579802.UG.FTS.B,
29.49%,
1/20/24
..
88
35
991579854.UG.FTS.B,
29.49%,
1/20/24
..
44
45
991585183.UG.FTS.B,
29.49%,
1/20/24
..
28
28
991585361.UG.FTS.B,
29.49%,
1/20/24
..
14
14
991587497.UG.FTS.B,
29.49%,
1/20/24
..
157
158
991588825.UG.FTS.B,
29.49%,
1/20/24
..
30
30
991588849.UG.FTS.B,
29.49%,
1/20/24
..
7
7
991589138.UG.FTS.B,
29.49%,
1/20/24
..
11
11
991593009.UG.FTS.B,
29.49%,
1/20/24
..
37
37
991597653.UG.FTS.B,
29.49%,
1/20/24
..
46
47
991598266.UG.FTS.B,
29.49%,
1/20/24
..
51
51
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991598468.UG.FTS.B,
29.49%,
1/20/24
..
$
20
$
20
991598552.UG.FTS.B,
29.49%,
1/20/24
..
53
54
991603595.UG.FTS.B,
29.49%,
1/20/24
..
63
65
991608834.UG.FTS.B,
29.49%,
1/20/24
..
77
79
991611241.UG.FTS.B,
29.49%,
1/20/24
..
69
70
991612399.UG.FTS.B,
29.49%,
1/20/24
..
108
110
991612448.UG.FTS.B,
29.49%,
1/20/24
..
53
54
991617558.UG.FTS.B,
29.49%,
1/20/24
..
186
189
991629452.UG.FTS.B,
29.49%,
1/20/24
..
157
160
991631740.UG.FTS.B,
29.49%,
1/20/24
..
53
53
991638936.UG.FTS.B,
29.49%,
1/20/24
..
37
38
991642104.UG.FTS.B,
29.49%,
1/20/24
..
37
37
991642333.UG.FTS.B,
29.49%,
1/20/24
..
48
48
991651171.UG.FTS.B,
29.49%,
1/20/24
..
28
29
991664444.UG.FTS.B,
29.49%,
1/20/24
..
36
37
991673779.UG.FTS.B,
29.49%,
1/20/24
..
53
4
991674489.UG.FTS.B,
29.49%,
1/20/24
..
143
144
991677407.UG.FTS.B,
29.49%,
1/20/24
..
48
49
991678827.UG.FTS.B,
29.49%,
1/20/24
..
106
108
991682318.UG.FTS.B,
29.49%,
1/20/24
..
88
81
991683321.UG.FTS.B,
29.49%,
1/20/24
..
307
313
991695976.UG.FTS.B,
29.49%,
1/20/24
..
13
13
991697236.UG.FTS.B,
29.49%,
1/20/24
..
124
127
991706145.UG.FTS.B,
29.49%,
1/20/24
..
33
33
991709888.UG.FTS.B,
29.49%,
1/20/24
..
54
55
991717301.UG.FTS.B,
29.49%,
1/20/24
..
110
111
991721227.UG.FTS.B,
29.49%,
1/20/24
..
30
31
991730813.UG.FTS.B,
29.49%,
1/20/24
..
61
62
991734314.UG.FTS.B,
29.49%,
1/20/24
..
136
137
991734330.UG.FTS.B,
29.49%,
1/20/24
..
27
27
991741702.UG.FTS.B,
29.49%,
1/20/24
..
65
66
991757872.UG.FTS.B,
29.49%,
1/20/24
..
26
4
991765334.UG.FTS.B,
29.49%,
1/20/24
..
33
33
991782660.UG.FTS.B,
29.49%,
1/20/24
..
30
31
991790198.UG.FTS.B,
29.49%,
1/20/24
..
53
54
991696264.UG.FTS.B,
Zero
Cpn,
1/21/24
.
178
12
991767885.UG.FTS.B,
21.48%,
1/21/24
..
44
–
991669352.UG.FTS.B,
26.49%,
1/21/24
..
40
41
991677773.UG.FTS.B,
28.48%,
1/21/24
..
24
24
991693767.UG.FTS.B,
28.48%,
1/21/24
..
28
28
991711024.UG.FTS.B,
28.48%,
1/21/24
..
51
51
991723171.UG.FTS.B,
28.48%,
1/21/24
..
89
90
991723414.UG.FTS.B,
28.48%,
1/21/24
..
141
143
991730921.UG.FTS.B,
28.48%,
1/21/24
..
24
24
991731530.UG.FTS.B,
28.48%,
1/21/24
..
151
153
991784545.UG.FTS.B,
28.48%,
1/21/24
..
40
40
991702778.UG.FTS.B,
29.48%,
1/21/24
..
50
51
991703577.UG.FTS.B,
29.48%,
1/21/24
..
234
239
991633202.UG.FTS.B,
29.49%,
1/21/24
..
49
50
991663489.UG.FTS.B,
29.49%,
1/21/24
..
49
50
991677244.UG.FTS.B,
29.49%,
1/21/24
..
76
77
991680983.UG.FTS.B,
29.49%,
1/21/24
..
36
36
991689800.UG.FTS.B,
29.49%,
1/21/24
..
59
60
991691567.UG.FTS.B,
29.49%,
1/21/24
..
203
59
991693634.UG.FTS.B,
29.49%,
1/21/24
..
49
44
991695164.UG.FTS.B,
29.49%,
1/21/24
..
34
34
991703953.UG.FTS.B,
29.49%,
1/21/24
..
57
58
991705635.UG.FTS.B,
29.49%,
1/21/24
..
86
87
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991706927.UG.FTS.B,
29.49%,
1/21/24
..
$
39
$
39
991713176.UG.FTS.B,
29.49%,
1/21/24
..
–
–
991717827.UG.FTS.B,
29.49%,
1/21/24
..
91
92
991717854.UG.FTS.B,
29.49%,
1/21/24
..
54
55
991730534.UG.FTS.B,
29.49%,
1/21/24
..
46
46
991732216.UG.FTS.B,
29.49%,
1/21/24
..
26
26
991737559.UG.FTS.B,
29.49%,
1/21/24
..
115
117
991741497.UG.FTS.B,
29.49%,
1/21/24
..
93
95
991743560.UG.FTS.B,
29.49%,
1/21/24
..
24
24
991747055.UG.FTS.B,
29.49%,
1/21/24
..
104
106
991753846.UG.FTS.B,
29.49%,
1/21/24
..
94
96
991761541.UG.FTS.B,
29.49%,
1/21/24
..
59
60
991773483.UG.FTS.B,
29.49%,
1/21/24
..
29
29
991782683.UG.FTS.B,
29.49%,
1/21/24
..
244
247
991784482.UG.FTS.B,
29.49%,
1/21/24
..
49
50
991792435.UG.FTS.B,
29.49%,
1/21/24
..
457
463
991645563.UG.FTS.B,
Zero
Cpn,
1/22/24
.
295
20
991772721.UG.FTS.B,
Zero
Cpn,
1/22/24
.
1,155
80
991651259.UG.FTS.B,
18.71%,
1/22/24
..
42
42
991651374.UG.FTS.B,
18.71%,
1/22/24
..
24
–
991739678.UG.FTS.B,
18.71%,
1/22/24
..
65
66
991660263.UG.FTS.B,
19.3%,
1/22/24
...
89
89
991635081.UG.FTS.B,
19.96%,
1/22/24
..
115
115
991712989.UG.FTS.B,
20.47%,
1/22/24
..
79
80
991775322.UG.FTS.B,
20.47%,
1/22/24
..
43
43
991783332.UG.FTS.B,
20.47%,
1/22/24
..
166
167
991774181.UG.FTS.B,
20.96%,
1/22/24
..
93
93
991780816.UG.FTS.B,
20.96%,
1/22/24
..
50
4
991651393.UG.FTS.B,
21.48%,
1/22/24
..
129
130
991765596.UG.FTS.B,
22.47%,
1/22/24
..
51
–
991699664.UG.FTS.B,
25.45%,
1/22/24
..
26
26
991662739.UG.FTS.B,
28.48%,
1/22/24
..
63
64
991725934.UG.FTS.B,
28.48%,
1/22/24
..
38
39
991637365.UG.FTS.B,
29.48%,
1/22/24
..
58
9
991639954.UG.FTS.B,
29.48%,
1/22/24
..
56
57
991608552.UG.FTS.B,
29.49%,
1/22/24
..
15
15
991649089.UG.FTS.B,
29.49%,
1/22/24
..
372
380
991660122.UG.FTS.B,
29.49%,
1/22/24
..
17
17
991660601.UG.FTS.B,
29.49%,
1/22/24
..
9
9
991672504.UG.FTS.B,
29.49%,
1/22/24
..
117
117
991696271.UG.FTS.B,
29.49%,
1/22/24
..
188
190
991722363.UG.FTS.B,
29.49%,
1/22/24
..
46
47
991734177.UG.FTS.B,
29.49%,
1/22/24
..
46
47
991765647.UG.FTS.B,
29.49%,
1/22/24
..
93
94
991786828.UG.FTS.B,
29.49%,
1/22/24
..
10
10
991634459.UG.FTS.B,
Zero
Cpn,
1/23/24
.
268
19
991676903.UG.FTS.B,
18.47%,
1/23/24
..
19
19
991774569.UG.FTS.B,
18.47%,
1/23/24
..
33
33
991643208.UG.FTS.B,
19.3%,
1/23/24
...
68
68
991784139.UG.FTS.B,
19.3%,
1/23/24
...
674
674
991810762.UG.FTS.B,
19.96%,
1/23/24
..
287
288
991772621.UG.FTS.B,
20.96%,
1/23/24
..
58
58
991805841.UG.FTS.B,
24.45%,
1/23/24
..
42
42
991767100.UG.FTS.B,
27.99%,
1/23/24
..
17
17
991631116.UG.FTS.B,
28.48%,
1/23/24
..
50
51
991686637.UG.FTS.B,
28.48%,
1/23/24
..
99
100
991692289.UG.FTS.B,
28.48%,
1/23/24
..
8
9
991710024.UG.FTS.B,
28.48%,
1/23/24
..
110
111
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991730901.UG.FTS.B,
28.48%,
1/23/24
..
$
348
$
353
991798676.UG.FTS.B,
28.48%,
1/23/24
..
19
19
991635388.UG.FTS.B,
29.48%,
1/23/24
..
212
215
991678696.UG.FTS.B,
29.48%,
1/23/24
..
75
77
991809474.UG.FTS.B,
29.48%,
1/23/24
..
62
63
991637143.UG.FTS.B,
29.49%,
1/23/24
..
64
65
991653477.UG.FTS.B,
29.49%,
1/23/24
..
35
36
991655971.UG.FTS.B,
29.49%,
1/23/24
..
54
55
991662802.UG.FTS.B,
29.49%,
1/23/24
..
486
494
991681725.UG.FTS.B,
29.49%,
1/23/24
..
–
–
991701176.UG.FTS.B,
29.49%,
1/23/24
..
33
33
991724292.UG.FTS.B,
29.49%,
1/23/24
..
174
179
991731683.UG.FTS.B,
29.49%,
1/23/24
..
245
250
991744187.UG.FTS.B,
29.49%,
1/23/24
..
60
61
991771610.UG.FTS.B,
29.49%,
1/23/24
..
112
114
991595875.UG.FTS.B,
Zero
Cpn,
1/24/24
.
152
11
991678748.UG.FTS.B,
20.47%,
1/24/24
..
52
52
991675015.UG.FTS.B,
21.48%,
1/24/24
..
292
294
991693039.UG.FTS.B,
22.47%,
1/24/24
..
80
81
991655876.UG.FTS.B,
28.48%,
1/24/24
..
129
132
991795779.UG.FTS.B,
29.48%,
1/24/24
..
35
35
991597915.UG.FTS.B,
29.49%,
1/24/24
..
31
32
991650075.UG.FTS.B,
29.49%,
1/24/24
..
194
197
991656328.UG.FTS.B,
29.49%,
1/24/24
..
80
12
991665767.UG.FTS.B,
29.49%,
1/24/24
..
26
27
991686888.UG.FTS.B,
29.49%,
1/24/24
..
57
58
991688167.UG.FTS.B,
29.49%,
1/24/24
..
40
40
991697780.UG.FTS.B,
29.49%,
1/24/24
..
5
5
991719521.UG.FTS.B,
29.49%,
1/24/24
..
35
35
991739712.UG.FTS.B,
29.49%,
1/24/24
..
43
3
991768107.UG.FTS.B,
29.49%,
1/24/24
..
26
26
991775830.UG.FTS.B,
29.49%,
1/24/24
..
47
48
991700265.UG.FTS.B,
Zero
Cpn,
1/25/24
.
43
3
991726761.UG.FTS.B,
Zero
Cpn,
1/25/24
.
271
19
991808857.UG.FTS.B,
Zero
Cpn,
1/25/24
.
95
7
991690086.UG.FTS.B,
16.49%,
1/25/24
..
59
60
991702421.UG.FTS.B,
16.49%,
1/25/24
..
20
20
991642537.UG.FTS.B,
18.47%,
1/25/24
..
41
41
991658713.UG.FTS.B,
18.47%,
1/25/24
..
32
33
991638927.UG.FTS.B,
20.96%,
1/25/24
..
59
59
991639306.UG.FTS.B,
21.48%,
1/25/24
..
25
25
991661968.UG.FTS.B,
21.48%,
1/25/24
..
39
39
991644518.UG.FTS.B,
22.47%,
1/25/24
..
13
13
991675457.UG.FTS.B,
22.47%,
1/25/24
..
41
42
991628803.UG.FTS.B,
25.44%,
1/25/24
..
58
58
991652053.UG.FTS.B,
26.44%,
1/25/24
..
34
34
991729257.UG.FTS.B,
27.99%,
1/25/24
..
84
85
991631472.UG.FTS.B,
28.48%,
1/25/24
..
61
63
991668456.UG.FTS.B,
28.48%,
1/25/24
..
34
35
991710726.UG.FTS.B,
28.48%,
1/25/24
..
23
23
991766143.UG.FTS.B,
28.48%,
1/25/24
..
107
107
991606137.UG.FTS.B,
29.48%,
1/25/24
..
28
28
991616807.UG.FTS.B,
29.48%,
1/25/24
..
54
55
991677136.UG.FTS.B,
29.48%,
1/25/24
..
19
20
991585669.UG.FTS.B,
29.49%,
1/25/24
..
93
94
991590828.UG.FTS.B,
29.49%,
1/25/24
..
79
81
991604373.UG.FTS.B,
29.49%,
1/25/24
..
81
83
991619556.UG.FTS.B,
29.49%,
1/25/24
..
24
25
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991633646.UG.FTS.B,
29.49%,
1/25/24
..
$
33
$
34
991641518.UG.FTS.B,
29.49%,
1/25/24
..
5
5
991649590.UG.FTS.B,
29.49%,
1/25/24
..
29
30
991654938.UG.FTS.B,
29.49%,
1/25/24
..
377
386
991663576.UG.FTS.B,
29.49%,
1/25/24
..
346
351
991671286.UG.FTS.B,
29.49%,
1/25/24
..
158
160
991679898.UG.FTS.B,
29.49%,
1/25/24
..
60
62
991686636.UG.FTS.B,
29.49%,
1/25/24
..
44
44
991700798.UG.FTS.B,
29.49%,
1/25/24
..
30
31
991714482.UG.FTS.B,
29.49%,
1/25/24
..
65
67
991721326.UG.FTS.B,
29.49%,
1/25/24
..
94
96
991729432.UG.FTS.B,
29.49%,
1/25/24
..
147
151
991731430.UG.FTS.B,
29.49%,
1/25/24
..
42
43
991732382.UG.FTS.B,
29.49%,
1/25/24
..
21
21
991742074.UG.FTS.B,
29.49%,
1/25/24
..
46
47
991751813.UG.FTS.B,
29.49%,
1/25/24
..
105
106
991758703.UG.FTS.B,
29.49%,
1/25/24
..
63
64
991766815.UG.FTS.B,
29.49%,
1/25/24
..
39
39
991769017.UG.FTS.B,
29.49%,
1/25/24
..
78
7
991783583.UG.FTS.B,
29.49%,
1/25/24
..
61
62
991786634.UG.FTS.B,
29.49%,
1/25/24
..
107
109
991795056.UG.FTS.B,
29.49%,
1/25/24
..
54
55
991803621.UG.FTS.B,
29.49%,
1/25/24
..
73
74
991806034.UG.FTS.B,
29.49%,
1/25/24
..
6
6
991816232.UG.FTS.B,
29.49%,
1/25/24
..
47
(1)
991820253.UG.FTS.B,
29.49%,
1/25/24
..
29
30
991828617.UG.FTS.B,
29.49%,
1/25/24
..
26
26
991831119.UG.FTS.B,
29.49%,
1/25/24
..
5
5
991638287.UG.FTS.B,
Zero
Cpn,
1/26/24
.
134
9
991650272.UG.FTS.B,
Zero
Cpn,
1/26/24
.
59
4
991810154.UG.FTS.B,
15.47%,
1/26/24
..
151
13
991784174.UG.FTS.B,
16.49%,
1/26/24
..
31
31
991828622.UG.FTS.B,
16.49%,
1/26/24
..
68
26
991636818.UG.FTS.B,
19.96%,
1/26/24
..
18
18
991643141.UG.FTS.B,
19.96%,
1/26/24
..
143
143
991671753.UG.FTS.B,
19.96%,
1/26/24
..
138
19
991590508.UG.FTS.B,
19.99%,
1/26/24
..
45
8
991679320.UG.FTS.B,
21.48%,
1/26/24
..
72
73
991749734.UG.FTS.B,
21.48%,
1/26/24
..
27
27
991660260.UG.FTS.B,
28.48%,
1/26/24
..
175
178
991699559.UG.FTS.B,
28.48%,
1/26/24
..
14
14
991700697.UG.FTS.B,
28.48%,
1/26/24
..
86
(3)
991706943.UG.FTS.B,
28.48%,
1/26/24
..
131
133
991719423.UG.FTS.B,
28.48%,
1/26/24
..
122
124
991740916.UG.FTS.B,
28.48%,
1/26/24
..
283
22
991826702.UG.FTS.B,
28.48%,
1/26/24
..
83
85
991834361.UG.FTS.B,
28.48%,
1/26/24
..
36
37
991651287.UG.FTS.B,
29.46%,
1/26/24
..
–
–
991717920.UG.FTS.B,
29.48%,
1/26/24
..
379
386
991731025.UG.FTS.B,
29.48%,
1/26/24
..
–
–
991592956.UG.FTS.B,
29.49%,
1/26/24
..
30
31
991598750.UG.FTS.B,
29.49%,
1/26/24
..
136
138
991599536.UG.FTS.B,
29.49%,
1/26/24
..
232
238
991618299.UG.FTS.B,
29.49%,
1/26/24
..
78
80
991629683.UG.FTS.B,
29.49%,
1/26/24
..
127
131
991633373.UG.FTS.B,
29.49%,
1/26/24
..
177
29
991633572.UG.FTS.B,
29.49%,
1/26/24
..
40
41
991636176.UG.FTS.B,
29.49%,
1/26/24
..
153
153
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991636182.UG.FTS.B,
29.49%,
1/26/24
..
$
162
$
13
991640433.UG.FTS.B,
29.49%,
1/26/24
..
21
21
991642017.UG.FTS.B,
29.49%,
1/26/24
..
37
37
991642061.UG.FTS.B,
29.49%,
1/26/24
..
55
56
991648245.UG.FTS.B,
29.49%,
1/26/24
..
63
65
991649659.UG.FTS.B,
29.49%,
1/26/24
..
44
45
991658296.UG.FTS.B,
29.49%,
1/26/24
..
122
125
991683106.UG.FTS.B,
29.49%,
1/26/24
..
84
85
991698192.UG.FTS.B,
29.49%,
1/26/24
..
39
40
991713721.UG.FTS.B,
29.49%,
1/26/24
..
42
43
991725699.UG.FTS.B,
29.49%,
1/26/24
..
285
290
991739566.UG.FTS.B,
29.49%,
1/26/24
..
695
709
991744088.UG.FTS.B,
29.49%,
1/26/24
..
28
29
991752959.UG.FTS.B,
29.49%,
1/26/24
..
31
32
991764433.UG.FTS.B,
29.49%,
1/26/24
..
35
36
991783361.UG.FTS.B,
29.49%,
1/26/24
..
61
62
991784306.UG.FTS.B,
29.49%,
1/26/24
..
40
3
991787533.UG.FTS.B,
29.49%,
1/26/24
..
34
34
991795277.UG.FTS.B,
29.49%,
1/26/24
..
32
33
991800458.UG.FTS.B,
29.49%,
1/26/24
..
16
16
991819010.UG.FTS.B,
29.49%,
1/26/24
..
46
47
991836284.UG.FTS.B,
29.49%,
1/26/24
..
229
230
991836489.UG.FTS.B,
29.49%,
1/26/24
..
53
54
991621387.UG.FTS.B,
Zero
Cpn,
1/27/24
.
73
5
991649973.UG.FTS.B,
Zero
Cpn,
1/27/24
.
95
7
991842241.UG.FTS.B,
15.47%,
1/27/24
..
21
21
991706691.UG.FTS.B,
17.49%,
1/27/24
..
45
45
991609765.UG.FTS.B,
27.99%,
1/27/24
..
135
138
991601477.UG.FTS.B,
28.48%,
1/27/24
..
33
34
991638924.UG.FTS.B,
28.48%,
1/27/24
..
–
–
991661576.UG.FTS.B,
28.48%,
1/27/24
..
92
95
991664071.UG.FTS.B,
28.48%,
1/27/24
..
131
133
991698388.UG.FTS.B,
28.48%,
1/27/24
..
50
4
991711799.UG.FTS.B,
28.48%,
1/27/24
..
85
87
991723489.UG.FTS.B,
28.48%,
1/27/24
..
68
69
991728658.UG.FTS.B,
28.48%,
1/27/24
..
64
65
991741153.UG.FTS.B,
28.48%,
1/27/24
..
229
234
991801395.UG.FTS.B,
28.48%,
1/27/24
..
76
77
991614264.UG.FTS.B,
29.48%,
1/27/24
..
34
34
991638057.UG.FTS.B,
29.48%,
1/27/24
..
9
10
991699163.UG.FTS.B,
29.48%,
1/27/24
..
146
149
991594915.UG.FTS.B,
29.49%,
1/27/24
..
46
47
991595594.UG.FTS.B,
29.49%,
1/27/24
..
44
45
991595863.UG.FTS.B,
29.49%,
1/27/24
..
137
139
991596373.UG.FTS.B,
29.49%,
1/27/24
..
54
56
991598172.UG.FTS.B,
29.49%,
1/27/24
..
23
23
991602939.UG.FTS.B,
29.49%,
1/27/24
..
44
45
991602960.UG.FTS.B,
29.49%,
1/27/24
..
43
44
991604986.UG.FTS.B,
29.49%,
1/27/24
..
35
36
991605049.UG.FTS.B,
29.49%,
1/27/24
..
84
87
991605352.UG.FTS.B,
29.49%,
1/27/24
..
103
104
991605361.UG.FTS.B,
29.49%,
1/27/24
..
30
31
991610027.UG.FTS.B,
29.49%,
1/27/24
..
45
47
991627130.UG.FTS.B,
29.49%,
1/27/24
..
119
121
991630132.UG.FTS.B,
29.49%,
1/27/24
..
38
38
991630928.UG.FTS.B,
29.49%,
1/27/24
..
44
45
991634012.UG.FTS.B,
29.49%,
1/27/24
..
34
34
991637485.UG.FTS.B,
29.49%,
1/27/24
..
24
24
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991646296.UG.FTS.B,
29.49%,
1/27/24
..
$
5
$
5
991649457.UG.FTS.B,
29.49%,
1/27/24
..
62
64
991658001.UG.FTS.B,
29.49%,
1/27/24
..
143
147
991662634.UG.FTS.B,
29.49%,
1/27/24
..
99
101
991664036.UG.FTS.B,
29.49%,
1/27/24
..
80
81
991671543.UG.FTS.B,
29.49%,
1/27/24
..
72
73
991674709.UG.FTS.B,
29.49%,
1/27/24
..
–
–
991680326.UG.FTS.B,
29.49%,
1/27/24
..
221
226
991683102.UG.FTS.B,
29.49%,
1/27/24
..
54
55
991687929.UG.FTS.B,
29.49%,
1/27/24
..
55
56
991688029.UG.FTS.B,
29.49%,
1/27/24
..
134
137
991691583.UG.FTS.B,
29.49%,
1/27/24
..
76
78
991698229.UG.FTS.B,
29.49%,
1/27/24
..
40
8
991704857.UG.FTS.B,
29.49%,
1/27/24
..
146
149
991711124.UG.FTS.B,
29.49%,
1/27/24
..
54
56
991715767.UG.FTS.B,
29.49%,
1/27/24
..
52
53
991720808.UG.FTS.B,
29.49%,
1/27/24
..
149
24
991739164.UG.FTS.B,
29.49%,
1/27/24
..
308
314
991739656.UG.FTS.B,
29.49%,
1/27/24
..
522
537
991750772.UG.FTS.B,
29.49%,
1/27/24
..
76
12
991763575.UG.FTS.B,
29.49%,
1/27/24
..
40
40
991766023.UG.FTS.B,
29.49%,
1/27/24
..
25
25
991769140.UG.FTS.B,
29.49%,
1/27/24
..
43
44
991791557.UG.FTS.B,
29.49%,
1/27/24
..
33
34
991792738.UG.FTS.B,
29.49%,
1/27/24
..
30
31
991793121.UG.FTS.B,
29.49%,
1/27/24
..
62
63
991801330.UG.FTS.B,
29.49%,
1/27/24
..
46
46
991802537.UG.FTS.B,
29.49%,
1/27/24
..
12
12
991811048.UG.FTS.B,
29.49%,
1/27/24
..
50
51
991617189.UG.FTS.B,
16.49%,
1/28/24
..
40
40
991827557.UG.FTS.B,
15.47%,
1/29/24
..
51
51
991638160.UG.FTS.B,
19.96%,
1/29/24
..
98
99
991851931.UG.FTS.B,
15.47%,
1/30/24
..
140
141
991677257.UG.FTS.B,
17.49%,
1/30/24
..
31
31
991754447.UG.FTS.B,
17.49%,
1/30/24
..
115
116
991633973.UG.FTS.B,
19.3%,
1/30/24
...
46
46
991695974.UG.FTS.B,
21.47%,
1/30/24
..
77
77
991688841.UG.FTS.B,
22.47%,
1/30/24
..
105
105
991668213.UG.FTS.B,
24.45%,
1/30/24
..
57
5
991631266.UG.FTS.B,
16.49%,
1/31/24
..
254
257
991635849.UG.FTS.B,
16.49%,
1/31/24
..
58
58
991642956.UG.FTS.B,
16.49%,
1/31/24
..
53
53
991677334.UG.FTS.B,
16.49%,
1/31/24
..
155
157
991705318.UG.FTS.B,
16.49%,
1/31/24
..
26
26
991747537.UG.FTS.B,
17.47%,
1/31/24
..
27
27
991637676.UG.FTS.B,
17.49%,
1/31/24
..
34
35
991637719.UG.FTS.B,
17.49%,
1/31/24
..
38
38
991642846.UG.FTS.B,
17.49%,
1/31/24
..
33
33
991780300.UG.FTS.B,
17.49%,
1/31/24
..
65
66
991869281.UG.FTS.B,
17.49%,
1/31/24
..
90
91
991661216.UG.FTS.B,
19.3%,
1/31/24
...
93
94
991686127.UG.FTS.B,
19.3%,
1/31/24
...
8
8
991687417.UG.FTS.B,
19.3%,
1/31/24
...
69
70
991628348.UG.FTS.B,
19.96%,
1/31/24
..
93
94
991672930.UG.FTS.B,
19.96%,
1/31/24
..
30
30
991681323.UG.FTS.B,
19.96%,
1/31/24
..
51
51
991710638.UG.FTS.B,
19.96%,
1/31/24
..
52
52
991650296.UG.FTS.B,
20.47%,
1/31/24
..
265
268
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991702014.UG.FTS.B,
20.47%,
1/31/24
..
$
45
$
7
991696310.UG.FTS.B,
21.48%,
1/31/24
..
13
13
991705966.UG.FTS.B,
21.48%,
1/31/24
..
49
49
991643834.UG.FTS.B,
22.45%,
1/31/24
..
39
39
991710192.UG.FTS.B,
22.47%,
1/31/24
..
–
–
991764182.UG.FTS.B,
15.47%,
2/01/24
..
96
96
991724946.UG.FTS.B,
16.49%,
2/01/24
..
652
654
991807161.UG.FTS.B,
16.49%,
2/01/24
..
33
32
991668233.UG.FTS.B,
17.49%,
2/01/24
..
34
34
991669770.UG.FTS.B,
17.49%,
2/01/24
..
434
435
991677316.UG.FTS.B,
17.49%,
2/01/24
..
36
36
991869528.UG.FTS.B,
17.49%,
2/01/24
..
41
41
991678784.UG.FTS.B,
14.48%,
2/02/24
..
–
–
991722113.UG.FTS.B,
15.49%,
2/02/24
..
163
163
991668499.UG.FTS.B,
16.49%,
2/02/24
..
40
40
991684166.UG.FTS.B,
16.49%,
2/02/24
..
35
35
991682132.UG.FTS.B,
17.47%,
2/02/24
..
66
66
991688897.UG.FTS.B,
17.49%,
2/02/24
..
184
185
991733262.UG.FTS.B,
17.49%,
2/02/24
..
59
59
991734120.UG.FTS.B,
17.49%,
2/02/24
..
66
66
991681257.UG.FTS.B,
17.49%,
2/03/24
..
53
53
991695190.UG.FTS.B,
22.47%,
2/03/24
..
150
57
991702806.UG.FTS.B,
23.45%,
2/03/24
..
158
158
991690009.UG.FTS.B,
28.48%,
2/03/24
..
127
129
991705815.UG.FTS.B,
29.48%,
2/03/24
..
146
148
991687586.UG.FTS.B,
29.49%,
2/03/24
..
40
41
991713394.UG.FTS.B,
29.49%,
2/03/24
..
112
(5)
991726593.UG.FTS.B,
29.49%,
2/03/24
..
6
6
991733227.UG.FTS.B,
29.49%,
2/03/24
..
579
84
991785226.UG.FTS.B,
29.49%,
2/03/24
..
48
49
991795299.UG.FTS.B,
29.49%,
2/03/24
..
77
77
991815788.UG.FTS.B,
29.49%,
2/03/24
..
48
49
991861447.UG.FTS.B,
29.49%,
2/03/24
..
30
30
991909246.UG.FTS.B,
29.49%,
2/03/24
..
102
103
991912648.UG.FTS.B,
29.49%,
2/03/24
..
–
–
991875683.UG.FTS.B,
Zero
Cpn,
2/04/24
.
87
6
991776059.UG.FTS.B,
15.47%,
2/04/24
..
29
29
991854905.UG.FTS.B,
15.47%,
2/04/24
..
130
130
991686911.UG.FTS.B,
18.47%,
2/04/24
..
38
39
991685554.UG.FTS.B,
18.71%,
2/04/24
..
41
41
991711305.UG.FTS.B,
29.48%,
2/04/24
..
57
58
991702984.UG.FTS.B,
29.49%,
2/04/24
..
38
39
991726705.UG.FTS.B,
29.49%,
2/04/24
..
34
34
991756664.UG.FTS.B,
29.49%,
2/04/24
..
68
24
991764301.UG.FTS.B,
29.49%,
2/04/24
..
44
45
991788801.UG.FTS.B,
29.49%,
2/04/24
..
62
63
991804405.UG.FTS.B,
29.49%,
2/04/24
..
32
15
991813259.UG.FTS.B,
29.49%,
2/04/24
..
245
249
991829699.UG.FTS.B,
29.49%,
2/04/24
..
5
5
991894355.UG.FTS.B,
29.49%,
2/04/24
..
–
–
991909049.UG.FTS.B,
29.49%,
2/04/24
..
29
30
991910876.UG.FTS.B,
29.49%,
2/04/24
..
114
114
991911528.UG.FTS.B,
29.49%,
2/04/24
..
110
111
991711452.UG.FTS.B,
19.96%,
2/05/24
..
72
73
991693126.UG.FTS.B,
19.99%,
2/05/24
..
45
45
991896939.UG.FTS.B,
20.47%,
2/05/24
..
425
30
991827138.UG.FTS.B,
21.48%,
2/05/24
..
37
37
991854090.UG.FTS.B,
21.48%,
2/05/24
..
77
77
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991776899.UG.FTS.B,
22.47%,
2/05/24
..
$
35
$
35
991698945.UG.FTS.B,
23.45%,
2/05/24
..
92
92
991725398.UG.FTS.B,
23.45%,
2/05/24
..
25
25
991938019.UG.FTS.B,
23.45%,
2/05/24
..
68
67
991866679.UG.FTS.B,
26.44%,
2/05/24
..
29
29
991712635.UG.FTS.B,
28.48%,
2/05/24
..
133
135
991738161.UG.FTS.B,
28.48%,
2/05/24
..
92
94
991739512.UG.FTS.B,
28.48%,
2/05/24
..
54
54
991751198.UG.FTS.B,
28.48%,
2/05/24
..
122
124
991766340.UG.FTS.B,
28.48%,
2/05/24
..
227
230
991785400.UG.FTS.B,
28.48%,
2/05/24
..
44
45
991835745.UG.FTS.B,
28.48%,
2/05/24
..
62
62
991886671.UG.FTS.B,
28.48%,
2/05/24
..
7
7
991898117.UG.FTS.B,
28.48%,
2/05/24
..
83
6
991916369.UG.FTS.B,
28.48%,
2/05/24
..
69
70
991805200.UG.FTS.B,
29.46%,
2/05/24
..
43
44
991697955.UG.FTS.B,
29.48%,
2/05/24
..
146
149
991701867.UG.FTS.B,
29.48%,
2/05/24
..
33
34
991714933.UG.FTS.B,
29.48%,
2/05/24
..
38
38
991716572.UG.FTS.B,
29.48%,
2/05/24
..
35
36
991781448.UG.FTS.B,
29.48%,
2/05/24
..
46
46
991797219.UG.FTS.B,
29.48%,
2/05/24
..
283
287
991833863.UG.FTS.B,
29.48%,
2/05/24
..
71
72
991838320.UG.FTS.B,
29.48%,
2/05/24
..
25
25
991898289.UG.FTS.B,
29.48%,
2/05/24
..
34
34
991692055.UG.FTS.B,
29.49%,
2/05/24
..
130
112
991693089.UG.FTS.B,
29.49%,
2/05/24
..
46
46
991693783.UG.FTS.B,
29.49%,
2/05/24
..
20
20
991696162.UG.FTS.B,
29.49%,
2/05/24
..
56
8
991696616.UG.FTS.B,
29.49%,
2/05/24
..
127
45
991696879.UG.FTS.B,
29.49%,
2/05/24
..
250
92
991697144.UG.FTS.B,
29.49%,
2/05/24
..
46
18
991701473.UG.FTS.B,
29.49%,
2/05/24
..
112
113
991704518.UG.FTS.B,
29.49%,
2/05/24
..
15
15
991705344.UG.FTS.B,
29.49%,
2/05/24
..
34
(2)
991705462.UG.FTS.B,
29.49%,
2/05/24
..
101
100
991705465.UG.FTS.B,
29.49%,
2/05/24
..
28
28
991706846.UG.FTS.B,
29.49%,
2/05/24
..
70
72
991711063.UG.FTS.B,
29.49%,
2/05/24
..
40
2
991711397.UG.FTS.B,
29.49%,
2/05/24
..
178
181
991712546.UG.FTS.B,
29.49%,
2/05/24
..
37
37
991713288.UG.FTS.B,
29.49%,
2/05/24
..
24
25
991713498.UG.FTS.B,
29.49%,
2/05/24
..
33
33
991718017.UG.FTS.B,
29.49%,
2/05/24
..
45
45
991723083.UG.FTS.B,
29.49%,
2/05/24
..
88
14
991729702.UG.FTS.B,
29.49%,
2/05/24
..
–
–
991730878.UG.FTS.B,
29.49%,
2/05/24
..
159
52
991737989.UG.FTS.B,
29.49%,
2/05/24
..
19
19
991744990.UG.FTS.B,
29.49%,
2/05/24
..
34
34
991752632.UG.FTS.B,
29.49%,
2/05/24
..
51
51
991757885.UG.FTS.B,
29.49%,
2/05/24
..
165
165
991760937.UG.FTS.B,
29.49%,
2/05/24
..
–
–
991773526.UG.FTS.B,
29.49%,
2/05/24
..
143
145
991779496.UG.FTS.B,
29.49%,
2/05/24
..
118
119
991783484.UG.FTS.B,
29.49%,
2/05/24
..
131
9
991786506.UG.FTS.B,
29.49%,
2/05/24
..
89
91
991787648.UG.FTS.B,
29.49%,
2/05/24
..
210
213
991788922.UG.FTS.B,
29.49%,
2/05/24
..
195
197
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991796027.UG.FTS.B,
29.49%,
2/05/24
..
$
67
$
68
991799165.UG.FTS.B,
29.49%,
2/05/24
..
38
38
991801405.UG.FTS.B,
29.49%,
2/05/24
..
191
195
991831270.UG.FTS.B,
29.49%,
2/05/24
..
100
38
991833796.UG.FTS.B,
29.49%,
2/05/24
..
53
54
991858745.UG.FTS.B,
29.49%,
2/05/24
..
111
113
991879388.UG.FTS.B,
29.49%,
2/05/24
..
32
32
991889487.UG.FTS.B,
29.49%,
2/05/24
..
36
36
991901626.UG.FTS.B,
29.49%,
2/05/24
..
37
37
991905879.UG.FTS.B,
29.49%,
2/05/24
..
43
44
991932864.UG.FTS.B,
29.49%,
2/05/24
..
19
19
991936900.UG.FTS.B,
29.49%,
2/05/24
..
48
3
991741244.UG.FTS.B,
Zero
Cpn,
2/06/24
.
106
7
991769363.UG.FTS.B,
Zero
Cpn,
2/06/24
.
55
4
991792802.UG.FTS.B,
Zero
Cpn,
2/06/24
.
462
32
991917005.UG.FTS.B,
Zero
Cpn,
2/06/24
.
87
6
991766242.UG.FTS.B,
18.47%,
2/06/24
..
51
51
991894070.UG.FTS.B,
19.96%,
2/06/24
..
90
90
991750813.UG.FTS.B,
19.99%,
2/06/24
..
68
–
991911467.UG.FTS.B,
19.99%,
2/06/24
..
11
11
991718257.UG.FTS.B,
20.96%,
2/06/24
..
59
59
991809389.UG.FTS.B,
20.96%,
2/06/24
..
142
142
991714545.UG.FTS.B,
21.48%,
2/06/24
..
55
55
991747919.UG.FTS.B,
21.48%,
2/06/24
..
35
35
991764160.UG.FTS.B,
21.48%,
2/06/24
..
58
58
991896635.UG.FTS.B,
21.48%,
2/06/24
..
171
171
991734865.UG.FTS.B,
25.45%,
2/06/24
..
53
53
991702392.UG.FTS.B,
28.48%,
2/06/24
..
68
69
991730449.UG.FTS.B,
28.48%,
2/06/24
..
81
30
991740055.UG.FTS.B,
28.48%,
2/06/24
..
249
253
991780645.UG.FTS.B,
28.48%,
2/06/24
..
130
132
991785489.UG.FTS.B,
28.48%,
2/06/24
..
234
237
991803786.UG.FTS.B,
28.48%,
2/06/24
..
38
38
991853055.UG.FTS.B,
28.48%,
2/06/24
..
83
84
991853534.UG.FTS.B,
28.48%,
2/06/24
..
69
70
991704767.UG.FTS.B,
29.48%,
2/06/24
..
142
144
991819053.UG.FTS.B,
29.48%,
2/06/24
..
34
34
991832143.UG.FTS.B,
29.48%,
2/06/24
..
4
4
991835222.UG.FTS.B,
29.48%,
2/06/24
..
283
286
991894999.UG.FTS.B,
29.48%,
2/06/24
..
246
248
991914678.UG.FTS.B,
29.48%,
2/06/24
..
88
88
991928677.UG.FTS.B,
29.48%,
2/06/24
..
70
71
991702835.UG.FTS.B,
29.49%,
2/06/24
..
83
84
991703043.UG.FTS.B,
29.49%,
2/06/24
..
21
21
991703094.UG.FTS.B,
29.49%,
2/06/24
..
10
10
991704372.UG.FTS.B,
29.49%,
2/06/24
..
39
39
991706376.UG.FTS.B,
29.49%,
2/06/24
..
87
–
991706434.UG.FTS.B,
29.49%,
2/06/24
..
124
126
991706794.UG.FTS.B,
29.49%,
2/06/24
..
32
32
991707306.UG.FTS.B,
29.49%,
2/06/24
..
220
222
991709169.UG.FTS.B,
29.49%,
2/06/24
..
44
7
991711265.UG.FTS.B,
29.49%,
2/06/24
..
88
32
991717524.UG.FTS.B,
29.49%,
2/06/24
..
124
40
991723140.UG.FTS.B,
29.49%,
2/06/24
..
148
151
991726361.UG.FTS.B,
29.49%,
2/06/24
..
589
(57)
991730343.UG.FTS.B,
29.49%,
2/06/24
..
90
92
991731423.UG.FTS.B,
29.49%,
2/06/24
..
46
46
991734953.UG.FTS.B,
29.49%,
2/06/24
..
79
80
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991735402.UG.FTS.B,
29.49%,
2/06/24
..
$
33
$
34
991736969.UG.FTS.B,
29.49%,
2/06/24
..
72
74
991738288.UG.FTS.B,
29.49%,
2/06/24
..
40
40
991738514.UG.FTS.B,
29.49%,
2/06/24
..
73
74
991739473.UG.FTS.B,
29.49%,
2/06/24
..
43
44
991741909.UG.FTS.B,
29.49%,
2/06/24
..
–
–
991750749.UG.FTS.B,
29.49%,
2/06/24
..
122
122
991754554.UG.FTS.B,
29.49%,
2/06/24
..
48
48
991756713.UG.FTS.B,
29.49%,
2/06/24
..
335
340
991760581.UG.FTS.B,
29.49%,
2/06/24
..
153
155
991762718.UG.FTS.B,
29.49%,
2/06/24
..
62
63
991766882.UG.FTS.B,
29.49%,
2/06/24
..
79
81
991767912.UG.FTS.B,
29.49%,
2/06/24
..
65
66
991775218.UG.FTS.B,
29.49%,
2/06/24
..
93
94
991780601.UG.FTS.B,
29.49%,
2/06/24
..
60
9
991802450.UG.FTS.B,
29.49%,
2/06/24
..
49
49
991803366.UG.FTS.B,
29.49%,
2/06/24
..
60
60
991804272.UG.FTS.B,
29.49%,
2/06/24
..
24
24
991811603.UG.FTS.B,
29.49%,
2/06/24
..
47
7
991812453.UG.FTS.B,
29.49%,
2/06/24
..
51
52
991845179.UG.FTS.B,
29.49%,
2/06/24
..
71
72
991848888.UG.FTS.B,
29.49%,
2/06/24
..
54
55
991854055.UG.FTS.B,
29.49%,
2/06/24
..
354
360
991854221.UG.FTS.B,
29.49%,
2/06/24
..
354
360
991864157.UG.FTS.B,
29.49%,
2/06/24
..
82
83
991865672.UG.FTS.B,
29.49%,
2/06/24
..
122
124
991876619.UG.FTS.B,
29.49%,
2/06/24
..
–
–
991879365.UG.FTS.B,
29.49%,
2/06/24
..
92
84
991903049.UG.FTS.B,
29.49%,
2/06/24
..
13
13
991903768.UG.FTS.B,
29.49%,
2/06/24
..
203
202
991908232.UG.FTS.B,
29.49%,
2/06/24
..
35
36
991908563.UG.FTS.B,
29.49%,
2/06/24
..
23
23
991913163.UG.FTS.B,
29.49%,
2/06/24
..
53
8
991916003.UG.FTS.B,
29.49%,
2/06/24
..
110
112
991925585.UG.FTS.B,
29.49%,
2/06/24
..
104
105
991780524.UG.FTS.B,
Zero
Cpn,
2/07/24
.
90
6
991838231.UG.FTS.B,
Zero
Cpn,
2/07/24
.
38
3
991860532.UG.FTS.B,
Zero
Cpn,
2/07/24
.
73
5
991952896.UG.FTS.B,
17.49%,
2/07/24
..
326
327
991726829.UG.FTS.B,
18.47%,
2/07/24
..
59
59
991908299.UG.FTS.B,
18.47%,
2/07/24
..
33
33
991747268.UG.FTS.B,
19.96%,
2/07/24
..
54
3
991746536.UG.FTS.B,
20.47%,
2/07/24
..
78
78
991758069.UG.FTS.B,
28.48%,
2/07/24
..
168
169
991764700.UG.FTS.B,
28.48%,
2/07/24
..
38
39
991803011.UG.FTS.B,
28.48%,
2/07/24
..
52
53
991815918.UG.FTS.B,
28.48%,
2/07/24
..
17
17
991818712.UG.FTS.B,
28.48%,
2/07/24
..
171
25
991850407.UG.FTS.B,
28.48%,
2/07/24
..
12
13
991917220.UG.FTS.B,
28.48%,
2/07/24
..
74
74
991709711.UG.FTS.B,
29.48%,
2/07/24
..
166
25
991711547.UG.FTS.B,
29.48%,
2/07/24
..
38
39
991715983.UG.FTS.B,
29.48%,
2/07/24
..
18
18
991728869.UG.FTS.B,
29.48%,
2/07/24
..
40
40
991736572.UG.FTS.B,
29.48%,
2/07/24
..
107
39
991760237.UG.FTS.B,
29.48%,
2/07/24
..
111
113
991761553.UG.FTS.B,
29.48%,
2/07/24
..
18
18
991797551.UG.FTS.B,
29.48%,
2/07/24
..
98
100
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991803460.UG.FTS.B,
29.48%,
2/07/24
..
$
100
$
102
991810928.UG.FTS.B,
29.48%,
2/07/24
..
355
359
991813154.UG.FTS.B,
29.48%,
2/07/24
..
67
67
991705840.UG.FTS.B,
29.49%,
2/07/24
..
66
66
991707631.UG.FTS.B,
29.49%,
2/07/24
..
51
52
991711765.UG.FTS.B,
29.49%,
2/07/24
..
185
188
991712289.UG.FTS.B,
29.49%,
2/07/24
..
19
19
991712442.UG.FTS.B,
29.49%,
2/07/24
..
66
66
991712942.UG.FTS.B,
29.49%,
2/07/24
..
51
52
991714110.UG.FTS.B,
29.49%,
2/07/24
..
65
66
991714530.UG.FTS.B,
29.49%,
2/07/24
..
72
10
991721981.UG.FTS.B,
29.49%,
2/07/24
..
54
55
991724940.UG.FTS.B,
29.49%,
2/07/24
..
193
68
991729259.UG.FTS.B,
29.49%,
2/07/24
..
108
109
991734419.UG.FTS.B,
29.49%,
2/07/24
..
49
50
991742022.UG.FTS.B,
29.49%,
2/07/24
..
73
74
991747730.UG.FTS.B,
29.49%,
2/07/24
..
–
–
991760583.UG.FTS.B,
29.49%,
2/07/24
..
28
28
991762212.UG.FTS.B,
29.49%,
2/07/24
..
352
(16)
991767246.UG.FTS.B,
29.49%,
2/07/24
..
52
52
991768735.UG.FTS.B,
29.49%,
2/07/24
..
374
376
991772407.UG.FTS.B,
29.49%,
2/07/24
..
31
32
991781548.UG.FTS.B,
29.49%,
2/07/24
..
385
393
991787046.UG.FTS.B,
29.49%,
2/07/24
..
30
(1)
991794751.UG.FTS.B,
29.49%,
2/07/24
..
83
83
991795789.UG.FTS.B,
29.49%,
2/07/24
..
65
66
991804746.UG.FTS.B,
29.49%,
2/07/24
..
49
3
991817987.UG.FTS.B,
29.49%,
2/07/24
..
24
24
991822013.UG.FTS.B,
29.49%,
2/07/24
..
60
61
991835130.UG.FTS.B,
29.49%,
2/07/24
..
53
54
991840310.UG.FTS.B,
29.49%,
2/07/24
..
71
71
991842041.UG.FTS.B,
29.49%,
2/07/24
..
42
42
991844653.UG.FTS.B,
29.49%,
2/07/24
..
184
187
991847296.UG.FTS.B,
29.49%,
2/07/24
..
221
33
991852247.UG.FTS.B,
29.49%,
2/07/24
..
187
188
991852683.UG.FTS.B,
29.49%,
2/07/24
..
47
48
991860524.UG.FTS.B,
29.49%,
2/07/24
..
1
1
991881568.UG.FTS.B,
29.49%,
2/07/24
..
109
111
991889120.UG.FTS.B,
29.49%,
2/07/24
..
110
111
991920447.UG.FTS.B,
29.49%,
2/07/24
..
43
–
991920714.UG.FTS.B,
29.49%,
2/07/24
..
52
52
991734323.UG.FTS.B,
16.49%,
2/09/24
..
71
71
991922854.UG.FTS.B,
21.46%,
3/07/24
..
23
20
991557990.UG.FTS.B,
Zero
Cpn,
3/17/24
.
35
2
991773707.UG.FTS.B,
Zero
Cpn,
4/05/24
.
251
18
991718539.UG.FTS.B,
29.49%,
4/06/24
..
46
(1)
991750028.UG.FTS.B,
29.49%,
4/17/24
..
97
(4)
991638900.UG.FTS.B,
29.47%,
4/18/24
..
40
41
991716207.UG.FTS.B,
29.49%,
4/18/24
..
76
64
991633451.UG.FTS.B,
29.49%,
4/22/24
..
128
112
991676577.UG.FTS.B,
29.49%,
4/23/24
..
678
590
991781162.UG.FTS.B,
29.49%,
4/23/24
..
52
45
991741014.UG.FTS.B,
29.49%,
4/24/24
..
200
177
991815602.UG.FTS.B,
29.49%,
4/24/24
..
47
42
991681844.UG.FTS.B,
29.49%,
5/05/24
..
460
403
991785049.UG.FTS.B,
29.49%,
5/05/24
..
55
47
991827302.UG.FTS.B,
29.49%,
5/05/24
..
36
33
991713731.UG.FTS.B,
29.49%,
5/06/24
..
44
37
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991894974.UG.FTS.B,
29.49%,
5/06/24
..
$
236
$
206
991759455.UG.FTS.B,
19.99%,
5/07/24
..
187
–
991720763.UG.FTS.B,
29.49%,
5/07/24
..
104
91
991552817.UG.FTS.B,
29.49%,
5/15/24
..
102
102
991671486.UG.FTS.B,
29.49%,
5/16/24
..
146
149
991756734.UG.FTS.B,
21.46%,
5/18/24
..
47
39
991688837.UG.FTS.B,
29.49%,
5/18/24
..
318
(9)
991661636.UG.FTS.B,
29.49%,
5/20/24
..
46
38
991642255.UG.FTS.B,
18.71%,
5/22/24
..
79
66
991716555.UG.FTS.B,
28.98%,
5/24/24
..
42
35
991693378.UG.FTS.B,
23.44%,
6/03/24
..
85
28
991658433.UG.FTS.B,
16.49%,
6/30/24
..
409
415
991924883.UG.FTS.B,
23.95%,
8/05/24
..
55
56
991725148.UG.FTS.B,
19.8%,
8/06/24
...
51
41
991712265.UG.FTS.B,
29.49%,
9/07/24
..
83
69
991591790.UG.FTS.B,
29.49%,
9/21/24
..
331
336
991802395.UG.FTS.B,
29.49%,
10/06/24
.
141
20
991732331.UG.FTS.B,
28.48%,
10/15/24
.
69
10
991682766.UG.FTS.B,
29.49%,
10/20/24
.
239
191
991639187.UG.FTS.B,
17.49%,
10/29/24
.
238
20
991556675.UG.FTS.B,
29.49%,
11/17/24
.
58
47
991545880.UG.FTS.B,
28.98%,
12/17/24
.
67
52
991487037.UG.FTS.B,
14.98%,
1/13/25
..
1,020
1,043
991499314.UG.FTS.B,
16.99%,
1/14/25
..
243
248
991512643.UG.FTS.B,
Zero
Cpn,
1/15/25
.
1,575
110
991514741.UG.FTS.B,
17.99%,
1/15/25
..
634
635
991537321.UG.FTS.B,
Zero
Cpn,
1/18/25
.
78
5
991578090.UG.FTS.B,
Zero
Cpn,
1/18/25
.
–
–
991641889.UG.FTS.B,
Zero
Cpn,
1/18/25
.
180
13
991534259.UG.FTS.B,
19.99%,
1/18/25
..
21
21
991540248.UG.FTS.B,
19.99%,
1/18/25
..
8
8
991542919.UG.FTS.B,
19.99%,
1/18/25
..
322
338
991543349.UG.FTS.B,
19.99%,
1/18/25
..
754
790
991596625.UG.FTS.B,
19.99%,
1/18/25
..
184
191
991613831.UG.FTS.B,
19.99%,
1/18/25
..
266
20
991741235.UG.FTS.B,
19.99%,
1/18/25
..
18
19
991535930.UG.FTS.B,
27.95%,
1/18/25
..
1,238
1,300
991541397.UG.FTS.B,
27.95%,
1/18/25
..
193
63
991541578.UG.FTS.B,
28.98%,
1/18/25
..
54
(2)
991541730.UG.FTS.B,
28.98%,
1/18/25
..
609
622
991547864.UG.FTS.B,
28.98%,
1/18/25
..
476
498
991548072.UG.FTS.B,
28.98%,
1/18/25
..
882
(63)
991586801.UG.FTS.B,
28.98%,
1/18/25
..
154
160
991605601.UG.FTS.B,
28.98%,
1/18/25
..
22
22
991633024.UG.FTS.B,
28.98%,
1/18/25
..
51
51
991643127.UG.FTS.B,
28.98%,
1/18/25
..
122
127
991643598.UG.FTS.B,
28.98%,
1/18/25
..
108
110
991662279.UG.FTS.B,
28.98%,
1/18/25
..
80
83
991669237.UG.FTS.B,
28.98%,
1/18/25
..
46
47
991770623.UG.FTS.B,
28.98%,
1/18/25
..
601
42
991766780.UG.FTS.B,
29.45%,
1/18/25
..
104
108
991670069.UG.FTS.B,
29.46%,
1/18/25
..
380
399
991567035.UG.FTS.B,
29.48%,
1/18/25
..
390
412
991535459.UG.FTS.B,
29.49%,
1/18/25
..
165
175
991535708.UG.FTS.B,
29.49%,
1/18/25
..
69
71
991536072.UG.FTS.B,
29.49%,
1/18/25
..
305
309
991536876.UG.FTS.B,
29.49%,
1/18/25
..
192
200
991536929.UG.FTS.B,
29.49%,
1/18/25
..
888
919
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991537021.UG.FTS.B,
29.49%,
1/18/25
..
$
122
$
128
991540546.UG.FTS.B,
29.49%,
1/18/25
..
70
74
991540582.UG.FTS.B,
29.49%,
1/18/25
..
707
715
991541260.UG.FTS.B,
29.49%,
1/18/25
..
62
65
991542253.UG.FTS.B,
29.49%,
1/18/25
..
193
12
991543638.UG.FTS.B,
29.49%,
1/18/25
..
109
15
991544799.UG.FTS.B,
29.49%,
1/18/25
..
168
176
991545277.UG.FTS.B,
29.49%,
1/18/25
..
264
66
991560367.UG.FTS.B,
29.49%,
1/18/25
..
339
96
991563278.UG.FTS.B,
29.49%,
1/18/25
..
119
124
991576670.UG.FTS.B,
29.49%,
1/18/25
..
–
–
991577286.UG.FTS.B,
29.49%,
1/18/25
..
380
385
991584589.UG.FTS.B,
29.49%,
1/18/25
..
154
157
991637270.UG.FTS.B,
29.49%,
1/18/25
..
40
41
991692788.UG.FTS.B,
29.49%,
1/18/25
..
34
35
991757664.UG.FTS.B,
29.49%,
1/18/25
..
2
2
991765962.UG.FTS.B,
29.49%,
1/18/25
..
57
60
991768700.UG.FTS.B,
29.49%,
1/18/25
..
148
153
991587244.UG.FTS.B,
Zero
Cpn,
1/19/25
.
146
10
991681269.UG.FTS.B,
Zero
Cpn,
1/19/25
.
164
11
991664635.UG.FTS.B,
18.97%,
1/19/25
..
–
–
991713909.UG.FTS.B,
18.97%,
1/19/25
..
177
179
991553350.UG.FTS.B,
19.99%,
1/19/25
..
43
44
991556775.UG.FTS.B,
19.99%,
1/19/25
..
83
86
991593524.UG.FTS.B,
19.99%,
1/19/25
..
56
57
991610154.UG.FTS.B,
19.99%,
1/19/25
..
567
17
991617879.UG.FTS.B,
19.99%,
1/19/25
..
903
946
991640553.UG.FTS.B,
19.99%,
1/19/25
..
108
109
991650417.UG.FTS.B,
19.99%,
1/19/25
..
171
178
991729446.UG.FTS.B,
19.99%,
1/19/25
..
35
35
991764139.UG.FTS.B,
19.99%,
1/19/25
..
22
23
991698886.UG.FTS.B,
21.46%,
1/19/25
..
74
74
991690575.UG.FTS.B,
25.95%,
1/19/25
..
368
379
991779529.UG.FTS.B,
27.99%,
1/19/25
..
244
254
991544331.UG.FTS.B,
28.98%,
1/19/25
..
431
448
991547565.UG.FTS.B,
28.98%,
1/19/25
..
109
110
991556346.UG.FTS.B,
28.98%,
1/19/25
..
153
161
991580652.UG.FTS.B,
28.98%,
1/19/25
..
72
75
991652010.UG.FTS.B,
28.98%,
1/19/25
..
226
233
991669072.UG.FTS.B,
28.98%,
1/19/25
..
166
172
991680250.UG.FTS.B,
28.98%,
1/19/25
..
297
301
991684419.UG.FTS.B,
28.98%,
1/19/25
..
562
586
991689404.UG.FTS.B,
28.98%,
1/19/25
..
129
134
991694508.UG.FTS.B,
28.98%,
1/19/25
..
201
210
991698089.UG.FTS.B,
28.98%,
1/19/25
..
131
17
991729327.UG.FTS.B,
28.98%,
1/19/25
..
87
91
991734745.UG.FTS.B,
28.98%,
1/19/25
..
306
319
991746200.UG.FTS.B,
28.98%,
1/19/25
..
327
340
991746728.UG.FTS.B,
28.98%,
1/19/25
..
69
72
991747421.UG.FTS.B,
28.98%,
1/19/25
..
28
29
991748030.UG.FTS.B,
28.98%,
1/19/25
..
97
101
991750526.UG.FTS.B,
28.98%,
1/19/25
..
420
436
991783620.UG.FTS.B,
28.98%,
1/19/25
..
240
250
991784176.UG.FTS.B,
28.98%,
1/19/25
..
211
218
991616379.UG.FTS.B,
29.45%,
1/19/25
..
93
93
991547157.UG.FTS.B,
29.46%,
1/19/25
..
381
387
991550875.UG.FTS.B,
29.47%,
1/19/25
..
1,231
1,298
991767247.UG.FTS.B,
29.47%,
1/19/25
..
378
394
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991551878.UG.FTS.B,
29.48%,
1/19/25
..
$
416
$
420
991542015.UG.FTS.B,
29.49%,
1/19/25
..
232
232
991547832.UG.FTS.B,
29.49%,
1/19/25
..
138
142
991556769.UG.FTS.B,
29.49%,
1/19/25
..
105
109
991559196.UG.FTS.B,
29.49%,
1/19/25
..
2,057
2,017
991567620.UG.FTS.B,
29.49%,
1/19/25
..
200
207
991569855.UG.FTS.B,
29.49%,
1/19/25
..
10
10
991571908.UG.FTS.B,
29.49%,
1/19/25
..
106
111
991572593.UG.FTS.B,
29.49%,
1/19/25
..
516
(19)
991575387.UG.FTS.B,
29.49%,
1/19/25
..
154
163
991579317.UG.FTS.B,
29.49%,
1/19/25
..
98
101
991587154.UG.FTS.B,
29.49%,
1/19/25
..
151
155
991589283.UG.FTS.B,
29.49%,
1/19/25
..
482
506
991589395.UG.FTS.B,
29.49%,
1/19/25
..
337
349
991590614.UG.FTS.B,
29.49%,
1/19/25
..
171
179
991666296.UG.FTS.B,
29.49%,
1/19/25
..
124
128
991668851.UG.FTS.B,
29.49%,
1/19/25
..
77
81
991676239.UG.FTS.B,
29.49%,
1/19/25
..
739
53
991700162.UG.FTS.B,
29.49%,
1/19/25
..
22
22
991710813.UG.FTS.B,
29.49%,
1/19/25
..
43
45
991719174.UG.FTS.B,
29.49%,
1/19/25
..
1,035
1,079
991721350.UG.FTS.B,
29.49%,
1/19/25
..
1,516
1,590
991732729.UG.FTS.B,
29.49%,
1/19/25
..
138
140
991764318.UG.FTS.B,
29.49%,
1/19/25
..
45
46
991769796.UG.FTS.B,
29.49%,
1/19/25
..
93
96
991771466.UG.FTS.B,
29.49%,
1/19/25
..
119
124
991772043.UG.FTS.B,
29.49%,
1/19/25
..
76
6
991773161.UG.FTS.B,
29.49%,
1/19/25
..
301
313
991773734.UG.FTS.B,
29.49%,
1/19/25
..
15
15
991782580.UG.FTS.B,
29.49%,
1/19/25
..
72
75
991558641.UG.FTS.B,
Zero
Cpn,
1/20/25
.
1,224
84
991568378.UG.FTS.B,
Zero
Cpn,
1/20/25
.
302
21
991704554.UG.FTS.B,
Zero
Cpn,
1/20/25
.
115
8
991715023.UG.FTS.B,
Zero
Cpn,
1/20/25
.
105
7
991787423.UG.FTS.B,
14.98%,
1/20/25
..
249
250
991546373.UG.FTS.B,
19.99%,
1/20/25
..
3
3
991550110.UG.FTS.B,
19.99%,
1/20/25
..
232
243
991551168.UG.FTS.B,
19.99%,
1/20/25
..
1,400
1,465
991558664.UG.FTS.B,
19.99%,
1/20/25
..
269
280
991560098.UG.FTS.B,
19.99%,
1/20/25
..
128
134
991563863.UG.FTS.B,
19.99%,
1/20/25
..
237
247
991567021.UG.FTS.B,
19.99%,
1/20/25
..
315
330
991569516.UG.FTS.B,
19.99%,
1/20/25
..
654
685
991575551.UG.FTS.B,
19.99%,
1/20/25
..
781
819
991575708.UG.FTS.B,
19.99%,
1/20/25
..
116
119
991579043.UG.FTS.B,
19.99%,
1/20/25
..
1,407
107
991579154.UG.FTS.B,
19.99%,
1/20/25
..
116
122
991579762.UG.FTS.B,
19.99%,
1/20/25
..
199
209
991580041.UG.FTS.B,
19.99%,
1/20/25
..
251
258
991580969.UG.FTS.B,
19.99%,
1/20/25
..
799
832
991589726.UG.FTS.B,
19.99%,
1/20/25
..
17
17
991591112.UG.FTS.B,
19.99%,
1/20/25
..
224
232
991601962.UG.FTS.B,
19.99%,
1/20/25
..
754
773
991611311.UG.FTS.B,
19.99%,
1/20/25
..
10
10
991612039.UG.FTS.B,
19.99%,
1/20/25
..
80
82
991613122.UG.FTS.B,
19.99%,
1/20/25
..
157
164
991615000.UG.FTS.B,
19.99%,
1/20/25
..
304
318
991626332.UG.FTS.B,
19.99%,
1/20/25
..
352
369
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991635746.UG.FTS.B,
19.99%,
1/20/25
..
$
209
$
211
991642370.UG.FTS.B,
19.99%,
1/20/25
..
191
200
991646361.UG.FTS.B,
19.99%,
1/20/25
..
176
184
991648690.UG.FTS.B,
19.99%,
1/20/25
..
85
11
991650312.UG.FTS.B,
19.99%,
1/20/25
..
198
205
991666023.UG.FTS.B,
19.99%,
1/20/25
..
149
156
991676336.UG.FTS.B,
19.99%,
1/20/25
..
88
90
991699684.UG.FTS.B,
19.99%,
1/20/25
..
99
103
991751909.UG.FTS.B,
19.99%,
1/20/25
..
114
118
991756492.UG.FTS.B,
19.99%,
1/20/25
..
13
13
991674160.UG.FTS.B,
25.95%,
1/20/25
..
183
186
991545216.UG.FTS.B,
26.94%,
1/20/25
..
10
10
991696729.UG.FTS.B,
26.94%,
1/20/25
..
35
35
991693406.UG.FTS.B,
27.95%,
1/20/25
..
827
825
991552965.UG.FTS.B,
27.99%,
1/20/25
..
134
140
991567052.UG.FTS.B,
27.99%,
1/20/25
..
63
65
991653855.UG.FTS.B,
27.99%,
1/20/25
..
184
191
991682363.UG.FTS.B,
27.99%,
1/20/25
..
1,329
1,384
991544408.UG.FTS.B,
28.98%,
1/20/25
..
81
85
991544778.UG.FTS.B,
28.98%,
1/20/25
..
39
3
991545892.UG.FTS.B,
28.98%,
1/20/25
..
45
45
991546136.UG.FTS.B,
28.98%,
1/20/25
..
57
58
991546636.UG.FTS.B,
28.98%,
1/20/25
..
76
80
991547409.UG.FTS.B,
28.98%,
1/20/25
..
66
69
991547592.UG.FTS.B,
28.98%,
1/20/25
..
5,159
354
991547593.UG.FTS.B,
28.98%,
1/20/25
..
216
226
991547777.UG.FTS.B,
28.98%,
1/20/25
..
99
101
991552067.UG.FTS.B,
28.98%,
1/20/25
..
35
35
991552893.UG.FTS.B,
28.98%,
1/20/25
..
345
360
991553649.UG.FTS.B,
28.98%,
1/20/25
..
923
968
991554237.UG.FTS.B,
28.98%,
1/20/25
..
–
–
991556261.UG.FTS.B,
28.98%,
1/20/25
..
683
710
991557666.UG.FTS.B,
28.98%,
1/20/25
..
918
948
991557809.UG.FTS.B,
28.98%,
1/20/25
..
80
84
991558482.UG.FTS.B,
28.98%,
1/20/25
..
1,320
178
991558522.UG.FTS.B,
28.98%,
1/20/25
..
123
129
991559055.UG.FTS.B,
28.98%,
1/20/25
..
2,503
2,550
991559725.UG.FTS.B,
28.98%,
1/20/25
..
522
548
991561334.UG.FTS.B,
28.98%,
1/20/25
..
327
343
991562380.UG.FTS.B,
28.98%,
1/20/25
..
153
161
991564330.UG.FTS.B,
28.98%,
1/20/25
..
89
94
991566285.UG.FTS.B,
28.98%,
1/20/25
..
181
190
991568849.UG.FTS.B,
28.98%,
1/20/25
..
113
119
991568936.UG.FTS.B,
28.98%,
1/20/25
..
215
226
991569159.UG.FTS.B,
28.98%,
1/20/25
..
7
7
991570565.UG.FTS.B,
28.98%,
1/20/25
..
97
102
991571433.UG.FTS.B,
28.98%,
1/20/25
..
125
130
991572223.UG.FTS.B,
28.98%,
1/20/25
..
857
898
991572292.UG.FTS.B,
28.98%,
1/20/25
..
29
30
991575019.UG.FTS.B,
28.98%,
1/20/25
..
368
386
991575102.UG.FTS.B,
28.98%,
1/20/25
..
905
949
991575747.UG.FTS.B,
28.98%,
1/20/25
..
23
23
991579033.UG.FTS.B,
28.98%,
1/20/25
..
132
137
991580751.UG.FTS.B,
28.98%,
1/20/25
..
238
242
991581464.UG.FTS.B,
28.98%,
1/20/25
..
243
247
991581893.UG.FTS.B,
28.98%,
1/20/25
..
247
259
991583574.UG.FTS.B,
28.98%,
1/20/25
..
120
122
991584117.UG.FTS.B,
28.98%,
1/20/25
..
438
455
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991586736.UG.FTS.B,
28.98%,
1/20/25
..
$
63
$
63
991588111.UG.FTS.B,
28.98%,
1/20/25
..
93
95
991589534.UG.FTS.B,
28.98%,
1/20/25
..
365
383
991589805.UG.FTS.B,
28.98%,
1/20/25
..
23
24
991590552.UG.FTS.B,
28.98%,
1/20/25
..
276
290
991591623.UG.FTS.B,
28.98%,
1/20/25
..
74
77
991592663.UG.FTS.B,
28.98%,
1/20/25
..
101
102
991593515.UG.FTS.B,
28.98%,
1/20/25
..
173
173
991594115.UG.FTS.B,
28.98%,
1/20/25
..
650
680
991594803.UG.FTS.B,
28.98%,
1/20/25
..
38
38
991601320.UG.FTS.B,
28.98%,
1/20/25
..
639
670
991602891.UG.FTS.B,
28.98%,
1/20/25
..
74
78
991603854.UG.FTS.B,
28.98%,
1/20/25
..
249
261
991604545.UG.FTS.B,
28.98%,
1/20/25
..
159
165
991604665.UG.FTS.B,
28.98%,
1/20/25
..
143
149
991606337.UG.FTS.B,
28.98%,
1/20/25
..
82
83
991608131.UG.FTS.B,
28.98%,
1/20/25
..
137
143
991608902.UG.FTS.B,
28.98%,
1/20/25
..
570
591
991609515.UG.FTS.B,
28.98%,
1/20/25
..
305
320
991609600.UG.FTS.B,
28.98%,
1/20/25
..
1,153
168
991613998.UG.FTS.B,
28.98%,
1/20/25
..
367
385
991616232.UG.FTS.B,
28.98%,
1/20/25
..
102
106
991617883.UG.FTS.B,
28.98%,
1/20/25
..
914
958
991621078.UG.FTS.B,
28.98%,
1/20/25
..
128
129
991624075.UG.FTS.B,
28.98%,
1/20/25
..
–
–
991625260.UG.FTS.B,
28.98%,
1/20/25
..
90
94
991628122.UG.FTS.B,
28.98%,
1/20/25
..
74
78
991629144.UG.FTS.B,
28.98%,
1/20/25
..
424
445
991631399.UG.FTS.B,
28.98%,
1/20/25
..
690
704
991632637.UG.FTS.B,
28.98%,
1/20/25
..
10
10
991634045.UG.FTS.B,
28.98%,
1/20/25
..
107
112
991634258.UG.FTS.B,
28.98%,
1/20/25
..
292
298
991639978.UG.FTS.B,
28.98%,
1/20/25
..
113
117
991643294.UG.FTS.B,
28.98%,
1/20/25
..
122
126
991645700.UG.FTS.B,
28.98%,
1/20/25
..
760
779
991652792.UG.FTS.B,
28.98%,
1/20/25
..
38
39
991653273.UG.FTS.B,
28.98%,
1/20/25
..
108
112
991655177.UG.FTS.B,
28.98%,
1/20/25
..
253
258
991655284.UG.FTS.B,
28.98%,
1/20/25
..
47
48
991657299.UG.FTS.B,
28.98%,
1/20/25
..
2,882
(41)
991658226.UG.FTS.B,
28.98%,
1/20/25
..
608
633
991661646.UG.FTS.B,
28.98%,
1/20/25
..
264
272
991662576.UG.FTS.B,
28.98%,
1/20/25
..
282
293
991664351.UG.FTS.B,
28.98%,
1/20/25
..
170
173
991665002.UG.FTS.B,
28.98%,
1/20/25
..
762
799
991666441.UG.FTS.B,
28.98%,
1/20/25
..
304
318
991668194.UG.FTS.B,
28.98%,
1/20/25
..
355
371
991672473.UG.FTS.B,
28.98%,
1/20/25
..
201
210
991678497.UG.FTS.B,
28.98%,
1/20/25
..
65
68
991683658.UG.FTS.B,
28.98%,
1/20/25
..
37
38
991684690.UG.FTS.B,
28.98%,
1/20/25
..
296
308
991685455.UG.FTS.B,
28.98%,
1/20/25
..
104
107
991686339.UG.FTS.B,
28.98%,
1/20/25
..
148
154
991688152.UG.FTS.B,
28.98%,
1/20/25
..
119
125
991688819.UG.FTS.B,
28.98%,
1/20/25
..
259
269
991691824.UG.FTS.B,
28.98%,
1/20/25
..
91
95
991695244.UG.FTS.B,
28.98%,
1/20/25
..
26
26
991704987.UG.FTS.B,
28.98%,
1/20/25
..
54
56
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991708940.UG.FTS.B,
28.98%,
1/20/25
..
$
32
$
32
991709725.UG.FTS.B,
28.98%,
1/20/25
..
50
52
991711174.UG.FTS.B,
28.98%,
1/20/25
..
55
57
991719591.UG.FTS.B,
28.98%,
1/20/25
..
257
267
991720648.UG.FTS.B,
28.98%,
1/20/25
..
483
503
991727362.UG.FTS.B,
28.98%,
1/20/25
..
142
148
991731657.UG.FTS.B,
28.98%,
1/20/25
..
251
258
991736469.UG.FTS.B,
28.98%,
1/20/25
..
41
7
991737941.UG.FTS.B,
28.98%,
1/20/25
..
50
51
991740124.UG.FTS.B,
28.98%,
1/20/25
..
74
76
991743913.UG.FTS.B,
28.98%,
1/20/25
..
33
34
991745775.UG.FTS.B,
28.98%,
1/20/25
..
84
85
991750085.UG.FTS.B,
28.98%,
1/20/25
..
70
73
991752117.UG.FTS.B,
28.98%,
1/20/25
..
153
159
991760438.UG.FTS.B,
28.98%,
1/20/25
..
68
18
991764409.UG.FTS.B,
28.98%,
1/20/25
..
–
–
991773470.UG.FTS.B,
28.98%,
1/20/25
..
69
72
991773912.UG.FTS.B,
28.98%,
1/20/25
..
137
143
991775579.UG.FTS.B,
28.98%,
1/20/25
..
120
125
991544892.UG.FTS.B,
29.45%,
1/20/25
..
585
614
991546469.UG.FTS.B,
29.45%,
1/20/25
..
219
231
991590390.UG.FTS.B,
29.45%,
1/20/25
..
96
101
991749201.UG.FTS.B,
29.45%,
1/20/25
..
497
513
991546140.UG.FTS.B,
29.46%,
1/20/25
..
323
336
991552999.UG.FTS.B,
29.46%,
1/20/25
..
60
62
991554451.UG.FTS.B,
29.46%,
1/20/25
..
489
514
991556833.UG.FTS.B,
29.46%,
1/20/25
..
266
274
991572725.UG.FTS.B,
29.46%,
1/20/25
..
83
87
991588559.UG.FTS.B,
29.46%,
1/20/25
..
41
42
991607542.UG.FTS.B,
29.46%,
1/20/25
..
628
658
991638849.UG.FTS.B,
29.46%,
1/20/25
..
201
211
991649368.UG.FTS.B,
29.46%,
1/20/25
..
47
48
991666110.UG.FTS.B,
29.46%,
1/20/25
..
75
76
991559050.UG.FTS.B,
29.47%,
1/20/25
..
539
552
991570910.UG.FTS.B,
29.47%,
1/20/25
..
88
90
991584353.UG.FTS.B,
29.47%,
1/20/25
..
195
202
991584440.UG.FTS.B,
29.47%,
1/20/25
..
136
139
991658968.UG.FTS.B,
29.47%,
1/20/25
..
125
132
991544991.UG.FTS.B,
29.48%,
1/20/25
..
216
225
991545016.UG.FTS.B,
29.48%,
1/20/25
..
487
514
991545229.UG.FTS.B,
29.48%,
1/20/25
..
35
2
991546168.UG.FTS.B,
29.48%,
1/20/25
..
172
181
991551664.UG.FTS.B,
29.48%,
1/20/25
..
17
1
991555928.UG.FTS.B,
29.48%,
1/20/25
..
184
194
991622988.UG.FTS.B,
29.48%,
1/20/25
..
92
97
991674255.UG.FTS.B,
29.48%,
1/20/25
..
749
777
991768186.UG.FTS.B,
29.48%,
1/20/25
..
86
87
991544466.UG.FTS.B,
29.49%,
1/20/25
..
31
31
991544749.UG.FTS.B,
29.49%,
1/20/25
..
520
539
991544865.UG.FTS.B,
29.49%,
1/20/25
..
155
156
991544945.UG.FTS.B,
29.49%,
1/20/25
..
267
283
991545817.UG.FTS.B,
29.49%,
1/20/25
..
11
11
991546174.UG.FTS.B,
29.49%,
1/20/25
..
1,100
1,149
991546669.UG.FTS.B,
29.49%,
1/20/25
..
83
83
991547049.UG.FTS.B,
29.49%,
1/20/25
..
119
126
991547329.UG.FTS.B,
29.49%,
1/20/25
..
106
111
991547440.UG.FTS.B,
29.49%,
1/20/25
..
122
128
991547641.UG.FTS.B,
29.49%,
1/20/25
..
70
72
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991547872.UG.FTS.B,
29.49%,
1/20/25
..
$
390
$
404
991547930.UG.FTS.B,
29.49%,
1/20/25
..
28
29
991548160.UG.FTS.B,
29.49%,
1/20/25
..
2
2
991549454.UG.FTS.B,
29.49%,
1/20/25
..
432
454
991552397.UG.FTS.B,
29.49%,
1/20/25
..
121
128
991554242.UG.FTS.B,
29.49%,
1/20/25
..
117
123
991555165.UG.FTS.B,
29.49%,
1/20/25
..
134
142
991555378.UG.FTS.B,
29.49%,
1/20/25
..
114
115
991556819.UG.FTS.B,
29.49%,
1/20/25
..
123
127
991557327.UG.FTS.B,
29.49%,
1/20/25
..
616
648
991557786.UG.FTS.B,
29.49%,
1/20/25
..
1,119
1,178
991559618.UG.FTS.B,
29.49%,
1/20/25
..
13
14
991559863.UG.FTS.B,
29.49%,
1/20/25
..
215
226
991561412.UG.FTS.B,
29.49%,
1/20/25
..
766
803
991561854.UG.FTS.B,
29.49%,
1/20/25
..
18
19
991562352.UG.FTS.B,
29.49%,
1/20/25
..
48
4
991562399.UG.FTS.B,
29.49%,
1/20/25
..
82
12
991562787.UG.FTS.B,
29.49%,
1/20/25
..
1,091
1,123
991562985.UG.FTS.B,
29.49%,
1/20/25
..
54
54
991563554.UG.FTS.B,
29.49%,
1/20/25
..
14
14
991565868.UG.FTS.B,
29.49%,
1/20/25
..
334
342
991569026.UG.FTS.B,
29.49%,
1/20/25
..
27
5
991570228.UG.FTS.B,
29.49%,
1/20/25
..
109
114
991570854.UG.FTS.B,
29.49%,
1/20/25
..
113
117
991571176.UG.FTS.B,
29.49%,
1/20/25
..
93
98
991572440.UG.FTS.B,
29.49%,
1/20/25
..
55
55
991573331.UG.FTS.B,
29.49%,
1/20/25
..
94
13
991575963.UG.FTS.B,
29.49%,
1/20/25
..
117
16
991576324.UG.FTS.B,
29.49%,
1/20/25
..
1,851
1,950
991577211.UG.FTS.B,
29.49%,
1/20/25
..
161
169
991577516.UG.FTS.B,
29.49%,
1/20/25
..
124
125
991577542.UG.FTS.B,
29.49%,
1/20/25
..
36
37
991578455.UG.FTS.B,
29.49%,
1/20/25
..
353
372
991578944.UG.FTS.B,
29.49%,
1/20/25
..
130
136
991581659.UG.FTS.B,
29.49%,
1/20/25
..
614
652
991582174.UG.FTS.B,
29.49%,
1/20/25
..
99
103
991582980.UG.FTS.B,
29.49%,
1/20/25
..
140
146
991583081.UG.FTS.B,
29.49%,
1/20/25
..
96
100
991583340.UG.FTS.B,
29.49%,
1/20/25
..
98
103
991583430.UG.FTS.B,
29.49%,
1/20/25
..
236
249
991583502.UG.FTS.B,
29.49%,
1/20/25
..
2
2
991584191.UG.FTS.B,
29.49%,
1/20/25
..
801
840
991584247.UG.FTS.B,
29.49%,
1/20/25
..
476
505
991584881.UG.FTS.B,
29.49%,
1/20/25
..
125
131
991586964.UG.FTS.B,
29.49%,
1/20/25
..
136
143
991587665.UG.FTS.B,
29.49%,
1/20/25
..
21
21
991587677.UG.FTS.B,
29.49%,
1/20/25
..
657
670
991588325.UG.FTS.B,
29.49%,
1/20/25
..
141
147
991590941.UG.FTS.B,
29.49%,
1/20/25
..
8
8
991591834.UG.FTS.B,
29.49%,
1/20/25
..
132
139
991592214.UG.FTS.B,
29.49%,
1/20/25
..
159
163
991593970.UG.FTS.B,
29.49%,
1/20/25
..
749
787
991596754.UG.FTS.B,
29.49%,
1/20/25
..
134
18
991596930.UG.FTS.B,
29.49%,
1/20/25
..
90
92
991598790.UG.FTS.B,
29.49%,
1/20/25
..
173
176
991600631.UG.FTS.B,
29.49%,
1/20/25
..
216
30
991601559.UG.FTS.B,
29.49%,
1/20/25
..
307
323
991605866.UG.FTS.B,
29.49%,
1/20/25
..
271
284
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991606975.UG.FTS.B,
29.49%,
1/20/25
..
$
91
$
94
991607008.UG.FTS.B,
29.49%,
1/20/25
..
162
164
991610063.UG.FTS.B,
29.49%,
1/20/25
..
415
29
991612971.UG.FTS.B,
29.49%,
1/20/25
..
110
15
991614076.UG.FTS.B,
29.49%,
1/20/25
..
798
837
991616553.UG.FTS.B,
29.49%,
1/20/25
..
86
91
991617166.UG.FTS.B,
29.49%,
1/20/25
..
326
332
991617238.UG.FTS.B,
29.49%,
1/20/25
..
344
(14)
991617328.UG.FTS.B,
29.49%,
1/20/25
..
1,528
1,607
991617793.UG.FTS.B,
29.49%,
1/20/25
..
133
135
991620217.UG.FTS.B,
29.49%,
1/20/25
..
64
67
991621352.UG.FTS.B,
29.49%,
1/20/25
..
270
285
991626310.UG.FTS.B,
29.49%,
1/20/25
..
190
26
991628720.UG.FTS.B,
29.49%,
1/20/25
..
28
28
991633281.UG.FTS.B,
29.49%,
1/20/25
..
111
116
991639454.UG.FTS.B,
29.49%,
1/20/25
..
9
9
991644250.UG.FTS.B,
29.49%,
1/20/25
..
41
42
991648065.UG.FTS.B,
29.49%,
1/20/25
..
163
12
991655092.UG.FTS.B,
29.49%,
1/20/25
..
509
530
991655877.UG.FTS.B,
29.49%,
1/20/25
..
79
84
991656357.UG.FTS.B,
29.49%,
1/20/25
..
428
451
991656434.UG.FTS.B,
29.49%,
1/20/25
..
284
294
991657357.UG.FTS.B,
29.49%,
1/20/25
..
1,159
1,230
991660718.UG.FTS.B,
29.49%,
1/20/25
..
268
282
991663176.UG.FTS.B,
29.49%,
1/20/25
..
19
19
991666604.UG.FTS.B,
29.49%,
1/20/25
..
609
640
991668949.UG.FTS.B,
29.49%,
1/20/25
..
56
(2)
991670103.UG.FTS.B,
29.49%,
1/20/25
..
611
642
991672222.UG.FTS.B,
29.49%,
1/20/25
..
275
287
991672277.UG.FTS.B,
29.49%,
1/20/25
..
20
20
991676079.UG.FTS.B,
29.49%,
1/20/25
..
249
262
991679088.UG.FTS.B,
29.49%,
1/20/25
..
315
325
991681019.UG.FTS.B,
29.49%,
1/20/25
..
903
948
991689785.UG.FTS.B,
29.49%,
1/20/25
..
75
76
991690090.UG.FTS.B,
29.49%,
1/20/25
..
164
171
991692295.UG.FTS.B,
29.49%,
1/20/25
..
8
8
991692717.UG.FTS.B,
29.49%,
1/20/25
..
76
80
991693352.UG.FTS.B,
29.49%,
1/20/25
..
28
28
991693696.UG.FTS.B,
29.49%,
1/20/25
..
192
197
991696161.UG.FTS.B,
29.49%,
1/20/25
..
216
(8)
991702622.UG.FTS.B,
29.49%,
1/20/25
..
83
88
991704174.UG.FTS.B,
29.49%,
1/20/25
..
74
77
991704331.UG.FTS.B,
29.49%,
1/20/25
..
74
78
991706369.UG.FTS.B,
29.49%,
1/20/25
..
80
84
991706803.UG.FTS.B,
29.49%,
1/20/25
..
34
34
991709703.UG.FTS.B,
29.49%,
1/20/25
..
92
96
991712356.UG.FTS.B,
29.49%,
1/20/25
..
538
569
991714458.UG.FTS.B,
29.49%,
1/20/25
..
215
225
991716502.UG.FTS.B,
29.49%,
1/20/25
..
707
735
991717405.UG.FTS.B,
29.49%,
1/20/25
..
287
300
991718671.UG.FTS.B,
29.49%,
1/20/25
..
203
28
991718693.UG.FTS.B,
29.49%,
1/20/25
..
121
126
991718755.UG.FTS.B,
29.49%,
1/20/25
..
90
94
991724082.UG.FTS.B,
29.49%,
1/20/25
..
102
107
991724684.UG.FTS.B,
29.49%,
1/20/25
..
56
58
991726589.UG.FTS.B,
29.49%,
1/20/25
..
74
76
991729024.UG.FTS.B,
29.49%,
1/20/25
..
135
141
991731378.UG.FTS.B,
29.49%,
1/20/25
..
72
75
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991731411.UG.FTS.B,
29.49%,
1/20/25
..
$
469
$
496
991731675.UG.FTS.B,
29.49%,
1/20/25
..
66
69
991733097.UG.FTS.B,
29.49%,
1/20/25
..
73
76
991734979.UG.FTS.B,
29.49%,
1/20/25
..
82
84
991736419.UG.FTS.B,
29.49%,
1/20/25
..
74
77
991737012.UG.FTS.B,
29.49%,
1/20/25
..
144
150
991740302.UG.FTS.B,
29.49%,
1/20/25
..
102
105
991742409.UG.FTS.B,
29.49%,
1/20/25
..
10
10
991744616.UG.FTS.B,
29.49%,
1/20/25
..
36
37
991745338.UG.FTS.B,
29.49%,
1/20/25
..
91
95
991749746.UG.FTS.B,
29.49%,
1/20/25
..
605
627
991753458.UG.FTS.B,
29.49%,
1/20/25
..
142
149
991758540.UG.FTS.B,
29.49%,
1/20/25
..
11
11
991760132.UG.FTS.B,
29.49%,
1/20/25
..
28
5
991766938.UG.FTS.B,
29.49%,
1/20/25
..
162
168
991769449.UG.FTS.B,
29.49%,
1/20/25
..
–
–
991771215.UG.FTS.B,
29.49%,
1/20/25
..
128
134
991771844.UG.FTS.B,
29.49%,
1/20/25
..
84
88
991772146.UG.FTS.B,
29.49%,
1/20/25
..
74
77
991772908.UG.FTS.B,
29.49%,
1/20/25
..
483
502
991775501.UG.FTS.B,
29.49%,
1/20/25
..
217
224
991783396.UG.FTS.B,
29.49%,
1/20/25
..
301
315
991740944.UG.FTS.B,
Zero
Cpn,
1/21/25
.
198
14
991713284.UG.FTS.B,
15.97%,
1/21/25
..
75
76
991655053.UG.FTS.B,
17.99%,
1/21/25
..
4,822
4,938
991793260.UG.FTS.B,
17.99%,
1/21/25
..
5,638
5,744
991764938.UG.FTS.B,
18.97%,
1/21/25
..
154
156
991749978.UG.FTS.B,
19.8%,
1/21/25
...
198
201
991780817.UG.FTS.B,
19.8%,
1/21/25
...
205
208
991699882.UG.FTS.B,
19.99%,
1/21/25
..
92
96
991716662.UG.FTS.B,
19.99%,
1/21/25
..
237
247
991722265.UG.FTS.B,
19.99%,
1/21/25
..
891
922
991757989.UG.FTS.B,
19.99%,
1/21/25
..
130
134
991700316.UG.FTS.B,
20.46%,
1/21/25
..
68
69
991762170.UG.FTS.B,
20.46%,
1/21/25
..
466
471
991697508.UG.FTS.B,
21.46%,
1/21/25
..
34
35
991700341.UG.FTS.B,
21.46%,
1/21/25
..
184
184
991737499.UG.FTS.B,
21.98%,
1/21/25
..
260
33
991673663.UG.FTS.B,
22.97%,
1/21/25
..
584
588
991741785.UG.FTS.B,
27.99%,
1/21/25
..
146
152
991642567.UG.FTS.B,
28.98%,
1/21/25
..
281
293
991662823.UG.FTS.B,
28.98%,
1/21/25
..
207
213
991665576.UG.FTS.B,
28.98%,
1/21/25
..
426
447
991665938.UG.FTS.B,
28.98%,
1/21/25
..
212
(8)
991670622.UG.FTS.B,
28.98%,
1/21/25
..
305
314
991671300.UG.FTS.B,
28.98%,
1/21/25
..
9
9
991675079.UG.FTS.B,
28.98%,
1/21/25
..
544
567
991678858.UG.FTS.B,
28.98%,
1/21/25
..
117
122
991680977.UG.FTS.B,
28.98%,
1/21/25
..
729
755
991681791.UG.FTS.B,
28.98%,
1/21/25
..
604
633
991682680.UG.FTS.B,
28.98%,
1/21/25
..
211
222
991694207.UG.FTS.B,
28.98%,
1/21/25
..
130
136
991694819.UG.FTS.B,
28.98%,
1/21/25
..
21
21
991695760.UG.FTS.B,
28.98%,
1/21/25
..
–
–
991698062.UG.FTS.B,
28.98%,
1/21/25
..
121
126
991700940.UG.FTS.B,
28.98%,
1/21/25
..
56
56
991701470.UG.FTS.B,
28.98%,
1/21/25
..
278
289
991705041.UG.FTS.B,
28.98%,
1/21/25
..
121
126
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991705300.UG.FTS.B,
28.98%,
1/21/25
..
$
339
$
350
991706808.UG.FTS.B,
28.98%,
1/21/25
..
394
407
991708246.UG.FTS.B,
28.98%,
1/21/25
..
121
122
991715240.UG.FTS.B,
28.98%,
1/21/25
..
106
110
991725073.UG.FTS.B,
28.98%,
1/21/25
..
83
86
991733515.UG.FTS.B,
28.98%,
1/21/25
..
86
89
991740862.UG.FTS.B,
28.98%,
1/21/25
..
151
157
991761552.UG.FTS.B,
28.98%,
1/21/25
..
74
77
991761801.UG.FTS.B,
28.98%,
1/21/25
..
129
133
991767899.UG.FTS.B,
28.98%,
1/21/25
..
108
109
991784133.UG.FTS.B,
28.98%,
1/21/25
..
401
54
991788631.UG.FTS.B,
28.98%,
1/21/25
..
63
19
991664093.UG.FTS.B,
29.49%,
1/21/25
..
473
479
991665122.UG.FTS.B,
29.49%,
1/21/25
..
672
706
991666036.UG.FTS.B,
29.49%,
1/21/25
..
446
469
991669205.UG.FTS.B,
29.49%,
1/21/25
..
123
130
991678184.UG.FTS.B,
29.49%,
1/21/25
..
16
16
991678591.UG.FTS.B,
29.49%,
1/21/25
..
130
135
991681470.UG.FTS.B,
29.49%,
1/21/25
..
16
16
991683560.UG.FTS.B,
29.49%,
1/21/25
..
119
16
991687042.UG.FTS.B,
29.49%,
1/21/25
..
213
217
991688094.UG.FTS.B,
29.49%,
1/21/25
..
821
872
991689751.UG.FTS.B,
29.49%,
1/21/25
..
66
66
991690832.UG.FTS.B,
29.49%,
1/21/25
..
91
96
991691912.UG.FTS.B,
29.49%,
1/21/25
..
169
178
991694190.UG.FTS.B,
29.49%,
1/21/25
..
169
180
991699877.UG.FTS.B,
29.49%,
1/21/25
..
198
(8)
991706026.UG.FTS.B,
29.49%,
1/21/25
..
94
96
991709042.UG.FTS.B,
29.49%,
1/21/25
..
155
158
991710343.UG.FTS.B,
29.49%,
1/21/25
..
370
385
991711411.UG.FTS.B,
29.49%,
1/21/25
..
21
21
991712669.UG.FTS.B,
29.49%,
1/21/25
..
87
89
991714196.UG.FTS.B,
29.49%,
1/21/25
..
23
23
991716170.UG.FTS.B,
29.49%,
1/21/25
..
31
31
991717859.UG.FTS.B,
29.49%,
1/21/25
..
173
177
991717914.UG.FTS.B,
29.49%,
1/21/25
..
327
341
991718350.UG.FTS.B,
29.49%,
1/21/25
..
182
190
991720068.UG.FTS.B,
29.49%,
1/21/25
..
1,440
1,495
991721576.UG.FTS.B,
29.49%,
1/21/25
..
43
45
991722825.UG.FTS.B,
29.49%,
1/21/25
..
429
447
991731739.UG.FTS.B,
29.49%,
1/21/25
..
192
193
991732982.UG.FTS.B,
29.49%,
1/21/25
..
19
3
991736128.UG.FTS.B,
29.49%,
1/21/25
..
39
40
991738527.UG.FTS.B,
29.49%,
1/21/25
..
64
68
991740528.UG.FTS.B,
29.49%,
1/21/25
..
1,542
1,594
991741010.UG.FTS.B,
29.49%,
1/21/25
..
115
16
991751558.UG.FTS.B,
29.49%,
1/21/25
..
2,208
2,299
991755790.UG.FTS.B,
29.49%,
1/21/25
..
36
36
991758421.UG.FTS.B,
29.49%,
1/21/25
..
112
117
991761177.UG.FTS.B,
29.49%,
1/21/25
..
90
(4)
991773308.UG.FTS.B,
29.49%,
1/21/25
..
44
44
991773655.UG.FTS.B,
29.49%,
1/21/25
..
181
189
991774631.UG.FTS.B,
29.49%,
1/21/25
..
246
34
991776264.UG.FTS.B,
29.49%,
1/21/25
..
101
102
991777444.UG.FTS.B,
29.49%,
1/21/25
..
83
86
991777636.UG.FTS.B,
29.49%,
1/21/25
..
93
98
991785876.UG.FTS.B,
29.49%,
1/21/25
..
247
259
991634061.UG.FTS.B,
Zero
Cpn,
1/22/25
.
211
15
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991718275.UG.FTS.B,
14.98%,
1/22/25
..
$
1,111
$
1,138
991737948.UG.FTS.B,
14.98%,
1/22/25
..
342
343
991790203.UG.FTS.B,
14.98%,
1/22/25
..
104
106
991756518.UG.FTS.B,
15%,
1/22/25
.....
148
151
991690554.UG.FTS.B,
15.97%,
1/22/25
..
1,090
1,112
991754215.UG.FTS.B,
15.97%,
1/22/25
..
131
133
991775455.UG.FTS.B,
16.99%,
1/22/25
..
786
800
991698551.UG.FTS.B,
17.99%,
1/22/25
..
366
375
991737115.UG.FTS.B,
17.99%,
1/22/25
..
393
400
991634646.UG.FTS.B,
18.97%,
1/22/25
..
286
293
991718040.UG.FTS.B,
18.97%,
1/22/25
..
210
214
991685413.UG.FTS.B,
19.21%,
1/22/25
..
121
124
991691716.UG.FTS.B,
19.21%,
1/22/25
..
1,428
1,464
991719610.UG.FTS.B,
19.21%,
1/22/25
..
1,422
175
991789966.UG.FTS.B,
19.8%,
1/22/25
...
162
165
991643928.UG.FTS.B,
19.97%,
1/22/25
..
90
92
991683557.UG.FTS.B,
19.99%,
1/22/25
..
1,725
1,812
991756568.UG.FTS.B,
19.99%,
1/22/25
..
173
–
991788027.UG.FTS.B,
19.99%,
1/22/25
..
166
173
991662768.UG.FTS.B,
20.97%,
1/22/25
..
75
75
991695092.UG.FTS.B,
21.46%,
1/22/25
..
87
88
991754484.UG.FTS.B,
21.46%,
1/22/25
..
103
104
991637211.UG.FTS.B,
21.97%,
1/22/25
..
129
133
991678173.UG.FTS.B,
21.98%,
1/22/25
..
68
68
991801534.UG.FTS.B,
22.97%,
1/22/25
..
87
89
991672498.UG.FTS.B,
23.95%,
1/22/25
..
97
99
991629369.UG.FTS.B,
26.94%,
1/22/25
..
75
77
991652030.UG.FTS.B,
26.94%,
1/22/25
..
104
107
991664671.UG.FTS.B,
26.94%,
1/22/25
..
103
81
991632809.UG.FTS.B,
28.98%,
1/22/25
..
91
95
991654067.UG.FTS.B,
28.98%,
1/22/25
..
695
695
991655233.UG.FTS.B,
28.98%,
1/22/25
..
167
175
991655297.UG.FTS.B,
28.98%,
1/22/25
..
38
38
991657460.UG.FTS.B,
28.98%,
1/22/25
..
304
318
991662231.UG.FTS.B,
28.98%,
1/22/25
..
87
12
991678788.UG.FTS.B,
28.98%,
1/22/25
..
46
46
991683610.UG.FTS.B,
28.98%,
1/22/25
..
95
13
991694072.UG.FTS.B,
28.98%,
1/22/25
..
505
530
991711153.UG.FTS.B,
28.98%,
1/22/25
..
5
5
991722351.UG.FTS.B,
28.98%,
1/22/25
..
605
635
991783308.UG.FTS.B,
28.98%,
1/22/25
..
130
(4)
991644808.UG.FTS.B,
29.49%,
1/22/25
..
41
42
991646259.UG.FTS.B,
29.49%,
1/22/25
..
433
458
991663564.UG.FTS.B,
29.49%,
1/22/25
..
280
256
991672394.UG.FTS.B,
29.49%,
1/22/25
..
60
63
991679933.UG.FTS.B,
29.49%,
1/22/25
..
–
–
991682094.UG.FTS.B,
29.49%,
1/22/25
..
484
515
991688247.UG.FTS.B,
29.49%,
1/22/25
..
91
96
991713706.UG.FTS.B,
29.49%,
1/22/25
..
90
94
991718290.UG.FTS.B,
29.49%,
1/22/25
..
114
119
991736296.UG.FTS.B,
29.49%,
1/22/25
..
83
86
991746532.UG.FTS.B,
29.49%,
1/22/25
..
890
931
991749787.UG.FTS.B,
29.49%,
1/22/25
..
214
222
991751645.UG.FTS.B,
29.49%,
1/22/25
..
70
71
991758788.UG.FTS.B,
29.49%,
1/22/25
..
197
205
991765455.UG.FTS.B,
29.49%,
1/22/25
..
209
218
991779420.UG.FTS.B,
29.49%,
1/22/25
..
185
189
991792431.UG.FTS.B,
29.49%,
1/22/25
..
591
604
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991802876.UG.FTS.B,
29.49%,
1/22/25
..
$
301
$
316
991656845.UG.FTS.B,
Zero
Cpn,
1/23/25
.
152
10
991792684.UG.FTS.B,
Zero
Cpn,
1/23/25
.
703
48
991636779.UG.FTS.B,
14.98%,
1/23/25
..
87
89
991673294.UG.FTS.B,
14.98%,
1/23/25
..
3,200
3,214
991685301.UG.FTS.B,
14.98%,
1/23/25
..
781
800
991810697.UG.FTS.B,
14.98%,
1/23/25
..
828
844
991669666.UG.FTS.B,
15.97%,
1/23/25
..
156
160
991720270.UG.FTS.B,
16.99%,
1/23/25
..
475
479
991713762.UG.FTS.B,
18.21%,
1/23/25
..
93
93
991629464.UG.FTS.B,
18.97%,
1/23/25
..
49
49
991652563.UG.FTS.B,
18.97%,
1/23/25
..
1,054
1,080
991654901.UG.FTS.B,
18.97%,
1/23/25
..
5,725
5,866
991655628.UG.FTS.B,
19.21%,
1/23/25
..
262
264
991700455.UG.FTS.B,
19.21%,
1/23/25
..
247
246
991658233.UG.FTS.B,
19.8%,
1/23/25
...
576
590
991632705.UG.FTS.B,
19.99%,
1/23/25
..
559
566
991655150.UG.FTS.B,
19.99%,
1/23/25
..
328
336
991671970.UG.FTS.B,
19.99%,
1/23/25
..
206
217
991679224.UG.FTS.B,
19.99%,
1/23/25
..
121
123
991811950.UG.FTS.B,
19.99%,
1/23/25
..
78
79
991665786.UG.FTS.B,
20.46%,
1/23/25
..
171
175
991701667.UG.FTS.B,
20.46%,
1/23/25
..
111
114
991722899.UG.FTS.B,
20.46%,
1/23/25
..
172
177
991705904.UG.FTS.B,
20.98%,
1/23/25
..
53
54
991677495.UG.FTS.B,
21.46%,
1/23/25
..
101
103
991700214.UG.FTS.B,
21.46%,
1/23/25
..
187
192
991710233.UG.FTS.B,
21.46%,
1/23/25
..
375
385
991745840.UG.FTS.B,
21.46%,
1/23/25
..
364
370
991666562.UG.FTS.B,
21.97%,
1/23/25
..
186
190
991641726.UG.FTS.B,
21.98%,
1/23/25
..
641
648
991759715.UG.FTS.B,
21.98%,
1/23/25
..
349
355
991786528.UG.FTS.B,
21.98%,
1/23/25
..
109
111
991784495.UG.FTS.B,
25.98%,
1/23/25
..
109
113
991693097.UG.FTS.B,
26.94%,
1/23/25
..
325
331
991636074.UG.FTS.B,
28.98%,
1/23/25
..
499
521
991636843.UG.FTS.B,
28.98%,
1/23/25
..
271
278
991644625.UG.FTS.B,
28.98%,
1/23/25
..
123
125
991644719.UG.FTS.B,
28.98%,
1/23/25
..
563
586
991665490.UG.FTS.B,
28.98%,
1/23/25
..
304
320
991667605.UG.FTS.B,
28.98%,
1/23/25
..
409
429
991671248.UG.FTS.B,
28.98%,
1/23/25
..
131
18
991671791.UG.FTS.B,
28.98%,
1/23/25
..
166
169
991675411.UG.FTS.B,
28.98%,
1/23/25
..
519
538
991679075.UG.FTS.B,
28.98%,
1/23/25
..
18
19
991693174.UG.FTS.B,
28.98%,
1/23/25
..
150
158
991693333.UG.FTS.B,
28.98%,
1/23/25
..
173
181
991695544.UG.FTS.B,
28.98%,
1/23/25
..
167
(6)
991700691.UG.FTS.B,
28.98%,
1/23/25
..
14
14
991714226.UG.FTS.B,
28.98%,
1/23/25
..
45
46
991719766.UG.FTS.B,
28.98%,
1/23/25
..
303
318
991720618.UG.FTS.B,
28.98%,
1/23/25
..
75
79
991734227.UG.FTS.B,
28.98%,
1/23/25
..
193
26
991740876.UG.FTS.B,
28.98%,
1/23/25
..
2,591
2,676
991743895.UG.FTS.B,
28.98%,
1/23/25
..
187
194
991755793.UG.FTS.B,
28.98%,
1/23/25
..
121
123
991764530.UG.FTS.B,
28.98%,
1/23/25
..
36
35
991772947.UG.FTS.B,
28.98%,
1/23/25
..
599
624
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991774877.UG.FTS.B,
28.98%,
1/23/25
..
$
115
$
119
991779183.UG.FTS.B,
28.98%,
1/23/25
..
69
69
991782023.UG.FTS.B,
28.98%,
1/23/25
..
295
308
991782508.UG.FTS.B,
28.98%,
1/23/25
..
181
188
991785616.UG.FTS.B,
28.98%,
1/23/25
..
21
1
991807448.UG.FTS.B,
28.98%,
1/23/25
..
221
230
991787803.UG.FTS.B,
29.46%,
1/23/25
..
44
44
991635514.UG.FTS.B,
29.49%,
1/23/25
..
1,821
1,883
991640354.UG.FTS.B,
29.49%,
1/23/25
..
250
263
991643437.UG.FTS.B,
29.49%,
1/23/25
..
106
111
991648051.UG.FTS.B,
29.49%,
1/23/25
..
308
326
991650076.UG.FTS.B,
29.49%,
1/23/25
..
30
5
991651099.UG.FTS.B,
29.49%,
1/23/25
..
86
89
991655169.UG.FTS.B,
29.49%,
1/23/25
..
122
130
991659040.UG.FTS.B,
29.49%,
1/23/25
..
28
28
991661550.UG.FTS.B,
29.49%,
1/23/25
..
60
10
991662010.UG.FTS.B,
29.49%,
1/23/25
..
153
161
991662703.UG.FTS.B,
29.49%,
1/23/25
..
16
16
991664752.UG.FTS.B,
29.49%,
1/23/25
..
910
950
991664791.UG.FTS.B,
29.49%,
1/23/25
..
140
147
991669828.UG.FTS.B,
29.49%,
1/23/25
..
186
196
991670618.UG.FTS.B,
29.49%,
1/23/25
..
105
108
991672381.UG.FTS.B,
29.49%,
1/23/25
..
401
54
991672472.UG.FTS.B,
29.49%,
1/23/25
..
112
118
991674428.UG.FTS.B,
29.49%,
1/23/25
..
850
895
991678185.UG.FTS.B,
29.49%,
1/23/25
..
57
60
991682804.UG.FTS.B,
29.49%,
1/23/25
..
–
–
991684319.UG.FTS.B,
29.49%,
1/23/25
..
48
51
991685999.UG.FTS.B,
29.49%,
1/23/25
..
27
28
991688415.UG.FTS.B,
29.49%,
1/23/25
..
234
239
991688858.UG.FTS.B,
29.49%,
1/23/25
..
116
119
991694241.UG.FTS.B,
29.49%,
1/23/25
..
88
90
991705948.UG.FTS.B,
29.49%,
1/23/25
..
59
62
991710464.UG.FTS.B,
29.49%,
1/23/25
..
88
91
991740952.UG.FTS.B,
29.49%,
1/23/25
..
132
139
991758368.UG.FTS.B,
29.49%,
1/23/25
..
268
280
991759014.UG.FTS.B,
29.49%,
1/23/25
..
93
95
991762640.UG.FTS.B,
29.49%,
1/23/25
..
100
105
991762816.UG.FTS.B,
29.49%,
1/23/25
..
82
86
991763398.UG.FTS.B,
29.49%,
1/23/25
..
77
81
991764778.UG.FTS.B,
29.49%,
1/23/25
..
101
105
991764948.UG.FTS.B,
29.49%,
1/23/25
..
25
26
991781870.UG.FTS.B,
29.49%,
1/23/25
..
224
232
991791018.UG.FTS.B,
29.49%,
1/23/25
..
10
10
991792329.UG.FTS.B,
29.49%,
1/23/25
..
228
238
991795103.UG.FTS.B,
29.49%,
1/23/25
..
23
23
991798958.UG.FTS.B,
29.49%,
1/23/25
..
126
126
991816343.UG.FTS.B,
29.49%,
1/23/25
..
101
106
991656757.UG.FTS.B,
Zero
Cpn,
1/24/25
.
3,658
253
991782230.UG.FTS.B,
Zero
Cpn,
1/24/25
.
121
8
991755553.UG.FTS.B,
14.98%,
1/24/25
..
214
218
991648853.UG.FTS.B,
15%,
1/24/25
.....
2,732
2,754
991800979.UG.FTS.B,
15.97%,
1/24/25
..
3,901
3,976
991636992.UG.FTS.B,
16.99%,
1/24/25
..
29
29
991746840.UG.FTS.B,
17.99%,
1/24/25
..
897
911
991799064.UG.FTS.B,
17.99%,
1/24/25
..
739
52
991699954.UG.FTS.B,
18.97%,
1/24/25
..
79
81
991702242.UG.FTS.B,
18.97%,
1/24/25
..
12
12
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991704768.UG.FTS.B,
19.21%,
1/24/25
..
$
558
$
68
991632438.UG.FTS.B,
19.8%,
1/24/25
...
1,211
903
991608248.UG.FTS.B,
19.99%,
1/24/25
..
45
47
991629457.UG.FTS.B,
19.99%,
1/24/25
..
366
380
991642292.UG.FTS.B,
19.99%,
1/24/25
..
119
123
991653352.UG.FTS.B,
19.99%,
1/24/25
..
93
98
991799920.UG.FTS.B,
19.99%,
1/24/25
..
1,211
1,260
991805172.UG.FTS.B,
19.99%,
1/24/25
..
64
66
991805637.UG.FTS.B,
19.99%,
1/24/25
..
150
156
991807354.UG.FTS.B,
19.99%,
1/24/25
..
48
49
991813869.UG.FTS.B,
19.99%,
1/24/25
..
42
42
991722377.UG.FTS.B,
20.46%,
1/24/25
..
1,727
1,772
991745755.UG.FTS.B,
20.46%,
1/24/25
..
274
280
991786433.UG.FTS.B,
20.46%,
1/24/25
..
121
123
991631506.UG.FTS.B,
21.46%,
1/24/25
..
197
203
991722423.UG.FTS.B,
21.98%,
1/24/25
..
2,616
2,686
991748280.UG.FTS.B,
21.98%,
1/24/25
..
55
56
991706518.UG.FTS.B,
24.95%,
1/24/25
..
791
813
991780248.UG.FTS.B,
27.95%,
1/24/25
..
60
63
991575802.UG.FTS.B,
28.98%,
1/24/25
..
525
530
991577230.UG.FTS.B,
28.98%,
1/24/25
..
123
129
991577662.UG.FTS.B,
28.98%,
1/24/25
..
145
148
991578656.UG.FTS.B,
28.98%,
1/24/25
..
602
620
991628863.UG.FTS.B,
28.98%,
1/24/25
..
552
579
991634826.UG.FTS.B,
28.98%,
1/24/25
..
531
42
991639159.UG.FTS.B,
28.98%,
1/24/25
..
66
68
991640485.UG.FTS.B,
28.98%,
1/24/25
..
916
955
991645339.UG.FTS.B,
28.98%,
1/24/25
..
342
353
991651901.UG.FTS.B,
28.98%,
1/24/25
..
501
526
991659856.UG.FTS.B,
28.98%,
1/24/25
..
88
92
991664144.UG.FTS.B,
28.98%,
1/24/25
..
14
14
991665878.UG.FTS.B,
28.98%,
1/24/25
..
268
282
991667154.UG.FTS.B,
28.98%,
1/24/25
..
306
310
991670648.UG.FTS.B,
28.98%,
1/24/25
..
72
74
991673929.UG.FTS.B,
28.98%,
1/24/25
..
57
58
991685641.UG.FTS.B,
28.98%,
1/24/25
..
158
160
991689399.UG.FTS.B,
28.98%,
1/24/25
..
105
109
991692103.UG.FTS.B,
28.98%,
1/24/25
..
365
383
991713017.UG.FTS.B,
28.98%,
1/24/25
..
135
141
991724136.UG.FTS.B,
28.98%,
1/24/25
..
96
101
991725698.UG.FTS.B,
28.98%,
1/24/25
..
202
209
991733516.UG.FTS.B,
28.98%,
1/24/25
..
247
257
991754851.UG.FTS.B,
28.98%,
1/24/25
..
77
80
991780591.UG.FTS.B,
28.98%,
1/24/25
..
144
145
991781585.UG.FTS.B,
28.98%,
1/24/25
..
37
38
991781826.UG.FTS.B,
28.98%,
1/24/25
..
277
282
991783742.UG.FTS.B,
28.98%,
1/24/25
..
478
495
991785319.UG.FTS.B,
28.98%,
1/24/25
..
401
418
991789793.UG.FTS.B,
28.98%,
1/24/25
..
827
861
991789906.UG.FTS.B,
28.98%,
1/24/25
..
162
120
991791199.UG.FTS.B,
28.98%,
1/24/25
..
153
157
991791520.UG.FTS.B,
28.98%,
1/24/25
..
58
60
991808380.UG.FTS.B,
28.98%,
1/24/25
..
101
(3)
991576301.UG.FTS.B,
29.49%,
1/24/25
..
1,783
1,880
991579123.UG.FTS.B,
29.49%,
1/24/25
..
139
146
991580987.UG.FTS.B,
29.49%,
1/24/25
..
594
622
991589214.UG.FTS.B,
29.49%,
1/24/25
..
538
145
991598092.UG.FTS.B,
29.49%,
1/24/25
..
100
105
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991598173.UG.FTS.B,
29.49%,
1/24/25
..
$
263
$
276
991623495.UG.FTS.B,
29.49%,
1/24/25
..
42
–
991635775.UG.FTS.B,
29.49%,
1/24/25
..
199
210
991637080.UG.FTS.B,
29.49%,
1/24/25
..
81
87
991638944.UG.FTS.B,
29.49%,
1/24/25
..
–
–
991645022.UG.FTS.B,
29.49%,
1/24/25
..
75
78
991646526.UG.FTS.B,
29.49%,
1/24/25
..
523
38
991648884.UG.FTS.B,
29.49%,
1/24/25
..
77
79
991650579.UG.FTS.B,
29.49%,
1/24/25
..
126
127
991658664.UG.FTS.B,
29.49%,
1/24/25
..
135
141
991660665.UG.FTS.B,
29.49%,
1/24/25
..
319
327
991662002.UG.FTS.B,
29.49%,
1/24/25
..
355
372
991670699.UG.FTS.B,
29.49%,
1/24/25
..
16
16
991671992.UG.FTS.B,
29.49%,
1/24/25
..
542
572
991679445.UG.FTS.B,
29.49%,
1/24/25
..
94
99
991684181.UG.FTS.B,
29.49%,
1/24/25
..
524
552
991685612.UG.FTS.B,
29.49%,
1/24/25
..
40
40
991692536.UG.FTS.B,
29.49%,
1/24/25
..
233
245
991697044.UG.FTS.B,
29.49%,
1/24/25
..
190
200
991700205.UG.FTS.B,
29.49%,
1/24/25
..
287
300
991709442.UG.FTS.B,
29.49%,
1/24/25
..
150
1
991714607.UG.FTS.B,
29.49%,
1/24/25
..
200
199
991714756.UG.FTS.B,
29.49%,
1/24/25
..
39
6
991714762.UG.FTS.B,
29.49%,
1/24/25
..
83
87
991715066.UG.FTS.B,
29.49%,
1/24/25
..
88
89
991723894.UG.FTS.B,
29.49%,
1/24/25
..
202
212
991736234.UG.FTS.B,
29.49%,
1/24/25
..
243
246
991736519.UG.FTS.B,
29.49%,
1/24/25
..
113
118
991738330.UG.FTS.B,
29.49%,
1/24/25
..
73
74
991741387.UG.FTS.B,
29.49%,
1/24/25
..
146
153
991742865.UG.FTS.B,
29.49%,
1/24/25
..
432
452
991758058.UG.FTS.B,
29.49%,
1/24/25
..
596
621
991774946.UG.FTS.B,
29.49%,
1/24/25
..
606
632
991781667.UG.FTS.B,
29.49%,
1/24/25
..
61
64
991799040.UG.FTS.B,
29.49%,
1/24/25
..
138
144
991807220.UG.FTS.B,
29.49%,
1/24/25
..
16
16
991823070.UG.FTS.B,
29.49%,
1/24/25
..
728
110
991641385.UG.FTS.B,
Zero
Cpn,
1/25/25
.
864
60
991646347.UG.FTS.B,
Zero
Cpn,
1/25/25
.
380
26
991655935.UG.FTS.B,
Zero
Cpn,
1/25/25
.
910
63
991662696.UG.FTS.B,
Zero
Cpn,
1/25/25
.
50
3
991667459.UG.FTS.B,
Zero
Cpn,
1/25/25
.
–
–
991676449.UG.FTS.B,
Zero
Cpn,
1/25/25
.
371
26
991693307.UG.FTS.B,
Zero
Cpn,
1/25/25
.
228
16
991695356.UG.FTS.B,
Zero
Cpn,
1/25/25
.
86
6
991733186.UG.FTS.B,
Zero
Cpn,
1/25/25
.
458
31
991783815.UG.FTS.B,
Zero
Cpn,
1/25/25
.
146
10
991787734.UG.FTS.B,
Zero
Cpn,
1/25/25
.
476
33
991788573.UG.FTS.B,
Zero
Cpn,
1/25/25
.
183
13
991790746.UG.FTS.B,
Zero
Cpn,
1/25/25
.
103
7
991722200.UG.FTS.B,
14.98%,
1/25/25
..
222
228
991685938.UG.FTS.B,
15.97%,
1/25/25
..
90
92
991719427.UG.FTS.B,
15.97%,
1/25/25
..
210
215
991706579.UG.FTS.B,
16.99%,
1/25/25
..
55
55
991708991.UG.FTS.B,
17.99%,
1/25/25
..
699
704
991658411.UG.FTS.B,
18.97%,
1/25/25
..
398
404
991749481.UG.FTS.B,
18.97%,
1/25/25
..
445
453
991639650.UG.FTS.B,
19.21%,
1/25/25
..
1,795
1,793
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991667139.UG.FTS.B,
19.21%,
1/25/25
..
$
280
$
287
991690379.UG.FTS.B,
19.21%,
1/25/25
..
216
219
991783060.UG.FTS.B,
19.21%,
1/25/25
..
312
22
991811906.UG.FTS.B,
19.46%,
1/25/25
..
98
99
991596563.UG.FTS.B,
19.99%,
1/25/25
..
182
190
991598409.UG.FTS.B,
19.99%,
1/25/25
..
337
347
991639253.UG.FTS.B,
19.99%,
1/25/25
..
33
33
991647962.UG.FTS.B,
19.99%,
1/25/25
..
203
212
991655538.UG.FTS.B,
19.99%,
1/25/25
..
212
217
991671306.UG.FTS.B,
19.99%,
1/25/25
..
88
92
991751611.UG.FTS.B,
19.99%,
1/25/25
..
124
128
991754276.UG.FTS.B,
19.99%,
1/25/25
..
242
251
991810011.UG.FTS.B,
19.99%,
1/25/25
..
457
476
991647666.UG.FTS.B,
20.46%,
1/25/25
..
4,469
4,555
991701511.UG.FTS.B,
20.46%,
1/25/25
..
907
923
991735068.UG.FTS.B,
20.97%,
1/25/25
..
310
314
991659246.UG.FTS.B,
21.46%,
1/25/25
..
89
90
991693560.UG.FTS.B,
21.46%,
1/25/25
..
11
11
991697266.UG.FTS.B,
21.46%,
1/25/25
..
207
212
991699663.UG.FTS.B,
21.98%,
1/25/25
..
103
105
991721907.UG.FTS.B,
21.98%,
1/25/25
..
698
717
991781998.UG.FTS.B,
21.98%,
1/25/25
..
119
122
991643275.UG.FTS.B,
22.97%,
1/25/25
..
1,380
1,417
991696083.UG.FTS.B,
23.95%,
1/25/25
..
352
47
991589474.UG.FTS.B,
27.99%,
1/25/25
..
173
174
991676736.UG.FTS.B,
27.99%,
1/25/25
..
41
42
991824491.UG.FTS.B,
27.99%,
1/25/25
..
1,218
1,272
991585948.UG.FTS.B,
28.98%,
1/25/25
..
716
743
991591061.UG.FTS.B,
28.98%,
1/25/25
..
26
26
991629093.UG.FTS.B,
28.98%,
1/25/25
..
76
77
991630315.UG.FTS.B,
28.98%,
1/25/25
..
24
22
991632477.UG.FTS.B,
28.98%,
1/25/25
..
88
92
991636211.UG.FTS.B,
28.98%,
1/25/25
..
765
103
991645264.UG.FTS.B,
28.98%,
1/25/25
..
97
102
991652825.UG.FTS.B,
28.98%,
1/25/25
..
34
5
991654157.UG.FTS.B,
28.98%,
1/25/25
..
51
53
991655910.UG.FTS.B,
28.98%,
1/25/25
..
115
118
991664838.UG.FTS.B,
28.98%,
1/25/25
..
91
96
991666507.UG.FTS.B,
28.98%,
1/25/25
..
143
150
991684431.UG.FTS.B,
28.98%,
1/25/25
..
256
269
991687378.UG.FTS.B,
28.98%,
1/25/25
..
137
143
991700250.UG.FTS.B,
28.98%,
1/25/25
..
234
244
991708850.UG.FTS.B,
28.98%,
1/25/25
..
194
196
991711013.UG.FTS.B,
28.98%,
1/25/25
..
152
153
991711440.UG.FTS.B,
28.98%,
1/25/25
..
39
40
991713337.UG.FTS.B,
28.98%,
1/25/25
..
13
13
991717265.UG.FTS.B,
28.98%,
1/25/25
..
75
76
991739770.UG.FTS.B,
28.98%,
1/25/25
..
46
46
991751144.UG.FTS.B,
28.98%,
1/25/25
..
213
29
991762497.UG.FTS.B,
28.98%,
1/25/25
..
59
61
991764057.UG.FTS.B,
28.98%,
1/25/25
..
40
41
991767844.UG.FTS.B,
28.98%,
1/25/25
..
103
107
991782809.UG.FTS.B,
28.98%,
1/25/25
..
173
180
991789094.UG.FTS.B,
28.98%,
1/25/25
..
90
94
991790856.UG.FTS.B,
28.98%,
1/25/25
..
558
581
991801847.UG.FTS.B,
28.98%,
1/25/25
..
122
127
991804347.UG.FTS.B,
28.98%,
1/25/25
..
17
17
991804771.UG.FTS.B,
28.98%,
1/25/25
..
391
(11)
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991813711.UG.FTS.B,
28.98%,
1/25/25
..
$
885
$
921
991816486.UG.FTS.B,
28.98%,
1/25/25
..
259
270
991832332.UG.FTS.B,
28.98%,
1/25/25
..
149
156
991583030.UG.FTS.B,
29.49%,
1/25/25
..
429
441
991583154.UG.FTS.B,
29.49%,
1/25/25
..
450
475
991583347.UG.FTS.B,
29.49%,
1/25/25
..
175
12
991584718.UG.FTS.B,
29.49%,
1/25/25
..
912
931
991586667.UG.FTS.B,
29.49%,
1/25/25
..
153
21
991588166.UG.FTS.B,
29.49%,
1/25/25
..
215
226
991588873.UG.FTS.B,
29.49%,
1/25/25
..
273
284
991591360.UG.FTS.B,
29.49%,
1/25/25
..
486
512
991592156.UG.FTS.B,
29.49%,
1/25/25
..
71
72
991595877.UG.FTS.B,
29.49%,
1/25/25
..
139
146
991597092.UG.FTS.B,
29.49%,
1/25/25
..
128
132
991598369.UG.FTS.B,
29.49%,
1/25/25
..
131
137
991604309.UG.FTS.B,
29.49%,
1/25/25
..
76
79
991611906.UG.FTS.B,
29.49%,
1/25/25
..
266
280
991617012.UG.FTS.B,
29.49%,
1/25/25
..
197
209
991625116.UG.FTS.B,
29.49%,
1/25/25
..
716
755
991634734.UG.FTS.B,
29.49%,
1/25/25
..
87
13
991638937.UG.FTS.B,
29.49%,
1/25/25
..
34
35
991639720.UG.FTS.B,
29.49%,
1/25/25
..
875
913
991640216.UG.FTS.B,
29.49%,
1/25/25
..
507
521
991640235.UG.FTS.B,
29.49%,
1/25/25
..
2,013
2,104
991641968.UG.FTS.B,
29.49%,
1/25/25
..
123
17
991642788.UG.FTS.B,
29.49%,
1/25/25
..
87
92
991643136.UG.FTS.B,
29.49%,
1/25/25
..
304
304
991645432.UG.FTS.B,
29.49%,
1/25/25
..
71
75
991647792.UG.FTS.B,
29.49%,
1/25/25
..
79
83
991663552.UG.FTS.B,
29.49%,
1/25/25
..
125
133
991670639.UG.FTS.B,
29.49%,
1/25/25
..
404
423
991670995.UG.FTS.B,
29.49%,
1/25/25
..
104
110
991679419.UG.FTS.B,
29.49%,
1/25/25
..
411
(15)
991686520.UG.FTS.B,
29.49%,
1/25/25
..
305
321
991699956.UG.FTS.B,
29.49%,
1/25/25
..
94
13
991703545.UG.FTS.B,
29.49%,
1/25/25
..
192
198
991705543.UG.FTS.B,
29.49%,
1/25/25
..
–
–
991714470.UG.FTS.B,
29.49%,
1/25/25
..
295
309
991716801.UG.FTS.B,
29.49%,
1/25/25
..
94
96
991722230.UG.FTS.B,
29.49%,
1/25/25
..
25
23
991727305.UG.FTS.B,
29.49%,
1/25/25
..
608
640
991727344.UG.FTS.B,
29.49%,
1/25/25
..
50
51
991732943.UG.FTS.B,
29.49%,
1/25/25
..
125
130
991734934.UG.FTS.B,
29.49%,
1/25/25
..
143
144
991737501.UG.FTS.B,
29.49%,
1/25/25
..
153
161
991742587.UG.FTS.B,
29.49%,
1/25/25
..
36
37
991742823.UG.FTS.B,
29.49%,
1/25/25
..
217
223
991750890.UG.FTS.B,
29.49%,
1/25/25
..
171
180
991756609.UG.FTS.B,
29.49%,
1/25/25
..
448
473
991758553.UG.FTS.B,
29.49%,
1/25/25
..
139
146
991762455.UG.FTS.B,
29.49%,
1/25/25
..
1,014
1,011
991773006.UG.FTS.B,
29.49%,
1/25/25
..
331
341
991781861.UG.FTS.B,
29.49%,
1/25/25
..
539
565
991783087.UG.FTS.B,
29.49%,
1/25/25
..
266
277
991789248.UG.FTS.B,
29.49%,
1/25/25
..
111
116
991789795.UG.FTS.B,
29.49%,
1/25/25
..
246
249
991803714.UG.FTS.B,
29.49%,
1/25/25
..
114
119
991812847.UG.FTS.B,
29.49%,
1/25/25
..
37
38
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991819908.UG.FTS.B,
29.49%,
1/25/25
..
$
132
$
138
991611008.UG.FTS.B,
Zero
Cpn,
1/26/25
.
538
37
991630176.UG.FTS.B,
Zero
Cpn,
1/26/25
.
63
4
991636455.UG.FTS.B,
Zero
Cpn,
1/26/25
.
79
5
991655277.UG.FTS.B,
Zero
Cpn,
1/26/25
.
162
11
991705574.UG.FTS.B,
14.98%,
1/26/25
..
433
444
991588990.UG.FTS.B,
16.99%,
1/26/25
..
1,313
1,341
991631242.UG.FTS.B,
17.99%,
1/26/25
..
392
402
991635395.UG.FTS.B,
17.99%,
1/26/25
..
477
488
991806807.UG.FTS.B,
17.99%,
1/26/25
..
357
363
991630337.UG.FTS.B,
18.97%,
1/26/25
..
74
76
991639126.UG.FTS.B,
18.97%,
1/26/25
..
106
107
991792817.UG.FTS.B,
18.97%,
1/26/25
..
659
671
991693301.UG.FTS.B,
19.8%,
1/26/25
...
140
143
991623713.UG.FTS.B,
19.99%,
1/26/25
..
292
295
991664112.UG.FTS.B,
19.99%,
1/26/25
..
22
22
991684874.UG.FTS.B,
19.99%,
1/26/25
..
64
65
991687274.UG.FTS.B,
19.99%,
1/26/25
..
168
175
991725855.UG.FTS.B,
19.99%,
1/26/25
..
158
160
991726295.UG.FTS.B,
19.99%,
1/26/25
..
186
187
991747371.UG.FTS.B,
19.99%,
1/26/25
..
172
181
991753153.UG.FTS.B,
19.99%,
1/26/25
..
28
29
991815429.UG.FTS.B,
19.99%,
1/26/25
..
645
672
991818136.UG.FTS.B,
19.99%,
1/26/25
..
113
118
991722451.UG.FTS.B,
20.46%,
1/26/25
..
547
561
991691649.UG.FTS.B,
20.97%,
1/26/25
..
434
436
991689234.UG.FTS.B,
21.46%,
1/26/25
..
136
140
991683377.UG.FTS.B,
21.97%,
1/26/25
..
143
147
991690970.UG.FTS.B,
21.98%,
1/26/25
..
873
896
991718023.UG.FTS.B,
22.97%,
1/26/25
..
199
199
991792398.UG.FTS.B,
22.97%,
1/26/25
..
113
115
991661911.UG.FTS.B,
23.95%,
1/26/25
..
512
516
991719060.UG.FTS.B,
23.95%,
1/26/25
..
2,058
2,116
991702170.UG.FTS.B,
26.94%,
1/26/25
..
166
12
991644445.UG.FTS.B,
27.99%,
1/26/25
..
82
86
991665705.UG.FTS.B,
27.99%,
1/26/25
..
100
105
991589081.UG.FTS.B,
28.98%,
1/26/25
..
222
234
991593236.UG.FTS.B,
28.98%,
1/26/25
..
211
219
991593526.UG.FTS.B,
28.98%,
1/26/25
..
189
198
991594391.UG.FTS.B,
28.98%,
1/26/25
..
158
167
991602284.UG.FTS.B,
28.98%,
1/26/25
..
1,211
1,245
991604950.UG.FTS.B,
28.98%,
1/26/25
..
94
98
991618996.UG.FTS.B,
28.98%,
1/26/25
..
–
–
991629035.UG.FTS.B,
28.98%,
1/26/25
..
152
160
991634636.UG.FTS.B,
28.98%,
1/26/25
..
320
336
991638977.UG.FTS.B,
28.98%,
1/26/25
..
205
213
991641894.UG.FTS.B,
28.98%,
1/26/25
..
105
108
991653899.UG.FTS.B,
28.98%,
1/26/25
..
82
86
991658925.UG.FTS.B,
28.98%,
1/26/25
..
86
88
991661348.UG.FTS.B,
28.98%,
1/26/25
..
836
855
991662390.UG.FTS.B,
28.98%,
1/26/25
..
140
146
991664416.UG.FTS.B,
28.98%,
1/26/25
..
238
246
991668688.UG.FTS.B,
28.98%,
1/26/25
..
408
429
991678461.UG.FTS.B,
28.98%,
1/26/25
..
120
124
991685049.UG.FTS.B,
28.98%,
1/26/25
..
55
57
991688671.UG.FTS.B,
28.98%,
1/26/25
..
176
183
991698131.UG.FTS.B,
28.98%,
1/26/25
..
281
284
991701435.UG.FTS.B,
28.98%,
1/26/25
..
203
214
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991703821.UG.FTS.B,
28.98%,
1/26/25
..
$
150
$
158
991711212.UG.FTS.B,
28.98%,
1/26/25
..
58
60
991743995.UG.FTS.B,
28.98%,
1/26/25
..
165
173
991745922.UG.FTS.B,
28.98%,
1/26/25
..
69
70
991753802.UG.FTS.B,
28.98%,
1/26/25
..
99
101
991759756.UG.FTS.B,
28.98%,
1/26/25
..
56
57
991764630.UG.FTS.B,
28.98%,
1/26/25
..
38
39
991788301.UG.FTS.B,
28.98%,
1/26/25
..
210
218
991788973.UG.FTS.B,
28.98%,
1/26/25
..
307
320
991804080.UG.FTS.B,
28.98%,
1/26/25
..
80
83
991808600.UG.FTS.B,
28.98%,
1/26/25
..
137
139
991808749.UG.FTS.B,
28.98%,
1/26/25
..
11
11
991818761.UG.FTS.B,
28.98%,
1/26/25
..
96
100
991820446.UG.FTS.B,
28.98%,
1/26/25
..
95
99
991826236.UG.FTS.B,
28.98%,
1/26/25
..
498
519
991831863.UG.FTS.B,
28.98%,
1/26/25
..
128
129
991834362.UG.FTS.B,
28.98%,
1/26/25
..
260
270
991834597.UG.FTS.B,
28.98%,
1/26/25
..
2,615
2,726
991712881.UG.FTS.B,
29.46%,
1/26/25
..
472
498
991589080.UG.FTS.B,
29.49%,
1/26/25
..
229
235
991589676.UG.FTS.B,
29.49%,
1/26/25
..
774
818
991589741.UG.FTS.B,
29.49%,
1/26/25
..
63
66
991589763.UG.FTS.B,
29.49%,
1/26/25
..
142
149
991591418.UG.FTS.B,
29.49%,
1/26/25
..
354
24
991598816.UG.FTS.B,
29.49%,
1/26/25
..
147
9
991606181.UG.FTS.B,
29.49%,
1/26/25
..
213
227
991612147.UG.FTS.B,
29.49%,
1/26/25
..
79
84
991613744.UG.FTS.B,
29.49%,
1/26/25
..
168
125
991616526.UG.FTS.B,
29.49%,
1/26/25
..
147
156
991616810.UG.FTS.B,
29.49%,
1/26/25
..
321
334
991622618.UG.FTS.B,
29.49%,
1/26/25
..
137
142
991637203.UG.FTS.B,
29.49%,
1/26/25
..
165
175
991637588.UG.FTS.B,
29.49%,
1/26/25
..
270
273
991637756.UG.FTS.B,
29.49%,
1/26/25
..
1,003
1,015
991638709.UG.FTS.B,
29.49%,
1/26/25
..
128
135
991640409.UG.FTS.B,
29.49%,
1/26/25
..
93
97
991640808.UG.FTS.B,
29.49%,
1/26/25
..
312
328
991641553.UG.FTS.B,
29.49%,
1/26/25
..
112
118
991645315.UG.FTS.B,
29.49%,
1/26/25
..
75
79
991645424.UG.FTS.B,
29.49%,
1/26/25
..
127
92
991656366.UG.FTS.B,
29.49%,
1/26/25
..
299
316
991657417.UG.FTS.B,
29.49%,
1/26/25
..
1,739
1,780
991662234.UG.FTS.B,
29.49%,
1/26/25
..
99
105
991663623.UG.FTS.B,
29.49%,
1/26/25
..
105
112
991664371.UG.FTS.B,
29.49%,
1/26/25
..
278
286
991668328.UG.FTS.B,
29.49%,
1/26/25
..
92
97
991670459.UG.FTS.B,
29.49%,
1/26/25
..
349
50
991673737.UG.FTS.B,
29.49%,
1/26/25
..
2,181
2,257
991674552.UG.FTS.B,
29.49%,
1/26/25
..
173
184
991677158.UG.FTS.B,
29.49%,
1/26/25
..
192
15
991680335.UG.FTS.B,
29.49%,
1/26/25
..
1,139
1,188
991682957.UG.FTS.B,
29.49%,
1/26/25
..
795
840
991686193.UG.FTS.B,
29.49%,
1/26/25
..
37
6
991686518.UG.FTS.B,
29.49%,
1/26/25
..
176
185
991686882.UG.FTS.B,
29.49%,
1/26/25
..
220
229
991688387.UG.FTS.B,
29.49%,
1/26/25
..
717
759
991695946.UG.FTS.B,
29.49%,
1/26/25
..
391
408
991698577.UG.FTS.B,
29.49%,
1/26/25
..
333
347
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991710350.UG.FTS.B,
29.49%,
1/26/25
..
$
37
$
38
991711068.UG.FTS.B,
29.49%,
1/26/25
..
22
22
991714720.UG.FTS.B,
29.49%,
1/26/25
..
452
473
991727832.UG.FTS.B,
29.49%,
1/26/25
..
206
217
991731015.UG.FTS.B,
29.49%,
1/26/25
..
55
58
991742808.UG.FTS.B,
29.49%,
1/26/25
..
356
362
991744262.UG.FTS.B,
29.49%,
1/26/25
..
29
29
991756106.UG.FTS.B,
29.49%,
1/26/25
..
142
150
991772896.UG.FTS.B,
29.49%,
1/26/25
..
1,813
1,894
991779497.UG.FTS.B,
29.49%,
1/26/25
..
234
244
991782801.UG.FTS.B,
29.49%,
1/26/25
..
1,738
1,814
991793797.UG.FTS.B,
29.49%,
1/26/25
..
176
183
991801746.UG.FTS.B,
29.49%,
1/26/25
..
210
32
991806530.UG.FTS.B,
29.49%,
1/26/25
..
119
125
991820442.UG.FTS.B,
29.49%,
1/26/25
..
100
105
991826343.UG.FTS.B,
29.49%,
1/26/25
..
436
455
991827132.UG.FTS.B,
29.49%,
1/26/25
..
91
95
991829394.UG.FTS.B,
29.49%,
1/26/25
..
500
507
991832099.UG.FTS.B,
29.49%,
1/26/25
..
31
31
991835725.UG.FTS.B,
29.49%,
1/26/25
..
1,024
1,070
991835985.UG.FTS.B,
29.49%,
1/26/25
..
964
1,011
991596472.UG.FTS.B,
Zero
Cpn,
1/27/25
.
311
21
991596983.UG.FTS.B,
Zero
Cpn,
1/27/25
.
106
7
991599313.UG.FTS.B,
Zero
Cpn,
1/27/25
.
380
26
991606158.UG.FTS.B,
Zero
Cpn,
1/27/25
.
132
9
991606270.UG.FTS.B,
Zero
Cpn,
1/27/25
.
667
46
991606748.UG.FTS.B,
Zero
Cpn,
1/27/25
.
195
14
991614181.UG.FTS.B,
Zero
Cpn,
1/27/25
.
210
14
991743785.UG.FTS.B,
Zero
Cpn,
1/27/25
.
136
9
991649409.UG.FTS.B,
14.98%,
1/27/25
..
–
–
991681455.UG.FTS.B,
15%,
1/27/25
.....
461
470
991594447.UG.FTS.B,
16.99%,
1/27/25
..
2,568
2,607
991653768.UG.FTS.B,
16.99%,
1/27/25
..
119
119
991594369.UG.FTS.B,
19.99%,
1/27/25
..
96
98
991603461.UG.FTS.B,
19.99%,
1/27/25
..
479
504
991604987.UG.FTS.B,
19.99%,
1/27/25
..
229
240
991606626.UG.FTS.B,
19.99%,
1/27/25
..
229
241
991610646.UG.FTS.B,
19.99%,
1/27/25
..
119
126
991613609.UG.FTS.B,
19.99%,
1/27/25
..
81
83
991616276.UG.FTS.B,
19.99%,
1/27/25
..
31
6
991622510.UG.FTS.B,
19.99%,
1/27/25
..
11
11
991639649.UG.FTS.B,
19.99%,
1/27/25
..
1,474
1,523
991656462.UG.FTS.B,
19.99%,
1/27/25
..
116
–
991665857.UG.FTS.B,
19.99%,
1/27/25
..
137
144
991670504.UG.FTS.B,
19.99%,
1/27/25
..
58
59
991679362.UG.FTS.B,
19.99%,
1/27/25
..
36
37
991742004.UG.FTS.B,
19.99%,
1/27/25
..
43
45
991593388.UG.FTS.B,
27.99%,
1/27/25
..
51
53
991598032.UG.FTS.B,
27.99%,
1/27/25
..
157
164
991629247.UG.FTS.B,
27.99%,
1/27/25
..
141
146
991784579.UG.FTS.B,
27.99%,
1/27/25
..
22
22
991593724.UG.FTS.B,
28.98%,
1/27/25
..
100
101
991594281.UG.FTS.B,
28.98%,
1/27/25
..
208
210
991594298.UG.FTS.B,
28.98%,
1/27/25
..
115
117
991594312.UG.FTS.B,
28.98%,
1/27/25
..
457
34
991594933.UG.FTS.B,
28.98%,
1/27/25
..
902
936
991595331.UG.FTS.B,
28.98%,
1/27/25
..
48
(1)
991596135.UG.FTS.B,
28.98%,
1/27/25
..
21
22
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991596979.UG.FTS.B,
28.98%,
1/27/25
..
$
573
$
597
991597253.UG.FTS.B,
28.98%,
1/27/25
..
34
(1)
991598602.UG.FTS.B,
28.98%,
1/27/25
..
126
133
991598783.UG.FTS.B,
28.98%,
1/27/25
..
732
749
991600295.UG.FTS.B,
28.98%,
1/27/25
..
123
129
991601203.UG.FTS.B,
28.98%,
1/27/25
..
1,581
1,662
991602821.UG.FTS.B,
28.98%,
1/27/25
..
1,062
1,105
991602932.UG.FTS.B,
28.98%,
1/27/25
..
79
79
991603572.UG.FTS.B,
28.98%,
1/27/25
..
570
88
991604001.UG.FTS.B,
28.98%,
1/27/25
..
160
168
991605311.UG.FTS.B,
28.98%,
1/27/25
..
65
68
991605868.UG.FTS.B,
28.98%,
1/27/25
..
226
238
991607306.UG.FTS.B,
28.98%,
1/27/25
..
79
6
991608665.UG.FTS.B,
28.98%,
1/27/25
..
395
415
991609616.UG.FTS.B,
28.98%,
1/27/25
..
245
257
991611663.UG.FTS.B,
28.98%,
1/27/25
..
307
42
991613097.UG.FTS.B,
28.98%,
1/27/25
..
129
136
991615892.UG.FTS.B,
28.98%,
1/27/25
..
450
473
991617077.UG.FTS.B,
28.98%,
1/27/25
..
151
156
991617118.UG.FTS.B,
28.98%,
1/27/25
..
7
7
991617463.UG.FTS.B,
28.98%,
1/27/25
..
10
10
991620928.UG.FTS.B,
28.98%,
1/27/25
..
65
68
991621129.UG.FTS.B,
28.98%,
1/27/25
..
320
332
991623357.UG.FTS.B,
28.98%,
1/27/25
..
180
189
991623437.UG.FTS.B,
28.98%,
1/27/25
..
259
272
991630700.UG.FTS.B,
28.98%,
1/27/25
..
247
259
991631171.UG.FTS.B,
28.98%,
1/27/25
..
188
194
991631807.UG.FTS.B,
28.98%,
1/27/25
..
172
179
991632093.UG.FTS.B,
28.98%,
1/27/25
..
277
291
991632344.UG.FTS.B,
28.98%,
1/27/25
..
81
85
991633929.UG.FTS.B,
28.98%,
1/27/25
..
435
457
991634644.UG.FTS.B,
28.98%,
1/27/25
..
70
72
991635049.UG.FTS.B,
28.98%,
1/27/25
..
393
407
991635670.UG.FTS.B,
28.98%,
1/27/25
..
611
642
991636408.UG.FTS.B,
28.98%,
1/27/25
..
286
289
991637847.UG.FTS.B,
28.98%,
1/27/25
..
19
19
991639732.UG.FTS.B,
28.98%,
1/27/25
..
8
8
991643120.UG.FTS.B,
28.98%,
1/27/25
..
347
362
991644066.UG.FTS.B,
28.98%,
1/27/25
..
16
1
991645234.UG.FTS.B,
28.98%,
1/27/25
..
79
83
991645498.UG.FTS.B,
28.98%,
1/27/25
..
212
221
991646436.UG.FTS.B,
28.98%,
1/27/25
..
247
260
991651616.UG.FTS.B,
28.98%,
1/27/25
..
60
62
991653209.UG.FTS.B,
28.98%,
1/27/25
..
1,954
2,055
991653220.UG.FTS.B,
28.98%,
1/27/25
..
40
41
991654533.UG.FTS.B,
28.98%,
1/27/25
..
160
163
991654856.UG.FTS.B,
28.98%,
1/27/25
..
395
415
991657182.UG.FTS.B,
28.98%,
1/27/25
..
1,223
1,286
991659335.UG.FTS.B,
28.98%,
1/27/25
..
270
284
991663420.UG.FTS.B,
28.98%,
1/27/25
..
1,390
1,462
991664621.UG.FTS.B,
28.98%,
1/27/25
..
134
141
991666634.UG.FTS.B,
28.98%,
1/27/25
..
106
112
991670133.UG.FTS.B,
28.98%,
1/27/25
..
148
154
991672421.UG.FTS.B,
28.98%,
1/27/25
..
244
250
991672456.UG.FTS.B,
28.98%,
1/27/25
..
141
141
991672656.UG.FTS.B,
28.98%,
1/27/25
..
89
93
991679811.UG.FTS.B,
28.98%,
1/27/25
..
68
71
991684799.UG.FTS.B,
28.98%,
1/27/25
..
113
118
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991684873.UG.FTS.B,
28.98%,
1/27/25
..
$
71
$
73
991687681.UG.FTS.B,
28.98%,
1/27/25
..
71
73
991693260.UG.FTS.B,
28.98%,
1/27/25
..
35
35
991693305.UG.FTS.B,
28.98%,
1/27/25
..
732
757
991693530.UG.FTS.B,
28.98%,
1/27/25
..
116
122
991699112.UG.FTS.B,
28.98%,
1/27/25
..
90
94
991699852.UG.FTS.B,
28.98%,
1/27/25
..
244
–
991707195.UG.FTS.B,
28.98%,
1/27/25
..
30
30
991711538.UG.FTS.B,
28.98%,
1/27/25
..
15
16
991714759.UG.FTS.B,
28.98%,
1/27/25
..
102
107
991721854.UG.FTS.B,
28.98%,
1/27/25
..
348
(11)
991722576.UG.FTS.B,
28.98%,
1/27/25
..
38
39
991725390.UG.FTS.B,
28.98%,
1/27/25
..
7
7
991732352.UG.FTS.B,
28.98%,
1/27/25
..
16
16
991747891.UG.FTS.B,
28.98%,
1/27/25
..
101
106
991757043.UG.FTS.B,
28.98%,
1/27/25
..
167
171
991761556.UG.FTS.B,
28.98%,
1/27/25
..
44
46
991772279.UG.FTS.B,
28.98%,
1/27/25
..
654
684
991772315.UG.FTS.B,
28.98%,
1/27/25
..
689
53
991785235.UG.FTS.B,
28.98%,
1/27/25
..
289
301
991790040.UG.FTS.B,
28.98%,
1/27/25
..
44
45
991792500.UG.FTS.B,
28.98%,
1/27/25
..
151
157
991796141.UG.FTS.B,
28.98%,
1/27/25
..
42
43
991811211.UG.FTS.B,
28.98%,
1/27/25
..
174
181
991820015.UG.FTS.B,
28.98%,
1/27/25
..
282
294
991822961.UG.FTS.B,
28.98%,
1/27/25
..
267
(9)
991832201.UG.FTS.B,
28.98%,
1/27/25
..
1,739
240
991832387.UG.FTS.B,
28.98%,
1/27/25
..
600
626
991662323.UG.FTS.B,
29.47%,
1/27/25
..
–
–
991594192.UG.FTS.B,
29.49%,
1/27/25
..
230
16
991594952.UG.FTS.B,
29.49%,
1/27/25
..
851
896
991596228.UG.FTS.B,
29.49%,
1/27/25
..
153
162
991597441.UG.FTS.B,
29.49%,
1/27/25
..
348
365
991598580.UG.FTS.B,
29.49%,
1/27/25
..
100
105
991598640.UG.FTS.B,
29.49%,
1/27/25
..
24
4
991598931.UG.FTS.B,
29.49%,
1/27/25
..
177
2
991600353.UG.FTS.B,
29.49%,
1/27/25
..
153
157
991600440.UG.FTS.B,
29.49%,
1/27/25
..
363
382
991600674.UG.FTS.B,
29.49%,
1/27/25
..
73
78
991604744.UG.FTS.B,
29.49%,
1/27/25
..
42
44
991604802.UG.FTS.B,
29.49%,
1/27/25
..
38
40
991605178.UG.FTS.B,
29.49%,
1/27/25
..
261
(9)
991605251.UG.FTS.B,
29.49%,
1/27/25
..
18
19
991605906.UG.FTS.B,
29.49%,
1/27/25
..
204
207
991606487.UG.FTS.B,
29.49%,
1/27/25
..
260
271
991608429.UG.FTS.B,
29.49%,
1/27/25
..
136
144
991608526.UG.FTS.B,
29.49%,
1/27/25
..
243
257
991609299.UG.FTS.B,
29.49%,
1/27/25
..
1,344
1,418
991609655.UG.FTS.B,
29.49%,
1/27/25
..
181
190
991611049.UG.FTS.B,
29.49%,
1/27/25
..
185
195
991611862.UG.FTS.B,
29.49%,
1/27/25
..
121
128
991613792.UG.FTS.B,
29.49%,
1/27/25
..
–
–
991613806.UG.FTS.B,
29.49%,
1/27/25
..
1,856
1,918
991614453.UG.FTS.B,
29.49%,
1/27/25
..
184
28
991614668.UG.FTS.B,
29.49%,
1/27/25
..
85
1
991614714.UG.FTS.B,
29.49%,
1/27/25
..
14
14
991616915.UG.FTS.B,
29.49%,
1/27/25
..
151
157
991617119.UG.FTS.B,
29.49%,
1/27/25
..
638
675
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991617295.UG.FTS.B,
29.49%,
1/27/25
..
$
708
$
746
991618276.UG.FTS.B,
29.49%,
1/27/25
..
828
(115)
991619030.UG.FTS.B,
29.49%,
1/27/25
..
119
121
991619817.UG.FTS.B,
29.49%,
1/27/25
..
466
490
991624512.UG.FTS.B,
29.49%,
1/27/25
..
93
97
991624910.UG.FTS.B,
29.49%,
1/27/25
..
71
74
991626868.UG.FTS.B,
29.49%,
1/27/25
..
73
75
991627621.UG.FTS.B,
29.49%,
1/27/25
..
85
89
991628233.UG.FTS.B,
29.49%,
1/27/25
..
27
27
991628707.UG.FTS.B,
29.49%,
1/27/25
..
116
117
991630944.UG.FTS.B,
29.49%,
1/27/25
..
54
54
991633038.UG.FTS.B,
29.49%,
1/27/25
..
683
708
991635104.UG.FTS.B,
29.49%,
1/27/25
..
109
16
991636506.UG.FTS.B,
29.49%,
1/27/25
..
717
745
991637168.UG.FTS.B,
29.49%,
1/27/25
..
102
107
991637328.UG.FTS.B,
29.49%,
1/27/25
..
170
15
991643691.UG.FTS.B,
29.49%,
1/27/25
..
173
180
991643995.UG.FTS.B,
29.49%,
1/27/25
..
281
300
991647854.UG.FTS.B,
29.49%,
1/27/25
..
93
98
991648775.UG.FTS.B,
29.49%,
1/27/25
..
1,792
1,891
991649572.UG.FTS.B,
29.49%,
1/27/25
..
34
34
991654331.UG.FTS.B,
29.49%,
1/27/25
..
232
244
991660024.UG.FTS.B,
29.49%,
1/27/25
..
32
33
991668359.UG.FTS.B,
29.49%,
1/27/25
..
299
306
991669942.UG.FTS.B,
29.49%,
1/27/25
..
26
27
991670220.UG.FTS.B,
29.49%,
1/27/25
..
42
(1)
991672322.UG.FTS.B,
29.49%,
1/27/25
..
127
132
991678623.UG.FTS.B,
29.49%,
1/27/25
..
29
29
991680945.UG.FTS.B,
29.49%,
1/27/25
..
245
257
991683132.UG.FTS.B,
29.49%,
1/27/25
..
919
133
991683393.UG.FTS.B,
29.49%,
1/27/25
..
914
46
991689965.UG.FTS.B,
29.49%,
1/27/25
..
143
143
991691306.UG.FTS.B,
29.49%,
1/27/25
..
129
135
991691664.UG.FTS.B,
29.49%,
1/27/25
..
380
387
991695728.UG.FTS.B,
29.49%,
1/27/25
..
427
442
991696481.UG.FTS.B,
29.49%,
1/27/25
..
376
398
991698282.UG.FTS.B,
29.49%,
1/27/25
..
21
22
991698507.UG.FTS.B,
29.49%,
1/27/25
..
95
101
991701480.UG.FTS.B,
29.49%,
1/27/25
..
457
484
991702188.UG.FTS.B,
29.49%,
1/27/25
..
93
94
991703342.UG.FTS.B,
29.49%,
1/27/25
..
118
125
991705617.UG.FTS.B,
29.49%,
1/27/25
..
163
167
991709075.UG.FTS.B,
29.49%,
1/27/25
..
226
233
991710104.UG.FTS.B,
29.49%,
1/27/25
..
32
33
991717015.UG.FTS.B,
29.49%,
1/27/25
..
90
95
991717964.UG.FTS.B,
29.49%,
1/27/25
..
58
60
991718575.UG.FTS.B,
29.49%,
1/27/25
..
110
115
991720299.UG.FTS.B,
29.49%,
1/27/25
..
551
581
991728566.UG.FTS.B,
29.49%,
1/27/25
..
154
162
991729561.UG.FTS.B,
29.49%,
1/27/25
..
165
132
991731570.UG.FTS.B,
29.49%,
1/27/25
..
52
53
991732661.UG.FTS.B,
29.49%,
1/27/25
..
72
76
991737584.UG.FTS.B,
29.49%,
1/27/25
..
77
81
991742966.UG.FTS.B,
29.49%,
1/27/25
..
130
130
991747252.UG.FTS.B,
29.49%,
1/27/25
..
214
(7)
991749510.UG.FTS.B,
29.49%,
1/27/25
..
178
186
991752239.UG.FTS.B,
29.49%,
1/27/25
..
290
306
991754719.UG.FTS.B,
29.49%,
1/27/25
..
172
181
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991754815.UG.FTS.B,
29.49%,
1/27/25
..
$
81
$
86
991759684.UG.FTS.B,
29.49%,
1/27/25
..
882
920
991770465.UG.FTS.B,
29.49%,
1/27/25
..
80
84
991774020.UG.FTS.B,
29.49%,
1/27/25
..
329
46
991777410.UG.FTS.B,
29.49%,
1/27/25
..
26
27
991780499.UG.FTS.B,
29.49%,
1/27/25
..
298
311
991781410.UG.FTS.B,
29.49%,
1/27/25
..
78
82
991783887.UG.FTS.B,
29.49%,
1/27/25
..
124
18
991784000.UG.FTS.B,
29.49%,
1/27/25
..
139
146
991792296.UG.FTS.B,
29.49%,
1/27/25
..
605
631
991793218.UG.FTS.B,
29.49%,
1/27/25
..
46
47
991793271.UG.FTS.B,
29.49%,
1/27/25
..
189
198
991793324.UG.FTS.B,
29.49%,
1/27/25
..
118
124
991800672.UG.FTS.B,
29.49%,
1/27/25
..
87
90
991803603.UG.FTS.B,
29.49%,
1/27/25
..
417
427
991812381.UG.FTS.B,
29.49%,
1/27/25
..
88
91
991814678.UG.FTS.B,
29.49%,
1/27/25
..
83
87
991828600.UG.FTS.B,
29.49%,
1/27/25
..
65
67
991832224.UG.FTS.B,
29.49%,
1/27/25
..
30
31
991836282.UG.FTS.B,
29.49%,
1/27/25
..
3,344
467
991606397.UG.FTS.B,
15.97%,
1/28/25
..
352
361
991800530.UG.FTS.B,
15.97%,
1/28/25
..
424
432
991610101.UG.FTS.B,
16.99%,
1/28/25
..
46
46
991617374.UG.FTS.B,
16.99%,
1/28/25
..
1,984
2,035
991799999.UG.FTS.B,
16.99%,
1/28/25
..
10
10
991854471.UG.FTS.B,
16.99%,
1/28/25
..
4,752
4,849
991613370.UG.FTS.B,
17.99%,
1/28/25
..
163
166
991621866.UG.FTS.B,
17.99%,
1/28/25
..
89
91
991716911.UG.FTS.B,
17.99%,
1/28/25
..
278
283
991720766.UG.FTS.B,
17.99%,
1/28/25
..
568
582
991727531.UG.FTS.B,
17.99%,
1/28/25
..
105
108
991843689.UG.FTS.B,
17.99%,
1/28/25
..
3,949
4,029
991692051.UG.FTS.B,
20.46%,
1/28/25
..
303
310
991653436.UG.FTS.B,
20.97%,
1/28/25
..
229
230
991622578.UG.FTS.B,
22.97%,
1/28/25
..
128
130
991614133.UG.FTS.B,
14.98%,
1/29/25
..
10
10
991647560.UG.FTS.B,
14.98%,
1/29/25
..
979
1,004
991864236.UG.FTS.B,
14.98%,
1/29/25
..
5,527
5,641
991716164.UG.FTS.B,
15.97%,
1/29/25
..
294
302
991670873.UG.FTS.B,
16.99%,
1/29/25
..
34
34
991748418.UG.FTS.B,
16.99%,
1/29/25
..
1,616
1,646
991669723.UG.FTS.B,
17.99%,
1/29/25
..
154
158
991688664.UG.FTS.B,
17.99%,
1/29/25
..
327
336
991842042.UG.FTS.B,
17.99%,
1/29/25
..
1,175
1,194
991619308.UG.FTS.B,
18.97%,
1/29/25
..
1,191
1,223
991667776.UG.FTS.B,
18.97%,
1/29/25
..
1,025
1,052
991667796.UG.FTS.B,
19.21%,
1/29/25
..
215
217
991612495.UG.FTS.B,
19.8%,
1/29/25
...
207
211
991783304.UG.FTS.B,
Zero
Cpn,
1/30/25
.
700
49
991681003.UG.FTS.B,
14.98%,
1/30/25
..
480
484
991748200.UG.FTS.B,
14.98%,
1/30/25
..
107
110
991624393.UG.FTS.B,
17.99%,
1/30/25
..
134
135
991627597.UG.FTS.B,
18.97%,
1/30/25
..
195
198
991659919.UG.FTS.B,
20.97%,
1/30/25
..
93
95
991706022.UG.FTS.B,
20.97%,
1/30/25
..
56
8
991619303.UG.FTS.B,
21.46%,
1/30/25
..
112
115
991666898.UG.FTS.B,
21.98%,
1/30/25
..
28
28
991620571.UG.FTS.B,
22.97%,
1/30/25
..
271
272
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991685973.UG.FTS.B,
14.98%,
1/31/25
..
$
876
$
889
991718191.UG.FTS.B,
14.98%,
1/31/25
..
292
300
991726744.UG.FTS.B,
14.98%,
1/31/25
..
196
199
991831913.UG.FTS.B,
14.98%,
1/31/25
..
40
40
991851449.UG.FTS.B,
14.98%,
1/31/25
..
22
22
991646701.UG.FTS.B,
15%,
1/31/25
.....
444
449
991659852.UG.FTS.B,
15%,
1/31/25
.....
544
553
991853717.UG.FTS.B,
15%,
1/31/25
.....
832
850
991638888.UG.FTS.B,
15.97%,
1/31/25
..
81
83
991649795.UG.FTS.B,
15.97%,
1/31/25
..
–
–
991746713.UG.FTS.B,
15.97%,
1/31/25
..
140
142
991754483.UG.FTS.B,
15.97%,
1/31/25
..
165
166
991809317.UG.FTS.B,
15.97%,
1/31/25
..
269
269
991815664.UG.FTS.B,
15.97%,
1/31/25
..
376
385
991638718.UG.FTS.B,
16.99%,
1/31/25
..
197
200
991642283.UG.FTS.B,
16.99%,
1/31/25
..
128
131
991662857.UG.FTS.B,
16.99%,
1/31/25
..
133
133
991704534.UG.FTS.B,
16.99%,
1/31/25
..
686
704
991753549.UG.FTS.B,
16.99%,
1/31/25
..
172
176
991757606.UG.FTS.B,
16.99%,
1/31/25
..
286
294
991762445.UG.FTS.B,
16.99%,
1/31/25
..
13
14
991836242.UG.FTS.B,
16.99%,
1/31/25
..
2,808
2,867
991856848.UG.FTS.B,
16.99%,
1/31/25
..
125
128
991675482.UG.FTS.B,
17.97%,
1/31/25
..
339
346
991642242.UG.FTS.B,
17.99%,
1/31/25
..
115
118
991664214.UG.FTS.B,
17.99%,
1/31/25
..
41
41
991682270.UG.FTS.B,
17.99%,
1/31/25
..
155
156
991696738.UG.FTS.B,
17.99%,
1/31/25
..
87
89
991698361.UG.FTS.B,
17.99%,
1/31/25
..
91
93
991709244.UG.FTS.B,
17.99%,
1/31/25
..
85
88
991712841.UG.FTS.B,
17.99%,
1/31/25
..
351
358
991713828.UG.FTS.B,
17.99%,
1/31/25
..
3,553
3,646
991743801.UG.FTS.B,
17.99%,
1/31/25
..
568
45
991748611.UG.FTS.B,
17.99%,
1/31/25
..
284
291
991754758.UG.FTS.B,
17.99%,
1/31/25
..
792
813
991772768.UG.FTS.B,
17.99%,
1/31/25
..
83
85
991646069.UG.FTS.B,
18.97%,
1/31/25
..
167
172
991702370.UG.FTS.B,
18.97%,
1/31/25
..
119
122
991639577.UG.FTS.B,
19.21%,
1/31/25
..
174
178
991684344.UG.FTS.B,
19.21%,
1/31/25
..
244
251
991663410.UG.FTS.B,
19.8%,
1/31/25
...
2,251
2,277
991708296.UG.FTS.B,
19.8%,
1/31/25
...
229
236
991648537.UG.FTS.B,
20.97%,
1/31/25
..
136
140
991653526.UG.FTS.B,
20.97%,
1/31/25
..
238
244
991661887.UG.FTS.B,
20.97%,
1/31/25
..
154
159
991630777.UG.FTS.B,
21.46%,
1/31/25
..
315
316
991656715.UG.FTS.B,
21.46%,
1/31/25
..
1,836
1,893
991693835.UG.FTS.B,
21.46%,
1/31/25
..
556
564
991672382.UG.FTS.B,
21.97%,
1/31/25
..
4,270
4,371
991883831.UG.FTS.B,
14%,
2/01/25
.....
22
22
991745640.UG.FTS.B,
14.97%,
2/01/25
..
363
41
991836618.UG.FTS.B,
15%,
2/01/25
.....
818
833
991666265.UG.FTS.B,
16.99%,
2/01/25
..
427
433
991668427.UG.FTS.B,
17.97%,
2/01/25
..
55
55
991657231.UG.FTS.B,
13.97%,
2/02/25
..
3,712
841
991655483.UG.FTS.B,
14%,
2/02/25
.....
9,788
1,058
991693291.UG.FTS.B,
14%,
2/02/25
.....
138
141
991725692.UG.FTS.B,
14%,
2/02/25
.....
175
178
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991771266.UG.FTS.B,
14%,
2/02/25
.....
$
126
$
128
991834440.UG.FTS.B,
14%,
2/02/25
.....
191
194
991687949.UG.FTS.B,
14.98%,
2/02/25
..
207
211
991658184.UG.FTS.B,
15%,
2/02/25
.....
2,765
2,814
991681442.UG.FTS.B,
15%,
2/02/25
.....
11
11
991670102.UG.FTS.B,
15.97%,
2/02/25
..
355
359
991760625.UG.FTS.B,
15.97%,
2/02/25
..
230
234
991848002.UG.FTS.B,
15.97%,
2/02/25
..
48
48
991849575.UG.FTS.B,
15.99%,
2/02/25
..
40
40
991650925.UG.FTS.B,
16.99%,
2/02/25
..
237
238
991676165.UG.FTS.B,
16.99%,
2/02/25
..
207
211
991679270.UG.FTS.B,
16.99%,
2/02/25
..
242
246
991689542.UG.FTS.B,
16.99%,
2/02/25
..
435
444
991781369.UG.FTS.B,
16.99%,
2/02/25
..
545
555
991844255.UG.FTS.B,
16.99%,
2/02/25
..
6
6
991868233.UG.FTS.B,
16.99%,
2/02/25
..
2,276
2,307
991689544.UG.FTS.B,
17.97%,
2/02/25
..
83
84
991683457.UG.FTS.B,
17.99%,
2/02/25
..
–
–
991731323.UG.FTS.B,
17.99%,
2/02/25
..
246
251
991880297.UG.FTS.B,
17.99%,
2/02/25
..
268
266
991878726.UG.FTS.B,
14.98%,
2/03/25
..
371
376
991886549.UG.FTS.B,
16.99%,
2/03/25
..
44
44
991907914.UG.FTS.B,
17.99%,
2/03/25
..
118
120
991689885.UG.FTS.B,
19.99%,
2/03/25
..
454
460
991714434.UG.FTS.B,
19.99%,
2/03/25
..
298
310
991914992.UG.FTS.B,
21.97%,
2/03/25
..
24
24
991702146.UG.FTS.B,
21.98%,
2/03/25
..
224
226
991684537.UG.FTS.B,
27.99%,
2/03/25
..
130
136
991744807.UG.FTS.B,
27.99%,
2/03/25
..
157
164
991680701.UG.FTS.B,
28.98%,
2/03/25
..
206
204
991686623.UG.FTS.B,
28.98%,
2/03/25
..
2,217
153
991688155.UG.FTS.B,
28.98%,
2/03/25
..
182
185
991699673.UG.FTS.B,
28.98%,
2/03/25
..
161
166
991700745.UG.FTS.B,
28.98%,
2/03/25
..
3,233
3,336
991708472.UG.FTS.B,
28.98%,
2/03/25
..
54
55
991713626.UG.FTS.B,
28.98%,
2/03/25
..
159
166
991716236.UG.FTS.B,
28.98%,
2/03/25
..
98
102
991720594.UG.FTS.B,
28.98%,
2/03/25
..
372
86
991743871.UG.FTS.B,
28.98%,
2/03/25
..
193
191
991777700.UG.FTS.B,
28.98%,
2/03/25
..
671
694
991827774.UG.FTS.B,
28.98%,
2/03/25
..
34
34
991882827.UG.FTS.B,
28.98%,
2/03/25
..
147
152
991910619.UG.FTS.B,
28.98%,
2/03/25
..
359
371
991911258.UG.FTS.B,
28.98%,
2/03/25
..
79
20
991911288.UG.FTS.B,
28.98%,
2/03/25
..
40
41
991916599.UG.FTS.B,
28.98%,
2/03/25
..
76
79
991676586.UG.FTS.B,
29.49%,
2/03/25
..
162
9
991678637.UG.FTS.B,
29.49%,
2/03/25
..
142
150
991689327.UG.FTS.B,
29.49%,
2/03/25
..
498
523
991722488.UG.FTS.B,
29.49%,
2/03/25
..
153
160
991742223.UG.FTS.B,
29.49%,
2/03/25
..
–
–
991747483.UG.FTS.B,
29.49%,
2/03/25
..
257
259
991756506.UG.FTS.B,
29.49%,
2/03/25
..
117
124
991770245.UG.FTS.B,
29.49%,
2/03/25
..
347
366
991852488.UG.FTS.B,
29.49%,
2/03/25
..
138
9
991864584.UG.FTS.B,
29.49%,
2/03/25
..
106
112
991883418.UG.FTS.B,
29.49%,
2/03/25
..
114
118
991909621.UG.FTS.B,
29.49%,
2/03/25
..
–
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991912447.UG.FTS.B,
29.49%,
2/03/25
..
$
117
$
117
991917239.UG.FTS.B,
29.49%,
2/03/25
..
200
207
991917590.UG.FTS.B,
29.49%,
2/03/25
..
27
27
991712275.UG.FTS.B,
Zero
Cpn,
2/04/25
.
391
27
991808732.UG.FTS.B,
Zero
Cpn,
2/04/25
.
114
8
991775705.UG.FTS.B,
14.98%,
2/04/25
..
131
133
991871765.UG.FTS.B,
14.98%,
2/04/25
..
204
208
991692937.UG.FTS.B,
15%,
2/04/25
.....
51
51
991700340.UG.FTS.B,
16.99%,
2/04/25
..
142
143
991741062.UG.FTS.B,
16.99%,
2/04/25
..
221
223
991803848.UG.FTS.B,
16.99%,
2/04/25
..
414
422
991809198.UG.FTS.B,
16.99%,
2/04/25
..
381
389
991816473.UG.FTS.B,
16.99%,
2/04/25
..
782
781
991834171.UG.FTS.B,
16.99%,
2/04/25
..
5,900
6,019
991761530.UG.FTS.B,
17.99%,
2/04/25
..
263
263
991752793.UG.FTS.B,
18.97%,
2/04/25
..
266
267
991729245.UG.FTS.B,
19.8%,
2/04/25
...
96
98
991685630.UG.FTS.B,
19.99%,
2/04/25
..
254
260
991744504.UG.FTS.B,
19.99%,
2/04/25
..
107
15
991889300.UG.FTS.B,
19.99%,
2/04/25
..
109
30
991913677.UG.FTS.B,
19.99%,
2/04/25
..
165
7
991697789.UG.FTS.B,
20.97%,
2/04/25
..
598
610
991925637.UG.FTS.B,
21.46%,
2/04/25
..
6
6
991918054.UG.FTS.B,
22.97%,
2/04/25
..
1,217
1,231
991724012.UG.FTS.B,
27.99%,
2/04/25
..
159
165
991689281.UG.FTS.B,
28.98%,
2/04/25
..
–
–
991696574.UG.FTS.B,
28.98%,
2/04/25
..
109
114
991697057.UG.FTS.B,
28.98%,
2/04/25
..
107
106
991700907.UG.FTS.B,
28.98%,
2/04/25
..
154
160
991714817.UG.FTS.B,
28.98%,
2/04/25
..
113
118
991714934.UG.FTS.B,
28.98%,
2/04/25
..
164
165
991736129.UG.FTS.B,
28.98%,
2/04/25
..
71
74
991765630.UG.FTS.B,
28.98%,
2/04/25
..
35
36
991786787.UG.FTS.B,
28.98%,
2/04/25
..
127
131
991824710.UG.FTS.B,
28.98%,
2/04/25
..
568
133
991836806.UG.FTS.B,
28.98%,
2/04/25
..
94
97
991900572.UG.FTS.B,
28.98%,
2/04/25
..
81
84
991911859.UG.FTS.B,
28.98%,
2/04/25
..
80
83
991926669.UG.FTS.B,
28.98%,
2/04/25
..
46
47
991686783.UG.FTS.B,
29.49%,
2/04/25
..
66
69
991687371.UG.FTS.B,
29.49%,
2/04/25
..
101
102
991693725.UG.FTS.B,
29.49%,
2/04/25
..
278
291
991694653.UG.FTS.B,
29.49%,
2/04/25
..
423
444
991700247.UG.FTS.B,
29.49%,
2/04/25
..
183
23
991700897.UG.FTS.B,
29.49%,
2/04/25
..
12
12
991707526.UG.FTS.B,
29.49%,
2/04/25
..
129
128
991713833.UG.FTS.B,
29.49%,
2/04/25
..
528
547
991717208.UG.FTS.B,
29.49%,
2/04/25
..
191
195
991737055.UG.FTS.B,
29.49%,
2/04/25
..
549
569
991758842.UG.FTS.B,
29.49%,
2/04/25
..
355
368
991763796.UG.FTS.B,
29.49%,
2/04/25
..
82
83
991774935.UG.FTS.B,
29.49%,
2/04/25
..
874
916
991786330.UG.FTS.B,
29.49%,
2/04/25
..
737
759
991807327.UG.FTS.B,
29.49%,
2/04/25
..
151
156
991847043.UG.FTS.B,
29.49%,
2/04/25
..
516
531
991848466.UG.FTS.B,
29.49%,
2/04/25
..
50
52
991849560.UG.FTS.B,
29.49%,
2/04/25
..
68
71
991867247.UG.FTS.B,
29.49%,
2/04/25
..
72
72
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991878368.UG.FTS.B,
29.49%,
2/04/25
..
$
133
$
136
991879607.UG.FTS.B,
29.49%,
2/04/25
..
169
176
991915193.UG.FTS.B,
29.49%,
2/04/25
..
10
10
991917180.UG.FTS.B,
29.49%,
2/04/25
..
151
156
991918511.UG.FTS.B,
29.49%,
2/04/25
..
1,715
104
991702103.UG.FTS.B,
Zero
Cpn,
2/05/25
.
197
14
991704974.UG.FTS.B,
Zero
Cpn,
2/05/25
.
148
10
991715331.UG.FTS.B,
Zero
Cpn,
2/05/25
.
230
16
991745604.UG.FTS.B,
Zero
Cpn,
2/05/25
.
57
4
991755735.UG.FTS.B,
Zero
Cpn,
2/05/25
.
567
39
991900261.UG.FTS.B,
Zero
Cpn,
2/05/25
.
170
12
991861184.UG.FTS.B,
19.21%,
2/05/25
..
143
146
991682958.UG.FTS.B,
19.99%,
2/05/25
..
388
388
991693967.UG.FTS.B,
19.99%,
2/05/25
..
172
180
991709370.UG.FTS.B,
19.99%,
2/05/25
..
50
–
991710161.UG.FTS.B,
19.99%,
2/05/25
..
40
40
991719379.UG.FTS.B,
19.99%,
2/05/25
..
173
178
991725525.UG.FTS.B,
19.99%,
2/05/25
..
179
182
991726938.UG.FTS.B,
19.99%,
2/05/25
..
86
90
991735635.UG.FTS.B,
19.99%,
2/05/25
..
86
90
991739604.UG.FTS.B,
19.99%,
2/05/25
..
979
1,023
991817784.UG.FTS.B,
19.99%,
2/05/25
..
130
9
991831360.UG.FTS.B,
19.99%,
2/05/25
..
577
604
991832671.UG.FTS.B,
19.99%,
2/05/25
..
148
150
991895791.UG.FTS.B,
19.99%,
2/05/25
..
38
6
991915152.UG.FTS.B,
19.99%,
2/05/25
..
197
198
991918916.UG.FTS.B,
19.99%,
2/05/25
..
29
–
991713079.UG.FTS.B,
20.46%,
2/05/25
..
403
92
991841527.UG.FTS.B,
20.46%,
2/05/25
..
379
379
991707903.UG.FTS.B,
20.97%,
2/05/25
..
95
97
991715134.UG.FTS.B,
20.97%,
2/05/25
..
196
200
991715412.UG.FTS.B,
20.97%,
2/05/25
..
203
207
991832676.UG.FTS.B,
20.97%,
2/05/25
..
7,565
7,720
991835755.UG.FTS.B,
20.97%,
2/05/25
..
352
357
991834692.UG.FTS.B,
21.46%,
2/05/25
..
767
174
991840414.UG.FTS.B,
21.46%,
2/05/25
..
297
296
991869250.UG.FTS.B,
21.46%,
2/05/25
..
1,176
1,156
991910043.UG.FTS.B,
21.46%,
2/05/25
..
1,066
1,048
991911356.UG.FTS.B,
21.98%,
2/05/25
..
137
138
991708641.UG.FTS.B,
22.97%,
2/05/25
..
52
52
991743501.UG.FTS.B,
22.97%,
2/05/25
..
399
407
991783388.UG.FTS.B,
22.97%,
2/05/25
..
325
74
991703789.UG.FTS.B,
24.95%,
2/05/25
..
137
138
991707914.UG.FTS.B,
25.95%,
2/05/25
..
9
9
991743591.UG.FTS.B,
25.95%,
2/05/25
..
24
23
991755942.UG.FTS.B,
26.94%,
2/05/25
..
739
87
991737282.UG.FTS.B,
27.95%,
2/05/25
..
92
96
991696029.UG.FTS.B,
27.99%,
2/05/25
..
231
241
991705622.UG.FTS.B,
27.99%,
2/05/25
..
65
65
991717022.UG.FTS.B,
27.99%,
2/05/25
..
174
182
991747914.UG.FTS.B,
27.99%,
2/05/25
..
2,032
2,124
991675164.UG.FTS.B,
28.98%,
2/05/25
..
1,237
158
991677817.UG.FTS.B,
28.98%,
2/05/25
..
769
778
991680083.UG.FTS.B,
28.98%,
2/05/25
..
29
30
991700269.UG.FTS.B,
28.98%,
2/05/25
..
126
131
991702789.UG.FTS.B,
28.98%,
2/05/25
..
405
410
991705698.UG.FTS.B,
28.98%,
2/05/25
..
53
54
991705736.UG.FTS.B,
28.98%,
2/05/25
..
119
15
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991706202.UG.FTS.B,
28.98%,
2/05/25
..
$
284
$
297
991706300.UG.FTS.B,
28.98%,
2/05/25
..
208
213
991706343.UG.FTS.B,
28.98%,
2/05/25
..
59
60
991708055.UG.FTS.B,
28.98%,
2/05/25
..
179
41
991708239.UG.FTS.B,
28.98%,
2/05/25
..
142
148
991709411.UG.FTS.B,
28.98%,
2/05/25
..
94
94
991710032.UG.FTS.B,
28.98%,
2/05/25
..
14
14
991712458.UG.FTS.B,
28.98%,
2/05/25
..
47
47
991714493.UG.FTS.B,
28.98%,
2/05/25
..
99
104
991715735.UG.FTS.B,
28.98%,
2/05/25
..
64
16
991716179.UG.FTS.B,
28.98%,
2/05/25
..
160
167
991718944.UG.FTS.B,
28.98%,
2/05/25
..
632
660
991721024.UG.FTS.B,
28.98%,
2/05/25
..
566
591
991724730.UG.FTS.B,
28.98%,
2/05/25
..
608
636
991726806.UG.FTS.B,
28.98%,
2/05/25
..
112
27
991728132.UG.FTS.B,
28.98%,
2/05/25
..
667
155
991729522.UG.FTS.B,
28.98%,
2/05/25
..
22
22
991730611.UG.FTS.B,
28.98%,
2/05/25
..
635
663
991732989.UG.FTS.B,
28.98%,
2/05/25
..
246
249
991734853.UG.FTS.B,
28.98%,
2/05/25
..
92
96
991735560.UG.FTS.B,
28.98%,
2/05/25
..
62
64
991737214.UG.FTS.B,
28.98%,
2/05/25
..
146
152
991739073.UG.FTS.B,
28.98%,
2/05/25
..
168
171
991739154.UG.FTS.B,
28.98%,
2/05/25
..
2,108
2,204
991739980.UG.FTS.B,
28.98%,
2/05/25
..
255
266
991742979.UG.FTS.B,
28.98%,
2/05/25
..
73
76
991743526.UG.FTS.B,
28.98%,
2/05/25
..
62
62
991744726.UG.FTS.B,
28.98%,
2/05/25
..
65
65
991745601.UG.FTS.B,
28.98%,
2/05/25
..
61
61
991746873.UG.FTS.B,
28.98%,
2/05/25
..
145
150
991747299.UG.FTS.B,
28.98%,
2/05/25
..
64
65
991753087.UG.FTS.B,
28.98%,
2/05/25
..
5
5
991755981.UG.FTS.B,
28.98%,
2/05/25
..
204
214
991759687.UG.FTS.B,
28.98%,
2/05/25
..
219
229
991761917.UG.FTS.B,
28.98%,
2/05/25
..
144
150
991762144.UG.FTS.B,
28.98%,
2/05/25
..
118
121
991762262.UG.FTS.B,
28.98%,
2/05/25
..
117
17
991764086.UG.FTS.B,
28.98%,
2/05/25
..
51
53
991769018.UG.FTS.B,
28.98%,
2/05/25
..
260
33
991772451.UG.FTS.B,
28.98%,
2/05/25
..
763
798
991776821.UG.FTS.B,
28.98%,
2/05/25
..
83
86
991776933.UG.FTS.B,
28.98%,
2/05/25
..
229
236
991783771.UG.FTS.B,
28.98%,
2/05/25
..
970
217
991789109.UG.FTS.B,
28.98%,
2/05/25
..
226
230
991790367.UG.FTS.B,
28.98%,
2/05/25
..
975
1,008
991805668.UG.FTS.B,
28.98%,
2/05/25
..
84
86
991807068.UG.FTS.B,
28.98%,
2/05/25
..
272
66
991808450.UG.FTS.B,
28.98%,
2/05/25
..
108
113
991811477.UG.FTS.B,
28.98%,
2/05/25
..
635
664
991813874.UG.FTS.B,
28.98%,
2/05/25
..
106
111
991819745.UG.FTS.B,
28.98%,
2/05/25
..
36
37
991819751.UG.FTS.B,
28.98%,
2/05/25
..
450
462
991820191.UG.FTS.B,
28.98%,
2/05/25
..
61
63
991829108.UG.FTS.B,
28.98%,
2/05/25
..
542
566
991833444.UG.FTS.B,
28.98%,
2/05/25
..
222
230
991836188.UG.FTS.B,
28.98%,
2/05/25
..
127
131
991842297.UG.FTS.B,
28.98%,
2/05/25
..
81
85
991842364.UG.FTS.B,
28.98%,
2/05/25
..
881
909
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991853603.UG.FTS.B,
28.98%,
2/05/25
..
$
283
$
295
991855938.UG.FTS.B,
28.98%,
2/05/25
..
223
233
991857568.UG.FTS.B,
28.98%,
2/05/25
..
344
359
991857619.UG.FTS.B,
28.98%,
2/05/25
..
165
10
991863657.UG.FTS.B,
28.98%,
2/05/25
..
94
99
991868870.UG.FTS.B,
28.98%,
2/05/25
..
6
6
991884917.UG.FTS.B,
28.98%,
2/05/25
..
356
368
991886335.UG.FTS.B,
28.98%,
2/05/25
..
250
259
991894894.UG.FTS.B,
28.98%,
2/05/25
..
1,125
1,164
991897007.UG.FTS.B,
28.98%,
2/05/25
..
92
22
991901365.UG.FTS.B,
28.98%,
2/05/25
..
614
634
991911562.UG.FTS.B,
28.98%,
2/05/25
..
242
247
991914304.UG.FTS.B,
28.98%,
2/05/25
..
111
14
991916809.UG.FTS.B,
28.98%,
2/05/25
..
40
41
991922743.UG.FTS.B,
28.98%,
2/05/25
..
62
64
991937493.UG.FTS.B,
28.98%,
2/05/25
..
562
581
991938119.UG.FTS.B,
28.98%,
2/05/25
..
1,128
1,167
991681542.UG.FTS.B,
29.45%,
2/05/25
..
71
64
991857451.UG.FTS.B,
29.45%,
2/05/25
..
23
21
991680433.UG.FTS.B,
29.49%,
2/05/25
..
128
129
991693084.UG.FTS.B,
29.49%,
2/05/25
..
85
20
991694154.UG.FTS.B,
29.49%,
2/05/25
..
755
747
991695684.UG.FTS.B,
29.49%,
2/05/25
..
189
192
991697402.UG.FTS.B,
29.49%,
2/05/25
..
176
184
991700153.UG.FTS.B,
29.49%,
2/05/25
..
241
246
991700758.UG.FTS.B,
29.49%,
2/05/25
..
321
337
991702149.UG.FTS.B,
29.49%,
2/05/25
..
244
32
991703611.UG.FTS.B,
29.49%,
2/05/25
..
75
78
991704269.UG.FTS.B,
29.49%,
2/05/25
..
76
25
991705084.UG.FTS.B,
29.49%,
2/05/25
..
49
51
991709219.UG.FTS.B,
29.49%,
2/05/25
..
57
59
991709454.UG.FTS.B,
29.49%,
2/05/25
..
160
21
991710338.UG.FTS.B,
29.49%,
2/05/25
..
31
31
991710782.UG.FTS.B,
29.49%,
2/05/25
..
799
831
991711446.UG.FTS.B,
29.49%,
2/05/25
..
21
22
991713293.UG.FTS.B,
29.49%,
2/05/25
..
111
15
991713639.UG.FTS.B,
29.49%,
2/05/25
..
178
182
991714180.UG.FTS.B,
29.49%,
2/05/25
..
231
241
991714380.UG.FTS.B,
29.49%,
2/05/25
..
1,187
(77)
991715444.UG.FTS.B,
29.49%,
2/05/25
..
765
788
991715800.UG.FTS.B,
29.49%,
2/05/25
..
19
19
991716657.UG.FTS.B,
29.49%,
2/05/25
..
29
2
991718850.UG.FTS.B,
29.49%,
2/05/25
..
474
488
991719235.UG.FTS.B,
29.49%,
2/05/25
..
182
187
991722812.UG.FTS.B,
29.49%,
2/05/25
..
186
195
991723913.UG.FTS.B,
29.49%,
2/05/25
..
41
42
991725800.UG.FTS.B,
29.49%,
2/05/25
..
183
190
991727032.UG.FTS.B,
29.49%,
2/05/25
..
124
131
991728298.UG.FTS.B,
29.49%,
2/05/25
..
77
81
991728509.UG.FTS.B,
29.49%,
2/05/25
..
54
55
991731697.UG.FTS.B,
29.49%,
2/05/25
..
192
200
991732282.UG.FTS.B,
29.49%,
2/05/25
..
110
115
991732719.UG.FTS.B,
29.49%,
2/05/25
..
198
207
991733824.UG.FTS.B,
29.49%,
2/05/25
..
1,304
315
991737308.UG.FTS.B,
29.49%,
2/05/25
..
375
24
991741465.UG.FTS.B,
29.49%,
2/05/25
..
87
88
991745068.UG.FTS.B,
29.49%,
2/05/25
..
4,500
4,710
991745294.UG.FTS.B,
29.49%,
2/05/25
..
111
117
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991745434.UG.FTS.B,
29.49%,
2/05/25
..
$
23
$
23
991745495.UG.FTS.B,
29.49%,
2/05/25
..
47
48
991746165.UG.FTS.B,
29.49%,
2/05/25
..
187
197
991747447.UG.FTS.B,
29.49%,
2/05/25
..
492
515
991747772.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991748176.UG.FTS.B,
29.49%,
2/05/25
..
82
84
991748448.UG.FTS.B,
29.49%,
2/05/25
..
848
854
991750763.UG.FTS.B,
29.49%,
2/05/25
..
83
83
991751122.UG.FTS.B,
29.49%,
2/05/25
..
230
228
991751856.UG.FTS.B,
29.49%,
2/05/25
..
26
26
991752282.UG.FTS.B,
29.49%,
2/05/25
..
271
274
991752383.UG.FTS.B,
29.49%,
2/05/25
..
127
133
991754108.UG.FTS.B,
29.49%,
2/05/25
..
108
114
991756132.UG.FTS.B,
29.49%,
2/05/25
..
138
18
991756904.UG.FTS.B,
29.49%,
2/05/25
..
19
19
991757533.UG.FTS.B,
29.49%,
2/05/25
..
95
98
991761533.UG.FTS.B,
29.49%,
2/05/25
..
210
211
991767013.UG.FTS.B,
29.49%,
2/05/25
..
115
121
991768291.UG.FTS.B,
29.49%,
2/05/25
..
89
94
991770008.UG.FTS.B,
29.49%,
2/05/25
..
90
91
991770185.UG.FTS.B,
29.49%,
2/05/25
..
93
(5)
991770513.UG.FTS.B,
29.49%,
2/05/25
..
76
80
991770583.UG.FTS.B,
29.49%,
2/05/25
..
483
(35)
991777615.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991779678.UG.FTS.B,
29.49%,
2/05/25
..
119
125
991781343.UG.FTS.B,
29.49%,
2/05/25
..
9
9
991783713.UG.FTS.B,
29.49%,
2/05/25
..
392
408
991788833.UG.FTS.B,
29.49%,
2/05/25
..
180
184
991790182.UG.FTS.B,
29.49%,
2/05/25
..
93
97
991792046.UG.FTS.B,
29.49%,
2/05/25
..
56
58
991792427.UG.FTS.B,
29.49%,
2/05/25
..
191
200
991796894.UG.FTS.B,
29.49%,
2/05/25
..
511
533
991811197.UG.FTS.B,
29.49%,
2/05/25
..
216
225
991811424.UG.FTS.B,
29.49%,
2/05/25
..
667
152
991812942.UG.FTS.B,
29.49%,
2/05/25
..
16
16
991814933.UG.FTS.B,
29.49%,
2/05/25
..
146
153
991815312.UG.FTS.B,
29.49%,
2/05/25
..
216
226
991819334.UG.FTS.B,
29.49%,
2/05/25
..
462
(26)
991819739.UG.FTS.B,
29.49%,
2/05/25
..
811
193
991819909.UG.FTS.B,
29.49%,
2/05/25
..
21
21
991820737.UG.FTS.B,
29.49%,
2/05/25
..
162
169
991823481.UG.FTS.B,
29.49%,
2/05/25
..
165
(5)
991831731.UG.FTS.B,
29.49%,
2/05/25
..
74
74
991839936.UG.FTS.B,
29.49%,
2/05/25
..
24
24
991842723.UG.FTS.B,
29.49%,
2/05/25
..
111
116
991844850.UG.FTS.B,
29.49%,
2/05/25
..
95
99
991850751.UG.FTS.B,
29.49%,
2/05/25
..
180
188
991853314.UG.FTS.B,
29.49%,
2/05/25
..
107
111
991857355.UG.FTS.B,
29.49%,
2/05/25
..
87
91
991857915.UG.FTS.B,
29.49%,
2/05/25
..
346
341
991862214.UG.FTS.B,
29.49%,
2/05/25
..
21
21
991875302.UG.FTS.B,
29.49%,
2/05/25
..
100
24
991884966.UG.FTS.B,
29.49%,
2/05/25
..
228
30
991891596.UG.FTS.B,
29.49%,
2/05/25
..
19
9
991896775.UG.FTS.B,
29.49%,
2/05/25
..
9
9
991902591.UG.FTS.B,
29.49%,
2/05/25
..
226
232
991908115.UG.FTS.B,
29.49%,
2/05/25
..
46
48
991908155.UG.FTS.B,
29.49%,
2/05/25
..
263
60
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991908665.UG.FTS.B,
29.49%,
2/05/25
..
$
256
$
(12)
991917746.UG.FTS.B,
29.49%,
2/05/25
..
117
29
991919187.UG.FTS.B,
29.49%,
2/05/25
..
159
164
991921228.UG.FTS.B,
29.49%,
2/05/25
..
46
48
991925238.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991937053.UG.FTS.B,
29.49%,
2/05/25
..
284
295
991938113.UG.FTS.B,
29.49%,
2/05/25
..
301
311
991724096.UG.FTS.B,
Zero
Cpn,
2/06/25
.
164
11
991817713.UG.FTS.B,
Zero
Cpn,
2/06/25
.
746
52
991830702.UG.FTS.B,
Zero
Cpn,
2/06/25
.
138
10
991877935.UG.FTS.B,
Zero
Cpn,
2/06/25
.
35
2
991926157.UG.FTS.B,
Zero
Cpn,
2/06/25
.
203
14
991945741.UG.FTS.B,
15.97%,
2/06/25
..
342
347
991941061.UG.FTS.B,
17.99%,
2/06/25
..
294
298
991700171.UG.FTS.B,
18.97%,
2/06/25
..
430
439
991873192.UG.FTS.B,
18.97%,
2/06/25
..
96
98
991699734.UG.FTS.B,
19.21%,
2/06/25
..
214
219
991716319.UG.FTS.B,
19.21%,
2/06/25
..
412
421
991786750.UG.FTS.B,
19.21%,
2/06/25
..
157
160
991883800.UG.FTS.B,
19.21%,
2/06/25
..
977
67
991701533.UG.FTS.B,
19.8%,
2/06/25
...
240
245
991710752.UG.FTS.B,
19.8%,
2/06/25
...
325
332
991724990.UG.FTS.B,
19.8%,
2/06/25
...
105
106
991698898.UG.FTS.B,
19.99%,
2/06/25
..
1,129
1,150
991701760.UG.FTS.B,
19.99%,
2/06/25
..
37
37
991725688.UG.FTS.B,
19.99%,
2/06/25
..
11
11
991748014.UG.FTS.B,
19.99%,
2/06/25
..
16
16
991752021.UG.FTS.B,
19.99%,
2/06/25
..
259
270
991755348.UG.FTS.B,
19.99%,
2/06/25
..
90
94
991767533.UG.FTS.B,
19.99%,
2/06/25
..
67
70
991802156.UG.FTS.B,
19.99%,
2/06/25
..
602
629
991919722.UG.FTS.B,
19.99%,
2/06/25
..
7
7
991714002.UG.FTS.B,
20.46%,
2/06/25
..
629
642
991754233.UG.FTS.B,
20.46%,
2/06/25
..
140
142
991801256.UG.FTS.B,
20.46%,
2/06/25
..
361
369
991829259.UG.FTS.B,
20.46%,
2/06/25
..
156
159
991863415.UG.FTS.B,
20.46%,
2/06/25
..
662
676
991718934.UG.FTS.B,
20.97%,
2/06/25
..
178
179
991699332.UG.FTS.B,
21.46%,
2/06/25
..
756
739
991726288.UG.FTS.B,
21.98%,
2/06/25
..
156
159
991741410.UG.FTS.B,
21.98%,
2/06/25
..
246
249
991792953.UG.FTS.B,
21.98%,
2/06/25
..
3,080
3,136
991807809.UG.FTS.B,
21.98%,
2/06/25
..
1,485
1,490
991845918.UG.FTS.B,
21.98%,
2/06/25
..
193
193
991869067.UG.FTS.B,
21.98%,
2/06/25
..
620
633
991922957.UG.FTS.B,
21.98%,
2/06/25
..
167
165
991730286.UG.FTS.B,
22.97%,
2/06/25
..
3,282
760
991768595.UG.FTS.B,
22.97%,
2/06/25
..
50
50
991871370.UG.FTS.B,
22.97%,
2/06/25
..
5,043
5,146
991927310.UG.FTS.B,
22.97%,
2/06/25
..
38
39
991769602.UG.FTS.B,
23.95%,
2/06/25
..
859
853
991793223.UG.FTS.B,
23.95%,
2/06/25
..
469
476
991936216.UG.FTS.B,
23.95%,
2/06/25
..
23
23
991733615.UG.FTS.B,
27.95%,
2/06/25
..
885
910
991759445.UG.FTS.B,
27.99%,
2/06/25
..
209
218
991851167.UG.FTS.B,
27.99%,
2/06/25
..
45
46
991691439.UG.FTS.B,
28.98%,
2/06/25
..
785
800
991699864.UG.FTS.B,
28.98%,
2/06/25
..
1,634
1,707
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991700105.UG.FTS.B,
28.98%,
2/06/25
..
$
87
$
91
991700313.UG.FTS.B,
28.98%,
2/06/25
..
74
76
991701200.UG.FTS.B,
28.98%,
2/06/25
..
81
85
991701698.UG.FTS.B,
28.98%,
2/06/25
..
155
159
991702178.UG.FTS.B,
28.98%,
2/06/25
..
86
89
991703127.UG.FTS.B,
28.98%,
2/06/25
..
14
14
991703634.UG.FTS.B,
28.98%,
2/06/25
..
202
208
991706049.UG.FTS.B,
28.98%,
2/06/25
..
116
118
991706891.UG.FTS.B,
28.98%,
2/06/25
..
73
76
991707490.UG.FTS.B,
28.98%,
2/06/25
..
91
92
991708571.UG.FTS.B,
28.98%,
2/06/25
..
204
213
991709238.UG.FTS.B,
28.98%,
2/06/25
..
142
149
991710098.UG.FTS.B,
28.98%,
2/06/25
..
99
102
991711651.UG.FTS.B,
28.98%,
2/06/25
..
105
109
991711745.UG.FTS.B,
28.98%,
2/06/25
..
134
140
991712875.UG.FTS.B,
28.98%,
2/06/25
..
72
5
991717052.UG.FTS.B,
28.98%,
2/06/25
..
385
401
991718507.UG.FTS.B,
28.98%,
2/06/25
..
149
154
991718999.UG.FTS.B,
28.98%,
2/06/25
..
78
78
991725784.UG.FTS.B,
28.98%,
2/06/25
..
135
141
991725860.UG.FTS.B,
28.98%,
2/06/25
..
70
73
991728916.UG.FTS.B,
28.98%,
2/06/25
..
122
124
991729192.UG.FTS.B,
28.98%,
2/06/25
..
527
550
991729721.UG.FTS.B,
28.98%,
2/06/25
..
289
298
991731064.UG.FTS.B,
28.98%,
2/06/25
..
12
12
991731987.UG.FTS.B,
28.98%,
2/06/25
..
285
19
991732224.UG.FTS.B,
28.98%,
2/06/25
..
211
211
991733686.UG.FTS.B,
28.98%,
2/06/25
..
8
8
991734751.UG.FTS.B,
28.98%,
2/06/25
..
704
721
991734815.UG.FTS.B,
28.98%,
2/06/25
..
188
197
991737546.UG.FTS.B,
28.98%,
2/06/25
..
351
363
991739880.UG.FTS.B,
28.98%,
2/06/25
..
117
117
991743323.UG.FTS.B,
28.98%,
2/06/25
..
110
115
991746697.UG.FTS.B,
28.98%,
2/06/25
..
870
910
991748713.UG.FTS.B,
28.98%,
2/06/25
..
532
534
991749171.UG.FTS.B,
28.98%,
2/06/25
..
894
920
991751750.UG.FTS.B,
28.98%,
2/06/25
..
177
180
991752424.UG.FTS.B,
28.98%,
2/06/25
..
102
106
991753935.UG.FTS.B,
28.98%,
2/06/25
..
10
10
991756671.UG.FTS.B,
28.98%,
2/06/25
..
1,476
(115)
991756884.UG.FTS.B,
28.98%,
2/06/25
..
224
234
991758045.UG.FTS.B,
28.98%,
2/06/25
..
528
552
991762162.UG.FTS.B,
28.98%,
2/06/25
..
208
217
991766105.UG.FTS.B,
28.98%,
2/06/25
..
356
372
991766305.UG.FTS.B,
28.98%,
2/06/25
..
346
361
991766721.UG.FTS.B,
28.98%,
2/06/25
..
846
884
991770800.UG.FTS.B,
28.98%,
2/06/25
..
102
107
991776146.UG.FTS.B,
28.98%,
2/06/25
..
174
182
991777528.UG.FTS.B,
28.98%,
2/06/25
..
1,050
(55)
991787293.UG.FTS.B,
28.98%,
2/06/25
..
100
104
991790950.UG.FTS.B,
28.98%,
2/06/25
..
790
(18)
991794977.UG.FTS.B,
28.98%,
2/06/25
..
69
72
991813823.UG.FTS.B,
28.98%,
2/06/25
..
129
134
991815125.UG.FTS.B,
28.98%,
2/06/25
..
392
392
991815323.UG.FTS.B,
28.98%,
2/06/25
..
79
82
991817047.UG.FTS.B,
28.98%,
2/06/25
..
580
605
991820156.UG.FTS.B,
28.98%,
2/06/25
..
649
678
991823294.UG.FTS.B,
28.98%,
2/06/25
..
192
198
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991823324.UG.FTS.B,
28.98%,
2/06/25
..
$
1,180
$
1,206
991826493.UG.FTS.B,
28.98%,
2/06/25
..
84
87
991832318.UG.FTS.B,
28.98%,
2/06/25
..
76
79
991832752.UG.FTS.B,
28.98%,
2/06/25
..
475
497
991834196.UG.FTS.B,
28.98%,
2/06/25
..
129
133
991836050.UG.FTS.B,
28.98%,
2/06/25
..
190
199
991836125.UG.FTS.B,
28.98%,
2/06/25
..
605
632
991837625.UG.FTS.B,
28.98%,
2/06/25
..
105
107
991842664.UG.FTS.B,
28.98%,
2/06/25
..
124
129
991852569.UG.FTS.B,
28.98%,
2/06/25
..
51
53
991855239.UG.FTS.B,
28.98%,
2/06/25
..
507
519
991861556.UG.FTS.B,
28.98%,
2/06/25
..
134
139
991862866.UG.FTS.B,
28.98%,
2/06/25
..
2,507
2,595
991868227.UG.FTS.B,
28.98%,
2/06/25
..
544
568
991868577.UG.FTS.B,
28.98%,
2/06/25
..
176
184
991871855.UG.FTS.B,
28.98%,
2/06/25
..
87
91
991878519.UG.FTS.B,
28.98%,
2/06/25
..
35
35
991896380.UG.FTS.B,
28.98%,
2/06/25
..
4,726
4,866
991912584.UG.FTS.B,
28.98%,
2/06/25
..
314
325
991917174.UG.FTS.B,
28.98%,
2/06/25
..
157
162
991917185.UG.FTS.B,
28.98%,
2/06/25
..
144
149
991930551.UG.FTS.B,
28.98%,
2/06/25
..
281
290
991934063.UG.FTS.B,
28.98%,
2/06/25
..
59
61
991704035.UG.FTS.B,
29.45%,
2/06/25
..
234
29
991848757.UG.FTS.B,
29.45%,
2/06/25
..
2,334
290
991712510.UG.FTS.B,
29.47%,
2/06/25
..
226
237
991690486.UG.FTS.B,
29.49%,
2/06/25
..
685
697
991690939.UG.FTS.B,
29.49%,
2/06/25
..
963
1,010
991700095.UG.FTS.B,
29.49%,
2/06/25
..
153
157
991700980.UG.FTS.B,
29.49%,
2/06/25
..
376
388
991701366.UG.FTS.B,
29.49%,
2/06/25
..
493
517
991702235.UG.FTS.B,
29.49%,
2/06/25
..
8
8
991704419.UG.FTS.B,
29.49%,
2/06/25
..
217
227
991704708.UG.FTS.B,
29.49%,
2/06/25
..
233
56
991705352.UG.FTS.B,
29.49%,
2/06/25
..
112
(5)
991706683.UG.FTS.B,
29.49%,
2/06/25
..
57
58
991707381.UG.FTS.B,
29.49%,
2/06/25
..
179
183
991707856.UG.FTS.B,
29.49%,
2/06/25
..
135
136
991708109.UG.FTS.B,
29.49%,
2/06/25
..
135
141
991708283.UG.FTS.B,
29.49%,
2/06/25
..
70
74
991708927.UG.FTS.B,
29.49%,
2/06/25
..
113
116
991709656.UG.FTS.B,
29.49%,
2/06/25
..
413
427
991712333.UG.FTS.B,
29.49%,
2/06/25
..
106
104
991712745.UG.FTS.B,
29.49%,
2/06/25
..
99
104
991713273.UG.FTS.B,
29.49%,
2/06/25
..
12
12
991715228.UG.FTS.B,
29.49%,
2/06/25
..
224
13
991715596.UG.FTS.B,
29.49%,
2/06/25
..
969
997
991717099.UG.FTS.B,
29.49%,
2/06/25
..
38
39
991717494.UG.FTS.B,
29.49%,
2/06/25
..
12
12
991718002.UG.FTS.B,
29.49%,
2/06/25
..
128
134
991719419.UG.FTS.B,
29.49%,
2/06/25
..
257
269
991721139.UG.FTS.B,
29.49%,
2/06/25
..
191
201
991721483.UG.FTS.B,
29.49%,
2/06/25
..
49
51
991725507.UG.FTS.B,
29.49%,
2/06/25
..
247
258
991728380.UG.FTS.B,
29.49%,
2/06/25
..
176
184
991728473.UG.FTS.B,
29.49%,
2/06/25
..
1,171
1,219
991729831.UG.FTS.B,
29.49%,
2/06/25
..
183
188
991730113.UG.FTS.B,
29.49%,
2/06/25
..
187
195
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991730563.UG.FTS.B,
29.49%,
2/06/25
..
$
418
$
24
991734435.UG.FTS.B,
29.49%,
2/06/25
..
104
110
991735284.UG.FTS.B,
29.49%,
2/06/25
..
165
11
991737002.UG.FTS.B,
29.49%,
2/06/25
..
71
(3)
991738035.UG.FTS.B,
29.49%,
2/06/25
..
79
82
991738990.UG.FTS.B,
29.49%,
2/06/25
..
555
556
991746112.UG.FTS.B,
29.49%,
2/06/25
..
460
482
991746952.UG.FTS.B,
29.49%,
2/06/25
..
246
256
991747607.UG.FTS.B,
29.49%,
2/06/25
..
131
138
991749942.UG.FTS.B,
29.49%,
2/06/25
..
319
335
991754744.UG.FTS.B,
29.49%,
2/06/25
..
242
15
991755326.UG.FTS.B,
29.49%,
2/06/25
..
50
(2)
991755928.UG.FTS.B,
29.49%,
2/06/25
..
217
157
991757332.UG.FTS.B,
29.49%,
2/06/25
..
62
62
991759741.UG.FTS.B,
29.49%,
2/06/25
..
250
263
991767120.UG.FTS.B,
29.49%,
2/06/25
..
36
36
991767728.UG.FTS.B,
29.49%,
2/06/25
..
148
154
991769688.UG.FTS.B,
29.49%,
2/06/25
..
287
300
991769928.UG.FTS.B,
29.49%,
2/06/25
..
225
231
991771068.UG.FTS.B,
29.49%,
2/06/25
..
87
89
991796673.UG.FTS.B,
29.49%,
2/06/25
..
137
138
991797405.UG.FTS.B,
29.49%,
2/06/25
..
112
117
991798596.UG.FTS.B,
29.49%,
2/06/25
..
75
76
991800849.UG.FTS.B,
29.49%,
2/06/25
..
49
51
991804605.UG.FTS.B,
29.49%,
2/06/25
..
21
3
991812212.UG.FTS.B,
29.49%,
2/06/25
..
117
118
991812574.UG.FTS.B,
29.49%,
2/06/25
..
97
103
991815396.UG.FTS.B,
29.49%,
2/06/25
..
130
(3)
991815674.UG.FTS.B,
29.49%,
2/06/25
..
328
337
991816101.UG.FTS.B,
29.49%,
2/06/25
..
143
150
991818985.UG.FTS.B,
29.49%,
2/06/25
..
38
39
991821554.UG.FTS.B,
29.49%,
2/06/25
..
88
93
991825654.UG.FTS.B,
29.49%,
2/06/25
..
164
21
991826190.UG.FTS.B,
29.49%,
2/06/25
..
74
(2)
991826917.UG.FTS.B,
29.49%,
2/06/25
..
397
415
991834402.UG.FTS.B,
29.49%,
2/06/25
..
82
85
991834986.UG.FTS.B,
29.49%,
2/06/25
..
318
336
991835940.UG.FTS.B,
29.49%,
2/06/25
..
132
33
991836634.UG.FTS.B,
29.49%,
2/06/25
..
106
108
991844028.UG.FTS.B,
29.49%,
2/06/25
..
1,721
1,796
991848072.UG.FTS.B,
29.49%,
2/06/25
..
120
126
991850107.UG.FTS.B,
29.49%,
2/06/25
..
25
25
991852176.UG.FTS.B,
29.49%,
2/06/25
..
95
100
991854157.UG.FTS.B,
29.49%,
2/06/25
..
330
78
991855511.UG.FTS.B,
29.49%,
2/06/25
..
25
25
991862203.UG.FTS.B,
29.49%,
2/06/25
..
–
–
991862795.UG.FTS.B,
29.49%,
2/06/25
..
951
988
991863148.UG.FTS.B,
29.49%,
2/06/25
..
100
82
991863987.UG.FTS.B,
29.49%,
2/06/25
..
878
(61)
991865117.UG.FTS.B,
29.49%,
2/06/25
..
313
20
991869807.UG.FTS.B,
29.49%,
2/06/25
..
111
116
991870451.UG.FTS.B,
29.49%,
2/06/25
..
81
84
991871207.UG.FTS.B,
29.49%,
2/06/25
..
–
–
991873395.UG.FTS.B,
29.49%,
2/06/25
..
24
24
991875332.UG.FTS.B,
29.49%,
2/06/25
..
–
–
991886716.UG.FTS.B,
29.49%,
2/06/25
..
90
94
991896068.UG.FTS.B,
29.49%,
2/06/25
..
42
43
991908415.UG.FTS.B,
29.49%,
2/06/25
..
46
48
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991914065.UG.FTS.B,
29.49%,
2/06/25
..
$
123
$
127
991919465.UG.FTS.B,
29.49%,
2/06/25
..
20
20
991933771.UG.FTS.B,
29.49%,
2/06/25
..
200
47
991934546.UG.FTS.B,
29.49%,
2/06/25
..
102
7
991938491.UG.FTS.B,
29.49%,
2/06/25
..
364
377
991695755.UG.FTS.B,
Zero
Cpn,
2/07/25
.
159
11
991711259.UG.FTS.B,
Zero
Cpn,
2/07/25
.
134
9
991713851.UG.FTS.B,
Zero
Cpn,
2/07/25
.
99
7
991722877.UG.FTS.B,
Zero
Cpn,
2/07/25
.
158
11
991745877.UG.FTS.B,
Zero
Cpn,
2/07/25
.
281
19
991755938.UG.FTS.B,
Zero
Cpn,
2/07/25
.
304
21
991763762.UG.FTS.B,
Zero
Cpn,
2/07/25
.
79
6
991767771.UG.FTS.B,
Zero
Cpn,
2/07/25
.
515
36
991784501.UG.FTS.B,
Zero
Cpn,
2/07/25
.
86
6
991897778.UG.FTS.B,
Zero
Cpn,
2/07/25
.
561
39
991918743.UG.FTS.B,
Zero
Cpn,
2/07/25
.
674
46
991736213.UG.FTS.B,
14.98%,
2/07/25
..
298
302
991738550.UG.FTS.B,
17.99%,
2/07/25
..
230
17
991860327.UG.FTS.B,
17.99%,
2/07/25
..
732
735
991933227.UG.FTS.B,
17.99%,
2/07/25
..
32
32
991827281.UG.FTS.B,
18.97%,
2/07/25
..
89
90
991905123.UG.FTS.B,
18.97%,
2/07/25
..
101
102
991748413.UG.FTS.B,
19.21%,
2/07/25
..
325
326
991783290.UG.FTS.B,
19.21%,
2/07/25
..
234
238
991818350.UG.FTS.B,
19.21%,
2/07/25
..
–
–
991874943.UG.FTS.B,
19.21%,
2/07/25
..
168
170
991924115.UG.FTS.B,
19.21%,
2/07/25
..
70
71
991834369.UG.FTS.B,
19.8%,
2/07/25
...
301
307
991856601.UG.FTS.B,
19.99%,
2/07/25
..
272
284
991929262.UG.FTS.B,
19.99%,
2/07/25
..
86
89
991929766.UG.FTS.B,
19.99%,
2/07/25
..
129
134
991770272.UG.FTS.B,
20.46%,
2/07/25
..
420
428
991868003.UG.FTS.B,
20.46%,
2/07/25
..
207
211
991711288.UG.FTS.B,
21.98%,
2/07/25
..
144
147
991843735.UG.FTS.B,
21.98%,
2/07/25
..
410
50
991736467.UG.FTS.B,
22.97%,
2/07/25
..
297
303
991772252.UG.FTS.B,
23.95%,
2/07/25
..
1,239
1,265
991762975.UG.FTS.B,
25.95%,
2/07/25
..
316
322
991709714.UG.FTS.B,
27.99%,
2/07/25
..
51
53
991748191.UG.FTS.B,
27.99%,
2/07/25
..
224
232
991785599.UG.FTS.B,
27.99%,
2/07/25
..
302
302
991800353.UG.FTS.B,
27.99%,
2/07/25
..
72
75
991880949.UG.FTS.B,
27.99%,
2/07/25
..
49
50
991901076.UG.FTS.B,
27.99%,
2/07/25
..
261
265
991697103.UG.FTS.B,
28.98%,
2/07/25
..
311
321
991705793.UG.FTS.B,
28.98%,
2/07/25
..
347
358
991705973.UG.FTS.B,
28.98%,
2/07/25
..
153
161
991706813.UG.FTS.B,
28.98%,
2/07/25
..
347
362
991707358.UG.FTS.B,
28.98%,
2/07/25
..
90
94
991708937.UG.FTS.B,
28.98%,
2/07/25
..
166
172
991708989.UG.FTS.B,
28.98%,
2/07/25
..
183
188
991710379.UG.FTS.B,
28.98%,
2/07/25
..
206
216
991710718.UG.FTS.B,
28.98%,
2/07/25
..
84
87
991710868.UG.FTS.B,
28.98%,
2/07/25
..
85
87
991712303.UG.FTS.B,
28.98%,
2/07/25
..
139
146
991712542.UG.FTS.B,
28.98%,
2/07/25
..
59
61
991712781.UG.FTS.B,
28.98%,
2/07/25
..
43
43
991712922.UG.FTS.B,
28.98%,
2/07/25
..
104
108
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991716650.UG.FTS.B,
28.98%,
2/07/25
..
$
65
$
50
991717771.UG.FTS.B,
28.98%,
2/07/25
..
228
235
991724273.UG.FTS.B,
28.98%,
2/07/25
..
1,048
1,094
991724529.UG.FTS.B,
28.98%,
2/07/25
..
1,184
1,236
991727635.UG.FTS.B,
28.98%,
2/07/25
..
201
209
991728955.UG.FTS.B,
28.98%,
2/07/25
..
284
291
991731435.UG.FTS.B,
28.98%,
2/07/25
..
160
167
991739386.UG.FTS.B,
28.98%,
2/07/25
..
277
20
991740286.UG.FTS.B,
28.98%,
2/07/25
..
640
669
991743968.UG.FTS.B,
28.98%,
2/07/25
..
366
383
991751480.UG.FTS.B,
28.98%,
2/07/25
..
40
40
991755398.UG.FTS.B,
28.98%,
2/07/25
..
86
90
991755903.UG.FTS.B,
28.98%,
2/07/25
..
152
158
991760350.UG.FTS.B,
28.98%,
2/07/25
..
168
169
991772287.UG.FTS.B,
28.98%,
2/07/25
..
319
334
991774768.UG.FTS.B,
28.98%,
2/07/25
..
1,876
1,946
991782506.UG.FTS.B,
28.98%,
2/07/25
..
3,187
3,333
991784791.UG.FTS.B,
28.98%,
2/07/25
..
178
183
991796956.UG.FTS.B,
28.98%,
2/07/25
..
82
86
991799326.UG.FTS.B,
28.98%,
2/07/25
..
437
452
991799442.UG.FTS.B,
28.98%,
2/07/25
..
805
835
991801184.UG.FTS.B,
28.98%,
2/07/25
..
1,779
1,861
991803039.UG.FTS.B,
28.98%,
2/07/25
..
606
633
991805595.UG.FTS.B,
28.98%,
2/07/25
..
42
43
991806653.UG.FTS.B,
28.98%,
2/07/25
..
214
218
991807039.UG.FTS.B,
28.98%,
2/07/25
..
243
252
991807123.UG.FTS.B,
28.98%,
2/07/25
..
413
416
991809459.UG.FTS.B,
28.98%,
2/07/25
..
39
39
991811191.UG.FTS.B,
28.98%,
2/07/25
..
793
806
991814223.UG.FTS.B,
28.98%,
2/07/25
..
115
120
991830675.UG.FTS.B,
28.98%,
2/07/25
..
142
148
991835648.UG.FTS.B,
28.98%,
2/07/25
..
127
133
991838148.UG.FTS.B,
28.98%,
2/07/25
..
284
288
991838996.UG.FTS.B,
28.98%,
2/07/25
..
163
165
991840095.UG.FTS.B,
28.98%,
2/07/25
..
46
48
991843451.UG.FTS.B,
28.98%,
2/07/25
..
10
10
991849419.UG.FTS.B,
28.98%,
2/07/25
..
385
401
991852363.UG.FTS.B,
28.98%,
2/07/25
..
55
56
991854042.UG.FTS.B,
28.98%,
2/07/25
..
158
165
991854543.UG.FTS.B,
28.98%,
2/07/25
..
160
166
991875987.UG.FTS.B,
28.98%,
2/07/25
..
277
281
991882872.UG.FTS.B,
28.98%,
2/07/25
..
238
246
991884000.UG.FTS.B,
28.98%,
2/07/25
..
785
790
991891982.UG.FTS.B,
28.98%,
2/07/25
..
–
–
991907273.UG.FTS.B,
28.98%,
2/07/25
..
315
326
991922608.UG.FTS.B,
28.98%,
2/07/25
..
196
198
991935487.UG.FTS.B,
28.98%,
2/07/25
..
92
95
991727371.UG.FTS.B,
29.46%,
2/07/25
..
102
107
991709575.UG.FTS.B,
29.48%,
2/07/25
..
226
238
991693038.UG.FTS.B,
29.49%,
2/07/25
..
1,857
246
991705974.UG.FTS.B,
29.49%,
2/07/25
..
513
521
991707049.UG.FTS.B,
29.49%,
2/07/25
..
144
151
991707186.UG.FTS.B,
29.49%,
2/07/25
..
251
257
991707574.UG.FTS.B,
29.49%,
2/07/25
..
70
70
991708039.UG.FTS.B,
29.49%,
2/07/25
..
414
92
991709608.UG.FTS.B,
29.49%,
2/07/25
..
204
211
991709722.UG.FTS.B,
29.49%,
2/07/25
..
519
34
991712449.UG.FTS.B,
29.49%,
2/07/25
..
131
138
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991712587.UG.FTS.B,
29.49%,
2/07/25
..
$
503
$
68
991712892.UG.FTS.B,
29.49%,
2/07/25
..
189
191
991713180.UG.FTS.B,
29.49%,
2/07/25
..
1,558
107
991713198.UG.FTS.B,
29.49%,
2/07/25
..
30
30
991714825.UG.FTS.B,
29.49%,
2/07/25
..
50
52
991715086.UG.FTS.B,
29.49%,
2/07/25
..
30
30
991717543.UG.FTS.B,
29.49%,
2/07/25
..
133
140
991718167.UG.FTS.B,
29.49%,
2/07/25
..
96
101
991719583.UG.FTS.B,
29.49%,
2/07/25
..
514
539
991720150.UG.FTS.B,
29.49%,
2/07/25
..
291
295
991721040.UG.FTS.B,
29.49%,
2/07/25
..
96
101
991721496.UG.FTS.B,
29.49%,
2/07/25
..
87
92
991723604.UG.FTS.B,
29.49%,
2/07/25
..
239
243
991726856.UG.FTS.B,
29.49%,
2/07/25
..
31
31
991728336.UG.FTS.B,
29.49%,
2/07/25
..
43
43
991729210.UG.FTS.B,
29.49%,
2/07/25
..
551
571
991729445.UG.FTS.B,
29.49%,
2/07/25
..
67
70
991729754.UG.FTS.B,
29.49%,
2/07/25
..
1,006
127
991729898.UG.FTS.B,
29.49%,
2/07/25
..
61
64
991730072.UG.FTS.B,
29.49%,
2/07/25
..
830
866
991730418.UG.FTS.B,
29.49%,
2/07/25
..
1,070
1,076
991733135.UG.FTS.B,
29.49%,
2/07/25
..
2,529
2,609
991733378.UG.FTS.B,
29.49%,
2/07/25
..
444
454
991734242.UG.FTS.B,
29.49%,
2/07/25
..
155
160
991734487.UG.FTS.B,
29.49%,
2/07/25
..
232
244
991734975.UG.FTS.B,
29.49%,
2/07/25
..
63
65
991735751.UG.FTS.B,
29.49%,
2/07/25
..
106
111
991735777.UG.FTS.B,
29.49%,
2/07/25
..
17
17
991735915.UG.FTS.B,
29.49%,
2/07/25
..
245
257
991736815.UG.FTS.B,
29.49%,
2/07/25
..
1,056
1,107
991736857.UG.FTS.B,
29.49%,
2/07/25
..
1,081
1,133
991737666.UG.FTS.B,
29.49%,
2/07/25
..
164
165
991738244.UG.FTS.B,
29.49%,
2/07/25
..
100
100
991738742.UG.FTS.B,
29.49%,
2/07/25
..
44
45
991741355.UG.FTS.B,
29.49%,
2/07/25
..
48
49
991745513.UG.FTS.B,
29.49%,
2/07/25
..
216
221
991745593.UG.FTS.B,
29.49%,
2/07/25
..
427
430
991747860.UG.FTS.B,
29.49%,
2/07/25
..
29
29
991749700.UG.FTS.B,
29.49%,
2/07/25
..
55
4
991751851.UG.FTS.B,
29.49%,
2/07/25
..
39
40
991754591.UG.FTS.B,
29.49%,
2/07/25
..
113
119
991759359.UG.FTS.B,
29.49%,
2/07/25
..
469
491
991759641.UG.FTS.B,
29.49%,
2/07/25
..
130
136
991759993.UG.FTS.B,
29.49%,
2/07/25
..
187
197
991760081.UG.FTS.B,
29.49%,
2/07/25
..
122
129
991761633.UG.FTS.B,
29.49%,
2/07/25
..
105
110
991770778.UG.FTS.B,
29.49%,
2/07/25
..
49
50
991771328.UG.FTS.B,
29.49%,
2/07/25
..
199
(13)
991774019.UG.FTS.B,
29.49%,
2/07/25
..
5
5
991777257.UG.FTS.B,
29.49%,
2/07/25
..
97
100
991778724.UG.FTS.B,
29.49%,
2/07/25
..
106
108
991778729.UG.FTS.B,
29.49%,
2/07/25
..
30
31
991778741.UG.FTS.B,
29.49%,
2/07/25
..
210
210
991782212.UG.FTS.B,
29.49%,
2/07/25
..
290
301
991787617.UG.FTS.B,
29.49%,
2/07/25
..
74
78
991788685.UG.FTS.B,
29.49%,
2/07/25
..
510
520
991790908.UG.FTS.B,
29.49%,
2/07/25
..
653
28
991791306.UG.FTS.B,
29.49%,
2/07/25
..
102
105
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991792553.UG.FTS.B,
29.49%,
2/07/25
..
$
264
$
36
991794594.UG.FTS.B,
29.49%,
2/07/25
..
30
30
991795473.UG.FTS.B,
29.49%,
2/07/25
..
110
111
991799844.UG.FTS.B,
29.49%,
2/07/25
..
52
53
991807111.UG.FTS.B,
29.49%,
2/07/25
..
85
86
991808521.UG.FTS.B,
29.49%,
2/07/25
..
389
406
991809177.UG.FTS.B,
29.49%,
2/07/25
..
213
219
991809318.UG.FTS.B,
29.49%,
2/07/25
..
108
113
991813864.UG.FTS.B,
29.49%,
2/07/25
..
34
34
991815263.UG.FTS.B,
29.49%,
2/07/25
..
244
254
991815974.UG.FTS.B,
29.49%,
2/07/25
..
85
21
991818057.UG.FTS.B,
29.49%,
2/07/25
..
77
78
991819733.UG.FTS.B,
29.49%,
2/07/25
..
17
17
991827340.UG.FTS.B,
29.49%,
2/07/25
..
872
870
991832087.UG.FTS.B,
29.49%,
2/07/25
..
101
106
991834751.UG.FTS.B,
29.49%,
2/07/25
..
15
15
991837440.UG.FTS.B,
29.49%,
2/07/25
..
579
599
991842138.UG.FTS.B,
29.49%,
2/07/25
..
161
161
991842816.UG.FTS.B,
29.49%,
2/07/25
..
156
163
991843151.UG.FTS.B,
29.49%,
2/07/25
..
589
603
991843726.UG.FTS.B,
29.49%,
2/07/25
..
474
497
991843750.UG.FTS.B,
29.49%,
2/07/25
..
39
40
991848794.UG.FTS.B,
29.49%,
2/07/25
..
36
37
991852313.UG.FTS.B,
29.49%,
2/07/25
..
–
–
991852346.UG.FTS.B,
29.49%,
2/07/25
..
159
167
991853938.UG.FTS.B,
29.49%,
2/07/25
..
2,094
274
991857024.UG.FTS.B,
29.49%,
2/07/25
..
120
122
991858094.UG.FTS.B,
29.49%,
2/07/25
..
189
200
991860322.UG.FTS.B,
29.49%,
2/07/25
..
118
123
991868612.UG.FTS.B,
29.49%,
2/07/25
..
134
137
991883200.UG.FTS.B,
29.49%,
2/07/25
..
437
456
991887494.UG.FTS.B,
29.49%,
2/07/25
..
96
6
991887497.UG.FTS.B,
29.49%,
2/07/25
..
695
720
991895165.UG.FTS.B,
29.49%,
2/07/25
..
–
–
991895721.UG.FTS.B,
29.49%,
2/07/25
..
172
171
991908268.UG.FTS.B,
29.49%,
2/07/25
..
142
9
991913870.UG.FTS.B,
29.49%,
2/07/25
..
1,046
1,064
991914240.UG.FTS.B,
29.49%,
2/07/25
..
261
268
991918574.UG.FTS.B,
29.49%,
2/07/25
..
272
282
991924888.UG.FTS.B,
29.49%,
2/07/25
..
118
122
991930808.UG.FTS.B,
29.49%,
2/07/25
..
593
620
991783643.UG.FTS.B,
14.98%,
2/08/25
..
1,166
1,191
991895441.UG.FTS.B,
14.98%,
2/08/25
..
911
163
991946691.UG.FTS.B,
14.98%,
2/08/25
..
28
28
991802379.UG.FTS.B,
15.97%,
2/08/25
..
294
301
991904951.UG.FTS.B,
15.97%,
2/08/25
..
201
204
991908489.UG.FTS.B,
15.97%,
2/08/25
..
292
298
991917251.UG.FTS.B,
15.97%,
2/08/25
..
232
236
991771363.UG.FTS.B,
16.99%,
2/08/25
..
1,484
1,515
991784207.UG.FTS.B,
16.99%,
2/08/25
..
178
182
991894055.UG.FTS.B,
16.99%,
2/08/25
..
178
181
991905481.UG.FTS.B,
16.99%,
2/08/25
..
121
122
991721411.UG.FTS.B,
17.99%,
2/08/25
..
596
608
991731306.UG.FTS.B,
17.99%,
2/08/25
..
818
815
991746485.UG.FTS.B,
17.99%,
2/08/25
..
23
23
991868983.UG.FTS.B,
17.99%,
2/08/25
..
243
248
991717470.UG.FTS.B,
19.21%,
2/08/25
..
195
196
991715823.UG.FTS.B,
19.8%,
2/08/25
...
61
60
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991729717.UG.FTS.B,
19.8%,
2/08/25
...
$
6
$
6
991716580.UG.FTS.B,
20.46%,
2/08/25
..
452
(5)
991716805.UG.FTS.B,
22.97%,
2/08/25
..
365
247
991724869.UG.FTS.B,
15%,
2/09/25
.....
750
766
991746108.UG.FTS.B,
15%,
2/09/25
.....
214
213
991746306.UG.FTS.B,
15%,
2/09/25
.....
816
821
991862382.UG.FTS.B,
15%,
2/09/25
.....
88
90
991908452.UG.FTS.B,
15%,
2/09/25
.....
1,743
1,780
991929779.UG.FTS.B,
15%,
2/09/25
.....
28
28
991781627.UG.FTS.B,
15.97%,
2/09/25
..
324
330
991719973.UG.FTS.B,
16.99%,
2/09/25
..
179
182
991721989.UG.FTS.B,
16.99%,
2/09/25
..
357
365
991778289.UG.FTS.B,
16.99%,
2/09/25
..
679
694
991783787.UG.FTS.B,
16.99%,
2/09/25
..
593
606
991784826.UG.FTS.B,
16.99%,
2/09/25
..
616
625
991863273.UG.FTS.B,
16.99%,
2/09/25
..
886
905
991741247.UG.FTS.B,
17.97%,
2/09/25
..
599
612
991724932.UG.FTS.B,
17.99%,
2/09/25
..
37
3
991764270.UG.FTS.B,
17.99%,
2/09/25
..
307
313
991806884.UG.FTS.B,
17.99%,
2/09/25
..
129
132
991867276.UG.FTS.B,
17.99%,
2/09/25
..
164
166
991646974.UG.FTS.B,
28.98%,
2/15/25
..
148
113
991766510.UG.FTS.B,
29.49%,
2/17/25
..
79
63
991724492.UG.FTS.B,
14%,
3/02/25
.....
81
59
991710560.UG.FTS.B,
28.98%,
3/05/25
..
499
123
991547229.UG.FTS.B,
29.49%,
3/15/25
..
366
384
991720895.UG.FTS.B,
Zero
Cpn,
3/19/25
.
4,022
282
991692427.UG.FTS.B,
29.49%,
3/21/25
..
52
52
991693195.UG.FTS.B,
29.49%,
3/22/25
..
–
–
991654581.UG.FTS.B,
18.97%,
3/26/25
..
266
34
991683489.UG.FTS.B,
28.98%,
4/05/25
..
1,932
1,408
991921265.UG.FTS.B,
28.98%,
4/05/25
..
93
68
991762048.UG.FTS.B,
18.97%,
4/06/25
..
160
162
991907895.UG.FTS.B,
21.97%,
4/06/25
..
4,796
3,482
991772528.UG.FTS.B,
28.98%,
4/17/25
..
183
132
991654006.UG.FTS.B,
29.49%,
4/21/25
..
114
86
991702030.UG.FTS.B,
21.46%,
4/22/25
..
1,344
993
991638710.UG.FTS.B,
28.98%,
4/23/25
..
163
140
991613039.UG.FTS.B,
19.99%,
4/24/25
..
526
394
991666052.UG.FTS.B,
25.98%,
4/24/25
..
100
63
991749269.UG.FTS.B,
29.49%,
4/24/25
..
200
163
991838313.UG.FTS.B,
15.97%,
4/25/25
..
1,214
842
991655255.UG.FTS.B,
15.99%,
5/02/25
..
4,334
3,061
991915319.UG.FTS.B,
20.46%,
5/04/25
..
145
103
991724571.UG.FTS.B,
28.98%,
5/05/25
..
140
104
991834646.UG.FTS.B,
15.97%,
5/08/25
..
1,730
201
991608770.UG.FTS.B,
29.49%,
5/15/25
..
167
12
991770244.UG.FTS.B,
28.98%,
5/16/25
..
451
329
991563658.UG.FTS.B,
29.49%,
5/16/25
..
823
607
991550463.UG.FTS.B,
19.99%,
5/17/25
..
1,322
1,388
991723012.UG.FTS.B,
27.99%,
5/17/25
..
352
251
991592560.UG.FTS.B,
29.49%,
5/17/25
..
162
122
991691552.UG.FTS.B,
Zero
Cpn,
5/18/25
.
132
9
991686463.UG.FTS.B,
28.98%,
5/18/25
..
468
330
991723176.UG.FTS.B,
29.49%,
5/18/25
..
189
197
991633359.UG.FTS.B,
29.49%,
5/21/25
..
493
359
991746950.UG.FTS.B,
29.49%,
5/21/25
..
144
105
991776695.UG.FTS.B,
29.49%,
5/21/25
..
128
98
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991585964.UG.FTS.B,
28.98%,
5/22/25
..
$
513
$
539
991665672.UG.FTS.B,
28.98%,
5/22/25
..
626
459
991659437.UG.FTS.B,
29.49%,
5/22/25
..
115
9
991679229.UG.FTS.B,
29.49%,
5/22/25
..
100
72
991721073.UG.FTS.B,
29.49%,
5/22/25
..
243
181
991813221.UG.FTS.B,
29.49%,
5/22/25
..
122
89
991772210.UG.FTS.B,
28.98%,
5/24/25
..
2,734
1,968
991596209.UG.FTS.B,
29.49%,
5/24/25
..
899
693
991648967.UG.FTS.B,
29.49%,
5/24/25
..
108
82
991802443.UG.FTS.B,
29.49%,
5/24/25
..
268
204
991805657.UG.FTS.B,
29.49%,
6/03/25
..
382
282
991772904.UG.FTS.B,
19.99%,
6/05/25
..
136
100
991736771.UG.FTS.B,
28.98%,
6/05/25
..
179
129
991700073.UG.FTS.B,
29.49%,
6/05/25
..
197
144
991781338.UG.FTS.B,
29.49%,
6/05/25
..
819
612
991928851.UG.FTS.B,
29.49%,
6/06/25
..
1,877
1,331
991762808.UG.FTS.B,
29.49%,
6/07/25
..
87
(4)
991771961.UG.FTS.B,
29.49%,
6/07/25
..
140
104
991848358.UG.FTS.B,
29.49%,
6/07/25
..
246
186
991667408.UG.FTS.B,
17.97%,
7/02/25
..
142
144
991826636.UG.FTS.B,
19.99%,
7/03/25
..
687
147
991726591.UG.FTS.B,
28.98%,
7/03/25
..
192
198
991764922.UG.FTS.B,
28.98%,
7/05/25
..
126
29
991694848.UG.FTS.B,
29.49%,
7/05/25
..
1,104
257
991640372.UG.FTS.B,
29.45%,
7/15/25
..
488
33
991809155.UG.FTS.B,
17.99%,
7/25/25
..
681
472
991922928.UG.FTS.B,
28.98%,
8/04/25
..
173
39
991700916.UG.FTS.B,
29.49%,
8/06/25
..
1,189
275
991730761.UG.FTS.B,
28.98%,
8/24/25
..
125
90
991658758.UG.FTS.B,
29.49%,
8/24/25
..
88
62
991720650.UG.FTS.B,
18.97%,
9/05/25
..
1,483
170
991814652.UG.FTS.B,
29.49%,
9/05/25
..
84
21
991688747.UG.FTS.B,
28.98%,
9/16/25
..
91
12
991545568.UG.FTS.B,
29.49%,
9/16/25
..
1,138
856
991595841.UG.FTS.B,
29.49%,
9/17/25
..
146
151
991692468.UG.FTS.B,
29.49%,
9/17/25
..
170
121
991708117.UG.FTS.B,
29.49%,
9/17/25
..
1,452
1,490
991596886.UG.FTS.B,
29.49%,
9/24/25
..
183
134
991735485.UG.FTS.B,
28.98%,
10/07/25
.
134
94
991726248.UG.FTS.B,
21.46%,
10/08/25
.
161
163
991717340.UG.FTS.B,
25.95%,
10/17/25
.
167
116
991775768.UG.FTS.B,
28.98%,
10/17/25
.
114
(6)
991749837.UG.FTS.B,
28.98%,
10/18/25
.
3,097
198
991788566.UG.FTS.B,
29.49%,
10/21/25
.
94
67
991775324.UG.FTS.B,
29.49%,
10/23/25
.
511
369
991597711.UG.FTS.B,
28.98%,
10/24/25
.
156
21
991738710.UG.FTS.B,
28.98%,
11/04/25
.
204
25
991820976.UG.FTS.B,
29.49%,
11/05/25
.
453
327
991822456.UG.FTS.B,
29.49%,
11/05/25
.
105
13
991726688.UG.FTS.B,
28.98%,
11/06/25
.
98
67
991657177.UG.FTS.B,
28.98%,
11/17/25
.
2,320
1,614
991647827.UG.FTS.B,
29.49%,
11/23/25
.
135
96
991686979.UG.FTS.B,
29.49%,
12/04/25
.
695
155
991695320.UG.FTS.B,
29.49%,
12/05/25
.
97
70
991723599.UG.FTS.B,
29.49%,
12/06/25
.
98
23
991709780.UG.FTS.B,
27.99%,
1/03/26
..
217
224
991708261.UG.FTS.B,
29.49%,
1/04/26
..
668
689
991579988.UG.FTS.B,
29.49%,
1/17/26
..
141
107
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991585152.UG.FTS.B,
29.49%,
1/17/26
..
$
108
$
73
991656796.UG.FTS.B,
29.49%,
1/22/26
..
367
251
991634123.UG.FTS.B,
19.99%,
1/24/26
..
1,473
183
991604512.UG.FTS.B,
29.49%,
1/24/26
..
140
100
991650190.UG.FTS.B,
29.49%,
1/24/26
..
300
210
991659287.UG.FTS.B,
29.49%,
1/24/26
..
204
213
991712219.UG.FTS.B,
28.98%,
2/05/26
..
826
571
991757074.UG.FTS.B,
29.49%,
2/05/26
..
119
82
991814320.UG.FTS.B,
29.49%,
2/05/26
..
380
255
991757545.UG.FTS.B,
28.98%,
2/06/26
..
191
124
991735384.UG.FTS.B,
29.49%,
2/06/26
..
360
248
991802598.UG.FTS.B,
21.98%,
2/07/26
..
2,147
1,421
991571658.UG.FTS.B,
28.98%,
3/15/26
..
164
168
991576855.UG.FTS.B,
28.98%,
3/17/26
..
1,959
1,319
991771666.UG.FTS.B,
29.49%,
4/16/26
..
420
18
991699796.UG.FTS.B,
29.49%,
5/06/26
..
108
73
991722674.UG.FTS.B,
28.98%,
6/07/26
..
149
32
991719643.UG.FTS.B,
29.49%,
7/22/26
..
150
156
991658250.UG.FTS.B,
16.99%,
1/20/27
..
1,620
1,655
991607046.UG.FTS.B,
21.99%,
1/20/27
..
3,641
3,779
991784156.UG.FTS.B,
22.36%,
1/26/27
..
773
(38)
991611832.UG.FTS.B,
16.99%,
1/29/27
..
1,228
1,282
991624113.UG.FTS.B,
17.99%,
1/29/27
..
426
429
991610886.UG.FTS.B,
18.98%,
1/29/27
..
1,948
2,042
991664785.UG.FTS.B,
18.98%,
1/29/27
..
263
275
991678457.UG.FTS.B,
19.99%,
1/31/27
..
480
7
991676761.UG.FTS.B,
16.99%,
2/02/27
..
928
928
991721939.UG.FTS.B,
16.99%,
2/02/27
..
1,122
1,166
991734117.UG.FTS.B,
17.99%,
2/02/27
..
380
390
991734377.UG.FTS.B,
17.99%,
2/02/27
..
43
43
991684567.UG.FTS.B,
15.99%,
2/03/27
..
364
375
991894965.UG.FTS.B,
16.99%,
2/03/27
..
4,762
4,910
991663324.UG.FTS.B,
22.36%,
5/29/27
..
143
84
991753799.UG.FTS.B,
29.49%,
9/05/27
..
–
–
991648817.UG.FTS.B,
19.99%,
10/17/27
.
–
–
991594819.UG.FTS.B,
28.48%,
10/17/27
.
–
–
991643179.UG.FTS.B,
29.48%,
10/17/27
.
–
–
991830029.UG.FTS.B,
28.98%,
11/06/27
.
–
–
991619508.UG.FTS.B,
29.49%,
11/17/27
.
–
–
991733288.UG.FTS.B,
29.49%,
12/05/27
.
–
–
991757963.UG.FTS.B,
29.49%,
12/05/27
.
–
–
991884438.UG.FTS.B,
29.49%,
12/05/27
.
–
–
991705248.UG.FTS.B,
28.48%,
12/06/27
.
–
–
991803197.UG.FTS.B,
28.98%,
12/07/27
.
–
–
991925769.UG.FTS.B,
29.49%,
12/07/27
.
–
–
991607820.UG.FTS.B,
29.48%,
12/15/27
.
–
–
991764374.UG.FTS.B,
28.98%,
12/16/27
.
5
–
991568266.UG.FTS.B,
29.46%,
12/17/27
.
–
–
991773527.UG.FTS.B,
28.48%,
1/05/28
..
–
–
991816825.UG.FTS.B,
29.49%,
1/05/28
..
–
–
991646401.UG.FTS.B,
29.49%,
1/20/28
..
41
34
991683577.UG.FTS.B,
28.48%,
1/21/28
..
–
–
991824433.UG.FTS.B,
29.49%,
1/21/28
..
–
–
991794499.UG.FTS.B,
20.96%,
1/22/28
..
1
–
991630410.UG.FTS.B,
22.36%,
1/23/28
..
993
1,021
991695683.UG.FTS.B,
Zero
Cpn,
2/05/28
.
–
–
991693368.UG.FTS.B,
29.49%,
2/05/28
..
–
–
991927325.UG.FTS.B,
29.49%,
2/05/28
..
–
–
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991893183.UG.FTS.B,
28.98%,
2/06/28
..
$
11
$
10
991760060.UG.FTS.B,
29.48%,
2/17/28
..
–
–
991909211.UG.FTS.B,
Zero
Cpn,
3/03/28
.
12
1
991706774.UG.FTS.B,
Zero
Cpn,
3/05/28
.
3
–
991858699.UG.FTS.B,
29.49%,
3/07/28
..
43
37
991689406.UG.FTS.B,
Zero
Cpn,
3/18/28
.
–
–
991759963.UG.FTS.B,
29.49%,
3/18/28
..
31
32
991805214.UG.FTS.B,
Zero
Cpn,
3/20/28
.
2
–
991861030.UG.FTS.B,
19.21%,
4/03/28
..
1
–
991768477.UG.FTS.B,
19.99%,
4/05/28
..
–
–
991826871.UG.FTS.B,
Zero
Cpn,
4/06/28
.
8
1
991563323.UG.FTS.B,
29.49%,
4/17/28
..
4
–
991660055.UG.FTS.B,
29.49%,
4/17/28
..
1
1
991664100.UG.FTS.B,
29.49%,
4/18/28
..
1
1
991763034.UG.FTS.B,
29.49%,
4/20/28
..
1
1
991764921.UG.FTS.B,
29.49%,
4/21/28
..
–
–
991659586.UG.FTS.B,
29.49%,
4/24/28
..
3
–
991825274.UG.FTS.B,
Zero
Cpn,
5/05/28
.
14
1
991695593.UG.FTS.B,
28.98%,
5/05/28
..
–
–
991711354.UG.FTS.B,
29.49%,
5/05/28
..
4
–
991700308.UG.FTS.B,
Zero
Cpn,
5/06/28
.
12
1
991860678.UG.FTS.B,
21.46%,
5/06/28
..
1
–
991781431.UG.FTS.B,
Zero
Cpn,
5/07/28
.
–
–
991885580.UG.FTS.B,
29.49%,
5/07/28
..
10
–
991556918.UG.FTS.B,
29.48%,
5/17/28
..
–
–
991747057.UG.FTS.B,
29.49%,
5/18/28
..
3
–
991804599.UG.FTS.B,
Zero
Cpn,
5/21/28
.
2
–
991826545.UG.FTS.B,
28.98%,
5/23/28
..
2
–
991643233.UG.FTS.B,
28.98%,
5/24/28
..
4
4
991715507.UG.FTS.B,
29.49%,
6/04/28
..
4
1
991923655.UG.FTS.B,
29.49%,
6/04/28
..
7
–
991919051.UG.FTS.B,
29.49%,
6/06/28
..
8
1
991729425.UG.FTS.B,
Zero
Cpn,
6/07/28
.
5
–
991709347.UG.FTS.B,
29.49%,
6/07/28
..
–
–
991710141.UG.FTS.B,
29.49%,
6/07/28
..
1
–
991581013.UG.FTS.B,
29.49%,
6/17/28
..
12
2
991797353.UG.FTS.B,
29.49%,
6/18/28
..
1
–
991650009.UG.FTS.B,
29.49%,
6/19/28
..
2
–
991692165.UG.FTS.B,
29.49%,
6/19/28
..
–
–
991642393.UG.FTS.B,
Zero
Cpn,
6/22/28
.
31
2
991867830.UG.FTS.B,
28.98%,
7/04/28
..
5
5
991642900.UG.FTS.B,
29.49%,
7/18/28
..
–
–
991709002.UG.FTS.B,
15%,
7/19/28
.....
–
–
991669440.UG.FTS.B,
29.49%,
7/20/28
..
–
–
991782171.UG.FTS.B,
28.98%,
7/22/28
..
7
1
991686544.UG.FTS.B,
29.49%,
7/22/28
..
1
1
991648501.UG.FTS.B,
29.49%,
7/24/28
..
14
1
991670480.UG.FTS.B,
15.97%,
8/02/28
..
16
1
991901928.UG.FTS.B,
28.48%,
8/03/28
..
3
3
991795655.UG.FTS.B,
29.49%,
8/03/28
..
2
2
991912585.UG.FTS.B,
29.49%,
8/03/28
..
6
3
991784786.UG.FTS.B,
28.98%,
8/05/28
..
2
2
991779730.UG.FTS.B,
29.48%,
8/05/28
..
3
3
991858897.UG.FTS.B,
29.49%,
8/05/28
..
1
1
991908332.UG.FTS.B,
28.98%,
8/06/28
..
1
1
991764353.UG.FTS.B,
29.49%,
8/06/28
..
3
3
991797851.UG.FTS.B,
29.49%,
8/06/28
..
4
4
991762771.UG.FTS.B,
28.98%,
8/07/28
..
5
5
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991897062.UG.FTS.B,
29.49%,
8/07/28
..
$
1
$
1
991756258.UG.FTS.B,
29.49%,
8/16/28
..
3
3
991767220.UG.FTS.B,
29.49%,
8/16/28
..
3
3
991553870.UG.FTS.B,
19.99%,
8/17/28
..
1
1
991644226.UG.FTS.B,
28.98%,
8/17/28
..
–
–
991681420.UG.FTS.B,
28.98%,
8/17/28
..
3
3
991760144.UG.FTS.B,
29.45%,
8/17/28
..
2
2
991563815.UG.FTS.B,
29.46%,
8/17/28
..
2
2
991596840.UG.FTS.B,
29.46%,
8/17/28
..
–
–
991569010.UG.FTS.B,
29.49%,
8/17/28
..
4
4
991633536.UG.FTS.B,
29.49%,
8/17/28
..
19
–
991711876.UG.FTS.B,
29.49%,
8/17/28
..
3
3
991704641.UG.FTS.B,
29.49%,
8/18/28
..
70
5
991777657.UG.FTS.B,
29.49%,
8/18/28
..
12
2
991642674.UG.FTS.B,
19.3%,
8/20/28
...
4
4
991818118.UG.FTS.B,
27.99%,
8/20/28
..
1
1
991768584.UG.FTS.B,
28.98%,
8/20/28
..
15
15
991633382.UG.FTS.B,
17.49%,
8/21/28
..
3
3
991586355.UG.FTS.B,
28.98%,
8/21/28
..
4
4
991640515.UG.FTS.B,
29.49%,
8/22/28
..
4
4
991684401.UG.FTS.B,
29.49%,
8/22/28
..
10
10
991717980.UG.FTS.B,
29.49%,
8/22/28
..
2
2
991637426.UG.FTS.B,
27.99%,
8/23/28
..
2
2
991611456.UG.FTS.B,
28.98%,
8/23/28
..
5
5
991775037.UG.FTS.B,
29.48%,
8/23/28
..
4
4
991594966.UG.FTS.B,
28.98%,
8/24/28
..
–
–
991623327.UG.FTS.B,
28.98%,
8/24/28
..
9
9
991715282.UG.FTS.B,
29.49%,
3/06/32
..
3
4
991763220.UG.FTS.B,
29.49%,
3/07/32
..
15
15
779,094
Upstart
Network,
Inc.
L1668275.UP.FTS.B,
5.93%,
9/14/24
....
1,312
1,301
L1708965.UP.FTS.B,
6.03%,
9/14/24
....
698
692
L1711338.UP.FTS.B,
7.31%,
9/14/24
.....
3,046
3,032
FW1711179.UP.FTS.B,
8.08%,
9/14/24
...
3,550
3,536
L1710349.UP.FTS.B,
8.75%,
9/14/24
....
2,100
2,092
L1709609.UP.FTS.B,
9.38%,
9/14/24
....
2,506
2,496
L1709911.UP.FTS.B,
11.09%,
9/14/24
....
3,558
259
L1709151.UP.FTS.B,
12.24%,
9/14/24
....
7,784
7,764
L1709421.UP.FTS.B,
13.37%,
9/14/24
....
1,722
1,717
L1709684.UP.FTS.B,
13.76%,
9/14/24
....
873
871
L1709128.UP.FTS.B,
16.69%,
9/14/24
....
430
431
L1710058.UP.FTS.B,
17.29%,
9/14/24
....
1,581
1,585
FW1708870.UP.FTS.B,
17.81%,
9/14/24
..
1,823
1,826
L1710277.UP.FTS.B,
18.02%,
9/14/24
....
7,316
4,441
L1693265.UP.FTS.B,
18.16%,
9/14/24
....
680
684
L1708735.UP.FTS.B,
18.16%,
9/14/24
....
2,271
2,275
L1710205.UP.FTS.B,
18.33%,
9/14/24
....
3,109
226
L1712571.UP.FTS.B,
19.22%,
9/14/24
....
686
689
L1710755.UP.FTS.B,
19.46%,
9/14/24
....
2,292
2,303
L1711631.UP.FTS.B,
20.05%,
9/14/24
....
967
967
L1701584.UP.FTS.B,
21.4%,
9/14/24
....
1,056
1,055
L1709086.UP.FTS.B,
21.87%,
9/14/24
....
3,255
3,258
L1709006.UP.FTS.B,
22.7%,
9/14/24
....
1,409
1,410
L1712071.UP.FTS.B,
22.99%,
9/14/24
....
1,036
1,037
L1711537.UP.FTS.B,
23.1%,
9/14/24
.....
848
852
L1711075.UP.FTS.B,
23.16%,
9/14/24
....
707
708
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
115
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1709547.UP.FTS.B,
23.36%,
9/14/24
....
$
3,567
$
1,051
L1709631.UP.FTS.B,
24.23%,
9/14/24
....
2,850
2,853
FW1710815.UP.FTS.B,
26.35%,
9/14/24
..
555
81
FW1709118.UP.FTS.B,
27.71%,
9/14/24
..
975
975
FW1710922.UP.FTS.B,
28.53%,
9/14/24
..
490
491
FW1710694.UP.FTS.B,
29.46%,
9/14/24
..
9,869
9,878
FW1710062.UP.FTS.B,
30.06%,
9/14/24
..
893
894
L1873274.UP.FTS.B,
6.44%,
10/18/24
....
3,081
3,054
L1873054.UP.FTS.B,
6.73%,
10/18/24
....
10,158
743
L1874011.UP.FTS.B,
6.93%,
10/18/24
....
4,419
4,382
FW1874507.UP.FTS.B,
7.36%,
10/18/24
..
1,331
1,325
L1873016.UP.FTS.B,
8.3%,
10/18/24
....
1,788
1,781
L1873058.UP.FTS.B,
8.3%,
10/18/24
....
2,218
2,209
L1873371.UP.FTS.B,
8.48%,
10/18/24
....
5,371
5,350
L1873876.UP.FTS.B,
8.87%,
10/18/24
....
7,581
2,071
FW1874503.UP.FTS.B,
9.4%,
10/18/24
...
3,900
3,880
L1873457.UP.FTS.B,
9.58%,
10/18/24
....
452
449
L1873276.UP.FTS.B,
10.26%,
10/18/24
...
3,633
3,619
L1873969.UP.FTS.B,
10.92%,
10/18/24
...
456
455
L1873212.UP.FTS.B,
11.39%,
10/18/24
...
7,023
6,997
L1872565.UP.FTS.B,
13.63%,
10/18/24
...
2,332
2,326
FW1873666.UP.FTS.B,
14.61%,
10/18/24
.
682
678
L1873890.UP.FTS.B,
14.95%,
10/18/24
...
1,036
1,042
L1873908.UP.FTS.B,
15.55%,
10/18/24
...
710
714
L1874133.UP.FTS.B,
16.04%,
10/18/24
...
2,208
2,215
L1873474.UP.FTS.B,
16.06%,
10/18/24
...
1,410
1,353
L1873316.UP.FTS.B,
16.33%,
10/18/24
...
1,569
1,577
L1873998.UP.FTS.B,
16.56%,
10/18/24
...
2,862
2,876
L1873175.UP.FTS.B,
17.39%,
10/18/24
...
1,246
90
FW1873590.UP.FTS.B,
17.67%,
10/18/24
.
4,322
4,343
FW1874334.UP.FTS.B,
18.25%,
10/18/24
.
4,107
4,127
L1873935.UP.FTS.B,
18.25%,
10/18/24
...
1,331
1,334
L1873189.UP.FTS.B,
18.36%,
10/18/24
...
2,687
2,694
L1869487.UP.FTS.B,
18.66%,
10/18/24
...
2,909
2,914
L1874319.UP.FTS.B,
19.26%,
10/18/24
...
2,927
2,933
FW1859012.UP.FTS.B,
19.54%,
10/18/24
.
7,316
7,324
L1873964.UP.FTS.B,
20.13%,
10/18/24
...
2,058
2,068
L1873264.UP.FTS.B,
20.49%,
10/18/24
...
884
885
L1873242.UP.FTS.B,
21.35%,
10/18/24
...
1,425
1,423
L1872932.UP.FTS.B,
21.9%,
10/18/24
....
9,440
9,438
L1873367.UP.FTS.B,
22.09%,
10/18/24
...
691
692
L1873736.UP.FTS.B,
22.12%,
10/18/24
...
4,971
4,976
L1873171.UP.FTS.B,
22.25%,
10/18/24
...
995
996
FW1873087.UP.FTS.B,
22.36%,
10/18/24
.
996
1,001
L1873179.UP.FTS.B,
22.76%,
10/18/24
...
1,001
999
L1874384.UP.FTS.B,
23.32%,
10/18/24
...
901
900
L1874136.UP.FTS.B,
23.45%,
10/18/24
...
1,443
1,441
L1874372.UP.FTS.B,
23.49%,
10/18/24
...
886
128
FW1873053.UP.FTS.B,
23.65%,
10/18/24
.
1,106
1,107
L1872590.UP.FTS.B,
23.91%,
10/18/24
...
1,464
1,464
FW1874061.UP.FTS.B,
24.44%,
10/18/24
.
460
459
L1873402.UP.FTS.B,
25.1%,
10/18/24
....
3,618
1,039
FW1866558.UP.FTS.B,
27.33%,
10/18/24
.
2,579
2,581
FW1873960.UP.FTS.B,
28.04%,
10/18/24
.
1,090
1,076
FW1873200.UP.FTS.B,
28.1%,
10/18/24
..
1,296
1,297
FW1870326.UP.FTS.B,
28.36%,
10/18/24
.
5,194
5,199
FW1874036.UP.FTS.B,
28.84%,
10/18/24
.
1,325
1,263
FW1873386.UP.FTS.B,
29.18%,
10/18/24
.
522
523
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1873862.UP.FTS.B,
8.52%,
10/19/24
....
$
896
$
892
L2009164.UP.FTS.B,
7.47%,
11/09/24
....
4,719
4,676
L2007742.UP.FTS.B,
8.31%,
11/09/24
....
1,187
1,181
L2009147.UP.FTS.B,
8.62%,
11/09/24
....
1,012
584
FW2006255.UP.FTS.B,
8.72%,
11/09/24
..
1,239
1,232
L2006429.UP.FTS.B,
9.93%,
11/09/24
....
24,043
23,919
L2006357.UP.FTS.B,
10.1%,
11/09/24
....
422
417
FW2005536.UP.FTS.B,
10.27%,
11/09/24
.
1,929
1,919
L2009057.UP.FTS.B,
10.3%,
11/09/24
....
5,565
5,534
L2007334.UP.FTS.B,
10.62%,
11/09/24
...
2,563
1,477
FW2006816.UP.FTS.B,
10.79%,
11/09/24
.
3,882
3,860
FW2008742.UP.FTS.B,
11.03%,
11/09/24
.
4,851
4,829
L2009390.UP.FTS.B,
11.11%,
11/09/24
...
3,299
3,284
L2007022.UP.FTS.B,
11.29%,
11/09/24
...
972
967
FW1975632.UP.FTS.B,
11.37%,
11/09/24
.
1,507
1,500
L1980258.UP.FTS.B,
12.16%,
11/09/24
...
9,657
9,597
L2008566.UP.FTS.B,
13.59%,
11/09/24
...
605
29
L2008572.UP.FTS.B,
13.72%,
11/09/24
...
2,736
2,721
L2000304.UP.FTS.B,
13.97%,
11/09/24
...
2,032
2,023
L2008598.UP.FTS.B,
14.12%,
11/09/24
...
1,489
1,482
L2009600.UP.FTS.B,
14.49%,
11/09/24
...
2,316
2,316
FW2004099.UP.FTS.B,
15.18%,
11/09/24
.
1,500
1,503
L2009870.UP.FTS.B,
15.75%,
11/09/24
...
1,506
1,500
L2005874.UP.FTS.B,
15.93%,
11/09/24
...
8,548
8,563
L1964575.UP.FTS.B,
16.42%,
11/09/24
...
1,010
1,011
L2006407.UP.FTS.B,
16.56%,
11/09/24
...
4,042
4,049
L2009557.UP.FTS.B,
16.56%,
11/09/24
...
3,030
3,036
FW2006915.UP.FTS.B,
17.05%,
11/09/24
.
1,014
1,015
FW2008245.UP.FTS.B,
17.41%,
11/09/24
.
2,541
2,545
L2009227.UP.FTS.B,
17.41%,
11/09/24
...
1,779
1,782
FW2006977.UP.FTS.B,
17.62%,
11/09/24
.
2,545
2,549
FW2008456.UP.FTS.B,
17.88%,
11/09/24
.
1,006
992
L2006019.UP.FTS.B,
18.67%,
11/09/24
...
1,437
1,437
FW2008385.UP.FTS.B,
19.08%,
11/09/24
.
1,302
1,301
FW2009194.UP.FTS.B,
19.65%,
11/09/24
.
1,549
1,552
L2004937.UP.FTS.B,
19.9%,
11/09/24
....
3,285
3,282
L2007765.UP.FTS.B,
19.9%,
11/09/24
....
3,533
3,529
L2009435.UP.FTS.B,
20.15%,
11/09/24
...
8,547
8,520
L2004417.UP.FTS.B,
20.16%,
11/09/24
...
1,543
1,546
L2008874.UP.FTS.B,
20.27%,
11/09/24
...
5,155
5,137
L2007505.UP.FTS.B,
20.32%,
11/09/24
...
1,660
1,663
L2006510.UP.FTS.B,
20.49%,
11/09/24
...
2,829
2,834
L2010279.UP.FTS.B,
20.87%,
11/09/24
...
2,025
2,011
L2008398.UP.FTS.B,
20.91%,
11/09/24
...
1,562
1,557
L2004915.UP.FTS.B,
21%,
11/09/24
.....
5,214
5,197
L2009328.UP.FTS.B,
21.06%,
11/09/24
...
886
888
L2009663.UP.FTS.B,
21.46%,
11/09/24
...
2,631
2,615
L2008922.UP.FTS.B,
22.21%,
11/09/24
...
1,051
1,047
L2009367.UP.FTS.B,
22.33%,
11/09/24
...
4,733
4,718
L2009655.UP.FTS.B,
22.54%,
11/09/24
...
2,100
2,093
L2010143.UP.FTS.B,
22.58%,
11/09/24
...
1,214
741
L2009735.UP.FTS.B,
22.61%,
11/09/24
...
2,730
2,717
FW2003014.UP.FTS.B,
22.75%,
11/09/24
.
9,230
9,201
L2007564.UP.FTS.B,
23.08%,
11/09/24
...
3,786
547
FW2008479.UP.FTS.B,
24.13%,
11/09/24
.
2,434
2,409
FW2009937.UP.FTS.B,
26.34%,
11/09/24
.
2,190
2,172
FW2005316.UP.FTS.B,
26.93%,
11/09/24
.
542
541
FW2008048.UP.FTS.B,
28.27%,
11/09/24
.
547
545
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2008337.UP.FTS.B,
28.31%,
11/09/24
.
$
2,192
$
2,185
FW2008565.UP.FTS.B,
28.92%,
11/09/24
.
2,223
2,210
L2077512.UP.FTS.B,
6.51%,
11/19/24
....
2,342
2,322
L2077314.UP.FTS.B,
7.63%,
11/19/24
....
2,835
2,811
L2079482.UP.FTS.B,
7.7%,
11/19/24
.....
3,073
3,060
FW2078418.UP.FTS.B,
7.82%,
11/19/24
..
23,637
23,537
L2077413.UP.FTS.B,
8.09%,
11/19/24
....
1,973
1,963
L2077593.UP.FTS.B,
8.69%,
11/19/24
....
2,382
2,372
L2077781.UP.FTS.B,
10.54%,
11/19/24
...
984
979
L2078215.UP.FTS.B,
10.8%,
11/19/24
....
3,582
3,567
L2077816.UP.FTS.B,
11%,
11/19/24
.....
582
579
L2077041.UP.FTS.B,
11.38%,
11/19/24
...
2,414
2,407
L2080776.UP.FTS.B,
11.71%,
11/19/24
...
4,341
4,324
FW2077955.UP.FTS.B,
11.92%,
11/19/24
.
1,137
1,130
L2078813.UP.FTS.B,
13.69%,
11/19/24
...
3,748
3,739
L2076941.UP.FTS.B,
13.71%,
11/19/24
...
5,810
845
L2078440.UP.FTS.B,
13.79%,
11/19/24
...
1,676
1,665
L2072646.UP.FTS.B,
15.11%,
11/19/24
...
1,991
146
L2077920.UP.FTS.B,
15.31%,
11/19/24
...
2,503
2,514
L2079064.UP.FTS.B,
15.95%,
11/19/24
...
2,521
2,524
FW2076817.UP.FTS.B,
16.69%,
11/19/24
.
758
762
L2077340.UP.FTS.B,
17.78%,
11/19/24
...
4,085
4,091
FW2078600.UP.FTS.B,
18.83%,
11/19/24
.
513
516
L2077669.UP.FTS.B,
19.72%,
11/19/24
...
490
491
FW2076493.UP.FTS.B,
20.14%,
11/19/24
.
1,295
1,301
L2070757.UP.FTS.B,
20.15%,
11/19/24
...
933
937
L2077506.UP.FTS.B,
20.58%,
11/19/24
...
3,057
3,055
L2077765.UP.FTS.B,
21.13%,
11/19/24
...
564
540
L2080270.UP.FTS.B,
21.47%,
11/19/24
...
2,091
2,101
FW2078088.UP.FTS.B,
22.1%,
11/19/24
..
698
692
FW2079771.UP.FTS.B,
22.21%,
11/19/24
.
2,627
2,639
L2074944.UP.FTS.B,
23.05%,
11/19/24
...
2,249
2,241
FW2076824.UP.FTS.B,
23.23%,
11/19/24
.
1,702
1,705
FW2078990.UP.FTS.B,
23.53%,
11/19/24
.
2,419
2,413
FW2078899.UP.FTS.B,
24.04%,
11/19/24
.
4,167
625
FW2080736.UP.FTS.B,
25.04%,
11/19/24
.
1,018
315
L2076355.UP.FTS.B,
25.17%,
11/19/24
...
3,631
3,632
FW2077958.UP.FTS.B,
27.77%,
11/19/24
.
5,453
5,455
L2006884.UP.FTS.B,
18.86%,
11/23/24
...
4,647
4,643
L2077140.UP.FTS.B,
22.69%,
12/01/24
...
3,861
80
L2197817.UP.FTS.B,
6.54%,
12/07/24
....
2,979
2,950
FW2196231.UP.FTS.B,
11.5%,
12/07/24
..
6,178
6,140
L2196723.UP.FTS.B,
12.12%,
12/07/24
...
3,361
3,341
L2196919.UP.FTS.B,
12.98%,
12/07/24
...
1,842
1,071
L2199259.UP.FTS.B,
13.19%,
12/07/24
...
2,345
2,330
FW2199236.UP.FTS.B,
13.4%,
12/07/24
..
783
778
L2199973.UP.FTS.B,
16.17%,
12/07/24
...
1,596
1,595
L2198109.UP.FTS.B,
16.63%,
12/07/24
...
534
532
L2197668.UP.FTS.B,
17.17%,
12/07/24
...
1,339
1,338
FW2197769.UP.FTS.B,
17.83%,
12/07/24
.
1,431
850
L2196102.UP.FTS.B,
17.88%,
12/07/24
...
6,201
3,683
L2199581.UP.FTS.B,
19.33%,
12/07/24
...
978
978
FW2200254.UP.FTS.B,
19.34%,
12/07/24
.
1,142
680
FW2199717.UP.FTS.B,
20.13%,
12/07/24
.
2,732
2,715
L2198118.UP.FTS.B,
20.43%,
12/07/24
...
1,095
1,094
L2198032.UP.FTS.B,
20.55%,
12/07/24
...
2,192
2,178
L2196647.UP.FTS.B,
21.51%,
12/07/24
...
3,356
3,345
L2199295.UP.FTS.B,
21.7%,
12/07/24
....
1,380
1,371
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2199073.UP.FTS.B,
21.87%,
12/07/24
...
$
1,381
$
1,381
L2195775.UP.FTS.B,
22.71%,
12/07/24
...
834
826
L2197271.UP.FTS.B,
22.76%,
12/07/24
...
5,049
5,002
FW2198017.UP.FTS.B,
23.08%,
12/07/24
.
1,671
1,661
L2196613.UP.FTS.B,
23.35%,
12/07/24
...
3,714
3,690
FW2195695.UP.FTS.B,
24.83%,
12/07/24
.
2,779
2,760
FW2195888.UP.FTS.B,
24.84%,
12/07/24
.
460
455
FW2199208.UP.FTS.B,
25.58%,
12/07/24
.
2,192
2,176
L2201298.UP.FTS.B,
6.04%,
12/08/24
....
880
871
L2203520.UP.FTS.B,
6.61%,
12/08/24
....
9,140
9,053
FW2201265.UP.FTS.B,
7.44%,
12/08/24
..
3,499
3,478
L2200896.UP.FTS.B,
7.68%,
12/08/24
....
3,505
3,484
L2200163.UP.FTS.B,
8.73%,
12/08/24
....
3,785
3,762
L2204262.UP.FTS.B,
8.78%,
12/08/24
....
1,010
1,004
L2202574.UP.FTS.B,
9.1%,
12/08/24
....
3,795
3,772
FW2206887.UP.FTS.B,
9.22%,
12/08/24
..
5,093
5,055
L2202371.UP.FTS.B,
9.29%,
12/08/24
....
760
755
L2202647.UP.FTS.B,
9.47%,
12/08/24
....
1,659
1,647
L2201633.UP.FTS.B,
10.05%,
12/08/24
...
4,942
4,912
L2202275.UP.FTS.B,
10.28%,
12/08/24
...
10,206
10,145
L2206909.UP.FTS.B,
11.8%,
12/08/24
....
1,547
1,538
L2205399.UP.FTS.B,
11.81%,
12/08/24
...
514
511
L2201373.UP.FTS.B,
12.48%,
12/08/24
...
1,555
1,546
L2201983.UP.FTS.B,
12.68%,
12/08/24
...
4,827
668
L2206888.UP.FTS.B,
12.72%,
12/08/24
...
4,604
1,240
L2200458.UP.FTS.B,
12.89%,
12/08/24
...
3,351
3,332
L2200431.UP.FTS.B,
13.28%,
12/08/24
...
3,282
915
L2205143.UP.FTS.B,
13.35%,
12/08/24
...
1,892
91
L2202863.UP.FTS.B,
13.37%,
12/08/24
...
3,117
3,099
L2204453.UP.FTS.B,
13.74%,
12/08/24
...
1,569
1,560
L2204038.UP.FTS.B,
14.23%,
12/08/24
...
5,215
5,185
FW2200839.UP.FTS.B,
14.26%,
12/08/24
.
3,198
3,174
L2201794.UP.FTS.B,
14.37%,
12/08/24
...
4,466
4,466
L2204310.UP.FTS.B,
14.38%,
12/08/24
...
525
523
L2203131.UP.FTS.B,
15.07%,
12/08/24
...
1,862
1,852
FW2198905.UP.FTS.B,
15.38%,
12/08/24
.
2,645
2,645
L2192030.UP.FTS.B,
15.79%,
12/08/24
...
4,032
4,032
L2199002.UP.FTS.B,
16.29%,
12/08/24
...
1,278
1,278
L2201862.UP.FTS.B,
17%,
12/08/24
.....
2,677
2,668
L2202850.UP.FTS.B,
17.99%,
12/08/24
...
983
980
L2202296.UP.FTS.B,
18.33%,
12/08/24
...
1,003
1,001
FW2201612.UP.FTS.B,
18.99%,
12/08/24
.
1,084
1,085
L2206681.UP.FTS.B,
19.32%,
12/08/24
...
1,716
1,705
L2204182.UP.FTS.B,
19.36%,
12/08/24
...
4,892
4,893
L2203811.UP.FTS.B,
19.85%,
12/08/24
...
1,651
1,646
L2201390.UP.FTS.B,
19.92%,
12/08/24
...
6,549
6,550
L2201524.UP.FTS.B,
19.94%,
12/08/24
...
3,438
2,087
FW2206245.UP.FTS.B,
20.03%,
12/08/24
.
835
833
L2203066.UP.FTS.B,
20.07%,
12/08/24
...
9,518
9,492
FW2201750.UP.FTS.B,
20.37%,
12/08/24
.
1,094
1,094
L2201072.UP.FTS.B,
20.37%,
12/08/24
...
2,200
309
FW2203151.UP.FTS.B,
21.13%,
12/08/24
.
2,310
2,298
L2202392.UP.FTS.B,
21.41%,
12/08/24
...
2,479
2,466
L2206735.UP.FTS.B,
21.46%,
12/08/24
...
2,757
2,758
L2180897.UP.FTS.B,
21.81%,
12/08/24
...
4,413
4,390
FW2201886.UP.FTS.B,
21.86%,
12/08/24
.
903
898
FW2206827.UP.FTS.B,
22.71%,
12/08/24
.
2,778
2,764
L2202398.UP.FTS.B,
23.19%,
12/08/24
...
3,901
3,881
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2206155.UP.FTS.B,
23.2%,
12/08/24
..
$
1,096
$
673
FW2206719.UP.FTS.B,
24.2%,
12/08/24
..
6,703
6,666
FW2176932.UP.FTS.B,
25.88%,
12/08/24
.
1,423
1,411
FW2201104.UP.FTS.B,
26.62%,
12/08/24
.
570
567
FW2201792.UP.FTS.B,
27.21%,
12/08/24
.
2,001
1,990
FW2201560.UP.FTS.B,
28.51%,
12/08/24
.
1,210
1,204
FW2204026.UP.FTS.B,
28.52%,
12/08/24
.
4,610
4,586
FW2205439.UP.FTS.B,
29.01%,
12/08/24
.
1,738
1,726
L2195358.UP.FTS.B,
20.15%,
12/16/24
...
549
549
L2202614.UP.FTS.B,
12.88%,
12/19/24
...
4,176
4,153
FW2203707.UP.FTS.B,
26.53%,
12/23/24
.
2,239
2,227
L2413126.UP.FTS.B,
5.21%,
1/11/25
.....
2,077
2,057
L2411924.UP.FTS.B,
5.26%,
1/11/25
.....
3,117
3,086
L2411777.UP.FTS.B,
5.56%,
1/11/25
.....
4,688
4,638
L2411090.UP.FTS.B,
5.74%,
1/11/25
.....
3,649
3,613
L2412107.UP.FTS.B,
6.11%,
1/11/25
.....
1,568
1,553
L2413813.UP.FTS.B,
6.18%,
1/11/25
.....
1,569
1,553
L2413053.UP.FTS.B,
6.21%,
1/11/25
.....
3,138
3,107
L2408176.UP.FTS.B,
6.75%,
1/11/25
.....
420
416
L2412917.UP.FTS.B,
6.87%,
1/11/25
.....
1,576
1,561
L2412167.UP.FTS.B,
7.12%,
1/11/25
.....
2,106
2,085
L2410776.UP.FTS.B,
7.38%,
1/11/25
.....
3,164
3,142
L2413637.UP.FTS.B,
7.76%,
1/11/25
.....
1,449
1,437
L2402281.UP.FTS.B,
7.89%,
1/11/25
.....
9,793
9,693
FW2408203.UP.FTS.B,
8.04%,
1/11/25
...
1,587
1,576
L2407274.UP.FTS.B,
8.11%,
1/11/25
.....
1,130
1,122
FW2413171.UP.FTS.B,
8.15%,
1/11/25
...
1,590
1,580
L2412008.UP.FTS.B,
8.58%,
1/11/25
.....
5,318
5,282
FW2408763.UP.FTS.B,
8.69%,
1/11/25
...
3,418
3,389
L2407827.UP.FTS.B,
8.84%,
1/11/25
.....
1,914
1,901
L2410161.UP.FTS.B,
9.06%,
1/11/25
.....
1,067
1,060
L2407027.UP.FTS.B,
9.18%,
1/11/25
.....
2,403
2,386
L2411609.UP.FTS.B,
9.19%,
1/11/25
.....
1,068
1,061
L2408028.UP.FTS.B,
9.2%,
1/11/25
......
1,859
1,846
FW2412135.UP.FTS.B,
10.19%,
1/11/25
..
1,073
1,065
L2413510.UP.FTS.B,
10.29%,
1/11/25
....
8,877
8,817
L2411555.UP.FTS.B,
10.32%,
1/11/25
....
2,422
2,406
L2408096.UP.FTS.B,
10.52%,
1/11/25
....
2,169
2,153
FW2412813.UP.FTS.B,
10.67%,
1/11/25
..
539
536
L2411669.UP.FTS.B,
10.84%,
1/11/25
....
1,080
1,073
FW2410432.UP.FTS.B,
10.89%,
1/11/25
..
2,701
2,684
L2411242.UP.FTS.B,
10.89%,
1/11/25
....
1,683
1,669
L2413320.UP.FTS.B,
11.28%,
1/11/25
....
10,831
10,759
L2405109.UP.FTS.B,
11.47%,
1/11/25
....
980
57
FW2409055.UP.FTS.B,
12.38%,
1/11/25
..
597
593
L2412366.UP.FTS.B,
12.6%,
1/11/25
.....
546
543
L2408103.UP.FTS.B,
12.61%,
1/11/25
....
1,366
1,357
FW2412082.UP.FTS.B,
12.62%,
1/11/25
..
2,795
2,774
L2410850.UP.FTS.B,
13.07%,
1/11/25
....
822
817
L2412558.UP.FTS.B,
13.17%,
1/11/25
....
945
131
L2410120.UP.FTS.B,
14.05%,
1/11/25
....
1,103
1,096
FW2412033.UP.FTS.B,
14.09%,
1/11/25
..
1,804
1,791
L2410413.UP.FTS.B,
14.16%,
1/11/25
....
8,280
8,271
L2408428.UP.FTS.B,
15.76%,
1/11/25
....
7,170
525
L2410798.UP.FTS.B,
15.99%,
1/11/25
....
5,587
5,580
FW2413492.UP.FTS.B,
16.11%,
1/11/25
..
833
832
L2407096.UP.FTS.B,
16.55%,
1/11/25
....
13,180
13,164
L2409614.UP.FTS.B,
17.29%,
1/11/25
....
3,402
3,396
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2411442.UP.FTS.B,
17.42%,
1/11/25
....
$
10,712
$
10,699
L2409234.UP.FTS.B,
17.51%,
1/11/25
....
1,692
1,690
L2407062.UP.FTS.B,
17.52%,
1/11/25
....
959
958
L2411946.UP.FTS.B,
17.59%,
1/11/25
....
4,910
4,905
L2412453.UP.FTS.B,
19.73%,
1/11/25
....
17,540
17,478
L2412506.UP.FTS.B,
19.8%,
1/11/25
.....
5,394
5,371
L2407256.UP.FTS.B,
20.21%,
1/11/25
....
4,016
3,990
L2411253.UP.FTS.B,
20.46%,
1/11/25
....
1,149
1,148
L2413715.UP.FTS.B,
20.58%,
1/11/25
....
532
530
FW2407665.UP.FTS.B,
20.61%,
1/11/25
..
14,380
14,287
FW2388641.UP.FTS.B,
21.09%,
1/11/25
..
577
576
FW2411559.UP.FTS.B,
21.14%,
1/11/25
..
1,443
1,441
L2413329.UP.FTS.B,
21.38%,
1/11/25
....
9,759
2,806
L2410058.UP.FTS.B,
22.27%,
1/11/25
....
6,118
6,107
L2413428.UP.FTS.B,
23.28%,
1/11/25
....
760
755
L2407636.UP.FTS.B,
23.33%,
1/11/25
....
661
656
FW2408676.UP.FTS.B,
24.16%,
1/11/25
..
2,615
2,590
FW2411482.UP.FTS.B,
24.41%,
1/11/25
..
4,416
4,385
FW2410949.UP.FTS.B,
25.16%,
1/11/25
..
887
881
FW2408865.UP.FTS.B,
25.5%,
1/11/25
...
816
802
FW2409120.UP.FTS.B,
26.65%,
1/11/25
..
2,982
2,962
FW2412539.UP.FTS.B,
27.71%,
1/11/25
..
1,521
1,496
FW2411088.UP.FTS.B,
28.45%,
1/11/25
..
1,205
1,197
FW2412560.UP.FTS.B,
28.48%,
1/11/25
..
3,255
3,233
FW2412871.UP.FTS.B,
28.66%,
1/11/25
..
1,207
1,199
FW2410693.UP.FTS.B,
28.78%,
1/11/25
..
5,099
5,053
FW2408892.UP.FTS.B,
33.73%,
1/11/25
..
2,943
2,915
L2415563.UP.FTS.B,
5.17%,
1/12/25
....
3,869
3,832
L2415408.UP.FTS.B,
5.38%,
1/12/25
....
4,879
4,830
L2398487.UP.FTS.B,
5.43%,
1/12/25
....
18,176
18,001
L2418369.UP.FTS.B,
5.69%,
1/12/25
....
781
774
L2414426.UP.FTS.B,
5.8%,
1/12/25
.....
782
775
FW2419630.UP.FTS.B,
6.3%,
1/12/25
....
552
311
L2420304.UP.FTS.B,
6.48%,
1/12/25
....
1,316
1,303
L2419347.UP.FTS.B,
6.78%,
1/12/25
....
4,711
2,653
L2416428.UP.FTS.B,
6.81%,
1/12/25
....
1,050
1,040
FW2414692.UP.FTS.B,
6.84%,
1/12/25
...
1,051
1,041
L2418759.UP.FTS.B,
6.94%,
1/12/25
....
4,611
4,567
L2419328.UP.FTS.B,
7.52%,
1/12/25
....
3,695
3,660
L2415914.UP.FTS.B,
7.64%,
1/12/25
....
1,849
1,837
FW2418816.UP.FTS.B,
7.73%,
1/12/25
...
3,173
3,152
L2419589.UP.FTS.B,
7.74%,
1/12/25
....
7,933
7,883
L2416890.UP.FTS.B,
7.78%,
1/12/25
....
3,331
3,310
FW2416518.UP.FTS.B,
8.11%,
1/12/25
...
2,650
2,633
L2417943.UP.FTS.B,
8.11%,
1/12/25
.....
2,650
2,633
L2414073.UP.FTS.B,
8.79%,
1/12/25
....
1,165
1,157
L2415019.UP.FTS.B,
8.85%,
1/12/25
....
1,065
1,059
L2416430.UP.FTS.B,
9.01%,
1/12/25
....
1,659
1,643
L2414074.UP.FTS.B,
9.04%,
1/12/25
....
8,001
7,951
L2417145.UP.FTS.B,
9.34%,
1/12/25
....
588
584
L2415812.UP.FTS.B,
9.44%,
1/12/25
....
2,876
2,857
FW2413836.UP.FTS.B,
10.39%,
1/12/25
..
1,338
1,329
L2396686.UP.FTS.B,
10.42%,
1/12/25
....
2,692
2,676
FW2416931.UP.FTS.B,
10.8%,
1/12/25
...
5,938
5,904
L2414847.UP.FTS.B,
11.02%,
1/12/25
....
5,955
5,910
L2414221.UP.FTS.B,
11.17%,
1/12/25
....
2,706
2,690
FW2416547.UP.FTS.B,
11.39%,
1/12/25
..
1,715
478
L2420369.UP.FTS.B,
11.76%,
1/12/25
....
8,987
8,913
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2411232.UP.FTS.B,
15.21%,
1/12/25
....
$
20,748
$
1,507
L2418199.UP.FTS.B,
17.24%,
1/12/25
....
101
99
L2417700.UP.FTS.B,
17.92%,
1/12/25
....
2,884
210
FW2417716.UP.FTS.B,
18.03%,
1/12/25
..
1,412
1,411
FW2416853.UP.FTS.B,
18.35%,
1/12/25
..
4,706
152
L2418715.UP.FTS.B,
19.25%,
1/12/25
....
2,854
2,854
L2417349.UP.FTS.B,
20.05%,
1/12/25
....
1,131
1,130
FW2416638.UP.FTS.B,
22.19%,
1/12/25
..
6,997
255
L2417218.UP.FTS.B,
22.21%,
1/12/25
....
2,158
2,154
L2414519.UP.FTS.B,
22.88%,
1/12/25
....
1,925
1,915
L2418909.UP.FTS.B,
22.9%,
1/12/25
....
149
146
L2414032.UP.FTS.B,
23.21%,
1/12/25
....
1,609
1,608
L2352635.UP.FTS.B,
23.27%,
1/12/25
....
4,333
4,308
L2412538.UP.FTS.B,
23.48%,
1/12/25
....
2,506
1,525
FW2417500.UP.FTS.B,
23.65%,
1/12/25
..
1,542
112
FW2414957.UP.FTS.B,
23.71%,
1/12/25
..
6,960
6,957
FW2414041.UP.FTS.B,
23.78%,
1/12/25
..
2,345
2,333
FW2416686.UP.FTS.B,
24.84%,
1/12/25
..
1,432
1,421
FW2414437.UP.FTS.B,
27.76%,
1/12/25
..
1,805
1,790
L2410557.UP.FTS.B,
26.28%,
1/14/25
....
1,491
1,481
L2402983.UP.FTS.B,
8.56%,
1/21/25
....
1,439
1,429
L1711024.UP.FTS.B,
12.98%,
2/14/25
....
1,528
1,518
L1711489.UP.FTS.B,
18.07%,
2/14/25
....
2,582
2,579
L2636718.UP.FTS.B,
6.51%,
2/15/25
....
642
56
L2631679.UP.FTS.B,
6.61%,
2/15/25
....
2,755
2,728
L2632890.UP.FTS.B,
6.77%,
2/15/25
....
5,517
5,463
L2634175.UP.FTS.B,
6.95%,
2/15/25
....
4,981
4,932
L2634533.UP.FTS.B,
8.5%,
2/15/25
.....
11,178
11,099
L2634613.UP.FTS.B,
8.55%,
2/15/25
....
3,908
3,880
L2633581.UP.FTS.B,
9.23%,
2/15/25
....
1,176
1,168
FW2634377.UP.FTS.B,
10%,
2/15/25
....
564
560
L2634177.UP.FTS.B,
15.21%,
2/15/25
....
1,282
1,280
L2636760.UP.FTS.B,
15.98%,
2/15/25
....
8,157
7,747
FW2634284.UP.FTS.B,
16.22%,
2/15/25
..
5,864
5,855
L2634751.UP.FTS.B,
16.31%,
2/15/25
....
1,115
1,108
L2631912.UP.FTS.B,
16.39%,
2/15/25
....
3,767
1,070
L2636882.UP.FTS.B,
16.54%,
2/15/25
....
3,232
3,227
L2632664.UP.FTS.B,
17.32%,
2/15/25
....
696
27
L2633074.UP.FTS.B,
18.31%,
2/15/25
....
1,983
1,959
L2634161.UP.FTS.B,
18.39%,
2/15/25
....
2,495
2,491
L2631294.UP.FTS.B,
19.11%,
2/15/25
....
727
52
L2632627.UP.FTS.B,
20.79%,
2/15/25
....
6,024
5,984
L2634669.UP.FTS.B,
20.85%,
2/15/25
....
6,546
6,209
L2631763.UP.FTS.B,
20.93%,
2/15/25
....
5,240
5,230
FW2637244.UP.FTS.B,
22.65%,
2/15/25
..
609
605
FW2633708.UP.FTS.B,
25.99%,
2/15/25
..
4,032
4,004
FW2631136.UP.FTS.B,
27.13%,
2/15/25
..
985
972
FW2631651.UP.FTS.B,
27.52%,
2/15/25
..
4,065
4,037
FW2635191.UP.FTS.B,
29%,
2/15/25
....
2,934
186
FW2631826.UP.FTS.B,
31.23%,
2/15/25
..
3,353
3,326
L2639657.UP.FTS.B,
5.92%,
2/16/25
....
824
816
L2639334.UP.FTS.B,
6.42%,
2/16/25
....
3,160
3,126
FW2638680.UP.FTS.B,
7.01%,
2/16/25
...
1,218
1,206
L2638987.UP.FTS.B,
9.25%,
2/16/25
....
1,332
1,284
L2642308.UP.FTS.B,
10.18%,
2/16/25
....
5,649
5,612
FW2644636.UP.FTS.B,
10.31%,
2/16/25
..
563
559
L2640736.UP.FTS.B,
10.49%,
2/16/25
....
849
843
FW2639791.UP.FTS.B,
11.24%,
2/16/25
..
2,844
2,827
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2644605.UP.FTS.B,
13.5%,
2/16/25
...
$
5,692
$
5,658
FW2640049.UP.FTS.B,
13.66%,
2/16/25
..
6,181
6,147
FW2640344.UP.FTS.B,
14.17%,
2/16/25
..
1,559
421
L2644835.UP.FTS.B,
14.27%,
2/16/25
....
7,521
7,479
L2639914.UP.FTS.B,
14.3%,
2/16/25
....
4,057
4,054
L2573704.UP.FTS.B,
14.5%,
2/16/25
....
2,321
2,320
L2644825.UP.FTS.B,
15.86%,
2/16/25
....
581
573
L2640305.UP.FTS.B,
16.68%,
2/16/25
....
3,824
3,821
FW2644294.UP.FTS.B,
16.92%,
2/16/25
..
1,938
1,936
FW2639338.UP.FTS.B,
17.66%,
2/16/25
..
5,909
5,905
L2641019.UP.FTS.B,
18.97%,
2/16/25
....
8,941
8,936
L2639930.UP.FTS.B,
19.1%,
2/16/25
....
1,313
1,312
L2644145.UP.FTS.B,
19.28%,
2/16/25
....
1,645
454
L2637891.UP.FTS.B,
19.29%,
2/16/25
....
5,680
412
FW2639706.UP.FTS.B,
19.94%,
2/16/25
..
3,836
3,815
L2641952.UP.FTS.B,
19.98%,
2/16/25
....
2,638
2,637
L2641810.UP.FTS.B,
22.34%,
2/16/25
....
574
546
FW2643292.UP.FTS.B,
23.05%,
2/16/25
..
2,990
2,974
L2639553.UP.FTS.B,
23.86%,
2/16/25
....
8,647
625
FW2639697.UP.FTS.B,
24.32%,
2/16/25
..
1,046
1,040
FW2643827.UP.FTS.B,
25.41%,
2/16/25
..
3,094
3,078
FW2643384.UP.FTS.B,
26.02%,
2/16/25
..
2,472
2,452
L2627901.UP.FTS.B,
28.31%,
2/16/25
....
8,861
8,815
L2644671.UP.FTS.B,
5.08%,
2/17/25
....
5,459
5,407
L2645028.UP.FTS.B,
11.5%,
2/17/25
.....
2,370
137
L2604120.UP.FTS.B,
17.7%,
2/17/25
....
5,937
5,916
L1871398.UP.FTS.B,
22.03%,
3/18/25
....
1,232
1,220
FW1872890.UP.FTS.B,
24.47%,
3/18/25
..
620
616
L2006292.UP.FTS.B,
11.48%,
4/09/25
....
614
608
L2006010.UP.FTS.B,
18.05%,
4/09/25
....
848
843
L2008991.UP.FTS.B,
19.31%,
4/09/25
....
6,556
6,521
FW2007173.UP.FTS.B,
24.62%,
4/09/25
..
781
108
FW2008582.UP.FTS.B,
28.77%,
4/09/25
..
883
123
L2076313.UP.FTS.B,
15.86%,
4/19/25
....
779
775
FW2078328.UP.FTS.B,
19.87%,
4/19/25
..
3,554
981
L2078933.UP.FTS.B,
22.16%,
4/19/25
....
7,874
7,448
FW2077645.UP.FTS.B,
27.94%,
4/28/25
..
1,743
1,718
L2200082.UP.FTS.B,
23.29%,
5/08/25
....
2,150
2,112
L2201277.UP.FTS.B,
23.37%,
5/08/25
....
2,381
2,354
FW2202263.UP.FTS.B,
23.94%,
5/08/25
..
1,122
162
FW2205860.UP.FTS.B,
28.57%,
5/08/25
..
1,625
457
FW2202524.UP.FTS.B,
28.64%,
5/08/25
..
1,266
1,248
FW2201579.UP.FTS.B,
28.82%,
5/08/25
..
2,038
2,009
FW2412930.UP.FTS.B,
12.99%,
6/11/25
..
3,748
272
FW2410127.UP.FTS.B,
20.85%,
6/11/25
..
623
615
L2415625.UP.FTS.B,
8.97%,
6/12/25
....
2,291
313
L2414544.UP.FTS.B,
14.43%,
6/12/25
....
1,926
507
FW2417137.UP.FTS.B,
28.46%,
6/12/25
..
8,436
602
FW1710146.UP.FTS.B,
13.91%,
7/14/25
..
1,704
1,006
FW2631536.UP.FTS.B,
18.63%,
7/15/25
..
1,073
77
L2639542.UP.FTS.B,
8.21%,
7/16/25
....
1,588
1,569
FW2639899.UP.FTS.B,
18.71%,
7/16/25
..
7,209
7,149
FW2639247.UP.FTS.B,
27.74%,
7/16/25
..
6,102
5,744
FW1873996.UP.FTS.B,
28.24%,
8/18/25
..
3,913
594
FW1872459.UP.FTS.B,
28.31%,
9/01/25
..
461
459
L2007014.UP.FTS.B,
20.64%,
9/09/25
....
3,059
3,038
FW2005459.UP.FTS.B,
26.79%,
9/09/25
..
763
19
L2195122.UP.FTS.B,
20.26%,
10/07/25
...
3,860
3,805
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2206982.UP.FTS.B,
9.5%,
10/08/25
....
$
574
$
569
FW2411155.UP.FTS.B,
7.59%,
11/11/25
..
2,077
2,056
FW2411472.UP.FTS.B,
24.01%,
11/11/25
.
6,769
4,056
FW2418164.UP.FTS.B,
9.41%,
11/12/25
..
1,481
1,467
FW2418415.UP.FTS.B,
26.15%,
11/12/25
.
10,624
756
FW2414944.UP.FTS.B,
29.31%,
11/12/25
.
2,147
153
FW2635737.UP.FTS.B,
5.82%,
12/15/25
..
2,599
192
FW2645054.UP.FTS.B,
11.7%,
12/17/25
..
5,546
406
L1711804.UP.FTS.B,
9.08%,
9/14/26
.....
6,843
6,781
L1709773.UP.FTS.B,
9.1%,
9/14/26
.....
1,369
1,356
L1709466.UP.FTS.B,
9.12%,
9/14/26
....
7,524
7,456
L1711063.UP.FTS.B,
9.57%,
9/14/26
.....
9,618
9,531
L1711325.UP.FTS.B,
9.58%,
9/14/26
.....
12,041
6,273
L1710250.UP.FTS.B,
9.72%,
9/14/26
....
5,503
5,453
L1710722.UP.FTS.B,
9.73%,
9/14/26
....
13,758
13,633
L1709358.UP.FTS.B,
10.97%,
9/14/26
....
29,191
28,922
L1709982.UP.FTS.B,
11.59%,
9/14/26
....
8,060
7,983
FW1711975.UP.FTS.B,
11.76%,
9/14/26
..
21,268
1,551
L1711112.UP.FTS.B,
12.03%,
9/14/26
....
14,006
13,881
FW1709227.UP.FTS.B,
12.04%,
9/14/26
..
1,186
163
L1711960.UP.FTS.B,
12.48%,
9/14/26
....
2,108
2,089
L1708544.UP.FTS.B,
12.57%,
9/14/26
....
2,800
2,775
L1709990.UP.FTS.B,
12.82%,
9/14/26
....
1,591
1,575
L1709442.UP.FTS.B,
13.19%,
9/14/26
....
35,313
35,000
L1712219.UP.FTS.B,
13.34%,
9/14/26
....
2,315
2,290
L1711120.UP.FTS.B,
13.48%,
9/14/26
....
4,530
4,490
L1711626.UP.FTS.B,
13.98%,
9/14/26
....
14,209
14,083
L1705354.UP.FTS.B,
14.33%,
9/14/26
....
17,095
16,944
L1709686.UP.FTS.B,
14.5%,
9/14/26
....
14,265
14,140
L1712030.UP.FTS.B,
15.05%,
9/14/26
....
2,148
2,129
FW1711888.UP.FTS.B,
15.29%,
9/14/26
..
7,172
7,111
L1711759.UP.FTS.B,
15.35%,
9/14/26
....
7,179
7,117
FW1710596.UP.FTS.B,
15.85%,
9/14/26
..
3,600
3,569
FW1711241.UP.FTS.B,
16.08%,
9/14/26
..
2,885
2,860
L1707201.UP.FTS.B,
16.24%,
9/14/26
....
10,831
10,738
L1708577.UP.FTS.B,
16.66%,
9/14/26
....
5,125
5,074
FW1709135.UP.FTS.B,
16.99%,
9/14/26
..
3,982
216
L1709613.UP.FTS.B,
17.03%,
9/14/26
....
2,178
2,160
L1711610.UP.FTS.B,
17.32%,
9/14/26
....
18,186
18,020
L1708807.UP.FTS.B,
17.72%,
9/14/26
....
7,295
7,232
L1710981.UP.FTS.B,
17.81%,
9/14/26
....
7,355
7,276
FW1709424.UP.FTS.B,
18.79%,
9/14/26
..
11,023
10,928
FW1709134.UP.FTS.B,
18.89%,
9/14/26
..
7,383
7,302
L1710731.UP.FTS.B,
18.91%,
9/14/26
....
2,206
2,186
L1712201.UP.FTS.B,
18.94%,
9/14/26
....
1,817
1,800
L1709877.UP.FTS.B,
19.26%,
9/14/26
....
3,683
2,109
L1711904.UP.FTS.B,
19.49%,
9/14/26
....
14,675
14,679
L1711008.UP.FTS.B,
19.81%,
9/14/26
....
7,399
7,404
L1711215.UP.FTS.B,
19.91%,
9/14/26
....
4,682
1,330
L1709643.UP.FTS.B,
20.04%,
9/14/26
....
2,964
2,937
L1708842.UP.FTS.B,
20.24%,
9/14/26
....
5,794
5,791
L1708429.UP.FTS.B,
20.63%,
9/14/26
....
2,231
2,233
L1710126.UP.FTS.B,
20.84%,
9/14/26
....
5,208
5,212
L1708585.UP.FTS.B,
20.86%,
9/14/26
....
22,713
13,345
L1711983.UP.FTS.B,
20.92%,
9/14/26
....
3,961
1,101
FW1711817.UP.FTS.B,
20.95%,
9/14/26
..
3,578
3,580
FW1708681.UP.FTS.B,
21.58%,
9/14/26
..
360
354
L1707499.UP.FTS.B,
22.03%,
9/14/26
....
7,490
7,494
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1710829.UP.FTS.B,
22.11%,
9/14/26
....
$
3,755
$
3,723
L1709427.UP.FTS.B,
22.21%,
9/14/26
....
3,032
3,028
L1710706.UP.FTS.B,
22.62%,
9/14/26
....
2,316
2,317
FW1708581.UP.FTS.B,
23.53%,
9/14/26
..
9,231
9,166
L1704673.UP.FTS.B,
23.71%,
9/14/26
....
8,422
8,413
L1709189.UP.FTS.B,
24.05%,
9/14/26
....
29,327
2,111
L1709924.UP.FTS.B,
24.74%,
9/14/26
....
1,191
704
L1710379.UP.FTS.B,
24.83%,
9/14/26
....
993
993
L1710592.UP.FTS.B,
25.03%,
9/14/26
....
994
995
L1706788.UP.FTS.B,
25.12%,
9/14/26
....
1,377
1,378
L1710759.UP.FTS.B,
25.29%,
9/14/26
....
842
843
L1712021.UP.FTS.B,
25.29%,
9/14/26
....
2,468
2,465
L1709050.UP.FTS.B,
25.44%,
9/14/26
....
2,299
2,301
L1712014.UP.FTS.B,
25.46%,
9/14/26
....
1,303
1,304
L1710375.UP.FTS.B,
25.49%,
9/14/26
....
1,531
1,532
L1707815.UP.FTS.B,
25.5%,
9/14/26
....
5,929
425
L1711582.UP.FTS.B,
25.87%,
9/14/26
....
20,352
20,297
L1709668.UP.FTS.B,
25.91%,
9/14/26
....
1,153
1,142
L1711668.UP.FTS.B,
26.18%,
9/14/26
....
3,618
3,620
L1704675.UP.FTS.B,
26.55%,
9/14/26
....
5,031
5,023
FW1711990.UP.FTS.B,
26.83%,
9/14/26
..
7,110
7,113
FW1711280.UP.FTS.B,
28.58%,
9/14/26
..
16,512
16,492
FW1712164.UP.FTS.B,
28.97%,
9/14/26
..
2,784
1,651
FW1701558.UP.FTS.B,
29.38%,
9/14/26
..
9,391
9,395
FW1709270.UP.FTS.B,
29.95%,
9/14/26
..
4,249
4,251
FW1711943.UP.FTS.B,
30.23%,
9/14/26
..
4,159
616
FW1708159.UP.FTS.B,
30.6%,
9/14/26
...
1,459
1,455
FW1710725.UP.FTS.B,
30.72%,
9/14/26
..
2,492
2,485
FW1712184.UP.FTS.B,
30.77%,
9/14/26
..
4,417
4,415
FW1708283.UP.FTS.B,
30.95%,
9/14/26
..
3,165
3,167
FW1709045.UP.FTS.B,
31.04%,
9/14/26
..
2,374
2,375
FW1711778.UP.FTS.B,
31.18%,
9/14/26
..
2,536
2,534
FW1709237.UP.FTS.B,
31.24%,
9/14/26
..
3,960
3,961
FW1712567.UP.FTS.B,
31.44%,
9/14/26
..
2,299
2,300
FW1711131.UP.FTS.B,
31.51%,
9/14/26
..
1,946
(8)
FW1708897.UP.FTS.B,
32.27%,
9/14/26
..
2,548
384
L1711180.UP.FTS.B,
21%,
9/24/26
......
18,565
17,691
L1873953.UP.FTS.B,
6.89%,
10/18/26
....
34,357
34,048
FW1872946.UP.FTS.B,
7.02%,
10/18/26
..
4,478
4,438
L1873658.UP.FTS.B,
8.56%,
10/18/26
....
25,446
25,221
L1873576.UP.FTS.B,
10.5%,
10/18/26
....
7,635
7,174
L1871496.UP.FTS.B,
10.72%,
10/18/26
...
13,110
12,996
L1874550.UP.FTS.B,
10.94%,
10/18/26
...
5,673
5,623
L1873178.UP.FTS.B,
11.12%,
10/18/26
...
5,614
5,566
L1873001.UP.FTS.B,
11.14%,
10/18/26
...
5,331
5,284
L1872155.UP.FTS.B,
11.36%,
10/18/26
...
1,422
1,409
L1873842.UP.FTS.B,
11.7%,
10/18/26
....
12,418
12,310
L1873090.UP.FTS.B,
11.9%,
10/18/26
....
1,072
1,063
L1873798.UP.FTS.B,
12.44%,
10/18/26
...
2,870
2,845
L1873392.UP.FTS.B,
12.58%,
10/18/26
...
9,385
8,825
L1874099.UP.FTS.B,
12.59%,
10/18/26
...
12,941
12,818
L1872876.UP.FTS.B,
13.07%,
10/18/26
...
1,802
1,786
L1874284.UP.FTS.B,
13.39%,
10/18/26
...
5,779
5,729
L1873391.UP.FTS.B,
13.44%,
10/18/26
...
7,226
7,164
L1873434.UP.FTS.B,
13.54%,
10/18/26
...
2,149
2,130
FW1873975.UP.FTS.B,
13.55%,
10/18/26
.
4,701
4,660
FW1874302.UP.FTS.B,
13.81%,
10/18/26
.
36,021
35,706
L1873174.UP.FTS.B,
13.86%,
10/18/26
...
11,096
10,978
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1874369.UP.FTS.B,
14.32%,
10/18/26
...
$
5,825
$
5,767
L1874287.UP.FTS.B,
14.37%,
10/18/26
...
11,640
11,540
FW1874328.UP.FTS.B,
14.8%,
10/18/26
..
7,296
7,234
L1860167.UP.FTS.B,
14.86%,
10/18/26
...
1,241
1,230
L1873885.UP.FTS.B,
15.48%,
10/18/26
...
13,927
13,808
L1873194.UP.FTS.B,
15.66%,
10/18/26
...
1,847
1,831
L1873835.UP.FTS.B,
15.93%,
10/18/26
...
7,361
7,287
L1873166.UP.FTS.B,
16.01%,
10/18/26
...
14,712
14,588
L1872550.UP.FTS.B,
16.04%,
10/18/26
...
3,679
3,648
L1872814.UP.FTS.B,
16.38%,
10/18/26
...
11,003
10,908
L1874290.UP.FTS.B,
16.39%,
10/18/26
...
2,801
200
L1873320.UP.FTS.B,
16.64%,
10/18/26
...
1,477
1,465
L1873808.UP.FTS.B,
16.88%,
10/18/26
...
4,069
4,033
L1874262.UP.FTS.B,
17.04%,
10/18/26
...
4,719
4,670
L1873707.UP.FTS.B,
17.21%,
10/18/26
...
9,132
8,600
L1874383.UP.FTS.B,
17.27%,
10/18/26
...
6,824
6,763
FW1869707.UP.FTS.B,
17.52%,
10/18/26
.
11,145
11,045
FW1874259.UP.FTS.B,
17.55%,
10/18/26
.
24,308
24,103
FW1873390.UP.FTS.B,
17.6%,
10/18/26
..
8,921
8,841
L1873345.UP.FTS.B,
17.63%,
10/18/26
...
4,395
4,353
FW1874335.UP.FTS.B,
17.64%,
10/18/26
.
29,782
29,526
L1874163.UP.FTS.B,
17.64%,
10/18/26
...
5,198
5,151
FW1874438.UP.FTS.B,
18.01%,
10/18/26
.
3,695
3,631
L1868602.UP.FTS.B,
18.18%,
10/18/26
...
2,612
2,588
L1872889.UP.FTS.B,
18.38%,
10/18/26
...
15,045
14,886
FW1873109.UP.FTS.B,
18.49%,
10/18/26
.
7,104
7,040
L1872957.UP.FTS.B,
18.56%,
10/18/26
...
10,576
763
L1874471.UP.FTS.B,
18.86%,
10/18/26
...
882
869
L1872626.UP.FTS.B,
19.06%,
10/18/26
...
5,405
5,356
L1873648.UP.FTS.B,
19.32%,
10/18/26
...
3,475
3,275
L1873350.UP.FTS.B,
19.42%,
10/18/26
...
8,679
8,591
FW1874119.UP.FTS.B,
19.46%,
10/18/26
.
11,287
11,185
L1873155.UP.FTS.B,
19.56%,
10/18/26
...
2,489
2,462
L1873356.UP.FTS.B,
19.63%,
10/18/26
...
1,281
1,282
L1873176.UP.FTS.B,
19.77%,
10/18/26
...
11,309
11,320
FW1873722.UP.FTS.B,
19.81%,
10/18/26
.
5,377
5,073
L1872983.UP.FTS.B,
19.88%,
10/18/26
...
4,542
4,493
FW1873856.UP.FTS.B,
20.15%,
10/18/26
.
4,535
4,494
L1873825.UP.FTS.B,
20.43%,
10/18/26
...
37,852
37,888
L1873221.UP.FTS.B,
20.79%,
10/18/26
...
1,518
1,504
L1872967.UP.FTS.B,
21.07%,
10/18/26
...
5,135
1,468
L1874536.UP.FTS.B,
21.47%,
10/18/26
...
4,115
4,081
L1873820.UP.FTS.B,
21.93%,
10/18/26
...
2,598
2,600
L1872738.UP.FTS.B,
21.97%,
10/18/26
...
1,147
1,148
L1872849.UP.FTS.B,
21.97%,
10/18/26
...
1,918
279
L1873278.UP.FTS.B,
21.98%,
10/18/26
...
4,509
4,513
L1873489.UP.FTS.B,
22.12%,
10/18/26
...
11,475
11,486
L1872778.UP.FTS.B,
22.26%,
10/18/26
...
3,321
238
L1872381.UP.FTS.B,
22.4%,
10/18/26
....
1,915
1,917
L1872881.UP.FTS.B,
22.46%,
10/18/26
...
26,480
26,353
L1872904.UP.FTS.B,
22.48%,
10/18/26
...
3,833
3,837
L1873504.UP.FTS.B,
22.55%,
10/18/26
...
1,002
1,000
L1874352.UP.FTS.B,
22.6%,
10/18/26
....
25,085
25,109
L1874034.UP.FTS.B,
22.67%,
10/18/26
...
1,689
1,690
L1873496.UP.FTS.B,
22.72%,
10/18/26
...
12,536
12,522
L1873741.UP.FTS.B,
22.96%,
10/18/26
...
1,296
1,297
FW1873716.UP.FTS.B,
23.2%,
10/18/26
..
5,252
378
L1873307.UP.FTS.B,
23.79%,
10/18/26
...
1,159
1,160
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1873349.UP.FTS.B,
23.8%,
10/18/26
....
$
1,649
$
119
L1872931.UP.FTS.B,
23.85%,
10/18/26
...
3,993
1,148
L1873492.UP.FTS.B,
23.95%,
10/18/26
...
13,390
13,393
L1874063.UP.FTS.B,
24.01%,
10/18/26
...
5,415
5,420
L1873180.UP.FTS.B,
24.02%,
10/18/26
...
774
774
L1872601.UP.FTS.B,
24.04%,
10/18/26
...
3,976
3,789
L1873408.UP.FTS.B,
24.34%,
10/18/26
...
2,325
2,328
L1873696.UP.FTS.B,
24.62%,
10/18/26
...
3,905
278
L1870381.UP.FTS.B,
24.72%,
10/18/26
...
5,369
5,371
L1873373.UP.FTS.B,
24.83%,
10/18/26
...
3,890
3,885
L1868887.UP.FTS.B,
24.97%,
10/18/26
...
11,437
11,434
L1872882.UP.FTS.B,
24.99%,
10/18/26
...
2,149
154
L1872784.UP.FTS.B,
25.04%,
10/18/26
...
5,059
5,063
L1874475.UP.FTS.B,
25.04%,
10/18/26
...
1,820
1,736
L1873877.UP.FTS.B,
25.05%,
10/18/26
...
3,507
3,503
L1874065.UP.FTS.B,
25.09%,
10/18/26
...
8,025
1,203
L1872998.UP.FTS.B,
25.1%,
10/18/26
....
800
754
FW1874269.UP.FTS.B,
25.11%,
10/18/26
.
3,892
3,896
L1873308.UP.FTS.B,
25.11%,
10/18/26
...
1,172
1,157
L1873304.UP.FTS.B,
25.15%,
10/18/26
...
1,293
1,253
FW1873516.UP.FTS.B,
25.23%,
10/18/26
.
11,764
11,755
L1872941.UP.FTS.B,
25.23%,
10/18/26
...
1,307
195
FW1873077.UP.FTS.B,
25.29%,
10/18/26
.
2,338
2,340
L1870436.UP.FTS.B,
25.29%,
10/18/26
...
2,182
2,184
L1873627.UP.FTS.B,
25.33%,
10/18/26
...
676
673
L1805232.UP.FTS.B,
25.36%,
10/18/26
...
4,288
4,292
L1872764.UP.FTS.B,
25.4%,
10/18/26
....
1,170
1,171
L1869327.UP.FTS.B,
25.42%,
10/18/26
...
2,454
366
L1873079.UP.FTS.B,
25.43%,
10/18/26
...
1,082
1,079
L1873235.UP.FTS.B,
25.45%,
10/18/26
...
5,127
5,130
L1874416.UP.FTS.B,
25.46%,
10/18/26
...
23,062
23,064
L1874151.UP.FTS.B,
25.48%,
10/18/26
...
858
859
L1874395.UP.FTS.B,
25.5%,
10/18/26
....
6,648
1,930
L1874370.UP.FTS.B,
25.71%,
10/18/26
...
4,186
4,188
L1873151.UP.FTS.B,
25.86%,
10/18/26
...
1,664
1,656
L1874250.UP.FTS.B,
25.87%,
10/18/26
...
8,038
8,021
L1874041.UP.FTS.B,
26.01%,
10/18/26
...
5,822
5,820
L1870887.UP.FTS.B,
26.18%,
10/18/26
...
1,332
1,333
L1874047.UP.FTS.B,
26.3%,
10/18/26
....
571
565
FW1874080.UP.FTS.B,
26.63%,
10/18/26
.
1,600
1,525
FW1874049.UP.FTS.B,
26.74%,
10/18/26
.
8,270
7,866
FW1874429.UP.FTS.B,
27.19%,
10/18/26
.
2,994
2,997
FW1873145.UP.FTS.B,
27.24%,
10/18/26
.
7,809
7,812
FW1873640.UP.FTS.B,
27.67%,
10/18/26
.
28,702
27,325
FW1873344.UP.FTS.B,
27.72%,
10/18/26
.
11,059
11,069
FW1873866.UP.FTS.B,
28.25%,
10/18/26
.
779
779
FW1872622.UP.FTS.B,
28.59%,
10/18/26
.
2,408
2,297
FW1873950.UP.FTS.B,
28.68%,
10/18/26
.
1,779
1,694
FW1874321.UP.FTS.B,
28.99%,
10/18/26
.
1,273
1,274
FW1874251.UP.FTS.B,
29.26%,
10/18/26
.
3,984
3,988
FW1874208.UP.FTS.B,
29.47%,
10/18/26
.
2,791
2,793
FW1873160.UP.FTS.B,
30.04%,
10/18/26
.
1,818
1,762
FW1873268.UP.FTS.B,
30.52%,
10/18/26
.
1,443
1,444
FW1872558.UP.FTS.B,
30.55%,
10/18/26
.
1,042
1,043
FW1872779.UP.FTS.B,
30.59%,
10/18/26
.
1,517
1,514
FW1873577.UP.FTS.B,
30.59%,
10/18/26
.
4,812
4,816
FW1872937.UP.FTS.B,
30.6%,
10/18/26
..
3,191
3,193
FW1873110.UP.FTS.B,
30.82%,
10/18/26
.
3,373
3,375
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1873983.UP.FTS.B,
30.83%,
10/18/26
.
$
1,849
$
1,847
FW1873168.UP.FTS.B,
30.88%,
10/18/26
.
2,972
2,975
FW1873018.UP.FTS.B,
31%,
10/18/26
...
886
885
FW1874190.UP.FTS.B,
31.02%,
10/18/26
.
8,974
8,864
FW1874435.UP.FTS.B,
31.05%,
10/18/26
.
1,447
1,448
FW1873245.UP.FTS.B,
31.06%,
10/18/26
.
1,126
1,127
FW1873234.UP.FTS.B,
31.11%,
10/18/26
.
3,522
3,524
FW1873675.UP.FTS.B,
31.14%,
10/18/26
.
16,659
16,566
FW1873932.UP.FTS.B,
31.15%,
10/18/26
.
3,132
221
FW1874112.UP.FTS.B,
31.18%,
10/18/26
.
3,942
3,946
FW1873036.UP.FTS.B,
31.2%,
10/18/26
..
2,580
2,577
FW1872966.UP.FTS.B,
31.83%,
10/18/26
.
3,712
3,716
FW1872975.UP.FTS.B,
32.03%,
10/18/26
.
2,505
2,507
L1873049.UP.FTS.B,
25.47%,
10/22/26
...
3,836
3,840
L1873977.UP.FTS.B,
12.66%,
10/23/26
...
9,130
9,051
L1866820.UP.FTS.B,
21.37%,
10/26/26
...
19,442
19,427
L1873528.UP.FTS.B,
25.71%,
10/28/26
...
6,008
1,736
FW1873980.UP.FTS.B,
31.12%,
10/28/26
.
2,030
2,027
L1874280.UP.FTS.B,
15.62%,
11/01/26
...
22,603
22,385
L1873419.UP.FTS.B,
17.21%,
11/02/26
...
3,804
3,767
FW1873464.UP.FTS.B,
22.91%,
11/03/26
.
2,368
2,367
FW2008579.UP.FTS.B,
5.93%,
11/09/26
..
34,919
34,610
L2010047.UP.FTS.B,
7.23%,
11/09/26
....
7,046
6,980
L1947969.UP.FTS.B,
8.25%,
11/09/26
....
2,204
2,183
L2004931.UP.FTS.B,
8.92%,
11/09/26
....
13,573
13,448
FW2005584.UP.FTS.B,
8.98%,
11/09/26
..
11,435
11,330
L2009940.UP.FTS.B,
9.06%,
11/09/26
....
24,311
24,087
L2009771.UP.FTS.B,
9.73%,
11/09/26
....
3,593
3,557
L2010120.UP.FTS.B,
9.74%,
11/09/26
....
14,370
14,239
L1982018.UP.FTS.B,
9.85%,
11/09/26
....
3,595
3,563
L2005005.UP.FTS.B,
9.85%,
11/09/26
....
14,354
14,212
L2007402.UP.FTS.B,
10.3%,
11/09/26
....
7,204
7,138
L2008329.UP.FTS.B,
10.3%,
11/09/26
....
4,328
4,289
L2008701.UP.FTS.B,
10.48%,
11/09/26
...
4,859
4,809
L2009188.UP.FTS.B,
10.68%,
11/09/26
...
18,890
18,696
L2008677.UP.FTS.B,
10.77%,
11/09/26
...
7,217
7,146
L2009665.UP.FTS.B,
10.88%,
11/09/26
...
6,157
6,096
L2008105.UP.FTS.B,
10.89%,
11/09/26
...
11,900
11,733
L2006261.UP.FTS.B,
10.9%,
11/09/26
....
3,984
3,945
L2009417.UP.FTS.B,
11.04%,
11/09/26
...
3,508
3,472
L2004983.UP.FTS.B,
11.09%,
11/09/26
...
16,028
15,868
L2009190.UP.FTS.B,
11.31%,
11/09/26
...
14,455
14,313
L2006518.UP.FTS.B,
11.38%,
11/09/26
...
2,454
2,429
L1977043.UP.FTS.B,
11.43%,
11/09/26
...
3,926
3,888
FW2006974.UP.FTS.B,
11.44%,
11/09/26
.
9,089
9,001
FW2007489.UP.FTS.B,
11.63%,
11/09/26
.
5,647
410
L2008088.UP.FTS.B,
12.1%,
11/09/26
....
7,670
7,595
L2007707.UP.FTS.B,
12.19%,
11/09/26
...
10,881
10,775
L2005904.UP.FTS.B,
12.3%,
11/09/26
....
2,007
496
L1991534.UP.FTS.B,
12.48%,
11/09/26
...
4,818
4,767
L2005066.UP.FTS.B,
12.51%,
11/09/26
...
10,987
10,881
L2007649.UP.FTS.B,
12.88%,
11/09/26
...
7,344
7,273
FW2009636.UP.FTS.B,
13.06%,
11/09/26
.
4,411
4,369
L2009536.UP.FTS.B,
13.07%,
11/09/26
...
4,412
4,369
L2009639.UP.FTS.B,
13.58%,
11/09/26
...
11,500
2,913
L2009960.UP.FTS.B,
13.6%,
11/09/26
....
2,229
1,193
FW2004957.UP.FTS.B,
13.66%,
11/09/26
.
1,845
1,828
L2006397.UP.FTS.B,
13.66%,
11/09/26
...
7,382
7,311
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2008524.UP.FTS.B,
14.03%,
11/09/26
...
$
14,722
$
14,580
L2008113.UP.FTS.B,
14.06%,
11/09/26
...
15,915
15,764
L2009683.UP.FTS.B,
14.08%,
11/09/26
...
4,431
4,388
L2009362.UP.FTS.B,
14.1%,
11/09/26
....
3,990
182
L2009234.UP.FTS.B,
14.43%,
11/09/26
...
11,129
11,023
L2008618.UP.FTS.B,
14.73%,
11/09/26
...
4,460
4,418
L2009287.UP.FTS.B,
14.91%,
11/09/26
...
4,317
4,276
FW2009310.UP.FTS.B,
15.19%,
11/09/26
.
3,676
1,957
L2009277.UP.FTS.B,
15.37%,
11/09/26
...
6,803
6,716
L2008691.UP.FTS.B,
15.38%,
11/09/26
...
3,733
3,697
L2008772.UP.FTS.B,
15.55%,
11/09/26
...
7,474
7,395
L2007900.UP.FTS.B,
15.91%,
11/09/26
...
2,247
2,223
L2009243.UP.FTS.B,
15.94%,
11/09/26
...
7,493
7,414
FW2006940.UP.FTS.B,
15.96%,
11/09/26
.
1,836
1,804
L2005019.UP.FTS.B,
16.29%,
11/09/26
...
8,292
8,194
L2009814.UP.FTS.B,
16.29%,
11/09/26
...
7,417
7,346
L2006713.UP.FTS.B,
16.47%,
11/09/26
...
9,021
8,937
L2009219.UP.FTS.B,
16.5%,
11/09/26
....
18,448
18,245
FW2010280.UP.FTS.B,
16.52%,
11/09/26
.
12,033
11,907
FW2010216.UP.FTS.B,
16.55%,
11/09/26
.
6,741
6,677
L2008001.UP.FTS.B,
16.67%,
11/09/26
...
11,291
11,186
FW2009372.UP.FTS.B,
16.77%,
11/09/26
.
11,298
11,179
L2010173.UP.FTS.B,
16.8%,
11/09/26
....
6,027
5,964
L2009631.UP.FTS.B,
16.91%,
11/09/26
...
5,264
5,208
L2008272.UP.FTS.B,
17.06%,
11/09/26
...
15,092
14,935
L2008918.UP.FTS.B,
17.09%,
11/09/26
...
5,585
5,527
FW2008938.UP.FTS.B,
17.12%,
11/09/26
.
5,856
5,791
L2005207.UP.FTS.B,
17.16%,
11/09/26
...
9,060
8,965
FW2003971.UP.FTS.B,
17.71%,
11/09/26
.
20,836
20,619
L2006918.UP.FTS.B,
18.03%,
11/09/26
...
25,506
25,207
L2008937.UP.FTS.B,
18.22%,
11/09/26
...
4,562
4,515
L2008467.UP.FTS.B,
18.23%,
11/09/26
...
7,604
7,525
L2009319.UP.FTS.B,
18.37%,
11/09/26
...
1,293
1,280
FW2005538.UP.FTS.B,
18.4%,
11/09/26
..
4,572
4,511
FW2005908.UP.FTS.B,
18.71%,
11/09/26
.
3,430
3,390
L2006524.UP.FTS.B,
18.79%,
11/09/26
...
3,814
3,770
FW2009511.UP.FTS.B,
18.82%,
11/09/26
.
4,577
4,524
L2006460.UP.FTS.B,
18.86%,
11/09/26
...
2,695
2,663
FW2002309.UP.FTS.B,
18.9%,
11/09/26
..
1,679
1,662
L2004618.UP.FTS.B,
18.96%,
11/09/26
...
4,581
4,527
L2007966.UP.FTS.B,
18.98%,
11/09/26
...
1,527
1,509
L2007377.UP.FTS.B,
19.06%,
11/09/26
...
12,987
12,853
L2010300.UP.FTS.B,
19.58%,
11/09/26
...
780
445
L2003306.UP.FTS.B,
19.59%,
11/09/26
...
18,024
10,018
L2008422.UP.FTS.B,
19.84%,
11/09/26
...
4,221
4,172
L2006201.UP.FTS.B,
20.05%,
11/09/26
...
21,116
1,530
L2007782.UP.FTS.B,
20.17%,
11/09/26
...
10,019
720
L2007099.UP.FTS.B,
20.26%,
11/09/26
...
25,653
25,589
L2008551.UP.FTS.B,
20.27%,
11/09/26
...
16,620
16,583
L2008219.UP.FTS.B,
20.5%,
11/09/26
....
1,117
1,098
L2009017.UP.FTS.B,
20.52%,
11/09/26
...
5,583
789
L2009697.UP.FTS.B,
20.69%,
11/09/26
...
3,857
3,812
FW2004995.UP.FTS.B,
21%,
11/09/26
...
4,482
4,430
FW2007433.UP.FTS.B,
21.02%,
11/09/26
.
5,796
5,784
FW2009325.UP.FTS.B,
21.04%,
11/09/26
.
5,298
127
FW2006513.UP.FTS.B,
21.09%,
11/09/26
.
1,510
1,491
FW2008076.UP.FTS.B,
21.13%,
11/09/26
.
1,767
1,741
L2005679.UP.FTS.B,
21.2%,
11/09/26
....
19,342
19,144
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2009584.UP.FTS.B,
21.3%,
11/09/26
....
$
8,798
$
8,777
L2006375.UP.FTS.B,
21.38%,
11/09/26
...
2,879
2,863
L2008251.UP.FTS.B,
21.4%,
11/09/26
....
3,873
3,828
FW2004906.UP.FTS.B,
21.42%,
11/09/26
.
9,861
9,738
FW2008069.UP.FTS.B,
21.82%,
11/09/26
.
8,464
8,445
L2007361.UP.FTS.B,
21.89%,
11/09/26
...
3,330
3,313
L2008476.UP.FTS.B,
21.9%,
11/09/26
....
11,729
11,593
L2004302.UP.FTS.B,
21.93%,
11/09/26
...
2,486
2,481
L2008042.UP.FTS.B,
22%,
11/09/26
.....
8,161
8,066
L2005261.UP.FTS.B,
22.11%,
11/09/26
...
7,458
7,428
FW2009886.UP.FTS.B,
22.16%,
11/09/26
.
3,112
3,076
L2009468.UP.FTS.B,
22.18%,
11/09/26
...
10,113
10,092
L2009034.UP.FTS.B,
22.22%,
11/09/26
...
5,031
5,001
L2008599.UP.FTS.B,
22.35%,
11/09/26
...
1,558
1,540
L2004674.UP.FTS.B,
22.44%,
11/09/26
...
6,719
6,692
L2007307.UP.FTS.B,
22.83%,
11/09/26
...
3,693
3,676
L2008480.UP.FTS.B,
22.94%,
11/09/26
...
11,721
11,696
L2009304.UP.FTS.B,
23.03%,
11/09/26
...
2,709
2,678
L2007937.UP.FTS.B,
23.09%,
11/09/26
...
11,731
11,595
L2007252.UP.FTS.B,
23.46%,
11/09/26
...
7,114
509
L2005478.UP.FTS.B,
23.62%,
11/09/26
...
14,466
8,503
L2009454.UP.FTS.B,
23.92%,
11/09/26
...
6,236
903
L2007056.UP.FTS.B,
24.37%,
11/09/26
...
1,905
1,897
FW2009608.UP.FTS.B,
24.41%,
11/09/26
.
16,542
16,507
L2008806.UP.FTS.B,
24.53%,
11/09/26
...
6,114
3,596
L2008130.UP.FTS.B,
24.71%,
11/09/26
...
1,143
81
L2007154.UP.FTS.B,
24.83%,
11/09/26
...
3,647
112
L2009932.UP.FTS.B,
24.83%,
11/09/26
...
1,315
94
L2009896.UP.FTS.B,
24.89%,
11/09/26
...
2,369
2,364
L2010117.UP.FTS.B,
24.96%,
11/09/26
...
3,160
3,154
FW2006718.UP.FTS.B,
24.97%,
11/09/26
.
3,950
3,942
FW2008266.UP.FTS.B,
25.01%,
11/09/26
.
5,034
43
L2008356.UP.FTS.B,
25.02%,
11/09/26
...
1,959
1,926
L2007001.UP.FTS.B,
25.04%,
11/09/26
...
1,186
1,172
L2006100.UP.FTS.B,
25.1%,
11/09/26
....
2,842
2,807
L2009837.UP.FTS.B,
25.1%,
11/09/26
....
1,186
1,184
L2006519.UP.FTS.B,
25.11%,
11/09/26
...
1,740
1,736
L1992164.UP.FTS.B,
25.12%,
11/09/26
...
2,689
2,683
L2008646.UP.FTS.B,
25.12%,
11/09/26
...
1,028
1,026
L2005357.UP.FTS.B,
25.2%,
11/09/26
....
3,956
3,948
L2008993.UP.FTS.B,
25.21%,
11/09/26
...
7,488
7,471
FW2006444.UP.FTS.B,
25.24%,
11/09/26
.
4,830
2,852
L2009998.UP.FTS.B,
25.28%,
11/09/26
...
910
907
L2009595.UP.FTS.B,
25.31%,
11/09/26
...
3,282
3,241
L2006252.UP.FTS.B,
25.33%,
11/09/26
...
6,096
6,072
L2007046.UP.FTS.B,
25.34%,
11/09/26
...
1,425
1,422
FW2009941.UP.FTS.B,
25.35%,
11/09/26
.
6,602
6,586
L2009460.UP.FTS.B,
25.35%,
11/09/26
...
2,454
2,449
L2005437.UP.FTS.B,
25.37%,
11/09/26
...
792
790
L2009364.UP.FTS.B,
25.41%,
11/09/26
...
3,991
3,977
L2009802.UP.FTS.B,
25.42%,
11/09/26
...
6,114
6,095
L2007026.UP.FTS.B,
25.44%,
11/09/26
...
1,426
1,423
L1976857.UP.FTS.B,
25.45%,
11/09/26
...
6,337
6,324
L2008185.UP.FTS.B,
25.45%,
11/09/26
...
3,169
3,162
L2005075.UP.FTS.B,
25.48%,
11/09/26
...
1,733
1,720
L2009842.UP.FTS.B,
25.48%,
11/09/26
...
2,386
2,375
FW2005949.UP.FTS.B,
25.57%,
11/09/26
.
5,952
5,898
L2004971.UP.FTS.B,
25.6%,
11/09/26
....
7,890
7,871
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2005577.UP.FTS.B,
25.63%,
11/09/26
...
$
4,758
$
4,748
L2007383.UP.FTS.B,
25.64%,
11/09/26
...
3,093
3,087
L2009877.UP.FTS.B,
25.76%,
11/09/26
...
6,382
926
L2008285.UP.FTS.B,
25.92%,
11/09/26
...
4,447
4,438
L2008078.UP.FTS.B,
26.04%,
11/09/26
...
4,140
(34)
L2007533.UP.FTS.B,
26.06%,
11/09/26
...
6,377
6,293
FW2007576.UP.FTS.B,
26.1%,
11/09/26
..
5,564
5,553
L2009167.UP.FTS.B,
26.14%,
11/09/26
...
7,951
7,935
L2005548.UP.FTS.B,
26.19%,
11/09/26
...
5,249
5,238
FW1993820.UP.FTS.B,
26.38%,
11/09/26
.
4,777
4,767
FW2006658.UP.FTS.B,
26.38%,
11/09/26
.
4,777
4,722
FW2006782.UP.FTS.B,
26.4%,
11/09/26
..
15,925
15,893
L1999796.UP.FTS.B,
26.73%,
11/09/26
...
2,974
2,927
FW2008915.UP.FTS.B,
27.18%,
11/09/26
.
1,305
93
FW2008080.UP.FTS.B,
27.3%,
11/09/26
..
1,200
1,198
FW2009450.UP.FTS.B,
27.39%,
11/09/26
.
6,803
6,785
FW2007457.UP.FTS.B,
27.58%,
11/09/26
.
2,407
2,397
FW2007274.UP.FTS.B,
27.62%,
11/09/26
.
2,064
297
FW2007864.UP.FTS.B,
27.83%,
11/09/26
.
4,010
4,003
FW2006870.UP.FTS.B,
27.89%,
11/09/26
.
5,182
5,170
FW2005768.UP.FTS.B,
27.98%,
11/09/26
.
1,205
1,203
FW2005435.UP.FTS.B,
28.32%,
11/09/26
.
12,061
12,037
FW2006392.UP.FTS.B,
28.34%,
11/09/26
.
1,551
1,534
FW2005859.UP.FTS.B,
28.42%,
11/09/26
.
10,536
10,499
FW2009975.UP.FTS.B,
28.52%,
11/09/26
.
789
782
FW2006618.UP.FTS.B,
28.54%,
11/09/26
.
3,682
3,668
FW2009953.UP.FTS.B,
28.59%,
11/09/26
.
3,623
3,616
FW2007255.UP.FTS.B,
28.65%,
11/09/26
.
4,905
2,888
FW2006396.UP.FTS.B,
28.95%,
11/09/26
.
830
237
FW2009473.UP.FTS.B,
29.09%,
11/09/26
.
4,843
4,834
FW2005194.UP.FTS.B,
29.14%,
11/09/26
.
4,890
4,873
FW2008122.UP.FTS.B,
29.26%,
11/09/26
.
493
484
FW2006599.UP.FTS.B,
29.3%,
11/09/26
..
4,840
1,399
FW2007779.UP.FTS.B,
29.31%,
11/09/26
.
4,168
594
FW2006841.UP.FTS.B,
29.42%,
11/09/26
.
3,396
3,389
FW2009538.UP.FTS.B,
29.42%,
11/09/26
.
2,525
2,516
FW2009687.UP.FTS.B,
29.61%,
11/09/26
.
4,865
4,846
FW2009107.UP.FTS.B,
29.81%,
11/09/26
.
2,942
2,932
FW2009414.UP.FTS.B,
30.01%,
11/09/26
.
9,892
9,873
FW2005675.UP.FTS.B,
30.41%,
11/09/26
.
1,181
1,167
FW2007884.UP.FTS.B,
30.51%,
11/09/26
.
2,467
2,459
FW2009221.UP.FTS.B,
30.79%,
11/09/26
.
10,936
10,895
FW2008923.UP.FTS.B,
30.84%,
11/09/26
.
2,361
2,357
FW2009706.UP.FTS.B,
30.84%,
11/09/26
.
1,309
1,304
FW2006156.UP.FTS.B,
30.87%,
11/09/26
.
1,321
94
FW2007936.UP.FTS.B,
30.89%,
11/09/26
.
3,339
3,333
FW2006359.UP.FTS.B,
30.96%,
11/09/26
.
1,644
970
FW2007277.UP.FTS.B,
30.98%,
11/09/26
.
909
907
FW1985263.UP.FTS.B,
31.02%,
11/09/26
.
1,253
1,248
FW2005025.UP.FTS.B,
31.15%,
11/09/26
.
6,044
6,021
FW2007426.UP.FTS.B,
31.18%,
11/09/26
.
2,003
572
FW2009431.UP.FTS.B,
31.19%,
11/09/26
.
1,730
122
FW2008461.UP.FTS.B,
31.23%,
11/09/26
.
1,586
1,579
FW2008432.UP.FTS.B,
31.3%,
11/09/26
..
3,594
3,587
FW2008400.UP.FTS.B,
31.31%,
11/09/26
.
2,704
2,696
FW2005541.UP.FTS.B,
31.38%,
11/09/26
.
6,729
956
FW2009323.UP.FTS.B,
31.47%,
11/09/26
.
4,897
4,887
FW2009592.UP.FTS.B,
31.5%,
11/09/26
..
2,441
2,421
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2007089.UP.FTS.B,
31.52%,
11/09/26
.
$
6,459
$
1,870
L2005604.UP.FTS.B,
7.24%,
11/15/26
....
16,955
16,797
L2009332.UP.FTS.B,
18.58%,
11/15/26
...
1,915
1,890
L2076555.UP.FTS.B,
9.38%,
11/19/26
....
5,017
4,974
FW2075880.UP.FTS.B,
9.48%,
11/19/26
..
10,400
10,312
L2077362.UP.FTS.B,
10.03%,
11/19/26
...
14,401
14,279
L2077278.UP.FTS.B,
10.24%,
11/19/26
...
1,526
1,513
L2079683.UP.FTS.B,
10.46%,
11/19/26
...
3,222
3,194
L2078817.UP.FTS.B,
10.96%,
11/19/26
...
33,340
33,054
L2077229.UP.FTS.B,
11.22%,
11/19/26
...
14,520
14,396
L2079790.UP.FTS.B,
11.54%,
11/19/26
...
6,185
6,132
L2078831.UP.FTS.B,
11.67%,
11/19/26
...
1,404
1,391
L2075431.UP.FTS.B,
11.87%,
11/19/26
...
16,773
16,630
L2077619.UP.FTS.B,
12.17%,
11/19/26
...
805
797
L2077342.UP.FTS.B,
12.81%,
11/19/26
...
2,936
2,911
L2069545.UP.FTS.B,
12.88%,
11/19/26
...
4,406
4,369
FW2076618.UP.FTS.B,
13.72%,
11/19/26
.
16,986
16,844
L2077586.UP.FTS.B,
13.74%,
11/19/26
...
4,048
4,014
L2079340.UP.FTS.B,
14.05%,
11/19/26
...
2,271
315
L2078387.UP.FTS.B,
14.26%,
11/19/26
...
2,083
2,064
L2080759.UP.FTS.B,
14.39%,
11/19/26
...
11,023
10,928
FW2078825.UP.FTS.B,
14.72%,
11/19/26
.
15,611
15,481
L2079956.UP.FTS.B,
14.89%,
11/19/26
...
5,222
5,170
L2077934.UP.FTS.B,
15.05%,
11/19/26
...
5,587
5,541
L2079762.UP.FTS.B,
15.07%,
11/19/26
...
3,727
3,695
L2078364.UP.FTS.B,
15.16%,
11/19/26
...
4,473
4,435
L2080377.UP.FTS.B,
15.37%,
11/19/26
...
6,718
6,661
L2078013.UP.FTS.B,
15.44%,
11/19/26
...
9,852
9,768
L2076773.UP.FTS.B,
15.83%,
11/19/26
...
4,493
327
L2078858.UP.FTS.B,
16.1%,
11/19/26
....
13,346
13,223
L2077446.UP.FTS.B,
16.31%,
11/19/26
...
5,153
740
L2080949.UP.FTS.B,
16.51%,
11/19/26
...
5,087
5,025
L2077345.UP.FTS.B,
16.52%,
11/19/26
...
2,031
2,014
L2078556.UP.FTS.B,
16.55%,
11/19/26
...
3,546
3,510
L2077624.UP.FTS.B,
16.62%,
11/19/26
...
34,722
32,703
L2077136.UP.FTS.B,
16.73%,
11/19/26
...
7,530
7,466
FW2080998.UP.FTS.B,
16.87%,
11/19/26
.
724
718
FW2078513.UP.FTS.B,
16.88%,
11/19/26
.
13,568
13,453
L2079147.UP.FTS.B,
16.93%,
11/19/26
...
12,787
12,678
L2080899.UP.FTS.B,
17.22%,
11/19/26
...
4,943
351
L2073789.UP.FTS.B,
17.39%,
11/19/26
...
2,269
2,250
L2078117.UP.FTS.B,
17.47%,
11/19/26
...
2,356
2,333
L2078785.UP.FTS.B,
17.53%,
11/19/26
...
7,568
7,499
FW2077194.UP.FTS.B,
17.96%,
11/19/26
.
7,628
7,188
L2079526.UP.FTS.B,
17.98%,
11/19/26
...
2,884
2,860
FW2077428.UP.FTS.B,
18.23%,
11/19/26
.
7,601
7,531
L2078320.UP.FTS.B,
18.26%,
11/19/26
...
2,487
2,460
L2077316.UP.FTS.B,
18.51%,
11/19/26
...
5,704
207
L2078541.UP.FTS.B,
18.53%,
11/19/26
...
2,665
2,641
L2078767.UP.FTS.B,
18.54%,
11/19/26
...
761
755
FW2080677.UP.FTS.B,
18.72%,
11/19/26
.
13,196
12,442
L2080184.UP.FTS.B,
19.05%,
11/19/26
...
4,274
4,078
FW2078252.UP.FTS.B,
19.1%,
11/19/26
..
1,364
1,347
L2079089.UP.FTS.B,
19.11%,
11/19/26
...
4,588
4,549
L2077889.UP.FTS.B,
19.41%,
11/19/26
...
5,664
5,612
L1966479.UP.FTS.B,
19.7%,
11/19/26
....
9,433
546
L2079136.UP.FTS.B,
19.7%,
11/19/26
....
12,653
12,663
FW2078808.UP.FTS.B,
19.87%,
11/19/26
.
19,189
19,014
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2077834.UP.FTS.B,
19.87%,
11/19/26
...
$
11,535
$
11,409
FW2076082.UP.FTS.B,
20.04%,
11/19/26
.
15,268
15,125
L2078706.UP.FTS.B,
20.11%,
11/19/26
...
6,150
6,094
L2080653.UP.FTS.B,
20.24%,
11/19/26
...
3,462
3,430
L2077864.UP.FTS.B,
20.33%,
11/19/26
...
16,934
16,780
L2076267.UP.FTS.B,
20.73%,
11/19/26
...
11,462
11,079
L2077767.UP.FTS.B,
20.73%,
11/19/26
...
7,715
7,722
FW2079399.UP.FTS.B,
20.8%,
11/19/26
..
13,865
13,875
L2051484.UP.FTS.B,
21.26%,
11/19/26
...
1,626
239
L2077511.UP.FTS.B,
21.66%,
11/19/26
...
3,986
286
FW2080860.UP.FTS.B,
21.93%,
11/19/26
.
15,300
15,299
FW2076510.UP.FTS.B,
22.17%,
11/19/26
.
31,118
30,836
L2080597.UP.FTS.B,
22.59%,
11/19/26
...
1,716
1,717
L2078431.UP.FTS.B,
23.7%,
11/19/26
....
2,341
2,343
L2079001.UP.FTS.B,
24.08%,
11/19/26
...
11,726
11,701
L2077380.UP.FTS.B,
24.14%,
11/19/26
...
3,784
3,780
FW2076263.UP.FTS.B,
24.18%,
11/19/26
.
2,439
2,419
FW2079138.UP.FTS.B,
24.71%,
11/19/26
.
11,971
11,295
L2051923.UP.FTS.B,
24.73%,
11/19/26
...
1,369
1,363
L2077667.UP.FTS.B,
24.74%,
11/19/26
...
1,656
118
L2075615.UP.FTS.B,
25.09%,
11/19/26
...
2,046
145
FW2078837.UP.FTS.B,
25.18%,
11/19/26
.
2,057
2,038
L2077756.UP.FTS.B,
25.18%,
11/19/26
...
949
950
L2080819.UP.FTS.B,
25.23%,
11/19/26
...
1,345
1,347
L2080514.UP.FTS.B,
25.27%,
11/19/26
...
1,741
1,743
L2055608.UP.FTS.B,
25.35%,
11/19/26
...
1,344
18
L2078857.UP.FTS.B,
25.44%,
11/19/26
...
1,347
1,348
L2079636.UP.FTS.B,
25.5%,
11/19/26
....
1,981
1,983
L2080879.UP.FTS.B,
25.51%,
11/19/26
...
3,328
3,331
FW2080532.UP.FTS.B,
25.55%,
11/19/26
.
16,718
4,733
L2080301.UP.FTS.B,
25.61%,
11/19/26
...
3,160
3,163
L2076428.UP.FTS.B,
25.82%,
11/19/26
...
6,881
6,562
L2076758.UP.FTS.B,
25.84%,
11/19/26
...
3,712
3,542
L2077747.UP.FTS.B,
25.84%,
11/19/26
...
5,716
5,722
FW2075811.UP.FTS.B,
25.85%,
11/19/26
.
873
866
L2076862.UP.FTS.B,
25.93%,
11/19/26
...
4,928
4,933
L2080433.UP.FTS.B,
25.97%,
11/19/26
...
1,937
1,828
FW2080275.UP.FTS.B,
26.15%,
11/19/26
.
2,783
2,785
L2076228.UP.FTS.B,
26.28%,
11/19/26
...
2,793
2,790
FW2078057.UP.FTS.B,
26.47%,
11/19/26
.
1,372
1,363
FW2079458.UP.FTS.B,
26.51%,
11/19/26
.
2,190
2,161
L2080156.UP.FTS.B,
26.56%,
11/19/26
...
2,391
2,393
FW2076617.UP.FTS.B,
26.67%,
11/19/26
.
23,282
23,304
L2076223.UP.FTS.B,
26.74%,
11/19/26
...
8,465
8,066
FW2070515.UP.FTS.B,
26.89%,
11/19/26
.
3,592
3,596
L2075827.UP.FTS.B,
27%,
11/19/26
.....
7,428
7,435
FW2073062.UP.FTS.B,
27.11%,
11/19/26
.
11,996
12,009
FW2076319.UP.FTS.B,
27.45%,
11/19/26
.
3,202
3,205
FW2077691.UP.FTS.B,
28%,
11/19/26
...
6,613
1,925
FW2078778.UP.FTS.B,
28.26%,
11/19/26
.
696
686
FW2079921.UP.FTS.B,
29.67%,
11/19/26
.
2,392
2,392
FW2072591.UP.FTS.B,
29.87%,
11/19/26
.
2,812
199
FW2077874.UP.FTS.B,
30.42%,
11/19/26
.
5,936
5,667
FW2078643.UP.FTS.B,
30.58%,
11/19/26
.
850
836
FW2078839.UP.FTS.B,
30.61%,
11/19/26
.
656
652
FW2076598.UP.FTS.B,
31.11%,
11/19/26
.
751
748
FW2074352.UP.FTS.B,
31.13%,
11/19/26
.
934
140
FW2075287.UP.FTS.B,
31.46%,
11/19/26
.
6,420
6,384
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2076836.UP.FTS.B,
31.47%,
11/19/26
.
$
6,405
$
6,102
L2008862.UP.FTS.B,
25.44%,
11/21/26
...
2,737
2,603
FW2079511.UP.FTS.B,
9.94%,
12/01/26
..
4,799
4,756
FW2200360.UP.FTS.B,
6%,
12/07/26
....
337
332
L2198358.UP.FTS.B,
7.09%,
12/07/26
....
2,499
2,469
L2196810.UP.FTS.B,
7.42%,
12/07/26
....
4,333
4,290
L2198501.UP.FTS.B,
8.94%,
12/07/26
....
2,919
2,890
L2195995.UP.FTS.B,
9.12%,
12/07/26
....
3,142
3,111
L2199695.UP.FTS.B,
9.66%,
12/07/26
....
4,401
4,357
L2199924.UP.FTS.B,
9.76%,
12/07/26
....
5,137
5,087
L2198890.UP.FTS.B,
10.21%,
12/07/26
...
1,104
1,094
FW2200013.UP.FTS.B,
10.26%,
12/07/26
.
10,310
10,197
L2199199.UP.FTS.B,
10.28%,
12/07/26
...
7,070
6,993
L2198751.UP.FTS.B,
10.42%,
12/07/26
...
5,898
5,833
L2199240.UP.FTS.B,
10.7%,
12/07/26
....
6,056
5,997
L2196100.UP.FTS.B,
10.99%,
12/07/26
...
1,184
1,172
FW2198003.UP.FTS.B,
11.06%,
12/07/26
.
6,703
6,625
L2197856.UP.FTS.B,
11.23%,
12/07/26
...
4,003
3,959
L2197172.UP.FTS.B,
11.42%,
12/07/26
...
7,351
7,270
L2196592.UP.FTS.B,
11.62%,
12/07/26
...
4,012
3,969
L2197038.UP.FTS.B,
12.26%,
12/07/26
...
2,985
2,952
FW2199260.UP.FTS.B,
12.51%,
12/07/26
.
18,310
18,110
L2199654.UP.FTS.B,
12.66%,
12/07/26
...
4,299
4,250
L2200204.UP.FTS.B,
12.79%,
12/07/26
...
9,734
9,628
L2200250.UP.FTS.B,
13.28%,
12/07/26
...
3,755
3,715
L2197658.UP.FTS.B,
13.72%,
12/07/26
...
3,766
3,725
FW2198165.UP.FTS.B,
14.07%,
12/07/26
.
1,057
1,045
FW2198593.UP.FTS.B,
14.12%,
12/07/26
.
4,531
4,482
L2197131.UP.FTS.B,
14.14%,
12/07/26
...
831
822
L2199997.UP.FTS.B,
14.15%,
12/07/26
...
2,794
2,764
L2196035.UP.FTS.B,
14.38%,
12/07/26
...
4,240
1,077
L2196588.UP.FTS.B,
14.6%,
12/07/26
....
8,160
8,071
L2196864.UP.FTS.B,
14.96%,
12/07/26
...
5,313
5,256
L2198350.UP.FTS.B,
15.19%,
12/07/26
...
733
724
L2197650.UP.FTS.B,
15.41%,
12/07/26
...
5,709
5,647
L2199860.UP.FTS.B,
16.1%,
12/07/26
....
11,423
11,278
L2199879.UP.FTS.B,
16.31%,
12/07/26
...
11,378
11,255
L2198446.UP.FTS.B,
16.58%,
12/07/26
...
37,974
37,493
L2199625.UP.FTS.B,
16.62%,
12/07/26
...
7,669
7,573
L2198880.UP.FTS.B,
16.74%,
12/07/26
...
2,801
2,760
L2198467.UP.FTS.B,
16.99%,
12/07/26
...
15,369
15,151
L2197174.UP.FTS.B,
17.08%,
12/07/26
...
11,568
11,408
FW2197380.UP.FTS.B,
17.12%,
12/07/26
.
2,307
2,278
L2198345.UP.FTS.B,
17.18%,
12/07/26
...
18,308
18,078
L2195192.UP.FTS.B,
17.22%,
12/07/26
...
2,549
2,514
L2198376.UP.FTS.B,
17.42%,
12/07/26
...
16,987
16,717
L2194879.UP.FTS.B,
17.51%,
12/07/26
...
15,107
14,901
L2192178.UP.FTS.B,
17.53%,
12/07/26
...
5,782
5,709
FW2196193.UP.FTS.B,
17.59%,
12/07/26
.
19,287
19,045
L2199819.UP.FTS.B,
17.72%,
12/07/26
...
13,901
13,741
L2199007.UP.FTS.B,
17.87%,
12/07/26
...
5,037
365
L2200255.UP.FTS.B,
17.89%,
12/07/26
...
6,193
6,094
L2199726.UP.FTS.B,
18.1%,
12/07/26
....
4,641
4,582
L2195959.UP.FTS.B,
18.12%,
12/07/26
...
9,003
8,888
L2196210.UP.FTS.B,
18.42%,
12/07/26
...
13,757
995
FW2198541.UP.FTS.B,
18.65%,
12/07/26
.
21,056
1,522
L2196412.UP.FTS.B,
18.83%,
12/07/26
...
1,398
1,381
L2200053.UP.FTS.B,
18.87%,
12/07/26
...
8,430
609
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2199248.UP.FTS.B,
19.04%,
12/07/26
...
$
11,665
$
11,519
L2196821.UP.FTS.B,
19.59%,
12/07/26
...
5,716
408
L2199663.UP.FTS.B,
19.69%,
12/07/26
...
4,683
4,616
L2169437.UP.FTS.B,
19.73%,
12/07/26
...
7,824
7,700
FW2198520.UP.FTS.B,
20.07%,
12/07/26
.
7,765
7,652
L2199129.UP.FTS.B,
20.12%,
12/07/26
...
1,722
1,700
L2198874.UP.FTS.B,
20.19%,
12/07/26
...
3,131
3,092
L2199523.UP.FTS.B,
20.46%,
12/07/26
...
2,942
2,895
L2196447.UP.FTS.B,
20.62%,
12/07/26
...
5,097
5,033
L2197655.UP.FTS.B,
20.75%,
12/07/26
...
3,926
3,906
FW2199633.UP.FTS.B,
20.94%,
12/07/26
.
6,727
489
L2196680.UP.FTS.B,
21.47%,
12/07/26
...
4,877
4,808
L2197631.UP.FTS.B,
21.55%,
12/07/26
...
3,553
3,496
L2196825.UP.FTS.B,
21.8%,
12/07/26
....
5,140
5,103
FW2198237.UP.FTS.B,
21.87%,
12/07/26
.
3,951
3,931
L2196775.UP.FTS.B,
22.04%,
12/07/26
...
791
780
FW2199825.UP.FTS.B,
22.12%,
12/07/26
.
1,582
1,574
L2196730.UP.FTS.B,
22.21%,
12/07/26
...
13,852
13,782
L2191085.UP.FTS.B,
22.33%,
12/07/26
...
2,644
1,549
L2199874.UP.FTS.B,
22.34%,
12/07/26
...
6,497
6,464
L2192706.UP.FTS.B,
22.47%,
12/07/26
...
7,921
7,880
L2197670.UP.FTS.B,
22.54%,
12/07/26
...
3,022
3,000
L2185222.UP.FTS.B,
23.13%,
12/07/26
...
4,680
4,652
FW2200346.UP.FTS.B,
23.2%,
12/07/26
..
8,441
1,214
FW2196522.UP.FTS.B,
23.26%,
12/07/26
.
4,776
4,751
L2195799.UP.FTS.B,
23.37%,
12/07/26
...
7,686
7,579
FW2199894.UP.FTS.B,
23.38%,
12/07/26
.
6,868
492
L2198106.UP.FTS.B,
23.42%,
12/07/26
...
5,141
5,112
FW2192438.UP.FTS.B,
23.66%,
12/07/26
.
9,572
9,523
L2198616.UP.FTS.B,
24.08%,
12/07/26
...
10
10
FW2195703.UP.FTS.B,
24.25%,
12/07/26
.
1,440
1,433
FW2196745.UP.FTS.B,
24.4%,
12/07/26
..
4,777
4,751
FW2200190.UP.FTS.B,
24.4%,
12/07/26
..
2,002
1,991
L2196637.UP.FTS.B,
24.42%,
12/07/26
...
11,933
11,871
L2200210.UP.FTS.B,
24.56%,
12/07/26
...
16,030
15,800
L2197090.UP.FTS.B,
24.84%,
12/07/26
...
4,083
4,051
L2200145.UP.FTS.B,
24.91%,
12/07/26
...
803
799
L2196714.UP.FTS.B,
25.02%,
12/07/26
...
2,356
2,335
L2195912.UP.FTS.B,
25.21%,
12/07/26
...
6,594
6,560
L2198146.UP.FTS.B,
25.25%,
12/07/26
...
1,689
1,680
L2196219.UP.FTS.B,
25.27%,
12/07/26
...
7,561
7,522
L2198546.UP.FTS.B,
25.32%,
12/07/26
...
1,207
1,201
L2199586.UP.FTS.B,
25.33%,
12/07/26
...
887
881
L2195664.UP.FTS.B,
25.4%,
12/07/26
....
255
250
L2199661.UP.FTS.B,
25.4%,
12/07/26
....
2,254
2,242
L2198050.UP.FTS.B,
25.44%,
12/07/26
...
4,192
4,162
L2197183.UP.FTS.B,
25.46%,
12/07/26
...
1,369
1,362
L2197844.UP.FTS.B,
25.47%,
12/07/26
...
4,297
4,268
L2198441.UP.FTS.B,
25.48%,
12/07/26
...
11,464
11,387
FW2197368.UP.FTS.B,
25.58%,
12/07/26
.
8,056
8,014
L2199814.UP.FTS.B,
25.68%,
12/07/26
...
4,836
4,811
FW2199793.UP.FTS.B,
25.9%,
12/07/26
..
6,456
6,422
FW2196103.UP.FTS.B,
26.48%,
12/07/26
.
903
887
FW2195998.UP.FTS.B,
26.86%,
12/07/26
.
14,526
14,409
FW2199488.UP.FTS.B,
27.83%,
12/07/26
.
1,845
522
FW2198564.UP.FTS.B,
27.96%,
12/07/26
.
3,762
2,221
FW2195741.UP.FTS.B,
28.07%,
12/07/26
.
1,223
1,217
FW2200076.UP.FTS.B,
28.24%,
12/07/26
.
40,816
40,602
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2200069.UP.FTS.B,
28.54%,
12/07/26
.
$
3,450
$
3,421
FW2198203.UP.FTS.B,
29.09%,
12/07/26
.
3,210
913
FW2198176.UP.FTS.B,
29.22%,
12/07/26
.
3,317
3,295
FW2195399.UP.FTS.B,
29.81%,
12/07/26
.
1,892
1,882
FW2198601.UP.FTS.B,
30.14%,
12/07/26
.
4,119
4,097
FW2199215.UP.FTS.B,
30.27%,
12/07/26
.
2,648
2,629
FW2198672.UP.FTS.B,
30.42%,
12/07/26
.
4,948
4,922
FW2198825.UP.FTS.B,
30.6%,
12/07/26
..
2,890
2,875
FW2197604.UP.FTS.B,
30.64%,
12/07/26
.
2,724
2,710
FW2198089.UP.FTS.B,
30.83%,
12/07/26
.
1,827
259
FW2198098.UP.FTS.B,
31%,
12/07/26
...
4,889
4,854
FW2196279.UP.FTS.B,
31.01%,
12/07/26
.
2,894
2,879
FW2197407.UP.FTS.B,
31.19%,
12/07/26
.
5,138
(84)
FW2198390.UP.FTS.B,
31.22%,
12/07/26
.
2,236
2,224
FW2197133.UP.FTS.B,
31.45%,
12/07/26
.
3,676
3,651
FW2198397.UP.FTS.B,
32.23%,
12/07/26
.
4,889
2,882
FW2199153.UP.FTS.B,
32.29%,
12/07/26
.
3,992
3,971
FW2199632.UP.FTS.B,
32.42%,
12/07/26
.
4,078
4,056
L2201511.UP.FTS.B,
5.03%,
12/08/26
....
8,007
7,933
L2201100.UP.FTS.B,
5.82%,
12/08/26
....
7,141
7,076
FW2201687.UP.FTS.B,
5.98%,
12/08/26
..
3,296
3,267
L2203382.UP.FTS.B,
6.5%,
12/08/26
....
7,175
7,113
L2203741.UP.FTS.B,
7.33%,
12/08/26
....
14,434
14,295
L2206413.UP.FTS.B,
7.44%,
12/08/26
....
6,501
6,439
L2201126.UP.FTS.B,
7.87%,
12/08/26
....
15,939
15,786
L2200918.UP.FTS.B,
8.74%,
12/08/26
....
3,134
3,105
L2201288.UP.FTS.B,
9.13%,
12/08/26
....
2,412
2,389
L2197657.UP.FTS.B,
9.74%,
12/08/26
....
3,155
3,126
FW2202215.UP.FTS.B,
9.76%,
12/08/26
..
32,021
31,671
L2202140.UP.FTS.B,
10.05%,
12/08/26
...
2,788
2,759
L2202043.UP.FTS.B,
10.08%,
12/08/26
...
14,710
14,572
L2206922.UP.FTS.B,
10.23%,
12/08/26
...
12,643
12,499
L2205692.UP.FTS.B,
10.33%,
12/08/26
...
12,158
12,044
L2205203.UP.FTS.B,
10.54%,
12/08/26
...
13,803
13,646
L2203887.UP.FTS.B,
10.82%,
12/08/26
...
5,913
5,852
L2202359.UP.FTS.B,
10.96%,
12/08/26
...
2,613
2,588
L2205258.UP.FTS.B,
10.97%,
12/08/26
...
2,726
2,696
L2202707.UP.FTS.B,
11.01%,
12/08/26
...
7,401
7,325
L2200873.UP.FTS.B,
11.09%,
12/08/26
...
6,664
6,595
L2205661.UP.FTS.B,
11.13%,
12/08/26
...
8,888
8,795
L2201926.UP.FTS.B,
11.2%,
12/08/26
....
1,482
1,468
FW2202691.UP.FTS.B,
11.21%,
12/08/26
.
2,223
2,202
L2204932.UP.FTS.B,
11.21%,
12/08/26
...
11,857
11,734
L2201522.UP.FTS.B,
11.25%,
12/08/26
...
14,825
14,671
L2200051.UP.FTS.B,
11.78%,
12/08/26
...
7,885
7,803
L2204302.UP.FTS.B,
11.78%,
12/08/26
...
2,268
1,203
L2205067.UP.FTS.B,
11.79%,
12/08/26
...
8,927
8,835
FW2201210.UP.FTS.B,
12.48%,
12/08/26
.
1,494
1,479
L2201401.UP.FTS.B,
12.51%,
12/08/26
...
5,231
5,178
L2201130.UP.FTS.B,
12.56%,
12/08/26
...
4,032
1,018
L2201683.UP.FTS.B,
13.05%,
12/08/26
...
2,250
2,227
L2203910.UP.FTS.B,
13.18%,
12/08/26
...
8,633
8,544
L2202867.UP.FTS.B,
13.27%,
12/08/26
...
3,375
3,336
FW2206272.UP.FTS.B,
13.35%,
12/08/26
.
2,254
2,231
L2206744.UP.FTS.B,
13.51%,
12/08/26
...
22,564
22,334
L2202159.UP.FTS.B,
13.54%,
12/08/26
...
18,808
18,638
FW2201344.UP.FTS.B,
13.64%,
12/08/26
.
5,343
388
L2202534.UP.FTS.B,
13.68%,
12/08/26
...
11,295
11,180
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2203497.UP.FTS.B,
13.78%,
12/08/26
...
$
4,521
$
4,475
L2203856.UP.FTS.B,
13.82%,
12/08/26
...
22,712
22,463
L2200884.UP.FTS.B,
13.99%,
12/08/26
...
5,583
5,526
L2204734.UP.FTS.B,
13.99%,
12/08/26
...
2,782
2,753
L2189789.UP.FTS.B,
14.09%,
12/08/26
...
2,894
2,857
L2201701.UP.FTS.B,
14.19%,
12/08/26
...
5,287
5,234
L2200543.UP.FTS.B,
14.23%,
12/08/26
...
3,778
3,740
FW2206534.UP.FTS.B,
14.38%,
12/08/26
.
2,419
2,394
FW2201365.UP.FTS.B,
14.41%,
12/08/26
.
10,968
10,857
L2200506.UP.FTS.B,
14.67%,
12/08/26
...
4,546
4,500
L2205095.UP.FTS.B,
14.72%,
12/08/26
...
1,658
1,634
L2205970.UP.FTS.B,
14.78%,
12/08/26
...
2,040
2,019
L2203172.UP.FTS.B,
14.86%,
12/08/26
...
7,586
7,509
FW2203636.UP.FTS.B,
14.99%,
12/08/26
.
3,803
3,762
L2206751.UP.FTS.B,
15.19%,
12/08/26
...
10,442
10,335
L2201429.UP.FTS.B,
15.27%,
12/08/26
...
9,082
8,989
L2201509.UP.FTS.B,
15.29%,
12/08/26
...
3,154
3,109
L2203888.UP.FTS.B,
15.35%,
12/08/26
...
2,282
2,259
L2196904.UP.FTS.B,
15.38%,
12/08/26
...
4,897
193
L2202058.UP.FTS.B,
15.4%,
12/08/26
....
2,283
2,256
L2201650.UP.FTS.B,
15.45%,
12/08/26
...
3,046
3,015
L2205307.UP.FTS.B,
15.66%,
12/08/26
...
1,532
1,512
L2193881.UP.FTS.B,
15.75%,
12/08/26
...
3,356
3,317
L2200487.UP.FTS.B,
15.87%,
12/08/26
...
4,903
4,850
L2205432.UP.FTS.B,
15.94%,
12/08/26
...
18,911
18,687
L2206448.UP.FTS.B,
16%,
12/08/26
.....
8,021
7,940
L2195672.UP.FTS.B,
16.2%,
12/08/26
....
9,789
9,674
L2201272.UP.FTS.B,
16.5%,
12/08/26
....
3,834
3,793
L2202979.UP.FTS.B,
16.63%,
12/08/26
...
1,534
1,518
L2203269.UP.FTS.B,
16.66%,
12/08/26
...
3,451
3,411
L2203656.UP.FTS.B,
16.77%,
12/08/26
...
2,300
78
L2205448.UP.FTS.B,
16.81%,
12/08/26
...
8,347
2,270
L2205367.UP.FTS.B,
16.83%,
12/08/26
...
2,398
2,367
L2205691.UP.FTS.B,
16.93%,
12/08/26
...
36,874
36,444
L2206760.UP.FTS.B,
17.01%,
12/08/26
...
34,937
34,491
L2200739.UP.FTS.B,
17.06%,
12/08/26
...
2,076
2,051
L2200406.UP.FTS.B,
17.28%,
12/08/26
...
3,387
3,348
L2201984.UP.FTS.B,
17.35%,
12/08/26
...
4,994
4,935
L2204275.UP.FTS.B,
17.48%,
12/08/26
...
4,298
4,247
L2203876.UP.FTS.B,
17.53%,
12/08/26
...
16,969
16,747
L2202653.UP.FTS.B,
17.59%,
12/08/26
...
9,563
9,451
L2203323.UP.FTS.B,
17.63%,
12/08/26
...
1,173
1,156
L2200437.UP.FTS.B,
17.72%,
12/08/26
...
1,929
1,904
L2202435.UP.FTS.B,
17.87%,
12/08/26
...
3,997
1,093
L2206114.UP.FTS.B,
17.92%,
12/08/26
...
1,545
1,527
L2201870.UP.FTS.B,
17.98%,
12/08/26
...
2,319
2,288
L2201314.UP.FTS.B,
18.04%,
12/08/26
...
4,068
565
L2202238.UP.FTS.B,
18.11%,
12/08/26
...
10,112
9,982
L2198222.UP.FTS.B,
18.15%,
12/08/26
...
2,786
2,749
FW2200514.UP.FTS.B,
18.68%,
12/08/26
.
7,808
4,445
L2202316.UP.FTS.B,
18.78%,
12/08/26
...
1,956
1,927
L2203614.UP.FTS.B,
18.9%,
12/08/26
....
12,017
6,870
FW2203630.UP.FTS.B,
18.91%,
12/08/26
.
7,788
7,672
L2202526.UP.FTS.B,
19.03%,
12/08/26
...
8,299
213
FW2204149.UP.FTS.B,
19.13%,
12/08/26
.
3,897
3,839
FW2201703.UP.FTS.B,
19.15%,
12/08/26
.
2,714
2,678
L2171699.UP.FTS.B,
19.26%,
12/08/26
...
7,790
7,759
FW2201480.UP.FTS.B,
19.28%,
12/08/26
.
5,452
5,389
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2198227.UP.FTS.B,
19.34%,
12/08/26
...
$
1,701
$
239
FW2206855.UP.FTS.B,
19.38%,
12/08/26
.
3,896
3,858
L2204805.UP.FTS.B,
19.42%,
12/08/26
...
8,339
8,229
L2204012.UP.FTS.B,
19.62%,
12/08/26
...
2,517
1,401
L2201833.UP.FTS.B,
19.78%,
12/08/26
...
3,901
3,849
L2200534.UP.FTS.B,
19.8%,
12/08/26
....
6,771
487
L2203346.UP.FTS.B,
19.86%,
12/08/26
...
5,001
4,943
L2203970.UP.FTS.B,
19.89%,
12/08/26
...
1,720
1,697
L2203336.UP.FTS.B,
19.94%,
12/08/26
...
2,563
2,529
FW2185665.UP.FTS.B,
20.17%,
12/08/26
.
11,702
11,565
L2200446.UP.FTS.B,
20.19%,
12/08/26
...
861
849
FW2202220.UP.FTS.B,
20.45%,
12/08/26
.
15,753
15,663
L2198053.UP.FTS.B,
20.47%,
12/08/26
...
2,966
2,927
L2200528.UP.FTS.B,
20.47%,
12/08/26
...
2,744
2,708
L2201790.UP.FTS.B,
20.6%,
12/08/26
....
2,197
2,168
FW2201941.UP.FTS.B,
20.91%,
12/08/26
.
3,191
1,770
FW2201844.UP.FTS.B,
20.97%,
12/08/26
.
2,178
2,133
L2202584.UP.FTS.B,
20.98%,
12/08/26
...
6,013
3,429
FW2205623.UP.FTS.B,
21.01%,
12/08/26
.
8,650
8,616
L2203340.UP.FTS.B,
21.11%,
12/08/26
...
3,925
3,909
L2201499.UP.FTS.B,
21.34%,
12/08/26
...
8,666
8,631
L2203266.UP.FTS.B,
21.37%,
12/08/26
...
4,045
2,375
L2203685.UP.FTS.B,
21.52%,
12/08/26
...
2,760
2,749
L2207000.UP.FTS.B,
21.53%,
12/08/26
...
15,773
15,565
L2206634.UP.FTS.B,
21.58%,
12/08/26
...
1,735
1,729
FW2206963.UP.FTS.B,
21.68%,
12/08/26
.
4,318
312
FW2200309.UP.FTS.B,
21.86%,
12/08/26
.
2,835
2,823
FW2204080.UP.FTS.B,
22.08%,
12/08/26
.
6,332
456
L2200826.UP.FTS.B,
22.16%,
12/08/26
...
7,916
7,885
L2204816.UP.FTS.B,
22.27%,
12/08/26
...
7,534
7,423
FW2202543.UP.FTS.B,
22.46%,
12/08/26
.
1,506
1,486
L2200624.UP.FTS.B,
22.5%,
12/08/26
....
1,586
1,565
L2204327.UP.FTS.B,
22.78%,
12/08/26
...
1,103
1,082
L2201275.UP.FTS.B,
22.92%,
12/08/26
...
3,021
3,002
L2203293.UP.FTS.B,
22.93%,
12/08/26
...
1,351
1,333
FW2203667.UP.FTS.B,
23.01%,
12/08/26
.
11,925
11,879
L2201018.UP.FTS.B,
23.52%,
12/08/26
...
3,986
3,970
L2204624.UP.FTS.B,
23.54%,
12/08/26
...
15,993
15,900
L2203557.UP.FTS.B,
23.55%,
12/08/26
...
1,326
1,316
L2200929.UP.FTS.B,
23.61%,
12/08/26
...
1,982
1,974
L2205223.UP.FTS.B,
23.62%,
12/08/26
...
4,029
4,007
L2200784.UP.FTS.B,
23.63%,
12/08/26
...
8,080
4,753
L2197277.UP.FTS.B,
23.68%,
12/08/26
...
5,186
5,166
L2197979.UP.FTS.B,
23.7%,
12/08/26
....
3,272
1,923
L2205882.UP.FTS.B,
23.83%,
12/08/26
...
2,396
2,368
L2204897.UP.FTS.B,
23.87%,
12/08/26
...
21,255
21,007
FW2200085.UP.FTS.B,
23.88%,
12/08/26
.
2,396
2,387
L2169986.UP.FTS.B,
24.03%,
12/08/26
...
12,100
12,036
FW2202739.UP.FTS.B,
24.09%,
12/08/26
.
1,919
1,911
L2205789.UP.FTS.B,
24.11%,
12/08/26
...
4,797
4,779
L2200886.UP.FTS.B,
24.19%,
12/08/26
...
4,029
3,970
L2203589.UP.FTS.B,
24.35%,
12/08/26
...
3,916
3,898
L2201603.UP.FTS.B,
24.38%,
12/08/26
...
4,005
3,989
L2199578.UP.FTS.B,
24.39%,
12/08/26
...
1,220
698
L2204440.UP.FTS.B,
24.51%,
12/08/26
...
962
958
L2200752.UP.FTS.B,
24.63%,
12/08/26
...
802
799
FW2200668.UP.FTS.B,
24.66%,
12/08/26
.
10,024
9,985
L2205328.UP.FTS.B,
24.68%,
12/08/26
...
1,606
1,596
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2198942.UP.FTS.B,
24.77%,
12/08/26
.
$
15,483
$
15,406
L2200911.UP.FTS.B,
24.82%,
12/08/26
...
3,754
3,728
L2205953.UP.FTS.B,
24.83%,
12/08/26
...
1,428
1,402
L2201876.UP.FTS.B,
24.84%,
12/08/26
...
883
880
L2198801.UP.FTS.B,
24.91%,
12/08/26
...
2,482
703
L2200418.UP.FTS.B,
24.91%,
12/08/26
...
6,152
6,070
L2201388.UP.FTS.B,
24.93%,
12/08/26
...
2,359
2,347
L2201658.UP.FTS.B,
24.93%,
12/08/26
...
1,044
1,030
L2200868.UP.FTS.B,
24.96%,
12/08/26
...
1,985
1,967
L2201301.UP.FTS.B,
25.03%,
12/08/26
...
3,798
271
L2203217.UP.FTS.B,
25.16%,
12/08/26
...
892
888
L2202329.UP.FTS.B,
25.17%,
12/08/26
...
1,954
1,930
L2205039.UP.FTS.B,
25.2%,
12/08/26
....
2,758
2,718
L2202422.UP.FTS.B,
25.21%,
12/08/26
...
2,945
2,932
L2201763.UP.FTS.B,
25.22%,
12/08/26
...
5,677
3,158
L2203014.UP.FTS.B,
25.25%,
12/08/26
...
4,021
4,006
L2203545.UP.FTS.B,
25.27%,
12/08/26
...
1,571
112
L2201547.UP.FTS.B,
25.28%,
12/08/26
...
2,013
2,001
L2204236.UP.FTS.B,
25.3%,
12/08/26
....
4,746
4,714
L2203159.UP.FTS.B,
25.32%,
12/08/26
...
8,180
8,046
L2201267.UP.FTS.B,
25.35%,
12/08/26
...
925
920
L2207019.UP.FTS.B,
25.36%,
12/08/26
...
1,311
1,300
L2203473.UP.FTS.B,
25.37%,
12/08/26
...
1,771
1,748
L2206798.UP.FTS.B,
25.37%,
12/08/26
...
1,563
1,537
L2204385.UP.FTS.B,
25.38%,
12/08/26
...
966
962
L2204272.UP.FTS.B,
25.42%,
12/08/26
...
1,279
1,271
L2201606.UP.FTS.B,
25.43%,
12/08/26
...
2,174
2,165
L2200539.UP.FTS.B,
25.48%,
12/08/26
...
4,350
4,333
L2200596.UP.FTS.B,
25.49%,
12/08/26
...
8,413
8,366
L2202382.UP.FTS.B,
25.5%,
12/08/26
....
1,450
1,444
L2204469.UP.FTS.B,
25.55%,
12/08/26
...
2,511
2,497
L2206619.UP.FTS.B,
25.63%,
12/08/26
...
6,044
6,021
FW2202148.UP.FTS.B,
25.64%,
12/08/26
.
2,277
197
L2201626.UP.FTS.B,
25.65%,
12/08/26
...
5,158
5,138
FW2202207.UP.FTS.B,
25.82%,
12/08/26
.
8,620
8,586
L2200110.UP.FTS.B,
25.93%,
12/08/26
...
6,055
6,032
L2205529.UP.FTS.B,
25.96%,
12/08/26
...
5,650
5,629
L2200501.UP.FTS.B,
26.06%,
12/08/26
...
1,777
1,770
FW2201661.UP.FTS.B,
26.35%,
12/08/26
.
13,022
205
FW2204619.UP.FTS.B,
26.36%,
12/08/26
.
2,022
2,014
L2200760.UP.FTS.B,
26.49%,
12/08/26
...
8,904
8,870
L2203179.UP.FTS.B,
26.54%,
12/08/26
...
3,368
958
FW2205293.UP.FTS.B,
26.73%,
12/08/26
.
3,241
3,229
FW2205802.UP.FTS.B,
27%,
12/08/26
...
2,882
2,868
FW2205878.UP.FTS.B,
27.25%,
12/08/26
.
1,743
252
FW2200840.UP.FTS.B,
27.39%,
12/08/26
.
6,829
6,803
FW2205131.UP.FTS.B,
27.64%,
12/08/26
.
2,523
2,514
FW2202637.UP.FTS.B,
27.67%,
12/08/26
.
8,958
8,924
FW2204516.UP.FTS.B,
27.99%,
12/08/26
.
4,037
4,020
FW2206331.UP.FTS.B,
28.09%,
12/08/26
.
8,565
8,533
FW2205370.UP.FTS.B,
28.26%,
12/08/26
.
5,637
51
FW2200263.UP.FTS.B,
28.29%,
12/08/26
.
14,698
14,642
FW2202084.UP.FTS.B,
28.33%,
12/08/26
.
1,226
1,221
FW2206080.UP.FTS.B,
28.43%,
12/08/26
.
2,792
2,779
FW2202420.UP.FTS.B,
28.72%,
12/08/26
.
3,899
3,875
FW2203128.UP.FTS.B,
28.72%,
12/08/26
.
810
807
FW2200463.UP.FTS.B,
28.91%,
12/08/26
.
983
979
FW2206016.UP.FTS.B,
28.92%,
12/08/26
.
854
838
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2201925.UP.FTS.B,
29.05%,
12/08/26
.
$
1,045
$
1,037
FW2200712.UP.FTS.B,
29.25%,
12/08/26
.
2,487
2,474
FW2195267.UP.FTS.B,
29.27%,
12/08/26
.
6,070
6,047
FW2204212.UP.FTS.B,
29.48%,
12/08/26
.
13,384
13,333
FW2201641.UP.FTS.B,
29.67%,
12/08/26
.
6,739
6,714
FW2206862.UP.FTS.B,
29.87%,
12/08/26
.
3,949
3,934
FW2200914.UP.FTS.B,
29.96%,
12/08/26
.
15,370
1,092
FW2204427.UP.FTS.B,
30.34%,
12/08/26
.
6,595
6,570
FW2203423.UP.FTS.B,
30.49%,
12/08/26
.
837
493
FW2204255.UP.FTS.B,
30.54%,
12/08/26
.
1,320
1,315
FW2202866.UP.FTS.B,
30.6%,
12/08/26
..
924
545
FW2200422.UP.FTS.B,
30.75%,
12/08/26
.
6,303
447
FW2205386.UP.FTS.B,
30.87%,
12/08/26
.
8,011
7,969
FW2201735.UP.FTS.B,
30.95%,
12/08/26
.
1,006
1,001
FW2203290.UP.FTS.B,
31.07%,
12/08/26
.
1,158
1,154
FW2206683.UP.FTS.B,
31.07%,
12/08/26
.
1,717
1,710
FW2201843.UP.FTS.B,
31.08%,
12/08/26
.
1,494
216
FW2205002.UP.FTS.B,
31.08%,
12/08/26
.
2,565
2,555
FW2200524.UP.FTS.B,
31.14%,
12/08/26
.
5,761
5,735
FW2201347.UP.FTS.B,
31.17%,
12/08/26
.
2,115
2,105
FW2199311.UP.FTS.B,
31.18%,
12/08/26
.
1,159
1,154
FW2201772.UP.FTS.B,
31.27%,
12/08/26
.
4,554
4,537
FW2203711.UP.FTS.B,
31.37%,
12/08/26
.
8,480
591
FW2202425.UP.FTS.B,
31.38%,
12/08/26
.
3,092
216
FW2203562.UP.FTS.B,
32.34%,
12/08/26
.
4,991
4,973
FW2199186.UP.FTS.B,
25.95%,
12/09/26
.
2,041
2,027
L2197561.UP.FTS.B,
20.81%,
12/11/26
...
3,936
3,917
FW2201142.UP.FTS.B,
31.05%,
12/12/26
.
830
827
L2202911.UP.FTS.B,
21.13%,
12/14/26
...
5,107
5,040
L2205672.UP.FTS.B,
16.4%,
12/15/26
....
19,216
19,026
L2196899.UP.FTS.B,
24.65%,
12/15/26
...
4,675
4,653
FW2199479.UP.FTS.B,
28.66%,
12/15/26
.
12,336
12,293
FW2199126.UP.FTS.B,
31.54%,
12/15/26
.
5,170
5,153
L2203118.UP.FTS.B,
8.78%,
12/17/26
....
5,818
5,763
L2203117.UP.FTS.B,
13.79%,
12/17/26
...
6,502
6,436
FW2205704.UP.FTS.B,
28.05%,
12/18/26
.
4,105
4,091
FW2197646.UP.FTS.B,
16.34%,
12/22/26
.
6,504
6,421
L2195329.UP.FTS.B,
17.11%,
12/22/26
...
4,009
3,959
FW2201324.UP.FTS.B,
18.84%,
12/22/26
.
3,983
109
L2203530.UP.FTS.B,
9.65%,
12/23/26
....
15,677
3,824
L2203381.UP.FTS.B,
18.04%,
12/23/26
...
8,178
8,085
L2200814.UP.FTS.B,
19.64%,
12/23/26
...
4,326
4,270
L2202447.UP.FTS.B,
25.34%,
12/23/26
...
1,634
1,629
FW2411209.UP.FTS.B,
5.24%,
1/11/27
...
14,535
14,407
L2411009.UP.FTS.B,
5.26%,
1/11/27
.....
25,439
25,216
FW2412321.UP.FTS.B,
5.36%,
1/11/27
...
36,369
36,049
L2408655.UP.FTS.B,
5.7%,
1/11/27
......
15,383
15,248
L2402399.UP.FTS.B,
6.09%,
1/11/27
.....
19,809
19,635
FW2408524.UP.FTS.B,
6.18%,
1/11/27
...
7,900
7,830
L2413519.UP.FTS.B,
6.19%,
1/11/27
.....
18,321
18,158
FW2411884.UP.FTS.B,
6.2%,
1/11/27
....
18,288
18,128
L2411160.UP.FTS.B,
7.26%,
1/11/27
.....
11,051
10,955
FW2406810.UP.FTS.B,
7.3%,
1/11/27
....
4,590
4,549
L2410292.UP.FTS.B,
7.3%,
1/11/27
......
3,087
3,057
L2408660.UP.FTS.B,
7.61%,
1/11/27
.....
5,095
5,046
L2412785.UP.FTS.B,
7.81%,
1/11/27
.....
1,479
1,464
L2412559.UP.FTS.B,
7.83%,
1/11/27
.....
3,457
3,420
L2408557.UP.FTS.B,
7.86%,
1/11/27
.....
3,699
3,663
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2407811.UP.FTS.B,
7.94%,
1/11/27
.....
$
5,364
$
5,308
L2412462.UP.FTS.B,
7.99%,
1/11/27
.....
2,591
2,566
L2413039.UP.FTS.B,
8.03%,
1/11/27
.....
11,107
10,999
L2410004.UP.FTS.B,
8.45%,
1/11/27
.....
7,989
585
L2410384.UP.FTS.B,
8.56%,
1/11/27
.....
17,855
1,301
FW2413850.UP.FTS.B,
8.58%,
1/11/27
...
7,975
7,894
L2413727.UP.FTS.B,
8.61%,
1/11/27
.....
3,196
3,165
L2412142.UP.FTS.B,
8.74%,
1/11/27
.....
12,571
12,449
FW2410081.UP.FTS.B,
8.78%,
1/11/27
...
13,394
13,265
FW2409381.UP.FTS.B,
8.85%,
1/11/27
...
3,350
3,317
L2407187.UP.FTS.B,
8.85%,
1/11/27
.....
3,716
3,680
L2413316.UP.FTS.B,
8.98%,
1/11/27
.....
8,909
8,822
FW2411415.UP.FTS.B,
9.04%,
1/11/27
...
5,108
5,057
FW2413111.UP.FTS.B,
9.07%,
1/11/27
...
5,941
5,884
FW2411385.UP.FTS.B,
9.23%,
1/11/27
...
6,716
6,651
L2405469.UP.FTS.B,
9.26%,
1/11/27
.....
6,170
398
FW2413046.UP.FTS.B,
9.47%,
1/11/27
...
5,299
5,245
L2408994.UP.FTS.B,
9.47%,
1/11/27
.....
5,731
2,953
L2410685.UP.FTS.B,
9.48%,
1/11/27
.....
6,730
6,662
L2412775.UP.FTS.B,
9.82%,
1/11/27
.....
18,411
18,208
FW2406985.UP.FTS.B,
9.83%,
1/11/27
...
2,247
2,225
L2412433.UP.FTS.B,
9.93%,
1/11/27
.....
6,372
6,303
L2404630.UP.FTS.B,
10.03%,
1/11/27
....
37,505
37,144
L2411759.UP.FTS.B,
10.11%,
1/11/27
....
16,441
16,281
L2411458.UP.FTS.B,
10.12%,
1/11/27
....
1,651
1,635
L2411928.UP.FTS.B,
10.18%,
1/11/27
....
3,754
3,713
L2408600.UP.FTS.B,
10.21%,
1/11/27
....
3,218
3,183
L2408318.UP.FTS.B,
10.27%,
1/11/27
....
3,005
2,972
L2413945.UP.FTS.B,
10.53%,
1/11/27
....
16,553
16,374
L2411539.UP.FTS.B,
10.75%,
1/11/27
....
4,997
364
FW2412113.UP.FTS.B,
10.85%,
1/11/27
..
18,848
18,645
L2411297.UP.FTS.B,
10.9%,
1/11/27
.....
6,712
6,640
L2413322.UP.FTS.B,
10.93%,
1/11/27
....
7,996
7,910
L2413229.UP.FTS.B,
11.26%,
1/11/27
....
13,573
13,426
L2411571.UP.FTS.B,
11.47%,
1/11/27
....
5,862
5,797
L2413044.UP.FTS.B,
11.78%,
1/11/27
....
6,184
3,279
FW2408471.UP.FTS.B,
11.94%,
1/11/27
..
4,563
4,511
L2405206.UP.FTS.B,
12.1%,
1/11/27
.....
18,300
18,090
L2370107.UP.FTS.B,
12.85%,
1/11/27
....
3,740
3,700
L2412100.UP.FTS.B,
13.07%,
1/11/27
....
4,977
4,920
L2409206.UP.FTS.B,
13.1%,
1/11/27
.....
3,052
3,020
L2411596.UP.FTS.B,
13.42%,
1/11/27
....
3,826
3,785
L2411372.UP.FTS.B,
13.45%,
1/11/27
....
4,956
255
FW2412293.UP.FTS.B,
13.57%,
1/11/27
..
4,039
3,995
FW2412839.UP.FTS.B,
13.8%,
1/11/27
...
8,230
8,136
FW2407206.UP.FTS.B,
13.82%,
1/11/27
..
4,606
4,557
FW2410061.UP.FTS.B,
13.89%,
1/11/27
..
15,360
15,195
L2409821.UP.FTS.B,
14.42%,
1/11/27
....
4,160
4,116
L2410324.UP.FTS.B,
14.46%,
1/11/27
....
14,906
14,738
L2405215.UP.FTS.B,
14.48%,
1/11/27
....
21,235
20,983
L2408774.UP.FTS.B,
14.55%,
1/11/27
....
3,084
3,046
L2410681.UP.FTS.B,
14.74%,
1/11/27
....
1,938
1,916
L2408843.UP.FTS.B,
14.84%,
1/11/27
....
2,321
2,295
L2410725.UP.FTS.B,
15.84%,
1/11/27
....
15,170
15,002
L2413295.UP.FTS.B,
15.96%,
1/11/27
....
5,199
2,892
L2408436.UP.FTS.B,
15.99%,
1/11/27
....
31,097
30,710
FW2412862.UP.FTS.B,
16.01%,
1/11/27
..
8,348
1,132
L2379748.UP.FTS.B,
16.06%,
1/11/27
....
3,422
3,379
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2413797.UP.FTS.B,
16.41%,
1/11/27
....
$
7,753
$
7,655
L2406986.UP.FTS.B,
16.62%,
1/11/27
....
3,901
3,853
L2412621.UP.FTS.B,
16.62%,
1/11/27
....
3,121
3,082
L2407022.UP.FTS.B,
16.96%,
1/11/27
....
3,909
3,860
FW2411635.UP.FTS.B,
17.05%,
1/11/27
..
3,989
3,932
FW2407072.UP.FTS.B,
17.38%,
1/11/27
..
4,250
302
L2411840.UP.FTS.B,
17.48%,
1/11/27
....
22,386
22,144
FW2410259.UP.FTS.B,
17.51%,
1/11/27
..
7,181
7,088
L2406982.UP.FTS.B,
17.53%,
1/11/27
....
7,138
7,037
L2412808.UP.FTS.B,
17.54%,
1/11/27
....
7,842
7,745
FW2411466.UP.FTS.B,
17.75%,
1/11/27
..
1,570
1,551
L2407285.UP.FTS.B,
17.96%,
1/11/27
....
3,930
3,875
FW2407640.UP.FTS.B,
18.05%,
1/11/27
..
8,651
8,559
L2410765.UP.FTS.B,
18.19%,
1/11/27
....
5,855
5,780
L2410306.UP.FTS.B,
18.23%,
1/11/27
....
5,528
5,465
FW2413451.UP.FTS.B,
18.29%,
1/11/27
..
1,969
1,941
L2413233.UP.FTS.B,
18.45%,
1/11/27
....
1,970
1,946
L2412345.UP.FTS.B,
18.51%,
1/11/27
....
2,668
2,630
L2413035.UP.FTS.B,
18.66%,
1/11/27
....
2,327
2,293
FW2406958.UP.FTS.B,
18.83%,
1/11/27
..
1,921
1,896
L2407160.UP.FTS.B,
18.83%,
1/11/27
....
13,822
13,649
FW2406995.UP.FTS.B,
18.92%,
1/11/27
..
9,699
9,566
L2409397.UP.FTS.B,
18.93%,
1/11/27
....
6,968
992
L2413429.UP.FTS.B,
19.09%,
1/11/27
....
595
587
L2407535.UP.FTS.B,
19.16%,
1/11/27
....
4,273
4,220
L2412374.UP.FTS.B,
19.25%,
1/11/27
....
9,537
9,473
FW2410395.UP.FTS.B,
20.34%,
1/11/27
..
3,981
3,924
FW2412607.UP.FTS.B,
20.39%,
1/11/27
..
3,874
2,276
FW2410858.UP.FTS.B,
20.48%,
1/11/27
..
1,761
1,737
FW2412890.UP.FTS.B,
20.68%,
1/11/27
..
8,052
8,001
FW2410350.UP.FTS.B,
20.75%,
1/11/27
..
8,023
7,970
L2406944.UP.FTS.B,
20.79%,
1/11/27
....
9,088
300
L2402977.UP.FTS.B,
20.95%,
1/11/27
....
1,654
240
L2407644.UP.FTS.B,
21.08%,
1/11/27
....
3,197
3,181
L2410708.UP.FTS.B,
21.43%,
1/11/27
....
1,911
1,885
L2410907.UP.FTS.B,
21.6%,
1/11/27
.....
2,844
1,669
FW2413140.UP.FTS.B,
22.12%,
1/11/27
..
4,018
3,998
L2413585.UP.FTS.B,
22.13%,
1/11/27
....
6,474
6,431
FW2413038.UP.FTS.B,
22.18%,
1/11/27
..
1,732
124
L2413170.UP.FTS.B,
22.26%,
1/11/27
....
6,049
5,966
L2413345.UP.FTS.B,
22.45%,
1/11/27
....
4,850
4,818
L2410843.UP.FTS.B,
22.81%,
1/11/27
....
3,629
3,611
FW2412276.UP.FTS.B,
22.84%,
1/11/27
..
3,131
3,111
L2410433.UP.FTS.B,
22.92%,
1/11/27
....
1,614
1,591
FW2409793.UP.FTS.B,
22.96%,
1/11/27
..
8,079
8,039
L2410796.UP.FTS.B,
23%,
1/11/27
......
5,763
5,731
L2410622.UP.FTS.B,
23.11%,
1/11/27
....
3,876
3,857
L2413027.UP.FTS.B,
23.16%,
1/11/27
....
6,462
6,429
L2399356.UP.FTS.B,
23.25%,
1/11/27
....
5,069
738
FW2412083.UP.FTS.B,
23.34%,
1/11/27
..
3,719
3,700
FW2411494.UP.FTS.B,
23.55%,
1/11/27
..
3,181
227
L2408703.UP.FTS.B,
23.63%,
1/11/27
....
4,754
4,725
FW2413529.UP.FTS.B,
23.86%,
1/11/27
..
1,621
1,613
L2409471.UP.FTS.B,
23.96%,
1/11/27
....
4,865
4,841
L2412292.UP.FTS.B,
24.03%,
1/11/27
....
15,032
14,927
L2413379.UP.FTS.B,
24.03%,
1/11/27
....
16,228
16,147
L2413360.UP.FTS.B,
24.07%,
1/11/27
....
1,695
247
FW2412786.UP.FTS.B,
24.26%,
1/11/27
..
6,904
6,869
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2409686.UP.FTS.B,
24.48%,
1/11/27
..
$
5,695
$
5,667
L2411714.UP.FTS.B,
24.56%,
1/11/27
....
2,277
330
L2407599.UP.FTS.B,
24.69%,
1/11/27
....
9,555
9,499
FW2411057.UP.FTS.B,
24.91%,
1/11/27
..
2,896
2,879
FW2407461.UP.FTS.B,
25.01%,
1/11/27
..
4,076
4,055
L2410747.UP.FTS.B,
25.02%,
1/11/27
....
1,223
1,217
L2413166.UP.FTS.B,
25.02%,
1/11/27
....
2,551
181
L2407824.UP.FTS.B,
25.08%,
1/11/27
....
3,343
3,326
L2412701.UP.FTS.B,
25.09%,
1/11/27
....
1,003
992
L2412420.UP.FTS.B,
25.12%,
1/11/27
....
1,250
356
L2402682.UP.FTS.B,
25.13%,
1/11/27
....
897
893
L2410276.UP.FTS.B,
25.16%,
1/11/27
....
760
754
L2412631.UP.FTS.B,
25.16%,
1/11/27
....
1,060
1,055
FW2412505.UP.FTS.B,
25.22%,
1/11/27
..
3,835
3,815
L2406959.UP.FTS.B,
25.22%,
1/11/27
....
8,737
8,651
L2413584.UP.FTS.B,
25.24%,
1/11/27
....
979
965
L2406872.UP.FTS.B,
25.29%,
1/11/27
....
4,328
4,307
L2413560.UP.FTS.B,
25.29%,
1/11/27
....
2,871
2,851
L2410164.UP.FTS.B,
25.3%,
1/11/27
.....
995
989
FW2411982.UP.FTS.B,
25.34%,
1/11/27
..
4,087
4,067
L2411780.UP.FTS.B,
25.37%,
1/11/27
....
2,802
2,767
L2413809.UP.FTS.B,
25.37%,
1/11/27
....
6,452
6,420
L2409900.UP.FTS.B,
25.4%,
1/11/27
.....
824
819
L2411491.UP.FTS.B,
25.4%,
1/11/27
.....
1,950
1,920
L2412889.UP.FTS.B,
25.46%,
1/11/27
....
1,559
1,548
L2406911.UP.FTS.B,
25.47%,
1/11/27
....
1,806
(17)
L2411973.UP.FTS.B,
25.47%,
1/11/27
....
1,062
1,056
L2411979.UP.FTS.B,
25.48%,
1/11/27
....
862
856
L2412081.UP.FTS.B,
25.48%,
1/11/27
....
5,147
5,121
L2411173.UP.FTS.B,
25.49%,
1/11/27
....
1,146
1,138
L2413595.UP.FTS.B,
25.51%,
1/11/27
....
2,587
2,569
FW2412928.UP.FTS.B,
25.61%,
1/11/27
..
1,635
1,627
FW2407809.UP.FTS.B,
25.64%,
1/11/27
..
9,681
9,602
L2406866.UP.FTS.B,
25.98%,
1/11/27
....
1,534
222
L2413661.UP.FTS.B,
25.98%,
1/11/27
....
2,147
2,133
L2408715.UP.FTS.B,
26.2%,
1/11/27
.....
11,633
11,569
L2412410.UP.FTS.B,
26.21%,
1/11/27
....
6,179
6,137
FW2411046.UP.FTS.B,
26.47%,
1/11/27
..
7,310
7,269
L2409231.UP.FTS.B,
26.66%,
1/11/27
....
3,927
3,900
L2410155.UP.FTS.B,
26.8%,
1/11/27
.....
6,576
6,542
FW2410552.UP.FTS.B,
27%,
1/11/27
....
1,229
346
FW2410687.UP.FTS.B,
27.05%,
1/11/27
..
13,358
955
FW2408955.UP.FTS.B,
27.26%,
1/11/27
..
2,063
2,049
FW2410353.UP.FTS.B,
27.55%,
1/11/27
..
7,463
7,413
FW2412354.UP.FTS.B,
27.69%,
1/11/27
..
826
822
FW2406988.UP.FTS.B,
27.86%,
1/11/27
..
4,130
4,109
FW2408818.UP.FTS.B,
27.86%,
1/11/27
..
9,252
9,174
FW2410159.UP.FTS.B,
27.94%,
1/11/27
..
3,670
3,648
FW2406115.UP.FTS.B,
28.41%,
1/11/27
..
4,864
342
FW2405234.UP.FTS.B,
28.71%,
1/11/27
..
896
887
FW2413762.UP.FTS.B,
28.85%,
1/11/27
..
3,503
(8)
FW2410593.UP.FTS.B,
28.88%,
1/11/27
..
7,471
7,432
FW2411293.UP.FTS.B,
29.42%,
1/11/27
..
1,331
1,324
FW2407567.UP.FTS.B,
29.43%,
1/11/27
..
3,328
3,311
FW2407055.UP.FTS.B,
29.46%,
1/11/27
..
3,953
3,923
FW2408568.UP.FTS.B,
29.5%,
1/11/27
...
3,744
3,724
FW2403902.UP.FTS.B,
29.51%,
1/11/27
..
1,807
1,797
FW2410442.UP.FTS.B,
29.53%,
1/11/27
..
1,658
479
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2407473.UP.FTS.B,
30.14%,
1/11/27
..
$
2,070
$
2,035
FW2412942.UP.FTS.B,
30.18%,
1/11/27
..
3,179
3,156
FW2413192.UP.FTS.B,
30.3%,
1/11/27
...
5,755
408
FW2413390.UP.FTS.B,
30.33%,
1/11/27
..
3,641
3,619
FW2407748.UP.FTS.B,
30.43%,
1/11/27
..
2,005
1,995
FW2413147.UP.FTS.B,
30.55%,
1/11/27
..
3,385
3,365
FW2408341.UP.FTS.B,
30.72%,
1/11/27
..
359
353
FW2413509.UP.FTS.B,
30.72%,
1/11/27
..
1,104
(36)
FW2412502.UP.FTS.B,
30.76%,
1/11/27
..
12,548
12,481
FW2410401.UP.FTS.B,
30.79%,
1/11/27
..
1,102
1,095
FW2408824.UP.FTS.B,
30.81%,
1/11/27
..
1,424
1,416
FW2411299.UP.FTS.B,
30.92%,
1/11/27
..
1,427
1,417
FW2392367.UP.FTS.B,
30.94%,
1/11/27
..
1,966
1,164
FW2411172.UP.FTS.B,
30.96%,
1/11/27
..
4,857
4,831
FW2411010.UP.FTS.B,
31.02%,
1/11/27
..
3,770
3,750
FW2409966.UP.FTS.B,
31.03%,
1/11/27
..
2,764
2,749
FW2407947.UP.FTS.B,
31.05%,
1/11/27
..
3,015
2,999
FW2411701.UP.FTS.B,
31.06%,
1/11/27
..
1,720
1,698
FW2411738.UP.FTS.B,
31.08%,
1/11/27
..
1,508
1,500
FW2413942.UP.FTS.B,
31.15%,
1/11/27
..
1,006
1,001
FW2410271.UP.FTS.B,
31.19%,
1/11/27
..
1,596
1,587
FW2411062.UP.FTS.B,
32.46%,
1/11/27
..
5,898
5,866
FW2413772.UP.FTS.B,
32.47%,
1/11/27
..
317
312
FW2410751.UP.FTS.B,
34.47%,
1/11/27
..
4,162
4,140
L2419418.UP.FTS.B,
5.42%,
1/12/27
....
12,034
11,929
L2414458.UP.FTS.B,
5.96%,
1/12/27
....
21,908
21,725
L2393298.UP.FTS.B,
5.98%,
1/12/27
....
201
199
L2414801.UP.FTS.B,
6.11%,
1/12/27
.....
8,043
7,976
L2419361.UP.FTS.B,
6.41%,
1/12/27
....
1,099
1,090
L2402757.UP.FTS.B,
6.51%,
1/12/27
....
5,131
5,089
L2416784.UP.FTS.B,
6.53%,
1/12/27
....
1,466
1,454
L2418799.UP.FTS.B,
6.56%,
1/12/27
....
8,821
8,747
L2417049.UP.FTS.B,
6.6%,
1/12/27
.....
4,071
4,034
FW2414856.UP.FTS.B,
6.64%,
1/12/27
...
734
728
L2415375.UP.FTS.B,
6.85%,
1/12/27
....
4,501
2,274
L2416695.UP.FTS.B,
6.86%,
1/12/27
....
3,307
3,279
L2414595.UP.FTS.B,
7.05%,
1/12/27
....
5,518
5,466
L2419333.UP.FTS.B,
7.27%,
1/12/27
....
10,290
10,194
FW2415988.UP.FTS.B,
7.29%,
1/12/27
...
14,329
14,192
L2417990.UP.FTS.B,
7.34%,
1/12/27
....
36,854
36,513
L2417199.UP.FTS.B,
7.43%,
1/12/27
....
33,126
32,813
FW2415894.UP.FTS.B,
7.44%,
1/12/27
...
10,769
10,679
FW2419541.UP.FTS.B,
7.5%,
1/12/27
....
11,068
10,966
L2414153.UP.FTS.B,
7.51%,
1/12/27
....
1,845
1,830
L2417691.UP.FTS.B,
7.69%,
1/12/27
....
16,786
16,647
L2414031.UP.FTS.B,
7.78%,
1/12/27
....
11,827
11,718
L2417969.UP.FTS.B,
8.13%,
1/12/27
....
5,483
5,432
FW2416734.UP.FTS.B,
8.22%,
1/12/27
...
3,425
3,391
L2416137.UP.FTS.B,
8.26%,
1/12/27
....
7,712
7,641
L2417948.UP.FTS.B,
8.36%,
1/12/27
....
818
811
FW2415662.UP.FTS.B,
8.6%,
1/12/27
....
5,204
5,156
L2418166.UP.FTS.B,
8.62%,
1/12/27
....
3,701
3,667
FW2416458.UP.FTS.B,
9.06%,
1/12/27
...
2,390
2,367
FW2419066.UP.FTS.B,
9.06%,
1/12/27
...
1,126
1,113
L2416545.UP.FTS.B,
9.07%,
1/12/27
....
10,494
10,393
L2418009.UP.FTS.B,
9.08%,
1/12/27
....
8,946
8,865
L2414474.UP.FTS.B,
9.1%,
1/12/27
.....
4,918
358
L2414926.UP.FTS.B,
9.43%,
1/12/27
....
23,256
23,036
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2413887.UP.FTS.B,
9.49%,
1/12/27
....
$
4,474
$
4,428
FW2419389.UP.FTS.B,
9.58%,
1/12/27
...
1,061
283
L2418929.UP.FTS.B,
9.6%,
1/12/27
.....
11,449
5,901
FW2415990.UP.FTS.B,
9.9%,
1/12/27
....
22,492
22,265
L2414275.UP.FTS.B,
9.91%,
1/12/27
....
29,978
29,708
L2417012.UP.FTS.B,
10.17%,
1/12/27
....
1,502
1,488
L2415942.UP.FTS.B,
10.21%,
1/12/27
....
11,264
11,163
FW2417548.UP.FTS.B,
10.24%,
1/12/27
..
11,266
11,164
FW2418613.UP.FTS.B,
10.3%,
1/12/27
...
2,921
2,894
FW2417403.UP.FTS.B,
10.31%,
1/12/27
..
5,262
5,209
L2417034.UP.FTS.B,
10.34%,
1/12/27
....
20,072
19,892
L2415901.UP.FTS.B,
10.41%,
1/12/27
....
12,031
11,910
L2414981.UP.FTS.B,
10.47%,
1/12/27
....
9,553
9,457
L2414718.UP.FTS.B,
10.85%,
1/12/27
....
3,016
2,985
L2418788.UP.FTS.B,
10.88%,
1/12/27
....
5,096
5,028
L2416866.UP.FTS.B,
11.39%,
1/12/27
....
2,480
2,455
FW2415761.UP.FTS.B,
11.51%,
1/12/27
..
3,874
2,059
FW2419104.UP.FTS.B,
11.58%,
1/12/27
..
6,082
6,017
L2415315.UP.FTS.B,
11.71%,
1/12/27
....
11,305
11,191
L2414779.UP.FTS.B,
11.77%,
1/12/27
....
3,033
3,003
L2414313.UP.FTS.B,
12.04%,
1/12/27
....
7,595
7,520
L2415035.UP.FTS.B,
12.36%,
1/12/27
....
9,179
9,082
L2418046.UP.FTS.B,
12.84%,
1/12/27
....
3,053
3,023
L2419353.UP.FTS.B,
12.95%,
1/12/27
....
24,897
24,652
L2416405.UP.FTS.B,
13.12%,
1/12/27
....
249
114
L2418973.UP.FTS.B,
13.17%,
1/12/27
....
16,059
15,902
L2419419.UP.FTS.B,
13.25%,
1/12/27
....
5,356
5,303
L2419424.UP.FTS.B,
13.54%,
1/12/27
....
7,970
579
L2414757.UP.FTS.B,
13.72%,
1/12/27
....
8,353
8,266
L2419716.UP.FTS.B,
13.82%,
1/12/27
....
7,294
7,222
L2418679.UP.FTS.B,
13.97%,
1/12/27
....
8,124
8,032
FW2417958.UP.FTS.B,
14.2%,
1/12/27
...
6,849
3,641
L2414553.UP.FTS.B,
14.38%,
1/12/27
....
15,560
15,403
L2417256.UP.FTS.B,
14.46%,
1/12/27
....
24,636
24,380
L2418826.UP.FTS.B,
14.49%,
1/12/27
....
4,266
4,210
L2416103.UP.FTS.B,
14.61%,
1/12/27
....
7,713
7,638
L2419563.UP.FTS.B,
14.64%,
1/12/27
....
23,019
22,792
L2419336.UP.FTS.B,
14.72%,
1/12/27
....
16,980
16,815
L2420324.UP.FTS.B,
14.82%,
1/12/27
....
5,622
2,992
FW2417528.UP.FTS.B,
14.86%,
1/12/27
..
3,872
3,831
FW2414824.UP.FTS.B,
15.13%,
1/12/27
..
27,116
26,833
L2418818.UP.FTS.B,
15.34%,
1/12/27
....
5,382
5,329
FW2420218.UP.FTS.B,
15.49%,
1/12/27
..
4,617
4,571
L2418960.UP.FTS.B,
15.54%,
1/12/27
....
15,509
15,333
FW2417751.UP.FTS.B,
15.65%,
1/12/27
..
3,104
3,074
L2416354.UP.FTS.B,
15.71%,
1/12/27
....
3,852
3,814
L2417088.UP.FTS.B,
15.78%,
1/12/27
....
5,900
5,833
FW2418121.UP.FTS.B,
15.9%,
1/12/27
...
31,243
30,853
L2414253.UP.FTS.B,
16.15%,
1/12/27
....
6,226
6,155
L2414062.UP.FTS.B,
16.39%,
1/12/27
....
4,130
4,083
L2414473.UP.FTS.B,
16.4%,
1/12/27
....
779
770
L2415142.UP.FTS.B,
16.59%,
1/12/27
....
1,633
1,605
L2420474.UP.FTS.B,
16.75%,
1/12/27
....
11,711
11,600
L2420206.UP.FTS.B,
16.98%,
1/12/27
....
8,600
8,503
L2416327.UP.FTS.B,
17.17%,
1/12/27
....
19,604
19,403
L2417581.UP.FTS.B,
17.27%,
1/12/27
....
3,445
3,407
L2415513.UP.FTS.B,
17.29%,
1/12/27
....
2,857
2,813
FW2414008.UP.FTS.B,
17.55%,
1/12/27
..
2,513
2,489
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2394068.UP.FTS.B,
18.18%,
1/12/27
..
$
6,296
$
6,215
L2416524.UP.FTS.B,
18.36%,
1/12/27
....
3,933
3,896
L2415786.UP.FTS.B,
18.43%,
1/12/27
....
3,722
271
L2415190.UP.FTS.B,
18.58%,
1/12/27
....
4,011
2,292
FW2415024.UP.FTS.B,
19.94%,
1/12/27
..
6,913
6,889
FW2414368.UP.FTS.B,
20.45%,
1/12/27
..
2,009
1,999
L2418100.UP.FTS.B,
20.74%,
1/12/27
....
14,442
14,258
L2416916.UP.FTS.B,
21.22%,
1/12/27
....
3,996
3,982
L2416598.UP.FTS.B,
21.42%,
1/12/27
....
5,948
5,927
L2404728.UP.FTS.B,
21.56%,
1/12/27
....
1,211
1,205
L2389418.UP.FTS.B,
22.12%,
1/12/27
....
4,899
4,877
L2415799.UP.FTS.B,
22.22%,
1/12/27
....
3,917
3,900
FW2408502.UP.FTS.B,
22.28%,
1/12/27
..
5,154
5,127
L2416737.UP.FTS.B,
23.4%,
1/12/27
....
2,183
2,176
FW2416362.UP.FTS.B,
23.42%,
1/12/27
..
4,045
4,032
L2409743.UP.FTS.B,
23.49%,
1/12/27
....
8,933
4,770
FW2418430.UP.FTS.B,
23.78%,
1/12/27
..
1,558
1,532
FW2414282.UP.FTS.B,
23.79%,
1/12/27
..
1,621
1,616
FW2415097.UP.FTS.B,
23.87%,
1/12/27
..
2,126
2,107
L2410860.UP.FTS.B,
23.88%,
1/12/27
....
5,232
5,209
L2415306.UP.FTS.B,
24.21%,
1/12/27
....
8,769
8,740
L2414849.UP.FTS.B,
24.57%,
1/12/27
....
2,752
2,743
L2417607.UP.FTS.B,
24.68%,
1/12/27
....
4,741
4,704
FW2415034.UP.FTS.B,
24.95%,
1/12/27
..
4,783
340
L2416370.UP.FTS.B,
25.03%,
1/12/27
....
12,404
12,349
L2416425.UP.FTS.B,
25.07%,
1/12/27
....
698
686
FW2415852.UP.FTS.B,
25.19%,
1/12/27
..
7,588
2,181
L2415512.UP.FTS.B,
25.19%,
1/12/27
....
3,659
261
L2420285.UP.FTS.B,
25.25%,
1/12/27
....
1,588
1,562
L2418700.UP.FTS.B,
25.3%,
1/12/27
....
1,240
1,223
FW2414825.UP.FTS.B,
25.31%,
1/12/27
..
4,081
4,068
L2414994.UP.FTS.B,
25.32%,
1/12/27
....
2,416
2,406
L2411740.UP.FTS.B,
25.36%,
1/12/27
....
1,306
1,302
L2419040.UP.FTS.B,
25.37%,
1/12/27
....
1,123
7
L2418717.UP.FTS.B,
25.38%,
1/12/27
....
2,801
2,788
FW2414842.UP.FTS.B,
25.41%,
1/12/27
..
819
815
L2414777.UP.FTS.B,
25.43%,
1/12/27
....
1,132
1,128
L2416664.UP.FTS.B,
25.43%,
1/12/27
....
1,240
1,223
L2417967.UP.FTS.B,
25.45%,
1/12/27
....
4,901
4,885
L2417114.UP.FTS.B,
25.49%,
1/12/27
....
1,552
1,547
L2418684.UP.FTS.B,
25.49%,
1/12/27
....
2,370
55
FW2415078.UP.FTS.B,
25.67%,
1/12/27
..
3,230
3,218
FW2418617.UP.FTS.B,
25.69%,
1/12/27
..
10,491
10,449
FW2418174.UP.FTS.B,
25.89%,
1/12/27
..
8,124
8,094
L2413654.UP.FTS.B,
25.91%,
1/12/27
....
4,584
4,527
L2414249.UP.FTS.B,
26.35%,
1/12/27
....
3,281
3,271
FW2414970.UP.FTS.B,
26.42%,
1/12/27
..
8,215
8,190
FW2419574.UP.FTS.B,
26.43%,
1/12/27
..
15,777
15,712
FW2415609.UP.FTS.B,
26.58%,
1/12/27
..
1,560
1,555
FW2415999.UP.FTS.B,
26.93%,
1/12/27
..
7,567
7,543
L2414422.UP.FTS.B,
27.95%,
1/12/27
....
2,396
2,389
FW2411493.UP.FTS.B,
28.18%,
1/12/27
..
11,739
11,672
FW2418131.UP.FTS.B,
28.24%,
1/12/27
..
13,550
965
FW2417708.UP.FTS.B,
28.27%,
1/12/27
..
8,276
8,250
FW2418008.UP.FTS.B,
28.88%,
1/12/27
..
1,411
1,406
FW2415652.UP.FTS.B,
29.37%,
1/12/27
..
11,641
11,605
FW2418306.UP.FTS.B,
29.61%,
1/12/27
..
5,829
5,811
FW2415348.UP.FTS.B,
30.45%,
1/12/27
..
17,551
17,471
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2419466.UP.FTS.B,
30.59%,
1/12/27
..
$
4,510
$
4,496
FW2414026.UP.FTS.B,
30.61%,
1/12/27
..
933
929
FW2415122.UP.FTS.B,
30.76%,
1/12/27
..
1,924
1,918
FW2417562.UP.FTS.B,
30.84%,
1/12/27
..
837
834
FW2418392.UP.FTS.B,
30.87%,
1/12/27
..
1,821
1,814
FW2413630.UP.FTS.B,
30.97%,
1/12/27
..
1,196
1,189
FW2416140.UP.FTS.B,
30.99%,
1/12/27
..
1,842
1,837
FW2417415.UP.FTS.B,
31.03%,
1/12/27
..
1,508
1,503
FW2420487.UP.FTS.B,
31.06%,
1/12/27
..
1,536
1,525
FW2415692.UP.FTS.B,
31.1%,
1/12/27
...
7,134
7,097
FW2415518.UP.FTS.B,
31.11%,
1/12/27
..
5,251
(11)
FW2417950.UP.FTS.B,
31.11%,
1/12/27
..
796
792
FW2414984.UP.FTS.B,
31.12%,
1/12/27
..
3,321
967
FW2415964.UP.FTS.B,
31.16%,
1/12/27
..
1,072
1,068
FW2416377.UP.FTS.B,
31.22%,
1/12/27
..
4,107
4,095
FW2414360.UP.FTS.B,
33.08%,
1/12/27
..
1,968
1,170
FW2419527.UP.FTS.B,
33.12%,
1/12/27
..
1,141
1,135
FW2414624.UP.FTS.B,
33.41%,
1/12/27
..
2,501
359
L2419307.UP.FTS.B,
7.34%,
1/15/27
....
30,019
29,772
L2418737.UP.FTS.B,
5.93%,
1/16/27
....
2,922
2,898
L2410494.UP.FTS.B,
17.56%,
1/16/27
....
15,773
15,559
L2414012.UP.FTS.B,
9.06%,
1/20/27
....
7,469
7,409
L2412759.UP.FTS.B,
15.38%,
1/26/27
....
4,678
4,621
L2409264.UP.FTS.B,
16.99%,
1/26/27
....
7,873
7,777
FW2418991.UP.FTS.B,
31.12%,
1/27/27
..
4,207
4,189
L1711260.UP.FTS.B,
11.26%,
2/14/27
....
1,553
1,534
L1710000.UP.FTS.B,
16.05%,
2/14/27
....
14,737
14,525
L1710099.UP.FTS.B,
16.39%,
2/14/27
....
11,332
1,609
FW1709115.UP.FTS.B,
20.14%,
2/14/27
..
4,196
4,136
FW1711645.UP.FTS.B,
20.26%,
2/14/27
..
23,822
6,452
L1711790.UP.FTS.B,
21.29%,
2/14/27
....
1,036
607
L1709217.UP.FTS.B,
25.78%,
2/14/27
....
20,740
20,616
L1710004.UP.FTS.B,
26.05%,
2/14/27
....
9,183
(799)
FW1711816.UP.FTS.B,
27.5%,
2/14/27
...
1,356
200
FW1712397.UP.FTS.B,
27.52%,
2/14/27
..
2,467
2,453
FW1712574.UP.FTS.B,
28.34%,
2/14/27
..
4,233
4,200
FW1712431.UP.FTS.B,
29.12%,
2/14/27
..
2,574
180
FW1710082.UP.FTS.B,
31.29%,
2/14/27
..
751
749
FW1687516.UP.FTS.B,
31.34%,
2/14/27
..
26,772
15,814
FW1709995.UP.FTS.B,
32.33%,
2/14/27
..
13,146
13,148
L2632551.UP.FTS.B,
5.37%,
2/15/27
....
8,916
8,841
L2632779.UP.FTS.B,
5.63%,
2/15/27
....
5,209
5,165
L2633842.UP.FTS.B,
6.31%,
2/15/27
....
5,260
5,211
L2633588.UP.FTS.B,
6.56%,
2/15/27
....
24,705
24,497
L2631314.UP.FTS.B,
6.7%,
2/15/27
.....
15,735
15,603
L2633374.UP.FTS.B,
7.21%,
2/15/27
....
14,282
14,162
L2633603.UP.FTS.B,
8.38%,
2/15/27
....
13,233
12,408
FW2631935.UP.FTS.B,
8.55%,
2/15/27
...
28,416
28,135
L2630774.UP.FTS.B,
8.69%,
2/15/27
....
3,034
3,009
L2635638.UP.FTS.B,
9.41%,
2/15/27
....
7,074
7,003
L2631278.UP.FTS.B,
9.42%,
2/15/27
....
3,810
3,774
FW2633029.UP.FTS.B,
9.57%,
2/15/27
...
1,144
1,133
FW2633295.UP.FTS.B,
9.71%,
2/15/27
...
14,121
13,987
FW2635362.UP.FTS.B,
9.75%,
2/15/27
...
9,162
9,075
L2633022.UP.FTS.B,
9.86%,
2/15/27
....
11,445
11,337
FW2635247.UP.FTS.B,
10.37%,
2/15/27
..
6,559
6,489
L2632143.UP.FTS.B,
10.83%,
2/15/27
....
4,439
4,393
FW2637614.UP.FTS.B,
11.51%,
2/15/27
..
9,872
9,760
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2632232.UP.FTS.B,
11.83%,
2/15/27
....
$
6,757
$
6,674
L2633836.UP.FTS.B,
12%,
2/15/27
......
8,217
8,125
FW2636201.UP.FTS.B,
12.12%,
2/15/27
..
5,419
5,362
L2630147.UP.FTS.B,
12.15%,
2/15/27
....
30,970
30,643
L2635861.UP.FTS.B,
12.41%,
2/15/27
....
6,591
6,521
L2636245.UP.FTS.B,
12.68%,
2/15/27
....
31,046
30,719
L2628202.UP.FTS.B,
13.1%,
2/15/27
....
5,048
4,995
L2637042.UP.FTS.B,
13.14%,
2/15/27
....
6,229
6,164
L2631332.UP.FTS.B,
13.22%,
2/15/27
....
3,895
3,854
FW2633237.UP.FTS.B,
13.24%,
2/15/27
..
3,116
3,083
L2631964.UP.FTS.B,
14%,
2/15/27
......
5,885
5,819
L2632724.UP.FTS.B,
14.48%,
2/15/27
....
4,158
4,115
FW2635512.UP.FTS.B,
14.58%,
2/15/27
..
14,136
13,988
L2637603.UP.FTS.B,
14.83%,
2/15/27
....
5,023
4,970
FW2631558.UP.FTS.B,
15.18%,
2/15/27
..
11,811
11,687
L2635221.UP.FTS.B,
15.45%,
2/15/27
....
5,836
5,774
FW2633986.UP.FTS.B,
15.46%,
2/15/27
..
20,005
18,771
FW2631951.UP.FTS.B,
15.91%,
2/15/27
..
7,052
6,618
FW2634727.UP.FTS.B,
16.18%,
2/15/27
..
5,225
5,161
L2635424.UP.FTS.B,
16.37%,
2/15/27
....
31,699
31,309
L2610013.UP.FTS.B,
16.95%,
2/15/27
....
3,143
3,104
L2630011.UP.FTS.B,
16.96%,
2/15/27
....
3,975
3,933
L2631718.UP.FTS.B,
16.99%,
2/15/27
....
4,238
163
L2636076.UP.FTS.B,
17.15%,
2/15/27
....
6,219
881
FW2635945.UP.FTS.B,
17.32%,
2/15/27
..
4,380
4,319
FW2635975.UP.FTS.B,
18.14%,
2/15/27
..
12,596
3,388
FW2635531.UP.FTS.B,
18.53%,
2/15/27
..
9,456
9,339
FW2632933.UP.FTS.B,
18.59%,
2/15/27
..
8,017
7,918
FW2632544.UP.FTS.B,
18.69%,
2/15/27
..
20,052
19,770
L2634353.UP.FTS.B,
19.06%,
2/15/27
....
7,932
7,818
FW2634297.UP.FTS.B,
19.29%,
2/15/27
..
10,619
10,488
FW2629363.UP.FTS.B,
19.37%,
2/15/27
..
5,004
724
L2632256.UP.FTS.B,
19.82%,
2/15/27
....
807
797
L2634883.UP.FTS.B,
19.98%,
2/15/27
....
6,498
6,398
L2637386.UP.FTS.B,
20.16%,
2/15/27
....
6,446
189
L2635013.UP.FTS.B,
20.25%,
2/15/27
....
4,712
4,643
L2633648.UP.FTS.B,
20.29%,
2/15/27
....
8,246
8,140
FW2632574.UP.FTS.B,
20.97%,
2/15/27
..
10,513
10,314
L2632212.UP.FTS.B,
21.09%,
2/15/27
....
3,232
3,186
FW2637242.UP.FTS.B,
21.26%,
2/15/27
..
7,311
7,221
L2630116.UP.FTS.B,
21.26%,
2/15/27
....
4,874
4,805
L2637476.UP.FTS.B,
21.48%,
2/15/27
....
8,878
8,743
L2633936.UP.FTS.B,
21.75%,
2/15/27
....
2,963
213
FW2631142.UP.FTS.B,
21.84%,
2/15/27
..
2,580
2,566
FW2634641.UP.FTS.B,
22.06%,
2/15/27
..
11,417
11,362
L2636740.UP.FTS.B,
22.15%,
2/15/27
....
816
812
L2633500.UP.FTS.B,
22.28%,
2/15/27
....
4,117
4,091
FW2635428.UP.FTS.B,
22.3%,
2/15/27
...
13,451
13,365
L2631928.UP.FTS.B,
22.74%,
2/15/27
....
6,101
6,069
L2635474.UP.FTS.B,
23.01%,
2/15/27
....
7,009
200
FW2636073.UP.FTS.B,
23.1%,
2/15/27
...
4,140
4,114
L2632041.UP.FTS.B,
23.26%,
2/15/27
....
9,844
9,704
L2631781.UP.FTS.B,
23.47%,
2/15/27
....
2,238
2,196
FW2633249.UP.FTS.B,
23.49%,
2/15/27
..
4,515
4,493
L2635262.UP.FTS.B,
24.04%,
2/15/27
....
7,406
7,370
L2629665.UP.FTS.B,
24.47%,
2/15/27
....
5,837
5,801
FW2634252.UP.FTS.B,
24.49%,
2/15/27
..
5,282
5,256
L2636078.UP.FTS.B,
24.6%,
2/15/27
....
12,775
12,112
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2632893.UP.FTS.B,
24.67%,
2/15/27
..
$
17,992
$
17,904
FW2632707.UP.FTS.B,
24.74%,
2/15/27
..
4,863
346
L2631848.UP.FTS.B,
24.9%,
2/15/27
....
4,984
4,952
L2634268.UP.FTS.B,
25.05%,
2/15/27
....
1,985
1,976
FW2635941.UP.FTS.B,
25.09%,
2/15/27
..
4,548
4,525
L2637318.UP.FTS.B,
25.13%,
2/15/27
....
2,921
206
L2631220.UP.FTS.B,
25.21%,
2/15/27
....
2,483
2,471
L2634635.UP.FTS.B,
25.23%,
2/15/27
....
6,593
1,892
L2634539.UP.FTS.B,
25.3%,
2/15/27
....
1,573
1,565
L2630368.UP.FTS.B,
25.31%,
2/15/27
....
2,471
2,344
L2632154.UP.FTS.B,
25.31%,
2/15/27
....
19,452
19,356
L2633587.UP.FTS.B,
25.38%,
2/15/27
....
1,467
423
L2636370.UP.FTS.B,
25.4%,
2/15/27
....
2,484
2,472
L2631133.UP.FTS.B,
25.41%,
2/15/27
....
1,310
12
L2631893.UP.FTS.B,
25.41%,
2/15/27
....
2,982
2,967
L2636222.UP.FTS.B,
25.41%,
2/15/27
....
16,562
16,480
L2634591.UP.FTS.B,
25.45%,
2/15/27
....
911
907
L2632552.UP.FTS.B,
25.56%,
2/15/27
....
2,851
823
FW2631141.UP.FTS.B,
25.72%,
2/15/27
..
11,020
10,457
L2634677.UP.FTS.B,
25.78%,
2/15/27
....
3,318
3,302
FW2635210.UP.FTS.B,
25.81%,
2/15/27
..
4,977
4,953
L2636195.UP.FTS.B,
25.92%,
2/15/27
....
12,449
12,388
FW2634765.UP.FTS.B,
26.22%,
2/15/27
..
14,958
14,884
L2635199.UP.FTS.B,
26.23%,
2/15/27
....
5,236
5,210
FW2635628.UP.FTS.B,
26.36%,
2/15/27
..
2,220
2,184
FW2634760.UP.FTS.B,
26.38%,
2/15/27
..
4,906
4,882
L2634070.UP.FTS.B,
26.45%,
2/15/27
....
20,824
20,689
L2635219.UP.FTS.B,
26.59%,
2/15/27
....
3,496
3,479
FW2637086.UP.FTS.B,
26.68%,
2/15/27
..
2,748
2,734
FW2632673.UP.FTS.B,
27.01%,
2/15/27
..
1,826
1,817
FW2631843.UP.FTS.B,
27.26%,
2/15/27
..
4,367
308
FW2637044.UP.FTS.B,
27.28%,
2/15/27
..
1,269
1,250
FW2634310.UP.FTS.B,
27.59%,
2/15/27
..
6,186
6,155
FW2632183.UP.FTS.B,
27.72%,
2/15/27
..
5,855
5,826
FW2636178.UP.FTS.B,
28%,
2/15/27
....
5,287
8
FW2634627.UP.FTS.B,
28.11%,
2/15/27
..
5,026
5,001
FW2635226.UP.FTS.B,
28.22%,
2/15/27
..
1,878
1,864
FW2587827.UP.FTS.B,
28.49%,
2/15/27
..
10,042
9,989
FW2635435.UP.FTS.B,
28.75%,
2/15/27
..
1,703
251
FW2634423.UP.FTS.B,
28.99%,
2/15/27
..
17,066
16,197
FW2632227.UP.FTS.B,
29.31%,
2/15/27
..
16,839
16,753
FW2634087.UP.FTS.B,
29.37%,
2/15/27
..
4,639
4,599
FW2633754.UP.FTS.B,
29.46%,
2/15/27
..
26,342
(230)
FW2635622.UP.FTS.B,
29.54%,
2/15/27
..
4,407
308
FW2632506.UP.FTS.B,
29.8%,
2/15/27
...
4,527
4,489
FW2631008.UP.FTS.B,
30.31%,
2/15/27
..
481
473
FW2636372.UP.FTS.B,
30.35%,
2/15/27
..
5,073
5,046
FW2632070.UP.FTS.B,
30.58%,
2/15/27
..
2,705
2,691
FW2631994.UP.FTS.B,
30.71%,
2/15/27
..
4,401
4,372
FW2631494.UP.FTS.B,
30.85%,
2/15/27
..
3,812
3,792
FW2635126.UP.FTS.B,
30.85%,
2/15/27
..
1,620
113
FW2629864.UP.FTS.B,
30.9%,
2/15/27
...
1,998
582
FW2633675.UP.FTS.B,
30.91%,
2/15/27
..
932
927
FW2634617.UP.FTS.B,
30.93%,
2/15/27
..
3,142
3,126
FW2631125.UP.FTS.B,
30.96%,
2/15/27
..
802
795
FW2631968.UP.FTS.B,
30.98%,
2/15/27
..
5,894
5,840
FW2636445.UP.FTS.B,
31%,
2/15/27
....
1,600
11
FW2633314.UP.FTS.B,
31.08%,
2/15/27
..
900
893
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2637419.UP.FTS.B,
31.1%,
2/15/27
...
$
2,597
$
2,572
FW2633604.UP.FTS.B,
31.13%,
2/15/27
..
2,234
2,120
FW2637089.UP.FTS.B,
31.23%,
2/15/27
..
7,127
7,089
FW2632904.UP.FTS.B,
31.38%,
2/15/27
..
3,146
3,130
L2640422.UP.FTS.B,
7.19%,
2/16/27
....
4,493
4,452
L2638196.UP.FTS.B,
7.54%,
2/16/27
....
13,927
13,816
L2642691.UP.FTS.B,
8.69%,
2/16/27
....
24,926
24,704
L2644170.UP.FTS.B,
8.74%,
2/16/27
....
20,867
20,682
L2644467.UP.FTS.B,
8.99%,
2/16/27
....
1,507
1,491
L2641249.UP.FTS.B,
9.09%,
2/16/27
....
11,179
11,080
L2643996.UP.FTS.B,
9.54%,
2/16/27
....
6,426
6,354
FW2640044.UP.FTS.B,
9.77%,
2/16/27
...
4,537
4,258
FW2639996.UP.FTS.B,
9.85%,
2/16/27
...
5,590
5,528
L2644692.UP.FTS.B,
10.37%,
2/16/27
....
3,048
3,021
L2628258.UP.FTS.B,
10.4%,
2/16/27
....
12,482
12,360
L2639939.UP.FTS.B,
10.73%,
2/16/27
....
11,110
11,001
L2642767.UP.FTS.B,
10.84%,
2/16/27
....
9,913
9,816
L2642462.UP.FTS.B,
10.86%,
2/16/27
....
5,380
5,327
FW2639271.UP.FTS.B,
10.98%,
2/16/27
..
43,154
3,155
L2640107.UP.FTS.B,
11.57%,
2/16/27
....
8,257
8,176
L2642580.UP.FTS.B,
11.66%,
2/16/27
....
2,702
2,676
FW2644262.UP.FTS.B,
11.83%,
2/16/27
..
7,729
7,654
L2642829.UP.FTS.B,
11.96%,
2/16/27
....
16,551
16,390
L2643133.UP.FTS.B,
12.13%,
2/16/27
....
8,458
8,376
L2640589.UP.FTS.B,
12.31%,
2/16/27
....
38,747
38,371
L2637999.UP.FTS.B,
12.45%,
2/16/27
....
8,685
8,601
L2644043.UP.FTS.B,
12.51%,
2/16/27
....
4,413
612
FW2642297.UP.FTS.B,
12.63%,
2/16/27
..
7,591
7,130
FW2641042.UP.FTS.B,
12.73%,
2/16/27
..
932
923
FW2644450.UP.FTS.B,
13.29%,
2/16/27
..
1,273
92
L2641626.UP.FTS.B,
13.94%,
2/16/27
....
782
775
L2639543.UP.FTS.B,
14.06%,
2/16/27
....
7,827
7,752
FW2641444.UP.FTS.B,
14.17%,
2/16/27
..
5,090
5,042
L2643434.UP.FTS.B,
14.29%,
2/16/27
....
8,365
390
FW2637881.UP.FTS.B,
14.54%,
2/16/27
..
4,697
4,652
L2637807.UP.FTS.B,
14.59%,
2/16/27
....
11,699
11,586
L2643572.UP.FTS.B,
14.72%,
2/16/27
....
1,571
1,556
L2641778.UP.FTS.B,
14.87%,
2/16/27
....
35,067
34,734
FW2640160.UP.FTS.B,
14.88%,
2/16/27
..
18,082
17,910
L2641628.UP.FTS.B,
14.9%,
2/16/27
....
9,701
1,335
FW2644643.UP.FTS.B,
15%,
2/16/27
....
3,461
3,429
L2644502.UP.FTS.B,
15.74%,
2/16/27
....
14,810
14,643
L2643245.UP.FTS.B,
15.83%,
2/16/27
....
17,147
16,986
L2642945.UP.FTS.B,
15.91%,
2/16/27
....
1,186
1,175
FW2643582.UP.FTS.B,
16.21%,
2/16/27
..
17,222
1,252
FW2637690.UP.FTS.B,
16.3%,
2/16/27
...
5,141
5,093
FW2643607.UP.FTS.B,
16.31%,
2/16/27
..
39,609
39,169
FW2638305.UP.FTS.B,
16.48%,
2/16/27
..
8,520
8,416
L2641861.UP.FTS.B,
16.53%,
2/16/27
....
16,163
15,955
L2639711.UP.FTS.B,
16.7%,
2/16/27
.....
1,270
1,256
FW2641664.UP.FTS.B,
17.29%,
2/16/27
..
4,632
4,579
L2643228.UP.FTS.B,
17.64%,
2/16/27
....
3,989
3,945
L2641429.UP.FTS.B,
17.81%,
2/16/27
....
10,380
10,265
FW2643031.UP.FTS.B,
17.82%,
2/16/27
..
30,342
30,060
L2641792.UP.FTS.B,
17.85%,
2/16/27
....
4,049
3,803
FW2641155.UP.FTS.B,
18.14%,
2/16/27
..
4,421
4,359
L2638277.UP.FTS.B,
18.32%,
2/16/27
....
4,007
3,963
L2643141.UP.FTS.B,
18.53%,
2/16/27
....
17,420
17,220
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2642517.UP.FTS.B,
18.63%,
2/16/27
..
$
8,659
$
8,564
L2640308.UP.FTS.B,
18.76%,
2/16/27
....
28,088
27,733
FW2640157.UP.FTS.B,
18.91%,
2/16/27
..
8,649
8,131
L2639156.UP.FTS.B,
18.92%,
2/16/27
....
21,678
1,551
L2607183.UP.FTS.B,
19.09%,
2/16/27
....
15,940
15,763
FW2643386.UP.FTS.B,
19.11%,
2/16/27
..
3,283
74
L2640102.UP.FTS.B,
19.59%,
2/16/27
....
20,806
20,575
L2642912.UP.FTS.B,
19.59%,
2/16/27
....
15,993
15,817
L2637788.UP.FTS.B,
19.66%,
2/16/27
....
2,703
2,542
L2644725.UP.FTS.B,
19.78%,
2/16/27
....
8,037
7,935
L2643324.UP.FTS.B,
19.84%,
2/16/27
....
37,958
37,508
L2639587.UP.FTS.B,
20.1%,
2/16/27
....
3,231
3,190
FW2640938.UP.FTS.B,
20.16%,
2/16/27
..
8,809
8,781
L2644267.UP.FTS.B,
20.32%,
2/16/27
....
809
801
L2643431.UP.FTS.B,
20.38%,
2/16/27
....
11,419
11,262
L2631654.UP.FTS.B,
20.62%,
2/16/27
....
18,140
18,083
FW2644103.UP.FTS.B,
20.8%,
2/16/27
...
6,082
6,016
FW2639130.UP.FTS.B,
21.01%,
2/16/27
..
3,246
3,235
FW2640179.UP.FTS.B,
21.11%,
2/16/27
..
3,585
3,567
FW2642916.UP.FTS.B,
21.2%,
2/16/27
...
12,598
1,828
L2640498.UP.FTS.B,
21.39%,
2/16/27
....
8,130
8,105
L2638952.UP.FTS.B,
21.6%,
2/16/27
....
22,968
22,669
FW2638136.UP.FTS.B,
21.78%,
2/16/27
..
6,517
6,497
FW2643646.UP.FTS.B,
21.86%,
2/16/27
..
13,116
13,075
L2641584.UP.FTS.B,
21.92%,
2/16/27
....
42,790
12,015
L2637535.UP.FTS.B,
21.95%,
2/16/27
....
23,961
23,886
L2641532.UP.FTS.B,
22.02%,
2/16/27
....
5,626
5,608
FW2641686.UP.FTS.B,
22.07%,
2/16/27
..
2,857
204
L2631819.UP.FTS.B,
22.11%,
2/16/27
....
22,971
22,284
L2637903.UP.FTS.B,
22.13%,
2/16/27
....
9,672
9,546
FW2640578.UP.FTS.B,
22.42%,
2/16/27
..
747
742
L2640051.UP.FTS.B,
22.42%,
2/16/27
....
7,499
7,120
L2639752.UP.FTS.B,
22.85%,
2/16/27
....
40,923
40,411
FW2643850.UP.FTS.B,
23.05%,
2/16/27
..
12,515
1,865
L2644478.UP.FTS.B,
23.24%,
2/16/27
....
16,405
16,354
FW2641930.UP.FTS.B,
23.25%,
2/16/27
..
8,529
8,422
FW2640017.UP.FTS.B,
23.28%,
2/16/27
..
40,813
40,674
L2636952.UP.FTS.B,
23.58%,
2/16/27
....
8,213
8,188
FW2639691.UP.FTS.B,
23.69%,
2/16/27
..
14,954
14,909
FW2643737.UP.FTS.B,
23.79%,
2/16/27
..
13,034
12,982
L2643173.UP.FTS.B,
23.83%,
2/16/27
....
4,370
309
FW2639280.UP.FTS.B,
23.91%,
2/16/27
..
1,963
141
L2644184.UP.FTS.B,
24.14%,
2/16/27
....
7,523
7,074
L2638762.UP.FTS.B,
24.36%,
2/16/27
....
2,696
2,682
L2638887.UP.FTS.B,
24.84%,
2/16/27
....
1,652
1,647
L2643360.UP.FTS.B,
24.93%,
2/16/27
....
2,727
2,719
L2642235.UP.FTS.B,
24.97%,
2/16/27
....
1,240
1,236
FW2642257.UP.FTS.B,
25.15%,
2/16/27
..
8,253
8,228
FW2640811.UP.FTS.B,
25.17%,
2/16/27
..
24,815
24,740
L2638208.UP.FTS.B,
25.18%,
2/16/27
....
2,068
2,062
L2644708.UP.FTS.B,
25.19%,
2/16/27
....
3,805
3,794
L2639167.UP.FTS.B,
25.24%,
2/16/27
....
3,972
3,960
L2629944.UP.FTS.B,
25.26%,
2/16/27
....
993
990
L2644756.UP.FTS.B,
25.29%,
2/16/27
....
2,334
166
FW2644569.UP.FTS.B,
25.34%,
2/16/27
..
8,768
105
L2640772.UP.FTS.B,
25.34%,
2/16/27
....
1,359
392
L2642246.UP.FTS.B,
25.42%,
2/16/27
....
1,822
1,816
L2637328.UP.FTS.B,
25.43%,
2/16/27
....
5,052
5,037
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2643718.UP.FTS.B,
25.45%,
2/16/27
....
$
1,160
$
1,156
L2638486.UP.FTS.B,
25.48%,
2/16/27
....
8,532
8,507
L2644251.UP.FTS.B,
25.49%,
2/16/27
....
998
994
L2643938.UP.FTS.B,
25.5%,
2/16/27
....
1,243
1,239
L2643974.UP.FTS.B,
25.5%,
2/16/27
....
3,015
3,002
L2644656.UP.FTS.B,
25.52%,
2/16/27
....
3,278
3,117
L2638794.UP.FTS.B,
25.6%,
2/16/27
....
10,774
10,742
L2638678.UP.FTS.B,
25.84%,
2/16/27
....
8,296
8,271
FW2642963.UP.FTS.B,
25.88%,
2/16/27
..
3,983
3,971
L2640846.UP.FTS.B,
26.29%,
2/16/27
....
20,788
20,726
L2640994.UP.FTS.B,
27.05%,
2/16/27
....
16,681
16,631
FW2641067.UP.FTS.B,
27.08%,
2/16/27
..
5,809
5,790
FW2638017.UP.FTS.B,
27.09%,
2/16/27
..
7,174
7,153
FW2640323.UP.FTS.B,
27.2%,
2/16/27
...
5,915
1,722
FW2636711.UP.FTS.B,
27.4%,
2/16/27
...
8,353
8,328
FW2639797.UP.FTS.B,
28.19%,
2/16/27
..
2,347
2,340
FW2643525.UP.FTS.B,
28.34%,
2/16/27
..
9,560
9,532
FW2644630.UP.FTS.B,
28.55%,
2/16/27
..
8,439
8,401
FW2642505.UP.FTS.B,
29.14%,
2/16/27
..
1,742
1,735
FW2644598.UP.FTS.B,
29.38%,
2/16/27
..
9,424
8,958
FW2638733.UP.FTS.B,
29.69%,
2/16/27
..
3,626
3,615
FW2641230.UP.FTS.B,
30.11%,
2/16/27
..
2,123
(55)
FW2639696.UP.FTS.B,
30.14%,
2/16/27
..
845
842
FW2640894.UP.FTS.B,
30.14%,
2/16/27
..
22,979
22,912
FW2644440.UP.FTS.B,
30.21%,
2/16/27
..
1,138
168
FW2641475.UP.FTS.B,
30.33%,
2/16/27
..
1,436
1,432
FW2642574.UP.FTS.B,
30.52%,
2/16/27
..
15,266
15,110
FW2639097.UP.FTS.B,
30.54%,
2/16/27
..
847
845
FW2632545.UP.FTS.B,
30.71%,
2/16/27
..
1,425
1,400
FW2644847.UP.FTS.B,
30.77%,
2/16/27
..
1,178
1,168
FW2641207.UP.FTS.B,
30.9%,
2/16/27
...
2,881
2,873
FW2642662.UP.FTS.B,
30.94%,
2/16/27
..
4,694
4,462
FW2641385.UP.FTS.B,
30.96%,
2/16/27
..
738
727
FW2643800.UP.FTS.B,
31.1%,
2/16/27
...
1,262
1,218
FW2638255.UP.FTS.B,
31.12%,
2/16/27
..
1,558
1,541
FW2641109.UP.FTS.B,
31.12%,
2/16/27
..
37,896
35,987
FW2610188.UP.FTS.B,
31.13%,
2/16/27
..
8,526
8,488
FW2641269.UP.FTS.B,
31.13%,
2/16/27
..
9,901
9,416
FW2642792.UP.FTS.B,
31.15%,
2/16/27
..
1,010
1,007
FW2639361.UP.FTS.B,
31.17%,
2/16/27
..
1,187
1,184
FW2638060.UP.FTS.B,
31.21%,
2/16/27
..
2,206
2,200
FW2638691.UP.FTS.B,
31.42%,
2/16/27
..
8,114
8,079
FW2641809.UP.FTS.B,
33.83%,
2/16/27
..
1,864
549
L2645179.UP.FTS.B,
6.87%,
2/17/27
....
9,495
9,414
FW2645630.UP.FTS.B,
12.87%,
2/17/27
..
10,015
9,918
L2644980.UP.FTS.B,
12.95%,
2/17/27
....
1,499
1,484
L2645342.UP.FTS.B,
13.93%,
2/17/27
....
23,404
23,182
FW2645588.UP.FTS.B,
15.61%,
2/17/27
..
3,129
3,094
FW2645675.UP.FTS.B,
15.8%,
2/17/27
...
21,490
21,256
FW2645832.UP.FTS.B,
18.88%,
2/17/27
..
12,043
11,914
L2645010.UP.FTS.B,
20.52%,
2/17/27
....
8,904
8,795
FW2642053.UP.FTS.B,
21.61%,
2/17/27
..
3,411
3,401
L2645135.UP.FTS.B,
21.7%,
2/17/27
....
1,791
1,786
L2645558.UP.FTS.B,
22.43%,
2/17/27
....
2,354
2,325
L2645378.UP.FTS.B,
22.72%,
2/17/27
....
4,255
4,243
L2645573.UP.FTS.B,
22.94%,
2/17/27
....
1,634
1,614
L2645131.UP.FTS.B,
25.45%,
2/17/27
....
1,174
340
FW2645900.UP.FTS.B,
26.25%,
2/17/27
..
1,662
1,658
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2645472.UP.FTS.B,
26.31%,
2/17/27
..
$
14,252
$
14,196
FW2645571.UP.FTS.B,
26.48%,
2/17/27
..
3,328
3,319
FW2645165.UP.FTS.B,
26.81%,
2/17/27
..
705
694
FW2644978.UP.FTS.B,
28.18%,
2/17/27
..
8,990
8,963
FW2644973.UP.FTS.B,
28.39%,
2/17/27
..
7,229
7,205
FW2645842.UP.FTS.B,
30.86%,
2/17/27
..
2,654
2,644
FW2645290.UP.FTS.B,
31.68%,
2/17/27
..
7,849
544
FW2639867.UP.FTS.B,
26.3%,
2/19/27
...
1,678
1,670
L2633254.UP.FTS.B,
24.29%,
2/28/27
....
18,115
17,865
L2645397.UP.FTS.B,
26.19%,
2/28/27
....
2,095
2,090
FW2634686.UP.FTS.B,
28.47%,
2/28/27
..
4,690
1,350
L1874015.UP.FTS.B,
15.07%,
3/18/27
....
13,944
13,132
L1874238.UP.FTS.B,
17.32%,
3/18/27
....
4,122
3,867
L1873745.UP.FTS.B,
17.46%,
3/18/27
....
8,376
8,281
FW1873439.UP.FTS.B,
25.66%,
3/18/27
..
1,336
191
L1874548.UP.FTS.B,
26.04%,
3/18/27
....
5,789
5,770
FW1874338.UP.FTS.B,
26.12%,
3/18/27
..
8,216
8,178
L1873838.UP.FTS.B,
26.46%,
3/18/27
....
3,806
3,813
FW1874126.UP.FTS.B,
27.94%,
3/18/27
..
3,947
3,905
FW1860558.UP.FTS.B,
29.76%,
3/18/27
..
5,260
372
FW1873137.UP.FTS.B,
30.77%,
3/18/27
..
1,543
445
L2005122.UP.FTS.B,
12.01%,
4/09/27
....
6,598
6,517
L2006131.UP.FTS.B,
12.37%,
4/09/27
....
16,482
8,690
L2008435.UP.FTS.B,
14.4%,
4/09/27
....
6,089
6,012
L2004642.UP.FTS.B,
15.31%,
4/09/27
....
9,199
660
FW1985810.UP.FTS.B,
16.01%,
4/09/27
..
8,452
4,661
L2005313.UP.FTS.B,
17.04%,
4/09/27
....
42,169
11,209
L2006384.UP.FTS.B,
18.95%,
4/09/27
....
8,625
8,507
L2008942.UP.FTS.B,
21.92%,
4/09/27
....
2,967
840
L2006933.UP.FTS.B,
23.7%,
4/09/27
....
4,735
4,736
L2006560.UP.FTS.B,
24.67%,
4/09/27
....
6,108
6,061
L2009664.UP.FTS.B,
25.29%,
4/09/27
....
1,345
792
FW2006387.UP.FTS.B,
25.89%,
4/09/27
..
2,909
1,709
L2004832.UP.FTS.B,
25.91%,
4/09/27
....
3,580
251
L2004842.UP.FTS.B,
26.33%,
4/09/27
....
6,562
471
FW1997017.UP.FTS.B,
26.42%,
4/09/27
..
3,215
231
FW2009180.UP.FTS.B,
27.72%,
4/09/27
..
15,343
1,083
FW2008777.UP.FTS.B,
28.16%,
4/09/27
..
2,713
2,705
FW2009466.UP.FTS.B,
29.96%,
4/09/27
..
1,612
1,609
FW2008914.UP.FTS.B,
31.18%,
4/09/27
..
3,256
227
L2079809.UP.FTS.B,
11.68%,
4/19/27
....
5,959
5,895
L2076923.UP.FTS.B,
15.84%,
4/19/27
....
7,287
520
L2080104.UP.FTS.B,
16.97%,
4/19/27
....
41,010
38,486
L2077275.UP.FTS.B,
17.44%,
4/19/27
....
5,946
1,601
L2080091.UP.FTS.B,
20.35%,
4/19/27
....
2,110
2,084
L2075161.UP.FTS.B,
20.64%,
4/19/27
....
28,728
28,322
L2076557.UP.FTS.B,
21.86%,
4/19/27
....
22,111
22,163
L2071630.UP.FTS.B,
22.65%,
4/19/27
....
5,769
5,731
L2078089.UP.FTS.B,
22.76%,
4/19/27
....
16,624
16,430
FW2078029.UP.FTS.B,
23.15%,
4/19/27
..
3,856
3,840
FW2077484.UP.FTS.B,
23.29%,
4/19/27
..
12,693
12,582
L2073677.UP.FTS.B,
24.99%,
4/19/27
....
13,641
13,478
L2078594.UP.FTS.B,
25.45%,
4/19/27
....
20,248
1,451
L2078465.UP.FTS.B,
25.48%,
4/19/27
....
4,403
315
L2079168.UP.FTS.B,
25.49%,
4/19/27
....
9,305
8,864
FW2079109.UP.FTS.B,
25.53%,
4/19/27
..
5,319
784
L2075052.UP.FTS.B,
25.99%,
4/19/27
....
4,278
4,258
FW2075118.UP.FTS.B,
26.16%,
4/19/27
..
2,272
161
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2077173.UP.FTS.B,
26.59%,
4/19/27
....
$
10,342
$
10,285
FW2076494.UP.FTS.B,
27.89%,
4/19/27
..
5,151
5,142
FW2079282.UP.FTS.B,
30.4%,
4/19/27
...
1,050
1,044
FW2077993.UP.FTS.B,
30.84%,
4/19/27
..
2,463
2,462
FW2076209.UP.FTS.B,
31.48%,
4/19/27
..
2,725
2,721
L2079161.UP.FTS.B,
17.64%,
5/01/27
....
4,922
4,851
FW2195774.UP.FTS.B,
11.53%,
5/07/27
..
24,896
24,557
L2198086.UP.FTS.B,
13.28%,
5/07/27
....
8,727
631
L2196990.UP.FTS.B,
14.16%,
5/07/27
....
4,698
4,633
L2196542.UP.FTS.B,
14.21%,
5/07/27
....
6,182
6,111
L2197143.UP.FTS.B,
15.39%,
5/07/27
....
8,783
8,647
FW2198673.UP.FTS.B,
15.71%,
5/07/27
..
16,095
15,826
L2197234.UP.FTS.B,
16.24%,
5/07/27
....
17,012
8,932
L2199844.UP.FTS.B,
16.94%,
5/07/27
....
8,624
8,506
L2195638.UP.FTS.B,
17.49%,
5/07/27
....
8,754
8,582
L2200243.UP.FTS.B,
17.54%,
5/07/27
....
852
839
L2196814.UP.FTS.B,
17.8%,
5/07/27
....
14,195
1,010
L2200120.UP.FTS.B,
19.52%,
5/07/27
....
9,697
9,478
L2197644.UP.FTS.B,
20.86%,
5/07/27
....
1,933
136
L2196726.UP.FTS.B,
21.07%,
5/07/27
....
20,267
5,366
L2197009.UP.FTS.B,
22.01%,
5/07/27
....
5,747
813
L2197891.UP.FTS.B,
23.8%,
5/07/27
....
3,278
3,258
FW2197402.UP.FTS.B,
23.87%,
5/07/27
..
2,801
387
L2199876.UP.FTS.B,
25.33%,
5/07/27
....
1,086
1,069
FW2199514.UP.FTS.B,
25.91%,
5/07/27
..
2,353
653
FW2200188.UP.FTS.B,
28.66%,
5/07/27
..
4,639
4,593
FW2126302.UP.FTS.B,
28.84%,
5/07/27
..
15,216
8,918
FW2197220.UP.FTS.B,
29.81%,
5/07/27
..
2,066
2,041
FW2199905.UP.FTS.B,
30.79%,
5/07/27
..
1,673
119
FW2199111.UP.FTS.B,
31.05%,
5/07/27
..
1,668
988
L2201222.UP.FTS.B,
13.13%,
5/08/27
....
39,667
20,846
FW2199867.UP.FTS.B,
13.82%,
5/08/27
..
11,825
11,682
L2205206.UP.FTS.B,
15.97%,
5/08/27
....
23,847
23,486
L2205436.UP.FTS.B,
16.02%,
5/08/27
....
22,923
22,522
L2194438.UP.FTS.B,
19.48%,
5/08/27
....
5,626
406
L2203740.UP.FTS.B,
19.62%,
5/08/27
....
2,021
1,983
L2203837.UP.FTS.B,
20.89%,
5/08/27
....
10,754
6,315
L2202018.UP.FTS.B,
21.02%,
5/08/27
....
6,766
489
L2201398.UP.FTS.B,
22.49%,
5/08/27
....
10,205
10,037
L2169853.UP.FTS.B,
22.52%,
5/08/27
....
4,343
4,302
L2202315.UP.FTS.B,
23.12%,
5/08/27
....
3,240
3,210
L2204118.UP.FTS.B,
23.56%,
5/08/27
....
13,870
13,770
FW2205649.UP.FTS.B,
23.84%,
5/08/27
..
3,259
3,230
FW2202542.UP.FTS.B,
24.64%,
5/08/27
..
3,676
3,649
L2204697.UP.FTS.B,
24.89%,
5/08/27
....
18,118
2,544
FW2201944.UP.FTS.B,
25.52%,
5/08/27
..
4,672
2,752
L2204916.UP.FTS.B,
25.63%,
5/08/27
....
9,344
9,299
L2206165.UP.FTS.B,
26.19%,
5/08/27
....
7,401
7,385
FW2201816.UP.FTS.B,
26.65%,
5/08/27
..
4,264
4,246
FW2206860.UP.FTS.B,
28.2%,
5/08/27
...
3,046
3,026
FW2199020.UP.FTS.B,
29.97%,
5/08/27
..
8,984
8,904
FW2199475.UP.FTS.B,
30.86%,
5/08/27
..
3,946
3,934
FW2202450.UP.FTS.B,
31.05%,
5/08/27
..
2,559
2,541
FW2201216.UP.FTS.B,
31.06%,
5/08/27
..
2,378
1,415
FW2200444.UP.FTS.B,
31.21%,
5/08/27
..
3,538
3,508
FW2204874.UP.FTS.B,
17.03%,
5/23/27
..
7,879
7,753
L2411745.UP.FTS.B,
7.47%,
6/11/27
.....
5,539
5,476
L2412468.UP.FTS.B,
7.67%,
6/11/27
.....
38,213
37,810
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2412874.UP.FTS.B,
8.03%,
6/11/27
.....
$
5,405
$
5,347
L2412901.UP.FTS.B,
8.44%,
6/11/27
.....
11,921
11,788
FW2411320.UP.FTS.B,
10.63%,
6/11/27
..
4,185
307
L2413627.UP.FTS.B,
12.33%,
6/11/27
....
27,424
27,111
L2412970.UP.FTS.B,
14.15%,
6/11/27
....
25,334
13,325
FW2407061.UP.FTS.B,
16.61%,
6/11/27
..
13,733
13,502
FW2407472.UP.FTS.B,
18.08%,
6/11/27
..
22,378
11,782
L2412214.UP.FTS.B,
18.34%,
6/11/27
....
2,371
2,344
L2412421.UP.FTS.B,
21.23%,
6/11/27
....
2,408
(7)
FW2406392.UP.FTS.B,
23.41%,
6/11/27
..
8,278
8,241
L2411082.UP.FTS.B,
23.57%,
6/11/27
....
10,228
(31)
L2413373.UP.FTS.B,
23.72%,
6/11/27
....
27,303
27,123
FW2407476.UP.FTS.B,
24.28%,
6/11/27
..
4,376
2,579
FW2409812.UP.FTS.B,
24.81%,
6/11/27
..
2,582
2,553
L2412285.UP.FTS.B,
25.08%,
6/11/27
....
11,330
11,256
L2406611.UP.FTS.B,
25.32%,
6/11/27
....
20,952
12,358
FW2410079.UP.FTS.B,
25.81%,
6/11/27
..
2,810
2,799
FW2412377.UP.FTS.B,
26.3%,
6/11/27
...
5,466
(57)
FW2411228.UP.FTS.B,
26.37%,
6/11/27
..
3,511
3,473
FW2409497.UP.FTS.B,
26.87%,
6/11/27
..
1,838
515
L2407955.UP.FTS.B,
27%,
6/11/27
......
7,657
7,624
FW2412160.UP.FTS.B,
27.76%,
6/11/27
..
3,482
3,455
FW2412851.UP.FTS.B,
28.09%,
6/11/27
..
4,423
(655)
FW2410113.UP.FTS.B,
29.34%,
6/11/27
..
2,930
2,904
FW2413018.UP.FTS.B,
30.69%,
6/11/27
..
765
751
FW2412683.UP.FTS.B,
30.78%,
6/11/27
..
38,075
2,657
FW2410302.UP.FTS.B,
30.97%,
6/11/27
..
1,728
1,712
FW2412394.UP.FTS.B,
31.05%,
6/11/27
..
1,931
1,917
FW2408288.UP.FTS.B,
31.13%,
6/11/27
..
2,070
144
FW2409027.UP.FTS.B,
31.16%,
6/11/27
..
1,442
1,432
FW2407226.UP.FTS.B,
31.18%,
6/11/27
..
2,977
1,767
FW2412681.UP.FTS.B,
31.21%,
6/11/27
..
1,679
119
FW2411177.UP.FTS.B,
31.23%,
6/11/27
..
2,908
2,895
FW2408747.UP.FTS.B,
31.68%,
6/11/27
..
11,206
11,098
FW2418007.UP.FTS.B,
10.28%,
6/12/27
..
2,132
1,110
L2415490.UP.FTS.B,
12.71%,
6/12/27
....
13,015
12,856
L2416143.UP.FTS.B,
14.39%,
6/12/27
....
1,569
1,553
L2418555.UP.FTS.B,
15.62%,
6/12/27
....
13,507
13,342
L2419121.UP.FTS.B,
17.04%,
6/12/27
....
6,110
6,026
FW2417755.UP.FTS.B,
18.05%,
6/12/27
..
14,782
14,577
L2415568.UP.FTS.B,
19.57%,
6/12/27
....
3,171
3,146
L2415810.UP.FTS.B,
22.13%,
6/12/27
....
4,299
4,264
L2418697.UP.FTS.B,
22.86%,
6/12/27
....
3,939
3,872
L2417411.UP.FTS.B,
24%,
6/12/27
......
8,762
8,681
L2418124.UP.FTS.B,
25.47%,
6/12/27
....
21,594
1,550
FW2420083.UP.FTS.B,
27.39%,
6/12/27
..
46,536
6,564
L2417119.UP.FTS.B,
28.65%,
6/12/27
....
8,692
619
FW2412961.UP.FTS.B,
30.81%,
6/12/27
..
1,726
120
FW2418950.UP.FTS.B,
30.94%,
6/12/27
..
1,717
1,699
FW2418092.UP.FTS.B,
30.98%,
6/12/27
..
1,306
1,298
FW2420156.UP.FTS.B,
31.98%,
6/12/27
..
2,616
2,596
FW2416032.UP.FTS.B,
32.75%,
6/12/27
..
17,680
17,518
FW2411936.UP.FTS.B,
13.61%,
6/26/27
..
6,256
6,175
L1708948.UP.FTS.B,
7.47%,
7/14/27
....
6,419
6,352
L1708685.UP.FTS.B,
16.63%,
7/14/27
....
2,223
2,196
FW1706254.UP.FTS.B,
26.93%,
7/14/27
..
27,799
4,171
FW2637564.UP.FTS.B,
8.54%,
7/15/27
...
12,103
11,337
L2633537.UP.FTS.B,
17.39%,
7/15/27
....
8,623
8,485
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2634470.UP.FTS.B,
18.69%,
7/15/27
..
$
4,569
$
(103)
L2633453.UP.FTS.B,
19.72%,
7/15/27
....
13,358
12,505
L2636132.UP.FTS.B,
21.91%,
7/15/27
....
9,021
8,541
FW2632621.UP.FTS.B,
22.95%,
7/15/27
..
4,922
713
FW2632915.UP.FTS.B,
24.46%,
7/15/27
..
12,893
12,751
L2633167.UP.FTS.B,
24.54%,
7/15/27
....
4,944
4,855
L2631727.UP.FTS.B,
25.43%,
7/15/27
....
12,858
(772)
L2605748.UP.FTS.B,
25.45%,
7/15/27
....
1,579
1,562
FW2636841.UP.FTS.B,
30.04%,
7/15/27
..
24,352
24,174
L2638227.UP.FTS.B,
10.2%,
7/16/27
....
12,352
12,230
FW2639288.UP.FTS.B,
14.3%,
7/16/27
...
13,317
13,158
FW2644039.UP.FTS.B,
16.97%,
7/16/27
..
6,691
6,599
L2639647.UP.FTS.B,
17.04%,
7/16/27
....
8,487
7,952
L2640734.UP.FTS.B,
17.15%,
7/16/27
....
41,656
41,023
FW2639528.UP.FTS.B,
18.78%,
7/16/27
..
38,672
1,137
L2640760.UP.FTS.B,
19.65%,
7/16/27
....
4,252
4,185
L2639355.UP.FTS.B,
21.49%,
7/16/27
....
3,254
3,203
L2641233.UP.FTS.B,
22.03%,
7/16/27
....
15,461
160
L2640906.UP.FTS.B,
23.61%,
7/16/27
....
5,685
406
L2643831.UP.FTS.B,
24.23%,
7/16/27
....
4,278
198
FW2641976.UP.FTS.B,
24.71%,
7/16/27
..
11,208
11,138
L2643306.UP.FTS.B,
25.49%,
7/16/27
....
16,936
16,813
FW2644724.UP.FTS.B,
28.24%,
7/16/27
..
45,088
42,755
FW2644628.UP.FTS.B,
30.88%,
7/16/27
..
1,341
1,339
L2645113.UP.FTS.B,
10.21%,
7/17/27
....
6,453
6,372
L2645909.UP.FTS.B,
19.06%,
7/17/27
....
4,260
4,197
L2642277.UP.FTS.B,
22.82%,
7/17/27
....
5,514
5,420
L2645504.UP.FTS.B,
26.01%,
7/17/27
....
10,207
(77)
FW2645599.UP.FTS.B,
27.57%,
7/17/27
..
22,777
(267)
FW1873026.UP.FTS.B,
30.69%,
8/18/27
..
522
514
L2008894.UP.FTS.B,
11.02%,
9/09/27
....
4,879
1,217
L2006623.UP.FTS.B,
15.18%,
9/09/27
....
8,718
8,590
L2005978.UP.FTS.B,
17.84%,
9/09/27
....
3,278
3,215
L2004813.UP.FTS.B,
23.68%,
9/09/27
....
4,860
4,836
FW2007802.UP.FTS.B,
23.93%,
9/09/27
..
29,560
29,057
FW2199121.UP.FTS.B,
15.58%,
10/07/27
.
16,972
16,738
L2199767.UP.FTS.B,
25.65%,
10/07/27
...
5,165
5,098
FW2199624.UP.FTS.B,
25.75%,
10/07/27
.
8,490
8,412
FW2195253.UP.FTS.B,
27.11%,
10/07/27
.
5,745
3,382
L2202846.UP.FTS.B,
8.79%,
10/08/27
....
16,304
2,130
L2200600.UP.FTS.B,
11.71%,
10/08/27
...
3,844
3,800
L2206074.UP.FTS.B,
15.01%,
10/08/27
...
6,383
857
FW2205781.UP.FTS.B,
22.27%,
10/08/27
.
42,161
24,651
FW2202576.UP.FTS.B,
22.89%,
10/08/27
.
7,058
6,982
L2205138.UP.FTS.B,
24.86%,
10/08/27
...
3,154
454
L2206615.UP.FTS.B,
25.87%,
10/08/27
...
13,151
12,990
FW2202648.UP.FTS.B,
26.05%,
10/08/27
.
6,756
3,977
FW2203404.UP.FTS.B,
29.65%,
10/08/27
.
1,512
1,500
FW2202975.UP.FTS.B,
30.2%,
10/08/27
..
3,202
3,174
L2407212.UP.FTS.B,
7.8%,
11/11/27
.....
16,266
1,193
FW2411932.UP.FTS.B,
22.38%,
11/11/27
.
4,669
4,605
L2413593.UP.FTS.B,
23.06%,
11/11/27
...
7,803
7,664
FW2410499.UP.FTS.B,
31.67%,
11/11/27
.
1,443
1,424
L2414318.UP.FTS.B,
8.81%,
11/12/27
....
12,858
12,729
FW2414721.UP.FTS.B,
28.43%,
11/12/27
.
5,294
5,217
FW2402573.UP.FTS.B,
32.37%,
11/12/27
.
10,294
10,179
L2636525.UP.FTS.B,
16.23%,
12/15/27
...
12,856
158
FW2634082.UP.FTS.B,
24.01%,
12/15/27
.
5,191
5,104
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2632167.UP.FTS.B,
30.21%,
12/15/27
.
$
917
$
65
L2644100.UP.FTS.B,
5.16%,
12/16/27
....
4,264
4,228
FW2643411.UP.FTS.B,
29.58%,
12/16/27
.
5,109
4,836
FW2642156.UP.FTS.B,
26.37%,
12/20/27
.
2,513
729
L1710242.UP.FTS.B,
16.42%,
9/14/28
....
2,486
2,474
L2008544.UP.FTS.B,
14.54%,
11/09/28
...
4,219
4,196
L1973640.UP.FTS.B,
20.1%,
11/09/28
....
9,042
9,000
L2009558.UP.FTS.B,
26.34%,
11/09/28
...
16,258
16,240
L2195991.UP.FTS.B,
26.01%,
12/07/28
...
8,136
8,111
L2197007.UP.FTS.B,
26.07%,
12/07/28
...
2,340
2,323
L2204377.UP.FTS.B,
25.94%,
12/08/28
...
3,959
3,936
L2635238.UP.FTS.B,
13.81%,
2/15/29
....
12,985
12,901
L2631621.UP.FTS.B,
15.64%,
2/15/29
....
18,843
18,722
L2633434.UP.FTS.B,
17.36%,
2/15/29
....
4,051
4,025
L2633742.UP.FTS.B,
25.95%,
2/15/29
....
2,935
2,762
L2634808.UP.FTS.B,
26.03%,
2/15/29
....
1,835
1,732
L2633894.UP.FTS.B,
26.42%,
2/15/29
....
4,246
4,207
L2635317.UP.FTS.B,
27.28%,
2/15/29
....
2,111
2,093
L2637431.UP.FTS.B,
26.27%,
7/15/29
....
6,579
6,199
13,011,182
Total
Marketplace
Loans
(Cost
$52,197,052)
....
$46,567,550
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
July
31,
2023
Franklin
Strategic
Income
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
At
July
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding. 
At
July
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding. 
At
July
31,
2023,
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
U.S.
Treasury
10
Year
Notes
....................
Long
503
$
56,037,344
9/20/23
$
(1,356,457)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
81
9,475,734
9/20/23
160,620
U.S.
Treasury
2
Year
Notes
.....................
Long
1,309
265,767,906
9/29/23
(2,434,076)
U.S.
Treasury
Ultra
Bonds
......................
Long
153
20,229,469
9/20/23
(355,248)
Total
Futures
Contracts
......................................................................
$(3,985,161)
*
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
Brazilian
Real
......
JPHQ
Buy
6,600,000
1,390,873
8/07/23
$
3,485
$
—
Brazilian
Real
......
JPHQ
Sell
6,600,000
1,284,339
8/07/23
—
(110,019)
Columbian
Peso
....
JPHQ
Sell
56,500,000,000
12,220,920
8/28/23
—
(2,073,072)
Euro
.............
JPHQ
Buy
5,600,000
6,133,848
9/14/23
37,564
—
Euro
.............
JPHQ
Sell
7,650,000
8,300,066
9/14/23
—
(130,523)
Japanese
Yen
......
JPHQ
Buy
1,900,000,000
13,354,099
10/10/23
148,830
—
Brazilian
Real
......
JPHQ
Sell
6,600,000
1,371,183
11/06/23
2,589
—
Total
Forward
Exchange
Contracts
...................................................
$192,468
$(2,313,614)
Net
unrealized
appreciation
(depreciation)
............................................
$(2,121,146)
*
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
Sell
Protection
(c)(d)
Traded
Index
CDX.NA.HY.40
.
5.00%
Quarterly
6/20/28
10,100,000
$
413,765
$
112,932
$
300,833
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$413,765
$112,932
$300,833
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
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)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
17,820,000
$
(1,726,808)
$
(2,510,162)
$
783,354
B-
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
3,150,000
EUR
30,527
—
30,527
Non-
Investment
Grade
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
15,800,000
256,417
(261,482)
517,899
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
22,100,000
(5,981,185)
(1,310,569)
(4,670,616)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
5,300,000
37,914
—
37,914
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
23,060,000
76,462
18,035
58,427
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(7,306,673)
$(4,064,178)
$(3,242,495)
Total
Credit
Default
Swap
Contracts
....................................
$(6,892,908)
$
(3,951,246)
$(2,941,662)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
At
July
31,
2023,
the
Fund
had
the
following total
return swap
contracts
outstanding.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Short
(a)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
9/20/23
29,500,000
$
(797,454)
Total
Return
Swap
Contracts
...................................................................
$(797,454)
*
In
U.S.
dollars
unless
otherwise
indicated.
(a)
The
Fund
receives
the
total
return
on
the
underlying
instrument
and
pays
a
variable
financing
rate.
See
Abbreviations
on
page
158.
Franklin
Strategic
Series
139
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
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
Trust
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. 
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.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value. 
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)
140
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,
2023,
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,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Biotechnology
Discovery
Fund
5,500
Aeglea
BioTherapeutics,
Inc
....................
6/22/23
$
1,600,940
$
3,027,003
189,499
Artiva
Biotherapeutics,
Inc.,
B
...................
2/22/21
2,084,489
871,278
83,100
Carmot
Therapeutics,
Inc.,
E
...................
5/24/23
1,911,986
1,911,986
1,651,505
Pipeline
Therapeutics,
Inc.,
C
...................
2/09/21
-
5/25/23
4,425,868
4,368,175
Total
Restricted
Securities
(Value
is
1.3%
of
Net
Assets)
..............
$10,023,283
$10,178,442
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
11,829
Canva,
Inc.
................................
12/22/21
$
20,158,531
$
10,869,905
4,619
Celonis
SE
.................................
6/16/21
1,708,060
1,574,300
25,571
Celonis
SE,
D
..............................
6/16/21
-
10/04/22
9,427,681
8,715,401
6,309,366
ClearMotion,
Inc.
............................
11/06/17
-12/21/18
15,499,999
682,781
417,667
ClearMotion,
Inc.,
A-3
.........................
3/23/23
—
56,938
2,606,463
ClearMotion,
Inc.,
A-4
.........................
12/21/21
251,500
335,100
338,280
Databricks,
Inc.,
G
...........................
2/01/21
20,000,005
31,017,196
1,029,939
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
19,730,229
81,494,001
810,440
Lacework,
Inc.,
D
............................
11/12/21
20,330,471
13,816,464
517,056
OneTrust
LLC,
C
............................
4/01/21
10,139,623
7,750,670
556,026
Optoro,
Inc.,
E
..............................
7/24/18
-
12/01/21
10,942,592
8,294,039
2. Financial
Instrument
Valuation
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
141
Quarterly
Schedules
of
Investments
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
(continued)
142,857
Space
Exploration
Technologies
Corp.,
A
..........
5/25/22
$
9,999,990
$
11,571,417
1,753,060
Talkdesk,
Inc.,
C
............................
7/15/20
11,517,955
10,223,614
805,800
Tanium,
Inc.,
G
..............................
9/04/15
4,000,233
5,702,533
504,854
Tempus
Labs,
Inc.,
F
.........................
5/29/19
12,499,983
15,784,637
126,131
Tempus
Labs,
Inc.,
G
.........................
2/06/20
4,837,426
3,943,580
Total
Restricted
Securities
(Value
is
5.1%
of
Net
Assets)
..............
$171,044,278
$211,832,576
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
3,436,485
1661,
Inc.,
F
................................
5/28/21
$
19,999,999
$
7,256,953
382,306
Benchling,
Inc.,
F
............................
10/20/21
12,499,991
6,831,520
1,388,889
Checkr,
Inc.,
E
..............................
8/24/21
25,000,002
21,822,736
3,698,772
ClearMotion,
Inc.
............................
12/21/18
10,000,000
400,270
1,037,942
ClearMotion,
Inc.,
A-3
.........................
3/23/23
—
141,496
6,477,294
ClearMotion,
Inc.,
A-4
.........................
12/21/21
625,000
832,753
709,046
Newsela,
Inc.,
D
.............................
1/21/21
15,000,010
12,203,748
625,361
OneTrust
LLC,
A
............................
3/10/23
6,878,971
9,374,161
56,457
OneTrust
LLC,
A-1
...........................
3/10/23
621,027
846,291
554,878
Optoro,
Inc.,
E
..............................
7/24/18
-
12/01/21
10,919,999
8,276,916
162,712
Smule,
Inc.
................................
8/05/22
-
11/28/22
764,393
2,278,029
1,542,673
Smule,
Inc.,
G,
144A
.........................
5/31/16
11,099,995
2,469,361
352,675
Smule,
Inc.,
H,
144A
.........................
4/27/17
2,999,995
667,081
361,111
Tula
eTechnology,
Inc.
........................
11/01/18
—
—
3,611,111
Tula
eTechnology,
Inc.,
E
......................
9/08/17
6,500,000
6,267,437
Total
Restricted
Securities
(Value
is
2.9%
of
Net
Assets)
..............
$122,909,382
$79,668,752
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
347,106
Benchling,
Inc.,
F
............................
10/20/21
$
11,349,082
$
6,202,522
570,121
Blaize,
Inc.,
10%,
12/09/24
.....................
1/19/23
570,121
570,178
1
Blaize,
Inc.,
12/09/25
.........................
1/19/23
57
—
146,765
Blaize,
Inc.,
9/19/25
..........................
9/20/22
-
9/22/22
5
—
1,948,384
Blaize,
Inc.,
D
..............................
3/02/21
-
11/09/21
20,346,009
3,051,900
260,815
Blaize,
Inc.,
D,
2/28/24
........................
3/01/21
-
11/09/21
—
—
1,467,659
Blaize,
Inc.,
D-2
.............................
4/01/22
-
9/20/22
7,099,996
1,094,514
227,829
Databricks,
Inc.,
G
...........................
2/01/21
13,469,850
20,889,845
793,714
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
14,052,061
62,802,680
423,782
Newsela,
Inc.,
D
.............................
1/21/21
8,965,193
7,293,926
767,526
OneTrust
LLC,
C
............................
4/01/21
15,051,415
11,505,215
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
142
Quarterly
Schedules
of
Investments
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
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
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
July
31,
2023,
investments
in
“affiliated
companies”
were
as
follows: 
Principal
Amount*/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
2,970,061
Phononic
Devices,
Inc.,
F
......................
6/06/19
$
7,499,998
$
1,241,652
513,050
Phononic
Devices,
Inc.,
G-2
....................
1/17/20
-
11/03/20
47
554,994
117,763
Phononic,
Inc.
..............................
10/17/22
460,645
542,906
844,049
Phononic,
Inc.,
Advance
Term
Loan,
PIK,
12%,
6/30/25
10/17/22
-
7/01/23
787,912
687,386
47,104
Phononic,
Inc.,
H,
10/17/27
....................
10/17/22
44,029
52,278
Total
Restricted
Securities
(Value
is
3.0%
of
Net
Assets)
..............
$99,696,420
$116,489,996
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
Fund
125,940,079
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
977,123
$
—
12,532,821
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
9,307
—
6,000,000
WorkCapital
BSD
SARL,
2/13/26
................
2/15/19
750,000
—
20,000,000
WorkCapital
BSD
SARL,
Term
Loan,
6.5%,
1/01/38
..
2/13/19
19,530,078
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$21,266,508
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
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
Biotechnology
Discovery
Fund
Non-Controlled
Affiliates
Dividends
Applied
Therapeutics,
Inc
$
4,392,892
$
—
$
—
$
—
$
206,724
$
4,599,616
2,584,054
$
—
Applied
Therapeutics,
Inc.,
6/27/27
..........
1,383,719
—
—
—
65,120
1,448,839
814,000
—
Applied
Therapeutics,
Inc.,
6/27/27
.
.........
1,457,250
—
—
—
(25,380)
1,431,870
1,628,100
—
Artiva
Biotherapeutics,
Inc.,
B
..........
829,888
—
—
—
41,390
871,278
189,499
—
Benitec
Biopharma,
Inc
.
1,247,436
—
—
(1)
(123,586)
1,123,849
364,886
—
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
143
Quarterly
Schedules
of
Investments
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
Biotechnology
Discovery
Fund
(continued)
Non-Controlled
Affiliates
Benitec
Biopharma,
Inc.,
II,
9/14/27
..........
$
366,803
$
—
$
—
$
—
$
429,434
$
796,237
412,910
$
—
Pipeline
Therapeutics,
Inc.,
C
..............
1,435,375
2,336,873
—
—
595,927
4,368,175
1,651,505
—
Total
Affiliated
Securities
(Value
is
1.8%
of
Net
Assets)
..........
$11,113,363
$2,336,873
$—
$(1)
$1,189,629
$14,639,864
$—
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Optoro,
Inc.,
E
.......
8,167,495
—
—
—
126,544
8,294,039
556,026
—
Talkdesk,
Inc.,
C
.....
9,955,707
—
—
—
267,907
10,223,614
1,753,060
—
Total
Affiliated
Securities
(Value
is
0.4%
of
Net
Assets)
..........
$18,123,202
$—
$—
$—
$394,451
$18,517,653
$—
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
1661,
Inc.,
F
........
6,545,566
—
—
—
711,387
7,256,953
3,436,485
—
Benchling,
Inc.,
F
.....
5,803,206
—
—
—
1,028,314
6,831,520
382,306
—
EyePoint
Pharmaceuticals,
Inc.
............
12,290,588
—
(2,490,373)
(1,322,502)
—
a
—
a
—
a
—
Optoro,
Inc.,
E
.......
8,150,632
—
—
—
126,284
8,276,916
554,878
—
Paymentus
Holdings,
Inc.,
A
..............
18,067,319
—
—
—
6,717,618
24,784,937
2,195,300
—
Total
Affiliated
Securities
(Value
is
1.7%
of
Net
Assets)
..........
$50,857,311
$—
$(2,490,373)
$(1,322,502)
$8,583,603
$47,150,326
$—
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Benchling,
Inc.,
F
.....
5,268,888
—
—
—
933,634
6,202,522
347,106
—
Blaize,
Inc.,
12/09/25
..
—
—
—
—
—
—
1
—
Blaize,
Inc.,
9/19/25
...
—
—
—
—
—
—
146,765
—
Blaize,
Inc.,
D
.......
3,051,900
—
—
—
—
3,051,900
1,948,384
—
Blaize,
Inc.,
D,
2/28/24
.
—
—
—
—
—
—
260,815
—
Blaize,
Inc.,
D-2
......
1,094,514
—
—
—
—
1,094,514
1,467,659
—
Phononic
Devices,
Inc.,
F
2,020,235
—
—
—
(778,583)
1,241,652
2,970,061
—
Phononic
Devices,
Inc.,
G-2
............
771,484
—
—
—
(216,490)
554,994
513,050
—
Phononic,
Inc.
.......
563,212
—
—
—
(20,306)
542,906
117,763
—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
144
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,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Non-Controlled
Affiliates
Phononic,
Inc.,
H,
10/17/27
.........
$
60,114
$
—
$
—
$
—
$
(7,836)
$
52,278
47,104
$
—
Interest
Blaize,
Inc.,
10%,
12/09/24
570,178
—
—
—
—
570,178
570,121
14,253
Phononic,
Inc.,
Advance
Term
Loan,
PIK,
12%,
6/30/25
..........
625,802
65,731
—
—
(4,147)
687,386
844,049
18,045
Total
Affiliated
Securities
(Value
is
0.4%
of
Net
Assets)
..........
$14,026,327
$65,731
$—
$—
$(93,728)
$13,998,330
$32,298
Franklin
Strategic
Income
Fund
Controlled
Affiliates
b
Dividends
Birch
Permian
Holdings,
Inc.
............
6,731,505
—
—
—
(761,482)
5,970,023
406,124
548,268
Total
Affiliated
Securities
(Value
is
0.2%
of
Net
Assets)
..........
$6,731,505
$—
$—
$—
$(761,482)
$5,970,023
$548,268
*
In
U.S.
dollars
unless
otherwise
indicated.
a
As
of
July
31,
2023,
no
longer
an
affiliate.
b
Issuer
in
which
the
Fund
owns
25%
or
more
of
the
outstanding
voting
securities.
    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
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
16,832,344
$
39,527,644
$
(55,715,651)
$
—
$
—
$
644,337
644,337
$
100,735
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
145
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
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Biotechnology
Discovery
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$2,337,680
$41,655,595
$(36,659,510)
$—
$—
$7,333,765
7,333,765
$104,934
Total
Affiliated
Securities
...
$19,170,024
$81,183,239
$(92,375,161)
$—
$—
$7,978,102
$205,669
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
84,915,861
$
100,838,327
$
(165,266,175)
$
—
$
—
$
20,488,013
20,488,013
$
390,712
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$24,476,348
$54,029,718
$(60,903,523)
$—
$—
$17,602,543
17,602,543
$161,256
Total
Affiliated
Securities
...
$109,392,209
$154,868,045
$(226,169,698)
$—
$—
$38,090,556
$551,968
Franklin
Natural
Resources
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
631,197
$
16,425,022
$
(15,456,894)
$
—
$
—
$
1,599,325
1,599,325
$
7,498
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$684,160
$19,923,210
$(20,607,370)
$—
$—
$—
—
$8,917
Total
Affiliated
Securities
...
$1,315,357
$36,348,232
$(36,064,264)
$—
$—
$1,599,325
$16,415
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
32,742,362
$
130,266,415
$
(113,310,120)
$
—
$
—
$
49,698,657
49,698,657
$
383,282
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
146
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.)
    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
Cap
Growth
Fund
(continued)
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$12,159,690
$97,170,609
$(91,339,239)
$—
$—
$17,991,060
17,991,060
$219,583
Total
Affiliated
Securities
...
$44,902,052
$227,437,024
$(204,649,359)
$—
$—
$67,689,717
$602,865
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
180,826,526
$
121,324,527
$
(104,981,575)
$
—
$
—
$
197,169,478
197,169,478
$
2,099,914
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$—
$36,704,508
$(30,802,308)
$—
$—
$5,902,200
5,902,200
$16,926
Total
Affiliated
Securities
...
$180,826,526
$158,029,035
$(135,783,883)
$—
$—
$203,071,678
$2,116,840
Franklin
Strategic
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$
145,949,688
$
—
$
—
$
—
$
2,990,006
$
148,939,694
18,687,540
$
—
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
4.842%
$
37,364,960
$
2,298,754
$
(3,329,190)
$
—
$
—
$
36,334,524
36,334,524
$
428,768
Total
Affiliated
Securities
...
$183,314,648
$2,298,754
$(3,329,190)
$—
$2,990,006
$185,274,218
$428,768
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
147
Quarterly
Schedules
of
Investments
• 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,
2023,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
797,088,228
$
—
$
—
$
797,088,228
Convertible
Preferred
Stocks
................
—
—
4,938,989
4,938,989
Preferred
Stocks
:
Biotechnology
.........................
—
—
4,368,175
4,368,175
Health
Care
Providers
&
Services
..........
—
—
871,278
871,278
Life
Sciences
Tools
&
Services
............
—
3,796,075
—
3,796,075
Warrants
:
Biotechnology
.........................
—
1,448,839
2,228,107
3,676,946
Pharmaceuticals
.......................
16,310
—
—
16,310
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
7,978,102
—
—
7,978,102
Total
Investments
in
Securities
...........
$805,082,640
$5,244,914
b
$12,406,549
$822,734,103
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
35,748,203
—
11,571,417
47,319,620
Automobiles
..........................
34,235,051
—
—
34,235,051
Beverages
...........................
96,583,258
—
—
96,583,258
Broadline
Retail
.......................
273,220,931
—
—
273,220,931
Capital
Markets
........................
143,629,213
—
—
143,629,213
Chemicals
...........................
72,449,361
—
—
72,449,361
Commercial
Services
&
Supplies
...........
49,198,243
—
10,289,701
59,487,944
Electric
Utilities
........................
33,869,145
—
—
33,869,145
Entertainment
.........................
53,151,805
—
—
53,151,805
Financial
Services
......................
232,362,425
—
—
232,362,425
Food
Products
........................
37,745,798
—
—
37,745,798
Ground
Transportation
..................
93,531,967
—
—
93,531,967
Health
Care
Equipment
&
Supplies
.........
115,976,873
—
—
115,976,873
Health
Care
Providers
&
Services
..........
93,474,099
—
—
93,474,099
Health
Care
Technology
.................
22,410,286
—
—
22,410,286
Hotels,
Restaurants
&
Leisure
.............
72,480,736
—
—
72,480,736
Industrial
Conglomerates
................
29,943,776
—
—
29,943,776
Interactive
Media
&
Services
..............
318,367,528
—
—
318,367,528
IT
Services
...........................
42,333,193
—
10,869,905
53,203,098
Leisure
Products
.......................
—
—
81,494,001
81,494,001
Life
Sciences
Tools
&
Services
............
159,718,589
—
—
159,718,589
Machinery
............................
4,192,339
—
—
4,192,339
Personal
Care
Products
.................
8,398,504
—
—
8,398,504
Pharmaceuticals
.......................
143,538,640
—
—
143,538,640
Professional
Services
...................
42,396,217
—
—
42,396,217
Real
Estate
Management
&
Development
....
51,395,266
—
—
51,395,266
Semiconductors
&
Semiconductor
Equipment
.
385,473,206
—
—
385,473,206
Software
.............................
952,533,596
—
682,781
953,216,377
Specialized
REITs
......................
37,066,921
—
—
37,066,921
Specialty
Retail
........................
26,271,488
—
—
26,271,488
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
148
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Opportunities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Technology
Hardware,
Storage
&
Peripherals
.
$
239,346,626
$
—
$
—
$
239,346,626
Textiles,
Apparel
&
Luxury
Goods
..........
35,444,488
—
—
35,444,488
Convertible
Preferred
Stocks
................
—
—
52,584,330
52,584,330
Preferred
Stocks
.........................
—
—
44,340,441
44,340,441
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
38,090,556
—
—
38,090,556
Total
Investments
in
Securities
...........
$3,974,578,327
$—
$211,832,576
$4,186,410,903
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Agricultural
Products
&
Services
...........
$
4,827,275
$
—
$
—
$
4,827,275
Construction
Machinery
&
Heavy
Transportation
Equipment
..........................
839,592
—
—
839,592
Construction
Materials
..................
4,018,140
—
—
4,018,140
Copper
..............................
21,764,178
4,418,282
—
26,182,460
Diversified
Chemicals
...................
3,911,778
—
—
3,911,778
Diversified
Metals
&
Mining
...............
14,657,527
5,267,672
—
19,925,199
Electrical
Components
&
Equipment
........
9,374,995
—
—
9,374,995
Environmental
&
Facilities
Services
.........
1,880,154
—
—
1,880,154
Fertilizers
&
Agricultural
Chemicals
.........
8,645,535
—
—
8,645,535
Gold
................................
24,507,764
—
—
24,507,764
Heavy
Electrical
Equipment
..............
1,201,068
—
—
1,201,068
Industrial
Gases
.......................
11,343,853
—
—
11,343,853
Industrial
Machinery
&
Supplies
&
Components
2,852,575
—
—
2,852,575
Integrated
Oil
&
Gas
....................
62,343,720
—
—
62,343,720
Marine
Transportation
...................
1,971,740
—
—
1,971,740
Metal,
Glass
&
Plastic
Containers
..........
5,007,972
—
—
5,007,972
Oil
&
Gas
Drilling
......................
6,933,598
—
—
6,933,598
Oil
&
Gas
Equipment
&
Services
...........
53,417,375
2,821,848
—
56,239,223
Oil
&
Gas
Exploration
&
Production
.........
87,113,514
3,815,050
—
90,928,564
Oil
&
Gas
Refining
&
Marketing
............
22,955,459
—
—
22,955,459
Oil
&
Gas
Storage
&
Transportation
.........
31,497,415
—
—
31,497,415
Paper
&
Plastic
Packaging
Products
&
Materials
3,005,660
—
—
3,005,660
Semiconductor
Materials
&
Equipment
......
1,255,592
—
—
1,255,592
Specialty
Chemicals
....................
4,039,053
—
—
4,039,053
Steel
................................
2,917,222
—
—
2,917,222
Warrants
..............................
737,122
—
—
737,122
Convertible
Bonds
.......................
—
1,302,051
—
1,302,051
Short
Term
Investments
...................
1,599,325
—
—
1,599,325
Total
Investments
in
Securities
...........
$394,619,201
$17,624,903
c
$—
$412,244,104
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
146,977,376
$
—
$
—
$
146,977,376
Banks
...............................
45,632,174
—
—
45,632,174
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
149
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Biotechnology
.........................
$
201,928,194
$
—
$
—
$
201,928,194
Building
Products
......................
31,385,910
—
—
31,385,910
Capital
Markets
........................
93,528,654
—
—
93,528,654
Communications
Equipment
..............
20,919,315
—
—
20,919,315
Construction
&
Engineering
...............
84,516,200
—
—
84,516,200
Consumer
Staples
Distribution
&
Retail
......
31,523,400
—
—
31,523,400
Diversified
Consumer
Services
............
18,899,452
—
—
18,899,452
Electronic
Equipment,
Instruments
&
Components
........................
33,750,816
—
—
33,750,816
Energy
Equipment
&
Services
.............
46,481,634
—
—
46,481,634
Financial
Services
......................
125,852,408
—
—
125,852,408
Food
Products
........................
106,957,136
—
—
106,957,136
Health
Care
Equipment
&
Supplies
.........
174,831,854
—
—
174,831,854
Health
Care
Providers
&
Services
..........
114,047,354
—
—
114,047,354
Health
Care
Technology
.................
56,848,008
—
—
56,848,008
Hotel
&
Resort
REITs
...................
18,150,660
—
—
18,150,660
Hotels,
Restaurants
&
Leisure
.............
139,561,457
—
—
139,561,457
Household
Durables
....................
90,234,152
—
—
90,234,152
Industrial
REITs
.......................
32,414,956
—
—
32,414,956
IT
Services
...........................
13,621,681
—
—
13,621,681
Life
Sciences
Tools
&
Services
............
5,307,921
—
—
5,307,921
Machinery
............................
68,081,910
—
—
68,081,910
Media
...............................
30,759,778
—
—
30,759,778
Oil,
Gas
&
Consumable
Fuels
.............
44,287,043
—
—
44,287,043
Passenger
Airlines
.....................
55,473,018
—
—
55,473,018
Personal
Care
Products
.................
47,330,821
—
—
47,330,821
Pharmaceuticals
.......................
82,700,334
—
—
82,700,334
Professional
Services
...................
84,376,506
—
—
84,376,506
Semiconductors
&
Semiconductor
Equipment
.
172,147,829
—
—
172,147,829
Software
.............................
230,663,266
—
400,270
231,063,536
Specialty
Retail
........................
120,646,168
—
—
120,646,168
Textiles,
Apparel
&
Luxury
Goods
..........
31,270,423
—
—
31,270,423
Trading
Companies
&
Distributors
..........
38,637,170
—
—
38,637,170
Convertible
Preferred
Stocks
................
—
—
58,335,409
58,335,409
Preferred
Stocks
.........................
—
—
20,933,073
a
20,933,073
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
67,689,717
—
—
67,689,717
Total
Investments
in
Securities
...........
$2,707,434,695
$—
$79,668,752
$2,787,103,447
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
111,774,964
—
—
111,774,964
Automobile
Components
.................
13,950,972
—
—
13,950,972
Beverages
...........................
35,554,160
—
—
35,554,160
Biotechnology
.........................
128,972,758
—
—
128,972,758
Building
Products
......................
62,245,224
—
—
62,245,224
Capital
Markets
........................
231,902,809
—
—
231,902,809
Chemicals
...........................
30,080,076
—
—
30,080,076
Commercial
Services
&
Supplies
...........
53,236,053
—
—
53,236,053
Communications
Equipment
..............
66,812,772
—
—
66,812,772
Containers
&
Packaging
.................
30,803,274
—
—
30,803,274
Electrical
Equipment
....................
60,334,147
—
—
60,334,147
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
150
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Electronic
Equipment,
Instruments
&
Components
........................
$
65,935,027
$
—
$
—
$
65,935,027
Energy
Equipment
&
Services
.............
20,802,284
—
—
20,802,284
Entertainment
.........................
27,816,475
—
—
27,816,475
Financial
Services
......................
31,047,603
31,926,366
—
62,973,969
Food
Products
........................
52,518,725
—
—
52,518,725
Ground
Transportation
..................
70,579,193
—
—
70,579,193
Health
Care
Equipment
&
Supplies
.........
241,418,796
—
—
241,418,796
Health
Care
Providers
&
Services
..........
24,159,464
—
—
24,159,464
Health
Care
Technology
.................
69,352,849
—
—
69,352,849
Hotels,
Restaurants
&
Leisure
.............
242,671,972
—
—
242,671,972
Household
Durables
....................
33,424,132
—
—
33,424,132
Industrial
REITs
.......................
26,691,132
—
—
26,691,132
Interactive
Media
&
Services
..............
88,666,195
—
—
88,666,195
IT
Services
...........................
98,769,648
—
—
98,769,648
Leisure
Products
.......................
—
—
62,802,680
62,802,680
Life
Sciences
Tools
&
Services
............
210,434,325
—
—
210,434,325
Machinery
............................
40,083,513
—
—
40,083,513
Oil,
Gas
&
Consumable
Fuels
.............
97,599,813
—
—
97,599,813
Passenger
Airlines
.....................
61,706,214
—
—
61,706,214
Personal
Care
Products
.................
44,349,608
—
—
44,349,608
Pharmaceuticals
.......................
32,383,286
—
—
32,383,286
Professional
Services
...................
166,746,048
—
—
166,746,048
Real
Estate
Management
&
Development
....
24,485,652
—
—
24,485,652
Residential
REITs
......................
38,472,790
—
—
38,472,790
Semiconductors
&
Semiconductor
Equipment
.
163,738,827
—
—
163,738,827
Software
.............................
444,305,354
—
—
444,305,354
Specialized
REITs
......................
25,660,940
—
—
25,660,940
Specialty
Retail
........................
222,205,409
—
—
222,205,409
Textiles,
Apparel
&
Luxury
Goods
..........
67,529,752
—
—
67,529,752
Trading
Companies
&
Distributors
..........
66,797,817
—
—
66,797,817
Convertible
Preferred
Stocks
................
—
—
51,279,574
51,279,574
Preferred
Stocks
.........................
—
—
1,097,900
1,097,900
Warrants
...............................
—
—
52,278
a
52,278
Corporate
Bonds
........................
—
—
570,178
570,178
Senior
Floating
Rate
Interests
...............
—
—
687,386
687,386
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
203,071,678
7,860,477
—
210,932,155
Total
Investments
in
Securities
...........
$3,829,091,730
$39,786,843
d
$116,489,996
$3,985,368,569
Franklin
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Energy
Equipment
&
Services
.............
12,593,389
—
—
12,593,389
Media
...............................
1,067,548
—
—
1,067,548
Oil,
Gas
&
Consumable
Fuels
.............
38,814
5,970,023
—
6,008,837
Management
Investment
Companies
.........
—
148,939,694
—
148,939,694
Warrants
...............................
—
—
—
a
—
Convertible
Bonds
.......................
—
65,666
—
65,666
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
25,033,323
—
25,033,323
Air
Freight
&
Logistics
...................
—
3,156,575
—
3,156,575
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
151
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Automobile
Components
.................
$
—
$
28,397,838
$
—
$
28,397,838
Automobiles
..........................
—
6,200,959
—
6,200,959
Banks
...............................
—
159,432,649
—
159,432,649
Beverages
...........................
—
9,113,042
—
9,113,042
Biotechnology
.........................
—
15,747,029
—
15,747,029
Broadline
Retail
.......................
—
—
—
a
—
Building
Products
......................
—
21,968,711
—
21,968,711
Capital
Markets
........................
—
67,107,369
—
67,107,369
Chemicals
...........................
—
50,628,304
—
50,628,304
Commercial
Services
&
Supplies
...........
—
21,088,688
—
21,088,688
Communications
Equipment
..............
—
5,010,955
—
5,010,955
Construction
&
Engineering
...............
—
5,046,073
—
5,046,073
Construction
Materials
..................
—
7,146,627
—
7,146,627
Consumer
Finance
.....................
—
21,879,634
—
21,879,634
Consumer
Staples
Distribution
&
Retail
......
—
6,886,284
—
6,886,284
Containers
&
Packaging
.................
—
46,501,012
—
46,501,012
Distributors
...........................
—
4,337,951
—
4,337,951
Diversified
Consumer
Services
............
—
6,935,025
—
6,935,025
Diversified
REITs
......................
—
13,232,399
—
13,232,399
Diversified
Telecommunication
Services
.....
—
34,702,427
—
34,702,427
Electric
Utilities
........................
—
56,756,742
—
56,756,742
Electrical
Equipment
....................
—
9,438,573
—
9,438,573
Electronic
Equipment,
Instruments
&
Components
........................
—
11,224,976
—
11,224,976
Energy
Equipment
&
Services
.............
—
3,617,161
—
3,617,161
Entertainment
.........................
—
15,612,190
—
15,612,190
Financial
Services
......................
—
5,933,513
1,460,560
7,394,073
Food
Products
........................
—
22,954,898
—
22,954,898
Gas
Utilities
..........................
—
1,903,355
—
1,903,355
Ground
Transportation
..................
—
9,429,627
—
9,429,627
Health
Care
Equipment
&
Supplies
.........
—
14,499,361
—
14,499,361
Health
Care
Providers
&
Services
..........
—
56,742,690
—
56,742,690
Health
Care
REITs
.....................
—
5,523,696
—
5,523,696
Health
Care
Technology
.................
—
7,279,128
—
7,279,128
Hotel
&
Resort
REITs
...................
—
3,047,805
—
3,047,805
Hotels,
Restaurants
&
Leisure
.............
—
32,573,621
—
32,573,621
Household
Durables
....................
—
2,511,748
—
2,511,748
Household
Products
....................
—
7,894,167
—
7,894,167
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
25,556,217
—
25,556,217
Insurance
............................
—
34,362,127
—
34,362,127
Interactive
Media
&
Services
..............
—
14,608,481
—
14,608,481
IT
Services
...........................
—
27,956,911
—
27,956,911
Machinery
............................
—
9,250,170
—
9,250,170
Media
...............................
—
47,283,444
—
47,283,444
Metals
&
Mining
.......................
—
29,522,695
—
29,522,695
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
—
8,440,184
—
8,440,184
Multi-Utilities
..........................
—
15,601,738
—
15,601,738
Oil,
Gas
&
Consumable
Fuels
.............
—
133,810,593
—
133,810,593
Paper
&
Forest
Products
.................
—
9,627,604
—
9,627,604
Passenger
Airlines
.....................
—
14,976,729
—
14,976,729
Personal
Care
Products
.................
—
36,791,734
—
36,791,734
Pharmaceuticals
.......................
—
33,396,397
—
33,396,397
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
152
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,
2023,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Real
Estate
Management
&
Development
....
$
—
$
6,297,288
$
—
$
6,297,288
Software
.............................
—
5,191,182
—
5,191,182
Specialized
REITs
......................
—
7,231,248
—
7,231,248
Specialty
Retail
........................
—
8,954,558
—
8,954,558
Technology
Hardware,
Storage
&
Peripherals
.
—
1,741,173
—
1,741,173
Textiles,
Apparel
&
Luxury
Goods
..........
—
6,140,240
—
6,140,240
Tobacco
.............................
—
22,828,744
—
22,828,744
Trading
Companies
&
Distributors
..........
—
17,850,604
—
17,850,604
Transportation
Infrastructure
..............
—
703,431
—
703,431
Wireless
Telecommunication
Services
.......
—
15,728,339
—
15,728,339
Senior
Floating
Rate
Interests
...............
—
—
—
a
—
Marketplace
Loans
.......................
—
—
46,567,550
46,567,550
Foreign
Government
and
Agency
Securities
....
—
69,470,228
—
69,470,228
U.S.
Government
and
Agency
Securities
.......
—
567,366,854
—
567,366,854
Asset-Backed
Securities
...................
—
130,232,263
—
130,232,263
Commercial
Mortgage-Backed
Securities
......
—
15,491,810
—
15,491,810
Mortgage-Backed
Securities
................
—
203,830,258
—
203,830,258
Residential
Mortgage-Backed
Securities
.......
—
94,635,558
—
94,635,558
Escrows
and
Litigation
Trusts
...............
—
135,000
—
a
135,000
Short
Term
Investments
...................
36,334,524
60,241,992
—
96,576,516
Total
Investments
in
Securities
...........
$50,034,275
$2,656,727,302
$48,028,110
$2,754,789,687
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
192,468
$
—
$
192,468
Futures
contracts
........................
160,620
—
—
160,620
Swap
contracts
.........................
—
1,728,954
—
1,728,954
Total
Other
Financial
Instruments
.........
$160,620
$1,921,422
$—
$2,082,042
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
2,313,614
$
—
$
2,313,614
Futures
contracts
........................
4,145,781
—
—
4,145,781
Swap
contracts
..........................
—
5,468,070
—
5,468,070
Total
Other
Financial
Instruments
.........
$4,145,781
$7,781,684
$—
$11,927,465
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$3,796,075,
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
foreign
securities
valued
at
$16,322,852,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$31,926,366,
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.
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
153
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
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:
Convertible
Preferred
Stocks
:
Biotechnology
......
$
—
$
3,512,926
$
—
$
—
$
—
$
—
$
—
$
1,426,063
$
4,938,989
$
1,426,063
Preferred
Stocks
:
Biotechnology
......
1,435,375
2,336,873
—
—
—
—
—
595,927
4,368,175
595,927
Health
Care
Providers
&
Services
........
829,888
—
—
—
—
—
—
41,390
871,278
41,390
Warrants
:
Biotechnology
......
1,824,053
—
—
—
—
—
—
404,054
2,228,107
404,054
Escrows
and
Litigation
Trusts
:
 —
d
 —
 —
 —
 —
 —
 —
 —
 —
d
 —
Total
Investments
in
Securities
............
$4,089,316
$5,849,799
$—
$—
$—
$—
$—
$2,467,434
$12,406,549
$2,467,434
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
10,999,989
—
—
—
—
—
—
571,428
11,571,417
571,428
Commercial
Services
&
Supplies
........
7,056,488
—
—
—
—
—
—
3,233,213
10,289,701
3,233,213
Health
Care
Equipment
&
Supplies
.......
16,934,771
—
—
—
(16,934,771)
—
—
—
—
—
IT
Services
........
9,178,870
—
—
—
—
—
—
1,691,035
10,869,905
1,691,035
Leisure
Products
....
71,332,234
—
—
—
—
—
—
10,161,767
81,494,001
10,161,767
Software
..........
732,694
—
—
—
—
—
—
(49,913)
682,781
(49,913)
Convertible
Preferred
Stocks
:
Software
..........
35,421,533
—
—
—
—
—
—
17,162,797
52,584,330
17,162,797
Preferred
Stocks
:
Commercial
Services
&
Supplies
........
8,167,495
—
—
—
—
—
—
126,544
8,294,039
126,544
Health
Care
Providers
&
Services
........
18,953,290
—
—
—
—
—
—
774,927
19,728,217
774,927
Software
..........
15,232,654
—
—
—
—
—
—
1,085,531
16,318,185
1,085,531
Escrows
and
Litigation
Trusts
:
 —
d
 —
 —
d
 —
 —
 —
 —
 —
 —
d
 —
Total
Investments
in
Securities
............
$194,010,018
$—
$—
$—
$(16,934,771)
$—
$—
$34,757,329
$211,832,576
$34,757,329
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Software
..........
429,531
—
—
—
—
—
—
(29,261)
400,270
(29,261)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
........
12,019,999
—
—
—
—
—
—
183,749
12,203,748
183,749
Software
..........
33,539,031
—
—
—
—
—
—
5,335,677
38,874,708
5,335,677
Specialty
Retail
.....
6,545,566
—
—
—
—
—
—
711,387
7,256,953
711,387
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
154
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
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:
Investments
in
Securities:
Preferred
Stocks
:
Automobile
Components
$
6,232,998
d
$
—
$
—
$
—
$
—
$
—
$
—
$
34,439
$
6,267,437
d
$
34,439
Commercial
Services
&
Supplies
........
8,150,632
—
—
—
—
—
—
126,284
8,276,916
126,284
Software
..........
4,972,335
—
—
—
—
—
—
1,416,385
6,388,720
1,416,385
Escrows
and
Litigation
Trusts
...........
—
d
—
—
d
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$71,890,092
$—
$—
$—
$—
$—
$—
$7,778,660
$79,668,752
$7,778,660
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
54,971,598
—
—
—
—
—
—
7,831,082
62,802,680
7,831,082
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
........
7,184,103
—
—
—
—
—
—
109,823
7,293,926
109,823
Semiconductors
&
Semiconductor
Equipment
.......
2,020,235
—
—
—
—
—
—
(778,583)
1,241,652
(778,583)
Software
..........
28,719,105
—
—
—
—
—
—
14,024,891
42,743,996
14,024,891
Preferred
Stocks
:
Semiconductors
&
Semiconductor
Equipment
.......
1,334,696
—
—
—
—
—
—
(236,796)
1,097,900
(236,796)
Warrants
:
Semiconductors
&
Semiconductor
Equipment
.......
60,114
—
—
—
—
—
—
(7,836)
52,278
(7,836)
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Corporate
Bonds
:
Software
..........
570,178
—
—
—
—
—
—
—
570,178
—
Senior
Floating
Rate
Interests
:
Semiconductors
&
Semiconductor
Equipment
.......
625,802
60,003
—
—
—
5,728
—
(4,147)
687,386
(4,147)
Escrows
and
Litigation
Trusts
:
 —
d
 —
 —
 —
 —
 —
 —
 —
 —
d
 —
Total
Investments
in
Securities
............
$95,485,831
$60,003
$—
$—
$—
$5,728
$—
$20,938,434
$116,489,996
$20,938,434
Franklin
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
155
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,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
c
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
Strategic
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
$
—
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
d
$
—
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Financial
Services
...
1,421,613
—
—
—
—
(5,439)
—
44,386
1,460,560
44,386
Senior
Floating
Rate
Interests
:
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Marketplace
Loans
:
Financial
Services
...
54,177,465
2,534,509
(10,247,342)
—
—
—
(212,584)
315,502
46,567,550
(496,843)
Escrows
and
Litigation
Trusts
...........
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$55,599,078
$2,534,509
$(10,247,342)
$—
$—
$(5,439)
$(212,584)
$359,888
$48,028,110
$(452,457)
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
out
of
level
3
as
a
result
of
the
availability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
Preferred
Stocks:
Biotechnology
...............
4,368,175
Index
adjusted
Index
movement
-1.3%
Increase
All
Other
Investments
..........
8,038,374
c,d
Total
.......................
$
12,406,549
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
156
Quarterly
Schedules
of
Investments
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
............
$81,494,001
Market
comparables
Discount
for
lack
of
marketability
11.0%
Decrease
EV
/
revenue
multiple
5.1x
Increase
Convertible
Preferred
Stocks:
Software
...................
$31,017,196
Market
comparables
Discount
for
lack
of
marketability
9.3%
Decrease
EV
/
revenue
multiple
38.2x
Increase
All
Other
Investments
..........
99,321,379
c,d
Total
.......................
$211,832,576
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Convertible
Preferred
Stocks:
Software
...................
$21,822,736
Market
comparables
Discount
for
lack
of
marketability
8.5%
Decrease
EV
/
revenue
multiple
6.4x
Increase
All
Other
Investments
..........
57,846,016
c,d
Total
.......................
$79,668,752
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
157
Quarterly
Schedules
of
Investments
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks:
Leisure
Products
............
$62,802,680
Market
comparables
Discount
for
lack
of
marketability
11.0%
Decrease
EV
/
revenue
multiple
5.1x
Increase
Convertible
Preferred
Stocks:
Software
...................
$20,889,845
Market
comparables
Discount
for
lack
of
marketability
9.3%
Decrease
EV
/
revenue
multiple
38.2x
Increase
All
Other
Investments
..........
32,797,471
c,d
Total
.......................
$116,489,996
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
...........
$46,567,550
Discounted
cash
flow
Loss-adjusted
discount
rate
0.4%
-
17.7%
(9.4%)
Decrease
Projected
loss
rate
4.2%
-
88.5%
(16.6%)
Decrease
All
Other
Investments
..........
1,460,560
c,d
Total
.......................
$48,028,110
a
Weighted
based
on
the
relative
fair
value
of
the
financial
instruments.
b
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.
c
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
d
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)
158
Quarterly
Schedules
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
BZDIOVRA
Brazil
Inter-Bank
Deposit
Rate
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CVR
Contingent
Value
Right
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
Currency
BRL
Brazilian
Real
CAD
Canadian
Dollar
COP
Colombian
Peso
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
USD
United
States
Dollar
Counterparty
BNDP
BNP
Paribas
SA
CITG
Citigroup,
Inc.
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Index
MCDX.NA.Series
number
MCDX
North
America
Index
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.