NPORT-EX 2 FSS.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FSS-Q3PH
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
128
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Biotechnology
Discovery
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.6%
Biotechnology
70.0%
a
89bio,
Inc.
...........................................
United
States
254,237
$
2,516,946
a
Abivax
SA
,
ADR
......................................
France
487,700
6,427,886
a
ACELYRIN,
Inc.
......................................
United
States
257,390
1,961,312
a
Acumen
Pharmaceuticals,
Inc.
...........................
United
States
674,000
2,143,320
a
Adverum
Biotechnologies,
Inc.
...........................
United
States
1,206,300
1,266,615
a
Alector,
Inc.
..........................................
United
States
303,345
1,807,936
a
Alpine
Immune
Sciences,
Inc.
............................
United
States
387,374
10,308,022
Amgen,
Inc.
.........................................
United
States
243,111
76,400,063
a
AnaptysBio,
Inc.
......................................
United
States
127,523
3,009,543
a
Apellis
Pharmaceuticals,
Inc.
.............................
United
States
77,479
4,903,646
a
Apogee
Therapeutics,
Inc.
...............................
United
States
163,539
5,478,557
a
Applied
Therapeutics,
Inc.
...............................
United
States
1,876,254
5,872,675
a,b
Arcutis
Biotherapeutics,
Inc.
.............................
United
States
1,539,452
9,036,583
a
Argenx
SE
,
ADR
......................................
Netherlands
44,485
16,926,987
a,b
ARS
Pharmaceuticals,
Inc.
..............................
United
States
1,378,589
8,561,038
a
Ascendis
Pharma
A/S
,
ADR
.............................
Denmark
260,974
33,908,352
a
Aura
Biosciences,
Inc.
..................................
United
States
282,300
2,173,710
a
Benitec
Biopharma,
Inc.
................................
Australia
364,887
1,025,332
a
Biogen,
Inc.
.........................................
United
States
129,344
31,903,991
a
BioMarin
Pharmaceutical,
Inc.
............................
United
States
46,289
4,077,135
a,b
Cargo
Therapeutics,
Inc.
................................
United
States
172,162
3,789,286
a,c
Carmot
Therapeutics,
Inc.
...............................
United
States
83,100
219,463
a
Centessa
Pharmaceuticals
plc
,
ADR
.......................
United
States
189,736
1,553,938
a,b
Centessa
Pharmaceuticals
plc
,
ADR
.......................
United
States
165,029
1,351,587
a
CG
oncology,
Inc.
.....................................
United
States
101,600
3,785,616
a
Crinetics
Pharmaceuticals,
Inc.
...........................
United
States
130,922
4,776,035
a
Cullinan
Oncology,
Inc.
.................................
United
States
783,020
11,854,923
a
Cytokinetics,
Inc.
......................................
United
States
49,024
3,830,245
a
Day
One
Biopharmaceuticals,
Inc.
.........................
United
States
908,581
13,674,144
a
Disc
Medicine,
Inc.
....................................
United
States
68,425
4,498,944
a
Dyne
Therapeutics,
Inc.
................................
United
States
355,434
7,606,288
a
Fusion
Pharmaceuticals,
Inc.
.............................
Canada
89,100
1,035,342
Gilead
Sciences,
Inc.
..................................
United
States
413,900
32,391,814
a,b
Heron
Therapeutics,
Inc.
................................
United
States
1,195,377
2,880,859
a
HilleVax,
Inc.
.........................................
United
States
619,656
8,780,526
a
Immunovant,
Inc.
.....................................
United
States
207,713
7,562,830
a
Insmed,
Inc.
.........................................
United
States
704,740
19,591,772
a
Jasper
Therapeutics,
Inc.
...............................
United
States
144,574
1,703,082
a
Keros
Therapeutics,
Inc.
................................
United
States
220,450
12,204,112
a
Kura
Oncology,
Inc.
....................................
United
States
267,682
5,391,115
a
Legend
Biotech
Corp.
,
ADR
.............................
United
States
122,034
6,719,192
a
Merus
NV
...........................................
Netherlands
447,826
15,978,432
a
Mineralys
Therapeutics,
Inc.
.............................
United
States
279,548
3,049,869
a
Mirum
Pharmaceuticals,
Inc.
.............................
United
States
312,590
8,271,131
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
166,630
23,289,875
a
Nuvalent,
Inc.
,
A
......................................
United
States
57,554
4,326,334
a
ORIC
Pharmaceuticals,
Inc.
.............................
United
States
234,001
2,571,671
a
PTC
Therapeutics,
Inc.
.................................
United
States
480,611
12,539,141
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
64,771
61,064,803
a
Rocket
Pharmaceuticals,
Inc.
............................
United
States
345,346
9,921,791
a
Roivant
Sciences
Ltd.
..................................
United
States
197,900
1,979,000
a
Sarepta
Therapeutics,
Inc.
..............................
United
States
75,552
8,989,932
a,b
Shattuck
Labs,
Inc.
....................................
United
States
527,104
4,975,862
a
Spyre
Therapeutics,
Inc.
................................
United
States
220,000
5,700,200
a
Syndax
Pharmaceuticals,
Inc.
............................
United
States
278,900
5,714,661
a
Ultragenyx
Pharmaceutical,
Inc.
..........................
United
States
63,321
2,793,089
a
Vaxcyte,
Inc.
.........................................
United
States
193,739
13,836,839
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
123,040
53,323,075
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Biotechnology
(continued)
a
Xenon
Pharmaceuticals,
Inc.
.............................
Canada
93,364
$
4,221,920
627,458,387
Health
Care
Providers
&
Services
0.8%
a
Guardant
Health,
Inc.
..................................
United
States
323,366
7,091,416
Life
Sciences
Tools
&
Services
4.3%
a
10X
Genomics,
Inc.
,
A
..................................
United
States
51,400
2,141,838
a
Avantor,
Inc.
.........................................
United
States
450,529
10,357,662
a
Illumina,
Inc.
.........................................
United
States
114,188
16,330,026
Thermo
Fisher
Scientific,
Inc.
............................
United
States
18,179
9,798,117
38,627,643
Pharmaceuticals
18.5%
a
Amylyx
Pharmaceuticals,
Inc.
............................
United
States
446,592
7,145,472
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
396,308
26,409,965
a
Catalent,
Inc.
........................................
United
States
22,700
1,172,228
a
Cymabay
Therapeutics,
Inc.
.............................
United
States
775,553
18,233,251
a
EyePoint
Pharmaceuticals,
Inc.
...........................
United
States
876,133
23,594,262
a
Intra-Cellular
Therapies,
Inc.
.............................
United
States
432,362
29,115,257
a
Jazz
Pharmaceuticals
plc
...............................
United
States
197,163
24,195,843
a
Marinus
Pharmaceuticals,
Inc.
............................
United
States
1,200,781
11,695,607
a
Ocular
Therapeutix,
Inc.
................................
United
States
1,047,500
5,090,850
a
Pliant
Therapeutics,
Inc.
................................
United
States
308,500
5,528,320
a
Relmada
Therapeutics,
Inc.
..............................
United
States
53,248
209,264
a
Revance
Therapeutics,
Inc.
..............................
United
States
943,660
4,746,610
a
Structure
Therapeutics,
Inc.
,
ADR
.........................
United
States
115,464
5,036,540
a
Terns
Pharmaceuticals,
Inc.
.............................
United
States
725,026
3,755,635
165,929,104
Total
Common
Stocks
(Cost
$
506,432,671
)
.....................................
839,106,550
Convertible
Preferred
Stocks
0.8%
Biotechnology
0.8%
a,c,d
Alto
Neuroscience,
Inc.
,
C
...............................
United
States
367,133
2,476,055
a,c,d,e
Pipeline
Therapeutics,
Inc.
,
C
............................
United
States
1,651,505
4,670,321
7,146,376
Total
Convertible
Preferred
Stocks
(Cost
$
6,156,221
)
............................
7,146,376
Preferred
Stocks
0.5%
Health
Care
Providers
&
Services
0.1%
a,c,d
Artiva
Biotherapeutics,
Inc.
,
B
............................
United
States
189,499
931,545
a
Life
Sciences
Tools
&
Services
0.4%
f
Sartorius
AG
,
0.43
%
...................................
Germany
9,200
3,356,494
Total
Preferred
Stocks
(Cost
$
6,268,522
)
.......................................
4,288,039
Warrants
Warrants
0.8%
Biotechnology
0.8%
a
Applied
Therapeutics,
Inc.
,
6/27/27
........................
United
States
814,000
2,547,739
a,c
Applied
Therapeutics,
Inc.
,
6/27/27
........................
United
States
1,628,100
3,467,853
a
Benitec
Biopharma,
Inc.
,
2/20/49
..........................
Australia
310,881
873,545
a,c
Benitec
Biopharma,
Inc.
,
2/20/49
..........................
Australia
310,881
141,868
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
147
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Biotechnology
(continued)
a,c
Benitec
Biopharma,
Inc.
,
II
,
9/14/27
........................
Australia
7,019,473
$
95,226
7,126,231
Pharmaceuticals
0.0%
†
a
Nuvation
Bio,
Inc.
,
7/07/27
..............................
United
States
115,266
10,362
Total
Warrants
(Cost
$
1,414,590
)
..............................................
7,136,593
Shares
Escrows
and
Litigation
Trusts
0.0%
a,c
Sanofi
SA,
Escrow
Account
..............................
France
2,333,755
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
520,272,004
)
...............................
857,677,558
a
Short
Term
Investments
5.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.6%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
31,972,114
31,972,114
Total
Money
Market
Funds
(Cost
$
31,972,114
)
..................................
31,972,114
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
1.9%
Money
Market
Funds
1.9%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
17,192,858
17,192,858
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
17,192,858
)
...........................................................
17,192,858
Total
Short
Term
Investments
(Cost
$
49,164,972
)
................................
49,164,972
a
Total
Investments
(Cost
$
569,436,976
)
101.2
%
..................................
$906,842,530
Other
Assets,
less
Liabilities
(
1.2
)
%
...........................................
(10,543,870)
Net
Assets
100.0%
...........................................................
$896,298,660
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2024.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
Variable
rate
security.
The
rate
shown
represents
the
yield
at
period
end.
g
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Growth
Opportunities
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.7%
Aerospace
&
Defense
1.6%
a
Axon
Enterprise,
Inc.
...................................
United
States
218,188
$
54,341,903
a,b,c
Space
Exploration
Technologies
Corp.
,
A
....................
United
States
142,857
13,857,129
68,199,032
Automobiles
0.5%
a
Tesla,
Inc.
...........................................
United
States
100,582
18,838,003
Beverages
1.5%
a
Monster
Beverage
Corp.
................................
United
States
1,105,473
60,823,124
Biotechnology
0.4%
a
Vaxcyte,
Inc.
.........................................
United
States
245,000
17,497,900
Broadline
Retail
6.2%
a
Amazon.com,
Inc.
.....................................
United
States
1,657,897
257,305,614
Building
Products
0.5%
Trane
Technologies
plc
.................................
United
States
84,990
21,421,730
Capital
Markets
4.0%
Ares
Management
Corp.
,
A
..............................
United
States
528,051
64,147,636
MSCI,
Inc.
,
A
.........................................
United
States
68,034
40,726,513
S&P
Global,
Inc.
......................................
United
States
132,492
59,402,788
164,276,937
Chemicals
1.5%
Linde
plc
............................................
United
States
156,596
63,394,759
Commercial
Services
&
Supplies
1.5%
a,b,c
Celonis
SE
..........................................
Germany
4,619
1,635,616
a,b,c
Celonis
SE
,
D
........................................
Germany
25,571
9,054,843
Republic
Services,
Inc.
,
A
...............................
United
States
298,735
51,119,533
61,809,992
Construction
Materials
0.3%
Martin
Marietta
Materials,
Inc.
............................
United
States
20,896
10,623,944
Entertainment
1.3%
a
Netflix,
Inc.
..........................................
United
States
41,549
23,438,207
a
ROBLOX
Corp.
,
A
.....................................
United
States
805,883
31,276,319
54,714,526
Financial
Services
3.9%
Mastercard,
Inc.
,
A
....................................
United
States
355,502
159,702,163
Food
Products
1.3%
a
Freshpet,
Inc.
........................................
United
States
243,126
20,933,149
Lamb
Weston
Holdings,
Inc.
.............................
United
States
317,259
32,500,012
53,433,161
Ground
Transportation
2.4%
a
Uber
Technologies,
Inc.
.................................
United
States
1,222,666
79,803,410
Union
Pacific
Corp.
....................................
United
States
84,597
20,635,746
100,439,156
Health
Care
Equipment
&
Supplies
3.4%
a
Dexcom,
Inc.
.........................................
United
States
261,050
31,678,417
a
IDEXX
Laboratories,
Inc.
................................
United
States
71,447
36,800,921
a
IL
MAKIAGE
Cosmetics
(2013)
Ltd.
........................
Israel
580,952
23,993,318
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
a
Intuitive
Surgical,
Inc.
..................................
United
States
122,350
$
46,275,217
138,747,873
Health
Care
Providers
&
Services
2.1%
McKesson
Corp.
......................................
United
States
41,869
20,929,894
UnitedHealth
Group,
Inc.
................................
United
States
127,267
65,127,615
86,057,509
Hotels,
Restaurants
&
Leisure
3.1%
a
Chipotle
Mexican
Grill,
Inc.
,
A
............................
United
States
31,244
75,259,610
Wingstop,
Inc.
........................................
United
States
182,908
51,417,268
126,676,878
Interactive
Media
&
Services
9.1%
a
Alphabet,
Inc.
,
C
......................................
United
States
950,964
134,846,695
a
Meta
Platforms,
Inc.
,
A
.................................
United
States
488,509
190,586,901
a
Pinterest,
Inc.
,
A
......................................
United
States
1,302,654
48,810,446
374,244,042
IT
Services
2.8%
a,b,c
Canva,
Inc.
..........................................
Australia
11,829
12,883,371
a
Gartner,
Inc.
.........................................
United
States
132,002
60,382,995
a
MongoDB,
Inc.
,
A
.....................................
United
States
101,221
40,541,035
113,807,401
Leisure
Products
1.6%
a,b,c
Fanatics
Holdings,
Inc.
.................................
United
States
1,029,939
65,506,002
Life
Sciences
Tools
&
Services
3.5%
Danaher
Corp.
.......................................
United
States
234,799
56,330,628
Thermo
Fisher
Scientific,
Inc.
............................
United
States
64,705
34,874,701
West
Pharmaceutical
Services,
Inc.
........................
United
States
146,933
54,810,417
146,015,746
Personal
Care
Products
1.1%
a
BellRing
Brands,
Inc.
...................................
United
States
671,117
37,092,636
a,d
Oddity
Tech
Ltd.
,
A
....................................
Israel
180,449
7,452,544
44,545,180
Pharmaceuticals
2.6%
AstraZeneca
plc
,
ADR
..................................
United
Kingdom
220,022
14,662,266
Eli
Lilly
&
Co.
........................................
United
States
142,887
92,249,276
106,911,542
Professional
Services
2.0%
TransUnion
..........................................
United
States
603,718
41,771,248
Verisk
Analytics,
Inc.
,
A
.................................
United
States
168,999
40,818,329
82,589,577
Real
Estate
Management
&
Development
0.9%
a
CoStar
Group,
Inc.
....................................
United
States
469,040
39,155,459
Semiconductors
&
Semiconductor
Equipment
11.1%
Analog
Devices,
Inc.
...................................
United
States
199,753
38,424,487
a,d
ARM
Holdings
plc
,
ADR
................................
United
States
237,100
16,755,857
ASML
Holding
NV
,
ADR
................................
Netherlands
35,198
30,615,924
a
Lattice
Semiconductor
Corp.
.............................
United
States
629,726
38,325,124
Monolithic
Power
Systems,
Inc.
...........................
United
States
143,115
86,258,273
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
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)
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
........................................
United
States
403,291
$
248,132,854
458,512,519
Software
23.2%
a
Adobe,
Inc.
..........................................
United
States
120,636
74,526,508
a
Atlassian
Corp.
,
A
.....................................
United
States
125,321
31,301,426
a
BILL
Holdings,
Inc.
....................................
United
States
169,882
13,259,290
a,b,c
ClearMotion,
Inc.
......................................
United
States
6,309,366
674,162
a
Confluent,
Inc.
,
A
......................................
United
States
299,634
6,699,816
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
215,825
63,128,813
a
Datadog,
Inc.
,
A
......................................
United
States
105,681
13,150,944
a
Fair
Isaac
Corp.
......................................
United
States
43,192
51,779,865
a
HubSpot,
Inc.
........................................
United
States
59,062
36,086,882
Intuit,
Inc.
...........................................
United
States
103,786
65,523,215
Microsoft
Corp.
.......................................
United
States
538,088
213,933,027
a
Monday.com
Ltd.
......................................
United
States
110,435
23,195,767
Oracle
Corp.
.........................................
United
States
371,323
41,476,779
Roper
Technologies,
Inc.
................................
United
States
90,216
48,445,992
a
Salesforce,
Inc.
.......................................
United
States
75,620
21,256,026
a
ServiceNow,
Inc.
......................................
United
States
150,982
115,561,623
a
Synopsys,
Inc.
.......................................
United
States
116,156
61,951,803
a
Tyler
Technologies,
Inc.
.................................
United
States
75,967
32,115,049
a
Workday,
Inc.
,
A
......................................
United
States
158,579
46,157,590
960,224,577
Specialized
REITs
0.7%
SBA
Communications
Corp.
,
A
...........................
United
States
132,759
29,719,430
Specialty
Retail
0.5%
a
AutoZone,
Inc.
.......................................
United
States
7,878
21,760,060
Technology
Hardware,
Storage
&
Peripherals
2.9%
Apple,
Inc.
..........................................
United
States
652,137
120,254,063
Textiles,
Apparel
&
Luxury
Goods
0.2%
a
Figs,
Inc.
,
A
..........................................
United
States
1,208,624
6,961,674
Total
Common
Stocks
(Cost
$
1,678,870,792
)
....................................
4,034,169,573
Convertible
Preferred
Stocks
1.2%
Software
1.2%
a,b,c
Databricks,
Inc.
,
G
....................................
United
States
338,280
24,863,580
a,b,c
Lacework,
Inc.
,
D
.....................................
United
States
810,440
14,717,712
a,b,c
OneTrust
LLC
,
C
......................................
United
States
517,056
9,433,690
49,014,982
Total
Convertible
Preferred
Stocks
(Cost
$
50,470,099
)
...........................
49,014,982
Preferred
Stocks
1.2%
Commercial
Services
&
Supplies
0.2%
a,b,c
Optoro,
Inc.
,
E
.......................................
United
States
556,026
8,705,998
a
Health
Care
Providers
&
Services
0.6%
a,b,c
Tempus
Labs,
Inc.
,
F
...................................
United
States
504,854
18,973,698
a,b,c
Tempus
Labs,
Inc.
,
G
..................................
United
States
126,131
4,740,324
23,714,022
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
See
Abbreviations
on
page
147
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
(continued)
Software
0.4%
a,b,c
ClearMotion,
Inc.
,
A-3
..................................
United
States
417,667
$
58,589
a,b,c
ClearMotion,
Inc.
,
A-4
..................................
United
States
2,606,463
340,208
a,b,c
Talkdesk,
Inc.
,
C
......................................
United
States
1,753,060
10,000,734
a,b,c
Tanium,
Inc.
,
G
.......................................
United
States
805,800
7,862,182
18,261,713
Total
Preferred
Stocks
(Cost
$
44,049,689
)
......................................
50,681,733
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
$
1,773,390,580
)
.............................
4,133,866,288
a
Short
Term
Investments
1.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.4%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
18,445,482
18,445,482
Total
Money
Market
Funds
(Cost
$
18,445,482
)
..................................
18,445,482
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.7%
Money
Market
Funds
0.7%
e,f
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
26,879,950
26,879,950
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
26,879,950
)
...........................................................
26,879,950
Total
Short
Term
Investments
(Cost
$
45,325,432
)
................................
45,325,432
a
Total
Investments
(Cost
$
1,818,716,012
)
101.2
%
................................
$4,179,191,720
Other
Assets,
less
Liabilities
(
1.2
)
%
...........................................
(47,503,511)
Net
Assets
100.0%
...........................................................
$4,131,688,209
a
a
a
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
January
31,
2024.
e
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
f
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Natural
Resources
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Shares
a
Value
a
Common
Stocks
98.9%
Agricultural
Products
&
Services
1.0%
Bunge
Global
SA
.....................................
United
States
23,700
$
2,087,733
a
Darling
Ingredients,
Inc.
................................
United
States
37,200
1,610,760
3,698,493
Construction
&
Engineering
0.6%
a
Cadeler
A/S
,
ADR
.....................................
Hong
Kong
124,324
2,247,778
a
Construction
Materials
1.1%
Martin
Marietta
Materials,
Inc.
............................
United
States
7,600
3,863,992
Copper
6.1%
Antofagasta
plc
.......................................
Chile
167,000
3,640,094
a
Capstone
Copper
Corp.
................................
Canada
526,600
2,593,047
a
ERO
Copper
Corp.
....................................
Brazil
198,300
3,104,891
Freeport-McMoRan,
Inc.
................................
United
States
239,700
9,513,693
Lundin
Mining
Corp.
...................................
Chile
347,600
2,838,923
21,690,648
Diversified
Chemicals
0.9%
Huntsman
Corp.
......................................
United
States
137,600
3,376,704
Diversified
Metals
&
Mining
6.0%
a
29Metals
Ltd.
........................................
Australia
1,870,255
411,757
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
489,200
163,746
a,b
Aclara
Resources,
Inc.
,
144A
............................
United
Kingdom
510,754
170,960
Anglo
American
plc
....................................
South
Africa
84,900
2,023,979
c
BHP
Group
Ltd.
,
ADR
..................................
Australia
106,500
6,519,930
Glencore
plc
.........................................
Australia
334,000
1,767,319
a
MP
Materials
Corp.
....................................
United
States
84,400
1,334,364
Rio
Tinto
plc
,
ADR
.....................................
Australia
60,100
4,163,127
South32
Ltd.
.........................................
Australia
565,300
1,224,091
Teck
Resources
Ltd.
,
B
.................................
Canada
88,400
3,536,884
21,316,157
Electrical
Components
&
Equipment
1.3%
a
Fluence
Energy,
Inc.
...................................
United
States
74,000
1,470,380
a
Freyr
Battery,
Inc.
.....................................
Norway
513,600
693,360
a
NEXTracker,
Inc.
,
A
....................................
United
States
25,600
1,158,912
a
Shoals
Technologies
Group,
Inc.
,
A
........................
United
States
91,800
1,209,006
4,531,658
Environmental
&
Facilities
Services
0.0%
†
a
Li-Cycle
Holdings
Corp.
.................................
Canada
173,800
74,751
a
Fertilizers
&
Agricultural
Chemicals
2.0%
Corteva,
Inc.
.........................................
United
States
80,300
3,652,044
Nutrien
Ltd.
..........................................
Canada
69,400
3,460,978
7,113,022
Gold
6.4%
Agnico
Eagle
Mines
Ltd.
................................
Canada
86,800
4,266,397
Alamos
Gold,
Inc.
,
A
...................................
Canada
316,300
3,830,232
B2Gold
Corp.
........................................
Canada
326,200
909,885
Barrick
Gold
Corp.
....................................
Canada
321,500
5,015,400
Newmont
Corp.
.......................................
United
States
191,400
6,605,214
SSR
Mining,
Inc.
......................................
Canada
214,900
2,026,507
22,653,635
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Heavy
Electrical
Equipment
0.1%
a,c
TPI
Composites,
Inc.
...................................
United
States
116,500
$
314,550
a
Industrial
Gases
2.8%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
20,200
5,165,342
Linde
plc
............................................
United
States
12,000
4,857,960
10,023,302
Industrial
Machinery
&
Supplies
&
Components
1.0%
Xylem,
Inc.
..........................................
United
States
30,800
3,463,152
Integrated
Oil
&
Gas
16.9%
Chevron
Corp.
.......................................
United
States
114,700
16,910,221
Exxon
Mobil
Corp.
.....................................
United
States
138,400
14,228,904
Occidental
Petroleum
Corp.
.............................
United
States
96,500
5,555,505
Shell
plc
,
ADR
........................................
Netherlands
144,100
9,065,331
Suncor
Energy,
Inc.
....................................
Canada
270,700
8,964,270
TotalEnergies
SE
,
ADR
.................................
France
81,910
5,338,894
60,063,125
Metal,
Glass
&
Plastic
Containers
1.3%
Ball
Corp.
...........................................
United
States
47,100
2,611,695
Crown
Holdings,
Inc.
...................................
United
States
22,100
1,955,850
4,567,545
Oil
&
Gas
Drilling
2.0%
Helmerich
&
Payne,
Inc.
................................
United
States
45,100
1,815,726
Patterson-UTI
Energy,
Inc.
..............................
United
States
320,224
3,551,284
a
Precision
Drilling
Corp.
.................................
Canada
26,800
1,658,384
7,025,394
Oil
&
Gas
Equipment
&
Services
10.5%
Baker
Hughes
Co.
,
A
...................................
United
States
112,800
3,214,800
Cactus,
Inc.
,
A
........................................
United
States
45,600
1,935,264
ChampionX
Corp.
.....................................
United
States
63,800
1,748,758
Halliburton
Co.
.......................................
United
States
102,500
3,654,125
Liberty
Energy,
Inc.
,
A
..................................
United
States
109,300
2,272,347
a,c
Nine
Energy
Service,
Inc.
...............................
United
States
105,492
254,236
a
Oceaneering
International,
Inc.
...........................
United
States
91,800
1,907,604
a
Oil
States
International,
Inc.
.............................
United
States
103,700
639,829
Ranger
Energy
Services,
Inc.
,
A
..........................
United
States
235,000
2,387,600
Schlumberger
NV
.....................................
United
States
182,700
8,897,490
Schoeller-Bleckmann
Oilfield
Equipment
AG
.................
Austria
17,600
836,035
Select
Water
Solutions,
Inc.
,
A
............................
United
States
223,400
1,735,818
Technip
Energies
NV
...................................
France
76,999
1,594,071
TechnipFMC
plc
......................................
United
Kingdom
319,000
6,169,460
37,247,437
Oil
&
Gas
Exploration
&
Production
21.3%
Aker
BP
ASA
.........................................
Norway
128,900
3,421,635
Canadian
Natural
Resources
Ltd.
.........................
Canada
167,000
10,687,801
ConocoPhillips
.......................................
United
States
146,000
16,333,020
Coterra
Energy,
Inc.
...................................
United
States
239,800
5,966,224
Devon
Energy
Corp.
...................................
United
States
126,700
5,323,934
EOG
Resources,
Inc.
..................................
United
States
88,800
10,104,552
EQT
Corp.
..........................................
United
States
49,400
1,748,760
Hess
Corp.
..........................................
United
States
49,900
7,012,447
Matador
Resources
Co.
................................
United
States
48,900
2,684,121
Permian
Resources
Corp.
,
A
.............................
United
States
140,300
1,891,244
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
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)
Pioneer
Natural
Resources
Co.
...........................
United
States
38,201
$
8,779,736
Tourmaline
Oil
Corp.
...................................
Canada
37,800
1,634,420
75,587,894
Oil
&
Gas
Refining
&
Marketing
6.5%
Marathon
Petroleum
Corp.
..............................
United
States
54,300
8,992,080
Phillips
66
...........................................
United
States
57,900
8,355,549
Valero
Energy
Corp.
...................................
United
States
43,300
6,014,370
23,361,999
Oil
&
Gas
Storage
&
Transportation
8.6%
Cheniere
Energy,
Inc.
..................................
United
States
16,900
2,771,431
Enbridge,
Inc.
........................................
Canada
71,000
2,520,500
Kinder
Morgan,
Inc.
....................................
United
States
327,800
5,546,376
New
Fortress
Energy,
Inc.
...............................
United
States
76,000
2,525,480
Targa
Resources
Corp.
.................................
United
States
47,500
4,035,600
TC
Energy
Corp.
......................................
Canada
161,400
6,364,002
Williams
Cos.,
Inc.
(The)
................................
United
States
194,500
6,741,370
30,504,759
Paper
&
Plastic
Packaging
Products
&
Materials
0.7%
Packaging
Corp.
of
America
.............................
United
States
15,400
2,554,552
Specialty
Chemicals
1.0%
Albemarle
Corp.
......................................
United
States
17,800
2,042,372
Ecolab,
Inc.
..........................................
United
States
3,600
713,592
Neo
Performance
Materials,
Inc.
..........................
Canada
23,600
135,344
b
Neo
Performance
Materials,
Inc.
,
144A
.....................
Canada
85,000
487,466
3,378,774
Steel
0.8%
Vale
SA
,
ADR
,
B
......................................
Brazil
199,400
2,729,786
Total
Common
Stocks
(Cost
$
229,164,415
)
.....................................
351,389,107
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
638,672
Total
Warrants
(Cost
$
88,605
)
.................................................
638,672
Principal
Amount
*
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
1,170,720
Total
Convertible
Bonds
(Cost
$
1,200,000
)
.....................................
1,170,720
Total
Long
Term
Investments
(Cost
$
230,453,020
)
...............................
353,198,499
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
See
Abbreviations
on
page
147
.
Short
Term
Investments
0.6%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
0.5%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
1,966,248
$
1,966,248
Total
Money
Market
Funds
(Cost
$
1,966,248
)
...................................
1,966,248
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
273,236
273,236
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
273,236
)
...................................................................
273,236
Total
Short
Term
Investments
(Cost
$
2,239,484
)
.................................
2,239,484
a
Total
Investments
(Cost
$
232,692,504
)
100.0
%
..................................
$355,437,983
Other
Assets,
less
Liabilities
0.0
%
†
............................................
(140,139)
Net
Assets
100.0%
...........................................................
$355,297,844
*
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
January
31,
2024,
the
aggregate
value
of
these
securities
was
$658,426,
representing
0.2%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2024.
d
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Small
Cap
Growth
Fund
franklintempleton.com
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
95.2%
Aerospace
&
Defense
5.8%
a
AAR
Corp.
..........................................
United
States
791,900
$
48,163,358
a
Axon
Enterprise,
Inc.
...................................
United
States
64,900
16,163,994
BWX
Technologies,
Inc.
................................
United
States
759,400
61,875,912
a
Kratos
Defense
&
Security
Solutions,
Inc.
...................
United
States
1,797,664
30,434,452
156,637,716
Banks
1.5%
Pinnacle
Financial
Partners,
Inc.
..........................
United
States
316,904
28,007,976
Western
Alliance
Bancorp
...............................
United
States
206,500
13,207,740
41,215,716
Biotechnology
8.0%
a,b
Acumen
Pharmaceuticals,
Inc.
...........................
United
States
1,200,300
3,816,954
a,b
Apogee
Therapeutics,
Inc.
...............................
United
States
516,900
17,316,150
a
Ascendis
Pharma
A/S
,
ADR
.............................
Denmark
217,200
28,220,796
a
CG
oncology,
Inc.
.....................................
United
States
197,800
7,370,028
a
Cullinan
Oncology,
Inc.
.................................
United
States
799,700
12,107,458
a
Cytokinetics,
Inc.
......................................
United
States
150,200
11,735,126
a
Day
One
Biopharmaceuticals,
Inc.
.........................
United
States
1,172,622
17,647,961
a
Dyne
Therapeutics,
Inc.
................................
United
States
736,500
15,761,100
a,b
Heron
Therapeutics,
Inc.
................................
United
States
1,797,608
4,332,235
a
Insmed,
Inc.
.........................................
United
States
1,019,000
28,328,200
a
Karuna
Therapeutics,
Inc.
...............................
United
States
43,600
13,665,112
a
Kura
Oncology,
Inc.
....................................
United
States
686,100
13,818,054
a
Merus
NV
...........................................
Netherlands
312,800
11,160,704
a
Syndax
Pharmaceuticals,
Inc.
............................
United
States
434,900
8,911,101
a
Twist
Bioscience
Corp.
.................................
United
States
119,862
3,883,529
a
Vaxcyte,
Inc.
.........................................
United
States
262,100
18,719,182
216,793,690
Building
Products
1.0%
a
Masonite
International
Corp.
.............................
United
States
300,200
27,633,410
Capital
Markets
2.8%
Bridge
Investment
Group
Holdings,
Inc.
,
A
...................
United
States
1,410,600
13,795,668
Evercore,
Inc.
,
A
......................................
United
States
169,000
29,022,370
Houlihan
Lokey,
Inc.
,
A
.................................
United
States
282,300
33,813,894
76,631,932
Communications
Equipment
0.8%
a
Viavi
Solutions,
Inc.
....................................
United
States
2,169,300
21,324,219
Construction
&
Engineering
3.2%
Arcosa,
Inc.
.........................................
United
States
685,200
53,637,456
Granite
Construction,
Inc.
...............................
United
States
731,143
32,981,861
86,619,317
Consumer
Staples
Distribution
&
Retail
0.5%
a
Performance
Food
Group
Co.
............................
United
States
202,400
14,710,432
Diversified
Consumer
Services
0.4%
a
Nerdy,
Inc.
..........................................
United
States
3,825,800
11,745,206
Electronic
Equipment,
Instruments
&
Components
1.5%
Vontier
Corp.
.........................................
United
States
1,214,700
42,016,473
Energy
Equipment
&
Services
1.7%
Liberty
Energy,
Inc.
,
A
..................................
United
States
2,215,100
46,051,929
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
4.3%
a
Flywire
Corp.
........................................
United
States
1,580,210
$
33,769,088
a
Paymentus
Holdings,
Inc.
,
A
.............................
United
States
1,964,700
31,160,142
a
Repay
Holdings
Corp.
,
A
................................
United
States
1,395,637
10,941,794
a
Shift4
Payments,
Inc.
,
A
................................
United
States
552,900
39,703,749
115,574,773
Food
Products
2.6%
a
Freshpet,
Inc.
........................................
United
States
414,800
35,714,280
a
Simply
Good
Foods
Co.
(The)
............................
United
States
949,200
35,879,760
71,594,040
Health
Care
Equipment
&
Supplies
5.7%
a
Haemonetics
Corp.
....................................
United
States
485,600
37,128,976
a
Inari
Medical,
Inc.
.....................................
United
States
184,700
10,518,665
a
Inspire
Medical
Systems,
Inc.
............................
United
States
214,744
45,283,067
a
Integer
Holdings
Corp.
.................................
United
States
434,900
44,064,068
a
Neogen
Corp.
........................................
United
States
623,432
9,663,196
a
Pulmonx
Corp.
.......................................
United
States
647,016
8,592,373
155,250,345
Health
Care
Providers
&
Services
3.9%
a
HealthEquity,
Inc.
.....................................
United
States
636,216
48,085,206
a
Hims
&
Hers
Health,
Inc.
................................
United
States
1,606,947
13,787,605
a
NeoGenomics,
Inc.
....................................
United
States
1,270,400
18,865,440
a
Privia
Health
Group,
Inc.
................................
United
States
1,195,900
24,109,344
104,847,595
Health
Care
Technology
2.0%
a
Certara,
Inc.
.........................................
United
States
1,274,100
20,589,456
a
Phreesia,
Inc.
........................................
United
States
1,302,582
33,189,789
53,779,245
Hotel
&
Resort
REITs
0.7%
Pebblebrook
Hotel
Trust
................................
United
States
1,174,800
17,880,456
Hotels,
Restaurants
&
Leisure
6.2%
a
Cava
Group,
Inc.
......................................
United
States
383,400
17,943,120
a
Portillo's,
Inc.
,
A
......................................
United
States
1,188,100
16,324,494
Red
Rock
Resorts,
Inc.
,
A
...............................
United
States
913,900
49,972,052
Texas
Roadhouse,
Inc.
,
A
...............................
United
States
249,500
31,367,140
Wingstop,
Inc.
........................................
United
States
185,113
52,037,115
167,643,921
Household
Durables
2.4%
a
M/I
Homes,
Inc.
.......................................
United
States
194,646
24,801,793
a
Sonos,
Inc.
..........................................
United
States
1,305,600
20,341,248
a
Tri
Pointe
Homes,
Inc.
..................................
United
States
591,900
20,438,307
65,581,348
Industrial
REITs
1.1%
Rexford
Industrial
Realty,
Inc.
............................
United
States
588,400
30,943,956
Interactive
Media
&
Services
1.1%
a
ZoomInfo
Technologies,
Inc.
,
A
...........................
United
States
1,840,300
29,518,412
IT
Services
0.5%
a
BigCommerce
Holdings,
Inc.
,
1
...........................
United
States
1,758,800
14,386,984
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
0.2%
a
CryoPort,
Inc.
........................................
United
States
330,300
$
4,792,653
Machinery
2.2%
Kennametal,
Inc.
......................................
United
States
920,700
22,575,564
a
RBC
Bearings,
Inc.
....................................
United
States
141,700
38,052,118
60,627,682
Media
1.4%
New
York
Times
Co.
(The)
,
A
.............................
United
States
754,656
36,646,095
Oil,
Gas
&
Consumable
Fuels
1.5%
Matador
Resources
Co.
................................
United
States
719,000
39,465,910
Passenger
Airlines
2.2%
a
Alaska
Air
Group,
Inc.
..................................
United
States
499,900
17,911,417
Allegiant
Travel
Co.
....................................
United
States
547,948
42,959,123
60,870,540
Personal
Care
Products
2.8%
a
BellRing
Brands,
Inc.
...................................
United
States
1,077,900
59,575,533
a,b
Oddity
Tech
Ltd.
,
A
....................................
Israel
424,200
17,519,460
77,094,993
Pharmaceuticals
3.8%
a
Cymabay
Therapeutics,
Inc.
.............................
United
States
662,700
15,580,077
a
EyePoint
Pharmaceuticals,
Inc.
...........................
United
States
1,535,900
41,361,787
a
Intra-Cellular
Therapies,
Inc.
.............................
United
States
339,400
22,855,196
a
Pliant
Therapeutics,
Inc.
................................
United
States
521,100
9,338,112
a
Revance
Therapeutics,
Inc.
..............................
United
States
1,536,492
7,728,555
a
Structure
Therapeutics,
Inc.
,
ADR
.........................
United
States
157,200
6,857,064
103,720,791
Professional
Services
2.2%
a
Legalzoom.com,
Inc.
...................................
United
States
2,680,980
27,640,904
a
Paycor
HCM,
Inc.
.....................................
United
States
1,616,200
31,402,766
59,043,670
Semiconductors
&
Semiconductor
Equipment
5.9%
a
Lattice
Semiconductor
Corp.
.............................
United
States
647,400
39,400,764
a
Onto
Innovation,
Inc.
...................................
United
States
420,909
67,976,803
a
Silicon
Laboratories,
Inc.
................................
United
States
123,100
15,185,616
a
SiTime
Corp.
.........................................
United
States
346,912
36,970,412
159,533,595
Software
9.9%
a
Alkami
Technology,
Inc.
.................................
United
States
399,350
9,831,997
a
AvePoint,
Inc.
........................................
United
States
1,037,300
7,987,210
a,c,d
ClearMotion,
Inc.
......................................
United
States
3,698,772
395,218
a
CS
Disco,
Inc.
........................................
United
States
2,001,013
16,368,286
a
Envestnet,
Inc.
.......................................
United
States
289,622
14,799,684
a
Freshworks,
Inc.
,
A
....................................
United
States
1,627,700
36,134,940
a
Gitlab,
Inc.
,
A
........................................
United
States
793,000
56,390,230
a
HashiCorp,
Inc.
,
A
.....................................
United
States
1,057,700
23,121,322
a
LiveRamp
Holdings,
Inc.
................................
United
States
1,191,900
47,056,212
a
Monday.com
Ltd.
......................................
United
States
240,400
50,493,616
a
Q2
Holdings,
Inc.
.....................................
United
States
117,600
5,003,880
267,582,595
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
2.9%
American
Eagle
Outfitters,
Inc.
...........................
United
States
543,100
$
10,764,242
a
Boot
Barn
Holdings,
Inc.
................................
United
States
376,660
27,021,588
a
Five
Below,
Inc.
.......................................
United
States
116,900
20,978,874
Lithia
Motors,
Inc.
,
A
...................................
United
States
69,726
20,558,711
79,323,415
Textiles,
Apparel
&
Luxury
Goods
1.1%
a
Figs,
Inc.
,
A
..........................................
United
States
957,700
5,516,352
Steven
Madden
Ltd.
...................................
United
States
604,450
25,314,366
30,830,718
Trading
Companies
&
Distributors
1.4%
a
Beacon
Roofing
Supply,
Inc.
.............................
United
States
451,000
37,383,390
Total
Common
Stocks
(Cost
$
1,970,021,443
)
....................................
2,585,297,162
Convertible
Preferred
Stocks
2.4%
Diversified
Consumer
Services
0.5%
a,c,d
Newsela,
Inc.
,
D
......................................
United
States
709,046
13,159,620
a
Software
1.6%
a,c,d,e
Benchling,
Inc.
,
F
.....................................
United
States
382,306
6,481,180
a,c,d
Checkr,
Inc.
,
E
.......................................
United
States
1,388,889
21,784,373
a,c,d
OneTrust
LLC
,
A
......................................
United
States
625,361
11,409,715
a,c,d
OneTrust
LLC
,
A-1
....................................
United
States
56,457
1,030,058
a,c,d
Smule,
Inc.
,
J
........................................
United
States
162,712
2,328,649
43,033,975
Specialty
Retail
0.3%
a,c,d,e
1661,
Inc.
,
F
.........................................
United
States
3,436,485
7,947,153
a
Total
Convertible
Preferred
Stocks
(Cost
$
80,764,394
)
...........................
64,140,748
Preferred
Stocks
0.7%
Automobile
Components
0.3%
a,c,d
Tula
eTechnology,
Inc.
..................................
United
States
361,111
—
a,c,d
Tula
eTechnology,
Inc.
,
E
...............................
United
States
3,611,111
6,555,214
6,555,214
Commercial
Services
&
Supplies
0.3%
a,c,d
Optoro,
Inc.
,
E
.......................................
United
States
554,878
8,688,023
a
Software
0.1%
a,c,d
ClearMotion,
Inc.
,
A-3
..................................
United
States
1,037,942
145,598
a,c,d
ClearMotion,
Inc.
,
A-4
..................................
United
States
6,477,294
845,449
a,c,d
Smule,
Inc.
,
144A
,
G
...................................
United
States
1,542,673
1,779,535
a,c,d
Smule,
Inc.
,
144A
,
H
...................................
United
States
352,675
480,954
3,251,536
Total
Preferred
Stocks
(Cost
$
32,144,989
)
......................................
18,494,773
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
147
.
a
a
Country
Rights
a
Value
a
a
a
a
a
a
Rights
0.0%
†
Biotechnology
0.0%
†
a,c,d
Chinook
Therapeutics,
Inc.,
CVR
,
6/30/30
...................
United
States
410,500
$
374,616
Total
Rights
(Cost
$
160,095
)
..................................................
374,616
Shares
Escrows
and
Litigation
Trusts
0.0%
a,c
Proterra,
Inc.,
Escrow
Account
...........................
United
States
344,921
—
a,c
Wheels
Up
Experience,
Inc.,
Escrow
Account
................
United
States
8,808
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
2,083,090,921
)
.............................
2,668,307,299
a
Short
Term
Investments
2.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.7%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
46,850,466
46,850,466
Total
Money
Market
Funds
(Cost
$
46,850,466
)
..................................
46,850,466
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
,
5.003
%
....
United
States
16,230,024
16,230,023
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
16,230,023
)
...........................................................
16,230,023
Total
Short
Term
Investments
(Cost
$
63,080,489
)
................................
63,080,489
a
Total
Investments
(Cost
$
2,146,171,410
)
100.6
%
................................
$2,731,387,788
Other
Assets,
less
Liabilities
(
0.6
)
%
...........................................
(16,551,779)
Net
Assets
100.0%
...........................................................
$2,714,836,009
a
a
a
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2024.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
d
See
Note
3
regarding
restricted
securities.
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),
January
31,
2024
Franklin
Small-Mid
Cap
Growth
Fund
franklintempleton.com
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
95.1%
Aerospace
&
Defense
3.0%
a
Axon
Enterprise,
Inc.
...................................
United
States
230,800
$
57,483,048
TransDigm
Group,
Inc.
.................................
United
States
55,400
60,534,472
118,017,520
Automobile
Components
0.4%
a
Mobileye
Global,
Inc.
,
A
.................................
Israel
593,900
15,358,254
Beverages
0.5%
a
Celsius
Holdings,
Inc.
..................................
United
States
417,500
20,833,250
Biotechnology
2.1%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
126,200
21,821,242
a
BioMarin
Pharmaceutical,
Inc.
............................
United
States
121,700
10,719,336
a
CG
oncology,
Inc.
.....................................
United
States
287,600
10,715,976
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
197,500
27,604,575
a
Vaxcyte,
Inc.
.........................................
United
States
166,100
11,862,862
82,723,991
Building
Products
2.0%
Trane
Technologies
plc
.................................
United
States
312,100
78,664,805
Capital
Markets
7.4%
Ares
Management
Corp.
,
A
..............................
United
States
627,700
76,252,996
Blue
Owl
Capital,
Inc.
,
A
................................
United
States
1,999,400
31,070,676
LPL
Financial
Holdings,
Inc.
.............................
United
States
227,300
54,367,887
MSCI,
Inc.
,
A
.........................................
United
States
105,700
63,274,134
Nasdaq,
Inc.
.........................................
United
States
604,400
34,916,188
Tradeweb
Markets,
Inc.
,
A
...............................
United
States
340,000
32,432,600
292,314,481
Chemicals
0.1%
Albemarle
Corp.
......................................
United
States
49,900
5,725,526
Commercial
Services
&
Supplies
1.1%
Republic
Services,
Inc.
,
A
...............................
United
States
258,800
44,285,856
Communications
Equipment
0.2%
a
Arista
Networks,
Inc.
...................................
United
States
29,900
7,734,532
Containers
&
Packaging
0.9%
Avery
Dennison
Corp.
..................................
United
States
183,600
36,619,020
Electrical
Equipment
1.4%
AMETEK,
Inc.
........................................
United
States
161,600
26,187,280
Rockwell
Automation,
Inc.
...............................
United
States
108,800
27,556,864
53,744,144
Electronic
Equipment,
Instruments
&
Components
1.2%
Amphenol
Corp.
,
A
....................................
United
States
483,500
48,881,850
Energy
Equipment
&
Services
0.6%
Halliburton
Co.
.......................................
United
States
694,800
24,769,620
Entertainment
1.3%
a
ROBLOX
Corp.
,
A
.....................................
United
States
1,324,300
51,396,083
Financial
Services
1.3%
a
Block,
Inc.
,
A
.........................................
United
States
759,100
49,349,091
Food
Products
1.7%
a
Freshpet,
Inc.
........................................
United
States
331,300
28,524,930
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Food
Products
(continued)
Lamb
Weston
Holdings,
Inc.
.............................
United
States
378,800
$
38,804,272
67,329,202
Ground
Transportation
1.3%
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
131,450
51,399,579
Health
Care
Equipment
&
Supplies
5.6%
a
Dexcom,
Inc.
.........................................
United
States
699,056
84,830,446
a
IDEXX
Laboratories,
Inc.
................................
United
States
121,200
62,427,696
a
Inari
Medical,
Inc.
.....................................
United
States
367,000
20,900,650
a
Penumbra,
Inc.
.......................................
United
States
204,200
51,497,198
219,655,990
Health
Care
Providers
&
Services
0.7%
a
HealthEquity,
Inc.
.....................................
United
States
346,700
26,203,586
Health
Care
Technology
1.7%
a
Certara,
Inc.
.........................................
United
States
348,600
5,633,376
a
Veeva
Systems,
Inc.
,
A
.................................
United
States
303,600
62,969,676
68,603,052
Hotels,
Restaurants
&
Leisure
6.0%
a
Cava
Group,
Inc.
......................................
United
States
430,500
20,147,400
Darden
Restaurants,
Inc.
...............................
United
States
306,400
49,814,512
a
DoorDash,
Inc.
,
A
.....................................
United
States
420,200
43,784,840
a
Expedia
Group,
Inc.
...................................
United
States
423,400
62,802,922
Wingstop,
Inc.
........................................
United
States
133,100
37,415,741
Wynn
Resorts
Ltd.
....................................
United
States
219,100
20,689,613
234,655,028
Household
Durables
0.6%
a
NVR,
Inc.
...........................................
United
States
3,400
24,055,986
Industrial
REITs
0.8%
Terreno
Realty
Corp.
...................................
United
States
511,700
30,563,841
Insurance
1.1%
Arthur
J
Gallagher
&
Co.
................................
United
States
184,100
42,740,656
Interactive
Media
&
Services
2.6%
a
Match
Group,
Inc.
.....................................
United
States
993,959
38,148,146
a
Pinterest,
Inc.
,
A
......................................
United
States
1,709,300
64,047,471
102,195,617
IT
Services
4.9%
a
Cloudflare,
Inc.
,
A
.....................................
United
States
452,200
35,746,410
a
EPAM
Systems,
Inc.
...................................
United
States
155,600
43,273,916
a
Gartner,
Inc.
.........................................
United
States
165,600
75,752,064
a
MongoDB,
Inc.
,
A
.....................................
United
States
96,300
38,570,076
193,342,466
Leisure
Products
1.3%
a,b,c
Fanatics
Holdings,
Inc.
.................................
United
States
793,714
50,481,660
Life
Sciences
Tools
&
Services
6.1%
a
10X
Genomics,
Inc.
,
A
..................................
United
States
468,700
19,530,729
Agilent
Technologies,
Inc.
...............................
United
States
537,400
69,915,740
a
Mettler-Toledo
International,
Inc.
..........................
United
States
41,400
49,563,666
a
Repligen
Corp.
.......................................
United
States
251,500
47,634,100
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
West
Pharmaceutical
Services,
Inc.
........................
United
States
143,600
$
53,567,108
240,211,343
Machinery
1.8%
IDEX
Corp.
..........................................
United
States
167,100
35,341,650
Xylem,
Inc.
..........................................
United
States
321,700
36,171,948
71,513,598
Media
0.8%
New
York
Times
Co.
(The)
,
A
.............................
United
States
634,200
30,796,752
Oil,
Gas
&
Consumable
Fuels
2.2%
Cheniere
Energy,
Inc.
..................................
United
States
286,500
46,983,135
Hess
Corp.
..........................................
United
States
96,300
13,533,039
Targa
Resources
Corp.
.................................
United
States
296,500
25,190,640
85,706,814
Passenger
Airlines
0.8%
Delta
Air
Lines,
Inc.
....................................
United
States
767,400
30,036,036
Personal
Care
Products
1.0%
a
BellRing
Brands,
Inc.
...................................
United
States
533,200
29,469,964
a,d
Oddity
Tech
Ltd.
,
A
....................................
Israel
272,700
11,262,510
40,732,474
Pharmaceuticals
0.7%
a
Jazz
Pharmaceuticals
plc
...............................
United
States
218,500
26,814,320
Professional
Services
4.6%
Paychex,
Inc.
........................................
United
States
599,000
72,916,270
TransUnion
..........................................
United
States
648,100
44,842,039
Verisk
Analytics,
Inc.
,
A
.................................
United
States
253,800
61,300,314
179,058,623
Residential
REITs
0.9%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
515,100
34,867,119
Semiconductors
&
Semiconductor
Equipment
3.9%
a,d
ARM
Holdings
plc
,
ADR
................................
United
States
207,200
14,642,824
a
Lattice
Semiconductor
Corp.
.............................
United
States
700,014
42,602,852
Monolithic
Power
Systems,
Inc.
...........................
United
States
94,400
56,896,768
a
Onto
Innovation,
Inc.
...................................
United
States
83,100
13,420,650
a
SiTime
Corp.
.........................................
United
States
230,414
24,555,220
152,118,314
Software
12.7%
a
Alkami
Technology,
Inc.
.................................
United
States
808,100
19,895,422
a
ANSYS,
Inc.
.........................................
United
States
173,900
57,009,637
a
Arteris,
Inc.
..........................................
United
States
1,324,600
8,199,274
a
Atlassian
Corp.
,
A
.....................................
United
States
124,900
31,196,273
a
BILL
Holdings,
Inc.
....................................
United
States
322,833
25,197,116
a
Crowdstrike
Holdings,
Inc.
,
A
.............................
United
States
300,800
87,984,000
a
Datadog,
Inc.
,
A
......................................
United
States
351,200
43,703,328
a
Fair
Isaac
Corp.
......................................
United
States
46,300
55,505,829
a
HubSpot,
Inc.
........................................
United
States
101,200
61,833,200
a
Monday.com
Ltd.
......................................
United
States
139,000
29,195,560
a
Synopsys,
Inc.
.......................................
United
States
56,400
30,080,940
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Workday,
Inc.
,
A
......................................
United
States
169,700
$
49,394,579
499,195,158
Specialized
REITs
0.8%
SBA
Communications
Corp.
,
A
...........................
United
States
138,500
31,004,610
Specialty
Retail
4.6%
a
Burlington
Stores,
Inc.
..................................
United
States
212,800
40,676,720
a
Five
Below,
Inc.
.......................................
United
States
200,800
36,035,568
Ross
Stores,
Inc.
.....................................
United
States
396,000
55,550,880
Tractor
Supply
Co.
....................................
United
States
219,900
49,389,540
181,652,708
Textiles,
Apparel
&
Luxury
Goods
0.7%
a
Lululemon
Athletica,
Inc.
................................
United
States
60,300
27,365,346
Trading
Companies
&
Distributors
1.7%
Fastenal
Co.
.........................................
United
States
975,800
66,578,834
Total
Common
Stocks
(Cost
$
2,678,704,399
)
....................................
3,739,296,735
Convertible
Preferred
Stocks
1.5%
Diversified
Consumer
Services
0.2%
a,b,c
Newsela,
Inc.
,
D
......................................
United
States
423,782
7,865,230
a
Semiconductors
&
Semiconductor
Equipment
0.1%
a,b,c,e
Phononic
Devices,
Inc.
,
F
...............................
United
States
2,970,061
1,595,665
a
Software
1.2%
a,b,c,e
Benchling,
Inc.
,
F
.....................................
United
States
347,106
5,884,439
a,b,c,e
Blaize,
Inc.
,
D
........................................
United
States
1,948,384
7,842,205
a,b,c,e
Blaize,
Inc.
,
D-2
......................................
United
States
1,467,659
3,899,979
a,b,c
Databricks,
Inc.
,
G
....................................
United
States
227,829
16,745,432
a,b,c,e
OneTrust
LLC
,
C
......................................
United
States
767,526
14,003,517
48,375,572
Total
Convertible
Preferred
Stocks
(Cost
$
83,781,543
)
...........................
57,836,467
Preferred
Stocks
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,b,c,e
Phononic
Devices,
Inc.
,
G-2
.............................
United
States
513,050
811,727
a,b,c,e
Phononic,
Inc.
,
H
.....................................
United
States
117,763
650,423
1,462,150
Total
Preferred
Stocks
(Cost
$
460,692
)
.........................................
1,462,150
Warrants
Warrants
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,b,c,e
Phononic,
Inc.
,
H
,
10/17/27
..............................
United
States
47,104
70,901
Software
0.0%
†
a,b,c,e
Blaize,
Inc.
,
9/19/25
...................................
United
States
146,765
25,160
a,b,c,e
Blaize,
Inc.
,
12/09/25
...................................
United
States
1
—
a,b,e
Blaize,
Inc.
,
8/23/33
...................................
United
States
1
—
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
(continued)
Software
(continued)
a,b,c,e
Blaize,
Inc.
,
D
,
2/28/24
.................................
United
States
260,815
$
—
25,160
Total
Warrants
(Cost
$
44,091
)
.................................................
96,061
Principal
Amount
*
Convertible
Bonds
0.0%
†
Software
0.0%
†
b
,e
Blaize,
Inc.
,
10
%
,
1/03/25
...............................
United
States
1,804,600
1,804,600
Total
Convertible
Bonds
(Cost
$
1,804,600
)
.....................................
1,804,600
Corporate
Bonds
0.0%
†
Software
0.0%
†
b
,c
,e
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%
b
,c
,e
,f
Phononic,
Inc.
,
Advance
Term
Loan
,
PIK,
12
%
,
6/30/25
.........
United
States
896,610
770,595
Total
Senior
Floating
Rate
Interests
(Cost
$
844,002
)
.............................
770,595
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,b
Proterra,
Inc.,
Escrow
Account
...........................
United
States
134,477
—
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
—
Total
Long
Term
Investments
(Cost
$
2,766,209,448
)
.............................
3,801,836,786
a
Short
Term
Investments
4.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.6%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
141,799,182
141,799,182
Total
Money
Market
Funds
(Cost
$
141,799,182
)
.................................
141,799,182
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
See
Abbreviations
on
page
147
.
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.003
%
....
United
States
18,739,800
$
18,739,800
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$
18,739,800
)
...........................................................
18,739,800
Total
Short
Term
Investments
(Cost
$
160,538,982
)
...............................
160,538,982
a
Total
Investments
(Cost
$
2,926,748,430
)
100.8
%
................................
$3,962,375,768
Other
Assets,
less
Liabilities
(
0.8
)
%
...........................................
(31,042,208)
Net
Assets
100.0%
...........................................................
$3,931,333,560
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
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
January
31,
2024.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
h
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
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
0.9%
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
—
—
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
45,334
8,274
Machinery
0.0%
†
b
UTEX
Industries,
Inc.
..................................
United
States
16,788
1,060,439
Oil,
Gas
&
Consumable
Fuels
0.9%
b
Amplify
Energy
Corp.
..................................
United
States
5,288
32,363
Birch
Permian
Holdings,
Inc.
.............................
United
States
46,176
449,500
Quarternorth
Energy
Holding,
Inc.
.........................
United
States
142,136
23,896,615
24,378,478
Total
Common
Stocks
(Cost
$26,035,632)
......................................
25,447,191
Preferred
Stocks
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
b
24
Hour
Fitness
Worldwide,
Inc.
..........................
United
States
107,362
1,610
b
Total
Preferred
Stocks
(Cost
$1,610)
...........................................
1,610
Warrants
Warrants
0.0%
†
Machinery
0.0%
†
a,b
UTEX
Industries,
Inc.,
2/20/49
............................
United
States
1,440
1,043
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
$751,272)
................................................
1,043
Principal
Amount
*
Corporate
Bonds
54.7%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
5,000,000
4,571,963
Senior
Note,
5.15%,
5/01/30
...........................
United
States
8,100,000
8,122,543
d
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.25%,
3/15/26
...............
United
States
10,000,000
9,940,088
Senior
Secured
Note,
144A,
6.75%,
8/15/28
...............
United
States
2,500,000
2,544,032
25,178,626
Air
Freight
&
Logistics
0.1%
d
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
2,300,000
2,241,199
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
1,200,000
984,973
3,226,172
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)
Automobile
Components
1.1%
d
Adient
Global
Holdings
Ltd.
,
Senior
Note,
144A,
8.25%,
4/15/31
......................
United
States
3,300,000
$
3,487,852
Senior
Secured
Note,
144A,
7%,
4/15/28
..................
United
States
2,000,000
2,046,354
d
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
7,000,000
6,962,899
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
3,400,000
2,976,132
d
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
6,600,000
5,999,192
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
8,300,000
7,797,095
29,269,524
Automobiles
0.2%
d
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
7,000,000
6,715,757
Banks
6.1%
d,e
ABN
AMRO
Bank
NV
,
Senior
Note
,
144A,
FRN
,
6.339
%
,
(
1-year
CMT
T-Note
+
1.65
%
),
9/18/27
..........................
Netherlands
2,100,000
2,148,261
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
3,000,000
2,478,398
Bank
of
America
Corp.
,
Senior
Bond,
2.299%
to
7/20/31,
FRN
thereafter,
7/21/32
.....
United
States
3,500,000
2,874,586
Senior
Bond,
4.571%
to
4/26/32,
FRN
thereafter,
4/27/33
.....
United
States
8,000,000
7,659,123
Senior
Note,
4.376%
to
4/26/27,
FRN
thereafter,
4/27/28
......
United
States
9,500,000
9,318,605
d
BNP
Paribas
SA
,
e
144A,
FRN,
5.176%,
(SOFR
+
1.52%),
1/09/30
.............
France
6,500,000
6,542,560
Senior
Note,
144A,
2.819%
to
11/18/24,
FRN
thereafter,
11/19/25
France
4,400,000
4,305,722
d
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
7,900,000
7,218,343
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
15,500,000
15,625,150
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
8,300,000
7,179,496
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
9,100,000
8,985,009
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.......
United
Kingdom
5,850,000
5,847,519
JPMorgan
Chase
&
Co.
,
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
.....
United
States
9,400,000
8,178,240
Senior
Bond,
1.953%
to
2/03/31,
FRN
thereafter,
2/04/32
.....
United
States
3,400,000
2,776,761
Senior
Bond,
5.336%
to
1/22/34,
FRN
thereafter,
1/23/35
.....
United
States
2,500,000
2,541,623
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
5,000,000
4,891,391
Mizuho
Financial
Group,
Inc.
,
Senior
Note
,
5.778%
to
7/05/28,
FRN
thereafter
,
7/06/29
...................................
Japan
5,100,000
5,240,607
Royal
Bank
of
Canada
,
Senior
Note
,
5.2
%
,
8/01/28
............
Canada
1,800,000
1,834,413
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
6,700,000
6,125,635
d
Societe
Generale
SA
,
Senior
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
France
7,500,000
6,192,519
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
7,200,000
6,584,427
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
9,900,000
9,887,032
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
7,900,000
7,996,415
d
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
5,300,000
4,473,590
Wells
Fargo
&
Co.
,
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
4,700,000
4,654,307
Senior
Note,
6.303%
to
10/22/28,
FRN
thereafter,
10/23/29
....
United
States
7,400,000
7,801,661
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)
Wells
Fargo
&
Co.,
(continued)
Senior
Note,
5.198%
to
1/22/29,
FRN
thereafter,
1/23/30
......
United
States
4,400,000
$
4,435,570
163,796,963
Beverages
0.3%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
1,300,000
1,229,174
d
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
9,000,000
8,202,487
9,431,661
Biotechnology
0.6%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
6,000,000
5,595,257
Amgen,
Inc.
,
Senior
Bond,
4.2%,
3/01/33
............................
United
States
4,000,000
3,792,382
Senior
Bond,
5.25%,
3/02/33
...........................
United
States
6,600,000
6,735,444
16,123,083
Broadline
Retail
0.0%
a,d,f,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
10,914,248
—
a,d,f,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
4,807,777
—
—
Building
Products
0.9%
d
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
3,300,000
3,386,150
d
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
5,000,000
5,002,475
d
Emerald
Debt
Merger
Sub
LLC
,
Senior
Secured
Note
,
144A,
6.625
%
,
12/15/30
....................................
United
States
8,500,000
8,596,220
d
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
4,800,000
4,595,390
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
1,000,000
909,647
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
1,400,000
1,191,736
23,681,618
Capital
Markets
2.5%
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
7,800,000
7,922,405
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
2.383%
to
7/20/31,
FRN
thereafter,
7/21/32
.....
United
States
6,500,000
5,361,347
Senior
Note,
5.7%,
11/01/24
...........................
United
States
6,200,000
6,219,037
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
3,400,000
3,361,164
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
3,000,000
2,759,808
d
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
11/15/29
......................................
United
States
4,900,000
4,484,374
Morgan
Stanley
,
Senior
Bond,
3.591%,
7/22/28
..........................
United
States
10,000,000
9,563,743
Senior
Bond,
5.466%
to
1/17/34,
FRN
thereafter,
1/18/35
.....
United
States
1,900,000
1,939,694
d
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
11,800,000
9,879,972
UBS
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
4,000,000
3,958,160
d
Senior
Note,
144A,
2.193%
to
6/04/25,
FRN
thereafter,
6/05/26
.
Switzerland
1,000,000
956,597
d
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
3,050,000
3,085,563
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)
d
Senior
Note,
144A,
5.711%
to
1/11/26,
FRN
thereafter,
1/12/27
.
Switzerland
8,150,000
$
8,203,370
67,695,234
Chemicals
1.6%
d
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
7,000,000
4,570,240
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
4,850,000
4,971,672
d
Consolidated
Energy
Finance
SA
,
Senior
Note,
144A,
5%,
10/15/28
.......................
Switzerland
5,343,000
EUR
4,934,118
Senior
Note,
144A,
5.625%,
10/15/28
....................
Switzerland
3,600,000
2,947,068
d
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
6,600,000
6,036,889
d
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
5,000,000
4,672,900
d,f
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
2,625,000
2,137,917
Nutrien
Ltd.
,
Senior
Note
,
4.9
%
,
3/27/28
....................
Canada
1,150,000
1,156,394
d
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
..
United
States
2,800,000
2,775,388
d
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
6,385,000
6,346,676
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
2,500,000
2,286,303
d
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
1,400,000
1,224,461
44,060,026
Commercial
Services
&
Supplies
0.9%
d
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
6,000,000
5,704,195
d
GFL
Environmental,
Inc.
,
Senior
Secured
Note
,
144A,
4.25
%
,
6/01/25
...........................................
Canada
257,341
253,067
d
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
11,000,000
10,142,616
d
Stericycle,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
1/15/29
...........
United
States
9,500,000
8,645,760
24,745,638
Communications
Equipment
0.2%
d
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
6
%
,
6/15/25
..
United
States
5,518,000
4,391,666
Construction
&
Engineering
0.2%
d
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
5,600,000
5,229,874
Construction
Materials
0.3%
d
Knife
River
Corp.
,
Senior
Note
,
144A,
7.75
%
,
5/01/31
..........
United
States
7,000,000
7,359,338
Consumer
Finance
0.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
4,500,000
3,803,777
OneMain
Finance
Corp.
,
Senior
Note
,
9
%
,
1/15/29
............
United
States
6,900,000
7,273,939
d
Park
Aerospace
Holdings
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
2/15/24
.
Ireland
3,100,000
3,100,105
d
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
7,300,000
6,673,232
20,851,053
Consumer
Staples
Distribution
&
Retail
0.5%
d
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
,
Senior
Note
,
144A,
3.5
%
,
3/15/29
...........
United
States
10,400,000
9,405,650
Sysco
Corp.
,
Senior
Bond
,
6
%
,
1/17/34
.....................
United
States
1,900,000
2,048,198
d
US
Foods,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
9/15/28
...........
United
States
3,300,000
3,391,872
14,845,720
Containers
&
Packaging
1.6%
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note,
144A,
5.25%,
8/15/27
......................
United
States
6,200,000
4,643,904
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)
d
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.,
(continued)
Senior
Secured
Note,
144A,
4.125%,
8/15/26
..............
United
States
2,500,000
$
2,247,738
d
OI
European
Group
BV
,
Senior
Note
,
144A,
4.75
%
,
2/15/30
......
United
States
5,000,000
4,632,575
d
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
5/15/31
...........................................
United
States
3,000,000
3,018,960
d
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
6,100,000
5,697,400
d
Pactiv
Evergreen
Group
Issuer,
Inc.
/
Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
4,600,000
4,293,249
d
Sealed
Air
Corp.
,
Senior
Note
,
144A,
6.125
%
,
2/01/28
..........
United
States
8,000,000
8,035,558
d
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
...........................................
Netherlands
7,000,000
6,840,827
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
3,600,000
3,089,664
42,499,875
Distributors
0.2%
d
Ritchie
Bros
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
3/15/31
......................
Canada
2,700,000
2,848,689
Senior
Secured
Note,
144A,
6.75%,
3/15/28
...............
Canada
1,500,000
1,531,980
4,380,669
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
......
United
States
7,500,000
6,837,975
d
Wand
NewCo
3,
Inc.
,
Senior
Secured
Note
,
144A,
7.625
%
,
1/30/32
United
States
4,000,000
4,133,720
d
WW
International,
Inc.
,
Senior
Secured
Note
,
144A,
4.5
%
,
4/15/29
United
States
411,746
193,813
11,165,508
Diversified
REITs
0.5%
d
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
7,700,000
6,538,786
Simon
Property
Group
LP
,
Senior
Bond,
4.25%,
11/30/46
..........................
United
States
3,000,000
2,536,603
Senior
Bond,
3.25%,
9/13/49
...........................
United
States
7,000,000
5,081,046
14,156,435
Diversified
Telecommunication
Services
1.5%
d
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.5%,
1/15/28
................
France
1,500,000
1,172,328
Senior
Secured
Note,
144A,
5.5%,
10/15/29
...............
France
3,000,000
2,214,013
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
..........................
United
States
8,000,000
6,493,107
Senior
Bond,
3.65%,
9/15/59
...........................
United
States
4,000,000
2,825,542
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
7,000,000
5,844,229
d
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
2,800,000
2,746,611
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
5,400,000
5,361,164
Verizon
Communications,
Inc.
,
Senior
Note
,
2.355
%
,
3/15/32
....
United
States
8,400,000
6,978,535
d
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
7,000,000
6,260,100
39,895,629
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
2.4%
Duke
Energy
Corp.
,
Senior
Bond,
2.45%,
6/01/30
...........................
United
States
6,200,000
$
5,405,473
Senior
Bond,
3.75%,
9/01/46
...........................
United
States
1,600,000
1,235,677
Duke
Energy
Ohio,
Inc.
,
Senior
Bond
,
5.25
%
,
4/01/33
..........
United
States
1,000,000
1,019,397
d
Enel
Finance
International
NV
,
Senior
Note
,
144A,
2.65
%
,
9/10/24
Italy
7,800,000
7,658,107
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
...........................
United
States
13,400,000
12,789,241
Senior
Bond,
4.45%,
4/15/46
...........................
United
States
1,400,000
1,214,931
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
6.051
%
,
3/01/25
United
States
3,300,000
3,328,794
Southern
Co.
(The)
,
Senior
Bond,
4.4%,
7/01/46
............................
United
States
5,000,000
4,396,768
Senior
Note,
5.5%,
3/15/29
............................
United
States
6,100,000
6,312,762
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
820,000
904,840
d
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
11,000,000
10,109,640
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
6,000,000
5,674,791
Xcel
Energy,
Inc.
,
Senior
Bond
,
5.45
%
,
8/15/33
...............
United
States
4,500,000
4,608,964
64,659,385
Electrical
Equipment
0.4%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
1,900,000
1,833,826
d
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
8,500,000
7,895,902
9,729,728
Electronic
Equipment,
Instruments
&
Components
0.4%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
5,000,000
4,524,514
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
7,100,000
6,955,246
11,479,760
Energy
Equipment
&
Services
0.3%
d
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
7.25
%
,
2/15/29
....
United
States
3,600,000
3,647,559
d
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
3,800,000
3,689,691
7,337,250
Entertainment
0.2%
d
Banijay
Entertainment
SASU
,
Senior
Secured
Note,
144A,
7%,
5/01/29
..................
France
2,800,000
EUR
3,194,311
Senior
Secured
Note,
144A,
8.125%,
5/01/29
..............
France
308,809
319,510
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
4.054
%
,
3/15/29
......
United
States
2,100,000
1,988,879
5,502,700
Financial
Services
0.9%
a,e
Cia
Securitizadora
de
Creditos
Financeiros
Vert-Fintech
,
12
,
Senior
Secured
Note
,
FRN
,
14.9
%
,
(
BZDIOVRA
+
5.75
%
),
2/14/24
....
Brazil
11,513,000
BRL
—
d
Corebridge
Financial,
Inc.
,
Senior
Bond
,
144A,
6.05
%
,
9/15/33
...
United
States
4,900,000
5,135,298
d
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
7,000,000
6,740,819
d
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
..........................................
United
States
5,800,000
5,353,183
d
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
8,000,000
6,460,872
23,690,172
Food
Products
0.9%
d
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
2,000,000
1,569,666
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)
Food
Products
(continued)
d
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
.....................................
United
States
1,100,000
$
1,115,084
d
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
9,000,000
8,951,690
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
1,550,000
1,550,105
Hershey
Co.
(The)
,
Senior
Bond
,
4.5
%
,
5/04/33
...............
United
States
2,400,000
2,411,982
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
2.5%,
1/15/27
............................
United
States
4,800,000
4,438,032
Senior
Note,
3%,
2/02/29
.............................
United
States
1,500,000
1,327,530
Senior
Note,
3.625%,
1/15/32
..........................
United
States
3,500,000
2,981,678
24,345,767
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
2,800,000
1,931,139
Ground
Transportation
0.5%
d
Ashtead
Capital,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
4/15/34
........
United
Kingdom
900,000
905,398
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
1,600,000
1,394,326
d
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
9,500,000
8,370,402
d
XPO,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
2/01/32
...............
United
States
3,800,000
3,876,277
14,546,403
Health
Care
Equipment
&
Supplies
0.8%
d
Bausch
&
Lomb
Escrow
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
10/01/28
..........................................
United
States
2,700,000
2,804,814
Baxter
International,
Inc.
,
Senior
Note
,
2.272
%
,
12/01/28
........
United
States
4,700,000
4,190,974
d
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
4,700,000
5,032,596
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
5.6
%
,
11/15/25
..
United
States
4,700,000
4,744,973
d
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
5,300,000
4,946,485
21,719,842
Health
Care
Providers
&
Services
2.5%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
3,000,000
2,886,213
Senior
Note,
2.45%,
7/15/28
...........................
United
States
2,300,000
2,048,472
Senior
Note,
4.625%,
12/15/29
.........................
United
States
2,300,000
2,203,407
Senior
Note,
3.375%,
2/15/30
..........................
United
States
1,400,000
1,254,938
Senior
Note,
2.625%,
8/01/31
..........................
United
States
5,300,000
4,402,577
d
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
1,000,000
680,795
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
3,700,000
3,422,662
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
3,300,000
2,984,685
CVS
Health
Corp.
,
Senior
Bond,
1.75%,
8/21/30
...........................
United
States
4,000,000
3,314,085
Senior
Bond,
5.3%,
6/01/33
............................
United
States
3,000,000
3,040,974
Senior
Bond,
2.7%,
8/21/40
............................
United
States
6,300,000
4,440,629
d
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
9,000,000
7,969,982
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
1,400,000
1,099,385
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
11,900,000
10,802,814
d
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
5,500,000
4,381,218
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
2,100,000
1,835,010
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.125
%
,
6/15/30
...
United
States
10,000,000
10,008,773
66,776,619
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)
Health
Care
REITs
0.2%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond,
5%,
10/15/27
............................
United
States
3,000,000
$
2,273,591
Senior
Bond,
3.5%,
3/15/31
............................
United
States
4,000,000
2,454,654
4,728,245
Health
Care
Technology
0.3%
d
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.5
%
,
5/15/30
................
United
States
7,200,000
7,353,504
Hotel
&
Resort
REITs
0.1%
d
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
3,500,000
3,230,867
Hotels,
Restaurants
&
Leisure
1.2%
d
Allwyn
Entertainment
Financing
UK
plc
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/30/29
.....................................
Czech
Republic
6,000,000
6,214,500
d
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
........
United
States
4,000,000
3,678,176
d
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
7,500,000
6,664,650
d
Station
Casinos
LLC
,
Senior
Bond,
144A,
4.625%,
12/01/31
....................
United
States
4,000,000
3,593,920
Senior
Note,
144A,
4.5%,
2/15/28
.......................
United
States
3,100,000
2,916,236
d
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
5.875%,
9/15/27
.....................
United
States
1,400,000
1,350,860
Senior
Note,
144A,
7%,
2/15/29
........................
United
States
1,400,000
1,398,908
d
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Bond
,
144A,
5.125
%
,
10/01/29
..........................
United
States
6,300,000
5,956,723
31,773,973
Household
Durables
0.2%
d
LGI
Homes,
Inc.
,
Senior
Note
,
144A,
8.75
%
,
12/15/28
..........
United
States
4,500,000
4,753,474
Household
Products
0.3%
d
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
5,000,000
4,422,168
d
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
4,500,000
4,172,692
8,594,860
Independent
Power
and
Renewable
Electricity
Producers
1.0%
d
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
5,000,000
4,633,862
d
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
4,300,000
3,904,896
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
4,000,000
3,701,673
d
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
5,300,000
4,598,872
Constellation
Energy
Generation
LLC
,
Senior
Bond
,
6.125
%
,
1/15/34
United
States
2,000,000
2,135,940
d
Talen
Energy
Supply
LLC
,
Senior
Secured
Note
,
144A,
8.625
%
,
6/01/30
...........................................
United
States
7,200,000
7,646,940
26,622,183
Insurance
1.7%
d
AIA
Group
Ltd.
,
Senior
Bond
,
144A,
4.95
%
,
4/04/33
...........
Hong
Kong
3,100,000
3,132,722
d
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note,
144A,
6.75%,
4/15/28
...............
United
States
6,000,000
6,060,156
Senior
Secured
Note,
144A,
7%,
1/15/31
..................
United
States
1,900,000
1,921,575
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
10,000,000
7,684,412
d
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.9
%
,
9/19/28
..
United
States
2,100,000
2,180,620
d
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
9,600,000
9,718,801
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
3,000,000
2,912,411
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)
Insurance
(continued)
d
Northwestern
Mutual
Global
Funding
,
Secured
Note
,
144A,
4.9
%
,
6/12/28
...........................................
United
States
5,600,000
$
5,628,512
d
RGA
Global
Funding
,
Secured
Note
,
144A,
5.5
%
,
1/11/31
.......
United
States
6,400,000
6,423,991
45,663,200
Interactive
Media
&
Services
0.6%
Meta
Platforms,
Inc.
,
Senior
Note
,
4.8
%
,
5/15/30
..............
United
States
7,000,000
7,131,380
d
Tencent
Holdings
Ltd.
,
Senior
Note
,
144A,
2.39
%
,
6/03/30
.......
China
9,100,000
7,817,739
14,949,119
IT
Services
1.1%
d
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
9,200,000
8,249,874
d
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
7,000,000
6,686,030
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
3,800,000
3,457,353
d
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
11,000,000
10,672,230
29,065,487
Life
Sciences
Tools
&
Services
0.1%
d
Fortrea
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
7/01/30
.
United
States
3,900,000
3,968,523
Machinery
0.3%
d
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
5,500,000
5,652,728
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
3,700,000
3,661,243
9,313,971
Media
2.2%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
15,900,000
13,143,835
d
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
5,200,000
4,512,026
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
2,400,000
2,262,136
Comcast
Corp.
,
Senior
Bond
,
4.8
%
,
5/15/33
.................
United
States
5,200,000
5,218,067
d
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.......
United
States
5,000,000
3,428,969
d
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
6,000,000
5,708,584
Fox
Corp.
,
Senior
Bond,
3.5%,
4/08/30
............................
United
States
1,400,000
1,289,902
Senior
Bond,
6.5%,
10/13/33
...........................
United
States
11,500,000
12,408,709
d
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
....................
United
States
2,200,000
2,306,315
d
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
9,000,000
8,179,589
58,458,132
Metals
&
Mining
1.1%
d
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
9,200,000
8,278,351
d
Indonesia
Asahan
Aluminium
PT
/
Mineral
Industri
Indonesia
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
...................
Indonesia
6,900,000
6,836,313
d
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
......................
United
States
3,200,000
2,971,506
Senior
Note,
144A,
3.25%,
11/15/26
.....................
United
States
2,700,000
2,530,815
d
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
................
South
Korea
7,950,000
8,015,992
28,632,977
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)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
d
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
10,000,000
$
8,963,976
Multi-Utilities
0.6%
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
3,200,000
3,058,917
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
7,800,000
7,137,910
DTE
Energy
Co.
,
Senior
Note
,
4.875
%
,
6/01/28
...............
United
States
5,700,000
5,724,895
15,921,722
Oil,
Gas
&
Consumable
Fuels
5.4%
d
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
8,700,000
7,464,374
d
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
4,969,000
5,119,923
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
3,700,000
3,263,189
d
CITGO
Petroleum
Corp.
,
Senior
Secured
Note
,
144A,
8.375
%
,
1/15/29
...........................................
United
States
8,300,000
8,630,147
d
Civitas
Resources,
Inc.
,
Senior
Note,
144A,
8.375%,
7/01/28
.....................
United
States
3,300,000
3,474,775
Senior
Note,
144A,
8.625%,
11/01/30
....................
United
States
1,000,000
1,067,244
Senior
Note,
144A,
8.75%,
7/01/31
......................
United
States
3,300,000
3,512,368
d
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
6,500,000
6,425,087
d
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
4,600,000
4,124,482
d
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
8,700,000
8,666,027
Energy
Transfer
LP
,
Senior
Bond,
3.75%,
5/15/30
...........................
United
States
7,300,000
6,753,684
d
Senior
Note,
144A,
6%,
2/01/29
........................
United
States
4,000,000
4,022,780
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
10,900,000
10,629,827
d
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
1,700,000
1,681,557
d
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
800,000
823,693
d
Galaxy
Pipeline
Assets
Bidco
Ltd.
,
Senior
Secured
Bond
,
144A,
2.16
%
,
3/31/34
.....................................
United
Arab
Emirates
2,548,320
2,193,187
d
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
4,900,000
4,722,579
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
1,700,000
1,633,317
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
2,000,000
1,933,253
d
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
5,000,000
4,915,200
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
15,000,000
13,016,904
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
10,000,000
9,767,158
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
4.5
%
,
5/15/29
..
United
States
12,000,000
11,192,053
d
Var
Energi
ASA
,
Senior
Bond
,
144A,
8
%
,
11/15/32
............
Norway
9,000,000
10,147,275
d
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
.....................................
United
States
2,600,000
2,301,380
d
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
...........................................
United
States
5,500,000
5,557,648
d
Viper
Energy,
Inc.
,
Senior
Note
,
144A,
7.375
%
,
11/01/31
........
United
States
3,600,000
3,726,880
146,765,991
Paper
&
Forest
Products
0.4%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
7,100,000
6,195,978
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Paper
&
Forest
Products
(continued)
Suzano
Austria
GmbH,
(continued)
DM3N,
Senior
Bond,
3.125%,
1/15/32
....................
Brazil
4,400,000
$
3,632,935
9,828,913
Passenger
Airlines
0.5%
d
American
Airlines,
Inc.
/
AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
5,900,000
5,799,936
d
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
6,067,250
5,997,319
d
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
2,111,746
2,039,009
13,836,264
Personal
Care
Products
1.3%
d
BellRing
Brands,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/30
.........
United
States
6,200,000
6,352,427
d
Coty,
Inc.
/
HFC
Prestige
Products,
Inc.
/
HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
.........
United
States
8,000,000
7,633,600
Estee
Lauder
Cos.,
Inc.
(The)
,
Senior
Bond
,
4.65
%
,
5/15/33
.....
United
States
8,800,000
8,773,322
Kenvue,
Inc.
,
WI
,
Senior
Note
,
5.05
%
,
3/22/28
...............
United
States
8,600,000
8,797,416
d
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
3,700,000
3,211,848
34,768,613
Pharmaceuticals
1.2%
d
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
11,700,000
11,100,541
d
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
7,000,000
6,410,737
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
Senior
Bond
,
4.75
%
,
5/19/33
United
States
3,500,000
3,496,963
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
5,300,000
3,995,918
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
9,100,000
8,779,748
33,783,907
Real
Estate
Management
&
Development
0.1%
d
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
4,000,000
3,999,780
Software
0.3%
d
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
8,000,000
7,258,380
Specialized
REITs
0.3%
d
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/15/29
...........
United
States
8,200,000
8,416,111
Specialty
Retail
0.2%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
1,900,000
1,828,323
d
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,700,000
3,696,203
5,524,526
Technology
Hardware,
Storage
&
Peripherals
0.1%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
2,100,000
1,811,125
Textiles,
Apparel
&
Luxury
Goods
0.6%
d,h
Hanesbrands,
Inc.
,
Senior
Note
,
144A,
9
%
,
2/15/31
............
United
States
7,500,000
7,571,445
Tapestry,
Inc.
,
Senior
Bond
,
7.85
%
,
11/27/33
.................
United
States
9,300,000
9,946,055
17,517,500
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
Corporate
Bonds
(continued)
Tobacco
0.9%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
12,400,000
$
11,316,672
d
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
4.25%,
7/21/25
......................
United
Kingdom
2,800,000
2,755,449
Senior
Bond,
144A,
3.875%,
7/26/29
.....................
United
Kingdom
2,200,000
2,053,278
Philip
Morris
International,
Inc.
,
Senior
Bond
,
5.375
%
,
2/15/33
....
United
States
7,200,000
7,352,487
23,477,886
Trading
Companies
&
Distributors
0.7%
d
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
10,200,000
9,270,091
d
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
1,800,000
1,768,959
d
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
7,000,000
7,195,517
18,234,567
Transportation
Infrastructure
0.0%
†
d
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
1,040,000
702,442
Wireless
Telecommunication
Services
0.6%
d
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
3,000,000
1,341,679
Digicel
Group
Holdings
Ltd.
,
Zero
Cpn.,
11/17/33
.................................
Bermuda
694,808
36,606
Zero
Cpn.,
11/17/33
.................................
Bermuda
109,727
31,985
T-Mobile
USA,
Inc.
,
Senior
Bond,
3.3%,
2/15/51
............................
United
States
4,800,000
3,422,902
Senior
Note,
3.875%,
4/15/30
..........................
United
States
13,400,000
12,675,842
17,509,014
Total
Corporate
Bonds
(Cost
$1,563,883,717)
...................................
1,475,848,066
Senior
Floating
Rate
Interests
2.8%
Aerospace
&
Defense
0.1%
f,i,j
Alloy
FinCo
Ltd.
,
Term
Loan,
B
,
PIK,
14
%
,
(
3-month
USD
LIBOR
+
0.5
%
),
3/06/25
......................................
United
Kingdom
4,302,229
3,681,095
Air
Freight
&
Logistics
0.1%
i,j
Rand
Parent
LLC
,
First
Lien,
CME
Term
Loan,
B
,
9.598
%
,
(
3-month
SOFR
+
4.25
%
),
3/17/30
..............................
United
States
1,266,451
1,264,178
j
Automobile
Components
0.1%
i
DexKo
Global,
Inc.
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.36
%
,
(
3-month
SOFR
+
3.75
%
),
10/04/28
......................
United
States
354,243
353,026
i
First
Brands
Group
LLC
,
First
Lien,
2021
CME
Term
Loan,
10.574%,
(3-month
SOFR
+
5%),
3/30/27
...........................................
United
States
1,236,051
1,236,570
Second
Lien,
2021
CME
Term
Loan,
14.074%,
(3-month
SOFR
+
8.5%),
3/30/28
......................................
United
States
1,029,361
1,008,773
i
Highline
Aftermarket
Acquisition
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
9.933
%
,
(
1-month
SOFR
+
4.5
%
),
11/09/27
...........
United
States
440,136
440,964
i
Tenneco,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.469
%
,
(
3-month
SOFR
+
5
%
),
11/17/28
................................
United
States
411,746
374,123
i
TI
Group
Automotive
Systems
LLC
,
Refinancing
U.S.
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
12/16/26
..........
United
States
294,510
295,247
3,708,703
a
a
a
a
a
a
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
Senior
Floating
Rate
Interests
(continued)
Automobiles
0.0%
†
i,j
American
Trailer
World
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
3/03/28
................
United
States
752,173
$
736,734
j
Beverages
0.1%
i
City
Brewing
Co.
LLC
,
First
Lien,
Closing
Date
CME
Term
Loan
,
9.078
%
,
(
3-month
SOFR
+
3.5
%
),
4/05/28
.................
United
States
1,329,845
1,016,773
i
Triton
Water
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.86
%
,
(
3-month
SOFR
+
3.25
%
),
3/31/28
.......................
United
States
539,133
531,046
1,547,819
a
a
a
a
a
a
j
Building
Products
0.1%
i
AZZ,
Inc.
,
Initial
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
5/13/29
...........................................
United
States
714,262
716,641
i
Quikrete
Holdings,
Inc.
,
First
Lien,
Fourth
Amendment
CME
Term
Loan
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
3/19/29
...........
United
States
409,324
409,792
i
Summit
Materials
LLC
,
Incremental
Covenant-Lite
CME
Term
Loan,
B
,
7.826
%
,
(
3-month
SOFR
+
2.5
%
),
11/30/28
..............
United
States
186,031
186,7
87
1,313,220
a
a
a
a
a
a
j
Capital
Markets
0.1%
i
Citadel
Securities
LP
,
CME
Term
Loan
,
7.97
%
,
(
1-month
SOFR
+
2.5
%
),
7/29/30
......................................
United
States
409,367
409,267
i
Edelman
Financial
Engines
Center
LLC
(The)
,
First
Lien,
2021
Initial
CME
Term
Loan
,
8.97
%
,
(
1-month
SOFR
+
3.5
%
),
4/07/28
.....
United
States
248,322
247,063
i
Jane
Street
Group
LLC
,
Dollar
CME
Term
Loan
,
8.22
%
,
(
1-month
SOFR
+
2.75
%
),
1/26/28
..............................
United
States
408,331
407,227
i
Osmosis
Buyer
Ltd.
,
2022
Refinancing
CME
Term
Loan,
B,
9.105%,
(1-month
SOFR
+
3.75%),
7/31/28
.....................................
United
Kingdom
414,501
412,746
2023
Incremental
Delayed
Draw
CME
Term
Loan,
9.606%,
(1-month
SOFR
+
4.25%),
7/31/28
.......................
United
Kingdom
163,391
163,545
1,639,848
a
a
a
a
a
a
j
Chemicals
0.2%
i
Cyanco
Intermediate
2
Corp.
,
Initial
CME
Term
Loan
,
10.087
%
,
(
1-month
SOFR
+
4.75
%
),
7/10/28
.......................
United
States
881,976
882,712
i
Hexion
Holdings
Corp.
,
First
Lien,
Initial
CME
Term
Loan,
10.022%,
(3-month
SOFR
+
4.5%),
3/15/29
......................................
United
States
731,099
701,771
Second
Lien,
Initial
CME
Term
Loan,
12.87%,
(1-month
SOFR
+
7.438%),
3/15/30
....................................
United
States
682,252
586,396
i
Indicor
LLC
,
First
Lien,
Dollar
CME
Term
Loan,
B
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
11/22/29
................................
United
States
350,613
351,239
i
INEOS
Styrolution
Group
GmbH
,
2026
Dollar
CME
Term
Loan,
B
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
1/29/26
................
United
Kingdom
404,063
404,164
i
INEOS
US
Finance
LLC
,
2027-II
Dollar
CME
Term
Loan
,
9.206
%
,
(
1-month
SOFR
+
3.75
%
),
11/08/27
......................
Luxembourg
807,795
803,150
i
LSF11
A5
Holdco
LLC
,
Fourth
Amendment
Incremental
CME
Term
Loan,
B
,
9.683
%
,
(
1-month
SOFR
+
4.25
%
),
10/15/28
........
United
States
634,038
634,834
i
Nouryon
Finance
BV
,
2023
CME
Term
Loan
,
9.448
%
,
(
1-month
SOFR
+
4
%
),
4/03/28
.................................
Netherlands
500,106
500,168
i
PMHC
II,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.723
%
,
(
3-month
SOFR
+
4.25
%
),
4/23/29
.....................................
United
States
1,057,317
1,010,996
i
SCIH
Salt
Holdings,
Inc.
,
First
Lien,
Incremental
CME
Term
Loan,
B1
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
3/16/27
...............
United
States
407,958
407,475
6,282,905
a
a
a
a
a
a
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
Senior
Floating
Rate
Interests
(continued)
j
Commercial
Services
&
Supplies
0.2%
i
Allied
Universal
Holdco
LLC
,
Initial
U.S.
Dollar
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
5/12/28
................
United
States
642,498
$
635,608
i
APX
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.701
%
,
(
1-month
SOFR
+
3.25%;
3-month
SOFR
+
2.25%
),
7/10/28
..................
United
States
516,291
516,614
i
CCI
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
12/17/27
................................
United
States
838,573
837,600
i
Pitney
Bowes,
Inc.
,
Refinancing
CME
Term
Loan,
B
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
3/17/28
.........................
United
States
2,186,551
2,155,119
i
Prime
Security
Services
Borrower
LLC
,
First
Lien,
2023
Refinancing
CME
Term
Loan,
B1
,
7.827
%
,
(
3-month
SOFR
+
2.5
%
),
10/13/30
United
States
352,938
353,622
i
Spin
Holdco,
Inc.
,
Initial
CME
Term
Loan
,
9.625
%
,
(
3-month
SOFR
+
4
%
),
3/04/28
.......................................
United
States
1,052,390
942,547
5,441,110
a
a
a
a
a
a
Communications
Equipment
0.0%
†
i,j
CommScope,
Inc.
,
Initial
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
4/06/26
...................................
United
States
443,362
388,742
Construction
&
Engineering
0.0%
†
i,j
USIC
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.11
%
,
(
3-month
SOFR
+
3.5
%
),
5/12/28
........................
United
States
544,805
540,961
Consumer
Finance
0.0%
†
i,j
Nuvei
Technologies
Corp.
,
Initial
CME
Term
Loan
,
8.414
%
,
(
1-month
SOFR
+
3.75%;
3-month
SOFR
+
3.75%
),
12/19/30
..........
Canada
272,799
272,906
j
Containers
&
Packaging
0.1%
i
Charter
Next
Generation,
Inc.
,
First
Lien,
2021
Initial
CME
Term
Loan
,
9.22
%
,
(
1-month
SOFR
+
3.75
%
),
12/01/27
...........
United
States
405,424
403,989
i
Kleopatra
Finco
SARL
,
USD
CME
Term
Loan,
B
,
10.476
%
,
(
6-month
SOFR
+
4.725
%
),
2/12/26
.............................
Luxembourg
1,412,761
1,362,608
i
Pactiv
Evergreen,
Inc.
,
U.S.
CME
Term
Loan,
B3
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
9/24/28
..............................
United
States
283,410
283,891
2,050,488
a
a
a
a
a
a
Diversified
Consumer
Services
0.0%
†
i,j
WW
International,
Inc.
,
Initial
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
4/13/28
...............................
United
States
617,618
365,939
j
Diversified
Telecommunication
Services
0.0%
†
i
Altice
France
SA
,
USD
CME
Term
Loan,
B14
,
10.814
%
,
(
3-month
SOFR
+
5.5
%
),
8/15/28
...............................
France
253,735
231,269
i
Global
Tel*Link
Corp.
,
First
Lien,
CME
Term
Loan
,
9.683
%
,
(
1-month
SOFR
+
4.25
%
),
11/29/25
.............................
United
States
857,552
829,591
1,060,860
a
a
a
a
a
a
Entertainment
0.0%
†
i,j
Playtika
Holding
Corp.
,
CME
Term
Loan,
B1
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
3/13/28
..............................
United
States
421,752
421,115
j
Financial
Services
0.1%
i
Mercury
Borrower,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.092
%
,
(
3-month
SOFR
+
6.5
%
),
8/02/29
................
United
States
257,341
249,782
i
Red
Planet
Borrower
LLC
,
Initial
CME
Term
Loan
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
10/02/28
.............................
United
States
428,401
417,924
i
Verscend
Holding
Corp.
,
CME
Term
Loan,
B1
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
8/27/25
.................................
United
States
549,527
550,802
1,218,508
a
a
a
a
a
a
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
Senior
Floating
Rate
Interests
(continued)
Ground
Transportation
0.0%
†
i,j
Avis
Budget
Car
Rental
LLC
,
New
CME
Term
Loan,
C
,
8.433
%
,
(
1-month
SOFR
+
3
%
),
3/16/29
.........................
United
States
401,527
$
402,531
j
Health
Care
Equipment
&
Supplies
0.0%
†
i
Medline
Borrower
LP
,
Initial
Dollar
CME
Term
Loan
,
8.451
%
,
(
1-month
SOFR
+
3
%
),
10/23/28
........................
United
States
384,784
384,562
i
US
Radiology
Specialists,
Inc.
(US
Outpatient
Imaging
Services,
Inc.)
,
Closing
Date
CME
Term
Loan
,
10.748
%
,
(
3-month
SOFR
+
5.25
%
),
12/15/27
....................................
United
States
382,181
381,384
765,946
a
a
a
a
a
a
j
Health
Care
Providers
&
Services
0.3%
i
ADMI
Corp.
,
Amendment
No.
4
Refinancing
CME
Term
Loan
,
8.822
%
,
(
1-month
SOFR
+
3.375
%
),
12/23/27
..............
United
States
1,012,005
964,694
i
Charlotte
Buyer,
Inc.
,
First
Lien,
Initial
CME
Term
Loan,
B
,
10.586
%
,
(
1-month
SOFR
+
5.25
%
),
2/11/28
.......................
United
States
630,070
631,752
i
CNT
Holdings
I
Corp.
,
First
Lien,
Initial
CME
Term
Loan
,
8.826
%
,
(
3-month
SOFR
+
3.5
%
),
11/08/27
.......................
United
States
268,930
268,818
i
Medical
Solutions
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
11/01/28
...............
United
States
651,669
590,171
i
MPH
Acquisition
Holdings
LLC
,
Initial
CME
Term
Loan
,
9.9
%
,
(
3-month
SOFR
+
4.25
%
),
9/01/28
.......................
United
States
571,028
547,473
i
National
Mentor
Holdings,
Inc.
,
Second
Lien,
Initial
CME
Term
Loan
,
12.698
%
,
(
3-month
SOFR
+
7.25
%
),
3/02/29
...............
United
States
1,029,361
784,373
i
Pacific
Dental
Services
LLC
,
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
5/05/28
...............................
United
States
408,866
409,696
i
Radiology
Partners,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.179
%
,
(
6-month
SOFR
+
4.25
%
),
7/09/25
.......................
United
States
1,065,805
949,899
i
Star
Parent,
Inc.
,
CME
Term
Loan
,
9.348
%
,
(
3-month
SOFR
+
4
%
),
9/27/30
...........................................
United
States
257,341
251,712
i
Surgery
Center
Holdings,
Inc.
,
Initial
CME
Term
Loan
,
8.835
%
,
(
1-month
SOFR
+
3.5
%
),
12/19/30
.......................
United
States
58,654
58,837
i
U.S.
Anesthesia
Partners,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.717
%
,
(
1-month
SOFR
+
4.25
%
),
10/01/28
...............
United
States
992,551
940,075
i
Waystar
Technologies,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.47
%
,
(
1-month
SOFR
+
4
%
),
10/22/26
........................
United
States
357,687
358,360
6,755,860
a
a
a
a
a
a
j
Hotels,
Restaurants
&
Leisure
0.2%
f,i
24
Hour
Fitness
Worldwide,
Inc.
,
CME
Term
Loan
,
PIK,
10.61
%
,
(
3-month
SOFR
+
5
%
),
12/29/25
........................
United
States
2,296,303
1,022,493
i
Bally's
Corp.
,
CME
Term
Loan,
B
,
8.829
%
,
(
3-month
SOFR
+
3.25
%
),
10/02/28
....................................
United
States
1,721,311
1,612,980
i
Dave
&
Buster's,
Inc.
,
2023
CME
Term
Loan,
B
,
9.188
%
,
(
1-month
SOFR
+
3.75
%
),
6/29/29
..............................
United
States
417,610
417,959
i
Hilton
Grand
Vacations
Borrower
LLC
,
Initial
CME
Term
Loan
,
8.197
%
,
(
1-month
SOFR
+
2.75
%
),
8/02/28
................
United
States
366,452
366,388
i
Ontario
Gaming
GTA
LP
,
CME
Term
Loan,
B
,
9.598
%
,
(
3-month
SOFR
+
4.25
%
),
8/01/30
..............................
Canada
202,876
203,383
i
Raptor
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.633
%
,
(
3-month
SOFR
+
4
%
),
11/01/26
........................
United
States
546,209
547,520
i
Scientific
Games
Holdings
LP
,
First
Lien,
Initial
Dollar
CME
Term
Loan
,
8.58
%
,
(
3-month
SOFR
+
3.25
%
),
4/04/29
............
United
States
282,678
280,794
4,451,517
a
a
a
a
a
a
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
Senior
Floating
Rate
Interests
(continued)
Household
Durables
0.0%
†
i,j
Hunter
Douglas
Holding
BV
,
CME
Term
Loan,
B1
,
8.88
%
,
(
3-month
SOFR
+
3.5
%
),
2/26/29
...............................
Netherlands
203,545
$
200,600
j
Insurance
0.2%
i
Acrisure
LLC
,
First
Lien,
2021-1
Additional
Term
Loan,
9.4%,
(3-month
USD
LIBOR
+
3.75%),
2/15/27
..............................
United
States
416,742
417,263
First
Lien,
2021-2
Additional
Term
Loan,
9.9%,
(3-month
USD
LIBOR
+
4.25%),
2/15/27
..............................
United
States
284,560
285,093
i
AssuredPartners,
Inc.
,
2020
CME
Term
Loan,
8.833%,
(1-month
SOFR
+
3.5%),
2/12/27
United
States
551,904
550,753
2021
CME
Term
Loan,
8.947%,
(1-month
SOFR
+
3.5%),
2/12/27
United
States
355,000
354,246
2023
CME
Term
Loan,
9.083%,
(1-month
SOFR
+
3.75%),
2/12/27
United
States
347,758
347,794
i
Asurion
LLC
,
New
CME
Term
Loan,
B10,
9.433%,
(1-month
SOFR
+
4%),
8/19/28
...........................................
United
States
241,419
238,753
New
CME
Term
Loan,
B11,
9.683%,
(
1-month
SOFR
+
4.25%),
8/19/28
...........................................
United
States
88,074
87,218
Second
Lien,
New
CME
Term
Loan,
B4,
10.697%,
(1-month
SOFR
+
5.25%),
1/20/29
...................................
United
States
2,300,693
2,187,637
4,468,757
a
a
a
a
a
a
j
IT
Services
0.2%
i
Aventiv
Technologies
LLC
,
First
Lien,
Initial
Term
Loan,
10.5%,
(3-month
USD
LIBOR
+
5.152%),
11/01/24
...................................
United
States
2,798,082
1,967,149
Second
Lien,
Initial
Term
Loan,
14.26%,
(3-month
USD
LIBOR
+
8.25%),
11/01/25
....................................
United
States
5,790,875
1,690,820
i
Gainwell
Acquisition
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.448
%
,
(
3-month
SOFR
+
4
%
),
10/01/27
........................
United
States
836,506
815,175
i
Peraton
Corp.
,
First
Lien,
CME
Term
Loan,
B
,
9.183
%
,
(
1-month
SOFR
+
3.75
%
),
2/01/28
..............................
United
States
220,067
220,098
i
Thrasio
LLC
,
Initial
CME
Term
Loan
,
14.61
%
,
(
3-month
SOFR
+
9
%
),
12/18/26
..........................................
United
States
1,134,755
527,661
5,220,903
a
a
a
a
a
a
Machinery
0.0%
†
i,j
TK
Elevator
Midco
GmbH
,
USD
CME
Term
Loan,
B1
,
9.081
%
,
(
6-month
SOFR
+
3.5
%
),
7/30/27
........................
Germany
506,712
507,424
j
Media
0.1%
i
Cengage
Learning,
Inc.
,
First
Lien,
CME
Term
Loan,
B
,
10.326
%
,
(
3-month
SOFR
+
4.75
%
),
7/14/26
.......................
United
States
582,082
582,021
i
Gray
Television,
Inc.
,
CME
Term
Loan,
D
,
8.467
%
,
(
1-month
SOFR
+
3
%
),
12/01/28
......................................
United
States
783,542
778,719
i
MH
Sub
I
LLC
(Micro
Holding
Corp.)
,
First
Lien,
2023
May
Incremental
CME
Term
Loan
,
9.583
%
,
(
1-month
SOFR
+
4.25
%
),
5/03/28
...........................................
United
States
256,696
251,823
i
Radiate
Holdco
LLC
,
Amendment
No.
6
CME
Term
Loan,
B
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
9/25/26
.......................
United
States
407,169
331,299
i
Univision
Communications,
Inc.
,
First
Lien,
2021
Replacement
Converted
CME
Term
Loan
,
8.697
%
,
(
1-month
SOFR
+
3.25
%
),
3/15/26
...........................................
United
States
649,968
650,254
i
Virgin
Media
Bristol
LLC
,
CME
Term
Loan,
Q
,
8.698
%
,
(
1-month
SOFR
+
3.25
%
),
1/31/29
..............................
United
States
389,441
387,036
2,981,152
a
a
a
a
a
a
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Metals
&
Mining
0.0%
†
i,j
Arsenal
AIC
Parent
LLC
,
CME
Term
Loan,
B
,
9.833
%
,
(
1-month
SOFR
+
4.5
%
),
8/18/30
...............................
United
States
237,484
$
237,824
j
Passenger
Airlines
0.1%
i
AAdvantage
Loyalty
IP
Ltd.
(American
Airlines,
Inc.)
,
Initial
CME
Term
Loan
,
10.329
%
,
(
3-month
SOFR
+
4.75
%
),
4/20/28
......
United
States
384,471
394,536
i
Air
Canada
,
CME
Term
Loan
,
9.139
%
,
(
3-month
SOFR
+
3.5
%
),
8/11/28
...........................................
Canada
442,665
443,668
i
American
Airlines,
Inc.
,
Initial
CME
Term
Loan
,
8.869
%
,
(
3-month
SOFR
+
3.5
%
),
6/04/29
...............................
United
States
617,618
617,683
i
United
Airlines,
Inc.
,
CME
Term
Loan,
B
,
9.201
%
,
(
1-month
SOFR
+
3.75
%
),
4/21/28
.....................................
United
States
424,064
425,423
1,881,310
a
a
a
a
a
a
j
Pharmaceuticals
0.1%
i
Grifols
Worldwide
Operations
Ltd.
,
Dollar
CME
Term
Loan,
B
,
7.538
%
,
(
3-month
SOFR
+
2
%
),
11/15/27
..................
Spain
308,008
300,668
i
Jazz
Pharmaceuticals
plc
,
Initial
Dollar
CME
Term
Loan
,
8.97
%
,
(
1-month
SOFR
+
3.5
%
),
5/05/28
........................
United
States
630,410
630,804
i
Organon
&
Co.
,
Dollar
CME
Term
Loan
,
8.45
%
,
(
1-month
SOFR
+
3
%
),
6/02/28
.......................................
United
States
403,489
403,554
1,335,026
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.0%
†
i,j
MKS
Instruments,
Inc.
,
2023-1
Dollar
CME
Term
Loan,
B
,
7.848
%
,
(
1-month
SOFR
+
2.5
%
),
8/17/29
........................
United
States
578,724
576,496
Software
0.2%
i,j
Genesys
Cloud
Services
Holdings
I
LLC
,
2020
Initial
Dollar
CME
Term
Loan
,
9.447
%
,
(
1-month
SOFR
+
4
%
),
12/01/27
........
United
States
599,208
600,520
i,j
Idera,
Inc.
,
First
Lien,
CME
Term
Loan,
B1
,
9.277
%
,
(
3-month
SOFR
+
3.75
%
),
3/02/28
...................................
United
States
576,512
575,249
i,j
Ivanti
Software,
Inc.
,
First
Lien,
2021
Specified
Refinancing
CME
Term
Loan,
9.839%,
(3-month
SOFR
+
4.25%),
12/01/27
......................
United
States
1,102,489
1,053,566
First
Lien,
First
Amendment
CME
Term
Loan,
9.591%,
(3-month
SOFR
+
4%),
12/01/27
................................
United
States
125,950
119,810
i,j
McAfee
Corp.
,
CME
Term
Loan,
B1
,
9.203
%
,
(
1-month
SOFR
+
3.75
%
),
3/01/29
.....................................
United
States
642,450
637,953
i,j
Polaris
Newco
LLC
,
First
Lien,
Dollar
CME
Term
Loan
,
9.574
%
,
(
3-month
SOFR
+
4
%
),
6/02/28
.........................
United
States
812,116
793,844
i,j
Quest
Software
US
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
9.713
%
,
(
3-month
SOFR
+
4.25
%
),
2/01/29
................
United
States
881,490
699,559
i,j
Rocket
Software,
Inc.
,
Extended
Dollar
CME
Term
Loan
,
10.083
%
,
(
1-month
SOFR
+
4.75
%
),
11/28/28
......................
United
States
413,036
408,315
a,c,g
WorkCapital
BSD
SARL
,
Term
Loan
,
6.5
%
,
1/01/38
............
Luxembourg
20,000,000
—
4,888,816
a
a
a
a
a
a
j
Specialty
Retail
0.2%
i
Evergreen
AcqCo
1
LP
,
Initial
CME
Term
Loan
,
10.86
%
,
(
3-month
SOFR
+
5.25
%
),
4/26/28
..............................
United
States
323,628
325,286
i
GNC
Holdings,
Inc.
,
Second
Lien,
CME
Term
Loan
,
11.437
%
,
(
1-month
SOFR
+
6
%
),
10/07/26
........................
United
States
3,012,268
2,409,815
i
Great
Outdoors
Group
LLC
,
CME
Term
Loan,
B2
,
9.197
%
,
(
1-month
SOFR
+
3.75
%
),
3/06/28
..............................
United
States
449,614
449,229
i
Michaels
Cos.,
Inc.
(The)
,
CME
Term
Loan,
B
,
9.86
%
,
(
3-month
SOFR
+
4.25
%
),
4/15/28
..............................
United
States
592,659
488,944
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
j
Specialty
Retail
(continued)
i
Park
River
Holdings,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
8.843
%
,
(
3-month
SOFR
+
3.25
%
),
12/28/27
......................
United
States
229,617
$
223,590
i
RealTruck
Group,
Inc.
,
Initial
CME
Term
Loan
,
8.947
%
,
(
1-month
SOFR
+
3.5
%
),
1/31/28
...............................
United
States
628,110
619,433
i
Restoration
Hardware,
Inc.
,
2022
Incremental
CME
Term
Loan
,
8.683
%
,
(
1-month
SOFR
+
3.25
%
),
10/20/28
...............
United
States
860,180
833,514
i
Staples,
Inc.
,
2019
Refinancing
New
Term
Loan,
B1
,
10.467
%
,
(
1-month
USD
LIBOR
+
5
%
),
4/16/26
.....................
United
States
943,907
893,799
i
White
Cap
Supply
Holdings
LLC
,
Initial
Closing
Date
CME
Term
Loan
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
10/19/27
..........
United
States
214,292
214,353
6,457,963
a
a
a
a
a
a
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
i,j
Magenta
Buyer
LLC
,
First
Lien,
Initial
CME
Term
Loan
,
10.645
%
,
(
3-month
SOFR
+
5
%
),
7/27/28
.........................
United
States
666,729
438,377
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
i,j
Hanesbrands,
Inc.
,
Initial
CME
Term
Loan,
B
,
9.083
%
,
(
1-month
SOFR
+
3.75
%
),
3/08/30
..............................
United
States
613,116
610,817
j
Transportation
Infrastructure
0.0%
†
i
First
Student
Bidco,
Inc.
,
Initial
CME
Term
Loan,
B,
8.61%,
(3-month
SOFR
+
3%),
7/21/28
United
States
210,698
208,526
Initial
CME
Term
Loan,
C,
8.61%,
(3-month
SOFR
+
3%),
7/21/28
United
States
63,879
63,221
i
LaserShip,
Inc.
,
First
Lien,
Initial
CME
Term
Loan
,
10.396
%
,
(
6-month
SOFR
+
4.5
%
),
5/07/28
........................
United
States
680,880
622,521
894,268
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$94,723,852)
..........................
75,010,718
k
Marketplace
Loans
1.5%
a
Financial
Services
1.5%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$46,309,206)
....................................
40,859,520
Foreign
Government
and
Agency
Securities
2.2%
d
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
l
13,600,000
12,137,265
d
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
l
11,500,000
10,811,472
Colombia
Government
Bond
,
Senior
Bond
,
9.85
%
,
6/28/27
......
Colombia
55,750,000,000
COP
13,908,006
d
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
9,500,000
7,897,613
d
Electricite
de
France
SA
,
Senior
Note
,
144A,
5.7
%
,
5/23/28
......
France
1,700,000
1,754,700
d
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
3,400,000
3,438,256
Petroleos
Mexicanos
,
Senior
Note
,
10
%
,
2/07/33
..............
Mexico
3,200,000
3,166,631
d
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
4,700,000
4,622,986
Total
Foreign
Government
and
Agency
Securities
(Cost
$69,415,395)
..............
57,736,929
U.S.
Government
and
Agency
Securities
18.8%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
7,700,000
5,799,925
U.S.
Treasury
Bonds
,
6.875%,
8/15/25
.....................................
United
States
1,000,000
1,039,258
2.875%,
5/15/49
.....................................
United
States
13,400,000
10,395,207
U.S.
Treasury
Notes
,
4.375%,
10/31/24
....................................
United
States
35,500,000
35,359,835
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
1.75%,
12/31/24
.....................................
United
States
31,500,000
$
30,648,646
4.125%,
1/31/25
.....................................
United
States
30,500,000
30,322,751
1.5%,
2/15/25
......................................
United
States
66,800,000
64,619,216
m
Index
Linked,
0.625%,
1/15/26
..........................
United
States
27,000,000
33,891,855
3.875%,
1/15/26
.....................................
United
States
32,500,000
32,286,084
4%,
2/15/26
........................................
United
States
85,000,000
84,666,309
2.375%,
4/30/26
.....................................
United
States
100,000
96,262
3.625%,
5/15/26
.....................................
United
States
3,500,000
3,462,266
4.375%,
8/15/26
.....................................
United
States
12,100,000
12,186,260
2.75%,
7/31/27
.....................................
United
States
39,000,000
37,481,133
3.875%,
11/30/27
....................................
United
States
43,700,000
43,604,406
2.875%,
5/15/28
.....................................
United
States
17,000,000
16,315,351
3.125%,
11/15/28
....................................
United
States
15,100,000
14,604,826
3.875%,
9/30/29
.....................................
United
States
18,700,000
18,664,207
3.5%,
1/31/30
......................................
United
States
15,600,000
15,258,141
4.125%,
8/31/30
.....................................
United
States
15,000,000
15,173,437
Total
U.S.
Government
and
Agency
Securities
(Cost
$501,410,153)
................
505,875,375
Asset-Backed
Securities
4.2%
Commercial
Services
&
Supplies
0.1%
d,j
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
7.526
%
,
(
3-month
SOFR
+
2.212
%
),
7/15/31
.
.....................
United
States
3,070,000
3,080,850
Financial
Services
4.1%
d,j
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.079
%
,
(
3-month
SOFR
+
1.762
%
),
10/20/29
.
....................
United
States
3,500,000
3,508,267
d,j
Carlyle
Direct
Lending
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
7.776
%
,
(
3-month
SOFR
+
2.462
%
),
10/15/31
.
..............
United
States
12,000,000
12,047,707
d,j
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-3A,
BR,
144A,
FRN,
7.276%,
(3-month
SOFR
+
1.962%),
10/15/30
..........................................
United
States
300,000
297,711
2014-2RA,
B,
144A,
FRN,
7.466%,
(
3-month
SOFR
+
2.087%),
5/15/31
...........................................
United
States
580,000
579,450
d,n
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2018-29,
PT,
144A,
FRN,
25.86%,
12/15/43
................
United
States
3,682
3,356
2019-26,
PT,
144A,
FRN,
14.972%,
8/15/44
................
United
States
201,031
186,544
2019-31,
PT,
144A,
FRN,
12.384%,
9/15/44
................
United
States
197,029
180,366
2019-37,
PT,
144A,
FRN,
15.635%,
10/17/44
...............
United
States
215,839
202,778
2019-42,
PT,
144A,
FRN,
13.097%,
11/15/44
...............
United
States
235,992
220,203
2019-51,
PT,
144A,
FRN,
14.275%,
1/15/45
................
United
States
258,525
243,098
2019-52,
PT,
144A,
FRN,
13.658%,
1/15/45
................
United
States
251,500
236,106
2019-S1,
PT,
144A,
FRN,
14.61%,
4/15/44
.................
United
States
14,795
14,564
2019-S2,
PT,
144A,
FRN,
2.881%,
5/16/44
.................
United
States
40,829
38,405
2019-S3,
PT,
144A,
FRN,
7.184%,
6/15/44
.................
United
States
63,605
59,019
2019-S4,
PT,
144A,
FRN,
9.031%,
8/15/44
.................
United
States
112,225
107,144
2019-S5,
PT,
144A,
FRN,
7.564%,
9/15/44
.................
United
States
129,110
119,907
2019-S6,
PT,
144A,
FRN,
8.793%,
10/17/44
................
United
States
162,854
150,404
2019-S7,
PT,
144A,
FRN,
9.075%,
12/15/44
................
United
States
112,049
104,212
2019-S8,
PT,
144A,
FRN,
9.475%,
1/15/45
.................
United
States
140,915
130,537
2020-2,
PT,
144A,
FRN,
14.482%,
3/15/45
.................
United
States
269,178
252,406
2020-7,
PT,
144A,
FRN,
13.801%,
4/17/45
.................
United
States
174,345
161,411
d,j
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
6.616
%
,
(
3-month
SOFR
+
1.302
%
),
4/15/34
.
.............................
United
States
30,321,000
30,361,869
d
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
11,901,312
10,875,737
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
4,364,727
3,851,920
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
d
Home
Partners
of
America
Trust,
(continued)
d,j
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
7.176
%
,
(
3-month
SOFR
+
1.862
%
),
10/15/31
.
...................................
United
States
4,590,000
$
4,602,664
d,j
Neuberger
Berman
CLO
XXII
Ltd.
,
2016-22A
,
CR
,
144A,
FRN
,
7.778
%
,
(
3-month
SOFR
+
2.462
%
),
10/17/30
.
..............
United
States
2,129,630
2,135,518
d,j
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
6.671
%
,
(
3-month
SOFR
+
1.362
%
),
4/19/31
.
.....................
United
States
7,298,820
7,313,402
d,j
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
7.38
%
,
(
3-month
SOFR
+
2.062
%
),
10/24/30
.
...............
United
States
3,914,730
3,919,020
d,j
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
6.546
%
,
(
3-month
SOFR
+
1.232
%
),
4/15/31
.
...............
United
States
6,765,394
6,772,872
d,n
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
14.089%,
3/15/26
................
United
States
145,762
140,936
2020-PT2,
A,
144A,
FRN,
12.177%,
4/15/26
................
United
States
177,113
168,388
2020-PT3,
A,
144A,
FRN,
3.692%,
5/15/26
.................
United
States
56,855
49,048
d,j
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
7.776
%
,
(
3-month
SOFR
+
2.462
%
),
1/15/31
.
..................................
United
States
12,834,932
12,908,474
d,n
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
48.65%,
6/15/25
.................
United
States
35,090
31,308
2019-PT2,
A,
144A,
FRN,
13.878%,
2/15/26
................
United
States
129,726
127,375
d,j
Voya
CLO
Ltd.
,
2013-2A,
A2AR,
144A,
FRN,
6.986%,
(3-month
SOFR
+
1.662%),
4/25/31
...........................................
United
States
2,200,000
2,196,328
2013-2A,
BR,
144A,
FRN,
7.436%,
(
3-month
SOFR
+
2.112%),
4/25/31
...........................................
United
States
5,770,000
5,695,170
2016-1A,
BR,
144A,
FRN,
7.379%,
(3-month
SOFR
+
2.062%),
1/20/31
...........................................
United
States
590,000
582,438
110,576,062
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
667,200
652,175
Total
Asset-Backed
Securities
(Cost
$115,703,042)
..............................
114,309,087
Commercial
Mortgage-Backed
Securities
0.5%
Financial
Services
0.5%
n
Benchmark
Mortgage
Trust
,
2023-V3
,
A3
,
FRN
,
6.363
%
,
7/15/56
..
United
States
640,000
677,239
d,j
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
6.148%,
(
1-month
SOFR
+
0.814%),
9/15/36
...........................................
United
States
2,480,000
2,448,696
2021-VOLT,
B,
144A,
FRN,
6.398%,
(1-month
SOFR
+
1.064%),
9/15/36
...........................................
United
States
3,890,000
3,830,780
2022-LP2,
A,
144A,
FRN,
6.346%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
7,614,653
7,557,300
14,514,015
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$14,611,311)
................
14,514,015
Mortgage-Backed
Securities
9.6%
o
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
8,149
8,071
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
5.5%
FHLMC
Gold
Pool,
20
Year,
5%,
5/01/27
-
5/01/30
.............
United
States
86,916
86,870
FHLMC
Gold
Pool,
30
Year,
4.5%,
10/01/40
.................
United
States
35,581
35,472
FHLMC
Gold
Pool,
30
Year,
5%,
3/01/34
-
2/01/38
.............
United
States
234,913
237,447
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
6/01/36
...........
United
States
323,120
332,205
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Gold
Pool,
30
Year,
6%,
6/01/33
-
6/01/37
.............
United
States
149,738
$
155,221
FHLMC
Gold
Pool,
30
Year,
6.5%,
12/01/25
-
6/01/36
..........
United
States
30,482
31,883
FHLMC
Gold
Pool,
30
Year,
7%,
8/01/32
....................
United
States
1,862
1,923
FHLMC
Gold
Pool,
30
Year,
7.5%,
1/01/26
-
1/01/31
...........
United
States
1,660
1,716
FHLMC
Gold
Pool,
30
Year,
8%,
11/01/25
...................
United
States
14
14
FHLMC
Gold
Pool,
30
Year,
9%,
12/01/24
...................
United
States
4
4
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
34,915,701
28,178,838
FHLMC
Pool,
30
Year,
4%,
6/01/52
........................
United
States
37,260,928
35,099,276
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
57,235,329
55,367,891
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
......................
United
States
27,296,295
27,472,789
147,001,549
o
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
6.279%,
(
1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
45,033
45,149
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
4.1%
FNMA,
15
Year,
2.5%,
7/01/27
...........................
United
States
48,437
46,792
FNMA,
20
Year,
4.5%,
3/01/28
...........................
United
States
14,261
14,053
FNMA,
20
Year,
5%,
1/01/26
-
6/01/31
......................
United
States
116,821
116,649
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
15,923,255
14,074,298
FNMA,
30
Year,
4%,
2/01/49
.............................
United
States
8,017,640
7,738,488
FNMA,
30
Year,
4.5%,
2/01/41
...........................
United
States
121,302
120,759
FNMA,
30
Year,
5%,
10/01/35
............................
United
States
267,392
269,887
FNMA,
30
Year,
5.5%,
9/01/33
-
12/01/35
...................
United
States
399,892
411,133
FNMA,
30
Year,
6%,
6/01/34
-
5/01/38
......................
United
States
725,807
748,942
FNMA,
30
Year,
6%,
8/01/53
.............................
United
States
26,664,056
27,036,323
FNMA,
30
Year,
6.5%,
3/01/28
-
10/01/37
...................
United
States
114,299
119,043
FNMA,
30
Year,
7.5%,
10/01/29
...........................
United
States
2,020
2,083
FNMA,
30
Year,
8%,
1/01/25
-
5/01/26
......................
United
States
302
303
p
FNMA,
Single-family,
30
Year,
5%,
2/25/54
..................
United
States
7,710,000
7,610,209
p
FNMA,
Single-family,
30
Year,
5.5%,
2/25/54
.................
United
States
51,860,000
52,015,717
110,324,679
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.0%
†
GNMA
I,
30
Year,
8%,
2/15/25
............................
United
States
2
2
GNMA
I,
Single-family,
30
Year,
5%,
6/15/34
-
7/15/34
..........
United
States
36,737
37,138
GNMA
I,
Single-family,
30
Year,
5.5%,
2/15/33
-
6/15/36
........
United
States
158,879
163,682
GNMA
I,
Single-family,
30
Year,
6%,
8/15/36
.................
United
States
10,099
10,568
GNMA
I,
Single-family,
30
Year,
6.5%,
2/15/29
-
3/15/32
........
United
States
2,479
2,570
GNMA
I,
Single-family,
30
Year,
7%,
5/15/28
.................
United
States
29
29
GNMA
I,
Single-family,
30
Year,
7.5%,
1/15/26
-
5/15/27
........
United
States
197
197
GNMA
I,
Single-family,
30
Year,
8%,
7/15/26
-
9/15/27
..........
United
States
1,113
1,113
GNMA
I,
Single-family,
30
Year,
8.5%,
8/15/24
................
United
States
6
5
GNMA
I,
Single-family,
30
Year,
9.5%,
6/15/25
................
United
States
94
94
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
71,876
73,350
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
...............
United
States
37,918
39,369
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
40,501
42,401
GNMA
II,
Single-family,
30
Year,
6.5%,
7/20/28
-
12/20/31
.......
United
States
23,358
24,246
GNMA
II,
Single-family,
30
Year,
7.5%,
4/20/32
...............
United
States
6,649
6,801
401,565
Total
Mortgage-Backed
Securities
(Cost
$262,286,128)
...........................
257,781,013
Residential
Mortgage-Backed
Securities
2.8%
Financial
Services
2.8%
d
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
688,881
677,923
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
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
d
BRAVO
Residential
Funding
Trust,
(continued)
n
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
3,000,383
$
2,848,566
d,n
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
746,213
698,544
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
1,570,135
1,467,678
d,n
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
3,480,968
3,394,125
j
FHLMC
STACR
Debt
Notes
,
2014-DN4,
M3,
FRN,
10.009%,
(30-day
SOFR
Average
+
4.664%),
10/25/24
..........................................
United
States
1,558,868
1,559,043
2015-DNA1,
M3,
FRN,
8.759%,
(30-day
SOFR
Average
+
3.414%),
10/25/27
...................................
United
States
196,716
198,586
2016-DNA2,
M3,
FRN,
10.109%,
(30-day
SOFR
Average
+
4.764%),
10/25/28
...................................
United
States
5,089,804
5,350,674
j
FNMA
Connecticut
Avenue
Securities
,
2014-C03,
2M2,
FRN,
8.359%,
(
30-day
SOFR
Average
+
3.014%),
7/25/24
...........................................
United
States
465,203
468,225
2015-C01,
1M2,
FRN,
9.759%,
(30-day
SOFR
Average
+
4.414%),
2/25/25
...........................................
United
States
1,058,379
1,083,341
2015-C02,
1M2,
FRN,
9.459%,
(30-day
SOFR
Average
+
4.114%),
5/25/25
...........................................
United
States
4,161,613
4,298,371
2015-C03,
1M2,
FRN,
10.459%,
(30-day
SOFR
Average
+
5.114%),
7/25/25
....................................
United
States
4,938,437
5,175,031
2016-C01,
1M2,
FRN,
12.209%,
(30-day
SOFR
Average
+
6.864%),
8/25/28
....................................
United
States
768,500
816,848
2017-C04,
2M2,
FRN,
8.309%,
(30-day
SOFR
Average
+
2.964%),
11/25/29
..........................................
United
States
3,819,459
3,947,387
d,n
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
11,950,247
10,542,487
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
3,878,744
3,404,750
d,n
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
5,839,976
5,676,186
d,n
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
2,505,274
2,206,618
d,n
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
8,174,971
7,173,355
d,n
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
1,478,803
1,275,715
d,n
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
14,186,458
12,605,349
74,868,802
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$82,510,177)
.................
74,868,802
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
375,000
a,b
Onsite
Rental
Group
Operations
Pty.
Ltd.,
Escrow
Account
......
Australia
3,980,336
—
Total
Escrows
and
Litigation
Trusts
(Cost
$5,707,489)
...........................
375,000
Total
Long
Term
Investments
(Cost
$2,783,348,984)
.............................
2,642,628,369
a
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
Short
Term
Investments
3.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.3%
q,r
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
....
United
States
35,158,104
$
35,158,104
Total
Money
Market
Funds
(Cost
$35,158,104)
..................................
35,158,104
Principal
Amount
*
a
a
a
s
Repurchase
Agreements
2.1%
s
Joint
Repurchase
Agreement,
5.258%,
2/01/24
(Maturity
Value
$56,255,713)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$7,000,460)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$18,453,562)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$30,801,691)
Collateralized
by
U.S.
Government
Agency
Securities,
2.5%
-
7%,
11/20/38
-
10/20/5
3;
U.S.
Treasury
Bonds,
5.5%
-
7.5%,
11/15/24
-
8/15/28;
and
U.S.
Treasury
Notes,
3.63%,
5/15/26
(valued
at
$57,382,641)
.......................................
56,247,499
56,247,498
Total
Repurchase
Agreements
(Cost
$56,247,498)
...............................
56,247,498
Total
Short
Term
Investments
(Cost
$91,405,602
)
................................
91,405,602
a
Total
Investments
(Cost
$2,874,754,586)
101.4%
................................
$2,734,033,971
Other
Assets,
less
Liabilities
(1.4)%
...........................................
(37,454,572)
Net
Assets
100.0%
...........................................................
$2,696,579,399
a
a
a
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
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
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2024,
the
aggregate
value
of
these
securities
was
$1,079,634,753,
representing
40.0%
of
net
assets.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2024.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
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
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.
o
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).
p
Security
purchased
on
a
to-be-announced
(TBA)
basis.
q
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
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
January
31,
2024,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Strategic
Income
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
,
At
January
31,
2024,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
1.5%
Block,
Inc.
5872494.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
$
7,171
$
2,809
5872625.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
503
182
5873138.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,026
430
5873189.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
536
223
5873613.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,681
782
5873819.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,232
308
5874329.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
797
110
5874482.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
657
73
5874516.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
803
368
5877063.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
518
172
5877776.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
691
74
5878297.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
1,088
292
5878846.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
596
183
5879122.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
122
17
5883334.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,109
283
5884190.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,387
756
5884477.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
988
203
5885192.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,394
380
5888881.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
978
278
5889080.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
771
217
5889273.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,694
1,829
5889436.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
14,724
2,073
5889597.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
935
198
5889875.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
97
30
5889976.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,744
855
5892624.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,751
541
5893541.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,112
402
5893549.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
393
188
5893815.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,195
108
5893929.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
788
85
5894091.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,167
234
5898320.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
8,262
1,898
5898769.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
9,761
4,266
5900093.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
613
278
5900390.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
13,495
5,376
5900600.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
7,701
1,389
5900989.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
5,386
1,311
5901345.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
947
382
5903364.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,037
603
5903864.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,296
211
5910869.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,462
1,033
5911495.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
40,359
16,995
5911917.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
27
18
5913989.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,401
434
5914387.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
410
126
5914396.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,467
161
5914535.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,548
740
5915505.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
16,318
3,920
5917707.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,061
923
5918081.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,716
395
5918534.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
9,950
2,834
5920829.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
596
222
5921285.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,698
1,308
5921918.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
11,547
3,432
5923022.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,435
426
5924262.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
417
100
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5928081.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
$
4,454
$
2,319
5928628.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,048
135
5930851.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
4,844
2,067
5932633.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
452
134
5934044.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
837
402
5934059.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,242
118
5934219.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
22,371
8,360
5934701.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
673
171
5934730.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,564
235
5936923.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
9,927
969
5937124.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
181
19
5938584.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
6,806
1,573
5938667.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
4,454
1,427
5940809.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
699
106
5941367.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,768
2,091
5943067.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
36
25
5943947.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,962
279
5944020.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,109
594
5944130.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,135
734
5945082.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,501
789
5945214.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
656
288
5945299.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
7,038
3,633
5950244.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
10,079
3,624
5950686.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
810
229
5950688.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
6,607
2,561
5952964.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,441
948
5953097.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
885
203
5954440.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
7,514
1,830
5956268.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
609
164
5956601.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
719
229
5956650.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
619
173
5956888.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
2,980
784
5959009.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
286
113
5959036.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2
1
5959931.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,644
534
5959978.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2,164
606
5960434.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
375
90
5962409.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
436
227
5963754.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
150
140
5963929.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
193
68
5964109.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
5,327
1,746
5964730.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
599
423
5966156.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,893
899
5975969.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,402
540
5977024.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,186
313
5977392.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
337
228
5978631.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
13
9
5979619.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
2,978
1,309
5980129.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
695
274
5980216.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
274
141
5981924.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
14,867
3,283
5983705.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
4,402
906
5983869.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
4,195
1,553
5986027.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,601
574
5989473.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
521
286
5991404.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
6,859
4,187
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)
5993795.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
$
938
$
279
5994965.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
697
622
5995769.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,698
698
5995853.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
7,553
1,379
5996582.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
330
84
5996999.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
959
491
6000328.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,618
480
6001519.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,376
761
6001985.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
254
173
6010572.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
6,145
1,386
6010705.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,090
1,087
6010780.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,111
419
6011639.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,172
871
6012819.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
660
269
6012841.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,389
1,222
6015748.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,151
293
6016109.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
2,608
789
6021430.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
11,156
2,377
6023977.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
871
334
6024354.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
13,543
3,791
6026339.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
26,022
10,799
6027029.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
13,680
3,614
6032854.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
9,466
3,080
6037378.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
732
76
6038361.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,968
858
6042494.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
741
371
6043250.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
838
157
6047375.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,058
559
6047650.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
513
430
6047908.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
40
37
6048065.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
9,651
6,199
6052148.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
132
25
6052422.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,248
964
6053603.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,884
1,318
6057823.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
17,487
5,006
6058385.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
682
457
6058413.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
3,376
1,682
6063087.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
4,299
1,468
6063486.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
29
20
6064155.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,262
465
6064190.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
181
138
6064260.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,162
1,131
6064464.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,001
609
6066945.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,400
776
6066989.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
250
209
6111911.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,257
999
6120978.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
836
281
6122683.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
9,407
913
6122851.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
5,276
1,167
6123828.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
15,343
5,545
6125411.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
29,417
7,229
6126292.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
1,418
1,131
6126543.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
748
138
6127024.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
481
420
6127052.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,897
419
6127148.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,533
1,583
6127262.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
617
488
6134462.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
5,575
3,893
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6143084.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
$
622
$
61
6143090.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
252
212
6143325.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
796
723
6145383.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
25,311
5,149
6145899.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
7,997
7,075
6147104.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
7,588
2,669
6147485.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
39
31
6147718.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
3,362
865
6147775.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,022
269
6147847.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
694
621
6148142.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
918
695
6149268.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,411
917
6149657.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
8,931
2,649
6150963.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
6,263
3,257
6153029.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
346
218
6154074.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,237
1,539
6155652.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,352
995
6157480.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
75
60
6159444.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
908
602
6159521.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,345
787
6160108.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,896
728
6160262.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,566
1,935
6160578.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
721
549
6161028.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
452
255
6161261.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,545
252
6162505.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
3,884
375
6163434.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,548
1,049
6164819.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
563
178
6164962.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,150
638
6164985.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
853
694
6165709.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
813
525
6168721.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
15,167
7,249
6169262.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
842
664
6169516.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,223
712
6173073.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,968
1,048
6173109.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
3,420
1,895
6178645.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,145
618
6180787.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,781
1,427
6185770.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
2,564
600
6185954.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,743
284
6186115.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,342
981
6186378.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
2,411
1,516
6190982.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,546
1,792
6191154.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,148
748
6193526.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
222
102
6193538.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,033
1,025
6196456.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,584
1,142
6196597.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
639
560
6197025.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
466
318
6204308.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
6,744
3,512
6209210.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
6,712
4,905
6209706.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
3,202
1,471
6211694.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,639
699
6217315.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
687
250
6217699.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
6,946
3,866
6218171.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
256
251
6220586.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,436
838
6220625.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
8,814
2,356
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)
6221348.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
$
2,711
$
1,198
6225507.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
3,556
2,448
6226903.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
1,497
1,312
6226984.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
79
52
6227194.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,188
360
6227644.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
3,268
3,175
6228782.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
154
137
6228865.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
606
283
6229186.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
3,172
2,306
6236255.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
2,023
894
6237088.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,309
521
6237213.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
994
337
6237296.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
72
71
6238498.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
132
102
6243468.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
12,676
4,464
6243792.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,999
1,824
6244407.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
811
733
6244872.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
159
139
6245571.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
533
309
6245757.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
11,269
6,995
6248726.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
463
390
6254361.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,745
785
6254473.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
15,036
3,131
6254841.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
6,480
2,163
6255520.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
165
149
6258694.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
1,879
1,484
6259695.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,225
509
6259881.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
335
301
6261909.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,824
1,706
6262066.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
53
41
6262242.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
9,221
6,307
6265153.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
11,421
7,942
6266370.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
26,017
12,538
6268240.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,297
432
6270020.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
303
197
6270136.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
232
229
6270711.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
79
78
6270955.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
545
539
6271702.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
433
125
6271708.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
3,603
1,602
6272382.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
9,735
5,744
6273667.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
441
384
6275326.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,114
448
6276755.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,302
4,304
6277033.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
3,011
1,311
6277663.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,943
2,705
6277889.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,092
908
6277934.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,089
654
6278139.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
931
563
6279873.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
2,207
2,183
6281030.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
887
845
6282812.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
15,894
12,219
6284320.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
459
431
6284632.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,687
1,032
6285215.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
134
118
6285291.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
21,510
14,354
6285821.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
1,998
603
6285959.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
5,160
1,922
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6288150.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
$
2,922
$
1,897
6290604.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
5,697
2,621
6292603.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,232
1,079
6292949.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
3,141
3,006
6294205.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
332
332
6300599.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
38
36
6300866.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
546
258
6301755.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
413
357
6301864.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
19
18
6301915.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
9,353
4,952
6302668.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,247
757
6303891.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
14,752
10,063
6304835.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
437
425
6305775.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
420
254
6306239.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
335
320
6306980.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
85
78
6307502.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,760
1,081
6308012.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,501
538
6308551.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
4,083
3,839
6309341.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,719
609
6311127.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
179
141
6313293.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
4,602
4,340
6314763.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
982
414
6314821.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
643
642
6318268.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
2,698
1,902
6319056.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
8,357
8,090
6323554.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,222
1,092
6328683.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
350
272
6331375.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,426
1,178
6350485.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
456
180
6351343.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,332
2,006
6351585.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
11,808
10,749
6351823.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
2,423
805
6351975.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,166
677
6353581.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
916
755
6355174.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
21,028
19,227
6357497.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
2,231
1,238
6357583.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
2,280
1,343
6359468.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
432
227
6368728.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,400
1,227
6369909.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
635
619
6370285.SQ.FTS.B,
Zero
Cpn,
7/30/24
...
1,998
417
6371621.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
7,832
4,197
6372671.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
206
202
6372693.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
740
565
6372714.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,893
1,765
6372961.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
61,560
17,967
6373735.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
2,760
2,477
6373834.SQ.FTS.B,
Zero
Cpn,
7/31/24
...
1,650
942
6374394.SQ.FTS.B,
Zero
Cpn,
8/01/24
...
3,034
2,564
6378866.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
1,534
335
6379092.SQ.FTS.B,
Zero
Cpn,
8/02/24
...
954
218
6382243.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
50,163
17,506
6384023.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
26,118
11,939
6384961.SQ.FTS.B,
Zero
Cpn,
8/03/24
...
842
257
6386181.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
142
106
6386635.SQ.FTS.B,
Zero
Cpn,
8/05/24
...
1,423
609
6389202.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
3,677
1,215
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)
6389269.SQ.FTS.B,
Zero
Cpn,
8/06/24
...
$
5,130
$
1,036
6392793.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
615
565
6392950.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
162
157
6392987.SQ.FTS.B,
Zero
Cpn,
8/07/24
...
7,102
1,104
6393293.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
1,521
1,337
6393441.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
2,523
1,549
6395015.SQ.FTS.B,
Zero
Cpn,
8/08/24
...
486
192
6401183.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,197
1,172
6401621.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
4,487
3,469
6402076.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
53
50
6402426.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
22,913
12,614
6403789.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
1,776
572
6403953.SQ.FTS.B,
Zero
Cpn,
8/10/24
...
727
692
6404033.SQ.FTS.B,
Zero
Cpn,
8/11/24
...
2,159
860
6406527.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
888
875
6406913.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
7,054
3,806
6407517.SQ.FTS.B,
Zero
Cpn,
8/13/24
...
591
339
6410608.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
23,537
7,832
6411129.SQ.FTS.B,
Zero
Cpn,
8/14/24
...
538
495
6412264.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
615
434
6413090.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
14,328
2,512
6414217.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
14,956
10,035
6414500.SQ.FTS.B,
Zero
Cpn,
8/15/24
...
7,389
7,010
6419949.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
14,259
13,275
6420983.SQ.FTS.B,
Zero
Cpn,
8/16/24
...
1,981
1,965
6422493.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
774
606
6422816.SQ.FTS.B,
Zero
Cpn,
8/17/24
...
80
79
6424176.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
22,930
12,559
6424759.SQ.FTS.B,
Zero
Cpn,
8/18/24
...
4,560
1,853
6425057.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
1,765
1,716
6425295.SQ.FTS.B,
Zero
Cpn,
8/19/24
...
1,576
1,505
6427044.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
637
603
6427394.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
24,524
8,805
6428486.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
1,114
998
6428786.SQ.FTS.B,
Zero
Cpn,
8/21/24
...
681
557
6430083.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
3,767
2,403
6431015.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
4,781
2,371
6431580.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
327
322
6432973.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
483
457
6433051.SQ.FTS.B,
Zero
Cpn,
8/22/24
...
691
543
6436390.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
3,413
1,253
6439581.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
1,265
466
6439616.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
2,924
1,886
6439657.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
370
368
6439850.SQ.FTS.B,
Zero
Cpn,
8/23/24
...
7,981
2,677
6440981.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
9,308
7,321
6442480.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
3,788
1,363
6443460.SQ.FTS.B,
Zero
Cpn,
8/24/24
...
6,321
4,625
6445311.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
1,493
1,458
6445636.SQ.FTS.B,
Zero
Cpn,
8/26/24
...
3,757
2,915
6446212.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
234
205
6447783.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
2,010
1,673
6448004.SQ.FTS.B,
Zero
Cpn,
8/27/24
...
1,802
1,306
6451146.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,665
983
6451217.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
4,088
2,806
6451818.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
32,683
16,189
6452694.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,237
648
6452723.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
1,879
193
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6452770.SQ.FTS.B,
Zero
Cpn,
8/28/24
...
$
3,108
$
2,485
6452903.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
128
118
6453799.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
807
479
6454314.SQ.FTS.B,
Zero
Cpn,
9/01/24
...
6,133
2,983
6457417.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
2,289
1,978
6457547.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
45,197
15,643
6458499.SQ.FTS.B,
Zero
Cpn,
9/02/24
...
574
556
6461434.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
7,423
6,150
6463337.SQ.FTS.B,
Zero
Cpn,
9/03/24
...
7,710
6,058
6463659.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,175
1,126
6464039.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,009
899
6464078.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
1,585
944
6464356.SQ.FTS.B,
Zero
Cpn,
9/04/24
...
203
196
6464466.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
1,509
1,463
6464558.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
824
633
6464587.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
4,058
3,445
6464959.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
1,062
1,055
6465222.SQ.FTS.B,
Zero
Cpn,
9/05/24
...
1,502
1,399
6465421.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,333
804
6467555.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
3,596
2,082
6467681.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,947
1,347
6467754.SQ.FTS.B,
Zero
Cpn,
9/06/24
...
1,386
1,376
6469001.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
1,376
1,231
6470092.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
4,212
2,698
6472450.SQ.FTS.B,
Zero
Cpn,
9/07/24
...
4,104
3,596
6472645.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
1,622
985
6473168.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,147
2,015
6473644.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
3,631
3,583
6474286.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
4,555
3,625
6475060.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
3,217
2,766
6475454.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
2,557
1,350
6475554.SQ.FTS.B,
Zero
Cpn,
9/08/24
...
8,062
1,563
6477774.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
42,664
23,071
6479577.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
16,073
15,630
6481328.SQ.FTS.B,
Zero
Cpn,
9/09/24
...
8,194
3,243
6481464.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
5,441
4,782
6482592.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
3,948
3,774
6483513.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
8,146
3,637
6483819.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
7,594
6,745
6484336.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
22,221
9,780
6484909.SQ.FTS.B,
Zero
Cpn,
9/10/24
...
2,627
1,608
6485101.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
2,044
1,634
6485148.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
3,897
3,082
6485317.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
1,364
1,209
6485616.SQ.FTS.B,
Zero
Cpn,
9/11/24
...
3,191
3,083
6486340.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
831
431
6486361.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
1,837
1,618
6486448.SQ.FTS.B,
Zero
Cpn,
9/12/24
...
4,078
2,812
6488356.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
3,633
2,560
6489083.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
2,975
2,432
6489330.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
654
600
6489483.SQ.FTS.B,
Zero
Cpn,
9/13/24
...
922
900
6491504.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
394
341
6491686.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
5,279
4,391
6492739.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
160
158
6493143.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
3,179
2,584
6493467.SQ.FTS.B,
Zero
Cpn,
9/14/24
...
1,670
955
6494091.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
87
84
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)
6494266.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
$
11,297
$
7,448
6494878.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
123
121
6494926.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,537
2,383
6495171.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,549
1,520
6496050.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
2,621
389
6496082.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
7,975
6,456
6496235.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
1,909
1,795
6496559.SQ.FTS.B,
Zero
Cpn,
9/15/24
...
6,667
6,317
6503026.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
619
568
6503133.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
600
535
6503201.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
1,828
732
6503671.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
2,663
2,572
6504651.SQ.FTS.B,
Zero
Cpn,
9/17/24
...
6,842
5,832
6506162.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
500
476
6506217.SQ.FTS.B,
Zero
Cpn,
9/18/24
...
997
254
6506478.SQ.FTS.B,
Zero
Cpn,
9/19/24
...
823
784
6507459.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,245
2,629
6508186.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
5,073
4,907
6508534.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
3,125
1,237
6508622.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
2,034
1,704
6509173.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,065
742
6509202.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
214
210
6509277.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
454
450
6509330.SQ.FTS.B,
Zero
Cpn,
9/20/24
...
1,490
1,468
6511428.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
1,929
1,772
6511781.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
21,715
21,157
6513331.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
4,574
4,446
6513921.SQ.FTS.B,
Zero
Cpn,
9/21/24
...
366
364
6514843.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
2,553
1,092
6514979.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
3,405
3,091
6515564.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
616
607
6516752.SQ.FTS.B,
Zero
Cpn,
9/22/24
...
7,032
6,707
6518779.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
2,737
2,688
6519017.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
1,666
1,570
6520171.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
409
394
6520794.SQ.FTS.B,
Zero
Cpn,
9/23/24
...
26,260
25,671
6522552.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,583
1,519
6523267.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
6,382
2,592
6523516.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
1,248
809
6523578.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
4,419
2,637
6523846.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
2,067
2,009
6524017.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
21,607
18,530
6525367.SQ.FTS.B,
Zero
Cpn,
9/24/24
...
15,950
15,095
6526432.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
915
889
6526489.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
294
282
6527011.SQ.FTS.B,
Zero
Cpn,
9/26/24
...
5,789
5,645
6529284.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,593
3,074
6529391.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
3,345
3,286
6529703.SQ.FTS.B,
Zero
Cpn,
9/27/24
...
763
698
6530839.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
3,407
3,023
6530993.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
2,014
1,883
6531074.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
24,833
8,475
6533670.SQ.FTS.B,
Zero
Cpn,
9/28/24
...
2,828
2,257
6534257.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,610
2,764
6534305.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
769
483
6534326.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,403
1,366
6535323.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
3,643
3,208
6535514.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
979
966
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6535953.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
$
3,607
$
2,916
6537176.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
4,315
3,589
6537472.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
2,567
428
6537801.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
5,603
4,726
6537905.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
1,403
1,362
6537991.SQ.FTS.B,
Zero
Cpn,
9/29/24
...
205
193
6541353.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,489
456
6544501.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
11,638
6,656
6545005.SQ.FTS.B,
Zero
Cpn,
9/30/24
...
3,822
3,469
6547283.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
136
125
6547304.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
66
64
6547360.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
608
592
6547411.SQ.FTS.B,
Zero
Cpn,
10/01/24
..
18,562
11,226
6547946.SQ.FTS.B,
Zero
Cpn,
10/02/24
..
526
499
6549603.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,340
936
6549954.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
1,282
1,145
6550151.SQ.FTS.B,
Zero
Cpn,
10/03/24
..
18,560
18,310
6552110.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
8,027
5,597
6552948.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,811
690
6553144.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
734
706
6554242.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
7,417
7,178
6554875.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
1,862
1,662
6555041.SQ.FTS.B,
Zero
Cpn,
10/04/24
..
22,051
20,827
6555644.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,450
1,051
6556002.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,354
1,289
6556395.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
2,167
1,727
6556964.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
1,305
1,134
6557603.SQ.FTS.B,
Zero
Cpn,
10/05/24
..
3,070
2,728
6560193.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
2,991
1,685
6560968.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
884
687
6561336.SQ.FTS.B,
Zero
Cpn,
10/06/24
..
285
284
6563116.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,047
533
6563182.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
473
468
6564134.SQ.FTS.B,
Zero
Cpn,
10/07/24
..
1,079
1,008
6566178.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
4,594
3,803
6566349.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
874
861
6566625.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
10,420
4,985
6566798.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
444
396
6566816.SQ.FTS.B,
Zero
Cpn,
10/08/24
..
2,866
2,721
6566945.SQ.FTS.B,
Zero
Cpn,
10/09/24
..
1,200
752
6569642.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
1,805
1,787
6570679.SQ.FTS.B,
Zero
Cpn,
10/10/24
..
21,183
10,947
6571537.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
828
792
6571609.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
4,151
3,717
6572397.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
630
560
6572748.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
977
716
6573851.SQ.FTS.B,
Zero
Cpn,
10/11/24
..
7,507
7,311
6575241.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
634
624
6576266.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
1,874
1,086
6577747.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
137
132
6577981.SQ.FTS.B,
Zero
Cpn,
10/12/24
..
10,021
7,139
6580068.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
7,929
6,340
6580399.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
524
515
6580754.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
3,288
2,962
6580943.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
9,827
9,243
6581786.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
1,790
1,444
6581897.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
4,092
3,964
6582337.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
2,755
1,714
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)
6582712.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
$
123
$
122
6582733.SQ.FTS.B,
Zero
Cpn,
10/13/24
..
990
711
6584141.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
1,252
1,224
6585083.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
448
446
6585188.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
14,309
5,354
6586332.SQ.FTS.B,
Zero
Cpn,
10/14/24
..
336
331
6586666.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,202
1,175
6586996.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
1,260
1,225
6587135.SQ.FTS.B,
Zero
Cpn,
10/15/24
..
606
448
6587662.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
1,062
1,027
6587726.SQ.FTS.B,
Zero
Cpn,
10/16/24
..
870
854
6589877.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
1,269
1,187
6589926.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
6,652
6,532
6591405.SQ.FTS.B,
Zero
Cpn,
10/17/24
..
2,224
2,195
6591444.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
1,914
413
6592468.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
26,389
11,748
6592840.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
157
157
6592890.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
926
885
6593036.SQ.FTS.B,
Zero
Cpn,
10/18/24
..
750
734
6594535.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
9,711
8,331
6595155.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
852
837
6595336.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
4,707
4,588
6597134.SQ.FTS.B,
Zero
Cpn,
10/19/24
..
1,814
1,775
6600209.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,874
1,844
6600369.SQ.FTS.B,
Zero
Cpn,
10/20/24
..
1,991
1,960
6603765.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
7,604
7,143
6604282.SQ.FTS.B,
Zero
Cpn,
10/21/24
..
207
200
6604422.SQ.FTS.B,
Zero
Cpn,
10/22/24
..
393
374
6605226.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
6,580
6,198
6605375.SQ.FTS.B,
Zero
Cpn,
10/23/24
..
1,474
517
6605987.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
7,916
7,689
6607385.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,202
2,739
6607464.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,657
3,634
6608364.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,094
719
6608375.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
1,568
1,203
6608419.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,243
3,161
6608563.SQ.FTS.B,
Zero
Cpn,
10/24/24
..
3,140
2,746
6608756.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
7,681
4,021
6609720.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
6,179
4,739
6610498.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
3,280
3,093
6610854.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
1,176
1,060
6611559.SQ.FTS.B,
Zero
Cpn,
10/25/24
..
4,163
4,050
6612738.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
4,793
3,869
6613071.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
23,278
21,852
6614457.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
3,112
2,461
6614647.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
634
623
6614831.SQ.FTS.B,
Zero
Cpn,
10/26/24
..
339
333
6617414.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
5,021
3,327
6619177.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
5,535
4,128
6619658.SQ.FTS.B,
Zero
Cpn,
10/27/24
..
4,126
4,070
6620546.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
1,591
1,493
6621487.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
570
350
6621588.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
1,882
1,834
6623527.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
370
365
6623607.SQ.FTS.B,
Zero
Cpn,
10/28/24
..
2,737
740
6624151.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
8,804
8,568
6624688.SQ.FTS.B,
Zero
Cpn,
10/29/24
..
1,051
922
6624957.SQ.FTS.B,
Zero
Cpn,
10/30/24
..
3,183
814
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6625822.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
$
2,828
$
2,646
6626404.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
1,935
1,485
6626526.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
228
213
6627906.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
6,011
5,084
6628104.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
8,424
1,938
6628247.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
6,918
6,309
6628495.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
4,543
4,468
6628906.SQ.FTS.B,
Zero
Cpn,
11/01/24
..
6,154
4,297
6629787.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
7,692
3,310
6629946.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
1,396
1,277
6630025.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
7,824
7,324
6631137.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
536
525
6632388.SQ.FTS.B,
Zero
Cpn,
11/02/24
..
6,201
2,677
6633124.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,530
1,479
6633231.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
536
477
6633292.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,373
1,338
6634473.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
721
702
6634505.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
604
568
6634580.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
1,154
1,117
6634848.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
7,412
6,312
6635306.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
2,311
1,839
6635374.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
966
751
6635391.SQ.FTS.B,
Zero
Cpn,
11/03/24
..
7,319
7,262
6637887.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
715
700
6639032.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
11,342
7,260
6639843.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,739
951
6639899.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
1,952
1,519
6640094.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
2,522
1,376
6640162.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
801
782
6640238.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
5,086
4,961
6640554.SQ.FTS.B,
Zero
Cpn,
11/04/24
..
390
374
6641366.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
185
158
6641408.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
834
559
6641527.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
5,648
4,476
6641788.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
1,794
1,312
6641907.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
3,766
1,764
6642090.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,225
1,365
6642127.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
1,489
1,408
6642327.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,241
2,164
6642636.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
7,484
7,422
6643396.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
2,880
2,717
6644191.SQ.FTS.B,
Zero
Cpn,
11/05/24
..
32,363
31,256
6645017.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
323
315
6645052.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
1,769
1,737
6645190.SQ.FTS.B,
Zero
Cpn,
11/06/24
..
2,516
2,450
6646093.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
927
913
6647296.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,442
1,400
6648033.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
7,281
5,012
6648232.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
13,745
13,097
6649005.SQ.FTS.B,
Zero
Cpn,
11/08/24
..
1,067
1,046
6649600.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
1,649
1,198
6649660.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
1,894
1,684
6649882.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
575
371
6649911.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
2,560
2,520
6650629.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
2,858
2,531
6650770.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
11,110
10,396
6651402.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
1,284
1,191
6651437.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
749
423
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)
6651688.SQ.FTS.B,
Zero
Cpn,
11/09/24
..
$
53,478
$
41,740
6653184.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
3,327
3,283
6654077.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
5,002
4,932
6654712.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,069
1,053
6654772.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
6,605
6,309
6655130.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
974
471
6655176.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,919
1,818
6655279.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
7,410
3,867
6655452.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
1,569
1,472
6655499.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
299
257
6655538.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
5,806
3,507
6655894.SQ.FTS.B,
Zero
Cpn,
11/10/24
..
6,000
4,878
6657882.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
54,446
43,590
6660329.SQ.FTS.B,
Zero
Cpn,
11/11/24
..
7,610
7,518
6661587.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,676
3,108
6662189.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
3,058
1,808
6662341.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
878
851
6662501.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,514
1,268
6662596.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
241
235
6662849.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
4,461
2,950
6662933.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
487
476
6662983.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
1,804
1,694
6663098.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
9,954
9,673
6663871.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
5,758
4,988
6664005.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
5,426
1,379
6664093.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
760
752
6664138.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
660
426
6664532.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
216
206
6664549.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,089
1,780
6664703.SQ.FTS.B,
Zero
Cpn,
11/12/24
..
2,110
1,119
6664793.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
4,626
4,556
6664985.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
94
92
6664999.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
961
950
6665226.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
8,753
7,083
6665478.SQ.FTS.B,
Zero
Cpn,
11/13/24
..
58
57
6665514.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,361
1,266
6665553.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
2,243
1,585
6665588.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
1,358
1,316
6665779.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
789
556
6665868.SQ.FTS.B,
Zero
Cpn,
11/14/24
..
2,282
1,844
6667637.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
7,245
6,886
6668701.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
332
325
6668780.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
9,355
4,441
6668981.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
4,193
3,958
6669301.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
1,238
927
6669451.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
2,511
2,275
6669508.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
3,728
3,507
6669707.SQ.FTS.B,
Zero
Cpn,
11/15/24
..
12,024
11,439
6670037.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
6,805
2,871
6670357.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
7,710
5,344
6671816.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
8,333
8,185
6672262.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
1,437
1,377
6672313.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
2,744
2,666
6672424.SQ.FTS.B,
Zero
Cpn,
11/16/24
..
43,090
31,811
6673736.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
11,837
11,509
6674753.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,813
1,729
6674912.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
817
732
6674961.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
5,853
4,518
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6675448.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
$
1,752
$
1,646
6675558.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
2,424
1,855
6675891.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,271
762
6675926.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
1,434
1,345
6676401.SQ.FTS.B,
Zero
Cpn,
11/17/24
..
2,592
2,412
6678245.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
4,966
4,388
6678696.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
19,360
13,437
6679343.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
4,621
4,219
6680421.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
11,758
11,113
6681393.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
3,314
2,718
6681578.SQ.FTS.B,
Zero
Cpn,
11/18/24
..
10,776
7,508
6681987.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
6,134
5,795
6682519.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
2,061
1,883
6682625.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,857
1,830
6682751.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
679
597
6683810.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,610
1,110
6683849.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
739
430
6683861.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
12,503
12,339
6684387.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
1,197
409
6684507.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
301
269
6684513.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
4,655
3,977
6684869.SQ.FTS.B,
Zero
Cpn,
11/19/24
..
6,562
6,209
6685009.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
4,852
4,148
6685425.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
3,929
3,727
6685503.SQ.FTS.B,
Zero
Cpn,
11/20/24
..
523
495
6685741.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
7,818
7,104
6685907.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
7,657
5,382
6686035.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
2,108
1,621
6686086.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
830
816
6686170.SQ.FTS.B,
Zero
Cpn,
11/21/24
..
6,400
6,057
6686639.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
1,131
1,006
6686940.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
5,991
4,170
6687558.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
1,877
1,856
6688623.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
1,177
1,067
6688688.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,383
3,281
6688820.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,444
2,954
6688906.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
3,289
3,238
6689152.SQ.FTS.B,
Zero
Cpn,
11/22/24
..
12,120
11,773
6689856.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
4,087
2,880
6689979.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
20,658
15,606
6692002.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
2,609
2,485
6692529.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
6,099
5,080
6692715.SQ.FTS.B,
Zero
Cpn,
11/23/24
..
21,366
20,992
6693422.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
1,030
931
6693785.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
3,119
2,986
6694499.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
968
949
6695705.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
14,028
13,299
6696070.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
8,585
7,095
6696323.SQ.FTS.B,
Zero
Cpn,
11/24/24
..
5,123
4,859
6699675.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
5,392
4,479
6702969.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,002
983
6703046.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
1,619
1,606
6703676.SQ.FTS.B,
Zero
Cpn,
11/25/24
..
914
846
6704085.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
869
849
6706191.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
2,137
1,980
6706675.SQ.FTS.B,
Zero
Cpn,
11/26/24
..
3,057
2,822
6707223.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
1,448
1,386
6707845.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
1,390
1,320
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)
6707897.SQ.FTS.B,
Zero
Cpn,
11/27/24
..
$
11,372
$
11,029
6708277.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
4,206
4,106
6708506.SQ.FTS.B,
Zero
Cpn,
11/28/24
..
3,988
3,862
6708811.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
1,771
1,744
6708987.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
4,559
4,350
6709316.SQ.FTS.B,
Zero
Cpn,
11/29/24
..
1,002
482
6714012.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,607
875
6714287.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
3,173
3,128
6714559.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,005
499
6715158.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
1,429
1,219
6715568.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
543
530
6715622.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
2,780
1,756
6715777.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
308
292
6716198.SQ.FTS.B,
Zero
Cpn,
11/30/24
..
9,719
7,808
6718425.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
3,770
2,221
6718586.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,692
1,666
6718749.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
304
297
6718776.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
71
71
6719072.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
997
952
6719669.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
769
744
6719810.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,688
488
6719896.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
1,199
1,184
6719998.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
860
834
6720355.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
2,763
1,839
6720935.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
363
325
6720946.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
9,151
8,538
6721312.SQ.FTS.B,
Zero
Cpn,
12/01/24
..
15,115
14,845
6722086.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
6,797
6,626
6722689.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
1,852
1,696
6723980.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
3,796
3,475
6724171.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
1,846
1,800
6724303.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
2,523
2,375
6724464.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
9,907
4,747
6724841.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
388
387
6725080.SQ.FTS.B,
Zero
Cpn,
12/02/24
..
2,666
2,551
6725593.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
2,755
2,708
6725712.SQ.FTS.B,
Zero
Cpn,
12/03/24
..
11,703
5,891
6726296.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
497
488
6726320.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
1,850
1,772
6726451.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
1,541
1,497
6726510.SQ.FTS.B,
Zero
Cpn,
12/04/24
..
5,379
4,868
6727020.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
5,085
4,857
6727643.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
7,440
7,226
6728190.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
19,961
19,627
6729082.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
719
704
6729129.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
633
581
6729149.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
932
911
6729195.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
77
76
6729242.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
1,197
1,145
6729311.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
10,783
9,353
6729657.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
2,269
2,203
6729710.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
254
237
6729723.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
4,184
2,044
6729931.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
5,365
3,079
6730115.SQ.FTS.B,
Zero
Cpn,
12/05/24
..
2,626
2,579
6730198.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
15,153
14,751
6730881.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
10,173
5,118
6731182.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
452
443
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6731255.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
$
4,055
$
3,926
6731838.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
17,728
15,118
6732398.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
88
87
6732463.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
3,414
3,367
6732866.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
3,614
3,060
6733136.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
1,280
1,195
6733215.SQ.FTS.B,
Zero
Cpn,
12/06/24
..
21,189
20,110
6733823.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
1,105
1,081
6733936.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
296
290
6734003.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
5,029
4,902
6734359.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
5,474
5,044
6736202.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
3,415
3,312
6736791.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
9,798
9,517
6737164.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
2,120
1,943
6737291.SQ.FTS.B,
Zero
Cpn,
12/07/24
..
1,511
981
6739517.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
5,470
5,224
6739796.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
214
209
6740942.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
534
504
6741000.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
16,951
16,266
6742103.SQ.FTS.B,
Zero
Cpn,
12/08/24
..
1,137
838
6743009.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
791
773
6743084.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
377
365
6743133.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
864
826
6743331.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
7,153
6,609
6743834.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
2,399
2,300
6745048.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
2,382
2,143
6745247.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
775
602
6745298.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
5,746
5,306
6746092.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,478
1,451
6746243.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
1,732
1,700
6746382.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
3,494
3,430
6746610.SQ.FTS.B,
Zero
Cpn,
12/09/24
..
20,042
19,408
6746683.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
1,058
978
6746867.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
1,799
1,755
6746947.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
686
654
6746977.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
15,911
8,987
6747280.SQ.FTS.B,
Zero
Cpn,
12/10/24
..
3,281
3,189
6747381.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
2,366
2,233
6747900.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
1,379
1,313
6747947.SQ.FTS.B,
Zero
Cpn,
12/11/24
..
4,534
4,041
6748221.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,529
1,503
6748908.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,318
1,286
6749321.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
7,934
7,822
6749922.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
907
881
6750119.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
1,394
1,332
6750281.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
120
119
6750452.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
352
347
6750503.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
4,176
4,000
6750663.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
2,594
2,550
6750803.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
6,253
5,804
6751389.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
775
709
6751424.SQ.FTS.B,
Zero
Cpn,
12/12/24
..
3,103
2,956
6751956.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
221
220
6752389.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
7,549
7,409
6753008.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
6,617
3,391
6753247.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
13,419
10,352
6753622.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
1,141
1,089
6754810.SQ.FTS.B,
Zero
Cpn,
12/13/24
..
379
356
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)
6755575.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
$
1,046
$
1,021
6755643.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
2,406
1,984
6755759.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
619
586
6755811.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
4,175
4,092
6756228.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,544
1,100
6756294.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
6,671
3,483
6756782.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,350
1,152
6756818.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,454
1,396
6757140.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
5,072
4,934
6757268.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
4,462
3,819
6757454.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,686
1,619
6757541.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
6,707
5,166
6758068.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
1,285
1,234
6758148.SQ.FTS.B,
Zero
Cpn,
12/14/24
..
452
444
6762246.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
1,728
1,071
6763242.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
12,508
12,015
6764093.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
7,019
6,826
6764489.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
28,992
21,912
6765245.SQ.FTS.B,
Zero
Cpn,
12/15/24
..
41,045
34,762
6769042.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
1,101
1,021
6769341.SQ.FTS.B,
Zero
Cpn,
12/17/24
..
6,165
5,466
6769864.SQ.FTS.B,
Zero
Cpn,
12/18/24
..
4,041
3,976
6770345.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
3,889
3,796
6770530.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
1,117
924
6770555.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
5,165
4,486
6770923.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
1,514
1,464
6771134.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
18,506
8,036
6771304.SQ.FTS.B,
Zero
Cpn,
12/19/24
..
17,939
17,431
6772311.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
35,982
34,542
6773708.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
405
399
6773825.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
4,346
3,769
6773883.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
2,141
2,053
6774211.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
4,347
4,253
6774360.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
7,024
6,763
6774551.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
17,810
14,219
6774854.SQ.FTS.B,
Zero
Cpn,
12/20/24
..
583
558
6774958.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
9,218
9,003
6775668.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
563
414
6775693.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
4,735
4,271
6775850.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
1,903
1,859
6775919.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
21,110
14,504
6776500.SQ.FTS.B,
Zero
Cpn,
12/21/24
..
21,323
21,108
6779448.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
2,738
2,632
6779581.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
21,839
20,287
6780851.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
279
276
6781139.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
789
776
6781202.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
1,049
1,015
6781272.SQ.FTS.B,
Zero
Cpn,
12/22/24
..
41,727
33,730
6782880.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
2,796
2,756
6783247.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,078
1,046
6783369.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,951
1,227
6783863.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
1,190
1,005
6784214.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
10,287
9,798
6784735.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
13,208
12,988
6785833.SQ.FTS.B,
Zero
Cpn,
12/23/24
..
845
842
6787540.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
6,753
6,611
6788785.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
5,180
4,991
6789025.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
7,854
6,738
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6789460.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
$
5,166
$
4,539
6790119.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
5,613
5,480
6790407.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
4,365
4,254
6790701.SQ.FTS.B,
Zero
Cpn,
12/26/24
..
8,727
8,411
6791071.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
16,336
14,218
6791631.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,223
1,186
6791771.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
5,800
5,570
6792087.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,246
1,220
6792217.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
1,818
1,729
6792314.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
6,425
3,178
6792440.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
5,002
4,863
6793771.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
522
515
6793816.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
526
493
6793971.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
21,186
19,915
6794663.SQ.FTS.B,
Zero
Cpn,
12/27/24
..
20,474
20,033
6795315.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,229
1,012
6796824.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
580
571
6796843.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
13,581
13,061
6797114.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
9,119
8,436
6797393.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
1,109
1,094
6797472.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
176
174
6797487.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
5,394
5,189
6797675.SQ.FTS.B,
Zero
Cpn,
12/28/24
..
27,406
23,043
6800044.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
4,937
1,973
6800228.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,950
1,918
6800374.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
4,040
3,928
6801003.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
9,405
9,022
6801359.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
3,592
3,527
6801988.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
2,853
2,477
6802079.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
4,708
4,588
6802481.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
435
381
6802494.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,145
1,121
6802576.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,697
1,543
6802842.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
2,816
2,756
6803048.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
1,308
1,288
6803097.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
2,353
2,330
6803212.SQ.FTS.B,
Zero
Cpn,
12/29/24
..
23,671
23,156
6804745.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
1,295
1,049
6804901.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
2,924
2,812
6805012.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
3,537
1,517
6805130.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
3,196
3,083
6805400.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
6,139
5,550
6805682.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
2,321
2,169
6805923.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
2,300
2,061
6806017.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
9,361
9,093
6806677.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
3,293
1,702
6806781.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
1,806
1,755
6806888.SQ.FTS.B,
Zero
Cpn,
12/30/24
..
15,232
14,955
6808206.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
1,204
1,191
6808256.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
794
649
6808546.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
491
481
6808563.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
133
129
6808602.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
1,894
1,780
6808852.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
460
456
6808928.SQ.FTS.B,
Zero
Cpn,
1/01/25
...
11,792
11,336
6809267.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
3,130
3,044
6809363.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
369
361
6809383.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
7,422
5,944
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)
6809623.SQ.FTS.B,
Zero
Cpn,
1/02/25
...
$
8,023
$
6,820
6809989.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
6,689
6,596
6810642.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
5,633
2,929
6810830.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
642
615
6810848.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
638
630
6811193.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
4,709
4,594
6811388.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
1,017
853
6811483.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
12,563
6,462
6811723.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
12,699
12,345
6812517.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
14,910
9,016
6812850.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,044
1,799
6812901.SQ.FTS.B,
Zero
Cpn,
1/03/25
...
2,301
2,271
6813347.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
4,403
4,108
6813490.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
2,049
1,878
6813615.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
1,426
1,325
6813645.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
10,071
9,794
6813980.SQ.FTS.B,
Zero
Cpn,
1/04/25
...
344
340
6814239.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,340
1,100
6814415.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,771
1,727
6814760.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,116
1,067
6814971.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,173
2,073
6815092.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,200
1,145
6815258.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
2,862
2,795
6815367.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
1,883
1,620
6815433.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
955
840
6815459.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
11,855
11,614
6816368.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
5,520
4,420
6816582.SQ.FTS.B,
Zero
Cpn,
1/05/25
...
20,622
19,793
6818955.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
7,512
5,812
6819086.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
2,865
2,418
6819252.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,231
3,110
6819723.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
522
515
6820050.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
3,215
3,169
6820387.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
825
692
6820693.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
13,803
13,272
6822097.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
2,301
2,161
6822297.SQ.FTS.B,
Zero
Cpn,
1/06/25
...
6,759
6,461
6822497.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
2,152
2,013
6822573.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
5,851
5,561
6823228.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
1,157
1,100
6823276.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
3,320
3,225
6823439.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
13,864
11,604
6823811.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
1,785
1,710
6823890.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
5,627
5,442
6824236.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
2,765
2,675
6824822.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
716
701
6824870.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
1,425
1,371
6824908.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
12,421
11,779
6825473.SQ.FTS.B,
Zero
Cpn,
1/07/25
...
27,211
26,534
6826076.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
9,594
8,331
6826371.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
3,723
3,619
6826532.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
3,990
2,044
6826603.SQ.FTS.B,
Zero
Cpn,
1/08/25
...
11,023
10,049
6827190.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
1,762
1,700
6827373.SQ.FTS.B,
Zero
Cpn,
1/09/25
...
5,689
4,935
6828266.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
538
317
6828284.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
3,328
3,153
6828723.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
2,174
2,087
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6828877.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
$
1,508
$
1,439
6828941.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
739
652
6829097.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
715
706
6829136.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
31,113
29,362
6829785.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
3,253
3,133
6830364.SQ.FTS.B,
Zero
Cpn,
1/10/25
...
26,798
20,739
6830723.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
6,627
6,422
6831256.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
3,469
3,355
6831458.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,355
1,331
6831517.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
5,430
5,265
6831725.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,053
711
6831783.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
1,201
1,192
6832118.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
3,778
3,651
6832259.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
822
813
6832371.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
5,029
4,834
6832546.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
8,072
7,715
6833212.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
2,866
2,798
6833319.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
949
932
6833356.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
23,006
14,592
6833692.SQ.FTS.B,
Zero
Cpn,
1/11/25
...
6,564
5,842
6833875.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
8,544
6,294
6834572.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
7,273
7,116
6835014.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
1,220
1,090
6835238.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
35,742
33,864
6836269.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
758
719
6836329.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
2,950
2,874
6836478.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
1,072
1,041
6836687.SQ.FTS.B,
Zero
Cpn,
1/12/25
...
1,843
1,806
6838613.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,477
1,458
6838796.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,781
670
6838880.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
6,650
5,052
6839257.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
2,311
2,221
6839356.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
7,151
6,319
6839643.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
576
349
6839650.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
1,120
1,075
6839957.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
2,879
2,759
6840112.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
11,009
10,579
6840598.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
19,094
16,128
6841626.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
5,625
2,769
6841788.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
3,209
3,171
6842120.SQ.FTS.B,
Zero
Cpn,
1/13/25
...
3,107
3,061
6842431.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
4,449
4,276
6842944.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
587
577
6843000.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
730
694
6843045.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
5,291
5,208
6843608.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
248
243
6843667.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
32,216
27,619
6844587.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
13,882
13,351
6845183.SQ.FTS.B,
Zero
Cpn,
1/14/25
...
3,260
3,163
6845337.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,640
1,614
6845396.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,459
1,387
6845621.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
8,868
8,617
6845875.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
1,723
1,696
6845960.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
3,201
2,230
6846131.SQ.FTS.B,
Zero
Cpn,
1/15/25
...
2,049
1,617
6846421.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
1,476
1,440
6846652.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
423
417
6846670.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
2,683
2,635
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)
6846797.SQ.FTS.B,
Zero
Cpn,
1/16/25
...
$
4,222
$
4,002
6847053.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
294
285
6847075.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
401
399
6847111.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
6,974
6,561
6847769.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
4,896
4,785
6848220.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,045
1,014
6848265.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,144
842
6848565.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
16,158
15,572
6849119.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
5,753
3,628
6849233.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
6,156
5,861
6849498.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
5,530
5,423
6849679.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,142
1,116
6849711.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
628
382
6849735.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,852
1,701
6849785.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
6,306
6,170
6850149.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
1,828
1,788
6850198.SQ.FTS.B,
Zero
Cpn,
1/17/25
...
785
759
6850370.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
989
954
6850514.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
2,974
2,916
6850693.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
11,237
10,888
6851281.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
3,199
3,137
6852057.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
6,709
6,536
6852293.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
9,354
9,069
6852615.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
1,065
643
6852644.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
11,407
10,957
6853018.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
4,498
4,360
6853136.SQ.FTS.B,
Zero
Cpn,
1/18/25
...
8,743
7,813
6853607.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,489
1,456
6853727.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
6,413
6,031
6854339.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
9,775
9,350
6854899.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
9,269
8,872
6855209.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,089
1,072
6855301.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
21,745
15,550
6855849.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
5,056
4,843
6856022.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,141
843
6856480.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
684
509
6856503.SQ.FTS.B,
Zero
Cpn,
1/19/25
...
1,603
1,573
6858167.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
5,148
4,923
6858450.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
1,388
1,339
6858621.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
466
443
6858689.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
2,853
2,742
6859134.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
5,820
5,473
6859384.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
10,995
10,619
6860233.SQ.FTS.B,
Zero
Cpn,
1/20/25
...
44,406
42,798
6862863.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
1,744
1,499
6862957.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
5,434
3,873
6863147.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
8,051
7,746
6863421.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
7,088
5,497
6863856.SQ.FTS.B,
Zero
Cpn,
1/21/25
...
13,444
13,093
6864609.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
1,699
1,638
6864687.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
9,127
8,810
6865054.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
1,203
1,181
6865089.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
3,637
3,527
6865186.SQ.FTS.B,
Zero
Cpn,
1/22/25
...
3,139
3,081
6865428.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
3,003
2,838
6865503.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
787
763
6865537.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
708
637
6865566.SQ.FTS.B,
Zero
Cpn,
1/23/25
...
1,910
1,878
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6866189.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
$
362
$
349
6866209.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
489
471
6866356.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
6,597
5,936
6866804.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,151
1,740
6866967.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,120
3,911
6867103.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,925
1,843
6867196.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,458
1,629
6867264.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,748
4,587
6867467.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
4,966
4,794
6867652.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
908
897
6867691.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,313
1,224
6867729.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
586
507
6867755.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
23,785
22,854
6868391.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
3,378
1,268
6868415.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
5,703
5,571
6868587.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
9,634
9,265
6868847.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,979
2,681
6868908.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
5,758
5,532
6869072.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
2,009
1,934
6869440.SQ.FTS.B,
Zero
Cpn,
1/24/25
...
1,915
1,851
6869513.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,001
1,920
6869935.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,387
1,333
6869981.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,479
1,456
6870054.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,466
1,201
6870103.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
15,352
14,522
6870842.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
522
510
6870865.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,271
2,100
6870905.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
3,872
3,824
6871155.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
3,560
1,775
6871205.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,553
1,519
6871266.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,919
1,794
6871369.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
4,260
4,043
6871477.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,282
1,260
6871539.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
6,043
5,848
6871735.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
6,705
6,499
6872006.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
3,601
3,479
6872132.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
2,247
2,199
6872188.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
1,926
1,844
6872242.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
665
643
6872252.SQ.FTS.B,
Zero
Cpn,
1/25/25
...
353
350
6872654.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
3,485
3,379
6872768.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
346
338
6872794.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
43
42
6873066.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,638
2,579
6873383.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
959
733
6873530.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
6,815
4,224
6873680.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
410
346
6873687.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,014
992
6873718.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
271
263
6874035.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
1,298
1,228
6874217.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
7,586
7,459
6874544.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
768
753
6874616.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
855
830
6874644.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
982
938
6874679.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
681
650
6874864.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,595
2,531
6874983.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
784
775
6875037.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
3,743
3,598
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)
6875105.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
$
10,155
$
9,859
6875459.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
2,908
2,846
6875569.SQ.FTS.B,
Zero
Cpn,
1/26/25
...
4,835
4,635
6877236.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
12,896
11,910
6877754.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
553
538
6878147.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
2,586
2,531
6878250.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
8,945
8,553
6878624.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
1,587
1,362
6878704.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
4,762
4,625
6878992.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
5,306
4,782
6879176.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
2,240
2,119
6879228.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
987
958
6879230.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
4,235
3,622
6879329.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
732
718
6880320.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
4,259
4,028
6880561.SQ.FTS.B,
Zero
Cpn,
1/27/25
...
14,353
13,776
6880856.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
2,426
1,688
6881645.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
10,380
10,151
6882508.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
1,956
1,901
6882641.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
7,566
7,223
6882976.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
7,613
6,850
6883232.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
885
837
6883392.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
1,281
1,248
6883510.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
8,992
7,376
6883690.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
1,830
1,224
6883717.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
2,578
2,505
6883907.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
757
439
6883923.SQ.FTS.B,
Zero
Cpn,
1/28/25
...
3,516
2,464
6884103.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
3,897
3,751
6884328.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
2,150
1,601
6884366.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
1,931
1,682
6884403.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
1,111
963
6884421.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
3,558
3,191
6884500.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
4,244
2,199
6884599.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
3,267
3,198
6884694.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
765
757
6884735.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
1,428
1,292
6884787.SQ.FTS.B,
Zero
Cpn,
1/29/25
...
3,450
3,218
6884939.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
14,203
13,270
6885300.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
3,254
2,862
6885371.SQ.FTS.B,
Zero
Cpn,
1/30/25
...
1,008
992
6885863.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,642
3,536
6886483.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
598
555
6886508.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,270
2,958
6886711.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
6,765
6,624
6887353.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,763
2,640
6887470.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
6,384
6,189
6887745.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
2,674
2,360
6887828.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
1,984
1,889
6887898.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
32,453
25,295
6888667.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
11,609
11,243
6888979.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
5,106
4,716
6889109.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
1,880
974
6889119.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,486
2,009
6889240.SQ.FTS.B,
Zero
Cpn,
1/31/25
...
3,969
2,620
6889376.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,759
1,585
6889468.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
5,327
5,160
6889680.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,719
1,609
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6889828.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
$
7,209
$
7,007
6890345.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,296
1,134
6890420.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
938
922
6890486.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
2,547
2,450
6890641.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,598
1,128
6890783.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
9,716
9,429
6891067.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
5,566
4,167
6891224.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
1,713
1,691
6891310.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
10,198
9,982
6892101.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
660
652
6892289.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
4,623
4,410
6892473.SQ.FTS.B,
Zero
Cpn,
2/01/25
...
20,089
19,310
6892842.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
1,029
856
6892902.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
1,143
1,113
6893023.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
17,939
12,563
6893617.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
2,453
2,392
6894789.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
5,733
5,495
6895139.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
1,052
1,009
6895440.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
5,427
5,033
6895588.SQ.FTS.B,
Zero
Cpn,
2/02/25
...
10,603
8,146
6897596.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
24,541
24,126
6899194.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
596
189
6899300.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
2,258
1,987
6899394.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
2,794
2,612
6899510.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
1,593
1,566
6899638.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
9,685
9,403
6900254.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
5,589
5,375
6900496.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
9,587
9,331
6900884.SQ.FTS.B,
Zero
Cpn,
2/03/25
...
13,563
13,278
6901282.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
2,532
2,451
6901499.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
6,284
6,117
6902071.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
38,744
35,939
6903284.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
3,163
2,420
6903366.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
26,681
24,108
6904072.SQ.FTS.B,
Zero
Cpn,
2/04/25
...
1,849
1,788
6904280.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
7,704
7,402
6904508.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
2,447
2,374
6904666.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
1,984
1,947
6904714.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
994
968
6904822.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
1,492
1,023
6904846.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
2,173
2,113
6904963.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
1,232
1,063
6904989.SQ.FTS.B,
Zero
Cpn,
2/05/25
...
29,755
22,166
6905437.SQ.FTS.B,
Zero
Cpn,
2/06/25
...
7,454
7,281
6907027.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
2,551
2,388
6907146.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
2,621
2,575
6907289.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
9,808
7,995
6907635.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
3,001
2,968
6907859.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
421
400
6908001.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
23,167
14,068
6908375.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
3,730
3,620
6908581.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
2,138
2,059
6908654.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
3,859
3,705
6908773.SQ.FTS.B,
Zero
Cpn,
2/07/25
...
772
763
6909057.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
2,758
2,106
6909141.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
21,940
15,758
6909618.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,383
1,340
6909925.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
9,258
9,042
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)
6910308.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
$
3,109
$
3,060
6910466.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,186
1,118
6910503.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
6,315
5,540
6910940.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
11,439
10,842
6911295.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
9,948
9,688
6911614.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
2,895
2,805
6911698.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
1,766
1,727
6911745.SQ.FTS.B,
Zero
Cpn,
2/08/25
...
13,694
12,337
6912801.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
641
439
6912832.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
2,727
2,670
6912966.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
734
704
6913052.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
5,361
4,536
6913417.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
3,483
3,158
6913498.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
2,338
1,312
6913628.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
5,251
5,134
6914291.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
3,521
3,447
6914485.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
476
471
6914495.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
5,073
4,940
6914678.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
4,910
2,936
6914724.SQ.FTS.B,
Zero
Cpn,
2/09/25
...
940
914
6916076.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
2,910
2,564
6916173.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
758
743
6916274.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,005
974
6916577.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
3,657
1,519
6916754.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
4,573
4,379
6916947.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,119
1,066
6917025.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
2,375
2,025
6917130.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
6,593
6,406
6917414.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
4,409
4,001
6917508.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
1,332
1,292
6917559.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
7,472
7,177
6917835.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
3,066
2,931
6917911.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
3,885
3,771
6918086.SQ.FTS.B,
Zero
Cpn,
2/10/25
...
21,229
20,836
6919099.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
5,981
5,849
6919370.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
6,327
6,048
6919648.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
2,089
2,034
6919721.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
3,211
3,082
6919826.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
1,248
1,192
6919976.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
1,432
1,360
6920131.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
3,591
3,503
6920246.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
9,564
9,058
6920447.SQ.FTS.B,
Zero
Cpn,
2/11/25
...
26,344
16,345
6920532.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
6,019
5,831
6920701.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
3,340
3,224
6920793.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
3,620
3,477
6920877.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
3,622
3,518
6920966.SQ.FTS.B,
Zero
Cpn,
2/12/25
...
1,855
1,795
6920993.SQ.FTS.B,
Zero
Cpn,
2/13/25
...
1,871
1,788
6921045.SQ.FTS.B,
Zero
Cpn,
2/13/25
...
2,569
2,328
6921099.SQ.FTS.B,
Zero
Cpn,
2/13/25
...
1,865
1,787
6921229.SQ.FTS.B,
Zero
Cpn,
2/13/25
...
7,323
7,087
6921768.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
3,752
3,688
6921997.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
6,389
6,251
6922192.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
18,741
17,914
6922457.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
9,023
8,625
6922549.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
3,536
3,346
6922707.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
2,544
2,459
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6922761.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
$
1,956
$
1,933
6922824.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
403
391
6922922.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
520
509
6922938.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
1,874
1,843
6923193.SQ.FTS.B,
Zero
Cpn,
2/14/25
...
10,904
10,483
6923318.SQ.FTS.B,
Zero
Cpn,
2/15/25
...
2,709
2,572
6923496.SQ.FTS.B,
Zero
Cpn,
2/15/25
...
18,151
10,317
6928558.SQ.FTS.B,
Zero
Cpn,
2/16/25
...
2,611
2,584
6932504.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
38,908
38,022
6934259.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,177
3,075
6934329.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
15,219
8,543
6934575.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,320
1,296
6934833.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
7,212
6,988
6935014.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,304
2,194
6935049.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
6,243
5,265
6935175.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
455
446
6935196.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
18,675
17,872
6935598.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,795
2,750
6935755.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
4,037
3,879
6935856.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
1,085
1,019
6935886.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
9
9
6935910.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,888
3,496
6936001.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
10,603
9,650
6936219.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
4,481
4,417
6936426.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
2,198
1,607
6936448.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
4,546
4,361
6936532.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,984
3,655
6936592.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
13,531
13,169
6936806.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
3,856
3,107
6936882.SQ.FTS.B,
Zero
Cpn,
2/17/25
...
8,095
7,855
6936990.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,340
1,263
6937026.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
5,707
5,562
6937104.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,045
1,981
6937130.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
620
445
6937145.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,791
1,432
6937191.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
36,183
35,119
6938172.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
841
803
6938215.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
9,095
8,642
6938552.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
7,552
6,862
6938929.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
565
544
6939001.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,815
3,724
6939154.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,100
1,076
6939617.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,763
1,719
6939714.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
1,620
1,545
6939964.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,604
3,519
6940148.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,977
3,847
6940432.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,119
2,265
6940544.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
2,929
1,830
6940675.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
3,214
1,637
6940754.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
4,080
3,961
6940935.SQ.FTS.B,
Zero
Cpn,
2/18/25
...
8,052
7,524
6941120.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
20,552
19,417
6941562.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
1,104
515
6941583.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
4,757
4,621
6941695.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
369
327
6941712.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
4,246
4,058
6941840.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
547
396
6941851.SQ.FTS.B,
Zero
Cpn,
2/19/25
...
3,819
3,728
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)
6942016.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
$
12,787
$
10,351
6942251.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
5,254
5,103
6942362.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
3,105
3,019
6942505.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
1,530
1,403
6942558.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
1,092
762
6942589.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
1,164
1,117
6942619.SQ.FTS.B,
Zero
Cpn,
2/20/25
...
3,454
3,351
6942929.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
1,366
1,275
6943017.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
6,373
6,190
6943720.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
14,689
13,751
6944161.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
1,780
1,706
6944232.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
59,952
55,014
6946078.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
3,565
2,976
6946120.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
10,031
8,409
6946261.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
4,372
4,193
6946354.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
5,036
3,518
6946459.SQ.FTS.B,
Zero
Cpn,
2/21/25
...
20,869
20,037
6946597.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
3,033
2,337
6946689.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
1,079
634
6946715.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
2,125
2,063
6946791.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
3,118
3,055
6946867.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
5,269
5,108
6947136.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
16,085
15,785
6948005.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
4,147
4,075
6948739.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
25,699
25,183
6949579.SQ.FTS.B,
Zero
Cpn,
2/22/25
...
63,808
40,799
6950012.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
3,489
3,373
6950180.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
326
322
6950249.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
330
300
6950255.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
29,802
27,079
6951456.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
646
616
6951493.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
8,740
8,558
6951741.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
3,431
1,385
6951799.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
2,687
2,600
6951848.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
789
762
6951871.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
6,096
5,478
6951985.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
2,377
2,330
6952076.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
36,062
33,107
6952974.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
1,523
1,477
6953082.SQ.FTS.B,
Zero
Cpn,
2/23/25
...
1,021
999
6954769.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
1,543
1,490
6954916.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
3,605
3,549
6955216.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
20,530
19,929
6956002.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
2,610
2,528
6956076.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
4,375
3,544
6956719.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
13,347
12,907
6957149.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
17,226
16,665
6957627.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
5,170
4,826
6957756.SQ.FTS.B,
Zero
Cpn,
2/24/25
...
24,623
23,796
6958376.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
5,752
5,581
6958677.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
2,003
1,939
6958838.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
14,643
14,016
6959867.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
51
50
6960000.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
2,604
2,522
6960042.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
3,817
3,636
6960223.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
6,691
6,470
6960346.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
3,838
3,709
6960562.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
4,267
4,064
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6960669.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
$
1,013
$
982
6960761.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
24,553
23,509
6962127.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,480
1,410
6962173.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,242
1,079
6962188.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
1,225
1,193
6962221.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
2,429
2,238
6962288.SQ.FTS.B,
Zero
Cpn,
2/25/25
...
8,470
8,119
6962382.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,745
1,709
6962450.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
4,179
4,077
6962496.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
2,932
2,850
6962547.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,894
1,345
6962568.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
5,823
5,240
6962640.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
5,659
5,435
6962763.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
2,654
2,615
6962892.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
394
372
6962904.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
1,662
1,632
6962943.SQ.FTS.B,
Zero
Cpn,
2/26/25
...
10,137
9,254
6963136.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
4,715
4,648
6963276.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
1,640
1,616
6963337.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
194
192
6963512.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
2,448
2,137
6963596.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
1,272
1,241
6963616.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
3,685
3,590
6963691.SQ.FTS.B,
Zero
Cpn,
2/27/25
...
3,134
2,131
6963944.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
754
740
6964251.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,961
4,527
6964654.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
663
264
6964699.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,039
1,988
6964773.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
5,520
5,328
6964914.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
6,861
6,669
6965070.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
897
875
6965137.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,216
1,181
6965308.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,358
4,265
6965466.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
10,027
9,542
6965855.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,766
4,547
6965965.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,541
2,345
6966014.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
18,307
17,569
6966362.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,631
1,591
6966412.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,415
3,231
6966531.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,997
1,456
6966595.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,045
1,796
6966621.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,752
1,734
6966696.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,499
3,439
6966854.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
7,141
5,743
6966960.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,975
2,921
6967092.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,282
1,267
6967145.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
10,648
10,303
6967506.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
34
34
6967556.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,193
3,012
6967673.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
262
259
6967741.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,836
3,086
6967832.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,294
3,202
6967973.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
699
681
6968020.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,386
1,353
6968060.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,570
1,774
6968103.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,378
952
6968139.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
8,911
8,690
6968599.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,081
1,044
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)
6968822.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
$
13,813
$
13,410
6969306.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,471
2,422
6969376.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,173
883
6969402.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,956
1,292
6969586.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,459
2,814
6969662.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,018
1,979
6970442.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
9,680
9,370
6970646.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,241
2,857
6970716.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
11,788
7,883
6971019.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
415
393
6971087.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
10,685
10,206
6971351.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,860
4,748
6971755.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
358
348
6972022.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
11,183
10,989
6972492.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
6,028
5,750
6972686.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
4,371
4,272
6973388.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,137
3,061
6973520.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
26,222
25,155
6974212.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,940
2,102
6977572.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
9,196
8,288
6977915.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
783
742
6977996.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,104
2,044
6978141.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,400
1,352
6978269.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
3,465
2,930
6978418.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,451
861
6978456.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,110
573
6978496.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,413
2,281
6978718.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
5,837
5,642
6978845.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,946
1,863
6978952.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
54,946
46,195
6979873.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
2,011
1,947
6980002.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
10,140
5,811
6980196.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
996
980
6980227.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
1,380
1,363
6980331.SQ.FTS.B,
Zero
Cpn,
2/28/25
...
31,597
30,306
6981267.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
4,954
4,651
6981491.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
802
755
6981536.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
4,793
3,549
6981643.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
2,744
2,626
6981750.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
2,446
2,078
6981964.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
14,051
9,963
6982310.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
4,613
4,404
6982511.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
2,458
2,376
6982643.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
11,295
11,038
6982998.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
478
460
6983003.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
1,171
1,131
6983051.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
35,126
33,893
6983959.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
1,302
1,258
6984332.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
2,001
1,911
6984383.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
7,347
7,102
6984655.SQ.FTS.B,
Zero
Cpn,
3/01/25
...
11,138
10,930
6984708.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
1,359
934
6984847.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
7,400
7,070
6985048.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
1,785
1,589
6985088.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
1,832
1,788
6985153.SQ.FTS.B,
Zero
Cpn,
3/02/25
...
21,044
19,920
6985611.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
2,355
2,305
6985703.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
5,283
4,836
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6985793.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
$
2,030
$
1,873
6985841.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
2,367
1,383
6985899.SQ.FTS.B,
Zero
Cpn,
3/03/25
...
11,889
11,635
6986336.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
685
636
6986370.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
5,579
5,346
6986518.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
2,172
2,137
6986601.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
5,169
4,976
6986717.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
7,880
4,423
6986827.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
9,241
9,055
6986974.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
931
874
6986997.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
9,039
6,867
6987089.SQ.FTS.B,
Zero
Cpn,
3/04/25
...
11,559
11,171
6987501.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
3,091
2,907
6987569.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
3,671
2,617
6987650.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
4,575
4,388
6987935.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
3,388
3,216
6988751.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
6,070
5,740
6988943.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
684
669
6988983.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
1,832
1,756
6989059.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
6,622
6,466
6989435.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
11,123
9,948
6989741.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
13,266
12,887
6989891.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
2,966
2,731
6989943.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
6,958
6,801
6990056.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
7,914
7,689
6990177.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
8,340
7,792
6990297.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
776
701
6990315.SQ.FTS.B,
Zero
Cpn,
3/05/25
...
293
287
6990422.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
7,095
6,974
6990602.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,271
1,130
6990634.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
475
472
6990771.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,371
2,105
6990845.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,579
1,542
6990898.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,808
1,746
6991027.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
3,250
2,687
6991076.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
7,937
7,611
6991229.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
18,130
16,635
6991581.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
7,463
6,578
6991688.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
3,328
3,250
6991749.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
4,661
4,403
6992349.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,673
1,635
6992584.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
29,767
28,445
6993089.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
1,925
848
6993405.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
2,220
1,944
6993568.SQ.FTS.B,
Zero
Cpn,
3/06/25
...
5,349
5,224
6995635.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
590
557
6995689.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
538
532
6995742.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
919
878
6995974.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
2,820
2,054
6996026.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
29,891
22,122
6996881.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
7,652
7,451
6997293.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
8,516
8,162
6997516.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
15,268
14,682
6997998.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
3,258
3,054
6998051.SQ.FTS.B,
Zero
Cpn,
3/07/25
...
2,413
2,377
6999268.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
8,187
8,074
7000460.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,503
2,356
7000516.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
9,526
9,230
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)
7000748.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
$
8,369
$
8,023
7001065.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,031
1,980
7001131.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
292
283
7001137.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
5,965
4,387
7001238.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
3,082
1,987
7001315.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,148
2,109
7001417.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
3,401
3,297
7001551.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
2,055
2,005
7001643.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
3,321
3,204
7001717.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
8,256
7,133
7001805.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
9,022
6,938
7001926.SQ.FTS.B,
Zero
Cpn,
3/08/25
...
43,466
39,086
7002418.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
346
342
7002453.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
8,875
8,667
7002805.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
1,669
1,612
7002839.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
5,511
5,047
7002916.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
7,510
7,205
7003078.SQ.FTS.B,
Zero
Cpn,
3/09/25
...
6,961
5,997
7003487.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
5,459
5,013
7003565.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
5,053
4,761
7003833.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
1,699
1,295
7003857.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
1,227
1,174
7003880.SQ.FTS.B,
Zero
Cpn,
3/10/25
...
29,183
26,673
7004982.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
5,985
5,697
7005128.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
4,289
4,235
7005388.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
12,470
12,002
7005638.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
8,152
6,133
7005777.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
3,156
3,042
7005866.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
2,289
2,211
7005926.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,144
1,084
7005973.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
13,201
12,704
7006240.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
3,332
3,184
7006290.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
5,719
5,271
7006402.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
12,430
11,060
7006704.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,319
1,266
7006737.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
1,417
1,249
7006776.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
3,450
3,055
7006846.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
963
952
7006910.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
6,205
4,974
7007003.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
6,424
6,184
7007140.SQ.FTS.B,
Zero
Cpn,
3/11/25
...
22,032
21,043
7007466.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
3,109
3,028
7007655.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
11,061
10,448
7008210.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
1,546
1,407
7008245.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
8,206
7,856
7008486.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
2,488
2,322
7008548.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
25,028
22,079
7008985.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
9,888
9,274
7009209.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
2,560
2,452
7009269.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
22,063
12,079
7009540.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
16,352
15,359
7009878.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
1,241
1,232
7009982.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
1,701
1,170
7010025.SQ.FTS.B,
Zero
Cpn,
3/12/25
...
53,607
44,605
7010932.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,003
1,841
7010971.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,210
1,116
7011082.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,035
1,878
7011133.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
16,785
16,213
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7012242.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
$
8,113
$
7,740
7012593.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
3,401
3,090
7012661.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
7,666
7,443
7012891.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
2,082
2,010
7012949.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
5,151
2,651
7013036.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
6,850
6,217
7013232.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
6,597
6,314
7013377.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
4,769
4,512
7013520.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
19,603
18,143
7014068.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
7,657
6,680
7014159.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
1,826
1,712
7014182.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
8,237
7,751
7014345.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
7,167
6,967
7014492.SQ.FTS.B,
Zero
Cpn,
3/13/25
...
3,839
3,689
7016320.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
10,691
10,369
7016702.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
22,638
22,191
7018034.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
592
577
7018080.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
1,597
1,457
7018206.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
4,072
3,735
7018355.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
5,939
5,753
7018517.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
6,052
5,719
7018665.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
15,427
11,250
7018946.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
2,024
1,977
7019048.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
13,933
13,712
7019532.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
970
957
7019564.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
3,405
2,800
7019615.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
10,159
9,583
7019936.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
5,633
5,512
7020159.SQ.FTS.B,
Zero
Cpn,
3/14/25
...
30,022
28,918
7020537.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,143
2,025
7020809.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,287
2,184
7020921.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,297
2,222
7021016.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
899
882
7021116.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,463
917
7021179.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,107
1,025
7021238.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
8,354
6,027
7021479.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
4,799
4,692
7021699.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,773
1,317
7021732.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
8,589
7,974
7022101.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,127
1,085
7022161.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
3,324
2,700
7022239.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,434
1,389
7022730.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
5,207
4,975
7022921.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
9,296
9,036
7023270.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
15,738
12,810
7023533.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,991
1,954
7023586.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
5,700
5,337
7023843.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,340
1,252
7023914.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
2,435
2,356
7023999.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
1,132
1,094
7024049.SQ.FTS.B,
Zero
Cpn,
3/15/25
...
17,851
17,420
7024634.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
5,846
5,362
7024745.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
2,847
2,011
7024788.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
6,407
5,837
7024893.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
581
562
7024906.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
429
411
7024912.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,204
1,177
7024944.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
4,501
4,135
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)
7025010.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
$
3,204
$
3,058
7025080.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
3,467
3,270
7025130.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
955
857
7025149.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,142
1,101
7025173.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
5,715
5,535
7025279.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
1,335
1,295
7025304.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
3,735
3,071
7025353.SQ.FTS.B,
Zero
Cpn,
3/16/25
...
7,758
7,565
7025559.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
4,994
4,137
7025639.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
1,813
1,765
7025685.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
2,427
2,293
7025751.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
19,260
18,548
7026089.SQ.FTS.B,
Zero
Cpn,
3/17/25
...
3,062
2,871
7026440.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,630
4,511
7026651.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,630
2,563
7026779.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,676
4,463
7027109.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,533
2,889
7027218.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,661
3,407
7028002.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
336
331
7028020.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
17,136
16,593
7028433.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,342
2,219
7028476.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,236
1,194
7028500.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
2,126
1,964
7028537.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
66,996
50,379
7029537.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,898
2,983
7029578.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
5,919
5,700
7029744.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,504
3,390
7029846.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
1,091
741
7029879.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
4,970
4,717
7030059.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
3,799
3,316
7030353.SQ.FTS.B,
Zero
Cpn,
3/18/25
...
5,645
5,468
7030466.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
3,246
3,102
7030602.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
4,170
4,007
7030676.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
2,107
2,034
7030781.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,029
977
7031071.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,439
1,370
7031118.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
3,385
3,235
7031258.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
387
384
7031302.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
3,164
3,084
7031577.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,645
1,613
7031642.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
6,951
6,568
7031775.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
1,396
1,279
7031801.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
608
598
7031810.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
3,416
2,723
7031881.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
2,732
2,675
7031973.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
2,567
2,479
7032049.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
7,807
7,576
7032279.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
6,259
4,745
7032344.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
53,368
50,060
7033198.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
341
337
7033222.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
18,929
16,104
7033411.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
504
493
7033424.SQ.FTS.B,
Zero
Cpn,
3/19/25
...
56,786
46,341
7034177.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
366
356
7034217.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
4,458
3,952
7034454.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
1,876
1,739
7034510.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
891
846
7034546.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
5,273
5,210
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7035030.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
$
1,728
$
1,639
7035154.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
2,702
2,515
7035207.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
1,141
1,001
7035232.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
1,523
1,441
7035266.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
5,977
5,707
7035553.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
1,180
1,147
7035799.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
70,709
62,204
7036979.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
785
714
7036994.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
1,048
914
7037003.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
47,523
46,197
7037993.SQ.FTS.B,
Zero
Cpn,
3/20/25
...
3,721
3,418
7039842.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
9,471
9,149
7040160.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,197
1,154
7040179.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
12,772
9,547
7040512.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,810
1,760
7040643.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
11,286
10,998
7041176.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
4,874
4,238
7041357.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
8,215
8,119
7041725.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
8,314
7,852
7041966.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
1,283
1,246
7042023.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
2,625
2,466
7042110.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
59,272
54,411
7043444.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
6,952
6,570
7043635.SQ.FTS.B,
Zero
Cpn,
3/21/25
...
4,427
4,248
7043824.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,946
1,405
7043910.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
6,490
6,114
7044138.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
6,171
5,807
7044330.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
3,122
3,024
7044429.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
15,811
15,506
7045249.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
2,794
2,715
7045332.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
5,301
5,102
7045538.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
39,780
38,058
7046581.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
9,834
9,296
7046741.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,363
1,338
7046787.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
2,268
2,199
7046819.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
684
673
7046836.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
3,759
3,190
7046945.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
891
874
7046965.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
803
736
7046986.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
1,116
1,081
7047020.SQ.FTS.B,
Zero
Cpn,
3/22/25
...
560
551
7047074.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
20,257
16,567
7047321.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
6,083
5,880
7047417.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
1,826
1,740
7047454.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
4,516
4,312
7047536.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
2,394
2,317
7047583.SQ.FTS.B,
Zero
Cpn,
3/23/25
...
15,512
14,666
7048113.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
94
92
7048127.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
6,894
6,506
7048285.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
10,325
9,918
7048466.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
5,000
4,691
7048541.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
4,184
4,103
7048672.SQ.FTS.B,
Zero
Cpn,
3/24/25
...
1,704
1,657
7048975.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,984
4,772
7049151.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
5,698
5,495
7049368.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,152
1,097
7049394.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
7,933
7,728
7049780.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,445
1,400
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)
7049845.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
$
4,082
$
3,835
7049930.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,227
3,726
7050197.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
14,022
7,043
7050515.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
674
630
7050526.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
532
516
7050533.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,479
3,747
7050585.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
769
364
7050592.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
964
610
7050615.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
22,454
21,951
7051088.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,391
2,357
7051136.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,878
1,845
7051230.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
5,783
5,632
7051332.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,813
2,758
7051387.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
12,586
12,100
7051616.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
4,868
4,702
7051719.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
1,721
1,692
7051781.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
6,649
5,113
7051880.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
12,750
12,098
7052092.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
22,505
16,522
7052443.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
10,472
9,746
7052564.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
3,954
3,237
7052668.SQ.FTS.B,
Zero
Cpn,
3/25/25
...
2,240
2,166
7052707.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
2,509
2,455
7052795.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
19,295
18,555
7053292.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
3,429
3,332
7053454.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
30,402
28,750
7054287.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
8,948
8,493
7054449.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
6,561
6,325
7054593.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
739
710
7054612.SQ.FTS.B,
Zero
Cpn,
3/26/25
...
5,724
3,554
7055882.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,577
1,528
7055934.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
7,455
5,287
7056018.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
6,790
6,496
7056124.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
4,418
4,254
7056251.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,432
1,390
7056285.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
3,200
3,176
7056743.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
3,294
3,175
7056845.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,258
1,172
7056959.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
1,234
1,131
7057013.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
8,593
8,251
7057284.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
3,210
2,988
7057514.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
6,759
6,560
7057720.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
6,896
6,671
7057940.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
629
625
7057972.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
6,314
5,798
7058120.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
14,229
13,434
7058367.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
2,570
2,512
7058440.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
5,887
5,757
7058652.SQ.FTS.B,
Zero
Cpn,
3/27/25
...
20,187
19,845
7060928.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
2,287
2,175
7061030.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
3,438
3,196
7061151.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
715
699
7061185.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
3,708
3,549
7061323.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
34,494
27,561
7062302.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
3,406
3,309
7062421.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
896
872
7062617.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
20,347
11,655
7062963.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,178
1,111
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7062997.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
$
10,331
$
8,449
7063158.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,736
1,707
7063302.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
38,538
36,497
7063881.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
4,665
4,223
7064020.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,666
1,612
7064129.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
13,493
13,160
7064581.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
1,029
969
7064618.SQ.FTS.B,
Zero
Cpn,
3/28/25
...
6,503
6,346
7065240.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
5,439
4,575
7065573.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
13,691
12,551
7066061.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
2,043
1,951
7066150.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
619
597
7066163.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
69,502
66,175
7067737.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
3,091
2,975
7067874.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
5,405
3,582
7068056.SQ.FTS.B,
Zero
Cpn,
3/29/25
...
4,183
4,095
7068142.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
3,699
3,581
7068217.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,884
1,867
7068321.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
23,207
22,431
7068715.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
544
528
7068736.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,021
983
7068749.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
8,102
7,686
7068882.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
2,520
2,426
7068913.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
3,149
3,091
7068973.SQ.FTS.B,
Zero
Cpn,
3/30/25
...
1,817
1,797
7069042.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
2,620
2,576
7069138.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
1,211
1,159
7069166.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
5,068
4,789
7069240.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
1,520
1,206
7069264.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
4,012
3,920
7069364.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
8,894
8,647
7069578.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
1,397
1,368
7069593.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
7,215
7,019
7069692.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
6,942
5,139
7069775.SQ.FTS.B,
Zero
Cpn,
4/01/25
...
8,554
8,236
7070173.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
2,638
2,540
7070237.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
2,542
2,491
7071000.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
645
467
7071024.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
3,946
3,684
7071117.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
272
270
7071207.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
625
493
7071223.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
4,191
4,089
7071351.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
14,221
13,879
7071767.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
6,222
6,048
7071948.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
2,268
1,971
7071966.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
8,475
8,242
7072106.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
3,118
3,033
7072198.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
36,981
36,265
7073414.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,747
1,700
7073486.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
3,686
3,577
7073623.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
367
343
7073696.SQ.FTS.B,
Zero
Cpn,
4/02/25
...
1,256
1,227
7074005.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
9,965
9,502
7074171.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,814
1,776
7074204.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
5,974
5,033
7075287.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
4,764
4,605
7075418.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
4,890
4,668
7075529.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
46,918
46,018
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)
7076876.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
$
13,551
$
13,134
7077192.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
4,622
4,312
7077255.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,200
1,173
7077298.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
21,556
20,568
7077653.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
318
311
7077679.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
666
385
7077692.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
51
50
7077716.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
969
955
7077760.SQ.FTS.B,
Zero
Cpn,
4/03/25
...
1,561
1,491
7077831.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
3,162
3,105
7077978.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
4,769
4,686
7078197.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
871
789
7078219.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
21,180
20,392
7079133.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
2,689
2,595
7079198.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,565
1,511
7079287.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,469
1,428
7079363.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
2,434
2,363
7079420.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
15,157
14,869
7080123.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
12,707
12,539
7080510.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
1,489
1,037
7080535.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
7,681
7,415
7080716.SQ.FTS.B,
Zero
Cpn,
4/04/25
...
40,599
38,842
7084957.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
674
654
7085121.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
11,237
10,824
7085283.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,935
1,902
7085433.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
2,838
2,276
7085620.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
9,715
6,720
7085934.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,065
1,021
7085979.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
11,034
10,280
7086382.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
43,228
36,221
7087303.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
21,223
19,577
7087718.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
6,478
6,135
7087819.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,929
1,808
7087837.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
26,647
23,779
7088239.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
14,961
13,737
7088677.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
1,643
1,510
7088734.SQ.FTS.B,
Zero
Cpn,
4/05/25
...
24,431
16,972
7088940.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
421
413
7089009.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,982
4,739
7089156.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
7,858
7,497
7089319.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
1,052
1,023
7089376.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
255
248
7089405.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
830
800
7089445.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
3,392
3,275
7089598.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,035
3,876
7089774.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
1,934
1,829
7089901.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
7,927
7,501
7090196.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,375
4,244
7090367.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
3,366
3,311
7090463.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
3,417
3,283
7090542.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
64,208
61,271
7091540.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
12,645
11,487
7091737.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
2,615
2,396
7091802.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
14,814
14,442
7092185.SQ.FTS.B,
Zero
Cpn,
4/06/25
...
4,222
4,062
7092353.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
1,078
1,022
7092397.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
17,368
16,706
7092933.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
2,553
2,447
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7093002.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
$
4,899
$
4,780
7093161.SQ.FTS.B,
Zero
Cpn,
4/07/25
...
3,102
3,023
7093356.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
5,479
5,326
7093625.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
5,659
5,468
7093818.SQ.FTS.B,
Zero
Cpn,
4/08/25
...
7,384
6,988
7094118.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
2,650
2,222
7094198.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
3,909
3,775
7094290.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
4,156
3,252
7094380.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
1,300
1,265
7094417.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
976
936
7094476.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
12,694
12,000
7094784.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
1,210
1,154
7094796.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
1,752
1,732
7094888.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
1,638
1,577
7094966.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
1,832
1,766
7095051.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
7,325
6,909
7095240.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
4,728
4,659
7095396.SQ.FTS.B,
Zero
Cpn,
4/09/25
...
4,682
3,284
7095666.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
6,591
6,365
7095850.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
2,146
1,570
7095892.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,710
1,674
7096035.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
11,578
6,816
7096613.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
4,086
3,125
7096738.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
5,999
4,655
7096908.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
3,526
3,365
7097071.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
5,894
5,604
7097309.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
5,192
4,989
7097449.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
1,390
1,359
7097492.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
4,767
4,589
7097638.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
577
539
7097916.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
20,077
19,410
7098792.SQ.FTS.B,
Zero
Cpn,
4/10/25
...
12,434
11,353
7099097.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
18,861
18,051
7099787.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
4,485
4,349
7099916.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
4,873
4,614
7099999.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
1,437
1,327
7100012.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
1,971
1,895
7100028.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
625
611
7100047.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
1,805
1,604
7100062.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
14,074
13,642
7100289.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
2,072
1,639
7100334.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
3,703
3,498
7100936.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
24,957
23,192
7101698.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
1,213
1,147
7101803.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
7,916
7,632
7102105.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
29,219
28,250
7102664.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
6,633
6,364
7102724.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
8,789
8,302
7102893.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
2,970
2,893
7102928.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
375
357
7102932.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
2,653
2,345
7102952.SQ.FTS.B,
Zero
Cpn,
4/11/25
...
8,680
8,218
7105121.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
4,955
4,804
7105271.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,711
1,264
7105293.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,701
1,638
7105455.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
29,972
27,885
7106350.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
891
843
7106370.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
911
877
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)
7106451.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
$
15,312
$
14,305
7107269.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
3,689
3,552
7107331.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
937
887
7107343.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
4,481
4,334
7107406.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
8,804
8,472
7107539.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
45,509
41,816
7108215.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
7,961
7,644
7108350.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
4,645
4,357
7108477.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
2,252
2,076
7108551.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
1,796
1,701
7108662.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
3,213
2,913
7108730.SQ.FTS.B,
Zero
Cpn,
4/12/25
...
5,973
5,875
7108783.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
2,002
1,734
7108839.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
11,267
10,376
7109079.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
1,174
1,148
7109108.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
22,179
21,175
7109840.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
1,825
1,756
7109927.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
9,109
5,409
7110102.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
8,169
7,698
7110287.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
4,918
4,787
7110433.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
64,590
63,029
7111816.SQ.FTS.B,
Zero
Cpn,
4/13/25
...
12,658
12,394
7112026.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
3,647
3,559
7112255.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
2,398
1,494
7112304.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
13,274
12,676
7112626.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
3,235
3,060
7112706.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
4,575
4,407
7112817.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
2,723
2,534
7112878.SQ.FTS.B,
Zero
Cpn,
4/14/25
...
19,459
18,744
7113379.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
983
952
7113640.SQ.FTS.B,
Zero
Cpn,
4/15/25
...
8,414
8,056
7114191.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
7,007
6,715
7114730.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
14,265
13,232
7115231.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
1,233
1,221
7115331.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
1,249
957
7115405.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
40,525
39,261
7116478.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
427
419
7116512.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
4,962
4,725
7116655.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
6,420
6,149
7116789.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
9,367
9,012
7116937.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
1,112
645
7117157.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
1,610
1,544
7117174.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
8,877
8,555
7117443.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
1,613
1,537
7117503.SQ.FTS.B,
Zero
Cpn,
4/16/25
...
5,909
5,296
7117675.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,413
1,379
7117730.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
9,610
9,065
7118029.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
8,400
6,509
7118245.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
12,664
12,009
7118779.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
5,303
5,076
7118920.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
5,153
4,808
7118984.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,506
2,439
7119041.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,815
2,712
7119074.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
4,121
3,922
7119242.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
28,743
28,238
7119773.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
10,398
9,706
7119881.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
9,499
9,298
7120098.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,410
986
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7120119.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
$
22,086
$
21,212
7120558.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
1,805
1,787
7120693.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
10,443
9,916
7120877.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
16,925
15,812
7121272.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
3,518
3,131
7121339.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,129
2,055
7121470.SQ.FTS.B,
Zero
Cpn,
4/17/25
...
2,393
2,285
7121521.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
8,761
8,381
7121775.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
17,449
16,435
7122345.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
817
792
7122434.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,631
1,494
7122509.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
6,284
6,019
7122628.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
8,367
8,079
7122846.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
9,240
8,960
7123005.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
15,067
14,551
7123229.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
3,965
3,838
7123343.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
15,807
15,002
7123616.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
475
469
7123656.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
677
662
7123668.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
12,654
12,053
7124082.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
4,397
4,178
7124218.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,371
1,299
7124254.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
750
734
7124312.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
27,241
26,164
7125056.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,946
1,923
7125266.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
1,604
1,536
7125329.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
2,858
2,181
7125398.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
13,985
13,350
7126005.SQ.FTS.B,
Zero
Cpn,
4/18/25
...
5,681
5,439
7128413.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
5,141
4,791
7128581.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
32,032
30,786
7132068.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
287
277
7132177.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
11,829
11,264
7132689.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
17,539
16,997
7133436.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
609
556
7133482.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
11,109
10,687
7133911.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
4,085
3,888
7134111.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
9,032
8,563
7134421.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
7,102
6,767
7134642.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,731
2,655
7134680.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,387
2,331
7134716.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
12,410
11,733
7134885.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
2,485
2,402
7134939.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
9,292
9,020
7135119.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
1,320
1,202
7135140.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
15,641
15,288
7135572.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
5,515
5,306
7135640.SQ.FTS.B,
Zero
Cpn,
4/19/25
...
7,411
7,193
7135856.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
16,844
16,329
7136509.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
20,586
17,060
7137083.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
4,242
4,150
7137247.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
4,099
4,006
7137369.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
8,182
7,679
7137611.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
27,414
26,377
7138552.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
21,037
20,489
7139071.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
47,248
45,758
7141030.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
4,479
4,316
7141141.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
3,847
3,754
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)
7141282.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
$
3,562
$
3,481
7141347.SQ.FTS.B,
Zero
Cpn,
4/20/25
...
3,192
3,137
7141454.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
5,178
4,900
7141560.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
2,486
2,397
7141663.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
3,006
2,787
7141745.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
6,734
6,492
7141925.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
20,932
15,861
7142409.SQ.FTS.B,
Zero
Cpn,
4/21/25
...
8,750
8,415
7142702.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
3,289
3,123
7142834.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
2,869
2,791
7142919.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
2,058
1,884
7142960.SQ.FTS.B,
Zero
Cpn,
4/22/25
...
12,859
12,427
7143723.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
718
700
7143739.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
3,185
3,113
7143843.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
2,795
2,049
7144234.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
9,203
8,895
7144688.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
3,352
3,262
7144806.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
2,162
1,719
7144873.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
3,642
3,563
7145123.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
13,801
13,204
7145862.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
36,848
35,969
7146804.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
5,665
5,421
7146992.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
7,758
7,469
7147233.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
1,273
1,073
7147279.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
10,977
9,258
7147597.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
2,033
1,709
7147648.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
386
379
7147683.SQ.FTS.B,
Zero
Cpn,
4/23/25
...
1,004
963
7147737.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
8,214
8,018
7147952.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
3,035
2,938
7148062.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
2,453
2,396
7148145.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
6,057
5,920
7148314.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
2,247
2,164
7148408.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
2,607
2,538
7148524.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
18,834
17,830
7148927.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,488
1,426
7148960.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
7,572
7,057
7149069.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
9,564
9,132
7149252.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
2,982
2,671
7149510.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
4,286
3,724
7149585.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,540
1,429
7149622.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,514
1,472
7149658.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
7,184
6,525
7149774.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
7,847
7,557
7149920.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
959
926
7149937.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
4,623
4,447
7150018.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
3,086
2,877
7150045.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
8,167
7,793
7150158.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
5,839
5,591
7150301.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
11,426
10,943
7150613.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
4,001
3,872
7150727.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
10,987
10,267
7150936.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
3,265
3,172
7150991.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,226
1,195
7151035.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,807
1,612
7151063.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
1,264
1,226
7151096.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
5,935
5,802
7151245.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
7,388
7,212
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7151375.SQ.FTS.B,
Zero
Cpn,
4/24/25
...
$
2,211
$
2,181
7151518.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
5,660
5,446
7151665.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
2,772
2,726
7151772.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,946
1,909
7151927.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
5,971
5,787
7152052.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
558
553
7152089.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
3,971
3,843
7152311.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
8,223
7,875
7152513.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
409
401
7152548.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,873
1,844
7152646.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,257
1,191
7152650.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
1,190
827
7152674.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
66,887
62,536
7153920.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
36,158
28,892
7154350.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
4,366
4,281
7154615.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
5,084
4,803
7154719.SQ.FTS.B,
Zero
Cpn,
4/25/25
...
6,577
5,315
7156747.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
2,952
2,898
7156861.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
9,953
9,533
7157024.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,849
1,656
7157037.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
3,541
3,476
7157156.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
603
600
7157270.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,189
1,161
7157304.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
3,465
2,989
7157392.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
381
276
7157411.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
6,788
6,620
7157610.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,739
1,686
7157658.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
6,350
6,204
7157788.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
2,301
1,374
7157845.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
2,314
2,283
7157899.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
8,790
8,230
7157975.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
5,426
5,132
7158066.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
10,265
8,939
7158189.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
2,586
1,855
7158226.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
4,327
4,230
7158285.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
93
93
7158286.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
7,454
7,257
7158353.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
33,557
32,082
7159530.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
21,933
21,103
7159932.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
4,036
3,888
7160007.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
8,636
6,442
7160113.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
3,359
3,249
7160183.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,526
1,495
7160263.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,607
953
7160326.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,919
1,858
7160364.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,879
1,811
7160420.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,835
1,770
7160489.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
2,818
2,785
7160589.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
2,408
2,367
7160682.SQ.FTS.B,
Zero
Cpn,
4/26/25
...
1,724
1,605
7160721.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
4,369
4,198
7160797.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
53,275
50,649
7162215.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,153
2,013
7162257.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
5,335
5,071
7162371.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
12,811
12,593
7162767.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
39,166
36,828
7163217.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,316
1,067
7163242.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
5,241
5,024
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)
7163307.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
$
734
$
705
7163317.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
14,811
14,332
7163575.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
4,070
3,877
7163642.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
15,475
14,703
7163900.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
8,578
7,539
7164006.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
1,281
1,227
7164020.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
2,119
2,056
7164036.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
179
176
7164038.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
7,626
6,417
7164127.SQ.FTS.B,
Zero
Cpn,
4/27/25
...
3,715
3,533
7164193.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
5,624
4,812
7164275.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
15,219
14,705
7164635.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
9,039
8,722
7164774.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
1,697
1,655
7164818.SQ.FTS.B,
Zero
Cpn,
4/28/25
...
3,228
3,154
7165289.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
2,804
2,621
7165357.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
2,278
2,221
7165413.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
966
931
7165454.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
22,418
21,185
7165931.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
2,033
1,961
7165983.SQ.FTS.B,
Zero
Cpn,
4/29/25
...
2,540
2,339
7166301.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,427
2,331
7166369.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,346
4,213
7166628.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
502
494
7166695.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,459
4,486
7166982.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
11,700
10,172
7167449.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
14,758
14,257
7167935.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,428
5,199
7168044.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,096
1,457
7168083.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,241
4,056
7168172.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,375
1,358
7168311.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
728
703
7168326.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,193
4,072
7168459.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
9,871
8,032
7168762.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
171
168
7168779.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,677
1,653
7168846.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
7,365
6,556
7169078.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,904
2,834
7169184.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,640
1,515
7169229.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
16,641
12,274
7169700.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
2,599
2,045
7169773.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
6,196
5,683
7169949.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
7,078
6,578
7170225.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
7,692
7,404
7170328.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,519
1,400
7170364.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
13,160
12,645
7170714.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
6,203
5,720
7170825.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,246
4,165
7171046.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
897
854
7171112.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,058
3,905
7171260.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,826
5,624
7171387.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
5,715
5,475
7171561.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
4,026
3,815
7171666.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
11,944
10,250
7171906.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
3,717
3,192
7171982.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
1,171
1,159
7172060.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
7,973
7,562
7172194.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
16,986
16,155
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7172526.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
$
8,489
$
6,800
7172648.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
10,645
10,232
7172795.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
35,572
34,180
7173268.SQ.FTS.B,
Zero
Cpn,
4/30/25
...
14,504
13,724
7173852.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
946
916
7173881.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
4,924
4,598
7173920.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
4,286
4,099
7173948.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
8,177
7,912
7174037.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
6,450
5,933
7174198.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,323
2,256
7174284.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,038
1,004
7174316.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
18,329
17,189
7174829.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
4,197
4,036
7174940.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
11,630
10,237
7175176.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
24,466
23,178
7175613.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,599
2,500
7175727.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
61,755
59,181
7176634.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,551
1,068
7176646.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,231
784
7176662.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
3,964
3,815
7176724.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
3,151
3,014
7176769.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
6,609
6,365
7176869.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,911
2,799
7176909.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
2,812
2,709
7176979.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
3,567
3,391
7177033.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
357
345
7177041.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
1,628
1,575
7177097.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
13,687
13,049
7177387.SQ.FTS.B,
Zero
Cpn,
5/01/25
...
404
393
7179247.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
2,664
2,245
7179318.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
21,398
20,274
7179631.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
5,794
5,547
7179825.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
5,610
5,164
7180029.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
3,990
3,855
7180140.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,185
865
7180158.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,964
1,688
7180190.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,781
1,708
7180217.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
11,274
10,747
7180390.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
8,375
8,029
7180490.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
4,878
4,636
7180531.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,979
1,901
7180645.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
16,054
14,987
7180768.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
3,863
3,709
7180800.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
855
830
7180807.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
7,536
7,069
7180850.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
2,513
2,429
7180897.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
39,801
37,161
7182934.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
2,108
1,725
7182975.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
11,547
10,914
7183216.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,719
1,658
7183251.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
5,258
5,065
7183311.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
4,761
4,256
7183376.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
5,649
5,476
7183657.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
1,542
1,263
7183698.SQ.FTS.B,
Zero
Cpn,
5/02/25
...
8,455
8,140
7183952.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,574
1,509
7184098.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
731
711
7184124.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
6,527
6,316
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)
7184316.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
$
545
$
526
7184393.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
4,433
4,258
7184538.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
3,133
3,018
7184625.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
5,938
5,235
7184791.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
9,251
8,927
7185053.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
13,445
12,865
7185255.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
5,985
5,758
7185353.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
9,329
8,593
7185470.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
14,747
14,057
7185698.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
5,758
5,562
7185816.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
34,299
33,130
7186707.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
16,914
15,984
7187026.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,594
1,533
7187041.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
10,444
9,987
7187228.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,724
1,636
7187279.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,769
1,706
7187317.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,840
1,783
7187368.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
5,337
5,110
7187496.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
2,328
2,208
7187560.SQ.FTS.B,
Zero
Cpn,
5/03/25
...
1,730
1,627
7187608.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
2,502
2,385
7187697.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
6,111
5,884
7187956.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
13,068
12,327
7188275.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
1,058
1,006
7188313.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
7,053
5,869
7188507.SQ.FTS.B,
Zero
Cpn,
5/04/25
...
1,783
1,728
7188578.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
1,916
1,650
7188629.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
14,586
14,008
7189016.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
5,853
5,615
7189152.SQ.FTS.B,
Zero
Cpn,
5/05/25
...
23,263
22,344
7191028.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
11,129
10,811
7191711.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
807
781
7191768.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
7,172
6,841
7191961.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
652
459
7192014.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
12,027
11,090
7192198.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,230
1,013
7192212.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,638
1,578
7192262.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
30,249
29,228
7193075.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
8,558
8,221
7193339.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,288
1,237
7193389.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,101
2,010
7193450.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,947
2,822
7193495.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
4,357
4,198
7193564.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,181
2,116
7193633.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
1,959
1,888
7193680.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
7,328
7,040
7193841.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
619
598
7193859.SQ.FTS.B,
Zero
Cpn,
5/06/25
...
2,032
1,908
7193922.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
6,060
5,365
7194026.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
8,191
7,932
7194337.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
22,132
21,174
7195186.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
1,323
1,275
7195210.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
3,054
2,937
7195279.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
8,653
8,360
7195559.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
5,044
4,781
7195692.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
1,364
1,311
7195724.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
591
555
7195729.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
19,533
18,764
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7196037.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
$
4,044
$
3,892
7196096.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
8,267
6,818
7196183.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
40,493
38,954
7196710.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
1,521
1,465
7196728.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
3,350
3,215
7196820.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
8,788
8,437
7196917.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
4,081
3,920
7196964.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
27,938
26,730
7197418.SQ.FTS.B,
Zero
Cpn,
5/07/25
...
10,524
10,072
7197654.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
13,118
12,620
7197931.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
8,527
8,190
7198081.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
3,906
3,762
7198156.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,834
1,753
7198200.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,028
4,780
7198306.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,945
2,829
7198381.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
5,882
5,628
7198513.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
17,729
16,981
7199028.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
9,027
8,673
7199219.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
12,563
11,139
7199566.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
999
967
7199944.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,575
1,507
7199961.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
3,748
3,609
7200050.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,475
1,433
7200102.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
996
964
7200137.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
11,469
11,063
7200301.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
12,176
11,655
7200532.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
8,818
8,274
7200680.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,577
1,515
7200697.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
7,768
7,327
7200832.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
1,767
1,698
7200870.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
6,160
5,924
7200991.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,624
2,532
7201024.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,910
2,799
7201085.SQ.FTS.B,
Zero
Cpn,
5/08/25
...
2,977
2,871
7203214.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
13,267
11,907
7203388.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
2,150
2,039
7203417.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
709
671
7203427.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,843
1,747
7203545.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
4,905
4,722
7203631.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
3,364
3,187
7203681.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
19,246
18,426
7204614.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
4,121
3,963
7204733.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
15,332
14,737
7204933.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
386
358
7204942.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
6,872
6,617
7205008.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
19,170
18,244
7205291.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
14,433
13,877
7205656.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,813
1,698
7205704.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,001
949
7205744.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
4,740
4,545
7206057.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
5,085
4,887
7206160.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
12,438
11,683
7206401.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
1,663
1,612
7206450.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
3,070
2,941
7206523.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
33,609
32,162
7207123.SQ.FTS.B,
Zero
Cpn,
5/09/25
...
8,967
8,613
7207240.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
45,458
43,490
7208050.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,187
1,139
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)
7208077.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
$
82,737
$
79,424
7209690.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
11,574
11,109
7209921.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,648
2,502
7209959.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
4,644
4,154
7210042.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,552
1,494
7210072.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,020
1,905
7210101.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
5,618
5,400
7210220.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
6,721
6,432
7210297.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
4,090
3,931
7210343.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,122
1,084
7210371.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
287
277
7210379.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
2,252
2,155
7210410.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
3,684
3,510
7210471.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
723
647
7210480.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,827
1,369
7210517.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
1,531
1,455
7210558.SQ.FTS.B,
Zero
Cpn,
5/10/25
...
16,334
15,301
7210902.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
1,983
1,913
7210969.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
7,954
7,704
7211228.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
645
601
7211250.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
1,779
1,711
7211292.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
3,664
3,334
7211372.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
4,755
4,627
7211696.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
1,048
909
7211715.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
401
389
7211740.SQ.FTS.B,
Zero
Cpn,
5/11/25
...
11,340
10,904
7212016.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
2,455
2,301
7212092.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
7,474
7,150
7212299.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
1,871
1,800
7212387.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
12,093
11,553
7212641.SQ.FTS.B,
Zero
Cpn,
5/12/25
...
4,267
4,101
7212928.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
16,530
15,837
7213877.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,222
1,172
7213917.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
2,175
2,096
7213980.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,668
1,573
7214032.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
447
417
7214044.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,144
1,103
7214130.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,168
1,135
7214201.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
4,522
4,272
7214998.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
2,566
2,468
7215055.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
978
929
7215085.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
551
539
7215122.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
5,842
4,859
7215237.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
3,253
3,083
7215280.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,514
1,450
7215305.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
20,692
19,881
7215743.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,337
1,222
7215775.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,791
1,638
7215803.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
5,708
5,479
7215930.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
15,554
14,623
7216253.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
610
580
7216267.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
8,032
7,711
7216451.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
1,715
1,491
7216486.SQ.FTS.B,
Zero
Cpn,
5/13/25
...
8,992
8,313
7216987.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
472
457
7217017.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,516
1,097
7217040.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
44,358
42,753
7218149.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,326
1,284
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7218216.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
$
1,541
$
1,050
7218241.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
23,820
22,897
7218589.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,064
1,925
7218608.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
5,975
5,747
7218697.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
17,618
16,923
7218862.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
5,802
5,224
7218894.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
5,537
5,330
7218944.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
41,718
39,669
7220144.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
3,203
3,080
7220210.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
18,261
17,384
7220530.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,820
2,707
7220575.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
3,538
3,383
7220659.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
4,003
3,778
7220736.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
104
101
7220748.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
2,231
2,116
7220791.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
932
861
7220820.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
1,511
1,452
7220870.SQ.FTS.B,
Zero
Cpn,
5/14/25
...
808
783
7220904.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
404
391
7220938.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
29,538
28,274
7221589.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
8,983
7,828
7221704.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
754
724
7221721.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
7,337
6,542
7221927.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
16,411
15,828
7222451.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
10,721
8,637
7222748.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
51,113
48,783
7223565.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
31,175
30,078
7224254.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
9,835
9,300
7224451.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
4,088
3,919
7224540.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
1,393
1,339
7224583.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
4,849
4,641
7224679.SQ.FTS.B,
Zero
Cpn,
5/15/25
...
7,536
7,214
7226970.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,651
3,503
7227072.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
4,325
4,181
7227246.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
26,840
25,807
7227987.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
4,048
3,847
7228147.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
2,834
2,680
7228255.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
7,321
6,295
7228516.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,008
2,814
7229528.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
5,112
4,799
7229579.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
1,660
1,581
7229627.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
2,530
2,398
7229674.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
3,806
3,658
7229714.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
14,977
14,084
7229840.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
18,450
17,646
7229967.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
5,714
5,345
7230002.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
37,419
35,700
7230277.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
774
740
7230282.SQ.FTS.B,
Zero
Cpn,
5/16/25
...
42,500
40,744
7231178.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
210
204
7231209.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
13,532
12,983
7231706.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
3,072
2,952
7231848.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
4,645
4,473
7232027.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,248
2,140
7232102.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
20,829
19,746
7232720.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,638
2,413
7232784.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
2,819
2,428
7232841.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
8,534
8,200
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)
7233028.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
$
1,371
$
1,299
7233095.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
8,510
7,674
7233166.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
962
866
7233181.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
50,421
48,106
7234142.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
3,980
3,737
7234193.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
4,375
4,172
7234270.SQ.FTS.B,
Zero
Cpn,
5/17/25
...
26,695
25,039
7234706.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
4,122
3,919
7234781.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
3,223
2,878
7234817.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
9,458
9,088
7235006.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
2,515
2,360
7235049.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
5,153
4,842
7235145.SQ.FTS.B,
Zero
Cpn,
5/18/25
...
22,081
20,451
7235604.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
380
371
7235614.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
7,118
6,785
7235756.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
7,619
7,326
7235913.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
8,777
8,425
7236114.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
5,222
5,016
7236217.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
5,932
5,697
7236330.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
2,572
2,466
7236389.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
1,342
1,255
7236424.SQ.FTS.B,
Zero
Cpn,
5/19/25
...
9,118
8,525
7236825.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,598
2,490
7236979.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
338
329
7237008.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
8,554
8,031
7237462.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,023
1,956
7237544.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,513
2,416
7237730.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
897
855
7237806.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
4,065
3,636
7237918.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
28,577
26,981
7238689.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
9,941
9,580
7238927.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
16,455
15,069
7239160.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
13,492
12,968
7239403.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
3,636
3,285
7239489.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
4,601
4,449
7239574.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
6,614
6,138
7239770.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
864
831
7239782.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
1,557
1,489
7239815.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
3,934
3,712
7239881.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
17,229
16,333
7240196.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
5,632
5,402
7240312.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
1,373
1,283
7240322.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
765
720
7240367.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
5,632
5,428
7240493.SQ.FTS.B,
Zero
Cpn,
5/20/25
...
2,682
2,453
7241895.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
5,778
5,508
7241973.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
4,636
4,392
7242007.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,743
2,631
7242022.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
7,823
7,068
7242128.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
7,077
6,805
7242205.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
8,541
8,189
7242328.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,490
1,414
7242345.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,061
1,024
7242370.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,950
2,833
7242435.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
49,689
46,709
7243236.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
9,302
7,617
7243308.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
4,052
3,892
7243413.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
2,556
2,458
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7243437.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
$
49,680
$
47,067
7243786.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
15,513
14,587
7243864.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
5,800
5,573
7243957.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
882
833
7243973.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
4,599
4,350
7244026.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
20,134
19,346
7244247.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
5,111
4,842
7244310.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
3,507
3,347
7244368.SQ.FTS.B,
Zero
Cpn,
5/21/25
...
1,452
1,347
7247446.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,161
2,035
7247480.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
8,141
7,624
7247605.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,856
1,678
7247634.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
5,947
5,004
7247708.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,743
3,547
7247745.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,150
1,109
7247763.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,368
3,242
7247809.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,945
3,740
7247901.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,588
1,540
7247949.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,203
2,115
7247972.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
5,814
5,517
7248038.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
31,825
30,437
7248685.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,450
3,313
7248743.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
17,478
16,758
7248915.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,829
3,691
7248961.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,004
1,930
7248975.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,702
2,572
7249000.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
4,304
4,105
7249031.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
17,103
16,434
7249193.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
5,015
4,784
7249242.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
11,623
10,871
7249340.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,020
976
7249354.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,949
1,599
7249367.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,899
1,822
7249396.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,088
2,018
7249427.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
876
854
7249458.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,255
2,859
7249485.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
3,452
3,269
7249518.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,027
1,856
7249529.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
13,287
12,480
7249632.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,396
1,346
7249659.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
428
416
7249679.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,767
1,419
7249708.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,197
2,100
7249940.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
6,448
6,164
7250673.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
2,406
2,306
7250948.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
1,610
1,552
7250987.SQ.FTS.B,
Zero
Cpn,
5/22/25
...
13,421
12,588
7251278.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
9,606
9,133
7251383.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
34,745
31,137
7251668.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
20,030
19,092
7251866.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
1,079
1,036
7251878.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
1,836
1,743
7251900.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
3,579
3,413
7251941.SQ.FTS.B,
Zero
Cpn,
5/23/25
...
13,081
11,837
7252092.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
4,236
4,066
7252317.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
15,376
14,699
7252834.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
4,847
4,391
7253046.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
5,931
5,694
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)
7253237.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
$
1,629
$
1,376
7253390.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
5,903
5,341
7253723.SQ.FTS.B,
Zero
Cpn,
5/24/25
...
21,047
20,177
7254492.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
10,237
9,687
7254592.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
9,315
8,928
7254645.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,857
1,780
7254658.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
10,977
10,509
7254743.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
5,681
5,431
7254768.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
4,706
4,510
7254815.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
36,980
35,611
7255101.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
5,425
5,198
7255142.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,250
2,177
7255173.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
18,296
17,588
7255351.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
3,859
3,724
7255383.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
9,548
9,159
7255517.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
816
778
7255527.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
7,514
7,085
7255605.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,355
1,288
7255633.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,983
1,896
7255652.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
37,245
35,123
7255996.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,663
2,551
7256022.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
2,318
2,203
7256038.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
5,498
5,263
7256089.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
3,602
3,384
7256122.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,620
1,553
7256140.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
1,449
1,390
7256160.SQ.FTS.B,
Zero
Cpn,
5/25/25
...
3,849
3,648
7256206.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
13,909
13,331
7256358.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
7,565
7,246
7256449.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
2,999
2,883
7256482.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
8,070
7,734
7256570.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
13,260
12,300
7256670.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
5,028
4,830
7256711.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
3,226
2,809
7256732.SQ.FTS.B,
Zero
Cpn,
5/26/25
...
30,632
28,420
7257483.SQ.FTS.B,
Zero
Cpn,
5/27/25
...
1,400
1,344
7260903.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
2,866
2,726
7260963.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,537
1,464
7260989.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
8,402
8,048
7261056.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
6,473
6,111
7261103.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
8,781
8,421
7261245.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
50,908
48,679
7262220.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
4,363
4,101
7262283.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
2,747
2,590
7262313.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,799
3,645
7262347.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
12,445
11,933
7262532.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,825
2,760
7262602.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
1,666
1,270
7262611.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
23,962
22,925
7262803.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
8,187
7,853
7262884.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,532
3,377
7262936.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
34,799
33,273
7263218.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
6,486
6,207
7263317.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
9,564
8,350
7263375.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
2,234
2,009
7263388.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,635
3,477
7263397.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
272
264
7263402.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
3,314
3,117
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7263441.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
$
1,441
$
1,352
7263459.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
724
697
7263547.SQ.FTS.B,
Zero
Cpn,
5/28/25
...
711
682
7264204.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
97,886
92,076
7266110.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
6,083
5,829
7266191.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
59,139
54,906
7266972.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
26,125
24,245
7267344.SQ.FTS.B,
Zero
Cpn,
5/29/25
...
34,939
33,386
7269885.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
3,107
2,961
7269992.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
8,869
8,440
7270192.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
243
234
7270194.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
3,483
3,049
7270275.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
1,585
1,536
7270377.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
5,950
5,696
7270870.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
4,605
4,417
7271021.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
4,608
4,355
7271171.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
76,352
73,346
7273383.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
23,229
21,558
7273743.SQ.FTS.B,
Zero
Cpn,
5/30/25
...
47,266
45,166
7273846.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
14,396
13,801
7274252.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
8,332
7,971
7274465.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
10,830
10,325
7274698.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
7,521
7,186
7274898.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,880
1,828
7274943.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
20,546
18,672
7275433.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,820
1,752
7275495.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
2,218
2,132
7275566.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,231
1,192
7275604.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
2,142
1,930
7275636.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
29,733
28,390
7276248.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
1,088
890
7276262.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
2,725
2,279
7276341.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
2,618
2,505
7276424.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
991
969
7276481.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
23,412
22,248
7276963.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
2,444
2,232
7277031.SQ.FTS.B,
Zero
Cpn,
6/01/25
...
43,275
37,918
7277474.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
36,781
35,305
7278047.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
13,223
12,660
7278294.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
10,725
10,082
7278441.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,103
1,043
7278460.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
1,085
796
7278476.SQ.FTS.B,
Zero
Cpn,
6/02/25
...
2,913
2,790
7278522.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
9,624
9,125
7278670.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
2,517
2,414
7278714.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
10,346
9,904
7278877.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
1,293
1,229
7278898.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
25,251
24,360
7279324.SQ.FTS.B,
Zero
Cpn,
6/03/25
...
19,077
18,246
7279999.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
795
747
7280027.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
5,039
4,553
7280108.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,471
2,368
7280198.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
7,431
7,125
7280563.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
8,270
7,909
7280873.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
7,066
6,812
7281092.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
4,285
4,107
7281210.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
996
840
7281251.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,014
1,886
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)
7281325.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
$
4,748
$
4,550
7281461.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
4,729
4,526
7281601.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,132
1,023
7281616.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,242
2,147
7281682.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,530
2,223
7281730.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
12,282
11,740
7282017.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
12,013
11,274
7282209.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,149
2,083
7282281.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,475
1,421
7282307.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
8,075
7,761
7282449.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
3,434
3,295
7282527.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
2,770
2,651
7282583.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
3,523
3,386
7282644.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
10,886
10,411
7282811.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
911
832
7282827.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
7,599
7,285
7282931.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
29,149
27,873
7283495.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
10,464
9,966
7283733.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
7,188
6,896
7283897.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
1,186
1,140
7283925.SQ.FTS.B,
Zero
Cpn,
6/04/25
...
9,675
9,192
7284030.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,930
2,578
7284096.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
4,631
4,435
7284167.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,749
2,626
7284208.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
19,246
18,440
7284570.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
4,477
4,272
7284674.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,117
1,819
7284693.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,745
1,679
7284728.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
14,569
13,800
7285190.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,814
2,648
7285259.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,095
4,845
7285398.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,989
2,342
7285451.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,323
5,090
7285629.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
12,372
11,645
7285822.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
9,673
9,256
7286088.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
17,382
16,354
7286282.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
14,366
13,814
7286447.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,925
1,857
7286463.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,258
1,205
7286488.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
595
578
7286507.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
7,637
7,328
7286647.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,686
2,580
7286703.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,186
1,147
7286725.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,084
4,868
7286762.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
8,557
8,128
7286913.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,509
5,286
7286986.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,568
5,319
7287069.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
3,414
3,270
7287144.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
2,705
2,541
7287176.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
5,152
4,950
7287258.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
10,019
9,433
7287515.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
7,417
7,046
7287612.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
6,119
5,887
7287697.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
1,803
1,730
7287732.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
666
628
7287743.SQ.FTS.B,
Zero
Cpn,
6/05/25
...
9,181
8,779
7287778.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
25,230
24,070
7288380.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
18,364
17,610
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7288914.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
$
6,023
$
5,825
7289082.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,042
5,511
7289183.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
3,696
3,466
7289261.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,309
1,265
7289284.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,123
3,691
7289340.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,609
6,261
7289438.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
1,246
1,057
7289452.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,304
5,553
7289552.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,002
3,857
7289611.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
17,013
16,388
7290000.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
3,267
3,130
7290036.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
848
812
7290056.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
6,442
5,833
7290226.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
3,369
3,240
7290355.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
24,297
23,306
7290751.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
20,633
18,166
7290996.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
5,579
5,338
7291065.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
430
415
7291081.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
4,744
4,535
7291187.SQ.FTS.B,
Zero
Cpn,
6/06/25
...
13,999
13,486
7293655.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
53,613
51,443
7295261.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
31,482
30,175
7295844.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
5,618
5,375
7296022.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
55,923
53,215
7296992.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
33,611
32,215
7297530.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
3,601
3,468
7297629.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,301
1,257
7297679.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
5,198
4,975
7297771.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
1,117
1,054
7297795.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
2,875
2,749
7297843.SQ.FTS.B,
Zero
Cpn,
6/07/25
...
7,479
7,134
7297949.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
1,437
1,374
7298021.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
21,502
19,995
7298599.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
14,227
13,630
7299088.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
1,954
1,893
7299136.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
1,211
1,164
7299156.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
9,012
8,615
7299361.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
5,705
5,472
7299515.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
882
842
7299522.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
8,580
8,158
7299621.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
51,550
48,496
7300176.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
4,187
4,000
7300245.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
4,723
4,506
7300300.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
6,619
6,318
7300403.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
16,725
15,684
7300620.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
43,513
41,291
7301398.SQ.FTS.B,
Zero
Cpn,
6/08/25
...
12,588
11,802
7301560.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,027
1,938
7301596.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,143
1,099
7301606.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
32,205
30,888
7301990.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
970
931
7302007.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,637
2,524
7302047.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
2,978
2,868
7302110.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
17,876
14,904
7302332.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
1,510
1,422
7302355.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
4,596
4,399
7302439.SQ.FTS.B,
Zero
Cpn,
6/09/25
...
20,348
19,008
7302709.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
15,426
14,813
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)
7303428.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
$
5,611
$
5,361
7303522.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
900
862
7303540.SQ.FTS.B,
Zero
Cpn,
6/10/25
...
4,818
4,645
7303671.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
25,462
24,336
7305005.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
11,089
10,606
7305358.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
7,605
7,205
7305520.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
5,559
5,177
7305662.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
8,773
8,370
7305898.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
6,771
6,155
7305963.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
10,118
9,563
7306193.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
529
506
7306246.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
10,454
9,816
7306482.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
14,495
13,850
7306689.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
7,152
6,853
7306789.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
40,472
38,435
7307407.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
925
887
7307445.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
2,907
2,778
7307517.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
1,602
1,536
7307570.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
21,842
21,056
7308019.SQ.FTS.B,
Zero
Cpn,
6/11/25
...
4,579
4,378
7308082.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
6,224
5,911
7308238.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,381
1,920
7308292.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
3,146
3,044
7308360.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
26,266
24,890
7308914.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
12,210
11,700
7309358.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
1,593
1,472
7309391.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
7,717
7,406
7309560.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
5,605
5,277
7309692.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
17,069
16,339
7309945.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,434
2,302
7311219.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
8,210
7,779
7312994.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
2,895
2,769
7313057.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
764
706
7313069.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
82,776
79,273
7314146.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
7,290
6,979
7314233.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
9,182
8,772
7314341.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
4,017
3,831
7314424.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
7,587
7,263
7314543.SQ.FTS.B,
Zero
Cpn,
6/12/25
...
11,287
10,801
7314655.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
907
871
7314697.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,807
3,602
7314770.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
76,788
73,550
7316192.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,845
1,745
7316232.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
26,246
25,293
7316689.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
6,870
6,582
7316730.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
7,769
7,419
7316842.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
5,041
4,455
7316881.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
5,008
4,782
7316934.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,457
2,354
7316965.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
51,553
49,582
7317647.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,956
1,868
7317681.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
15,401
14,399
7317927.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,733
1,643
7317981.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
2,071
1,943
7318018.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
6,392
5,729
7318107.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
1,017
959
7318115.SQ.FTS.B,
Zero
Cpn,
6/13/25
...
3,847
3,647
7320321.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
631
582
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7320378.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
$
29,142
$
27,860
7321061.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,586
5,845
7321193.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
4,763
4,560
7321334.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,001
958
7321344.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
4,003
3,814
7321422.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
2,480
2,274
7321557.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,941
6,631
7321731.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,533
3,374
7321802.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
54,379
50,703
7322629.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
24,922
23,856
7322995.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
7,785
7,448
7323102.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,911
1,810
7323185.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,619
1,365
7323227.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,913
3,763
7323332.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
7,521
6,746
7323484.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
2,520
2,379
7323529.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
12,677
12,152
7323669.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,398
1,310
7323686.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,083
2,949
7323718.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
5,813
5,542
7323794.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,974
1,882
7323847.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
2,336
2,226
7323876.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
1,411
1,351
7323905.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,789
6,489
7324071.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
2,243
2,147
7324084.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
6,050
5,796
7324205.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
3,145
3,040
7324318.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
2,077
1,814
7324341.SQ.FTS.B,
Zero
Cpn,
6/14/25
...
22,228
21,287
7324497.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,716
3,137
7324584.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
12,555
12,001
7324852.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,850
1,753
7324925.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
2,118
2,037
7324969.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,763
3,574
7325059.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,822
1,756
7325114.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,920
1,830
7325161.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
10,946
10,464
7325539.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
16,301
15,191
7325882.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,985
1,896
7325926.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
9,153
8,606
7326083.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
9,122
8,787
7326209.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,640
1,555
7326230.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
645
624
7326254.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
9,770
9,371
7326332.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
4,697
4,281
7326356.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
8,536
8,166
7326444.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
5,657
4,873
7326520.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
2,033
1,920
7326550.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
828
795
7326588.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
8,047
7,554
7326771.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,118
1,058
7326822.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
21,897
20,783
7327074.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
12,160
11,624
7327281.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
9,031
8,641
7327383.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,713
1,636
7327448.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,168
2,901
7327571.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
13,155
12,534
7327754.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
3,045
2,917
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)
7327783.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
$
655
$
627
7327791.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
13,488
11,970
7327950.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
2,537
2,415
7327992.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
394
384
7328003.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
654
631
7328018.SQ.FTS.B,
Zero
Cpn,
6/15/25
...
1,745
1,662
7328062.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
2,721
2,598
7328109.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
13,286
12,801
7328411.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
717
686
7328426.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
17,448
15,674
7328698.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
2,983
2,427
7328753.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
4,604
4,406
7328811.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
2,297
2,197
7328849.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
1,448
1,387
7328881.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
2,255
2,135
7328914.SQ.FTS.B,
Zero
Cpn,
6/16/25
...
14,295
12,844
7329210.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
5,258
4,457
7329282.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
1,638
1,535
7329306.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
15,120
14,459
7329555.SQ.FTS.B,
Zero
Cpn,
6/17/25
...
29,082
27,754
7330422.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
2,177
1,805
7330449.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
7,349
7,053
7330680.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
4,873
4,584
7330937.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
8,370
8,008
7331383.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
6,677
6,360
7331562.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
43,563
41,531
7332515.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,486
5,249
7332594.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
3,480
3,361
7332668.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,421
5,192
7332792.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
9,171
8,826
7332947.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
18,718
17,825
7333297.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
22,591
21,625
7333816.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
10,608
10,139
7334014.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
1,443
1,369
7334072.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
8,594
8,238
7334287.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
1,143
991
7334308.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,894
5,613
7334419.SQ.FTS.B,
Zero
Cpn,
6/18/25
...
5,169
4,895
7334457.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
12,568
11,539
7334642.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
7,823
7,487
7334782.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,799
1,733
7334836.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,738
2,637
7334863.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,912
2,728
7334894.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
9,415
8,989
7335081.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
7,325
6,871
7335235.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
10,478
9,865
7335488.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
18,945
17,069
7335932.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
16,827
16,124
7336119.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
6,239
5,908
7336185.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,628
1,331
7336202.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
6,136
5,858
7336277.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
23,823
21,768
7336524.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
525
503
7336528.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
560
542
7336535.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
3,694
3,502
7336581.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
57,818
53,980
7337052.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,093
1,039
7337065.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
10,819
10,301
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7337190.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
$
8,795
$
8,406
7337286.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,733
2,645
7337363.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
5,076
4,573
7337431.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
8,578
8,035
7337552.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
2,130
1,674
7337601.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
6,504
6,210
7337995.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
1,551
1,398
7338036.SQ.FTS.B,
Zero
Cpn,
6/19/25
...
6,487
6,158
7338332.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,609
1,547
7338381.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
7,282
6,921
7338503.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
28,825
27,507
7338883.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
13,086
12,399
7339042.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
4,625
4,419
7339137.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
6,499
6,124
7339223.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
4,946
4,716
7339287.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
3,897
3,722
7339443.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
13,500
12,888
7339620.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
22,574
21,615
7339866.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,661
1,365
7339897.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
8,113
7,734
7339982.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
25,266
24,131
7340173.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
7,701
7,322
7340248.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
68,357
65,389
7340757.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
610
593
7340770.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
6,350
5,997
7340806.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
10,194
9,580
7340921.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
1,697
1,609
7341076.SQ.FTS.B,
Zero
Cpn,
6/20/25
...
815
711
7344575.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
6,827
6,013
7344639.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
4,029
3,837
7344708.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,448
1,342
7344721.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
1,994
1,895
7344752.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
2,564
2,455
7344795.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
725
597
7344800.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
10,413
9,939
7344960.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
36,891
35,230
7345521.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
4,875
4,630
7345565.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
15,056
14,370
7345737.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
5,220
4,940
7345805.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
17,201
15,781
7346022.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
30,497
29,207
7346393.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
62,612
58,839
7347421.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
5,025
4,797
7347471.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
2,763
2,638
7347498.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
22,285
21,021
7347687.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
2,281
2,134
7347743.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
3,779
3,604
7347948.SQ.FTS.B,
Zero
Cpn,
6/21/25
...
789
741
7348173.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
9,977
9,478
7348282.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
5,047
4,819
7348393.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
3,600
3,441
7348471.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,063
976
7348483.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,743
1,683
7348505.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,006
955
7348520.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
1,680
1,600
7348531.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
957
924
7348542.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
11,334
10,894
7348744.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
3,503
3,207
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)
7348796.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
$
11,117
$
10,545
7348949.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
30,182
27,760
7349430.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
37,054
35,335
7350262.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
3,716
3,544
7350353.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
35,787
34,201
7350929.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
8,058
7,552
7351089.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
26,846
25,705
7351482.SQ.FTS.B,
Zero
Cpn,
6/22/25
...
7,345
7,014
7351559.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
20,463
19,567
7351781.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
2,017
1,948
7351808.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
5,130
4,722
7351844.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
4,859
4,674
7351896.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
2,967
2,831
7351914.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
8,887
7,621
7351981.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
20,998
20,057
7352166.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
27,268
25,700
7352402.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
5,171
4,952
7352437.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
1,652
1,480
7352449.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
5,189
4,947
7352490.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
2,651
2,483
7352520.SQ.FTS.B,
Zero
Cpn,
6/23/25
...
15,456
14,724
7352633.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
947
910
7352656.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
12,478
11,928
7352769.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
8,222
7,872
7352850.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
15,134
13,279
7352997.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
8,976
8,232
7353063.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
16,935
16,108
7353193.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
1,791
1,677
7353212.SQ.FTS.B,
Zero
Cpn,
6/24/25
...
25,914
24,761
7353475.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,219
1,162
7353495.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
449
434
7353502.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
5,410
5,195
7353548.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,441
1,375
7353560.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
16,629
15,895
7353648.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
17,151
16,305
7353721.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
1,904
1,829
7353746.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
2,693
2,581
7353765.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
14,503
13,838
7353901.SQ.FTS.B,
Zero
Cpn,
6/25/25
...
4,761
4,469
7358628.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
17,741
16,730
7358898.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
2,854
2,705
7358948.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,908
1,816
7358976.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
3,536
3,406
7359006.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
5,908
5,329
7359145.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
7,730
7,392
7359262.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
18,091
17,288
7359642.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
2,621
2,517
7359660.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
4,047
3,859
7359726.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
761
612
7359736.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,852
1,748
7359785.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
8,463
8,097
7359929.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,304
1,247
7359939.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
7,656
7,025
7360007.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
54,718
50,234
7360294.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
9,249
8,853
7360326.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
8,736
8,239
7360375.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
12,521
11,995
7360511.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,076
1,038
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7360523.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
$
4,371
$
4,166
7360585.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
3,569
3,403
7360618.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
7,160
6,866
7360672.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,239
1,190
7360681.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
18,118
17,256
7360839.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
10,498
10,078
7360937.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
8,214
7,746
7361030.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,674
1,586
7361055.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,907
1,614
7361091.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,595
1,514
7361104.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
2,334
2,204
7361154.SQ.FTS.B,
Zero
Cpn,
6/27/25
...
1,803
1,714
7363977.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
9,200
8,565
7364111.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
1,119
1,024
7364129.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
9,482
8,698
7364293.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
6,790
6,164
7364420.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
1,407
1,304
7364449.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
12,947
12,025
7364817.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
10,359
9,590
7365009.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
20,265
18,905
7365309.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
10,617
9,956
7365538.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
92,733
86,992
7366833.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
8,331
7,782
7366982.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
13,572
12,629
7367226.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
8,853
8,239
7367371.SQ.FTS.B,
Zero
Cpn,
6/28/25
...
20,757
19,254
7367413.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
51,533
47,522
7368831.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
27,461
25,269
7369711.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
3,067
2,843
7369800.SQ.FTS.B,
Zero
Cpn,
6/29/25
...
27,912
26,158
7370367.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
2,787
2,579
7370400.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
5,832
5,399
7370462.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
968
890
7370470.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
5,942
5,570
7370525.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,845
1,711
7370544.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,655
4,366
7370602.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
3,279
3,023
7370647.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,527
4,157
7370708.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
15,555
14,481
7370851.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,618
1,492
7370870.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,116
3,811
7370924.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,074
3,721
7370975.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,211
1,108
7370989.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,622
1,485
7371011.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
29,523
27,675
7371485.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
9,342
8,753
7371597.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
5,164
4,841
7371670.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
1,301
1,189
7371685.SQ.FTS.B,
Zero
Cpn,
6/30/25
...
4,633
4,261
7371780.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
15,298
14,213
7372008.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
28,956
26,701
7372379.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
5,610
5,133
7372444.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
1,154
1,058
7372462.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
540
500
7372474.SQ.FTS.B,
Zero
Cpn,
7/01/25
...
11,829
11,088
7372865.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
4,154
3,894
7372921.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
3,221
3,008
7373064.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
15,179
14,089
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)
7373550.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
$
18,614
$
17,120
7373931.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
4,967
4,592
7374020.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
25,277
23,016
7374448.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
2,125
1,946
7374495.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
5,029
4,615
7374555.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
12,620
11,447
7374704.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
859
796
7374724.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
4,389
4,110
7374784.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
8,577
7,851
7374871.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
13,340
12,511
7375076.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
6,857
6,368
7375135.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
42,200
39,558
7375825.SQ.FTS.B,
Zero
Cpn,
7/02/25
...
21,372
19,892
7375989.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,547
5,202
7376071.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
81,182
75,329
7377407.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
6,855
6,399
7377517.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
19,095
17,898
7377722.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
7,253
6,754
7377777.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,593
5,131
7377813.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
6,285
5,806
7377862.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
26,428
24,513
7378108.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,630
5,198
7378181.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,360
1,236
7378223.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
5,266
4,918
7378280.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
7,052
6,498
7378426.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
12,251
11,047
7378749.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
3,117
2,849
7378815.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
4,516
4,203
7378895.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,459
1,339
7378926.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
3,122
2,888
7378967.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
1,681
1,546
7378990.SQ.FTS.B,
Zero
Cpn,
7/03/25
...
23,909
22,179
7380831.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
5,397
4,992
7380963.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
19,102
17,763
7381271.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
2,818
2,603
7381311.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
2,141
2,007
7381360.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
7,463
6,893
7381648.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
8,447
7,809
7381820.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
20,903
19,345
7382189.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
4,304
4,007
7382281.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
3,980
3,626
7382370.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
6,527
5,994
7382495.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
8,578
7,890
7382710.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
35,940
33,551
7383268.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
6,653
6,147
7383406.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
7,132
6,605
7383554.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
597
529
7383572.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
1,686
1,562
7383605.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
10,213
9,438
7383805.SQ.FTS.B,
Zero
Cpn,
7/04/25
...
14,225
13,332
7384004.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
14,892
13,957
7384289.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,599
1,479
7384304.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
18,110
16,969
7384693.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
21,848
20,322
7385233.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
8,891
8,332
7385373.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
6,929
6,448
7385492.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
13,677
12,676
7385748.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
24,795
23,084
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7386022.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
$
34,476
$
31,923
7386499.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
3,819
3,506
7386559.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,232
1,138
7386573.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
1,033
954
7386585.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
11,792
10,789
7386849.SQ.FTS.B,
Zero
Cpn,
7/05/25
...
3,753
3,471
7386935.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
7,778
7,260
7387029.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
47,626
44,042
7387509.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
1,534
1,418
7387529.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
2,170
2,014
7387553.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
788
722
7387561.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
1,473
1,373
7387580.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
4,591
4,301
7387649.SQ.FTS.B,
Zero
Cpn,
7/06/25
...
4,838
4,470
7387711.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
4,700
4,343
7387772.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
5,788
5,382
7387836.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
21,467
19,868
7388095.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
3,230
2,957
7388134.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
3,702
3,467
7388169.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
9,813
9,195
7388283.SQ.FTS.B,
Zero
Cpn,
7/07/25
...
9,501
8,836
7388607.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,229
1,132
7388616.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
963
895
7388638.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,040
1,892
7388706.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
8,525
7,986
7389022.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
5,352
5,012
7389300.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
3,141
2,942
7389384.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,709
2,502
7389412.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,228
1,121
7389427.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
26,967
25,164
7389892.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
8,480
7,887
7389966.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
2,364
2,203
7389992.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
11,331
10,607
7390095.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
68,988
63,803
7390869.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,100
1,023
7390910.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
20,530
19,044
7391147.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
1,494
1,371
7391169.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
4,848
4,479
7391230.SQ.FTS.B,
Zero
Cpn,
7/08/25
...
24,724
22,977
7391591.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
3,754
3,480
7391674.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
52,580
48,886
7392524.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
3,829
3,561
7392590.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,283
1,184
7392643.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
35,914
33,647
7393197.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,812
1,682
7393217.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
5,422
5,053
7393274.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
58,688
53,880
7393901.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
28,804
26,775
7394207.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
12,993
12,083
7394356.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
2,740
2,557
7394392.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
1,970
1,824
7394416.SQ.FTS.B,
Zero
Cpn,
7/09/25
...
55,000
51,537
7394534.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
22,220
20,400
7394898.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
65,050
60,924
7396014.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
6,084
5,676
7396053.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
2,608
2,392
7396077.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
17,801
16,283
7396292.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
6,651
5,968
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)
Block,
Inc.
(continued)
7396381.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
$
3,559
$
3,227
7396503.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
11,690
10,952
7396685.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
3,705
3,446
7396713.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
16,627
15,261
7397020.SQ.FTS.B,
Zero
Cpn,
7/10/25
...
28,822
26,602
7400533.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
2,902
2,663
7400596.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
6,862
6,382
7400645.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
14,363
13,301
7400926.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
6,521
6,060
7401076.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
6,961
6,371
7401244.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
3,013
2,766
7401342.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
31,227
28,878
7401939.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
922
840
7401951.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
2,664
2,477
7401994.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
3,283
3,045
7402047.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
6,918
6,377
7402121.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
20,171
18,659
7402633.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
2,318
2,162
7402674.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
1,063
991
7402695.SQ.FTS.B,
Zero
Cpn,
7/11/25
...
37,047
34,150
7403592.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
56,938
53,084
7405039.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
30,163
27,953
7405415.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
3,713
3,407
7405479.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
22,709
21,106
7405769.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
7,309
6,818
7405917.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
4,524
4,220
7405972.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,381
1,268
7406031.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
1,635
1,528
7406048.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
6,906
6,357
7406178.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
11,251
10,325
7406336.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
6,057
5,671
7406454.SQ.FTS.B,
Zero
Cpn,
7/12/25
...
3,435
3,184
7406483.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
30,806
28,622
7406743.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
17,655
16,462
7406962.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
1,274
1,175
7406973.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
12,715
11,719
7407123.SQ.FTS.B,
Zero
Cpn,
7/13/25
...
3,658
3,394
7407169.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
6,148
5,673
7407233.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
19,186
17,493
7407465.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
8,522
7,902
7407550.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
8,846
8,196
7407655.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
684
606
7407666.SQ.FTS.B,
Zero
Cpn,
7/14/25
...
15,564
14,567
7407843.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
2,555
2,366
7407876.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
2,581
2,387
7407904.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
1,621
1,488
7407928.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
3,614
3,383
7407981.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
1,041
972
7407995.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
18,404
17,112
7408201.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
5,220
4,810
7408260.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
1,244
1,151
7408278.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
3,177
2,961
7408312.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
12,613
11,622
7408443.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
9,219
8,515
7408510.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
29,784
27,877
7408844.SQ.FTS.B,
Zero
Cpn,
7/15/25
...
15,130
13,962
7409138.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
1,518
1,406
7409173.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
6,603
6,182
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7409375.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
$
9,785
$
9,062
7409703.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
4,434
4,120
7409774.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
40,141
37,416
7410279.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
48,015
44,934
7410754.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
29,498
27,402
7411132.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
3,372
3,109
7411170.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
4,128
3,764
7411208.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
16,585
15,285
7411441.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
7,485
6,837
7411525.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
2,965
2,712
7411557.SQ.FTS.B,
Zero
Cpn,
7/16/25
...
10,384
9,593
7411657.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
1,950
1,745
7411741.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
1,064
979
7411762.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
6,610
6,069
7411864.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
5,105
4,723
7411951.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
6,058
5,547
7412123.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
10,824
9,924
7412344.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
696
648
7412366.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
29,652
27,755
7412972.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
56,034
51,908
7413602.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
44,007
40,543
7414145.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
12,588
11,779
7414309.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
3,713
3,415
7414391.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
943
872
7414407.SQ.FTS.B,
Zero
Cpn,
7/17/25
...
1,674
1,558
7416105.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
6,118
5,703
7416231.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
3,886
3,636
7416271.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
9,406
8,800
7416414.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
20,441
19,048
7417195.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,012
935
7417221.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
20,194
18,537
7417582.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
5,552
5,195
7417620.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,035
946
7417646.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
3,698
3,459
7417691.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
3,896
3,561
7417717.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
2,006
1,834
7417740.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
9,400
8,759
7417824.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
7,210
6,623
7417894.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,862
1,720
7417924.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
9,992
9,237
7418008.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
16,734
15,594
7418257.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
6,625
6,097
7418335.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
4,999
4,627
7418385.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,905
1,749
7418412.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
5,373
4,964
7418498.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
2,212
2,014
7418523.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
3,938
3,671
7418599.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
15,222
14,180
7418854.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
1,421
1,313
7418879.SQ.FTS.B,
Zero
Cpn,
7/18/25
...
43,353
39,892
7419238.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
16,564
15,319
7419611.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
5,798
5,309
7419723.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
10,258
9,595
7420028.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
2,110
1,959
7420137.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
3,103
2,892
7420356.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
3,584
3,288
7420456.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
19,522
18,263
7420767.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
76,384
71,185
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)
Block,
Inc.
(continued)
7422020.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
$
15,904
$
14,879
7422266.SQ.FTS.B,
Zero
Cpn,
7/19/25
...
62,064
56,754
7422446.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
1,583
1,458
7422475.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
6,738
6,304
7422537.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
2,899
2,654
7422558.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
15,753
14,679
7422721.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
11,805
10,832
7422868.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
5,919
5,464
7422940.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
5,430
4,984
7423008.SQ.FTS.B,
Zero
Cpn,
7/20/25
...
16,874
15,626
7423211.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
10,026
9,239
7423319.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
3,212
2,975
7423358.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
3,043
2,825
7423387.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
2,425
2,239
7423408.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
10,076
9,288
7423511.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
2,808
2,617
7423552.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
3,587
3,318
7423616.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
10,798
10,026
7423763.SQ.FTS.B,
Zero
Cpn,
7/21/25
...
9,565
8,947
7424195.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
5,644
5,281
7424453.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
4,087
3,819
7424605.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
6,188
5,789
7424919.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
9,015
8,304
7425257.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
4,282
3,994
7425370.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,069
977
7425403.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
785
725
7425410.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,090
1,006
7425417.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
8,994
8,349
7425547.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
1,447
1,354
7425587.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
45,469
41,470
7426171.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
3,215
2,941
7426220.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
3,471
3,136
7426279.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
4,797
4,419
7426371.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
568
530
7426378.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
10,333
9,520
7426532.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
8,710
8,148
7426644.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
4,353
4,024
7426731.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
565
523
7426750.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
2,583
2,392
7426798.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
11,498
10,620
7427031.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
3,774
3,456
7427054.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
6,844
6,357
7427156.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
5,498
5,060
7427253.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
2,525
2,343
7427280.SQ.FTS.B,
Zero
Cpn,
7/22/25
...
5,541
5,128
7427323.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,613
5,251
7427436.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
38,892
36,227
7428341.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
9,008
8,363
7428683.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
10,347
9,676
7428814.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
7,557
7,068
7428991.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,646
5,282
7429080.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
11,757
10,880
7429263.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
2,415
2,236
7429294.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
15,487
14,135
7429488.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
2,759
2,577
7429519.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
649
606
7429525.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
1,715
1,575
7429552.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,362
4,975
Description
Principal
Amount
Value
Block,
Inc.
(continued)
7429624.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
$
40,551
$
37,563
7430033.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
6,749
6,195
7430105.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
5,956
5,544
7430194.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
749
696
7430208.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
6,732
6,272
7430313.SQ.FTS.B,
Zero
Cpn,
7/23/25
...
12,744
11,874
7430504.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
69,652
65,118
7431885.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
45,284
41,931
7432399.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
2,057
1,889
7432425.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
19,657
18,382
7432576.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
3,109
2,864
7432611.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
2,626
2,398
7432633.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
21,475
19,703
7432878.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
3,189
2,928
7432936.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
5,375
4,990
7433029.SQ.FTS.B,
Zero
Cpn,
7/24/25
...
28,145
26,219
7435515.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
67,082
62,252
7437318.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,056
986
7437332.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
1,727
1,591
7437401.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
11,623
10,601
7437622.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
26,072
24,282
7438053.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
12,674
11,701
7438490.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
17,049
15,697
7438810.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
908
848
7438816.SQ.FTS.B,
Zero
Cpn,
7/25/25
...
13,746
12,725
7438896.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,108
2,884
7439007.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
2,247
2,078
7439022.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
30,894
28,767
7439796.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
14,459
13,464
7440177.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
30,512
28,412
7440704.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
46,792
43,573
7441382.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
2,487
2,321
7441417.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,952
3,626
7441508.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
3,800
3,499
7441625.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
33,244
30,957
7442052.SQ.FTS.B,
Zero
Cpn,
7/26/25
...
27,670
25,868
4578615.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
1,525
5
4580233.SQ.FTS.B,
Zero
Cpn,
4/01/33
...
536
3
4583983.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
3,383
37
4585288.SQ.FTS.B,
Zero
Cpn,
4/04/33
...
13,554
51
4587010.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
1,755
15
4588245.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
3,204
28
4589702.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
3,489
27
4590358.SQ.FTS.B,
Zero
Cpn,
4/05/33
...
226
2
4598182.SQ.FTS.B,
Zero
Cpn,
4/07/33
...
1,281
5
4602285.SQ.FTS.B,
Zero
Cpn,
4/08/33
...
31,712
229
4604615.SQ.FTS.B,
Zero
Cpn,
4/09/33
...
13,726
127
4604886.SQ.FTS.B,
Zero
Cpn,
4/10/33
...
2,273
19
4606179.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
10,364
37
4606335.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
2,103
12
4606464.SQ.FTS.B,
Zero
Cpn,
4/11/33
...
12,284
92
4609551.SQ.FTS.B,
Zero
Cpn,
4/12/33
...
5,454
27
4610443.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
10,147
125
4612920.SQ.FTS.B,
Zero
Cpn,
4/13/33
...
2,172
19
4622639.SQ.FTS.B,
Zero
Cpn,
4/15/33
...
3,183
20
4624403.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
646
2
4624869.SQ.FTS.B,
Zero
Cpn,
4/17/33
...
1,488
11
4626298.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
10,268
40
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)
Block,
Inc.
(continued)
4626514.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
$
2,949
$
16
4627586.SQ.FTS.B,
Zero
Cpn,
4/18/33
...
4,624
51
4629149.SQ.FTS.B,
Zero
Cpn,
4/19/33
...
6,425
90
4632596.SQ.FTS.B,
Zero
Cpn,
4/20/33
...
848
4
4635753.SQ.FTS.B,
Zero
Cpn,
4/21/33
...
11,156
105
4642502.SQ.FTS.B,
Zero
Cpn,
4/25/33
...
939
6
4643970.SQ.FTS.B,
Zero
Cpn,
4/26/33
...
2,081
22
4656958.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
3,103
43
4657373.SQ.FTS.B,
Zero
Cpn,
4/30/33
...
3,122
48
4661015.SQ.FTS.B,
Zero
Cpn,
5/01/33
...
2,307
25
4661890.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
2,289
24
4662184.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
2,428
17
4663096.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
27,120
314
4663916.SQ.FTS.B,
Zero
Cpn,
5/02/33
...
24,742
193
4665676.SQ.FTS.B,
Zero
Cpn,
5/03/33
...
4,628
55
4675799.SQ.FTS.B,
Zero
Cpn,
5/05/33
...
3,282
28
4677893.SQ.FTS.B,
Zero
Cpn,
5/06/33
...
2,173
28
4691756.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
7,269
67
4692191.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
9,113
162
4692982.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
430
2
4693423.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
10,280
129
4693941.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
8,872
47
4694140.SQ.FTS.B,
Zero
Cpn,
5/09/33
...
196
2
4701939.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
1,446
19
4706450.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
6,009
72
4706808.SQ.FTS.B,
Zero
Cpn,
5/10/33
...
5,406
51
4707248.SQ.FTS.B,
Zero
Cpn,
5/11/33
...
641
6
4711828.SQ.FTS.B,
Zero
Cpn,
5/12/33
...
3,618
22
4714060.SQ.FTS.B,
Zero
Cpn,
5/13/33
...
1,082
13
4714469.SQ.FTS.B,
Zero
Cpn,
5/14/33
...
828
8
4738688.SQ.FTS.B,
Zero
Cpn,
5/18/33
...
840
14
4747188.SQ.FTS.B,
Zero
Cpn,
5/19/33
...
553
6
4750103.SQ.FTS.B,
Zero
Cpn,
5/20/33
...
8,831
111
4750803.SQ.FTS.B,
Zero
Cpn,
5/21/33
...
3,382
36
4754132.SQ.FTS.B,
Zero
Cpn,
5/22/33
...
847
19
4764584.SQ.FTS.B,
Zero
Cpn,
5/23/33
...
523
7
4773604.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
9,605
143
4774144.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
1,718
28
4777853.SQ.FTS.B,
Zero
Cpn,
5/24/33
...
1,347
18
4779678.SQ.FTS.B,
Zero
Cpn,
5/25/33
...
1,362
32
4782528.SQ.FTS.B,
Zero
Cpn,
5/26/33
...
51
–
4789370.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
3,970
55
4790824.SQ.FTS.B,
Zero
Cpn,
5/29/33
...
3,330
32
4796651.SQ.FTS.B,
Zero
Cpn,
6/01/33
...
3,524
62
4807880.SQ.FTS.B,
Zero
Cpn,
6/02/33
...
19,752
146
4808500.SQ.FTS.B,
Zero
Cpn,
6/02/33
...
7,711
152
4815646.SQ.FTS.B,
Zero
Cpn,
6/05/33
...
5,300
137
4820091.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
1,630
32
4820553.SQ.FTS.B,
Zero
Cpn,
6/07/33
...
10,164
129
4821904.SQ.FTS.B,
Zero
Cpn,
6/08/33
...
796
13
4830931.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
70
1
4831001.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
847
11
4831110.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
962
14
4831269.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
612
9
4831653.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
2,099
27
4832548.SQ.FTS.B,
Zero
Cpn,
6/10/33
...
2,576
23
4833520.SQ.FTS.B,
Zero
Cpn,
6/11/33
...
2,675
53
4834162.SQ.FTS.B,
Zero
Cpn,
6/12/33
...
208
5
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4838333.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
$
750
$
10
4839102.SQ.FTS.B,
Zero
Cpn,
6/14/33
...
1,596
24
4841116.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
11,234
285
4842605.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
4,000
59
4842631.SQ.FTS.B,
Zero
Cpn,
6/15/33
...
5,776
90
4848622.SQ.FTS.B,
Zero
Cpn,
6/16/33
...
2,069
62
4862341.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
527
11
4862443.SQ.FTS.B,
Zero
Cpn,
6/18/33
...
7,578
153
4862938.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
691
14
4862998.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
1,298
24
4863062.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
3,882
70
4863238.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
2,993
67
4863412.SQ.FTS.B,
Zero
Cpn,
6/19/33
...
11,632
331
4867257.SQ.FTS.B,
Zero
Cpn,
6/20/33
...
607
6
4867843.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
493
9
4868757.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
3,219
62
4869815.SQ.FTS.B,
Zero
Cpn,
6/21/33
...
7,257
152
4871837.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
1,490
22
4872072.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
4,085
93
4873297.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
113
3
4873313.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
1,287
24
4873405.SQ.FTS.B,
Zero
Cpn,
6/22/33
...
5,886
147
4874157.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
3,873
89
4874535.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
977
18
4874544.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
551
17
4874845.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
3,811
121
4875940.SQ.FTS.B,
Zero
Cpn,
6/23/33
...
7,944
237
4877067.SQ.FTS.B,
Zero
Cpn,
6/24/33
...
1,174
11
4877254.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
1,462
41
4877394.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
4,239
132
4877534.SQ.FTS.B,
Zero
Cpn,
6/25/33
...
1,841
19
4878103.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
627
14
4878787.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
4,067
97
4879124.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
4,098
121
4879371.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
536
6
4879728.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
2,694
51
4879828.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
1,536
31
4880273.SQ.FTS.B,
Zero
Cpn,
6/27/33
...
32,499
778
4880840.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
2,226
31
4880881.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
274
4
4881595.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
1,106
36
4881625.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
1,074
14
4881632.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
5,202
130
4881933.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
502
11
4881967.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
816
18
4882127.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
35,043
871
4882630.SQ.FTS.B,
Zero
Cpn,
6/28/33
...
5,042
159
4886903.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
2,071
34
4886912.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
2,287
22
4889268.SQ.FTS.B,
Zero
Cpn,
6/30/33
...
524
11
4889574.SQ.FTS.B,
Zero
Cpn,
7/01/33
...
2,865
39
4893066.SQ.FTS.B,
Zero
Cpn,
7/04/33
...
3,265
34
4894101.SQ.FTS.B,
Zero
Cpn,
7/04/33
...
12,955
284
4896547.SQ.FTS.B,
Zero
Cpn,
7/05/33
...
4,712
104
4898852.SQ.FTS.B,
Zero
Cpn,
7/06/33
...
2,213
39
4899151.SQ.FTS.B,
Zero
Cpn,
7/06/33
...
3,147
69
4907364.SQ.FTS.B,
Zero
Cpn,
7/11/33
...
1,373
15
4908064.SQ.FTS.B,
Zero
Cpn,
7/11/33
...
16,814
522
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)
Block,
Inc.
(continued)
4916400.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
$
955
$
29
4916673.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
9,163
223
4922562.SQ.FTS.B,
Zero
Cpn,
7/14/33
...
6,112
188
4923493.SQ.FTS.B,
Zero
Cpn,
7/15/33
...
134
2
4925329.SQ.FTS.B,
Zero
Cpn,
7/18/33
...
1,389
17
4928876.SQ.FTS.B,
Zero
Cpn,
7/19/33
...
514
16
4930391.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
335
11
4931020.SQ.FTS.B,
Zero
Cpn,
7/20/33
...
10,152
311
4935511.SQ.FTS.B,
Zero
Cpn,
7/22/33
...
450
15
4941224.SQ.FTS.B,
Zero
Cpn,
7/25/33
...
4,401
101
4947272.SQ.FTS.B,
Zero
Cpn,
7/27/33
...
1,224
37
4954105.SQ.FTS.B,
Zero
Cpn,
7/28/33
...
2,531
90
4961597.SQ.FTS.B,
Zero
Cpn,
7/31/33
...
6,826
282
4964338.SQ.FTS.B,
Zero
Cpn,
8/01/33
...
1,028
22
4975322.SQ.FTS.B,
Zero
Cpn,
8/05/33
...
1,106
16
4976561.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
2,306
57
4977248.SQ.FTS.B,
Zero
Cpn,
8/07/33
...
23,393
839
4978982.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
8,763
470
4979694.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
7,423
110
4980976.SQ.FTS.B,
Zero
Cpn,
8/08/33
...
3,062
50
4981159.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
3,162
83
4983108.SQ.FTS.B,
Zero
Cpn,
8/09/33
...
419
11
4989442.SQ.FTS.B,
Zero
Cpn,
8/11/33
...
717
25
4990668.SQ.FTS.B,
Zero
Cpn,
8/12/33
...
1,655
48
4995431.SQ.FTS.B,
Zero
Cpn,
8/15/33
...
6,247
125
5004424.SQ.FTS.B,
Zero
Cpn,
8/16/33
...
1,829
47
5016072.SQ.FTS.B,
Zero
Cpn,
8/17/33
...
5,014
149
5023148.SQ.FTS.B,
Zero
Cpn,
8/18/33
...
708
42
5025752.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
6,406
111
5025882.SQ.FTS.B,
Zero
Cpn,
8/19/33
...
1,669
31
5027373.SQ.FTS.B,
Zero
Cpn,
8/21/33
...
8,844
158
5030831.SQ.FTS.B,
Zero
Cpn,
8/22/33
...
5,213
95
5031471.SQ.FTS.B,
Zero
Cpn,
8/22/33
...
5,258
236
5033148.SQ.FTS.B,
Zero
Cpn,
8/23/33
...
471
14
5035669.SQ.FTS.B,
Zero
Cpn,
8/23/33
...
3,399
63
5044258.SQ.FTS.B,
Zero
Cpn,
8/27/33
...
8,147
360
5044794.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
5,731
171
5045662.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
2,040
40
5047314.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
460
14
5047321.SQ.FTS.B,
Zero
Cpn,
8/28/33
...
5,110
109
5059326.SQ.FTS.B,
Zero
Cpn,
9/04/33
...
13,048
262
5062120.SQ.FTS.B,
Zero
Cpn,
9/05/33
...
888
41
5062340.SQ.FTS.B,
Zero
Cpn,
9/06/33
...
2,074
54
5062512.SQ.FTS.B,
Zero
Cpn,
9/06/33
...
3,648
152
5065404.SQ.FTS.B,
Zero
Cpn,
9/07/33
...
2,639
54
5065943.SQ.FTS.B,
Zero
Cpn,
9/07/33
...
43
2
5067242.SQ.FTS.B,
Zero
Cpn,
9/08/33
...
5,386
305
5067403.SQ.FTS.B,
Zero
Cpn,
9/08/33
...
2,045
60
5071139.SQ.FTS.B,
Zero
Cpn,
9/09/33
...
2,772
143
5072967.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
542
15
5074442.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
1,909
70
5075119.SQ.FTS.B,
Zero
Cpn,
9/10/33
...
1,106
75
5077583.SQ.FTS.B,
Zero
Cpn,
9/11/33
...
3,691
86
5080816.SQ.FTS.B,
Zero
Cpn,
9/14/33
...
996
61
5081612.SQ.FTS.B,
Zero
Cpn,
9/14/33
...
1,324
68
5084934.SQ.FTS.B,
Zero
Cpn,
9/16/33
...
33,929
1,921
5085858.SQ.FTS.B,
Zero
Cpn,
9/16/33
...
884
43
5090272.SQ.FTS.B,
Zero
Cpn,
9/17/33
...
4,187
142
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5093863.SQ.FTS.B,
Zero
Cpn,
9/19/33
...
$
9,864
$
379
5094427.SQ.FTS.B,
Zero
Cpn,
9/20/33
...
2,121
130
5095917.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
17,638
442
5096674.SQ.FTS.B,
Zero
Cpn,
9/21/33
...
13,763
324
5098275.SQ.FTS.B,
Zero
Cpn,
9/22/33
...
6,026
189
5100485.SQ.FTS.B,
Zero
Cpn,
9/23/33
...
4,264
104
5106538.SQ.FTS.B,
Zero
Cpn,
9/24/33
...
11,727
454
5107353.SQ.FTS.B,
Zero
Cpn,
9/24/33
...
1,383
80
5109145.SQ.FTS.B,
Zero
Cpn,
9/25/33
...
1,195
45
5110636.SQ.FTS.B,
Zero
Cpn,
9/26/33
...
1,142
82
5111024.SQ.FTS.B,
Zero
Cpn,
9/27/33
...
2,834
131
5112445.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
344
30
5112955.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
4,811
135
5113266.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
1,765
108
5114206.SQ.FTS.B,
Zero
Cpn,
9/28/33
...
573
36
5119131.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
2,793
157
5119221.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
2,448
150
5119608.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
2,249
194
5121651.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
467
47
5124518.SQ.FTS.B,
Zero
Cpn,
9/30/33
...
11,687
712
5126438.SQ.FTS.B,
Zero
Cpn,
10/01/33
..
22,782
1,330
5128413.SQ.FTS.B,
Zero
Cpn,
10/02/33
..
1,332
36
5131238.SQ.FTS.B,
Zero
Cpn,
10/04/33
..
1,320
89
5131669.SQ.FTS.B,
Zero
Cpn,
10/04/33
..
22,967
1,331
5132006.SQ.FTS.B,
Zero
Cpn,
10/04/33
..
790
42
5138072.SQ.FTS.B,
Zero
Cpn,
10/06/33
..
4,185
250
5141482.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
2,827
196
5142028.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
612
19
5142049.SQ.FTS.B,
Zero
Cpn,
10/07/33
..
537
43
5149269.SQ.FTS.B,
Zero
Cpn,
10/10/33
..
941
27
5150453.SQ.FTS.B,
Zero
Cpn,
10/11/33
..
102
9
5152767.SQ.FTS.B,
Zero
Cpn,
10/11/33
..
1,040
102
5152822.SQ.FTS.B,
Zero
Cpn,
10/11/33
..
12,149
836
5153369.SQ.FTS.B,
Zero
Cpn,
10/11/33
..
12,680
799
5153611.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
835
71
5153956.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
2,957
184
5154314.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
2,780
117
5154612.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
1,314
84
5157152.SQ.FTS.B,
Zero
Cpn,
10/12/33
..
4,186
330
5157821.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
4,950
372
5159258.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
819
80
5159356.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
3,358
283
5159643.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
1,281
89
5160236.SQ.FTS.B,
Zero
Cpn,
10/13/33
..
2,295
105
5162509.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
55,221
3,568
5163000.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
6,619
599
5165754.SQ.FTS.B,
Zero
Cpn,
10/14/33
..
1,218
40
5168750.SQ.FTS.B,
Zero
Cpn,
10/15/33
..
2,545
185
5170843.SQ.FTS.B,
Zero
Cpn,
10/15/33
..
14,553
1,425
5171656.SQ.FTS.B,
Zero
Cpn,
10/16/33
..
875
32
5172517.SQ.FTS.B,
Zero
Cpn,
10/17/33
..
3,231
152
5173148.SQ.FTS.B,
Zero
Cpn,
10/17/33
..
670
59
5175259.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
161
6
5175826.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
3,737
253
5176617.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
935
51
5176935.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
489
17
5177078.SQ.FTS.B,
Zero
Cpn,
10/18/33
..
519
39
5184366.SQ.FTS.B,
Zero
Cpn,
10/19/33
..
3,564
266
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)
Block,
Inc.
(continued)
5189604.SQ.FTS.B,
Zero
Cpn,
10/20/33
..
$
4,636
$
408
5203735.SQ.FTS.B,
Zero
Cpn,
10/21/33
..
6,108
577
5210519.SQ.FTS.B,
Zero
Cpn,
10/24/33
..
11,522
652
5223636.SQ.FTS.B,
Zero
Cpn,
10/27/33
..
2,509
234
5230330.SQ.FTS.B,
Zero
Cpn,
10/28/33
..
1,320
100
5230601.SQ.FTS.B,
Zero
Cpn,
10/28/33
..
5,805
531
5234006.SQ.FTS.B,
Zero
Cpn,
10/28/33
..
32,518
2,976
5238828.SQ.FTS.B,
Zero
Cpn,
10/29/33
..
19,166
1,510
5240481.SQ.FTS.B,
Zero
Cpn,
10/30/33
..
1,280
110
5240546.SQ.FTS.B,
Zero
Cpn,
10/30/33
..
1,371
48
5240561.SQ.FTS.B,
Zero
Cpn,
10/30/33
..
993
79
5240923.SQ.FTS.B,
Zero
Cpn,
11/01/33
..
7,658
278
5245023.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
1,235
95
5246421.SQ.FTS.B,
Zero
Cpn,
11/02/33
..
5,585
223
5251953.SQ.FTS.B,
Zero
Cpn,
11/04/33
..
1,860
67
5252966.SQ.FTS.B,
Zero
Cpn,
11/04/33
..
2,234
111
5256925.SQ.FTS.B,
Zero
Cpn,
11/04/33
..
12,694
1,490
5262837.SQ.FTS.B,
Zero
Cpn,
11/05/33
..
1,415
103
5267196.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
2,396
209
5267302.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
212
9
5270825.SQ.FTS.B,
Zero
Cpn,
11/06/33
..
4,533
212
5273714.SQ.FTS.B,
Zero
Cpn,
11/08/33
..
2,002
139
5276774.SQ.FTS.B,
Zero
Cpn,
11/09/33
..
3,264
270
5280986.SQ.FTS.B,
Zero
Cpn,
11/10/33
..
1,327
51
5284007.SQ.FTS.B,
Zero
Cpn,
11/11/33
..
1,049
137
5287039.SQ.FTS.B,
Zero
Cpn,
11/12/33
..
8,749
831
5287635.SQ.FTS.B,
Zero
Cpn,
11/12/33
..
80
7
5288567.SQ.FTS.B,
Zero
Cpn,
11/12/33
..
487
36
5288588.SQ.FTS.B,
Zero
Cpn,
11/12/33
..
54,775
3,321
5289917.SQ.FTS.B,
Zero
Cpn,
11/12/33
..
702
27
5292026.SQ.FTS.B,
Zero
Cpn,
11/13/33
..
5,106
436
5293907.SQ.FTS.B,
Zero
Cpn,
11/14/33
..
2,714
164
5293955.SQ.FTS.B,
Zero
Cpn,
11/14/33
..
5,278
480
5295255.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
1,890
85
5296246.SQ.FTS.B,
Zero
Cpn,
11/16/33
..
1,628
140
5300323.SQ.FTS.B,
Zero
Cpn,
11/17/33
..
1,387
85
5304517.SQ.FTS.B,
Zero
Cpn,
11/17/33
..
3,123
246
5307959.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
40
2
5311109.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
6,966
649
5312373.SQ.FTS.B,
Zero
Cpn,
11/18/33
..
721
72
5317481.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
593
42
5319057.SQ.FTS.B,
Zero
Cpn,
11/19/33
..
2,284
271
5324739.SQ.FTS.B,
Zero
Cpn,
11/21/33
..
1,705
138
5325009.SQ.FTS.B,
Zero
Cpn,
11/22/33
..
6,356
729
5325109.SQ.FTS.B,
Zero
Cpn,
11/22/33
..
3,741
158
5325953.SQ.FTS.B,
Zero
Cpn,
11/23/33
..
27,323
2,685
5331997.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
1,138
71
5332017.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
3,457
389
5332382.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
1,453
63
5333523.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
620
42
5333772.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
967
43
5334010.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
435
46
5334017.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
710
92
5334919.SQ.FTS.B,
Zero
Cpn,
11/24/33
..
1,216
76
5336258.SQ.FTS.B,
Zero
Cpn,
11/25/33
..
4,115
453
5337318.SQ.FTS.B,
Zero
Cpn,
11/25/33
..
1,470
218
5338841.SQ.FTS.B,
Zero
Cpn,
11/25/33
..
82
10
5364437.SQ.FTS.B,
Zero
Cpn,
11/26/33
..
3,723
420
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5364900.SQ.FTS.B,
Zero
Cpn,
11/26/33
..
$
1,391
$
64
5365379.SQ.FTS.B,
Zero
Cpn,
11/26/33
..
768
100
5369148.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
969
145
5377413.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
944
46
5377620.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
13,408
1,447
5378585.SQ.FTS.B,
Zero
Cpn,
11/27/33
..
392
20
5382984.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
152
25
5393796.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
696
34
5397535.SQ.FTS.B,
Zero
Cpn,
11/30/33
..
5,543
579
5408127.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
1,021
96
5409973.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
149
18
5411388.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
563
45
5412456.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
187
16
5412734.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
8,127
855
5413423.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
2,550
296
5415130.SQ.FTS.B,
Zero
Cpn,
12/01/33
..
569
48
5447961.SQ.FTS.B,
Zero
Cpn,
12/02/33
..
697
85
5456242.SQ.FTS.B,
Zero
Cpn,
12/03/33
..
872
117
5467355.SQ.FTS.B,
Zero
Cpn,
12/03/33
..
197
24
5471641.SQ.FTS.B,
Zero
Cpn,
12/03/33
..
91
11
5472760.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
3,648
490
5472855.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
120
10
5473041.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
962
93
5473353.SQ.FTS.B,
Zero
Cpn,
12/04/33
..
459
63
5475686.SQ.FTS.B,
Zero
Cpn,
12/06/33
..
2,736
282
5479438.SQ.FTS.B,
Zero
Cpn,
12/06/33
..
631
61
5480752.SQ.FTS.B,
Zero
Cpn,
12/06/33
..
3,098
330
5505930.SQ.FTS.B,
Zero
Cpn,
12/07/33
..
1,048
83
5506828.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
1,085
204
5507000.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
38,614
4,263
5515187.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
4,692
621
5516154.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
12,489
1,353
5518310.SQ.FTS.B,
Zero
Cpn,
12/08/33
..
390
24
5531950.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
482
76
5533995.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
1,219
231
5534121.SQ.FTS.B,
Zero
Cpn,
12/09/33
..
5,159
423
5534689.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
12,384
1,199
5535547.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
4,404
495
5537728.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
2,668
205
5537817.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
798
38
5537953.SQ.FTS.B,
Zero
Cpn,
12/10/33
..
4,030
194
5539822.SQ.FTS.B,
Zero
Cpn,
12/11/33
..
953
150
5539948.SQ.FTS.B,
Zero
Cpn,
12/11/33
..
1,314
153
5541044.SQ.FTS.B,
Zero
Cpn,
12/12/33
..
121
24
5541083.SQ.FTS.B,
Zero
Cpn,
12/12/33
..
114
9
5541094.SQ.FTS.B,
Zero
Cpn,
12/12/33
..
5,085
595
5542444.SQ.FTS.B,
Zero
Cpn,
12/13/33
..
137
21
5542667.SQ.FTS.B,
Zero
Cpn,
12/13/33
..
572
32
5546515.SQ.FTS.B,
Zero
Cpn,
12/13/33
..
2,064
251
5547946.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
1,134
125
5547986.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
627
65
5552344.SQ.FTS.B,
Zero
Cpn,
12/14/33
..
1,674
191
5554641.SQ.FTS.B,
Zero
Cpn,
12/15/33
..
62,255
7,355
5556129.SQ.FTS.B,
Zero
Cpn,
12/15/33
..
222
34
5556696.SQ.FTS.B,
Zero
Cpn,
12/15/33
..
5,553
741
5562047.SQ.FTS.B,
Zero
Cpn,
12/16/33
..
3,095
202
5563038.SQ.FTS.B,
Zero
Cpn,
12/16/33
..
4,772
250
5564628.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
5,000
1,006
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)
Block,
Inc.
(continued)
5565862.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
$
476
$
61
5565992.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
2,616
237
5567586.SQ.FTS.B,
Zero
Cpn,
12/17/33
..
177
23
5568506.SQ.FTS.B,
Zero
Cpn,
12/18/33
..
204
18
5568881.SQ.FTS.B,
Zero
Cpn,
12/19/33
..
1,314
128
5569070.SQ.FTS.B,
Zero
Cpn,
12/19/33
..
29,610
4,298
5572327.SQ.FTS.B,
Zero
Cpn,
12/20/33
..
243
27
5573406.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
363
39
5574351.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
10,696
1,678
5575886.SQ.FTS.B,
Zero
Cpn,
12/21/33
..
894
115
5576489.SQ.FTS.B,
Zero
Cpn,
12/22/33
..
787
49
5585235.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
2,198
300
5585522.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
587
85
5585981.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
848
151
5586899.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
2,468
146
5587431.SQ.FTS.B,
Zero
Cpn,
12/24/33
..
426
26
5588173.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
7,611
1,483
5588206.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
2,699
596
5588243.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
485
70
5588462.SQ.FTS.B,
Zero
Cpn,
12/25/33
..
265
38
5588832.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
7,140
1,159
5588959.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
421
61
5589322.SQ.FTS.B,
Zero
Cpn,
12/26/33
..
4,040
530
5593219.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
4,558
705
5594180.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
732
84
5595540.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
164
10
5595624.SQ.FTS.B,
Zero
Cpn,
12/28/33
..
789
44
5597497.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
1,451
199
5597681.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
2,499
349
5598844.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
532
123
5599728.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
4,867
903
5600496.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
649
112
5600526.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
1,008
56
5600632.SQ.FTS.B,
Zero
Cpn,
12/29/33
..
3,133
175
5611517.SQ.FTS.B,
Zero
Cpn,
12/30/33
..
2,001
349
5612313.SQ.FTS.B,
Zero
Cpn,
12/30/33
..
3,537
226
5612507.SQ.FTS.B,
Zero
Cpn,
12/30/33
..
11,600
1,648
5614938.SQ.FTS.B,
Zero
Cpn,
1/01/34
...
2,379
228
5616046.SQ.FTS.B,
Zero
Cpn,
1/01/34
...
1,631
102
5616216.SQ.FTS.B,
Zero
Cpn,
1/01/34
...
5,841
375
5618116.SQ.FTS.B,
Zero
Cpn,
1/02/34
...
8,099
1,158
5618863.SQ.FTS.B,
Zero
Cpn,
1/03/34
...
1,492
175
5619464.SQ.FTS.B,
Zero
Cpn,
1/04/34
...
646
67
5619959.SQ.FTS.B,
Zero
Cpn,
1/04/34
...
2,374
424
5620066.SQ.FTS.B,
Zero
Cpn,
1/04/34
...
2,868
401
5622024.SQ.FTS.B,
Zero
Cpn,
1/05/34
...
1,289
131
5622763.SQ.FTS.B,
Zero
Cpn,
1/05/34
...
248
30
5623363.SQ.FTS.B,
Zero
Cpn,
1/05/34
...
10,990
1,535
5624299.SQ.FTS.B,
Zero
Cpn,
1/05/34
...
6,091
775
5630151.SQ.FTS.B,
Zero
Cpn,
1/06/34
...
506
113
5647775.SQ.FTS.B,
Zero
Cpn,
1/07/34
...
1,305
83
5652373.SQ.FTS.B,
Zero
Cpn,
1/08/34
...
488
120
5654133.SQ.FTS.B,
Zero
Cpn,
1/08/34
...
32,774
4,802
5655643.SQ.FTS.B,
Zero
Cpn,
1/09/34
...
4,363
257
5655850.SQ.FTS.B,
Zero
Cpn,
1/09/34
...
906
112
5656207.SQ.FTS.B,
Zero
Cpn,
1/09/34
...
8,733
1,019
5662691.SQ.FTS.B,
Zero
Cpn,
1/11/34
...
573
111
5663245.SQ.FTS.B,
Zero
Cpn,
1/11/34
...
500
75
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5663983.SQ.FTS.B,
Zero
Cpn,
1/11/34
...
$
461
$
69
5666806.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
13,430
2,738
5670327.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
1,179
193
5671581.SQ.FTS.B,
Zero
Cpn,
1/12/34
...
18,583
2,910
5672653.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
6,454
1,163
5673210.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
2,838
311
5675130.SQ.FTS.B,
Zero
Cpn,
1/13/34
...
490
86
5689248.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
1,934
298
5694816.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
1,074
77
5694969.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
677
139
5695450.SQ.FTS.B,
Zero
Cpn,
1/14/34
...
26,182
3,646
5696963.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
8,836
584
5698927.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
473
63
5700306.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
461
32
5700432.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
929
125
5701882.SQ.FTS.B,
Zero
Cpn,
1/15/34
...
882
172
5702515.SQ.FTS.B,
Zero
Cpn,
1/16/34
...
440
79
5703401.SQ.FTS.B,
Zero
Cpn,
1/17/34
...
1,653
226
5703531.SQ.FTS.B,
Zero
Cpn,
1/17/34
...
434
118
5703743.SQ.FTS.B,
Zero
Cpn,
1/17/34
...
1,220
155
5706022.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
203
43
5706985.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
869
182
5708392.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
9,171
1,174
5708905.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
553
37
5709449.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
1,322
171
5709549.SQ.FTS.B,
Zero
Cpn,
1/18/34
...
12,160
760
5719509.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
491
137
5721102.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
1,302
90
5721582.SQ.FTS.B,
Zero
Cpn,
1/20/34
...
32
6
5728577.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
3,889
291
5728944.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
2,547
362
5729373.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
296
85
5729395.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
1,913
553
5730277.SQ.FTS.B,
Zero
Cpn,
1/21/34
...
504
74
5731303.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
1,418
245
5732624.SQ.FTS.B,
Zero
Cpn,
1/22/34
...
11,619
786
5735367.SQ.FTS.B,
Zero
Cpn,
1/24/34
...
701
57
5735573.SQ.FTS.B,
Zero
Cpn,
1/24/34
...
5,816
778
5735989.SQ.FTS.B,
Zero
Cpn,
1/24/34
...
2,497
709
5737632.SQ.FTS.B,
Zero
Cpn,
1/25/34
...
5,796
456
5741303.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
2,044
538
5741694.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
1,410
385
5742838.SQ.FTS.B,
Zero
Cpn,
1/26/34
...
521
56
5744990.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
1,461
266
5745113.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
953
330
5745135.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
5,472
975
5745280.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
1,663
365
5745765.SQ.FTS.B,
Zero
Cpn,
1/27/34
...
95
9
5751520.SQ.FTS.B,
Zero
Cpn,
1/28/34
...
2,991
242
5752156.SQ.FTS.B,
Zero
Cpn,
1/28/34
...
968
81
5754310.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
1,070
232
5754783.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
2,211
511
5755417.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
684
173
5755879.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
3,783
938
5756221.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
3,733
953
5756610.SQ.FTS.B,
Zero
Cpn,
1/29/34
...
4,556
1,231
5756833.SQ.FTS.B,
Zero
Cpn,
1/30/34
...
1,485
352
5757071.SQ.FTS.B,
Zero
Cpn,
1/30/34
...
761
186
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)
Block,
Inc.
(continued)
5757607.SQ.FTS.B,
Zero
Cpn,
1/31/34
...
$
9,346
$
808
5758291.SQ.FTS.B,
Zero
Cpn,
2/01/34
...
5,772
1,007
5759456.SQ.FTS.B,
Zero
Cpn,
2/01/34
...
567
116
5760954.SQ.FTS.B,
Zero
Cpn,
2/01/34
...
2,824
596
5763172.SQ.FTS.B,
Zero
Cpn,
2/02/34
...
4,298
723
5763642.SQ.FTS.B,
Zero
Cpn,
2/02/34
...
283
50
5764817.SQ.FTS.B,
Zero
Cpn,
2/02/34
...
541
136
5767488.SQ.FTS.B,
Zero
Cpn,
2/03/34
...
1,233
380
5771803.SQ.FTS.B,
Zero
Cpn,
2/04/34
...
520
107
5773116.SQ.FTS.B,
Zero
Cpn,
2/04/34
...
3,729
577
5777772.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
8,178
1,371
5778008.SQ.FTS.B,
Zero
Cpn,
2/05/34
...
4,729
1,281
5780501.SQ.FTS.B,
Zero
Cpn,
2/07/34
...
1,221
361
5781142.SQ.FTS.B,
Zero
Cpn,
2/08/34
...
4,472
811
5781951.SQ.FTS.B,
Zero
Cpn,
2/08/34
...
4,019
991
5784874.SQ.FTS.B,
Zero
Cpn,
2/09/34
...
3,818
363
5791689.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
54
18
5792518.SQ.FTS.B,
Zero
Cpn,
2/10/34
...
16,456
1,490
5802478.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
7,637
1,940
5806252.SQ.FTS.B,
Zero
Cpn,
2/11/34
...
2,148
571
5809201.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
718
95
5810852.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
3,602
753
5812068.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
2,550
1,106
5812645.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
21,862
3,981
5813184.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
1,676
426
5813253.SQ.FTS.B,
Zero
Cpn,
2/12/34
...
7,311
1,624
5813462.SQ.FTS.B,
Zero
Cpn,
2/13/34
...
1,420
302
5814016.SQ.FTS.B,
Zero
Cpn,
2/13/34
...
2,868
681
5814576.SQ.FTS.B,
Zero
Cpn,
2/14/34
...
2,223
611
5815447.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
5,520
585
5816945.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
4,639
1,597
5817070.SQ.FTS.B,
Zero
Cpn,
2/15/34
...
30,140
5,548
5819322.SQ.FTS.B,
Zero
Cpn,
2/16/34
...
151
30
5823030.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
1,018
326
5823283.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
18
5
5823345.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
1,884
343
5823515.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
292
127
5824742.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
3,324
351
5825002.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
35,998
6,618
5825354.SQ.FTS.B,
Zero
Cpn,
2/17/34
...
4,925
905
5827842.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
7,668
1,219
5828926.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
17,907
4,468
5829638.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
1,045
340
5830080.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
1,110
305
5830440.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
2,577
630
5830672.SQ.FTS.B,
Zero
Cpn,
2/18/34
...
3,867
1,374
5831192.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
1,158
176
5831833.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
1,265
567
5832209.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
26,156
5,333
5832576.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
154
36
5832609.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
2,194
558
5834028.SQ.FTS.B,
Zero
Cpn,
2/19/34
...
532
147
5834294.SQ.FTS.B,
Zero
Cpn,
2/20/34
...
502
171
5834318.SQ.FTS.B,
Zero
Cpn,
2/20/34
...
8,185
2,080
5835079.SQ.FTS.B,
Zero
Cpn,
2/20/34
...
683
87
5837211.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
2,901
851
5837252.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
1,427
227
5837315.SQ.FTS.B,
Zero
Cpn,
2/22/34
...
4,547
496
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5839815.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
$
615
$
128
5840394.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
7,735
1,716
5840821.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
2,709
794
5842093.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
1,240
341
5842110.SQ.FTS.B,
Zero
Cpn,
2/23/34
...
653
82
5844650.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
173
72
5846033.SQ.FTS.B,
Zero
Cpn,
2/24/34
...
64
42
5848551.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
2,015
1,052
5850831.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
2,801
1,302
5851647.SQ.FTS.B,
Zero
Cpn,
2/25/34
...
1,396
471
5852027.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
2,196
350
5852610.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
760
134
5853740.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
2,104
333
5853859.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
28,046
8,572
5854288.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
726
217
5854311.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
2,986
987
5854386.SQ.FTS.B,
Zero
Cpn,
2/26/34
...
9,627
2,450
5855240.SQ.FTS.B,
Zero
Cpn,
2/27/34
...
6,098
1,733
5855858.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
1,050
234
5855911.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
2,925
678
5856353.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
1,425
504
5856382.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
5,828
1,617
5856586.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
3,867
710
5856978.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
2,727
702
5857039.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
219
118
5861125.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
619
64
5861134.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
14,061
4,550
5862485.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
74
44
5862630.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
5,065
1,195
5862693.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
1,086
473
5866568.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
2,638
615
5866864.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
2,965
688
5866944.SQ.FTS.B,
Zero
Cpn,
2/28/34
...
9,409
3,871
23,906,867
Freedom
Financial
Asset
Management
LLC
APP-12139572.FP.FTS.B,
5.99%,
3/01/24
.
474
474
APP-12139722.FP.FTS.B,
5.99%,
3/02/24
.
500
500
APP-12050193.FP.FTS.B,
5.99%,
3/06/24
.
532
532
APP-12412711.FP.FTS.B,
5.99%,
3/16/24
.
515
516
APP-11550730.FP.FTS.B,
23.99%,
5/03/24
1,924
1,950
APP-16681389.FP.FTS.B,
5.99%,
9/01/24
.
1,922
1,930
APP-16681827.FP.FTS.B,
5.99%,
9/01/24
.
3,040
3,057
APP-16688861.FP.FTS.B,
5.99%,
9/01/24
.
3,272
3,290
APP-17493062.FP.FTS.B,
5.99%,
9/13/24
.
2,224
2,235
APP-16660226.FP.FTS.B,
5.99%,
9/14/24
.
2,490
2,502
APP-16682744.FP.FTS.B,
11.24%,
9/14/24
6,711
6,760
APP-16652913.FP.FTS.B,
16.24%,
9/14/24
13,442
13,588
APP-17485719.FP.FTS.B,
5.99%,
9/15/24
.
2,738
2,755
APP-16473194.FP.FTS.B,
10.74%,
9/18/24
4,577
4,613
APP-17451429.FP.FTS.B,
5.99%,
9/24/24
.
3,863
3,896
APP-16336846.FP.FTS.B,
14.24%,
9/24/24
6,234
6,289
APP-17490514.FP.FTS.B,
5.99%,
9/27/24
.
2,109
2,126
APP-10901539.FP.FTS.B,
15.49%,
11/27/24
9,851
9,990
APP-10784743.FP.FTS.B,
23.99%,
11/28/24
4,660
4,773
APP-11694740.FP.FTS.B,
7.49%,
12/15/24
6,596
6,638
APP-11731526.FP.FTS.B,
16.49%,
12/21/24
4,732
4,793
APP-11736995.FP.FTS.B,
17.99%,
12/22/24
4,001
4,046
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11798754.FP.FTS.B,
6.99%,
1/22/25
.
$
10,693
$
10,785
APP-12148090.FP.FTS.B,
9.74%,
1/22/25
.
6,576
6,631
APP-12173761.FP.FTS.B,
25.49%,
1/22/25
3,754
3,822
APP-12179908.FP.FTS.B,
18.99%,
1/23/25
3,958
4,012
APP-12087415.FP.FTS.B,
12.99%,
1/25/25
9,919
10,054
APP-11924017.FP.FTS.B,
15.99%,
1/28/25
6,987
7,054
APP-11509368.FP.FTS.B,
14.99%,
1/29/25
9,076
9,199
APP-12414484.FP.FTS.B,
17.24%,
2/02/25
13,483
13,542
APP-12287483.FP.FTS.B,
12.99%,
2/03/25
9,285
9,339
APP-11733782.FP.FTS.B,
15.74%,
2/03/25
8,337
8,360
APP-12175602.FP.FTS.B,
17.49%,
2/25/25
5,431
5,510
APP-12029075.FP.FTS.B,
15.99%,
3/05/25
8,435
8,470
APP-12124683.FP.FTS.B,
16.99%,
3/06/25
5,731
5,752
APP-12172939.FP.FTS.B,
9.74%,
3/07/25
.
4,955
4,973
APP-10156554.FP.FTS.B,
9.49%,
3/08/25
.
10,173
10,249
APP-12168882.FP.FTS.B,
17.49%,
3/08/25
10,354
10,408
APP-12031531.FP.FTS.B,
20.99%,
3/08/25
7,208
7,218
APP-12139801.FP.FTS.B,
9.49%,
3/11/25
.
8,666
8,736
APP-11853561.FP.FTS.B,
17.99%,
3/18/25
6,460
6,522
APP-12050722.FP.FTS.B,
9.49%,
3/20/25
.
8,054
8,125
APP-12413819.FP.FTS.B,
16.99%,
3/21/25
4,812
4,864
APP-12106203.FP.FTS.B,
9.74%,
3/22/25
.
7,755
7,827
APP-12270743.FP.FTS.B,
16.49%,
3/22/25
6,630
6,704
APP-12381356.FP.FTS.B,
9.74%,
3/24/25
.
6,279
6,335
APP-12414413.FP.FTS.B,
17.99%,
3/25/25
7,005
7,092
APP-12185763.FP.FTS.B,
12.99%,
4/08/25
11,173
11,262
APP-15099844.FP.FTS.B,
19.99%,
7/15/25
8,668
8,672
APP-15063599.FP.FTS.B,
8.24%,
7/23/25
.
12,888
13,013
APP-12210758.FP.FTS.B,
22.49%,
7/25/25
2,628
2,645
APP-15073908.FP.FTS.B,
22.74%,
7/25/25
4,489
4,467
APP-15052562.FP.FTS.B,
10.24%,
7/29/25
16,882
17,071
APP-15077310.FP.FTS.B,
25.49%,
7/29/25
6,847
6,770
APP-17112174.FP.FTS.B,
11.74%,
8/12/25
7,237
7,294
APP-10157776.FP.FTS.B,
22.49%,
8/13/25
18,237
19,205
APP-12017283.FP.FTS.B,
14.24%,
8/22/25
20,502
4,557
APP-17041993.FP.FTS.B,
13.74%,
9/05/25
20,403
20,565
APP-17017611.FP.FTS.B,
11.99%,
9/06/25
23,861
24,042
APP-16692788.FP.FTS.B,
10.74%,
9/10/25
6,833
6,891
APP-16716169.FP.FTS.B,
9.49%,
9/14/25
.
8,899
8,982
APP-17284270.FP.FTS.B,
13.74%,
9/15/25
23,150
23,319
APP-16721812.FP.FTS.B,
14.24%,
9/15/25
8,013
8,080
APP-16622583.FP.FTS.B,
15.99%,
9/16/25
8,004
7,988
APP-17495714.FP.FTS.B,
11.74%,
9/26/25
8,633
8,727
APP-10833798.FP.FTS.B,
15.99%,
10/18/25
10,312
10,614
APP-11579289.FP.FTS.B,
10.99%,
12/05/25
6,875
6,956
APP-10861885.FP.FTS.B,
15.49%,
12/17/25
12,196
12,398
APP-11737115.FP.FTS.B,
12.49%,
12/18/25
8,253
8,382
APP-11531737.FP.FTS.B,
13.99%,
12/22/25
7,282
7,401
APP-11442801.FP.FTS.B,
16.49%,
12/22/25
10,652
10,966
APP-10314724.FP.FTS.B,
11.74%,
1/08/26
11,937
12,051
APP-12165054.FP.FTS.B,
10.24%,
1/14/26
10,387
10,525
APP-12174416.FP.FTS.B,
10.24%,
1/22/26
11,274
11,457
APP-12171910.FP.FTS.B,
12.49%,
1/22/26
8,870
9,011
APP-11799040.FP.FTS.B,
15.74%,
1/22/26
22,290
22,853
APP-12006366.FP.FTS.B,
20.99%,
1/22/26
6,004
6,208
APP-11687753.FP.FTS.B,
13.49%,
1/25/26
12,430
12,667
APP-12287012.FP.FTS.B,
17.49%,
2/01/26
8,325
8,569
APP-12458983.FP.FTS.B,
15.99%,
2/02/26
7,854
1,436
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11579337.FP.FTS.B,
10.99%,
2/04/26
$
14,700
$
14,915
APP-11595092.FP.FTS.B,
19.49%,
2/05/26
24,237
24,916
APP-12168235.FP.FTS.B,
19.49%,
2/23/26
5,486
5,652
APP-12139578.FP.FTS.B,
15.24%,
2/24/26
6,719
6,830
APP-12119897.FP.FTS.B,
10.24%,
2/28/26
12,302
12,508
APP-11731020.FP.FTS.B,
19.99%,
2/28/26
21,481
5,015
APP-12176488.FP.FTS.B,
14.99%,
3/04/26
11,983
12,180
APP-12050179.FP.FTS.B,
16.49%,
3/07/26
10,230
10,411
APP-12128364.FP.FTS.B,
13.24%,
3/08/26
11,795
11,898
APP-12463162.FP.FTS.B,
18.49%,
3/10/26
9,785
10,011
APP-12209184.FP.FTS.B,
19.49%,
3/11/26
3,186
3,182
APP-12287014.FP.FTS.B,
16.99%,
3/15/26
9,507
9,730
APP-12397804.FP.FTS.B,
16.99%,
3/16/26
7,664
7,847
APP-12400371.FP.FTS.B,
16.99%,
3/16/26
10,387
10,559
APP-12372783.FP.FTS.B,
14.99%,
3/17/26
881
880
APP-12431691.FP.FTS.B,
9.49%,
3/20/26
.
17,410
17,685
APP-12286988.FP.FTS.B,
10.99%,
3/21/26
27,784
28,230
APP-12443256.FP.FTS.B,
16.74%,
3/24/26
10,543
10,624
APP-12414591.FP.FTS.B,
19.49%,
3/24/26
5,847
6,032
APP-12459668.FP.FTS.B,
14.99%,
3/25/26
10,813
11,122
APP-12414582.FP.FTS.B,
18.49%,
3/25/26
12,760
13,127
APP-12343526.FP.FTS.B,
16.99%,
5/21/26
17,222
17,631
APP-12199831.FP.FTS.B,
16.99%,
5/22/26
10,249
10,462
APP-15117837.FP.FTS.B,
22.24%,
7/15/26
10,594
10,822
APP-14891119.FP.FTS.B,
18.74%,
7/24/26
34,861
35,656
APP-15053612.FP.FTS.B,
13.99%,
7/26/26
7,874
8,013
APP-15053337.FP.FTS.B,
17.99%,
7/26/26
8,377
8,588
APP-15004884.FP.FTS.B,
15.99%,
7/27/26
18,509
18,869
APP-15119191.FP.FTS.B,
18.49%,
7/28/26
4,343
1,392
APP-14912105.FP.FTS.B,
20.99%,
7/29/26
13,412
13,800
APP-16636359.FP.FTS.B,
14.74%,
7/30/26
18,095
18,381
APP-16690474.FP.FTS.B,
9.24%,
8/01/26
.
20,610
20,876
APP-16637564.FP.FTS.B,
15.99%,
9/03/26
6,074
6,149
APP-16719236.FP.FTS.B,
10.49%,
9/04/26
12,463
12,629
APP-16676602.FP.FTS.B,
11.24%,
9/05/26
17,398
17,620
APP-10573456.FP.FTS.B,
17.49%,
9/10/26
10,426
5,928
APP-16630984.FP.FTS.B,
14.49%,
9/12/26
10,719
10,884
APP-17112604.FP.FTS.B,
11.74%,
9/15/26
17,617
17,851
APP-16335651.FP.FTS.B,
14.49%,
9/15/26
12,074
12,272
APP-17464221.FP.FTS.B,
16.74%,
9/15/26
9,944
10,110
APP-17032039.FP.FTS.B,
10.49%,
9/16/26
18,000
18,277
APP-16710569.FP.FTS.B,
15.49%,
9/16/26
17,997
18,303
APP-16640009.FP.FTS.B,
12.49%,
9/19/26
13,997
1,566
APP-10406165.FP.FTS.B,
18.99%,
9/20/26
11,298
11,640
APP-16275007.FP.FTS.B,
12.49%,
9/22/26
9,858
10,007
APP-17279512.FP.FTS.B,
16.74%,
9/22/26
10,823
11,011
APP-17112272.FP.FTS.B,
14.24%,
9/25/26
16,195
16,458
APP-17457461.FP.FTS.B,
16.74%,
9/27/26
10,240
10,444
APP-16637316.FP.FTS.B,
18.24%,
9/27/26
14,063
1,559
APP-16632934.FP.FTS.B,
14.49%,
10/15/26
15,771
15,856
APP-11021919.FP.FTS.B,
17.99%,
11/03/26
12,090
12,448
APP-11381442.FP.FTS.B,
20.49%,
11/26/26
17,011
17,643
APP-11579549.FP.FTS.B,
13.49%,
12/15/26
30,916
31,446
APP-11737058.FP.FTS.B,
22.49%,
12/15/26
6,907
7,149
APP-11693245.FP.FTS.B,
18.49%,
12/18/26
14,299
14,846
APP-11719573.FP.FTS.B,
19.99%,
12/18/26
9,225
9,550
APP-11022370.FP.FTS.B,
16.49%,
12/20/26
7,171
7,315
APP-11733566.FP.FTS.B,
19.24%,
12/20/26
4,416
4,417
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11740523.FP.FTS.B,
10.99%,
12/21/26
$
15,937
$
16,218
APP-11694985.FP.FTS.B,
12.99%,
12/21/26
9,076
9,249
APP-11730592.FP.FTS.B,
17.99%,
12/21/26
28,850
29,799
APP-11723942.FP.FTS.B,
19.49%,
12/21/26
33,217
34,403
APP-11730543.FP.FTS.B,
19.99%,
12/22/26
9,894
10,211
APP-11401848.FP.FTS.B,
15.49%,
1/05/27
8,806
9,005
APP-12116526.FP.FTS.B,
18.99%,
1/05/27
10,397
10,611
APP-11146646.FP.FTS.B,
12.74%,
1/07/27
21,565
21,941
APP-11397497.FP.FTS.B,
11.99%,
1/10/27
15,653
15,957
APP-11410185.FP.FTS.B,
22.49%,
1/10/27
21,080
21,719
APP-11413059.FP.FTS.B,
13.74%,
1/11/27
8,805
8,968
APP-11946615.FP.FTS.B,
16.49%,
1/11/27
15,146
15,410
APP-12090452.FP.FTS.B,
16.99%,
1/15/27
14,981
1,629
APP-12139980.FP.FTS.B,
19.99%,
1/15/27
2,240
2,241
APP-12032875.FP.FTS.B,
11.24%,
1/16/27
16,753
17,034
APP-12073890.FP.FTS.B,
10.99%,
1/20/27
14,574
14,814
APP-12132313.FP.FTS.B,
11.24%,
1/21/27
8,634
8,779
APP-12173162.FP.FTS.B,
17.49%,
1/21/27
11,609
11,915
APP-11798808.FP.FTS.B,
10.99%,
1/22/27
13,276
13,502
APP-12172519.FP.FTS.B,
11.24%,
1/22/27
9,969
10,138
APP-12154405.FP.FTS.B,
14.49%,
1/22/27
10,233
10,438
APP-12169743.FP.FTS.B,
24.24%,
1/22/27
21,617
22,343
APP-12186510.FP.FTS.B,
9.74%,
1/23/27
.
27,375
27,850
APP-12107351.FP.FTS.B,
16.49%,
1/23/27
15,243
15,724
APP-12105986.FP.FTS.B,
10.99%,
1/25/27
22,796
23,204
APP-12209707.FP.FTS.B,
25.49%,
1/25/27
8,186
8,500
APP-11595106.FP.FTS.B,
13.49%,
1/26/27
9,415
9,601
APP-11579435.FP.FTS.B,
15.49%,
1/28/27
12,969
13,376
APP-11694310.FP.FTS.B,
16.74%,
1/28/27
30,904
31,606
APP-11595260.FP.FTS.B,
18.99%,
1/29/27
10,405
10,763
APP-11700609.FP.FTS.B,
19.99%,
1/30/27
36,296
37,432
APP-12414657.FP.FTS.B,
10.99%,
2/01/27
24,573
24,919
APP-11705115.FP.FTS.B,
21.49%,
2/01/27
36,452
37,356
APP-11694211.FP.FTS.B,
11.99%,
2/04/27
34,163
34,873
APP-11724908.FP.FTS.B,
12.74%,
2/04/27
27,540
28,031
APP-11709701.FP.FTS.B,
16.49%,
2/04/27
10,422
10,619
APP-11712504.FP.FTS.B,
17.99%,
2/04/27
7,111
7,251
APP-11725393.FP.FTS.B,
17.99%,
2/04/27
35,554
36,400
APP-11731565.FP.FTS.B,
18.99%,
2/04/27
16,034
16,038
APP-11732774.FP.FTS.B,
19.49%,
2/04/27
3,270
3,256
APP-11694359.FP.FTS.B,
19.99%,
2/04/27
8,192
8,390
APP-11660434.FP.FTS.B,
20.49%,
2/04/27
21,226
21,899
APP-11694079.FP.FTS.B,
10.99%,
2/05/27
14,741
14,992
APP-11722179.FP.FTS.B,
11.99%,
2/05/27
18,908
19,234
APP-11740935.FP.FTS.B,
13.99%,
2/05/27
34,227
34,850
APP-11608429.FP.FTS.B,
17.49%,
2/05/27
28,351
28,917
APP-09759707.FP.FTS.B,
18.99%,
2/05/27
5,415
5,565
APP-11732543.FP.FTS.B,
20.99%,
2/05/27
4,658
4,636
APP-11742867.FP.FTS.B,
23.24%,
2/05/27
14,856
15,286
APP-12337990.FP.FTS.B,
16.49%,
2/07/27
5,665
5,757
APP-11738196.FP.FTS.B,
21.99%,
2/15/27
8,153
8,377
APP-11553389.FP.FTS.B,
12.24%,
2/22/27
14,807
1,739
APP-12161019.FP.FTS.B,
20.49%,
2/22/27
8,235
1,772
APP-12029572.FP.FTS.B,
16.99%,
2/24/27
13,151
13,556
APP-12159528.FP.FTS.B,
18.99%,
2/28/27
10,654
10,976
APP-12050224.FP.FTS.B,
11.74%,
3/01/27
29,055
29,499
APP-12168636.FP.FTS.B,
13.24%,
3/01/27
13,930
14,148
APP-12211243.FP.FTS.B,
17.24%,
3/01/27
25,973
26,460
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12107891.FP.FTS.B,
17.99%,
3/01/27
$
11,395
$
11,616
APP-12208717.FP.FTS.B,
21.74%,
3/01/27
18,413
18,792
APP-12150597.FP.FTS.B,
25.49%,
3/01/27
8,020
8,184
APP-12158633.FP.FTS.B,
23.24%,
3/02/27
15,022
15,343
APP-12005996.FP.FTS.B,
15.49%,
3/03/27
7,369
7,477
APP-12105218.FP.FTS.B,
10.99%,
3/05/27
17,250
17,554
APP-12214905.FP.FTS.B,
16.49%,
3/05/27
8,069
8,209
APP-12159801.FP.FTS.B,
16.99%,
3/05/27
19,829
20,309
APP-11741297.FP.FTS.B,
19.24%,
3/05/27
15,674
16,012
APP-12164096.FP.FTS.B,
21.49%,
3/05/27
10,773
10,981
APP-12050159.FP.FTS.B,
13.24%,
3/07/27
24,244
24,676
APP-12125835.FP.FTS.B,
19.99%,
3/07/27
4,551
4,530
APP-12140862.FP.FTS.B,
8.99%,
3/08/27
.
17,636
17,971
APP-12105970.FP.FTS.B,
10.99%,
3/08/27
15,410
15,670
APP-12155604.FP.FTS.B,
11.24%,
3/08/27
10,828
11,013
APP-12097459.FP.FTS.B,
13.24%,
3/08/27
17,474
17,785
APP-12106008.FP.FTS.B,
13.49%,
3/08/27
11,054
11,254
APP-12050743.FP.FTS.B,
14.99%,
3/08/27
12,464
12,698
APP-12150738.FP.FTS.B,
16.74%,
3/08/27
30,865
31,469
APP-12432804.FP.FTS.B,
13.24%,
3/09/27
25,391
25,797
APP-11965580.FP.FTS.B,
20.49%,
3/09/27
20,381
20,910
APP-11508449.FP.FTS.B,
8.49%,
3/10/27
.
20,687
21,009
APP-12216897.FP.FTS.B,
10.99%,
3/10/27
27,198
27,622
APP-12203395.FP.FTS.B,
22.49%,
3/10/27
8,329
8,517
APP-12199670.FP.FTS.B,
10.99%,
3/11/27
22,289
22,625
APP-12459432.FP.FTS.B,
13.24%,
3/11/27
17,383
17,692
APP-12464629.FP.FTS.B,
16.49%,
3/11/27
10,692
10,903
APP-12459441.FP.FTS.B,
17.49%,
3/11/27
12,167
12,429
APP-12210087.FP.FTS.B,
18.74%,
3/11/27
36,521
37,426
APP-12071137.FP.FTS.B,
19.99%,
3/11/27
20,129
20,651
APP-12460903.FP.FTS.B,
10.99%,
3/15/27
27,257
27,717
APP-12467297.FP.FTS.B,
13.24%,
3/15/27
21,866
22,254
APP-12291770.FP.FTS.B,
16.49%,
3/15/27
3,199
3,199
APP-12420649.FP.FTS.B,
16.74%,
3/15/27
30,507
31,094
APP-12379303.FP.FTS.B,
13.24%,
3/16/27
18,822
2,042
APP-12345397.FP.FTS.B,
19.74%,
3/16/27
7,908
7,869
APP-12407602.FP.FTS.B,
19.99%,
3/16/27
4,426
4,416
APP-12462116.FP.FTS.B,
17.49%,
3/18/27
20,898
21,421
APP-11948900.FP.FTS.B,
17.74%,
3/18/27
31,756
32,551
APP-12418630.FP.FTS.B,
17.99%,
3/18/27
15,027
15,397
APP-12433361.FP.FTS.B,
18.49%,
3/18/27
13,648
14,051
APP-12461150.FP.FTS.B,
18.49%,
3/18/27
13,108
13,498
APP-12421799.FP.FTS.B,
19.74%,
3/18/27
19,896
20,352
APP-12463831.FP.FTS.B,
19.99%,
3/18/27
7,210
7,415
APP-12357813.FP.FTS.B,
10.99%,
3/20/27
21,876
22,274
APP-12287686.FP.FTS.B,
11.24%,
3/20/27
16,452
16,762
APP-12422648.FP.FTS.B,
13.24%,
3/20/27
16,141
16,455
APP-12380981.FP.FTS.B,
13.74%,
3/20/27
7,407
7,543
APP-12230901.FP.FTS.B,
20.24%,
3/20/27
37,082
38,178
APP-12412709.FP.FTS.B,
20.24%,
3/20/27
34,745
35,742
APP-12424835.FP.FTS.B,
23.99%,
3/20/27
24,665
25,484
APP-12459776.FP.FTS.B,
10.99%,
3/21/27
23,105
23,531
APP-12287335.FP.FTS.B,
13.24%,
3/21/27
15,074
15,365
APP-12402614.FP.FTS.B,
13.74%,
3/21/27
18,926
19,294
APP-12450320.FP.FTS.B,
19.99%,
3/21/27
10,313
10,639
APP-12176796.FP.FTS.B,
8.99%,
3/22/27
.
18,840
19,142
APP-12345892.FP.FTS.B,
13.49%,
3/22/27
10,828
11,036
APP-12345261.FP.FTS.B,
15.49%,
3/22/27
17,440
17,895
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12270745.FP.FTS.B,
17.74%,
3/23/27
$
27,833
$
28,677
APP-12429877.FP.FTS.B,
19.74%,
3/23/27
22,147
22,832
APP-12435676.FP.FTS.B,
20.49%,
3/23/27
29,646
30,651
APP-12420863.FP.FTS.B,
17.49%,
3/24/27
13,846
14,232
APP-12468743.FP.FTS.B,
18.24%,
3/24/27
23,319
24,006
APP-12468934.FP.FTS.B,
19.99%,
3/24/27
8,116
4,971
APP-12408200.FP.FTS.B,
21.74%,
3/24/27
7,060
7,065
APP-12468566.FP.FTS.B,
19.74%,
3/25/27
24,298
24,742
APP-11872544.FP.FTS.B,
19.99%,
3/25/27
10,135
10,481
APP-12175594.FP.FTS.B,
18.99%,
4/01/27
10,561
10,721
APP-11744076.FP.FTS.B,
17.49%,
4/05/27
18,610
3,678
APP-12172482.FP.FTS.B,
20.49%,
4/06/27
22,058
22,517
APP-12171005.FP.FTS.B,
23.99%,
4/08/27
24,099
24,744
APP-12408935.FP.FTS.B,
19.99%,
4/17/27
11,224
2,390
APP-12033253.FP.FTS.B,
17.99%,
4/24/27
10,262
6,887
APP-12133804.FP.FTS.B,
10.99%,
4/30/27
15,997
16,245
APP-11709913.FP.FTS.B,
21.49%,
4/30/27
40,351
41,173
APP-12176276.FP.FTS.B,
19.99%,
5/09/27
6,234
6,253
APP-12443158.FP.FTS.B,
17.49%,
5/22/27
9,200
9,404
APP-15016056.FP.FTS.B,
19.24%,
6/06/27
28,266
9,017
APP-14953646.FP.FTS.B,
24.24%,
7/06/27
34,963
35,136
APP-15007182.FP.FTS.B,
16.99%,
7/11/27
8,826
8,956
APP-15105817.FP.FTS.B,
11.74%,
7/15/27
16,381
16,623
APP-15110260.FP.FTS.B,
13.99%,
7/15/27
24,180
24,539
APP-15113452.FP.FTS.B,
18.49%,
7/15/27
10,022
10,173
APP-15103060.FP.FTS.B,
19.99%,
7/15/27
12,375
12,560
APP-15871573.FP.FTS.B,
10.99%,
7/20/27
24,967
25,300
APP-14544639.FP.FTS.B,
11.99%,
7/21/27
11,223
11,409
APP-16662334.FP.FTS.B,
15.24%,
7/26/27
20,067
20,371
APP-15066733.FP.FTS.B,
18.99%,
7/26/27
11,104
11,345
APP-15116487.FP.FTS.B,
21.49%,
7/28/27
13,662
13,982
APP-16465567.FP.FTS.B,
15.49%,
7/30/27
11,626
11,818
APP-16645516.FP.FTS.B,
10.99%,
7/31/27
15,949
16,146
APP-12402250.FP.FTS.B,
19.99%,
7/31/27
20,783
20,993
APP-16640475.FP.FTS.B,
12.74%,
8/02/27
13,901
14,074
APP-16637899.FP.FTS.B,
15.49%,
8/02/27
14,944
15,124
APP-17319474.FP.FTS.B,
16.49%,
8/07/27
39,496
39,920
APP-17245315.FP.FTS.B,
17.74%,
8/09/27
8,379
8,464
APP-16283011.FP.FTS.B,
11.74%,
8/10/27
40,710
7,262
APP-14523455.FP.FTS.B,
17.24%,
8/15/27
31,419
31,853
APP-15119411.FP.FTS.B,
9.74%,
8/28/27
.
17,865
18,183
APP-15106325.FP.FTS.B,
23.24%,
8/28/27
15,385
15,679
APP-16679044.FP.FTS.B,
8.99%,
9/01/27
.
10,281
10,413
APP-16632155.FP.FTS.B,
11.49%,
9/01/27
13,508
13,684
APP-16448250.FP.FTS.B,
13.49%,
9/01/27
5,466
5,535
APP-16676570.FP.FTS.B,
15.24%,
9/01/27
16,261
16,400
APP-16718578.FP.FTS.B,
15.74%,
9/02/27
8,703
8,811
APP-16852920.FP.FTS.B,
10.99%,
9/04/27
29,972
30,377
APP-16640455.FP.FTS.B,
10.99%,
9/05/27
17,368
17,593
APP-16800634.FP.FTS.B,
15.99%,
9/10/27
38,966
39,523
APP-16335596.FP.FTS.B,
10.99%,
9/12/27
20,595
20,907
APP-16627732.FP.FTS.B,
12.99%,
9/12/27
19,582
19,887
APP-16399010.FP.FTS.B,
15.24%,
9/12/27
16,718
16,977
APP-15052242.FP.FTS.B,
11.74%,
9/13/27
38,924
39,800
APP-16664397.FP.FTS.B,
12.99%,
9/13/27
19,447
19,768
APP-17458875.FP.FTS.B,
16.49%,
9/13/27
3,966
4,018
APP-16687847.FP.FTS.B,
9.49%,
9/15/27
.
15,338
15,576
APP-17011228.FP.FTS.B,
14.74%,
9/15/27
39,761
40,404
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-16720658.FP.FTS.B,
15.24%,
9/15/27
$
30,606
$
31,110
APP-17027051.FP.FTS.B,
14.49%,
9/16/27
11,237
11,414
APP-17010091.FP.FTS.B,
15.49%,
9/18/27
31,875
32,427
APP-16637461.FP.FTS.B,
18.49%,
9/20/27
15,327
15,549
APP-17497296.FP.FTS.B,
17.74%,
9/23/27
10,481
10,632
APP-17082038.FP.FTS.B,
12.49%,
9/26/27
24,393
24,792
APP-17490395.FP.FTS.B,
15.24%,
9/26/27
26,223
26,671
APP-17115062.FP.FTS.B,
17.99%,
9/26/27
15,756
16,004
APP-17461708.FP.FTS.B,
12.49%,
9/27/27
24,762
25,187
APP-17239533.FP.FTS.B,
13.74%,
9/27/27
15,757
16,030
APP-17504832.FP.FTS.B,
13.74%,
9/27/27
17,047
17,359
APP-17102136.FP.FTS.B,
14.24%,
9/27/27
39,311
39,992
APP-17485387.FP.FTS.B,
15.24%,
9/30/27
29,749
30,255
APP-16677695.FP.FTS.B,
12.99%,
10/14/27
21,766
22,118
APP-15098807.FP.FTS.B,
26.99%,
10/28/27
10,554
10,576
4,674,403
LendingClub
Corp.
-
LCX
159198648.LC.FTS.B,
17.74%,
9/25/24
...
2,715
2,717
158981937.LC.FTS.B,
16.12%,
9/26/24
...
2,756
2,762
161888275.LC.FTS.B,
15.24%,
11/14/24
..
3,348
3,323
162030908.LC.FTS.B,
12.4%,
11/19/24
...
3,397
3,241
162266279.LC.FTS.B,
11.02%,
11/22/24
..
6,207
6,119
162318190.LC.FTS.B,
13.08%,
12/13/24
..
1,269
1,202
163115691.LC.FTS.B,
13.08%,
12/13/24
..
8,933
8,797
163479653.LC.FTS.B,
20.55%,
12/30/24
..
3,087
3,104
163615560.LC.FTS.B,
20.55%,
12/30/24
..
3,996
4,032
164050345.LC.FTS.B,
13.08%,
12/31/24
..
7,643
7,490
164510336.LC.FTS.B,
13.08%,
1/15/25
...
7,726
7,430
164586812.LC.FTS.B,
8.19%,
1/27/25
...
3,211
3,104
161858763.LC.FTS.B,
14.3%,
1/29/25
...
1,536
147
162966512.LC.FTS.B,
11.02%,
2/12/25
...
6,203
5,820
166880211.LC.FTS.B,
8.19%,
2/18/25
....
4,975
4,759
163292439.LC.FTS.B,
8.19%,
2/23/25
...
4,347
4,109
167466589.LC.FTS.B,
8.19%,
2/27/25
...
3,283
3,158
166039716.LC.FTS.B,
10.33%,
2/28/25
...
10,107
9,900
164067189.LC.FTS.B,
13.08%,
2/28/25
...
10,590
10,339
168296354.LC.FTS.B,
13.08%,
5/13/25
...
7,043
6,642
165441115.LC.FTS.B,
8.81%,
8/05/25
....
5,188
3,828
168006688.LC.FTS.B,
8.19%,
11/21/25
...
9,641
9,011
111,034
LendingClub
Corp.
-
LCX
PM
170431322.LC.FTS.B,
18.24%,
9/14/25
...
2,186
2,159
170592201.LC.FTS.B,
14.02%,
9/16/25
...
8,263
8,063
170055181.LC.FTS.B,
16.08%,
9/16/25
...
6,375
6,272
170639161.LC.FTS.B,
19.12%,
9/18/25
...
4,424
4,375
170786159.LC.FTS.B,
14.02%,
9/25/25
...
9,913
9,547
170163928.LC.FTS.B,
15.4%,
9/25/25
...
4,250
4,188
170812112.LC.FTS.B,
14.02%,
9/29/25
...
8,261
8,013
171032242.LC.FTS.B,
19.12%,
10/02/25
..
6,916
6,797
170941274.LC.FTS.B,
16.08%,
10/05/25
..
13,300
12,871
171264911.LC.FTS.B,
19.12%,
10/14/25
..
6,916
6,819
171461721.LC.FTS.B,
16.08%,
10/20/25
..
5,024
4,930
170983832.LC.FTS.B,
20.74%,
10/20/25
..
12,582
12,312
171322854.LC.FTS.B,
16.08%,
10/22/25
..
11,083
10,814
172156822.LC.FTS.B,
14.02%,
11/24/25
..
4,493
4,222
172665217.LC.FTS.B,
15.4%,
12/04/25
...
6,914
6,732
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)
LendingClub
Corp.
-
LCX
PM
(continued)
172752552.LC.FTS.B,
16.08%,
12/10/25
..
$
5,753
$
5,656
173203429.LC.FTS.B,
15.4%,
12/23/25
...
16,455
16,112
173295643.LC.FTS.B,
19.12%,
12/28/25
..
5,970
5,920
173301532.LC.FTS.B,
17.3%,
1/06/26
...
15,133
14,752
173496629.LC.FTS.B,
16.08%,
1/14/26
...
13,856
13,131
172611713.LC.FTS.B,
19.12%,
1/14/26
...
8,368
8,231
173580706.LC.FTS.B,
17.3%,
1/15/26
...
12,290
9,607
173303101.LC.FTS.B,
19.95%,
1/15/26
...
8,034
7,904
173821408.LC.FTS.B,
21.49%,
1/19/26
...
8,258
8,268
173896730.LC.FTS.B,
23.99%,
1/19/26
...
5,440
5,527
173933933.LC.FTS.B,
13.49%,
1/20/26
...
9,631
9,257
173875674.LC.FTS.B,
14.74%,
1/20/26
...
17,607
16,654
173270899.LC.FTS.B,
15.4%,
1/20/26
...
20,130
19,407
173854798.LC.FTS.B,
21.49%,
1/20/26
...
5,338
5,319
173871807.LC.FTS.B,
21.99%,
1/20/26
...
6,461
6,548
174045948.LC.FTS.B,
17.44%,
1/22/26
...
9,600
9,507
174087634.LC.FTS.B,
23.99%,
1/22/26
...
8,160
8,302
172757520.LC.FTS.B,
19.12%,
1/24/26
...
6,739
297
173785381.LC.FTS.B,
16.74%,
1/25/26
...
8,091
8,001
173956639.LC.FTS.B,
18.19%,
1/25/26
...
3,393
3,337
173841383.LC.FTS.B,
21.49%,
1/25/26
...
16,081
16,080
173813936.LC.FTS.B,
19.74%,
1/27/26
...
12,458
12,461
173737758.LC.FTS.B,
9.59%,
1/28/26
...
11,906
1,143
170877107.LC.FTS.B,
5%,
9/29/33
......
4,289
499
173826580.LC.FTS.B,
15%,
1/15/34
.....
2,038
1,769
174033886.LC.FTS.B,
12.49%,
1/21/34
...
3,323
3,301
174098270.LC.FTS.B,
6.74%,
2/01/34
...
612
608
174115077.LC.FTS.B,
8.49%,
2/01/34
....
940
934
174204894.LC.FTS.B,
12.34%,
2/01/34
...
501
497
174276782.LC.FTS.B,
17.19%,
2/01/34
...
34
34
173417195.LC.FTS.B,
14.71%,
2/09/34
...
2,018
83
171032133.LC.FTS.B,
10.81%,
2/14/34
...
129
12
170963456.LC.FTS.B,
19.95%,
2/14/34
...
1,389
57
327,329
Prosper
Funding
LLC
1609512.PS.FTS.B,
16%,
8/05/24
.......
2,120
2,093
1603345.PS.FTS.B,
12.8%,
8/06/24
.....
284
282
1603741.PS.FTS.B,
16.6%,
8/06/24
.....
1,764
1,743
1603033.PS.FTS.B,
24.6%,
8/07/24
.....
2,167
2,164
1611408.PS.FTS.B,
15.4%,
8/09/24
.....
2,321
2,296
1611363.PS.FTS.B,
18.24%,
8/09/24
....
3,258
2,268
1602197.PS.FTS.B,
18.41%,
8/14/24
....
1,137
1,127
1610577.PS.FTS.B,
19.8%,
8/21/24
.....
1,639
1,630
1608881.PS.FTS.B,
14.7%,
8/23/24
.....
691
689
1610579.PS.FTS.B,
15%,
8/25/24
.......
1,156
1,153
1620627.PS.FTS.B,
16.9%,
8/25/24
.....
2,614
2,600
1622424.PS.FTS.B,
16.1%,
8/27/24
.....
936
934
1634217.PS.FTS.B,
24.51%,
9/21/24
....
3,880
1,184
1623656.PS.FTS.B,
25.71%,
9/21/24
....
2,919
2,948
1628356.PS.FTS.B,
11.6%,
9/22/24
.....
632
626
1635063.PS.FTS.B,
14.56%,
9/22/24
....
2,996
2,961
1624643.PS.FTS.B,
15.12%,
9/22/24
....
895
889
1635060.PS.FTS.B,
16.64%,
9/22/24
....
4,000
3,979
1624631.PS.FTS.B,
17.8%,
9/22/24
.....
7,679
1,053
1624646.PS.FTS.B,
18.4%,
9/22/24
.....
815
818
1624622.PS.FTS.B,
18.41%,
9/22/24
....
4,258
4,234
1628338.PS.FTS.B,
18.41%,
9/22/24
....
2,661
2,646
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1635348.PS.FTS.B,
26.3%,
9/22/24
.....
$
587
$
593
1635768.PS.FTS.B,
14.89%,
9/23/24
....
2,481
2,467
1629058.PS.FTS.B,
15.7%,
9/23/24
.....
660
657
1636260.PS.FTS.B,
12.76%,
9/24/24
....
512
507
1636335.PS.FTS.B,
13%,
9/24/24
.......
3,851
3,816
1636458.PS.FTS.B,
13.8%,
9/24/24
.....
1,165
1,155
1636308.PS.FTS.B,
14.56%,
9/24/24
....
783
776
1626602.PS.FTS.B,
16.1%,
9/24/24
.....
980
974
1625990.PS.FTS.B,
16.28%,
9/24/24
....
9,300
9,256
1629244.PS.FTS.B,
17.96%,
9/24/24
....
2,622
2,610
1636947.PS.FTS.B,
20.34%,
9/24/24
....
554
557
1630390.PS.FTS.B,
11.6%,
9/27/24
.....
2,529
2,508
1630750.PS.FTS.B,
11.7%,
9/27/24
.....
2,863
2,838
1637526.PS.FTS.B,
12.3%,
9/27/24
.....
3,840
3,798
1626884.PS.FTS.B,
15%,
9/27/24
.......
2,098
2,090
1637235.PS.FTS.B,
15.1%,
9/27/24
.....
1,312
1,308
1630384.PS.FTS.B,
16%,
9/27/24
.......
2,643
2,633
1630396.PS.FTS.B,
16.43%,
9/27/24
....
5,083
5,064
1630414.PS.FTS.B,
16.43%,
9/27/24
....
532
530
1630936.PS.FTS.B,
12%,
9/28/24
.......
2,134
2,116
1631188.PS.FTS.B,
13.36%,
9/28/24
....
2,706
2,683
1630918.PS.FTS.B,
13.8%,
9/28/24
.....
2,072
2,054
1627706.PS.FTS.B,
15.1%,
9/28/24
.....
525
523
1628048.PS.FTS.B,
15.4%,
9/28/24
.....
1,572
1,564
1638306.PS.FTS.B,
21.56%,
9/28/24
....
1,505
1,513
1627514.PS.FTS.B,
13.5%,
10/02/24
....
2,955
2,917
1625708.PS.FTS.B,
17.8%,
10/10/24
....
3,706
3,710
1630822.PS.FTS.B,
13.86%,
10/16/24
...
4,751
4,712
1648597.PS.FTS.B,
15.5%,
10/27/24
....
2,969
2,944
1648606.PS.FTS.B,
18.11%,
10/27/24
....
908
901
1649488.PS.FTS.B,
11.7%,
10/28/24
....
3,121
3,089
1646303.PS.FTS.B,
11.89%,
10/28/24
....
4,264
4,220
1649524.PS.FTS.B,
14.39%,
10/28/24
...
583
579
1649797.PS.FTS.B,
17.05%,
10/28/24
...
4,063
4,031
1656462.PS.FTS.B,
27.62%,
10/28/24
...
4,970
5,020
1647104.PS.FTS.B,
10.8%,
10/29/24
....
1,552
1,537
1650016.PS.FTS.B,
13.5%,
10/29/24
....
6,385
6,354
1656681.PS.FTS.B,
17%,
10/29/24
......
857
124
1650046.PS.FTS.B,
19.41%,
10/29/24
...
7,621
7,671
1648730.PS.FTS.B,
17%,
11/02/24
......
3,960
3,929
1651379.PS.FTS.B,
10.8%,
11/05/24
....
4,971
4,886
1661403.PS.FTS.B,
14.11%,
11/05/24
....
8,024
7,886
1635077.PS.FTS.B,
20.57%,
11/05/24
....
5,358
5,329
1653476.PS.FTS.B,
10.8%,
11/09/24
....
964
947
1652624.PS.FTS.B,
12.3%,
11/09/24
....
1,261
1,241
1653332.PS.FTS.B,
12.79%,
11/09/24
....
6,337
6,230
1659052.PS.FTS.B,
15.29%,
11/09/24
....
1,299
1,281
1659220.PS.FTS.B,
16.6%,
11/09/24
....
3,354
3,331
1659274.PS.FTS.B,
19.5%,
11/09/24
....
4,729
4,709
1665651.PS.FTS.B,
19.6%,
11/09/24
....
6,883
213
1654961.PS.FTS.B,
11.88%,
11/12/24
....
4,710
4,637
1654955.PS.FTS.B,
15.5%,
11/12/24
....
3,115
3,075
1654004.PS.FTS.B,
15.29%,
11/16/24
....
1,630
1,604
1486265.PS.FTS.B,
19.99%,
11/16/24
....
3,569
3,556
1658144.PS.FTS.B,
14.49%,
11/17/24
....
9,537
9,445
1650442.PS.FTS.B,
16.57%,
11/23/24
....
2,608
2,593
1503354.PS.FTS.B,
20.74%,
11/24/24
....
2,184
614
1660819.PS.FTS.B,
17%,
11/26/24
......
1,110
1,104
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)
Prosper
Funding
LLC
(continued)
1651990.PS.FTS.B,
18.41%,
12/01/24
...
$
9,335
$
9,137
1674119.PS.FTS.B,
11.6%,
12/16/24
.....
3,430
3,373
1674128.PS.FTS.B,
12.3%,
12/16/24
....
851
837
1687134.PS.FTS.B,
12.6%,
12/16/24
....
2,424
2,392
1687119.PS.FTS.B,
13.5%,
12/16/24
....
5,239
5,170
1680238.PS.FTS.B,
13.81%,
12/16/24
...
8,757
8,612
1686747.PS.FTS.B,
16.5%,
12/16/24
....
1,001
1,002
1680268.PS.FTS.B,
19.6%,
12/16/24
....
6,518
1,621
1680457.PS.FTS.B,
13.1%,
12/17/24
....
5,816
5,004
1689480.PS.FTS.B,
13.7%,
12/21/24
....
3,071
416
1689501.PS.FTS.B,
15.9%,
12/21/24
....
3,572
3,531
1676387.PS.FTS.B,
16.2%,
12/21/24
....
3,582
3,583
1674137.PS.FTS.B,
18.2%,
12/21/24
....
736
733
1689882.PS.FTS.B,
15.29%,
12/22/24
...
1,953
1,932
1683121.PS.FTS.B,
16.8%,
12/22/24
....
9,904
8,565
1689870.PS.FTS.B,
18.09%,
12/22/24
...
2,224
2,220
1683241.PS.FTS.B,
22.6%,
12/22/24
....
1,520
1,527
1686151.PS.FTS.B,
14.6%,
12/29/24
....
765
759
1675928.PS.FTS.B,
10.97%,
12/30/24
...
3,727
3,702
1679818.PS.FTS.B,
17.8%,
12/30/24
....
6,439
6,508
1686726.PS.FTS.B,
18.41%,
12/30/24
...
10,013
10,023
1693752.PS.FTS.B,
23.9%,
12/30/24
....
2,029
2,049
1676435.PS.FTS.B,
16.93%,
12/31/24
...
6,405
–
1683092.PS.FTS.B,
24.4%,
1/04/25
.....
2,080
2,071
1694922.PS.FTS.B,
24.11%,
1/06/25
....
1,248
1,238
1684433.PS.FTS.B,
24.4%,
1/06/25
.....
2,418
332
1697064.PS.FTS.B,
24.4%,
1/06/25
.....
831
828
1687799.PS.FTS.B,
13.41%,
1/12/25
....
5,948
3,628
1694614.PS.FTS.B,
11.4%,
1/13/25
.....
1,486
1,458
1694584.PS.FTS.B,
12.2%,
1/13/25
.....
7,485
7,340
1701780.PS.FTS.B,
12.3%,
1/13/25
.....
5,610
5,501
1688570.PS.FTS.B,
13.87%,
1/13/25
....
2,279
2,242
1688558.PS.FTS.B,
16.43%,
1/13/25
....
1,166
1,147
1701342.PS.FTS.B,
17.7%,
1/13/25
.....
9,823
9,773
1694587.PS.FTS.B,
19.6%,
1/13/25
.....
3,994
3,973
1689359.PS.FTS.B,
12.3%,
1/14/25
.....
1,924
1,883
1689344.PS.FTS.B,
13.9%,
1/14/25
.....
3,800
3,739
1702149.PS.FTS.B,
15%,
1/14/25
.......
3,838
3,776
1695340.PS.FTS.B,
15.7%,
1/14/25
.....
3,861
3,799
1689368.PS.FTS.B,
16.2%,
1/14/25
.....
1,794
1,784
1695364.PS.FTS.B,
16.8%,
1/14/25
.....
1,985
1,947
1695355.PS.FTS.B,
18.4%,
1/14/25
.....
1,976
1,967
1695982.PS.FTS.B,
25.4%,
1/14/25
.....
3,198
3,195
1690361.PS.FTS.B,
18.5%,
1/18/25
.....
1,598
1,589
1696480.PS.FTS.B,
18.8%,
1/18/25
.....
1,983
1,978
1697491.PS.FTS.B,
16.7%,
1/19/25
.....
1,966
1,955
1704390.PS.FTS.B,
17.8%,
1/19/25
.....
846
842
1692221.PS.FTS.B,
23%,
1/19/25
.......
2,846
2,860
1676915.PS.FTS.B,
12.3%,
1/20/25
.....
4,886
2,863
1699183.PS.FTS.B,
13.05%,
1/20/25
....
13,200
13,017
1700809.PS.FTS.B,
22.6%,
1/24/25
.....
2,048
2,064
1696034.PS.FTS.B,
13.5%,
1/25/25
.....
719
710
1709424.PS.FTS.B,
23.4%,
1/26/25
.....
936
928
1684772.PS.FTS.B,
24.4%,
1/29/25
.....
2,324
2,314
1702809.PS.FTS.B,
14.89%,
1/31/25
....
10,382
10,176
1695688.PS.FTS.B,
13.96%,
2/07/25
....
2,696
2,633
1706807.PS.FTS.B,
17.8%,
2/11/25
.....
1,690
1,677
1715170.PS.FTS.B,
10.8%,
2/15/25
.....
1,195
1,170
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1708031.PS.FTS.B,
12.9%,
2/15/25
.....
$
3,124
$
3,058
1708067.PS.FTS.B,
13%,
2/15/25
.......
4,060
3,975
1715161.PS.FTS.B,
14.11%,
2/15/25
....
716
705
1708871.PS.FTS.B,
14.49%,
2/15/25
....
4,112
4,039
1715173.PS.FTS.B,
16.6%,
2/15/25
.....
1,622
1,593
1708904.PS.FTS.B,
23.4%,
2/15/25
.....
2,210
2,213
1708478.PS.FTS.B,
24.34%,
2/15/25
....
2,528
362
1708040.PS.FTS.B,
26.46%,
2/15/25
....
1,810
1,812
1716160.PS.FTS.B,
11.55%,
2/16/25
....
4,010
3,927
1716088.PS.FTS.B,
17.8%,
2/16/25
.....
2,113
2,102
1715845.PS.FTS.B,
19.83%,
2/16/25
....
6,614
–
1723593.PS.FTS.B,
22.6%,
2/18/25
.....
6,588
6,609
1721421.PS.FTS.B,
16.3%,
2/20/25
.....
7,828
7,759
1709597.PS.FTS.B,
18.5%,
2/20/25
.....
2,563
2,541
1708070.PS.FTS.B,
14.2%,
2/21/25
.....
4,141
4,057
1724148.PS.FTS.B,
12.3%,
2/22/25
.....
3,650
3,572
1718062.PS.FTS.B,
20.4%,
2/22/25
.....
863
861
1713806.PS.FTS.B,
10.07%,
2/23/25
....
15,834
15,550
1713725.PS.FTS.B,
13.9%,
2/23/25
.....
3,654
3,600
1721427.PS.FTS.B,
17.96%,
2/24/25
....
7,524
7,371
1652873.PS.FTS.B,
19.6%,
2/25/25
.....
6,029
5,939
1712954.PS.FTS.B,
12.4%,
2/26/25
.....
1,619
1,585
1715152.PS.FTS.B,
21%,
2/28/25
.......
4,730
4,723
1708484.PS.FTS.B,
22.6%,
2/28/25
.....
1,924
1,921
1710380.PS.FTS.B,
23.59%,
2/28/25
....
1,223
1,244
1730775.PS.FTS.B,
16.3%,
3/03/25
.....
996
258
1673705.PS.FTS.B,
16%,
6/16/25
.......
4,695
3,100
1724859.PS.FTS.B,
11.4%,
6/18/25
.....
5,071
1,253
1686607.PS.FTS.B,
26.09%,
6/30/25
....
1,944
–
1683602.PS.FTS.B,
23.4%,
7/05/25
.....
1,180
1,166
1655328.PS.FTS.B,
15.4%,
9/27/25
.....
1,745
238
1638183.PS.FTS.B,
17.71%,
9/27/25
....
6,383
6,187
1681405.PS.FTS.B,
16.9%,
10/12/25
....
8,667
5,653
1685272.PS.FTS.B,
16.7%,
11/28/25
....
13,480
7,595
1692336.PS.FTS.B,
21.8%,
11/28/25
....
6,069
5,921
1716226.PS.FTS.B,
13.9%,
11/30/25
....
5,212
3,286
1485878.PS.FTS.B,
11.99%,
12/17/25
....
7,837
1,758
1708055.PS.FTS.B,
20.25%,
1/15/26
....
16,899
16,138
1709591.PS.FTS.B,
22.6%,
1/16/26
.....
10,727
6,436
1592846.PS.FTS.B,
15.9%,
7/23/26
.....
4,785
4,698
1599440.PS.FTS.B,
26.4%,
8/05/26
.....
1,363
1,397
1600460.PS.FTS.B,
15.2%,
8/06/26
.....
9,146
8,915
1603750.PS.FTS.B,
15.9%,
8/06/26
.....
4,911
4,787
1600466.PS.FTS.B,
18.73%,
8/06/26
....
9,457
9,215
1603759.PS.FTS.B,
20.59%,
8/06/26
....
6,412
6,399
1604551.PS.FTS.B,
13.74%,
8/09/26
....
13,359
13,026
1611384.PS.FTS.B,
13.88%,
8/09/26
....
6,019
5,857
1611387.PS.FTS.B,
19.33%,
8/09/26
....
5,705
5,703
1611390.PS.FTS.B,
22.8%,
8/09/26
.....
1,257
1,291
1611810.PS.FTS.B,
13%,
8/10/26
.......
1,492
1,452
1606042.PS.FTS.B,
14.74%,
8/10/26
....
10,025
5,184
1611807.PS.FTS.B,
19.33%,
8/10/26
....
9,527
9,530
1602347.PS.FTS.B,
20.3%,
8/10/26
.....
1,279
1,279
1612149.PS.FTS.B,
20.7%,
8/10/26
.....
3,851
3,851
1612140.PS.FTS.B,
23.74%,
8/10/26
....
4,283
4,281
1606183.PS.FTS.B,
12.6%,
8/11/26
.....
8,914
8,679
1606945.PS.FTS.B,
12.5%,
8/12/26
.....
4,537
558
1607296.PS.FTS.B,
13.3%,
8/12/26
.....
3,608
3,513
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)
Prosper
Funding
LLC
(continued)
1603532.PS.FTS.B,
20.5%,
8/12/26
.....
$
6,771
$
6,780
1612131.PS.FTS.B,
19.48%,
8/15/26
....
4,776
4,777
1611322.PS.FTS.B,
12.5%,
8/19/26
.....
20,778
20,266
1618149.PS.FTS.B,
13.7%,
8/19/26
.....
6,609
6,446
1604576.PS.FTS.B,
18.3%,
8/19/26
.....
6,314
6,327
1611805.PS.FTS.B,
16.18%,
8/20/26
....
18,159
17,784
1602449.PS.FTS.B,
25%,
8/21/26
.......
1,343
1,380
1619901.PS.FTS.B,
13.5%,
8/24/26
.....
7,196
7,026
1620930.PS.FTS.B,
15.8%,
8/25/26
.....
6,062
5,959
1615738.PS.FTS.B,
13.3%,
8/27/26
.....
2,394
2,339
1612100.PS.FTS.B,
16.3%,
8/27/26
.....
6,163
6,050
1615246.PS.FTS.B,
16.64%,
8/27/26
....
7,419
7,283
1615636.PS.FTS.B,
12.5%,
8/30/26
.....
9,163
9,056
1612853.PS.FTS.B,
13%,
8/30/26
.......
24,504
24,212
1611798.PS.FTS.B,
25.74%,
9/01/26
....
7,026
7,188
1622321.PS.FTS.B,
19.23%,
9/17/26
....
1,946
1,955
1634619.PS.FTS.B,
19%,
9/21/26
.......
6,472
6,517
1624628.PS.FTS.B,
12.9%,
9/22/26
.....
15,297
14,932
1625300.PS.FTS.B,
11.79%,
9/23/26
....
4,237
4,137
1625246.PS.FTS.B,
12.5%,
9/23/26
.....
5,791
5,654
1630114.PS.FTS.B,
11.7%,
9/24/26
......
5,443
5,316
1630111.PS.FTS.B,
13.03%,
9/24/26
.....
11,393
–
1629628.PS.FTS.B,
14.31%,
9/24/26
....
7,442
7,304
1626860.PS.FTS.B,
15%,
9/27/26
.......
4,058
3,986
1631629.PS.FTS.B,
11.7%,
9/28/26
.....
2,178
2,133
1631647.PS.FTS.B,
12.7%,
9/28/26
.....
9,028
8,825
1638105.PS.FTS.B,
13.4%,
9/28/26
.....
3,997
3,906
1628072.PS.FTS.B,
14.53%,
9/28/26
....
12,492
12,209
1627559.PS.FTS.B,
14.89%,
9/28/26
....
10,601
10,418
1639041.PS.FTS.B,
11.7%,
9/29/26
.....
9,310
9,103
1469063.PS.FTS.B,
19.24%,
10/12/26
...
7,556
7,424
1646769.PS.FTS.B,
11.79%,
10/13/26
....
6,088
5,935
1626833.PS.FTS.B,
14.7%,
10/25/26
....
9,730
9,522
1648282.PS.FTS.B,
14%,
10/26/26
......
9,517
9,312
1648288.PS.FTS.B,
14.96%,
10/26/26
...
8,001
7,827
1645223.PS.FTS.B,
10.5%,
10/27/26
....
5,525
5,386
1645646.PS.FTS.B,
10.8%,
10/27/26
....
9,235
9,003
1648582.PS.FTS.B,
10.9%,
10/27/26
....
6,163
6,008
1645232.PS.FTS.B,
11.2%,
10/27/26
....
7,111
6,942
1645649.PS.FTS.B,
12.7%,
10/27/26
....
4,928
–
1655325.PS.FTS.B,
13.08%,
10/27/26
...
12,771
12,449
1648945.PS.FTS.B,
14.29%,
10/27/26
...
22,282
21,809
1648588.PS.FTS.B,
14.39%,
10/27/26
...
9,551
9,348
1648621.PS.FTS.B,
15.29%,
10/27/26
...
20,315
19,906
1646309.PS.FTS.B,
9.62%,
10/28/26
....
9,450
9,215
1649809.PS.FTS.B,
11.1%,
10/28/26
....
4,463
2,133
1646066.PS.FTS.B,
16.18%,
10/28/26
...
9,706
9,501
1645916.PS.FTS.B,
16.3%,
10/28/26
....
1,168
1,163
1646072.PS.FTS.B,
28.23%,
10/28/26
...
8,511
8,828
1650307.PS.FTS.B,
10.08%,
10/29/26
...
8,155
7,954
1647161.PS.FTS.B,
10.5%,
10/29/26
....
4,408
4,299
1657278.PS.FTS.B,
10.5%,
10/29/26
....
4,935
4,820
1646819.PS.FTS.B,
11.2%,
10/29/26
....
2,535
2,473
1650901.PS.FTS.B,
11.2%,
10/29/26
....
9,823
9,593
1650547.PS.FTS.B,
13.7%,
10/29/26
....
7,591
7,449
1650847.PS.FTS.B,
13.93%,
10/29/26
...
5,197
5,068
1647071.PS.FTS.B,
14.38%,
10/29/26
...
13,705
1,785
1650865.PS.FTS.B,
15.18%,
10/29/26
...
6,567
6,404
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1489833.PS.FTS.B,
16.99%,
10/30/26
...
$
5,195
$
2,799
1656183.PS.FTS.B,
14.38%,
10/31/26
...
4,902
4,772
1649791.PS.FTS.B,
15.1%,
10/31/26
....
16,429
16,051
1655343.PS.FTS.B,
16.65%,
10/31/26
...
8,867
8,913
1648990.PS.FTS.B,
18.33%,
10/31/26
...
11,499
11,520
1649806.PS.FTS.B,
12.33%,
11/01/26
....
11,453
2,623
1648793.PS.FTS.B,
26.43%,
11/02/26
....
7,170
7,313
1650023.PS.FTS.B,
14.79%,
11/04/26
....
7,198
7,038
1661388.PS.FTS.B,
11.55%,
11/05/26
....
2,543
2,467
1650968.PS.FTS.B,
16.33%,
11/05/26
....
11,934
11,595
1654723.PS.FTS.B,
18.6%,
11/05/26
....
5,742
5,711
1651754.PS.FTS.B,
10.5%,
11/08/26
....
12,593
12,227
1658080.PS.FTS.B,
14.63%,
11/08/26
....
9,802
9,535
1652300.PS.FTS.B,
21.18%,
11/08/26
....
9,846
9,796
1666515.PS.FTS.B,
11.2%,
11/09/26
.....
16,702
889
1665864.PS.FTS.B,
11.97%,
11/09/26
....
5,425
5,267
1666449.PS.FTS.B,
14.6%,
11/09/26
....
7,512
7,311
1658839.PS.FTS.B,
14.68%,
11/09/26
....
9,806
9,520
1658842.PS.FTS.B,
17%,
11/09/26
......
8,334
8,309
1659079.PS.FTS.B,
19%,
11/09/26
......
4,067
4,053
1651394.PS.FTS.B,
15.29%,
11/10/26
....
14,687
–
1654735.PS.FTS.B,
18.25%,
11/10/26
....
16,919
16,773
1660333.PS.FTS.B,
21.18%,
11/10/26
....
2,755
2,746
1654187.PS.FTS.B,
22.5%,
11/10/26
....
11,519
–
1667997.PS.FTS.B,
11.79%,
11/12/26
....
5,734
5,572
1655114.PS.FTS.B,
12.32%,
11/12/26
....
8,207
424
1667757.PS.FTS.B,
18.25%,
11/12/26
....
8,757
8,742
1667178.PS.FTS.B,
13.3%,
11/15/26
....
6,480
6,295
1661914.PS.FTS.B,
13.5%,
11/15/26
....
16,175
15,775
1661875.PS.FTS.B,
18.33%,
11/15/26
....
10,112
10,108
1661797.PS.FTS.B,
21%,
11/15/26
......
1,415
1,446
1658339.PS.FTS.B,
16%,
11/17/26
......
4,959
4,964
1653086.PS.FTS.B,
18.2%,
11/19/26
....
8,537
8,484
1664327.PS.FTS.B,
13.5%,
11/30/26
....
2,681
2,648
1687146.PS.FTS.B,
11.43%,
12/16/26
....
7,812
7,579
1687128.PS.FTS.B,
12.3%,
12/16/26
....
6,560
6,364
1680286.PS.FTS.B,
12.5%,
12/16/26
....
6,571
6,375
1687125.PS.FTS.B,
13.4%,
12/16/26
....
6,622
6,424
1680241.PS.FTS.B,
14.38%,
12/16/26
...
16,702
16,202
1680235.PS.FTS.B,
14.41%,
12/16/26
...
23,338
22,668
1674101.PS.FTS.B,
14.53%,
12/16/26
...
11,890
11,548
1687113.PS.FTS.B,
15.18%,
12/16/26
....
11,091
10,775
1680301.PS.FTS.B,
18.5%,
12/16/26
....
3,452
3,431
1675265.PS.FTS.B,
10.5%,
12/20/26
....
14,849
14,438
1681006.PS.FTS.B,
15.29%,
12/20/26
...
15,474
15,053
1676534.PS.FTS.B,
6%,
12/21/26
.......
9,735
9,503
1688964.PS.FTS.B,
13.93%,
12/21/26
...
9,978
9,690
1689036.PS.FTS.B,
14.6%,
12/21/26
....
13,379
13,021
1689054.PS.FTS.B,
14.89%,
12/21/26
...
9,841
9,597
1676819.PS.FTS.B,
14.68%,
12/22/26
...
21,420
20,807
1674110.PS.FTS.B,
14.7%,
12/22/26
....
23,533
22,864
1677269.PS.FTS.B,
25.9%,
12/22/26
....
4,376
4,486
1690638.PS.FTS.B,
11.1%,
12/23/26
....
6,167
6,000
1688076.PS.FTS.B,
16.4%,
12/24/26
....
9,517
9,273
1680116.PS.FTS.B,
14%,
12/29/26
......
18,380
17,932
1690116.PS.FTS.B,
23.11%,
12/31/26
....
11,008
11,254
1686735.PS.FTS.B,
25.27%,
12/31/26
...
11,330
11,489
1694608.PS.FTS.B,
10.62%,
1/13/27
....
6,375
6,182
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)
Prosper
Funding
LLC
(continued)
1701387.PS.FTS.B,
11.1%,
1/13/27
.....
$
5,316
$
5,154
1694572.PS.FTS.B,
11.6%,
1/13/27
.....
14,548
14,105
1695022.PS.FTS.B,
11.7%,
1/13/27
.....
9,894
9,593
1688996.PS.FTS.B,
11.79%,
1/13/27
....
16,376
15,877
1694605.PS.FTS.B,
15.2%,
1/13/27
.....
1,443
1,401
1694623.PS.FTS.B,
18.5%,
1/13/27
.....
4,933
4,901
1701375.PS.FTS.B,
21.69%,
1/13/27
....
7,200
7,359
1694593.PS.FTS.B,
23.4%,
1/13/27
.....
7,276
1,042
1701396.PS.FTS.B,
27.4%,
1/13/27
.....
3,792
3,856
1702062.PS.FTS.B,
11.79%,
1/14/27
....
5,415
5,255
1702152.PS.FTS.B,
12.87%,
1/14/27
....
4,046
3,924
1695343.PS.FTS.B,
12.9%,
1/14/27
.....
3,643
3,532
1702287.PS.FTS.B,
15.29%,
1/14/27
....
6,876
6,678
1689365.PS.FTS.B,
15.8%,
1/14/27
.....
13,808
13,409
1702137.PS.FTS.B,
16.2%,
1/14/27
.....
4,501
4,371
1702161.PS.FTS.B,
18.13%,
1/14/27
....
2,811
2,729
1689329.PS.FTS.B,
18.4%,
1/14/27
.....
6,901
6,860
1674146.PS.FTS.B,
18.78%,
1/14/27
....
7,222
7,134
1689347.PS.FTS.B,
19%,
1/14/27
.......
6,112
223
1695361.PS.FTS.B,
26.13%,
1/14/27
....
11,148
11,390
1688534.PS.FTS.B,
12.9%,
1/16/27
.....
16,887
16,352
1703139.PS.FTS.B,
25.9%,
1/18/27
.....
1,511
1,331
1704984.PS.FTS.B,
10.29%,
1/19/27
....
8,580
8,331
1692188.PS.FTS.B,
11.2%,
1/19/27
.....
16,405
15,927
1691687.PS.FTS.B,
12.7%,
1/19/27
.....
20,204
19,614
1675340.PS.FTS.B,
16%,
1/19/27
.......
9,498
9,442
1692281.PS.FTS.B,
16.5%,
1/19/27
.....
24,345
23,628
1704129.PS.FTS.B,
21.18%,
1/19/27
....
7,393
7,341
1692593.PS.FTS.B,
10.5%,
1/20/27
.....
13,223
12,842
1698709.PS.FTS.B,
15.2%,
1/20/27
.....
10,307
10,031
1695031.PS.FTS.B,
15.5%,
1/27/27
.....
6,943
6,726
1695725.PS.FTS.B,
16.1%,
1/30/27
.....
5,945
5,969
1708451.PS.FTS.B,
10.26%,
2/15/27
....
5,519
5,369
1721439.PS.FTS.B,
12%,
2/15/27
.......
2,054
1,990
1721037.PS.FTS.B,
12.24%,
2/15/27
....
8,568
1,110
1708763.PS.FTS.B,
15.62%,
2/15/27
....
16,192
15,700
1708901.PS.FTS.B,
18.33%,
2/15/27
....
14,360
14,241
1720974.PS.FTS.B,
18.4%,
2/15/27
.....
14,050
13,879
1708466.PS.FTS.B,
18.6%,
2/15/27
.....
4,676
4,637
1708103.PS.FTS.B,
18.78%,
2/15/27
....
1,551
1,530
1721007.PS.FTS.B,
22%,
2/15/27
.......
9,165
2,408
1715353.PS.FTS.B,
25.9%,
2/15/27
.....
1,510
1,538
1709507.PS.FTS.B,
13.5%,
2/16/27
.....
5,542
5,377
1709498.PS.FTS.B,
25.9%,
2/16/27
.....
7,550
7,697
1722801.PS.FTS.B,
23.31%,
2/17/27
....
3,408
3,465
1708907.PS.FTS.B,
18.13%,
2/20/27
....
11,292
9,273
1718479.PS.FTS.B,
11.1%,
2/22/27
.....
6,410
1,378
1724556.PS.FTS.B,
17.38%,
2/22/27
....
4,582
4,559
1611804.PS.FTS.B,
18%,
2/22/27
.......
17,371
17,201
1719415.PS.FTS.B,
10.8%,
2/23/27
.....
8,070
7,833
1719667.PS.FTS.B,
12.5%,
2/23/27
.....
10,311
10,008
1715149.PS.FTS.B,
12.62%,
2/27/27
....
17,275
16,716
1722171.PS.FTS.B,
18.78%,
2/28/27
....
5,564
5,481
1739157.PS.FTS.B,
11.5%,
3/18/27
.....
27,960
27,040
1749006.PS.FTS.B,
19.53%,
3/31/27
....
8,291
8,162
1749429.PS.FTS.B,
25.9%,
4/01/27
.....
4,704
4,742
1613553.PS.FTS.B,
19.78%,
6/15/27
....
7,823
7,826
1647098.PS.FTS.B,
11.55%,
8/01/27
....
23,136
–
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1654196.PS.FTS.B,
11.6%,
9/03/27
.....
$
14,126
$
5,537
1687137.PS.FTS.B,
28.08%,
9/23/27
....
13,640
5,525
1682455.PS.FTS.B,
11.43%,
11/21/27
....
20,917
7,381
1686133.PS.FTS.B,
10.44%,
11/22/27
....
9,805
1,231
2,080,767
Upgrade,
Inc.
23712149.UG.FTS.B,
29.69%,
11/06/24
..
6,999
7,322
24548048.UG.FTS.B,
28.99%,
11/20/24
..
16,096
17,079
24415650.UG.FTS.B,
26.77%,
11/22/24
..
4,280
4,468
24468287.UG.FTS.B,
29.69%,
11/26/24
..
17,864
15,058
24606347.UG.FTS.B,
30.17%,
12/03/24
..
9,337
9,820
24618663.UG.FTS.B,
29.69%,
12/21/24
..
8,343
8,822
25533971.UG.FTS.B,
29.69%,
12/26/24
..
3,539
3,733
25721348.UG.FTS.B,
28.99%,
1/06/25
...
9,640
8,749
25684301.UG.FTS.B,
29.69%,
1/06/25
...
1,971
1,989
25595802.UG.FTS.B,
28.99%,
1/22/25
...
10,755
11,212
24508053.UG.FTS.B,
22.34%,
11/20/27
..
89
89
88,341
Upgrade,
Inc.
-
Card
991578462.UG.FTS.B,
28.98%,
11/17/23
.
8
8
991922854.UG.FTS.B,
21.46%,
3/07/24
..
16
15
991663176.UG.FTS.B,
29.49%,
3/17/24
..
3
2
991828622.UG.FTS.B,
16.49%,
3/23/24
..
31
31
991712564.UG.FTS.B,
29.48%,
4/17/24
..
118
19
991575505.UG.FTS.B,
29.49%,
4/17/24
..
269
40
991689800.UG.FTS.B,
29.49%,
4/18/24
..
39
40
991716207.UG.FTS.B,
29.49%,
4/18/24
..
28
28
991717854.UG.FTS.B,
29.49%,
4/18/24
..
15
14
991783332.UG.FTS.B,
20.47%,
4/19/24
..
138
10
991721326.UG.FTS.B,
29.49%,
4/22/24
..
45
45
991636176.UG.FTS.B,
29.49%,
4/23/24
..
145
147
991676577.UG.FTS.B,
29.49%,
4/23/24
..
342
346
991781162.UG.FTS.B,
29.49%,
4/23/24
..
39
40
991601477.UG.FTS.B,
28.48%,
4/24/24
..
12
12
991827302.UG.FTS.B,
29.49%,
5/05/24
..
28
4
991896635.UG.FTS.B,
21.48%,
5/06/24
..
85
84
991713731.UG.FTS.B,
29.49%,
5/06/24
..
29
2
991854055.UG.FTS.B,
29.49%,
5/06/24
..
217
19
991894974.UG.FTS.B,
29.49%,
5/06/24
..
193
79
991736572.UG.FTS.B,
29.48%,
5/07/24
..
78
79
991720763.UG.FTS.B,
29.49%,
5/07/24
..
102
7
991946691.UG.FTS.B,
14.98%,
5/08/24
..
18
17
991552817.UG.FTS.B,
29.49%,
5/15/24
..
28
28
991671486.UG.FTS.B,
29.49%,
5/16/24
..
32
32
991832099.UG.FTS.B,
29.49%,
5/23/24
..
30
31
991716555.UG.FTS.B,
28.98%,
5/24/24
..
23
24
991693378.UG.FTS.B,
23.44%,
6/03/24
..
35
34
991588559.UG.FTS.B,
29.46%,
6/17/24
..
37
38
991562352.UG.FTS.B,
29.49%,
6/17/24
..
39
41
991741014.UG.FTS.B,
29.49%,
6/24/24
..
155
158
991658433.UG.FTS.B,
16.49%,
6/30/24
..
296
17
991608248.UG.FTS.B,
19.99%,
7/21/24
..
26
27
991633451.UG.FTS.B,
29.49%,
7/22/24
..
128
9
991924883.UG.FTS.B,
23.95%,
8/05/24
..
31
31
991787803.UG.FTS.B,
29.46%,
8/20/24
..
43
39
991671753.UG.FTS.B,
19.96%,
9/23/24
..
132
11
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)
991802395.UG.FTS.B,
29.49%,
10/06/24
.
$
115
$
118
991732331.UG.FTS.B,
28.48%,
10/15/24
.
42
43
991661636.UG.FTS.B,
29.49%,
10/20/24
.
46
47
991655876.UG.FTS.B,
28.48%,
10/21/24
.
129
110
991591790.UG.FTS.B,
29.49%,
12/21/24
.
331
29
991487037.UG.FTS.B,
14.98%,
1/13/25
..
655
659
991499314.UG.FTS.B,
16.99%,
1/14/25
..
166
170
991514741.UG.FTS.B,
17.99%,
1/15/25
..
442
442
991729446.UG.FTS.B,
19.99%,
1/16/25
..
7
7
991773734.UG.FTS.B,
29.49%,
1/16/25
..
1
1
991594803.UG.FTS.B,
28.98%,
1/17/25
..
5
5
991655284.UG.FTS.B,
28.98%,
1/17/25
..
22
23
991649368.UG.FTS.B,
29.46%,
1/17/25
..
24
24
991544466.UG.FTS.B,
29.49%,
1/17/25
..
–
–
991545817.UG.FTS.B,
29.49%,
1/17/25
..
5
1
991644250.UG.FTS.B,
29.49%,
1/17/25
..
15
16
991713284.UG.FTS.B,
15.97%,
1/18/25
..
46
47
991534259.UG.FTS.B,
19.99%,
1/18/25
..
6
1
991543349.UG.FTS.B,
19.99%,
1/18/25
..
522
543
991596625.UG.FTS.B,
19.99%,
1/18/25
..
139
44
991535930.UG.FTS.B,
27.95%,
1/18/25
..
882
918
991541397.UG.FTS.B,
27.95%,
1/18/25
..
139
52
991536394.UG.FTS.B,
28.98%,
1/18/25
..
4,143
582
991541730.UG.FTS.B,
28.98%,
1/18/25
..
258
260
991547864.UG.FTS.B,
28.98%,
1/18/25
..
336
349
991586801.UG.FTS.B,
28.98%,
1/18/25
..
107
111
991633024.UG.FTS.B,
28.98%,
1/18/25
..
27
27
991643598.UG.FTS.B,
28.98%,
1/18/25
..
77
78
991662279.UG.FTS.B,
28.98%,
1/18/25
..
56
58
991669237.UG.FTS.B,
28.98%,
1/18/25
..
21
22
991766780.UG.FTS.B,
29.45%,
1/18/25
..
74
76
991567035.UG.FTS.B,
29.48%,
1/18/25
..
275
287
991535459.UG.FTS.B,
29.49%,
1/18/25
..
117
123
991535708.UG.FTS.B,
29.49%,
1/18/25
..
29
30
991536072.UG.FTS.B,
29.49%,
1/18/25
..
214
217
991536876.UG.FTS.B,
29.49%,
1/18/25
..
135
140
991536929.UG.FTS.B,
29.49%,
1/18/25
..
587
604
991537021.UG.FTS.B,
29.49%,
1/18/25
..
13
13
991540546.UG.FTS.B,
29.49%,
1/18/25
..
49
51
991540582.UG.FTS.B,
29.49%,
1/18/25
..
119
118
991543638.UG.FTS.B,
29.49%,
1/18/25
..
87
8
991544799.UG.FTS.B,
29.49%,
1/18/25
..
119
124
991545277.UG.FTS.B,
29.49%,
1/18/25
..
214
31
991563278.UG.FTS.B,
29.49%,
1/18/25
..
84
87
991637270.UG.FTS.B,
29.49%,
1/18/25
..
14
14
991678184.UG.FTS.B,
29.49%,
1/18/25
..
8
8
991692788.UG.FTS.B,
29.49%,
1/18/25
..
7
7
991714196.UG.FTS.B,
29.49%,
1/18/25
..
4
4
991736128.UG.FTS.B,
29.49%,
1/18/25
..
13
13
991755790.UG.FTS.B,
29.49%,
1/18/25
..
23
23
991765962.UG.FTS.B,
29.49%,
1/18/25
..
35
36
991768700.UG.FTS.B,
29.49%,
1/18/25
..
90
92
991713909.UG.FTS.B,
18.97%,
1/19/25
..
123
125
991593524.UG.FTS.B,
19.99%,
1/19/25
..
30
31
991617879.UG.FTS.B,
19.99%,
1/19/25
..
623
648
991640553.UG.FTS.B,
19.99%,
1/19/25
..
34
34
991650417.UG.FTS.B,
19.99%,
1/19/25
..
120
124
991698886.UG.FTS.B,
21.46%,
1/19/25
..
50
51
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991690575.UG.FTS.B,
25.95%,
1/19/25
..
$
250
$
258
991779529.UG.FTS.B,
27.99%,
1/19/25
..
172
177
991544331.UG.FTS.B,
28.98%,
1/19/25
..
303
313
991547565.UG.FTS.B,
28.98%,
1/19/25
..
77
78
991556346.UG.FTS.B,
28.98%,
1/19/25
..
131
19
991580652.UG.FTS.B,
28.98%,
1/19/25
..
48
50
991652010.UG.FTS.B,
28.98%,
1/19/25
..
190
14
991655297.UG.FTS.B,
28.98%,
1/19/25
..
8
8
991680250.UG.FTS.B,
28.98%,
1/19/25
..
208
210
991684419.UG.FTS.B,
28.98%,
1/19/25
..
534
–
991689404.UG.FTS.B,
28.98%,
1/19/25
..
119
–
991694508.UG.FTS.B,
28.98%,
1/19/25
..
144
149
991729327.UG.FTS.B,
28.98%,
1/19/25
..
85
6
991734745.UG.FTS.B,
28.98%,
1/19/25
..
199
206
991746200.UG.FTS.B,
28.98%,
1/19/25
..
234
242
991746728.UG.FTS.B,
28.98%,
1/19/25
..
41
42
991748030.UG.FTS.B,
28.98%,
1/19/25
..
69
72
991783620.UG.FTS.B,
28.98%,
1/19/25
..
171
177
991616379.UG.FTS.B,
29.45%,
1/19/25
..
66
66
991547157.UG.FTS.B,
29.46%,
1/19/25
..
270
274
991550875.UG.FTS.B,
29.47%,
1/19/25
..
941
986
991767247.UG.FTS.B,
29.47%,
1/19/25
..
270
280
991551878.UG.FTS.B,
29.48%,
1/19/25
..
102
102
991542015.UG.FTS.B,
29.49%,
1/19/25
..
162
169
991547832.UG.FTS.B,
29.49%,
1/19/25
..
99
101
991556769.UG.FTS.B,
29.49%,
1/19/25
..
74
76
991559196.UG.FTS.B,
29.49%,
1/19/25
..
1,698
1,716
991567620.UG.FTS.B,
29.49%,
1/19/25
..
130
134
991571908.UG.FTS.B,
29.49%,
1/19/25
..
97
–
991575387.UG.FTS.B,
29.49%,
1/19/25
..
108
113
991587154.UG.FTS.B,
29.49%,
1/19/25
..
119
122
991589395.UG.FTS.B,
29.49%,
1/19/25
..
240
248
991590614.UG.FTS.B,
29.49%,
1/19/25
..
146
10
991700162.UG.FTS.B,
29.49%,
1/19/25
..
–
–
991710813.UG.FTS.B,
29.49%,
1/19/25
..
18
18
991719174.UG.FTS.B,
29.49%,
1/19/25
..
739
768
991721350.UG.FTS.B,
29.49%,
1/19/25
..
1,090
1,138
991732729.UG.FTS.B,
29.49%,
1/19/25
..
47
47
991769796.UG.FTS.B,
29.49%,
1/19/25
..
65
67
991771466.UG.FTS.B,
29.49%,
1/19/25
..
84
87
991773161.UG.FTS.B,
29.49%,
1/19/25
..
216
224
991782580.UG.FTS.B,
29.49%,
1/19/25
..
52
54
991787423.UG.FTS.B,
14.98%,
1/20/25
..
81
81
991550110.UG.FTS.B,
19.99%,
1/20/25
..
162
169
991558664.UG.FTS.B,
19.99%,
1/20/25
..
187
193
991560098.UG.FTS.B,
19.99%,
1/20/25
..
90
93
991563863.UG.FTS.B,
19.99%,
1/20/25
..
164
169
991567021.UG.FTS.B,
19.99%,
1/20/25
..
218
227
991569516.UG.FTS.B,
19.99%,
1/20/25
..
553
39
991575551.UG.FTS.B,
19.99%,
1/20/25
..
467
483
991579043.UG.FTS.B,
19.99%,
1/20/25
..
1,407
188
991579154.UG.FTS.B,
19.99%,
1/20/25
..
80
84
991580969.UG.FTS.B,
19.99%,
1/20/25
..
556
575
991591112.UG.FTS.B,
19.99%,
1/20/25
..
155
160
991612039.UG.FTS.B,
19.99%,
1/20/25
..
29
29
991613122.UG.FTS.B,
19.99%,
1/20/25
..
110
114
991615000.UG.FTS.B,
19.99%,
1/20/25
..
213
222
991635746.UG.FTS.B,
19.99%,
1/20/25
..
130
131
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)
991642370.UG.FTS.B,
19.99%,
1/20/25
..
$
133
$
139
991650312.UG.FTS.B,
19.99%,
1/20/25
..
137
141
991666023.UG.FTS.B,
19.99%,
1/20/25
..
107
112
991676336.UG.FTS.B,
19.99%,
1/20/25
..
44
45
991699684.UG.FTS.B,
19.99%,
1/20/25
..
69
71
991751909.UG.FTS.B,
19.99%,
1/20/25
..
79
82
991674160.UG.FTS.B,
25.95%,
1/20/25
..
143
147
991693406.UG.FTS.B,
27.95%,
1/20/25
..
578
582
991567052.UG.FTS.B,
27.99%,
1/20/25
..
40
41
991653855.UG.FTS.B,
27.99%,
1/20/25
..
128
132
991682363.UG.FTS.B,
27.99%,
1/20/25
..
868
896
991544408.UG.FTS.B,
28.98%,
1/20/25
..
61
64
991545892.UG.FTS.B,
28.98%,
1/20/25
..
24
24
991546136.UG.FTS.B,
28.98%,
1/20/25
..
34
34
991547409.UG.FTS.B,
28.98%,
1/20/25
..
60
–
991547592.UG.FTS.B,
28.98%,
1/20/25
..
5,159
354
991547593.UG.FTS.B,
28.98%,
1/20/25
..
154
160
991547777.UG.FTS.B,
28.98%,
1/20/25
..
4
4
991552067.UG.FTS.B,
28.98%,
1/20/25
..
8
8
991552893.UG.FTS.B,
28.98%,
1/20/25
..
229
237
991553649.UG.FTS.B,
28.98%,
1/20/25
..
659
687
991556261.UG.FTS.B,
28.98%,
1/20/25
..
483
500
991557666.UG.FTS.B,
28.98%,
1/20/25
..
131
131
991558522.UG.FTS.B,
28.98%,
1/20/25
..
20
20
991559055.UG.FTS.B,
28.98%,
1/20/25
..
1,889
1,923
991559725.UG.FTS.B,
28.98%,
1/20/25
..
373
388
991561334.UG.FTS.B,
28.98%,
1/20/25
..
233
242
991562380.UG.FTS.B,
28.98%,
1/20/25
..
109
114
991564330.UG.FTS.B,
28.98%,
1/20/25
..
64
66
991566285.UG.FTS.B,
28.98%,
1/20/25
..
129
134
991568849.UG.FTS.B,
28.98%,
1/20/25
..
81
84
991568936.UG.FTS.B,
28.98%,
1/20/25
..
153
160
991570565.UG.FTS.B,
28.98%,
1/20/25
..
77
11
991571433.UG.FTS.B,
28.98%,
1/20/25
..
88
92
991572223.UG.FTS.B,
28.98%,
1/20/25
..
723
105
991572292.UG.FTS.B,
28.98%,
1/20/25
..
1
1
991575019.UG.FTS.B,
28.98%,
1/20/25
..
263
274
991575102.UG.FTS.B,
28.98%,
1/20/25
..
823
–
991575747.UG.FTS.B,
28.98%,
1/20/25
..
11
–
991579033.UG.FTS.B,
28.98%,
1/20/25
..
87
90
991580751.UG.FTS.B,
28.98%,
1/20/25
..
170
173
991581464.UG.FTS.B,
28.98%,
1/20/25
..
85
85
991581893.UG.FTS.B,
28.98%,
1/20/25
..
176
183
991583574.UG.FTS.B,
28.98%,
1/20/25
..
25
25
991584117.UG.FTS.B,
28.98%,
1/20/25
..
284
292
991588111.UG.FTS.B,
28.98%,
1/20/25
..
67
68
991589534.UG.FTS.B,
28.98%,
1/20/25
..
260
271
991590552.UG.FTS.B,
28.98%,
1/20/25
..
195
203
991594115.UG.FTS.B,
28.98%,
1/20/25
..
450
466
991602891.UG.FTS.B,
28.98%,
1/20/25
..
53
55
991603854.UG.FTS.B,
28.98%,
1/20/25
..
174
181
991604545.UG.FTS.B,
28.98%,
1/20/25
..
99
102
991604665.UG.FTS.B,
28.98%,
1/20/25
..
98
102
991606337.UG.FTS.B,
28.98%,
1/20/25
..
55
55
991608131.UG.FTS.B,
28.98%,
1/20/25
..
121
9
991608902.UG.FTS.B,
28.98%,
1/20/25
..
570
39
991609515.UG.FTS.B,
28.98%,
1/20/25
..
218
227
991613998.UG.FTS.B,
28.98%,
1/20/25
..
262
273
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991616232.UG.FTS.B,
28.98%,
1/20/25
..
$
72
$
74
991617883.UG.FTS.B,
28.98%,
1/20/25
..
651
678
991621078.UG.FTS.B,
28.98%,
1/20/25
..
34
34
991625260.UG.FTS.B,
28.98%,
1/20/25
..
64
66
991628122.UG.FTS.B,
28.98%,
1/20/25
..
53
55
991629144.UG.FTS.B,
28.98%,
1/20/25
..
364
26
991631399.UG.FTS.B,
28.98%,
1/20/25
..
88
88
991634045.UG.FTS.B,
28.98%,
1/20/25
..
76
79
991634258.UG.FTS.B,
28.98%,
1/20/25
..
198
202
991643294.UG.FTS.B,
28.98%,
1/20/25
..
86
88
991645700.UG.FTS.B,
28.98%,
1/20/25
..
543
555
991652792.UG.FTS.B,
28.98%,
1/20/25
..
12
12
991653273.UG.FTS.B,
28.98%,
1/20/25
..
39
39
991655177.UG.FTS.B,
28.98%,
1/20/25
..
88
89
991658226.UG.FTS.B,
28.98%,
1/20/25
..
195
198
991661646.UG.FTS.B,
28.98%,
1/20/25
..
189
194
991662576.UG.FTS.B,
28.98%,
1/20/25
..
197
203
991665002.UG.FTS.B,
28.98%,
1/20/25
..
544
565
991668194.UG.FTS.B,
28.98%,
1/20/25
..
252
262
991672473.UG.FTS.B,
28.98%,
1/20/25
..
143
148
991678497.UG.FTS.B,
28.98%,
1/20/25
..
47
49
991683658.UG.FTS.B,
28.98%,
1/20/25
..
11
11
991685455.UG.FTS.B,
28.98%,
1/20/25
..
84
13
991686339.UG.FTS.B,
28.98%,
1/20/25
..
105
109
991688152.UG.FTS.B,
28.98%,
1/20/25
..
84
87
991688819.UG.FTS.B,
28.98%,
1/20/25
..
182
188
991691824.UG.FTS.B,
28.98%,
1/20/25
..
81
–
991704987.UG.FTS.B,
28.98%,
1/20/25
..
30
31
991708940.UG.FTS.B,
28.98%,
1/20/25
..
5
5
991709725.UG.FTS.B,
28.98%,
1/20/25
..
26
27
991711174.UG.FTS.B,
28.98%,
1/20/25
..
32
33
991727362.UG.FTS.B,
28.98%,
1/20/25
..
99
102
991731657.UG.FTS.B,
28.98%,
1/20/25
..
203
31
991737941.UG.FTS.B,
28.98%,
1/20/25
..
26
26
991743913.UG.FTS.B,
28.98%,
1/20/25
..
6
6
991745775.UG.FTS.B,
28.98%,
1/20/25
..
43
7
991752117.UG.FTS.B,
28.98%,
1/20/25
..
105
108
991760438.UG.FTS.B,
28.98%,
1/20/25
..
47
49
991773470.UG.FTS.B,
28.98%,
1/20/25
..
48
50
991773912.UG.FTS.B,
28.98%,
1/20/25
..
97
100
991775579.UG.FTS.B,
28.98%,
1/20/25
..
86
89
991544892.UG.FTS.B,
29.45%,
1/20/25
..
415
433
991546469.UG.FTS.B,
29.45%,
1/20/25
..
157
164
991590390.UG.FTS.B,
29.45%,
1/20/25
..
78
11
991749201.UG.FTS.B,
29.45%,
1/20/25
..
376
388
991546140.UG.FTS.B,
29.46%,
1/20/25
..
234
243
991552999.UG.FTS.B,
29.46%,
1/20/25
..
38
38
991554451.UG.FTS.B,
29.46%,
1/20/25
..
380
397
991556833.UG.FTS.B,
29.46%,
1/20/25
..
186
190
991572725.UG.FTS.B,
29.46%,
1/20/25
..
60
62
991607542.UG.FTS.B,
29.46%,
1/20/25
..
432
449
991638849.UG.FTS.B,
29.46%,
1/20/25
..
138
144
991666110.UG.FTS.B,
29.46%,
1/20/25
..
50
50
991559050.UG.FTS.B,
29.47%,
1/20/25
..
440
62
991570910.UG.FTS.B,
29.47%,
1/20/25
..
54
55
991584353.UG.FTS.B,
29.47%,
1/20/25
..
138
143
991584440.UG.FTS.B,
29.47%,
1/20/25
..
76
77
991658968.UG.FTS.B,
29.47%,
1/20/25
..
87
91
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)
991545016.UG.FTS.B,
29.48%,
1/20/25
..
$
402
$
28
991546168.UG.FTS.B,
29.48%,
1/20/25
..
120
121
991555928.UG.FTS.B,
29.48%,
1/20/25
..
128
135
991622988.UG.FTS.B,
29.48%,
1/20/25
..
76
5
991674255.UG.FTS.B,
29.48%,
1/20/25
..
533
551
991544749.UG.FTS.B,
29.49%,
1/20/25
..
368
380
991544865.UG.FTS.B,
29.49%,
1/20/25
..
97
12
991544945.UG.FTS.B,
29.49%,
1/20/25
..
242
–
991546174.UG.FTS.B,
29.49%,
1/20/25
..
778
808
991546669.UG.FTS.B,
29.49%,
1/20/25
..
55
55
991547049.UG.FTS.B,
29.49%,
1/20/25
..
83
88
991547329.UG.FTS.B,
29.49%,
1/20/25
..
79
83
991547440.UG.FTS.B,
29.49%,
1/20/25
..
81
84
991547641.UG.FTS.B,
29.49%,
1/20/25
..
47
48
991547872.UG.FTS.B,
29.49%,
1/20/25
..
221
226
991549454.UG.FTS.B,
29.49%,
1/20/25
..
308
322
991555165.UG.FTS.B,
29.49%,
1/20/25
..
96
101
991556819.UG.FTS.B,
29.49%,
1/20/25
..
87
89
991557327.UG.FTS.B,
29.49%,
1/20/25
..
440
460
991559863.UG.FTS.B,
29.49%,
1/20/25
..
154
161
991561412.UG.FTS.B,
29.49%,
1/20/25
..
540
562
991562399.UG.FTS.B,
29.49%,
1/20/25
..
73
4
991565868.UG.FTS.B,
29.49%,
1/20/25
..
237
243
991570228.UG.FTS.B,
29.49%,
1/20/25
..
78
81
991570854.UG.FTS.B,
29.49%,
1/20/25
..
54
55
991571176.UG.FTS.B,
29.49%,
1/20/25
..
76
11
991576324.UG.FTS.B,
29.49%,
1/20/25
..
1,321
1,384
991577211.UG.FTS.B,
29.49%,
1/20/25
..
123
19
991577542.UG.FTS.B,
29.49%,
1/20/25
..
10
10
991578455.UG.FTS.B,
29.49%,
1/20/25
..
248
259
991578944.UG.FTS.B,
29.49%,
1/20/25
..
92
95
991582174.UG.FTS.B,
29.49%,
1/20/25
..
68
71
991582980.UG.FTS.B,
29.49%,
1/20/25
..
93
96
991583340.UG.FTS.B,
29.49%,
1/20/25
..
69
72
991583430.UG.FTS.B,
29.49%,
1/20/25
..
169
177
991584191.UG.FTS.B,
29.49%,
1/20/25
..
563
586
991584881.UG.FTS.B,
29.49%,
1/20/25
..
89
93
991586964.UG.FTS.B,
29.49%,
1/20/25
..
123
10
991587677.UG.FTS.B,
29.49%,
1/20/25
..
628
645
991588325.UG.FTS.B,
29.49%,
1/20/25
..
99
102
991591834.UG.FTS.B,
29.49%,
1/20/25
..
94
98
991592214.UG.FTS.B,
29.49%,
1/20/25
..
111
114
991593970.UG.FTS.B,
29.49%,
1/20/25
..
535
558
991596930.UG.FTS.B,
29.49%,
1/20/25
..
87
6
991598790.UG.FTS.B,
29.49%,
1/20/25
..
123
125
991600631.UG.FTS.B,
29.49%,
1/20/25
..
176
14
991605866.UG.FTS.B,
29.49%,
1/20/25
..
192
200
991607008.UG.FTS.B,
29.49%,
1/20/25
..
76
78
991612971.UG.FTS.B,
29.49%,
1/20/25
..
89
13
991614076.UG.FTS.B,
29.49%,
1/20/25
..
555
578
991616553.UG.FTS.B,
29.49%,
1/20/25
..
62
64
991617166.UG.FTS.B,
29.49%,
1/20/25
..
314
22
991617328.UG.FTS.B,
29.49%,
1/20/25
..
1,412
–
991617793.UG.FTS.B,
29.49%,
1/20/25
..
77
79
991620217.UG.FTS.B,
29.49%,
1/20/25
..
42
44
991621352.UG.FTS.B,
29.49%,
1/20/25
..
162
168
991633281.UG.FTS.B,
29.49%,
1/20/25
..
74
77
991650076.UG.FTS.B,
29.49%,
1/20/25
..
5
5
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991655092.UG.FTS.B,
29.49%,
1/20/25
..
$
319
$
329
991655877.UG.FTS.B,
29.49%,
1/20/25
..
57
59
991656434.UG.FTS.B,
29.49%,
1/20/25
..
245
17
991657357.UG.FTS.B,
29.49%,
1/20/25
..
828
873
991660718.UG.FTS.B,
29.49%,
1/20/25
..
174
182
991666604.UG.FTS.B,
29.49%,
1/20/25
..
435
454
991670103.UG.FTS.B,
29.49%,
1/20/25
..
433
452
991672222.UG.FTS.B,
29.49%,
1/20/25
..
195
203
991676079.UG.FTS.B,
29.49%,
1/20/25
..
178
186
991679088.UG.FTS.B,
29.49%,
1/20/25
..
226
233
991681019.UG.FTS.B,
29.49%,
1/20/25
..
776
56
991690090.UG.FTS.B,
29.49%,
1/20/25
..
116
120
991692717.UG.FTS.B,
29.49%,
1/20/25
..
54
56
991693696.UG.FTS.B,
29.49%,
1/20/25
..
137
140
991702622.UG.FTS.B,
29.49%,
1/20/25
..
77
–
991704174.UG.FTS.B,
29.49%,
1/20/25
..
53
55
991704331.UG.FTS.B,
29.49%,
1/20/25
..
52
55
991706369.UG.FTS.B,
29.49%,
1/20/25
..
57
59
991709703.UG.FTS.B,
29.49%,
1/20/25
..
68
70
991716502.UG.FTS.B,
29.49%,
1/20/25
..
497
514
991724082.UG.FTS.B,
29.49%,
1/20/25
..
80
84
991724684.UG.FTS.B,
29.49%,
1/20/25
..
33
34
991726589.UG.FTS.B,
29.49%,
1/20/25
..
52
53
991731411.UG.FTS.B,
29.49%,
1/20/25
..
331
339
991731675.UG.FTS.B,
29.49%,
1/20/25
..
45
46
991733097.UG.FTS.B,
29.49%,
1/20/25
..
52
54
991734979.UG.FTS.B,
29.49%,
1/20/25
..
74
–
991736419.UG.FTS.B,
29.49%,
1/20/25
..
52
54
991737012.UG.FTS.B,
29.49%,
1/20/25
..
103
107
991740302.UG.FTS.B,
29.49%,
1/20/25
..
71
73
991744616.UG.FTS.B,
29.49%,
1/20/25
..
9
9
991745338.UG.FTS.B,
29.49%,
1/20/25
..
65
67
991749746.UG.FTS.B,
29.49%,
1/20/25
..
433
446
991753458.UG.FTS.B,
29.49%,
1/20/25
..
100
104
991766938.UG.FTS.B,
29.49%,
1/20/25
..
114
118
991771215.UG.FTS.B,
29.49%,
1/20/25
..
92
95
991771844.UG.FTS.B,
29.49%,
1/20/25
..
59
62
991772908.UG.FTS.B,
29.49%,
1/20/25
..
345
357
991783396.UG.FTS.B,
29.49%,
1/20/25
..
215
224
991791018.UG.FTS.B,
29.49%,
1/20/25
..
3
3
991636992.UG.FTS.B,
16.99%,
1/21/25
..
19
19
991655053.UG.FTS.B,
17.99%,
1/21/25
..
4,418
83
991793260.UG.FTS.B,
17.99%,
1/21/25
..
3,926
3,999
991764938.UG.FTS.B,
18.97%,
1/21/25
..
107
109
991749978.UG.FTS.B,
19.8%,
1/21/25
...
138
140
991716662.UG.FTS.B,
19.99%,
1/21/25
..
166
172
991722265.UG.FTS.B,
19.99%,
1/21/25
..
592
609
991757989.UG.FTS.B,
19.99%,
1/21/25
..
85
87
991700316.UG.FTS.B,
20.46%,
1/21/25
..
42
43
991762170.UG.FTS.B,
20.46%,
1/21/25
..
327
330
991748280.UG.FTS.B,
21.98%,
1/21/25
..
36
36
991673663.UG.FTS.B,
22.97%,
1/21/25
..
411
415
991741785.UG.FTS.B,
27.99%,
1/21/25
..
103
107
991642567.UG.FTS.B,
28.98%,
1/21/25
..
199
206
991662823.UG.FTS.B,
28.98%,
1/21/25
..
147
151
991665576.UG.FTS.B,
28.98%,
1/21/25
..
304
316
991675079.UG.FTS.B,
28.98%,
1/21/25
..
389
402
991678858.UG.FTS.B,
28.98%,
1/21/25
..
82
85
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)
991680977.UG.FTS.B,
28.98%,
1/21/25
..
$
518
$
534
991681791.UG.FTS.B,
28.98%,
1/21/25
..
427
445
991682680.UG.FTS.B,
28.98%,
1/21/25
..
150
157
991694207.UG.FTS.B,
28.98%,
1/21/25
..
90
92
991698062.UG.FTS.B,
28.98%,
1/21/25
..
86
90
991701470.UG.FTS.B,
28.98%,
1/21/25
..
198
205
991705041.UG.FTS.B,
28.98%,
1/21/25
..
99
14
991705300.UG.FTS.B,
28.98%,
1/21/25
..
252
259
991706808.UG.FTS.B,
28.98%,
1/21/25
..
300
309
991708246.UG.FTS.B,
28.98%,
1/21/25
..
76
77
991725073.UG.FTS.B,
28.98%,
1/21/25
..
63
66
991733515.UG.FTS.B,
28.98%,
1/21/25
..
61
63
991740862.UG.FTS.B,
28.98%,
1/21/25
..
108
111
991761552.UG.FTS.B,
28.98%,
1/21/25
..
53
54
991761801.UG.FTS.B,
28.98%,
1/21/25
..
92
95
991767899.UG.FTS.B,
28.98%,
1/21/25
..
29
29
991665122.UG.FTS.B,
29.49%,
1/21/25
..
514
537
991666036.UG.FTS.B,
29.49%,
1/21/25
..
351
367
991669205.UG.FTS.B,
29.49%,
1/21/25
..
88
92
991687042.UG.FTS.B,
29.49%,
1/21/25
..
209
14
991688094.UG.FTS.B,
29.49%,
1/21/25
..
584
616
991690832.UG.FTS.B,
29.49%,
1/21/25
..
64
68
991691912.UG.FTS.B,
29.49%,
1/21/25
..
131
137
991694190.UG.FTS.B,
29.49%,
1/21/25
..
120
127
991709042.UG.FTS.B,
29.49%,
1/21/25
..
47
47
991712669.UG.FTS.B,
29.49%,
1/21/25
..
85
6
991717859.UG.FTS.B,
29.49%,
1/21/25
..
124
126
991717914.UG.FTS.B,
29.49%,
1/21/25
..
233
242
991718350.UG.FTS.B,
29.49%,
1/21/25
..
130
135
991721576.UG.FTS.B,
29.49%,
1/21/25
..
18
18
991722825.UG.FTS.B,
29.49%,
1/21/25
..
404
4
991731739.UG.FTS.B,
29.49%,
1/21/25
..
192
9
991740528.UG.FTS.B,
29.49%,
1/21/25
..
980
1,005
991741010.UG.FTS.B,
29.49%,
1/21/25
..
76
79
991751558.UG.FTS.B,
29.49%,
1/21/25
..
2,104
145
991758421.UG.FTS.B,
29.49%,
1/21/25
..
80
83
991773655.UG.FTS.B,
29.49%,
1/21/25
..
130
134
991777636.UG.FTS.B,
29.49%,
1/21/25
..
64
64
991785876.UG.FTS.B,
29.49%,
1/21/25
..
175
183
991718275.UG.FTS.B,
14.98%,
1/22/25
..
768
785
991737948.UG.FTS.B,
14.98%,
1/22/25
..
236
239
991790203.UG.FTS.B,
14.98%,
1/22/25
..
72
73
991756518.UG.FTS.B,
15%,
1/22/25
.....
101
103
991754215.UG.FTS.B,
15.97%,
1/22/25
..
43
43
991775455.UG.FTS.B,
16.99%,
1/22/25
..
546
556
991698551.UG.FTS.B,
17.99%,
1/22/25
..
255
260
991737115.UG.FTS.B,
17.99%,
1/22/25
..
270
275
991634646.UG.FTS.B,
18.97%,
1/22/25
..
200
204
991718040.UG.FTS.B,
18.97%,
1/22/25
..
150
154
991685413.UG.FTS.B,
19.21%,
1/22/25
..
103
8
991719610.UG.FTS.B,
19.21%,
1/22/25
..
1,237
86
991789966.UG.FTS.B,
19.8%,
1/22/25
...
112
114
991643928.UG.FTS.B,
19.97%,
1/22/25
..
62
63
991639253.UG.FTS.B,
19.99%,
1/22/25
..
4
4
991683557.UG.FTS.B,
19.99%,
1/22/25
..
1,559
–
991788027.UG.FTS.B,
19.99%,
1/22/25
..
126
131
991662768.UG.FTS.B,
20.97%,
1/22/25
..
47
47
991695092.UG.FTS.B,
21.46%,
1/22/25
..
39
39
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991754484.UG.FTS.B,
21.46%,
1/22/25
..
$
77
$
78
991637211.UG.FTS.B,
21.97%,
1/22/25
..
123
9
991678173.UG.FTS.B,
21.98%,
1/22/25
..
46
47
991801534.UG.FTS.B,
22.97%,
1/22/25
..
60
61
991672498.UG.FTS.B,
23.95%,
1/22/25
..
65
66
991652030.UG.FTS.B,
26.94%,
1/22/25
..
87
13
991632809.UG.FTS.B,
28.98%,
1/22/25
..
64
66
991654067.UG.FTS.B,
28.98%,
1/22/25
..
482
486
991655233.UG.FTS.B,
28.98%,
1/22/25
..
119
124
991657460.UG.FTS.B,
28.98%,
1/22/25
..
213
222
991678788.UG.FTS.B,
28.98%,
1/22/25
..
21
21
991694072.UG.FTS.B,
28.98%,
1/22/25
..
360
376
991722351.UG.FTS.B,
28.98%,
1/22/25
..
431
449
991644808.UG.FTS.B,
29.49%,
1/22/25
..
29
2
991646259.UG.FTS.B,
29.49%,
1/22/25
..
305
320
991672394.UG.FTS.B,
29.49%,
1/22/25
..
39
40
991682094.UG.FTS.B,
29.49%,
1/22/25
..
281
293
991688247.UG.FTS.B,
29.49%,
1/22/25
..
65
68
991718290.UG.FTS.B,
29.49%,
1/22/25
..
53
55
991746532.UG.FTS.B,
29.49%,
1/22/25
..
635
660
991749787.UG.FTS.B,
29.49%,
1/22/25
..
166
172
991751645.UG.FTS.B,
29.49%,
1/22/25
..
48
50
991758788.UG.FTS.B,
29.49%,
1/22/25
..
141
146
991765455.UG.FTS.B,
29.49%,
1/22/25
..
148
153
991779420.UG.FTS.B,
29.49%,
1/22/25
..
120
122
991792431.UG.FTS.B,
29.49%,
1/22/25
..
382
389
991802876.UG.FTS.B,
29.49%,
1/22/25
..
215
225
991636779.UG.FTS.B,
14.98%,
1/23/25
..
60
62
991673294.UG.FTS.B,
14.98%,
1/23/25
..
2,301
2,313
991685301.UG.FTS.B,
14.98%,
1/23/25
..
540
552
991810697.UG.FTS.B,
14.98%,
1/23/25
..
573
583
991720270.UG.FTS.B,
16.99%,
1/23/25
..
332
335
991713762.UG.FTS.B,
18.21%,
1/23/25
..
48
48
991629464.UG.FTS.B,
18.97%,
1/23/25
..
13
13
991652563.UG.FTS.B,
18.97%,
1/23/25
..
730
747
991654901.UG.FTS.B,
18.97%,
1/23/25
..
3,995
4,090
991655628.UG.FTS.B,
19.21%,
1/23/25
..
167
170
991700455.UG.FTS.B,
19.21%,
1/23/25
..
171
171
991632705.UG.FTS.B,
19.99%,
1/23/25
..
391
396
991655150.UG.FTS.B,
19.99%,
1/23/25
..
228
233
991671970.UG.FTS.B,
19.99%,
1/23/25
..
142
148
991679224.UG.FTS.B,
19.99%,
1/23/25
..
33
33
991684874.UG.FTS.B,
19.99%,
1/23/25
..
6
6
991665786.UG.FTS.B,
20.46%,
1/23/25
..
113
115
991701667.UG.FTS.B,
20.46%,
1/23/25
..
74
75
991722899.UG.FTS.B,
20.46%,
1/23/25
..
120
123
991705904.UG.FTS.B,
20.98%,
1/23/25
..
27
28
991677495.UG.FTS.B,
21.46%,
1/23/25
..
63
64
991700214.UG.FTS.B,
21.46%,
1/23/25
..
131
134
991710233.UG.FTS.B,
21.46%,
1/23/25
..
261
268
991745840.UG.FTS.B,
21.46%,
1/23/25
..
102
102
991666562.UG.FTS.B,
21.97%,
1/23/25
..
34
34
991641726.UG.FTS.B,
21.98%,
1/23/25
..
444
451
991759715.UG.FTS.B,
21.98%,
1/23/25
..
263
269
991784495.UG.FTS.B,
25.98%,
1/23/25
..
104
7
991636074.UG.FTS.B,
28.98%,
1/23/25
..
213
218
991636843.UG.FTS.B,
28.98%,
1/23/25
..
132
134
991644625.UG.FTS.B,
28.98%,
1/23/25
..
117
8
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)
991644719.UG.FTS.B,
28.98%,
1/23/25
..
$
402
$
416
991665490.UG.FTS.B,
28.98%,
1/23/25
..
217
227
991667605.UG.FTS.B,
28.98%,
1/23/25
..
292
304
991671791.UG.FTS.B,
28.98%,
1/23/25
..
118
120
991675411.UG.FTS.B,
28.98%,
1/23/25
..
371
383
991693174.UG.FTS.B,
28.98%,
1/23/25
..
106
111
991693333.UG.FTS.B,
28.98%,
1/23/25
..
124
128
991714226.UG.FTS.B,
28.98%,
1/23/25
..
20
20
991719766.UG.FTS.B,
28.98%,
1/23/25
..
216
225
991740876.UG.FTS.B,
28.98%,
1/23/25
..
1,658
1,700
991743895.UG.FTS.B,
28.98%,
1/23/25
..
131
135
991755793.UG.FTS.B,
28.98%,
1/23/25
..
108
7
991759756.UG.FTS.B,
28.98%,
1/23/25
..
31
32
991772947.UG.FTS.B,
28.98%,
1/23/25
..
426
441
991774877.UG.FTS.B,
28.98%,
1/23/25
..
82
85
991635514.UG.FTS.B,
29.49%,
1/23/25
..
1,289
1,328
991640354.UG.FTS.B,
29.49%,
1/23/25
..
176
185
991643437.UG.FTS.B,
29.49%,
1/23/25
..
75
78
991648051.UG.FTS.B,
29.49%,
1/23/25
..
217
228
991651099.UG.FTS.B,
29.49%,
1/23/25
..
71
10
991655169.UG.FTS.B,
29.49%,
1/23/25
..
87
92
991662010.UG.FTS.B,
29.49%,
1/23/25
..
111
116
991664752.UG.FTS.B,
29.49%,
1/23/25
..
650
675
991664791.UG.FTS.B,
29.49%,
1/23/25
..
99
103
991669828.UG.FTS.B,
29.49%,
1/23/25
..
133
139
991670618.UG.FTS.B,
29.49%,
1/23/25
..
77
79
991678185.UG.FTS.B,
29.49%,
1/23/25
..
34
35
991684319.UG.FTS.B,
29.49%,
1/23/25
..
24
25
991688858.UG.FTS.B,
29.49%,
1/23/25
..
82
84
991694241.UG.FTS.B,
29.49%,
1/23/25
..
62
63
991705948.UG.FTS.B,
29.49%,
1/23/25
..
36
37
991710464.UG.FTS.B,
29.49%,
1/23/25
..
62
65
991711068.UG.FTS.B,
29.49%,
1/23/25
..
10
10
991739566.UG.FTS.B,
29.49%,
1/23/25
..
620
93
991740952.UG.FTS.B,
29.49%,
1/23/25
..
94
98
991758368.UG.FTS.B,
29.49%,
1/23/25
..
207
216
991762640.UG.FTS.B,
29.49%,
1/23/25
..
63
66
991763398.UG.FTS.B,
29.49%,
1/23/25
..
54
56
991764778.UG.FTS.B,
29.49%,
1/23/25
..
71
74
991781870.UG.FTS.B,
29.49%,
1/23/25
..
158
164
991792329.UG.FTS.B,
29.49%,
1/23/25
..
162
168
991798958.UG.FTS.B,
29.49%,
1/23/25
..
90
91
991816343.UG.FTS.B,
29.49%,
1/23/25
..
71
74
991755553.UG.FTS.B,
14.98%,
1/24/25
..
148
151
991648853.UG.FTS.B,
15%,
1/24/25
.....
1,862
1,881
991800979.UG.FTS.B,
15.97%,
1/24/25
..
2,704
2,754
991746840.UG.FTS.B,
17.99%,
1/24/25
..
603
612
991699954.UG.FTS.B,
18.97%,
1/24/25
..
55
56
991629457.UG.FTS.B,
19.99%,
1/24/25
..
224
231
991642292.UG.FTS.B,
19.99%,
1/24/25
..
83
86
991653352.UG.FTS.B,
19.99%,
1/24/25
..
64
67
991670504.UG.FTS.B,
19.99%,
1/24/25
..
37
38
991799920.UG.FTS.B,
19.99%,
1/24/25
..
834
863
991805172.UG.FTS.B,
19.99%,
1/24/25
..
39
40
991805637.UG.FTS.B,
19.99%,
1/24/25
..
112
116
991807354.UG.FTS.B,
19.99%,
1/24/25
..
18
18
991813869.UG.FTS.B,
19.99%,
1/24/25
..
15
15
991722377.UG.FTS.B,
20.46%,
1/24/25
..
1,210
1,239
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991745755.UG.FTS.B,
20.46%,
1/24/25
..
$
204
$
209
991631506.UG.FTS.B,
21.46%,
1/24/25
..
138
142
991722423.UG.FTS.B,
21.98%,
1/24/25
..
1,838
1,890
991706518.UG.FTS.B,
24.95%,
1/24/25
..
554
571
991780248.UG.FTS.B,
27.95%,
1/24/25
..
37
38
991575802.UG.FTS.B,
28.98%,
1/24/25
..
374
377
991577230.UG.FTS.B,
28.98%,
1/24/25
..
87
91
991577662.UG.FTS.B,
28.98%,
1/24/25
..
98
100
991578656.UG.FTS.B,
28.98%,
1/24/25
..
420
430
991617118.UG.FTS.B,
28.98%,
1/24/25
..
–
–
991639159.UG.FTS.B,
28.98%,
1/24/25
..
41
42
991640485.UG.FTS.B,
28.98%,
1/24/25
..
654
679
991645339.UG.FTS.B,
28.98%,
1/24/25
..
244
251
991659856.UG.FTS.B,
28.98%,
1/24/25
..
62
65
991665878.UG.FTS.B,
28.98%,
1/24/25
..
191
200
991667154.UG.FTS.B,
28.98%,
1/24/25
..
216
219
991670648.UG.FTS.B,
28.98%,
1/24/25
..
51
52
991673929.UG.FTS.B,
28.98%,
1/24/25
..
34
34
991685641.UG.FTS.B,
28.98%,
1/24/25
..
112
114
991689399.UG.FTS.B,
28.98%,
1/24/25
..
74
77
991692103.UG.FTS.B,
28.98%,
1/24/25
..
260
272
991713017.UG.FTS.B,
28.98%,
1/24/25
..
95
99
991722576.UG.FTS.B,
28.98%,
1/24/25
..
25
26
991725390.UG.FTS.B,
28.98%,
1/24/25
..
5
5
991725698.UG.FTS.B,
28.98%,
1/24/25
..
143
147
991733516.UG.FTS.B,
28.98%,
1/24/25
..
201
29
991754851.UG.FTS.B,
28.98%,
1/24/25
..
19
20
991761556.UG.FTS.B,
28.98%,
1/24/25
..
20
20
991780591.UG.FTS.B,
28.98%,
1/24/25
..
102
103
991781585.UG.FTS.B,
28.98%,
1/24/25
..
10
10
991781826.UG.FTS.B,
28.98%,
1/24/25
..
87
88
991783742.UG.FTS.B,
28.98%,
1/24/25
..
337
348
991785319.UG.FTS.B,
28.98%,
1/24/25
..
286
297
991789793.UG.FTS.B,
28.98%,
1/24/25
..
586
607
991789906.UG.FTS.B,
28.98%,
1/24/25
..
124
129
991791199.UG.FTS.B,
28.98%,
1/24/25
..
101
103
991791520.UG.FTS.B,
28.98%,
1/24/25
..
35
36
991580987.UG.FTS.B,
29.49%,
1/24/25
..
1
1
991589214.UG.FTS.B,
29.49%,
1/24/25
..
432
5
991598092.UG.FTS.B,
29.49%,
1/24/25
..
72
74
991598173.UG.FTS.B,
29.49%,
1/24/25
..
178
181
991604802.UG.FTS.B,
29.49%,
1/24/25
..
13
13
991635775.UG.FTS.B,
29.49%,
1/24/25
..
152
160
991637080.UG.FTS.B,
29.49%,
1/24/25
..
58
61
991645022.UG.FTS.B,
29.49%,
1/24/25
..
53
55
991648884.UG.FTS.B,
29.49%,
1/24/25
..
22
22
991650579.UG.FTS.B,
29.49%,
1/24/25
..
90
91
991658664.UG.FTS.B,
29.49%,
1/24/25
..
102
106
991660665.UG.FTS.B,
29.49%,
1/24/25
..
216
220
991662002.UG.FTS.B,
29.49%,
1/24/25
..
239
242
991671992.UG.FTS.B,
29.49%,
1/24/25
..
379
397
991678623.UG.FTS.B,
29.49%,
1/24/25
..
17
17
991679445.UG.FTS.B,
29.49%,
1/24/25
..
67
70
991684181.UG.FTS.B,
29.49%,
1/24/25
..
372
389
991685612.UG.FTS.B,
29.49%,
1/24/25
..
15
15
991692536.UG.FTS.B,
29.49%,
1/24/25
..
165
173
991697044.UG.FTS.B,
29.49%,
1/24/25
..
133
139
991700205.UG.FTS.B,
29.49%,
1/24/25
..
202
210
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)
991714607.UG.FTS.B,
29.49%,
1/24/25
..
$
130
$
131
991714762.UG.FTS.B,
29.49%,
1/24/25
..
59
61
991715066.UG.FTS.B,
29.49%,
1/24/25
..
75
6
991717964.UG.FTS.B,
29.49%,
1/24/25
..
35
36
991736234.UG.FTS.B,
29.49%,
1/24/25
..
167
169
991738330.UG.FTS.B,
29.49%,
1/24/25
..
52
52
991741387.UG.FTS.B,
29.49%,
1/24/25
..
102
106
991742865.UG.FTS.B,
29.49%,
1/24/25
..
331
345
991781667.UG.FTS.B,
29.49%,
1/24/25
..
54
–
991799040.UG.FTS.B,
29.49%,
1/24/25
..
97
100
991722200.UG.FTS.B,
14.98%,
1/25/25
..
154
157
991685938.UG.FTS.B,
15.97%,
1/25/25
..
62
63
991719427.UG.FTS.B,
15.97%,
1/25/25
..
145
149
991706579.UG.FTS.B,
16.99%,
1/25/25
..
10
10
991658411.UG.FTS.B,
18.97%,
1/25/25
..
278
282
991749481.UG.FTS.B,
18.97%,
1/25/25
..
310
316
991667139.UG.FTS.B,
19.21%,
1/25/25
..
195
200
991690379.UG.FTS.B,
19.21%,
1/25/25
..
147
149
991811906.UG.FTS.B,
19.46%,
1/25/25
..
68
69
991596563.UG.FTS.B,
19.99%,
1/25/25
..
145
21
991598409.UG.FTS.B,
19.99%,
1/25/25
..
116
118
991647962.UG.FTS.B,
19.99%,
1/25/25
..
142
147
991655538.UG.FTS.B,
19.99%,
1/25/25
..
169
23
991671306.UG.FTS.B,
19.99%,
1/25/25
..
60
63
991751611.UG.FTS.B,
19.99%,
1/25/25
..
86
89
991754276.UG.FTS.B,
19.99%,
1/25/25
..
163
168
991810011.UG.FTS.B,
19.99%,
1/25/25
..
320
331
991647666.UG.FTS.B,
20.46%,
1/25/25
..
3,132
3,197
991701511.UG.FTS.B,
20.46%,
1/25/25
..
623
636
991735068.UG.FTS.B,
20.97%,
1/25/25
..
214
218
991659246.UG.FTS.B,
21.46%,
1/25/25
..
69
10
991721907.UG.FTS.B,
21.98%,
1/25/25
..
491
504
991781998.UG.FTS.B,
21.98%,
1/25/25
..
39
39
991643275.UG.FTS.B,
22.97%,
1/25/25
..
126
126
991676736.UG.FTS.B,
27.99%,
1/25/25
..
25
4
991629093.UG.FTS.B,
28.98%,
1/25/25
..
54
55
991632477.UG.FTS.B,
28.98%,
1/25/25
..
57
59
991645264.UG.FTS.B,
28.98%,
1/25/25
..
69
72
991654157.UG.FTS.B,
28.98%,
1/25/25
..
27
27
991655910.UG.FTS.B,
28.98%,
1/25/25
..
60
61
991666507.UG.FTS.B,
28.98%,
1/25/25
..
101
106
991684431.UG.FTS.B,
28.98%,
1/25/25
..
172
175
991687378.UG.FTS.B,
28.98%,
1/25/25
..
96
100
991700250.UG.FTS.B,
28.98%,
1/25/25
..
165
171
991708850.UG.FTS.B,
28.98%,
1/25/25
..
129
131
991711013.UG.FTS.B,
28.98%,
1/25/25
..
103
7
991711440.UG.FTS.B,
28.98%,
1/25/25
..
13
13
991717265.UG.FTS.B,
28.98%,
1/25/25
..
50
50
991762497.UG.FTS.B,
28.98%,
1/25/25
..
36
37
991764057.UG.FTS.B,
28.98%,
1/25/25
..
36
2
991782809.UG.FTS.B,
28.98%,
1/25/25
..
103
106
991790856.UG.FTS.B,
28.98%,
1/25/25
..
398
413
991801847.UG.FTS.B,
28.98%,
1/25/25
..
86
88
991813711.UG.FTS.B,
28.98%,
1/25/25
..
276
280
991816486.UG.FTS.B,
28.98%,
1/25/25
..
184
191
991832332.UG.FTS.B,
28.98%,
1/25/25
..
106
109
991583030.UG.FTS.B,
29.49%,
1/25/25
..
285
291
991584718.UG.FTS.B,
29.49%,
1/25/25
..
677
693
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991586667.UG.FTS.B,
29.49%,
1/25/25
..
$
127
$
18
991588873.UG.FTS.B,
29.49%,
1/25/25
..
195
202
991591360.UG.FTS.B,
29.49%,
1/25/25
..
343
359
991592156.UG.FTS.B,
29.49%,
1/25/25
..
49
50
991595877.UG.FTS.B,
29.49%,
1/25/25
..
97
101
991597092.UG.FTS.B,
29.49%,
1/25/25
..
81
82
991598369.UG.FTS.B,
29.49%,
1/25/25
..
87
90
991611906.UG.FTS.B,
29.49%,
1/25/25
..
186
195
991617012.UG.FTS.B,
29.49%,
1/25/25
..
151
159
991625116.UG.FTS.B,
29.49%,
1/25/25
..
513
536
991638937.UG.FTS.B,
29.49%,
1/25/25
..
19
19
991639720.UG.FTS.B,
29.49%,
1/25/25
..
763
–
991640216.UG.FTS.B,
29.49%,
1/25/25
..
426
445
991640235.UG.FTS.B,
29.49%,
1/25/25
..
1,894
130
991642788.UG.FTS.B,
29.49%,
1/25/25
..
61
64
991643136.UG.FTS.B,
29.49%,
1/25/25
..
291
20
991645432.UG.FTS.B,
29.49%,
1/25/25
..
49
51
991663552.UG.FTS.B,
29.49%,
1/25/25
..
89
94
991670995.UG.FTS.B,
29.49%,
1/25/25
..
73
76
991686520.UG.FTS.B,
29.49%,
1/25/25
..
227
238
991703545.UG.FTS.B,
29.49%,
1/25/25
..
112
114
991714470.UG.FTS.B,
29.49%,
1/25/25
..
258
–
991727305.UG.FTS.B,
29.49%,
1/25/25
..
434
454
991734934.UG.FTS.B,
29.49%,
1/25/25
..
101
102
991742823.UG.FTS.B,
29.49%,
1/25/25
..
146
149
991758553.UG.FTS.B,
29.49%,
1/25/25
..
98
103
991773006.UG.FTS.B,
29.49%,
1/25/25
..
310
21
991781861.UG.FTS.B,
29.49%,
1/25/25
..
381
397
991783087.UG.FTS.B,
29.49%,
1/25/25
..
203
212
991789248.UG.FTS.B,
29.49%,
1/25/25
..
79
82
991789795.UG.FTS.B,
29.49%,
1/25/25
..
170
178
991803714.UG.FTS.B,
29.49%,
1/25/25
..
63
65
991812847.UG.FTS.B,
29.49%,
1/25/25
..
11
11
991819908.UG.FTS.B,
29.49%,
1/25/25
..
102
106
991705574.UG.FTS.B,
14.98%,
1/26/25
..
297
304
991588990.UG.FTS.B,
16.99%,
1/26/25
..
905
924
991639126.UG.FTS.B,
18.97%,
1/26/25
..
89
–
991792817.UG.FTS.B,
18.97%,
1/26/25
..
497
508
991693301.UG.FTS.B,
19.8%,
1/26/25
...
98
100
991664112.UG.FTS.B,
19.99%,
1/26/25
..
14
14
991725855.UG.FTS.B,
19.99%,
1/26/25
..
111
–
991747371.UG.FTS.B,
19.99%,
1/26/25
..
164
12
991815429.UG.FTS.B,
19.99%,
1/26/25
..
466
485
991722451.UG.FTS.B,
20.46%,
1/26/25
..
383
393
991691649.UG.FTS.B,
20.97%,
1/26/25
..
303
306
991689234.UG.FTS.B,
21.46%,
1/26/25
..
94
97
991718023.UG.FTS.B,
22.97%,
1/26/25
..
95
95
991661911.UG.FTS.B,
23.95%,
1/26/25
..
349
354
991719060.UG.FTS.B,
23.95%,
1/26/25
..
1,464
1,505
991644445.UG.FTS.B,
27.99%,
1/26/25
..
58
61
991665705.UG.FTS.B,
27.99%,
1/26/25
..
70
74
991589081.UG.FTS.B,
28.98%,
1/26/25
..
157
164
991593236.UG.FTS.B,
28.98%,
1/26/25
..
120
124
991593526.UG.FTS.B,
28.98%,
1/26/25
..
133
139
991594391.UG.FTS.B,
28.98%,
1/26/25
..
113
118
991604950.UG.FTS.B,
28.98%,
1/26/25
..
66
69
991629035.UG.FTS.B,
28.98%,
1/26/25
..
108
113
991634636.UG.FTS.B,
28.98%,
1/26/25
..
227
237
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)
991638977.UG.FTS.B,
28.98%,
1/26/25
..
$
141
$
146
991641894.UG.FTS.B,
28.98%,
1/26/25
..
74
77
991653899.UG.FTS.B,
28.98%,
1/26/25
..
58
61
991658925.UG.FTS.B,
28.98%,
1/26/25
..
56
57
991661348.UG.FTS.B,
28.98%,
1/26/25
..
572
593
991662390.UG.FTS.B,
28.98%,
1/26/25
..
94
98
991664416.UG.FTS.B,
28.98%,
1/26/25
..
170
175
991668688.UG.FTS.B,
28.98%,
1/26/25
..
389
27
991678461.UG.FTS.B,
28.98%,
1/26/25
..
83
86
991685049.UG.FTS.B,
28.98%,
1/26/25
..
31
32
991688671.UG.FTS.B,
28.98%,
1/26/25
..
124
129
991698131.UG.FTS.B,
28.98%,
1/26/25
..
191
193
991701435.UG.FTS.B,
28.98%,
1/26/25
..
177
14
991703821.UG.FTS.B,
28.98%,
1/26/25
..
107
112
991711212.UG.FTS.B,
28.98%,
1/26/25
..
39
40
991743995.UG.FTS.B,
28.98%,
1/26/25
..
134
20
991764630.UG.FTS.B,
28.98%,
1/26/25
..
12
12
991788301.UG.FTS.B,
28.98%,
1/26/25
..
147
152
991804080.UG.FTS.B,
28.98%,
1/26/25
..
55
57
991808600.UG.FTS.B,
28.98%,
1/26/25
..
118
9
991818761.UG.FTS.B,
28.98%,
1/26/25
..
68
71
991826236.UG.FTS.B,
28.98%,
1/26/25
..
355
368
991831863.UG.FTS.B,
28.98%,
1/26/25
..
91
92
991834362.UG.FTS.B,
28.98%,
1/26/25
..
181
187
991712881.UG.FTS.B,
29.46%,
1/26/25
..
335
351
991589080.UG.FTS.B,
29.49%,
1/26/25
..
164
168
991589741.UG.FTS.B,
29.49%,
1/26/25
..
41
42
991589763.UG.FTS.B,
29.49%,
1/26/25
..
103
108
991598816.UG.FTS.B,
29.49%,
1/26/25
..
141
10
991606181.UG.FTS.B,
29.49%,
1/26/25
..
151
159
991612147.UG.FTS.B,
29.49%,
1/26/25
..
57
59
991616526.UG.FTS.B,
29.49%,
1/26/25
..
103
108
991616810.UG.FTS.B,
29.49%,
1/26/25
..
98
100
991622618.UG.FTS.B,
29.49%,
1/26/25
..
98
16
991637588.UG.FTS.B,
29.49%,
1/26/25
..
143
144
991637756.UG.FTS.B,
29.49%,
1/26/25
..
724
738
991638709.UG.FTS.B,
29.49%,
1/26/25
..
91
96
991640409.UG.FTS.B,
29.49%,
1/26/25
..
65
67
991640808.UG.FTS.B,
29.49%,
1/26/25
..
4
4
991641553.UG.FTS.B,
29.49%,
1/26/25
..
80
84
991657417.UG.FTS.B,
29.49%,
1/26/25
..
1,662
113
991664371.UG.FTS.B,
29.49%,
1/26/25
..
187
192
991668328.UG.FTS.B,
29.49%,
1/26/25
..
70
73
991673737.UG.FTS.B,
29.49%,
1/26/25
..
1,558
1,608
991674552.UG.FTS.B,
29.49%,
1/26/25
..
123
130
991680335.UG.FTS.B,
29.49%,
1/26/25
..
784
813
991682957.UG.FTS.B,
29.49%,
1/26/25
..
568
596
991686518.UG.FTS.B,
29.49%,
1/26/25
..
124
130
991686882.UG.FTS.B,
29.49%,
1/26/25
..
155
160
991688387.UG.FTS.B,
29.49%,
1/26/25
..
542
571
991695946.UG.FTS.B,
29.49%,
1/26/25
..
277
288
991698577.UG.FTS.B,
29.49%,
1/26/25
..
231
240
991714720.UG.FTS.B,
29.49%,
1/26/25
..
319
331
991727832.UG.FTS.B,
29.49%,
1/26/25
..
144
150
991772896.UG.FTS.B,
29.49%,
1/26/25
..
1,291
1,343
991779497.UG.FTS.B,
29.49%,
1/26/25
..
164
170
991782801.UG.FTS.B,
29.49%,
1/26/25
..
1,484
115
991793797.UG.FTS.B,
29.49%,
1/26/25
..
150
12
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991806530.UG.FTS.B,
29.49%,
1/26/25
..
$
85
$
89
991820442.UG.FTS.B,
29.49%,
1/26/25
..
71
74
991826343.UG.FTS.B,
29.49%,
1/26/25
..
386
31
991827132.UG.FTS.B,
29.49%,
1/26/25
..
65
68
991829394.UG.FTS.B,
29.49%,
1/26/25
..
385
390
991835725.UG.FTS.B,
29.49%,
1/26/25
..
883
67
991835985.UG.FTS.B,
29.49%,
1/26/25
..
689
719
991681455.UG.FTS.B,
15%,
1/27/25
.....
271
276
991594447.UG.FTS.B,
16.99%,
1/27/25
..
1,719
1,743
991653768.UG.FTS.B,
16.99%,
1/27/25
..
83
83
991594369.UG.FTS.B,
19.99%,
1/27/25
..
65
66
991603461.UG.FTS.B,
19.99%,
1/27/25
..
335
350
991604987.UG.FTS.B,
19.99%,
1/27/25
..
157
164
991606626.UG.FTS.B,
19.99%,
1/27/25
..
158
165
991610646.UG.FTS.B,
19.99%,
1/27/25
..
83
87
991613609.UG.FTS.B,
19.99%,
1/27/25
..
58
59
991639649.UG.FTS.B,
19.99%,
1/27/25
..
1,043
1,088
991665857.UG.FTS.B,
19.99%,
1/27/25
..
93
97
991679362.UG.FTS.B,
19.99%,
1/27/25
..
8
8
991742004.UG.FTS.B,
19.99%,
1/27/25
..
21
22
991706022.UG.FTS.B,
20.97%,
1/27/25
..
25
25
991593388.UG.FTS.B,
27.99%,
1/27/25
..
32
33
991598032.UG.FTS.B,
27.99%,
1/27/25
..
121
124
991593724.UG.FTS.B,
28.98%,
1/27/25
..
69
69
991594298.UG.FTS.B,
28.98%,
1/27/25
..
76
77
991594933.UG.FTS.B,
28.98%,
1/27/25
..
81
81
991598602.UG.FTS.B,
28.98%,
1/27/25
..
90
94
991598783.UG.FTS.B,
28.98%,
1/27/25
..
444
452
991600295.UG.FTS.B,
28.98%,
1/27/25
..
88
92
991601203.UG.FTS.B,
28.98%,
1/27/25
..
1,128
1,179
991602821.UG.FTS.B,
28.98%,
1/27/25
..
747
774
991602932.UG.FTS.B,
28.98%,
1/27/25
..
56
56
991603572.UG.FTS.B,
28.98%,
1/27/25
..
416
424
991604001.UG.FTS.B,
28.98%,
1/27/25
..
114
119
991605311.UG.FTS.B,
28.98%,
1/27/25
..
43
45
991605868.UG.FTS.B,
28.98%,
1/27/25
..
184
27
991608665.UG.FTS.B,
28.98%,
1/27/25
..
282
294
991609616.UG.FTS.B,
28.98%,
1/27/25
..
192
28
991613097.UG.FTS.B,
28.98%,
1/27/25
..
92
96
991615892.UG.FTS.B,
28.98%,
1/27/25
..
321
336
991617077.UG.FTS.B,
28.98%,
1/27/25
..
77
79
991620928.UG.FTS.B,
28.98%,
1/27/25
..
47
49
991621129.UG.FTS.B,
28.98%,
1/27/25
..
210
216
991623357.UG.FTS.B,
28.98%,
1/27/25
..
127
132
991631171.UG.FTS.B,
28.98%,
1/27/25
..
102
105
991631807.UG.FTS.B,
28.98%,
1/27/25
..
106
110
991632093.UG.FTS.B,
28.98%,
1/27/25
..
195
204
991632344.UG.FTS.B,
28.98%,
1/27/25
..
58
60
991634644.UG.FTS.B,
28.98%,
1/27/25
..
49
50
991635049.UG.FTS.B,
28.98%,
1/27/25
..
274
283
991635670.UG.FTS.B,
28.98%,
1/27/25
..
433
453
991636408.UG.FTS.B,
28.98%,
1/27/25
..
177
179
991643120.UG.FTS.B,
28.98%,
1/27/25
..
247
257
991645234.UG.FTS.B,
28.98%,
1/27/25
..
56
59
991645498.UG.FTS.B,
28.98%,
1/27/25
..
155
162
991651616.UG.FTS.B,
28.98%,
1/27/25
..
37
38
991653209.UG.FTS.B,
28.98%,
1/27/25
..
1,591
233
991654533.UG.FTS.B,
28.98%,
1/27/25
..
75
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
99
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991654856.UG.FTS.B,
28.98%,
1/27/25
..
$
279
$
291
991657182.UG.FTS.B,
28.98%,
1/27/25
..
873
912
991659335.UG.FTS.B,
28.98%,
1/27/25
..
193
201
991663420.UG.FTS.B,
28.98%,
1/27/25
..
992
1,037
991664621.UG.FTS.B,
28.98%,
1/27/25
..
96
100
991666634.UG.FTS.B,
28.98%,
1/27/25
..
75
79
991670133.UG.FTS.B,
28.98%,
1/27/25
..
106
109
991672421.UG.FTS.B,
28.98%,
1/27/25
..
174
178
991672656.UG.FTS.B,
28.98%,
1/27/25
..
63
66
991679811.UG.FTS.B,
28.98%,
1/27/25
..
46
47
991684799.UG.FTS.B,
28.98%,
1/27/25
..
79
82
991684873.UG.FTS.B,
28.98%,
1/27/25
..
49
51
991687681.UG.FTS.B,
28.98%,
1/27/25
..
32
33
991693260.UG.FTS.B,
28.98%,
1/27/25
..
8
8
991693305.UG.FTS.B,
28.98%,
1/27/25
..
369
376
991693530.UG.FTS.B,
28.98%,
1/27/25
..
83
86
991699112.UG.FTS.B,
28.98%,
1/27/25
..
62
64
991714759.UG.FTS.B,
28.98%,
1/27/25
..
73
76
991747891.UG.FTS.B,
28.98%,
1/27/25
..
71
74
991772279.UG.FTS.B,
28.98%,
1/27/25
..
482
502
991785235.UG.FTS.B,
28.98%,
1/27/25
..
206
214
991790040.UG.FTS.B,
28.98%,
1/27/25
..
14
14
991792500.UG.FTS.B,
28.98%,
1/27/25
..
108
112
991796141.UG.FTS.B,
28.98%,
1/27/25
..
16
17
991811211.UG.FTS.B,
28.98%,
1/27/25
..
124
129
991820015.UG.FTS.B,
28.98%,
1/27/25
..
201
209
991832387.UG.FTS.B,
28.98%,
1/27/25
..
427
443
991594952.UG.FTS.B,
29.49%,
1/27/25
..
604
631
991596228.UG.FTS.B,
29.49%,
1/27/25
..
143
–
991597441.UG.FTS.B,
29.49%,
1/27/25
..
277
292
991598580.UG.FTS.B,
29.49%,
1/27/25
..
71
75
991600353.UG.FTS.B,
29.49%,
1/27/25
..
149
10
991600440.UG.FTS.B,
29.49%,
1/27/25
..
256
268
991600674.UG.FTS.B,
29.49%,
1/27/25
..
52
56
991604744.UG.FTS.B,
29.49%,
1/27/25
..
26
3
991606487.UG.FTS.B,
29.49%,
1/27/25
..
155
160
991608526.UG.FTS.B,
29.49%,
1/27/25
..
172
181
991609655.UG.FTS.B,
29.49%,
1/27/25
..
123
128
991611049.UG.FTS.B,
29.49%,
1/27/25
..
130
137
991611862.UG.FTS.B,
29.49%,
1/27/25
..
87
91
991616915.UG.FTS.B,
29.49%,
1/27/25
..
107
111
991619030.UG.FTS.B,
29.49%,
1/27/25
..
90
92
991619817.UG.FTS.B,
29.49%,
1/27/25
..
327
342
991624512.UG.FTS.B,
29.49%,
1/27/25
..
68
71
991624910.UG.FTS.B,
29.49%,
1/27/25
..
49
52
991626868.UG.FTS.B,
29.49%,
1/27/25
..
30
30
991627621.UG.FTS.B,
29.49%,
1/27/25
..
59
62
991628707.UG.FTS.B,
29.49%,
1/27/25
..
83
83
991630944.UG.FTS.B,
29.49%,
1/27/25
..
31
31
991633038.UG.FTS.B,
29.49%,
1/27/25
..
375
384
991635104.UG.FTS.B,
29.49%,
1/27/25
..
69
71
991636506.UG.FTS.B,
29.49%,
1/27/25
..
469
484
991637168.UG.FTS.B,
29.49%,
1/27/25
..
71
74
991643691.UG.FTS.B,
29.49%,
1/27/25
..
150
13
991649572.UG.FTS.B,
29.49%,
1/27/25
..
21
21
991654331.UG.FTS.B,
29.49%,
1/27/25
..
175
183
991668359.UG.FTS.B,
29.49%,
1/27/25
..
212
217
991672322.UG.FTS.B,
29.49%,
1/27/25
..
91
94
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991683132.UG.FTS.B,
29.49%,
1/27/25
..
$
711
$
108
991689965.UG.FTS.B,
29.49%,
1/27/25
..
103
104
991691306.UG.FTS.B,
29.49%,
1/27/25
..
92
96
991695728.UG.FTS.B,
29.49%,
1/27/25
..
355
53
991698507.UG.FTS.B,
29.49%,
1/27/25
..
78
82
991702188.UG.FTS.B,
29.49%,
1/27/25
..
64
64
991703342.UG.FTS.B,
29.49%,
1/27/25
..
80
84
991709075.UG.FTS.B,
29.49%,
1/27/25
..
134
137
991710104.UG.FTS.B,
29.49%,
1/27/25
..
5
5
991717015.UG.FTS.B,
29.49%,
1/27/25
..
64
67
991718575.UG.FTS.B,
29.49%,
1/27/25
..
78
82
991720299.UG.FTS.B,
29.49%,
1/27/25
..
397
416
991728566.UG.FTS.B,
29.49%,
1/27/25
..
109
114
991729561.UG.FTS.B,
29.49%,
1/27/25
..
112
96
991732661.UG.FTS.B,
29.49%,
1/27/25
..
51
53
991737584.UG.FTS.B,
29.49%,
1/27/25
..
55
58
991742966.UG.FTS.B,
29.49%,
1/27/25
..
129
9
991752239.UG.FTS.B,
29.49%,
1/27/25
..
207
217
991759684.UG.FTS.B,
29.49%,
1/27/25
..
619
642
991781410.UG.FTS.B,
29.49%,
1/27/25
..
56
58
991784000.UG.FTS.B,
29.49%,
1/27/25
..
100
104
991792296.UG.FTS.B,
29.49%,
1/27/25
..
423
439
991793218.UG.FTS.B,
29.49%,
1/27/25
..
22
22
991800672.UG.FTS.B,
29.49%,
1/27/25
..
75
6
991803603.UG.FTS.B,
29.49%,
1/27/25
..
90
91
991812381.UG.FTS.B,
29.49%,
1/27/25
..
2
2
991828600.UG.FTS.B,
29.49%,
1/27/25
..
43
44
991606397.UG.FTS.B,
15.97%,
1/28/25
..
244
249
991800530.UG.FTS.B,
15.97%,
1/28/25
..
290
296
991617374.UG.FTS.B,
16.99%,
1/28/25
..
1,377
1,411
991762445.UG.FTS.B,
16.99%,
1/28/25
..
6
6
991854471.UG.FTS.B,
16.99%,
1/28/25
..
3,301
3,367
991613370.UG.FTS.B,
17.99%,
1/28/25
..
109
110
991720766.UG.FTS.B,
17.99%,
1/28/25
..
395
405
991727531.UG.FTS.B,
17.99%,
1/28/25
..
73
75
991843689.UG.FTS.B,
17.99%,
1/28/25
..
2,750
2,805
991692051.UG.FTS.B,
20.46%,
1/28/25
..
212
217
991647560.UG.FTS.B,
14.98%,
1/29/25
..
739
757
991864236.UG.FTS.B,
14.98%,
1/29/25
..
3,820
3,897
991716164.UG.FTS.B,
15.97%,
1/29/25
..
204
209
991670873.UG.FTS.B,
16.99%,
1/29/25
..
16
3
991748418.UG.FTS.B,
16.99%,
1/29/25
..
312
314
991669723.UG.FTS.B,
17.99%,
1/29/25
..
123
17
991688664.UG.FTS.B,
17.99%,
1/29/25
..
226
231
991842042.UG.FTS.B,
17.99%,
1/29/25
..
725
735
991667776.UG.FTS.B,
18.97%,
1/29/25
..
708
725
991667796.UG.FTS.B,
19.21%,
1/29/25
..
147
149
991681003.UG.FTS.B,
14.98%,
1/30/25
..
332
336
991748200.UG.FTS.B,
14.98%,
1/30/25
..
74
75
991627597.UG.FTS.B,
18.97%,
1/30/25
..
109
111
991619303.UG.FTS.B,
21.46%,
1/30/25
..
78
80
991620571.UG.FTS.B,
22.97%,
1/30/25
..
197
199
991685973.UG.FTS.B,
14.98%,
1/31/25
..
606
615
991718191.UG.FTS.B,
14.98%,
1/31/25
..
206
212
991726744.UG.FTS.B,
14.98%,
1/31/25
..
130
132
991831913.UG.FTS.B,
14.98%,
1/31/25
..
12
12
991646701.UG.FTS.B,
15%,
1/31/25
.....
305
309
991659852.UG.FTS.B,
15%,
1/31/25
.....
491
10
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)
991853717.UG.FTS.B,
15%,
1/31/25
.....
$
575
$
587
991638888.UG.FTS.B,
15.97%,
1/31/25
..
56
57
991809317.UG.FTS.B,
15.97%,
1/31/25
..
166
167
991815664.UG.FTS.B,
15.97%,
1/31/25
..
267
273
991638718.UG.FTS.B,
16.99%,
1/31/25
..
137
139
991642283.UG.FTS.B,
16.99%,
1/31/25
..
99
14
991662857.UG.FTS.B,
16.99%,
1/31/25
..
92
93
991704534.UG.FTS.B,
16.99%,
1/31/25
..
478
489
991757606.UG.FTS.B,
16.99%,
1/31/25
..
203
209
991836242.UG.FTS.B,
16.99%,
1/31/25
..
1,951
1,991
991675482.UG.FTS.B,
17.97%,
1/31/25
..
234
239
991642242.UG.FTS.B,
17.99%,
1/31/25
..
80
82
991682270.UG.FTS.B,
17.99%,
1/31/25
..
108
110
991698361.UG.FTS.B,
17.99%,
1/31/25
..
63
64
991709244.UG.FTS.B,
17.99%,
1/31/25
..
59
61
991712841.UG.FTS.B,
17.99%,
1/31/25
..
243
248
991713828.UG.FTS.B,
17.99%,
1/31/25
..
2,473
2,535
991748611.UG.FTS.B,
17.99%,
1/31/25
..
225
31
991754758.UG.FTS.B,
17.99%,
1/31/25
..
549
562
991772768.UG.FTS.B,
17.99%,
1/31/25
..
62
64
991646069.UG.FTS.B,
18.97%,
1/31/25
..
115
118
991639577.UG.FTS.B,
19.21%,
1/31/25
..
121
124
991684344.UG.FTS.B,
19.21%,
1/31/25
..
195
14
991663410.UG.FTS.B,
19.8%,
1/31/25
...
1,575
1,595
991708296.UG.FTS.B,
19.8%,
1/31/25
...
165
170
991648537.UG.FTS.B,
20.97%,
1/31/25
..
97
100
991653526.UG.FTS.B,
20.97%,
1/31/25
..
167
171
991661887.UG.FTS.B,
20.97%,
1/31/25
..
110
113
991630777.UG.FTS.B,
21.46%,
1/31/25
..
217
218
991656715.UG.FTS.B,
21.46%,
1/31/25
..
1,410
226
991693835.UG.FTS.B,
21.46%,
1/31/25
..
395
408
991672382.UG.FTS.B,
21.97%,
1/31/25
..
2,965
3,044
991883831.UG.FTS.B,
14%,
2/01/25
.....
10
10
991666265.UG.FTS.B,
16.99%,
2/01/25
..
305
309
991668427.UG.FTS.B,
17.97%,
2/01/25
..
22
22
991693291.UG.FTS.B,
14%,
2/02/25
.....
97
99
991725692.UG.FTS.B,
14%,
2/02/25
.....
117
119
991771266.UG.FTS.B,
14%,
2/02/25
.....
89
91
991834440.UG.FTS.B,
14%,
2/02/25
.....
134
137
991687949.UG.FTS.B,
14.98%,
2/02/25
..
147
149
991658184.UG.FTS.B,
15%,
2/02/25
.....
1,965
1,998
991760625.UG.FTS.B,
15.97%,
2/02/25
..
161
164
991848002.UG.FTS.B,
15.97%,
2/02/25
..
21
21
991650925.UG.FTS.B,
16.99%,
2/02/25
..
146
147
991676165.UG.FTS.B,
16.99%,
2/02/25
..
180
13
991679270.UG.FTS.B,
16.99%,
2/02/25
..
210
15
991689542.UG.FTS.B,
16.99%,
2/02/25
..
332
88
991781369.UG.FTS.B,
16.99%,
2/02/25
..
408
416
991868233.UG.FTS.B,
16.99%,
2/02/25
..
1,622
1,645
991689544.UG.FTS.B,
17.97%,
2/02/25
..
59
60
991731323.UG.FTS.B,
17.99%,
2/02/25
..
167
169
991880297.UG.FTS.B,
17.99%,
2/02/25
..
191
191
991878726.UG.FTS.B,
14.98%,
2/03/25
..
275
278
991886549.UG.FTS.B,
16.99%,
2/03/25
..
26
4
991907914.UG.FTS.B,
17.99%,
2/03/25
..
84
85
991689885.UG.FTS.B,
19.99%,
2/03/25
..
306
310
991714434.UG.FTS.B,
19.99%,
2/03/25
..
206
213
991684537.UG.FTS.B,
27.99%,
2/03/25
..
95
99
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991744807.UG.FTS.B,
27.99%,
2/03/25
..
$
129
$
17
991680701.UG.FTS.B,
28.98%,
2/03/25
..
151
151
991688155.UG.FTS.B,
28.98%,
2/03/25
..
74
74
991699673.UG.FTS.B,
28.98%,
2/03/25
..
118
121
991700745.UG.FTS.B,
28.98%,
2/03/25
..
2,327
2,391
991713626.UG.FTS.B,
28.98%,
2/03/25
..
116
121
991720594.UG.FTS.B,
28.98%,
2/03/25
..
314
41
991743871.UG.FTS.B,
28.98%,
2/03/25
..
185
13
991777700.UG.FTS.B,
28.98%,
2/03/25
..
384
394
991882827.UG.FTS.B,
28.98%,
2/03/25
..
108
111
991910619.UG.FTS.B,
28.98%,
2/03/25
..
260
268
991911258.UG.FTS.B,
28.98%,
2/03/25
..
63
4
991911288.UG.FTS.B,
28.98%,
2/03/25
..
1
1
991916599.UG.FTS.B,
28.98%,
2/03/25
..
56
57
991678637.UG.FTS.B,
29.49%,
2/03/25
..
102
107
991689327.UG.FTS.B,
29.49%,
2/03/25
..
365
381
991722488.UG.FTS.B,
29.49%,
2/03/25
..
109
113
991747483.UG.FTS.B,
29.49%,
2/03/25
..
194
195
991756506.UG.FTS.B,
29.49%,
2/03/25
..
80
83
991770245.UG.FTS.B,
29.49%,
2/03/25
..
254
266
991883418.UG.FTS.B,
29.49%,
2/03/25
..
84
87
991912447.UG.FTS.B,
29.49%,
2/03/25
..
85
85
991917239.UG.FTS.B,
29.49%,
2/03/25
..
146
151
991871765.UG.FTS.B,
14.98%,
2/04/25
..
144
147
991692937.UG.FTS.B,
15%,
2/04/25
.....
43
3
991700340.UG.FTS.B,
16.99%,
2/04/25
..
100
101
991741062.UG.FTS.B,
16.99%,
2/04/25
..
157
159
991803848.UG.FTS.B,
16.99%,
2/04/25
..
375
1
991809198.UG.FTS.B,
16.99%,
2/04/25
..
272
277
991834171.UG.FTS.B,
16.99%,
2/04/25
..
5,351
11
991761530.UG.FTS.B,
17.99%,
2/04/25
..
167
169
991752793.UG.FTS.B,
18.97%,
2/04/25
..
174
175
991729245.UG.FTS.B,
19.8%,
2/04/25
...
68
69
991685630.UG.FTS.B,
19.99%,
2/04/25
..
231
17
991697789.UG.FTS.B,
20.97%,
2/04/25
..
544
–
991918054.UG.FTS.B,
22.97%,
2/04/25
..
997
126
991724012.UG.FTS.B,
27.99%,
2/04/25
..
119
123
991696574.UG.FTS.B,
28.98%,
2/04/25
..
80
83
991697057.UG.FTS.B,
28.98%,
2/04/25
..
64
64
991700907.UG.FTS.B,
28.98%,
2/04/25
..
110
111
991714934.UG.FTS.B,
28.98%,
2/04/25
..
123
124
991736129.UG.FTS.B,
28.98%,
2/04/25
..
61
–
991765630.UG.FTS.B,
28.98%,
2/04/25
..
9
9
991786787.UG.FTS.B,
28.98%,
2/04/25
..
93
96
991824710.UG.FTS.B,
28.98%,
2/04/25
..
403
415
991836806.UG.FTS.B,
28.98%,
2/04/25
..
86
5
991900572.UG.FTS.B,
28.98%,
2/04/25
..
59
61
991911859.UG.FTS.B,
28.98%,
2/04/25
..
58
60
991926669.UG.FTS.B,
28.98%,
2/04/25
..
26
26
991686783.UG.FTS.B,
29.49%,
2/04/25
..
44
46
991687371.UG.FTS.B,
29.49%,
2/04/25
..
74
74
991693725.UG.FTS.B,
29.49%,
2/04/25
..
198
205
991694653.UG.FTS.B,
29.49%,
2/04/25
..
308
321
991707526.UG.FTS.B,
29.49%,
2/04/25
..
47
47
991713833.UG.FTS.B,
29.49%,
2/04/25
..
383
395
991717208.UG.FTS.B,
29.49%,
2/04/25
..
140
142
991737055.UG.FTS.B,
29.49%,
2/04/25
..
398
410
991758842.UG.FTS.B,
29.49%,
2/04/25
..
258
266
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)
991763796.UG.FTS.B,
29.49%,
2/04/25
..
$
59
$
59
991786330.UG.FTS.B,
29.49%,
2/04/25
..
439
447
991807327.UG.FTS.B,
29.49%,
2/04/25
..
114
118
991867247.UG.FTS.B,
29.49%,
2/04/25
..
47
47
991878368.UG.FTS.B,
29.49%,
2/04/25
..
76
77
991879607.UG.FTS.B,
29.49%,
2/04/25
..
118
121
991917180.UG.FTS.B,
29.49%,
2/04/25
..
111
114
991861184.UG.FTS.B,
19.21%,
2/05/25
..
102
104
991682958.UG.FTS.B,
19.99%,
2/05/25
..
31
30
991710161.UG.FTS.B,
19.99%,
2/05/25
..
14
14
991719379.UG.FTS.B,
19.99%,
2/05/25
..
149
10
991725525.UG.FTS.B,
19.99%,
2/05/25
..
69
69
991735635.UG.FTS.B,
19.99%,
2/05/25
..
61
63
991739604.UG.FTS.B,
19.99%,
2/05/25
..
710
737
991832671.UG.FTS.B,
19.99%,
2/05/25
..
107
108
991915152.UG.FTS.B,
19.99%,
2/05/25
..
131
132
991713079.UG.FTS.B,
20.46%,
2/05/25
..
292
79
991841527.UG.FTS.B,
20.46%,
2/05/25
..
272
273
991707903.UG.FTS.B,
20.97%,
2/05/25
..
68
70
991715412.UG.FTS.B,
20.97%,
2/05/25
..
146
149
991832676.UG.FTS.B,
20.97%,
2/05/25
..
6,177
778
991834692.UG.FTS.B,
21.46%,
2/05/25
..
628
84
991840414.UG.FTS.B,
21.46%,
2/05/25
..
214
215
991869250.UG.FTS.B,
21.46%,
2/05/25
..
847
843
991910043.UG.FTS.B,
21.46%,
2/05/25
..
768
764
991911356.UG.FTS.B,
21.98%,
2/05/25
..
97
98
991743501.UG.FTS.B,
22.97%,
2/05/25
..
285
292
991783388.UG.FTS.B,
22.97%,
2/05/25
..
282
–
991703789.UG.FTS.B,
24.95%,
2/05/25
..
104
105
991737282.UG.FTS.B,
27.95%,
2/05/25
..
69
72
991696029.UG.FTS.B,
27.99%,
2/05/25
..
193
48
991705622.UG.FTS.B,
27.99%,
2/05/25
..
50
3
991717022.UG.FTS.B,
27.99%,
2/05/25
..
125
130
991675164.UG.FTS.B,
28.98%,
2/05/25
..
1,014
74
991677817.UG.FTS.B,
28.98%,
2/05/25
..
560
566
991680083.UG.FTS.B,
28.98%,
2/05/25
..
2
2
991700269.UG.FTS.B,
28.98%,
2/05/25
..
90
93
991702789.UG.FTS.B,
28.98%,
2/05/25
..
280
288
991705698.UG.FTS.B,
28.98%,
2/05/25
..
29
30
991706202.UG.FTS.B,
28.98%,
2/05/25
..
208
216
991706300.UG.FTS.B,
28.98%,
2/05/25
..
151
154
991706343.UG.FTS.B,
28.98%,
2/05/25
..
43
16
991709411.UG.FTS.B,
28.98%,
2/05/25
..
8
8
991715735.UG.FTS.B,
28.98%,
2/05/25
..
54
4
991716179.UG.FTS.B,
28.98%,
2/05/25
..
141
9
991718944.UG.FTS.B,
28.98%,
2/05/25
..
462
480
991724730.UG.FTS.B,
28.98%,
2/05/25
..
445
463
991729522.UG.FTS.B,
28.98%,
2/05/25
..
10
10
991730611.UG.FTS.B,
28.98%,
2/05/25
..
461
479
991732989.UG.FTS.B,
28.98%,
2/05/25
..
179
182
991734853.UG.FTS.B,
28.98%,
2/05/25
..
80
5
991735560.UG.FTS.B,
28.98%,
2/05/25
..
40
41
991737214.UG.FTS.B,
28.98%,
2/05/25
..
105
109
991739154.UG.FTS.B,
28.98%,
2/05/25
..
1,544
1,604
991739980.UG.FTS.B,
28.98%,
2/05/25
..
186
193
991742979.UG.FTS.B,
28.98%,
2/05/25
..
63
4
991743526.UG.FTS.B,
28.98%,
2/05/25
..
39
39
991744726.UG.FTS.B,
28.98%,
2/05/25
..
42
42
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991745601.UG.FTS.B,
28.98%,
2/05/25
..
$
23
$
23
991746873.UG.FTS.B,
28.98%,
2/05/25
..
104
107
991747299.UG.FTS.B,
28.98%,
2/05/25
..
42
43
991755981.UG.FTS.B,
28.98%,
2/05/25
..
150
155
991759687.UG.FTS.B,
28.98%,
2/05/25
..
160
166
991761917.UG.FTS.B,
28.98%,
2/05/25
..
125
8
991762144.UG.FTS.B,
28.98%,
2/05/25
..
89
92
991762262.UG.FTS.B,
28.98%,
2/05/25
..
84
85
991764086.UG.FTS.B,
28.98%,
2/05/25
..
27
28
991772451.UG.FTS.B,
28.98%,
2/05/25
..
665
42
991776821.UG.FTS.B,
28.98%,
2/05/25
..
60
62
991776933.UG.FTS.B,
28.98%,
2/05/25
..
175
181
991789109.UG.FTS.B,
28.98%,
2/05/25
..
162
165
991790367.UG.FTS.B,
28.98%,
2/05/25
..
747
770
991805668.UG.FTS.B,
28.98%,
2/05/25
..
52
53
991807068.UG.FTS.B,
28.98%,
2/05/25
..
241
19
991808450.UG.FTS.B,
28.98%,
2/05/25
..
79
82
991811477.UG.FTS.B,
28.98%,
2/05/25
..
465
482
991813874.UG.FTS.B,
28.98%,
2/05/25
..
79
82
991819745.UG.FTS.B,
28.98%,
2/05/25
..
17
17
991819751.UG.FTS.B,
28.98%,
2/05/25
..
302
308
991820191.UG.FTS.B,
28.98%,
2/05/25
..
39
40
991829108.UG.FTS.B,
28.98%,
2/05/25
..
414
429
991833444.UG.FTS.B,
28.98%,
2/05/25
..
162
168
991836188.UG.FTS.B,
28.98%,
2/05/25
..
97
99
991842297.UG.FTS.B,
28.98%,
2/05/25
..
59
61
991842364.UG.FTS.B,
28.98%,
2/05/25
..
646
663
991855938.UG.FTS.B,
28.98%,
2/05/25
..
161
168
991863657.UG.FTS.B,
28.98%,
2/05/25
..
82
5
991884917.UG.FTS.B,
28.98%,
2/05/25
..
261
269
991886335.UG.FTS.B,
28.98%,
2/05/25
..
183
189
991894894.UG.FTS.B,
28.98%,
2/05/25
..
831
856
991897007.UG.FTS.B,
28.98%,
2/05/25
..
81
6
991901365.UG.FTS.B,
28.98%,
2/05/25
..
436
447
991911562.UG.FTS.B,
28.98%,
2/05/25
..
146
148
991916809.UG.FTS.B,
28.98%,
2/05/25
..
15
15
991922743.UG.FTS.B,
28.98%,
2/05/25
..
40
41
991937493.UG.FTS.B,
28.98%,
2/05/25
..
144
145
991938119.UG.FTS.B,
28.98%,
2/05/25
..
825
850
991680433.UG.FTS.B,
29.49%,
2/05/25
..
27
27
991694154.UG.FTS.B,
29.49%,
2/05/25
..
636
83
991695684.UG.FTS.B,
29.49%,
2/05/25
..
142
144
991697402.UG.FTS.B,
29.49%,
2/05/25
..
96
99
991700153.UG.FTS.B,
29.49%,
2/05/25
..
171
174
991700758.UG.FTS.B,
29.49%,
2/05/25
..
255
269
991703611.UG.FTS.B,
29.49%,
2/05/25
..
55
56
991705084.UG.FTS.B,
29.49%,
2/05/25
..
26
26
991709219.UG.FTS.B,
29.49%,
2/05/25
..
34
35
991710782.UG.FTS.B,
29.49%,
2/05/25
..
555
573
991713639.UG.FTS.B,
29.49%,
2/05/25
..
128
131
991715444.UG.FTS.B,
29.49%,
2/05/25
..
27
27
991719235.UG.FTS.B,
29.49%,
2/05/25
..
86
87
991722812.UG.FTS.B,
29.49%,
2/05/25
..
136
142
991723913.UG.FTS.B,
29.49%,
2/05/25
..
16
16
991725800.UG.FTS.B,
29.49%,
2/05/25
..
104
106
991727032.UG.FTS.B,
29.49%,
2/05/25
..
91
95
991728298.UG.FTS.B,
29.49%,
2/05/25
..
5
5
991728509.UG.FTS.B,
29.49%,
2/05/25
..
30
30
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)
991732282.UG.FTS.B,
29.49%,
2/05/25
..
$
79
$
81
991732719.UG.FTS.B,
29.49%,
2/05/25
..
114
117
991741465.UG.FTS.B,
29.49%,
2/05/25
..
65
65
991745294.UG.FTS.B,
29.49%,
2/05/25
..
81
85
991745495.UG.FTS.B,
29.49%,
2/05/25
..
22
22
991746165.UG.FTS.B,
29.49%,
2/05/25
..
137
143
991747447.UG.FTS.B,
29.49%,
2/05/25
..
361
375
991748448.UG.FTS.B,
29.49%,
2/05/25
..
594
600
991750763.UG.FTS.B,
29.49%,
2/05/25
..
61
61
991751122.UG.FTS.B,
29.49%,
2/05/25
..
171
174
991752383.UG.FTS.B,
29.49%,
2/05/25
..
93
97
991754108.UG.FTS.B,
29.49%,
2/05/25
..
79
83
991756132.UG.FTS.B,
29.49%,
2/05/25
..
108
14
991757533.UG.FTS.B,
29.49%,
2/05/25
..
57
58
991761533.UG.FTS.B,
29.49%,
2/05/25
..
12
11
991767013.UG.FTS.B,
29.49%,
2/05/25
..
84
88
991768291.UG.FTS.B,
29.49%,
2/05/25
..
65
68
991770008.UG.FTS.B,
29.49%,
2/05/25
..
63
64
991770513.UG.FTS.B,
29.49%,
2/05/25
..
55
58
991779678.UG.FTS.B,
29.49%,
2/05/25
..
92
25
991788833.UG.FTS.B,
29.49%,
2/05/25
..
130
133
991790182.UG.FTS.B,
29.49%,
2/05/25
..
68
71
991792046.UG.FTS.B,
29.49%,
2/05/25
..
33
33
991792427.UG.FTS.B,
29.49%,
2/05/25
..
65
65
991796894.UG.FTS.B,
29.49%,
2/05/25
..
394
409
991811197.UG.FTS.B,
29.49%,
2/05/25
..
158
164
991814933.UG.FTS.B,
29.49%,
2/05/25
..
101
105
991815312.UG.FTS.B,
29.49%,
2/05/25
..
157
163
991820737.UG.FTS.B,
29.49%,
2/05/25
..
148
–
991831731.UG.FTS.B,
29.49%,
2/05/25
..
46
46
991842723.UG.FTS.B,
29.49%,
2/05/25
..
81
84
991850751.UG.FTS.B,
29.49%,
2/05/25
..
130
136
991853314.UG.FTS.B,
29.49%,
2/05/25
..
78
80
991857355.UG.FTS.B,
29.49%,
2/05/25
..
61
63
991857915.UG.FTS.B,
29.49%,
2/05/25
..
253
253
991902591.UG.FTS.B,
29.49%,
2/05/25
..
166
169
991908115.UG.FTS.B,
29.49%,
2/05/25
..
22
22
991919187.UG.FTS.B,
29.49%,
2/05/25
..
105
107
991937053.UG.FTS.B,
29.49%,
2/05/25
..
181
186
991938113.UG.FTS.B,
29.49%,
2/05/25
..
205
211
991941061.UG.FTS.B,
17.99%,
2/06/25
..
209
212
991700171.UG.FTS.B,
18.97%,
2/06/25
..
305
311
991873192.UG.FTS.B,
18.97%,
2/06/25
..
74
20
991716319.UG.FTS.B,
19.21%,
2/06/25
..
295
301
991786750.UG.FTS.B,
19.21%,
2/06/25
..
112
115
991710752.UG.FTS.B,
19.8%,
2/06/25
...
230
235
991724990.UG.FTS.B,
19.8%,
2/06/25
...
70
71
991698898.UG.FTS.B,
19.99%,
2/06/25
..
806
822
991701760.UG.FTS.B,
19.99%,
2/06/25
..
9
9
991755348.UG.FTS.B,
19.99%,
2/06/25
..
63
66
991767533.UG.FTS.B,
19.99%,
2/06/25
..
43
44
991802156.UG.FTS.B,
19.99%,
2/06/25
..
437
453
991714002.UG.FTS.B,
20.46%,
2/06/25
..
483
129
991754233.UG.FTS.B,
20.46%,
2/06/25
..
107
109
991801256.UG.FTS.B,
20.46%,
2/06/25
..
258
264
991829259.UG.FTS.B,
20.46%,
2/06/25
..
111
114
991863415.UG.FTS.B,
20.46%,
2/06/25
..
475
485
991718934.UG.FTS.B,
20.97%,
2/06/25
..
131
133
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991699332.UG.FTS.B,
21.46%,
2/06/25
..
$
541
$
536
991726288.UG.FTS.B,
21.98%,
2/06/25
..
110
113
991741410.UG.FTS.B,
21.98%,
2/06/25
..
175
178
991792953.UG.FTS.B,
21.98%,
2/06/25
..
2,217
2,262
991807809.UG.FTS.B,
21.98%,
2/06/25
..
849
851
991845918.UG.FTS.B,
21.98%,
2/06/25
..
110
111
991869067.UG.FTS.B,
21.98%,
2/06/25
..
447
457
991768595.UG.FTS.B,
22.97%,
2/06/25
..
32
33
991871370.UG.FTS.B,
22.97%,
2/06/25
..
3,645
3,729
991769602.UG.FTS.B,
23.95%,
2/06/25
..
585
595
991793223.UG.FTS.B,
23.95%,
2/06/25
..
446
34
991733615.UG.FTS.B,
27.95%,
2/06/25
..
633
649
991759445.UG.FTS.B,
27.99%,
2/06/25
..
151
157
991851167.UG.FTS.B,
27.99%,
2/06/25
..
19
20
991700105.UG.FTS.B,
28.98%,
2/06/25
..
62
64
991700313.UG.FTS.B,
28.98%,
2/06/25
..
42
17
991701200.UG.FTS.B,
28.98%,
2/06/25
..
59
61
991701698.UG.FTS.B,
28.98%,
2/06/25
..
118
121
991703634.UG.FTS.B,
28.98%,
2/06/25
..
169
52
991706049.UG.FTS.B,
28.98%,
2/06/25
..
84
85
991706891.UG.FTS.B,
28.98%,
2/06/25
..
52
54
991707490.UG.FTS.B,
28.98%,
2/06/25
..
65
65
991708571.UG.FTS.B,
28.98%,
2/06/25
..
148
154
991710098.UG.FTS.B,
28.98%,
2/06/25
..
73
74
991711745.UG.FTS.B,
28.98%,
2/06/25
..
89
92
991717052.UG.FTS.B,
28.98%,
2/06/25
..
274
284
991718507.UG.FTS.B,
28.98%,
2/06/25
..
106
109
991718999.UG.FTS.B,
28.98%,
2/06/25
..
18
18
991725784.UG.FTS.B,
28.98%,
2/06/25
..
99
102
991725860.UG.FTS.B,
28.98%,
2/06/25
..
49
51
991728916.UG.FTS.B,
28.98%,
2/06/25
..
78
79
991729721.UG.FTS.B,
28.98%,
2/06/25
..
210
215
991732224.UG.FTS.B,
28.98%,
2/06/25
..
135
135
991734751.UG.FTS.B,
28.98%,
2/06/25
..
378
382
991734815.UG.FTS.B,
28.98%,
2/06/25
..
138
143
991737546.UG.FTS.B,
28.98%,
2/06/25
..
231
237
991739880.UG.FTS.B,
28.98%,
2/06/25
..
86
87
991748713.UG.FTS.B,
28.98%,
2/06/25
..
390
391
991749171.UG.FTS.B,
28.98%,
2/06/25
..
520
529
991751750.UG.FTS.B,
28.98%,
2/06/25
..
150
–
991752424.UG.FTS.B,
28.98%,
2/06/25
..
78
81
991756884.UG.FTS.B,
28.98%,
2/06/25
..
163
169
991762162.UG.FTS.B,
28.98%,
2/06/25
..
153
158
991766105.UG.FTS.B,
28.98%,
2/06/25
..
261
271
991766305.UG.FTS.B,
28.98%,
2/06/25
..
249
258
991770800.UG.FTS.B,
28.98%,
2/06/25
..
75
78
991776146.UG.FTS.B,
28.98%,
2/06/25
..
127
132
991787293.UG.FTS.B,
28.98%,
2/06/25
..
73
75
991794977.UG.FTS.B,
28.98%,
2/06/25
..
48
49
991813823.UG.FTS.B,
28.98%,
2/06/25
..
93
97
991815125.UG.FTS.B,
28.98%,
2/06/25
..
280
280
991815323.UG.FTS.B,
28.98%,
2/06/25
..
70
5
991817047.UG.FTS.B,
28.98%,
2/06/25
..
418
434
991823294.UG.FTS.B,
28.98%,
2/06/25
..
124
127
991823324.UG.FTS.B,
28.98%,
2/06/25
..
900
919
991826493.UG.FTS.B,
28.98%,
2/06/25
..
61
63
991832752.UG.FTS.B,
28.98%,
2/06/25
..
348
361
991836050.UG.FTS.B,
28.98%,
2/06/25
..
139
145
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)
991836125.UG.FTS.B,
28.98%,
2/06/25
..
$
527
$
34
991837625.UG.FTS.B,
28.98%,
2/06/25
..
62
63
991842664.UG.FTS.B,
28.98%,
2/06/25
..
91
94
991852569.UG.FTS.B,
28.98%,
2/06/25
..
27
28
991855239.UG.FTS.B,
28.98%,
2/06/25
..
397
321
991861556.UG.FTS.B,
28.98%,
2/06/25
..
97
100
991862866.UG.FTS.B,
28.98%,
2/06/25
..
1,837
1,894
991868227.UG.FTS.B,
28.98%,
2/06/25
..
472
63
991868577.UG.FTS.B,
28.98%,
2/06/25
..
128
133
991878519.UG.FTS.B,
28.98%,
2/06/25
..
8
8
991896380.UG.FTS.B,
28.98%,
2/06/25
..
3,517
3,609
991912584.UG.FTS.B,
28.98%,
2/06/25
..
251
69
991917185.UG.FTS.B,
28.98%,
2/06/25
..
132
–
991930551.UG.FTS.B,
28.98%,
2/06/25
..
204
210
991934063.UG.FTS.B,
28.98%,
2/06/25
..
36
37
991712510.UG.FTS.B,
29.47%,
2/06/25
..
164
171
991690486.UG.FTS.B,
29.49%,
2/06/25
..
300
301
991690939.UG.FTS.B,
29.49%,
2/06/25
..
705
734
991700095.UG.FTS.B,
29.49%,
2/06/25
..
110
113
991704419.UG.FTS.B,
29.49%,
2/06/25
..
159
166
991706683.UG.FTS.B,
29.49%,
2/06/25
..
46
7
991707381.UG.FTS.B,
29.49%,
2/06/25
..
118
120
991707856.UG.FTS.B,
29.49%,
2/06/25
..
97
98
991708109.UG.FTS.B,
29.49%,
2/06/25
..
99
103
991708283.UG.FTS.B,
29.49%,
2/06/25
..
53
55
991708927.UG.FTS.B,
29.49%,
2/06/25
..
82
83
991709656.UG.FTS.B,
29.49%,
2/06/25
..
303
311
991712333.UG.FTS.B,
29.49%,
2/06/25
..
75
77
991712745.UG.FTS.B,
29.49%,
2/06/25
..
72
76
991715596.UG.FTS.B,
29.49%,
2/06/25
..
652
667
991717099.UG.FTS.B,
29.49%,
2/06/25
..
12
12
991717494.UG.FTS.B,
29.49%,
2/06/25
..
1
1
991718002.UG.FTS.B,
29.49%,
2/06/25
..
123
8
991721139.UG.FTS.B,
29.49%,
2/06/25
..
139
145
991721483.UG.FTS.B,
29.49%,
2/06/25
..
48
–
991725507.UG.FTS.B,
29.49%,
2/06/25
..
180
187
991728380.UG.FTS.B,
29.49%,
2/06/25
..
145
19
991728473.UG.FTS.B,
29.49%,
2/06/25
..
925
965
991729831.UG.FTS.B,
29.49%,
2/06/25
..
134
137
991730113.UG.FTS.B,
29.49%,
2/06/25
..
135
141
991738035.UG.FTS.B,
29.49%,
2/06/25
..
57
59
991738990.UG.FTS.B,
29.49%,
2/06/25
..
377
380
991746112.UG.FTS.B,
29.49%,
2/06/25
..
42
42
991746952.UG.FTS.B,
29.49%,
2/06/25
..
170
173
991747607.UG.FTS.B,
29.49%,
2/06/25
..
94
99
991749942.UG.FTS.B,
29.49%,
2/06/25
..
233
243
991754744.UG.FTS.B,
29.49%,
2/06/25
..
211
15
991757332.UG.FTS.B,
29.49%,
2/06/25
..
44
44
991759741.UG.FTS.B,
29.49%,
2/06/25
..
167
174
991767120.UG.FTS.B,
29.49%,
2/06/25
..
17
17
991767728.UG.FTS.B,
29.49%,
2/06/25
..
108
112
991769688.UG.FTS.B,
29.49%,
2/06/25
..
210
219
991769928.UG.FTS.B,
29.49%,
2/06/25
..
123
125
991798596.UG.FTS.B,
29.49%,
2/06/25
..
15
15
991800849.UG.FTS.B,
29.49%,
2/06/25
..
34
35
991812212.UG.FTS.B,
29.49%,
2/06/25
..
82
83
991812574.UG.FTS.B,
29.49%,
2/06/25
..
70
74
991815674.UG.FTS.B,
29.49%,
2/06/25
..
239
244
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991816101.UG.FTS.B,
29.49%,
2/06/25
..
$
104
$
109
991821554.UG.FTS.B,
29.49%,
2/06/25
..
66
68
991826917.UG.FTS.B,
29.49%,
2/06/25
..
287
298
991834986.UG.FTS.B,
29.49%,
2/06/25
..
233
245
991836634.UG.FTS.B,
29.49%,
2/06/25
..
92
6
991848072.UG.FTS.B,
29.49%,
2/06/25
..
105
7
991852176.UG.FTS.B,
29.49%,
2/06/25
..
70
73
991862795.UG.FTS.B,
29.49%,
2/06/25
..
698
722
991863148.UG.FTS.B,
29.49%,
2/06/25
..
100
7
991869807.UG.FTS.B,
29.49%,
2/06/25
..
80
83
991886716.UG.FTS.B,
29.49%,
2/06/25
..
66
69
991896068.UG.FTS.B,
29.49%,
2/06/25
..
17
17
991908415.UG.FTS.B,
29.49%,
2/06/25
..
22
22
991914065.UG.FTS.B,
29.49%,
2/06/25
..
89
92
991736213.UG.FTS.B,
14.98%,
2/07/25
..
226
69
991860327.UG.FTS.B,
17.99%,
2/07/25
..
699
49
991827281.UG.FTS.B,
18.97%,
2/07/25
..
63
64
991905123.UG.FTS.B,
18.97%,
2/07/25
..
71
72
991748413.UG.FTS.B,
19.21%,
2/07/25
..
242
244
991783290.UG.FTS.B,
19.21%,
2/07/25
..
164
167
991924115.UG.FTS.B,
19.21%,
2/07/25
..
49
40
991834369.UG.FTS.B,
19.8%,
2/07/25
...
145
147
991856601.UG.FTS.B,
19.99%,
2/07/25
..
193
200
991929262.UG.FTS.B,
19.99%,
2/07/25
..
61
63
991929766.UG.FTS.B,
19.99%,
2/07/25
..
93
96
991868003.UG.FTS.B,
20.46%,
2/07/25
..
185
14
991711288.UG.FTS.B,
21.98%,
2/07/25
..
102
104
991843735.UG.FTS.B,
21.98%,
2/07/25
..
289
78
991736467.UG.FTS.B,
22.97%,
2/07/25
..
210
214
991762975.UG.FTS.B,
25.95%,
2/07/25
..
208
212
991709714.UG.FTS.B,
27.99%,
2/07/25
..
27
28
991748191.UG.FTS.B,
27.99%,
2/07/25
..
186
195
991800353.UG.FTS.B,
27.99%,
2/07/25
..
50
52
991880949.UG.FTS.B,
27.99%,
2/07/25
..
25
25
991697103.UG.FTS.B,
28.98%,
2/07/25
..
244
75
991705793.UG.FTS.B,
28.98%,
2/07/25
..
254
261
991705973.UG.FTS.B,
28.98%,
2/07/25
..
112
117
991706813.UG.FTS.B,
28.98%,
2/07/25
..
256
267
991707358.UG.FTS.B,
28.98%,
2/07/25
..
65
68
991708937.UG.FTS.B,
28.98%,
2/07/25
..
121
125
991708989.UG.FTS.B,
28.98%,
2/07/25
..
127
130
991710379.UG.FTS.B,
28.98%,
2/07/25
..
151
157
991710718.UG.FTS.B,
28.98%,
2/07/25
..
49
50
991712303.UG.FTS.B,
28.98%,
2/07/25
..
102
106
991712542.UG.FTS.B,
28.98%,
2/07/25
..
48
3
991712922.UG.FTS.B,
28.98%,
2/07/25
..
75
78
991716650.UG.FTS.B,
28.98%,
2/07/25
..
62
4
991717771.UG.FTS.B,
28.98%,
2/07/25
..
166
170
991724273.UG.FTS.B,
28.98%,
2/07/25
..
762
791
991724529.UG.FTS.B,
28.98%,
2/07/25
..
854
886
991728955.UG.FTS.B,
28.98%,
2/07/25
..
216
220
991731435.UG.FTS.B,
28.98%,
2/07/25
..
117
122
991740286.UG.FTS.B,
28.98%,
2/07/25
..
468
487
991743968.UG.FTS.B,
28.98%,
2/07/25
..
268
278
991755398.UG.FTS.B,
28.98%,
2/07/25
..
62
65
991755903.UG.FTS.B,
28.98%,
2/07/25
..
93
95
991772287.UG.FTS.B,
28.98%,
2/07/25
..
233
243
991784791.UG.FTS.B,
28.98%,
2/07/25
..
130
134
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)
991796956.UG.FTS.B,
28.98%,
2/07/25
..
$
71
$
5
991799326.UG.FTS.B,
28.98%,
2/07/25
..
314
323
991799442.UG.FTS.B,
28.98%,
2/07/25
..
589
608
991801184.UG.FTS.B,
28.98%,
2/07/25
..
1,705
118
991803039.UG.FTS.B,
28.98%,
2/07/25
..
435
451
991805595.UG.FTS.B,
28.98%,
2/07/25
..
16
16
991806653.UG.FTS.B,
28.98%,
2/07/25
..
160
164
991807039.UG.FTS.B,
28.98%,
2/07/25
..
164
169
991807123.UG.FTS.B,
28.98%,
2/07/25
..
302
306
991809459.UG.FTS.B,
28.98%,
2/07/25
..
18
18
991811191.UG.FTS.B,
28.98%,
2/07/25
..
390
392
991814223.UG.FTS.B,
28.98%,
2/07/25
..
84
87
991830675.UG.FTS.B,
28.98%,
2/07/25
..
101
104
991835648.UG.FTS.B,
28.98%,
2/07/25
..
93
96
991838148.UG.FTS.B,
28.98%,
2/07/25
..
255
16
991838996.UG.FTS.B,
28.98%,
2/07/25
..
147
–
991840095.UG.FTS.B,
28.98%,
2/07/25
..
42
3
991849419.UG.FTS.B,
28.98%,
2/07/25
..
240
247
991854543.UG.FTS.B,
28.98%,
2/07/25
..
132
33
991882872.UG.FTS.B,
28.98%,
2/07/25
..
172
177
991922608.UG.FTS.B,
28.98%,
2/07/25
..
154
65
991935487.UG.FTS.B,
28.98%,
2/07/25
..
73
20
991727371.UG.FTS.B,
29.46%,
2/07/25
..
94
–
991709575.UG.FTS.B,
29.48%,
2/07/25
..
166
173
991705974.UG.FTS.B,
29.49%,
2/07/25
..
373
378
991707049.UG.FTS.B,
29.49%,
2/07/25
..
137
–
991707186.UG.FTS.B,
29.49%,
2/07/25
..
185
189
991708039.UG.FTS.B,
29.49%,
2/07/25
..
414
29
991709608.UG.FTS.B,
29.49%,
2/07/25
..
178
12
991712449.UG.FTS.B,
29.49%,
2/07/25
..
94
95
991712892.UG.FTS.B,
29.49%,
2/07/25
..
131
132
991714825.UG.FTS.B,
29.49%,
2/07/25
..
26
27
991717543.UG.FTS.B,
29.49%,
2/07/25
..
96
100
991718167.UG.FTS.B,
29.49%,
2/07/25
..
71
74
991720150.UG.FTS.B,
29.49%,
2/07/25
..
135
136
991721040.UG.FTS.B,
29.49%,
2/07/25
..
69
73
991721496.UG.FTS.B,
29.49%,
2/07/25
..
68
19
991723604.UG.FTS.B,
29.49%,
2/07/25
..
30
6
991726856.UG.FTS.B,
29.49%,
2/07/25
..
4
4
991728336.UG.FTS.B,
29.49%,
2/07/25
..
24
24
991729210.UG.FTS.B,
29.49%,
2/07/25
..
378
389
991729445.UG.FTS.B,
29.49%,
2/07/25
..
45
47
991729898.UG.FTS.B,
29.49%,
2/07/25
..
39
40
991730072.UG.FTS.B,
29.49%,
2/07/25
..
391
398
991730418.UG.FTS.B,
29.49%,
2/07/25
..
783
793
991733135.UG.FTS.B,
29.49%,
2/07/25
..
1,579
1,613
991734242.UG.FTS.B,
29.49%,
2/07/25
..
102
104
991734487.UG.FTS.B,
29.49%,
2/07/25
..
222
15
991734975.UG.FTS.B,
29.49%,
2/07/25
..
39
40
991735751.UG.FTS.B,
29.49%,
2/07/25
..
101
7
991735915.UG.FTS.B,
29.49%,
2/07/25
..
179
187
991736815.UG.FTS.B,
29.49%,
2/07/25
..
699
723
991736857.UG.FTS.B,
29.49%,
2/07/25
..
793
824
991737666.UG.FTS.B,
29.49%,
2/07/25
..
83
83
991738244.UG.FTS.B,
29.49%,
2/07/25
..
73
73
991738742.UG.FTS.B,
29.49%,
2/07/25
..
19
19
991741355.UG.FTS.B,
29.49%,
2/07/25
..
23
24
991745513.UG.FTS.B,
29.49%,
2/07/25
..
157
161
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991745593.UG.FTS.B,
29.49%,
2/07/25
..
$
312
$
317
991747860.UG.FTS.B,
29.49%,
2/07/25
..
16
7
991751851.UG.FTS.B,
29.49%,
2/07/25
..
14
14
991754591.UG.FTS.B,
29.49%,
2/07/25
..
88
23
991759359.UG.FTS.B,
29.49%,
2/07/25
..
338
352
991759641.UG.FTS.B,
29.49%,
2/07/25
..
95
99
991759993.UG.FTS.B,
29.49%,
2/07/25
..
137
143
991760081.UG.FTS.B,
29.49%,
2/07/25
..
89
93
991761633.UG.FTS.B,
29.49%,
2/07/25
..
76
80
991770778.UG.FTS.B,
29.49%,
2/07/25
..
24
24
991777257.UG.FTS.B,
29.49%,
2/07/25
..
80
11
991778724.UG.FTS.B,
29.49%,
2/07/25
..
76
77
991778741.UG.FTS.B,
29.49%,
2/07/25
..
125
124
991782212.UG.FTS.B,
29.49%,
2/07/25
..
211
218
991787617.UG.FTS.B,
29.49%,
2/07/25
..
65
5
991788685.UG.FTS.B,
29.49%,
2/07/25
..
264
266
991791306.UG.FTS.B,
29.49%,
2/07/25
..
70
25
991799844.UG.FTS.B,
29.49%,
2/07/25
..
28
28
991807111.UG.FTS.B,
29.49%,
2/07/25
..
19
19
991808521.UG.FTS.B,
29.49%,
2/07/25
..
183
187
991809177.UG.FTS.B,
29.49%,
2/07/25
..
157
161
991809318.UG.FTS.B,
29.49%,
2/07/25
..
79
82
991813864.UG.FTS.B,
29.49%,
2/07/25
..
27
4
991815263.UG.FTS.B,
29.49%,
2/07/25
..
172
173
991818057.UG.FTS.B,
29.49%,
2/07/25
..
74
–
991827340.UG.FTS.B,
29.49%,
2/07/25
..
608
629
991832087.UG.FTS.B,
29.49%,
2/07/25
..
72
76
991837440.UG.FTS.B,
29.49%,
2/07/25
..
417
429
991842138.UG.FTS.B,
29.49%,
2/07/25
..
112
116
991842816.UG.FTS.B,
29.49%,
2/07/25
..
113
117
991843151.UG.FTS.B,
29.49%,
2/07/25
..
434
445
991843726.UG.FTS.B,
29.49%,
2/07/25
..
181
183
991843750.UG.FTS.B,
29.49%,
2/07/25
..
22
22
991848794.UG.FTS.B,
29.49%,
2/07/25
..
15
15
991852346.UG.FTS.B,
29.49%,
2/07/25
..
116
121
991857024.UG.FTS.B,
29.49%,
2/07/25
..
17
17
991858094.UG.FTS.B,
29.49%,
2/07/25
..
137
144
991860322.UG.FTS.B,
29.49%,
2/07/25
..
85
89
991868612.UG.FTS.B,
29.49%,
2/07/25
..
43
43
991883200.UG.FTS.B,
29.49%,
2/07/25
..
321
333
991887497.UG.FTS.B,
29.49%,
2/07/25
..
503
519
991914240.UG.FTS.B,
29.49%,
2/07/25
..
192
196
991918574.UG.FTS.B,
29.49%,
2/07/25
..
199
206
991924888.UG.FTS.B,
29.49%,
2/07/25
..
88
91
991930808.UG.FTS.B,
29.49%,
2/07/25
..
450
469
991783643.UG.FTS.B,
14.98%,
2/08/25
..
823
839
991802379.UG.FTS.B,
15.97%,
2/08/25
..
209
213
991904951.UG.FTS.B,
15.97%,
2/08/25
..
142
144
991908489.UG.FTS.B,
15.97%,
2/08/25
..
207
211
991917251.UG.FTS.B,
15.97%,
2/08/25
..
164
166
991771363.UG.FTS.B,
16.99%,
2/08/25
..
1,058
1,079
991784207.UG.FTS.B,
16.99%,
2/08/25
..
161
1
991894055.UG.FTS.B,
16.99%,
2/08/25
..
161
1
991905481.UG.FTS.B,
16.99%,
2/08/25
..
67
68
991731306.UG.FTS.B,
17.99%,
2/08/25
..
585
583
991717470.UG.FTS.B,
19.21%,
2/08/25
..
139
140
991724869.UG.FTS.B,
15%,
2/09/25
.....
530
541
991746108.UG.FTS.B,
15%,
2/09/25
.....
130
131
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)
991746306.UG.FTS.B,
15%,
2/09/25
.....
$
593
$
598
991862382.UG.FTS.B,
15%,
2/09/25
.....
76
6
991908452.UG.FTS.B,
15%,
2/09/25
.....
1,234
1,258
991929779.UG.FTS.B,
15%,
2/09/25
.....
17
17
991781627.UG.FTS.B,
15.97%,
2/09/25
..
309
22
991719973.UG.FTS.B,
16.99%,
2/09/25
..
127
130
991778289.UG.FTS.B,
16.99%,
2/09/25
..
14
14
991783787.UG.FTS.B,
16.99%,
2/09/25
..
423
432
991784826.UG.FTS.B,
16.99%,
2/09/25
..
587
41
991863273.UG.FTS.B,
16.99%,
2/09/25
..
722
91
991741247.UG.FTS.B,
17.97%,
2/09/25
..
425
433
991764270.UG.FTS.B,
17.99%,
2/09/25
..
219
224
991867276.UG.FTS.B,
17.99%,
2/09/25
..
116
118
991646974.UG.FTS.B,
28.98%,
2/15/25
..
148
10
991784176.UG.FTS.B,
28.98%,
2/16/25
..
188
195
991766510.UG.FTS.B,
29.49%,
2/17/25
..
59
61
991630337.UG.FTS.B,
18.97%,
2/23/25
..
73
5
991849560.UG.FTS.B,
29.49%,
3/04/25
..
68
–
991710560.UG.FTS.B,
28.98%,
3/05/25
..
359
371
991917746.UG.FTS.B,
29.49%,
3/05/25
..
117
29
991556675.UG.FTS.B,
29.49%,
3/17/25
..
58
4
991645315.UG.FTS.B,
29.49%,
3/23/25
..
68
71
991921265.UG.FTS.B,
28.98%,
4/05/25
..
90
–
991545880.UG.FTS.B,
28.98%,
4/17/25
..
67
70
991699882.UG.FTS.B,
19.99%,
4/18/25
..
83
86
991700341.UG.FTS.B,
21.46%,
4/18/25
..
184
13
991811950.UG.FTS.B,
19.99%,
4/20/25
..
74
11
991762816.UG.FTS.B,
29.49%,
4/20/25
..
65
68
991632438.UG.FTS.B,
19.8%,
4/21/25
...
1,166
1,185
991654006.UG.FTS.B,
29.49%,
4/21/25
..
106
15
991697266.UG.FTS.B,
21.46%,
4/22/25
..
185
190
991702030.UG.FTS.B,
21.46%,
4/22/25
..
1,091
1,121
991732943.UG.FTS.B,
29.49%,
4/22/25
..
120
–
991683377.UG.FTS.B,
21.97%,
4/23/25
..
121
93
991638710.UG.FTS.B,
28.98%,
4/23/25
..
135
138
991742808.UG.FTS.B,
29.49%,
4/23/25
..
356
24
991749269.UG.FTS.B,
29.49%,
4/24/25
..
143
150
991838313.UG.FTS.B,
15.97%,
4/25/25
..
1,008
1,030
991659919.UG.FTS.B,
20.97%,
4/27/25
..
92
–
991774935.UG.FTS.B,
29.49%,
5/04/25
..
760
48
991693967.UG.FTS.B,
19.99%,
5/05/25
..
154
120
991721024.UG.FTS.B,
28.98%,
5/05/25
..
566
38
991724571.UG.FTS.B,
28.98%,
5/05/25
..
123
128
991922957.UG.FTS.B,
21.98%,
5/06/25
..
154
5
991691439.UG.FTS.B,
28.98%,
5/06/25
..
607
518
991702178.UG.FTS.B,
28.98%,
5/06/25
..
70
55
991727635.UG.FTS.B,
28.98%,
5/07/25
..
176
137
991707574.UG.FTS.B,
29.49%,
5/07/25
..
60
61
991669072.UG.FTS.B,
28.98%,
5/16/25
..
146
153
991550463.UG.FTS.B,
19.99%,
5/17/25
..
991
1,034
991740124.UG.FTS.B,
28.98%,
5/17/25
..
69
72
991592560.UG.FTS.B,
29.49%,
5/17/25
..
146
154
991686463.UG.FTS.B,
28.98%,
5/18/25
..
431
453
991777444.UG.FTS.B,
29.49%,
5/18/25
..
83
–
991662231.UG.FTS.B,
28.98%,
5/19/25
..
87
5
991674428.UG.FTS.B,
29.49%,
5/20/25
..
737
773
991759014.UG.FTS.B,
29.49%,
5/20/25
..
85
–
991776695.UG.FTS.B,
29.49%,
5/21/25
..
112
118
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991585964.UG.FTS.B,
28.98%,
5/22/25
..
$
396
$
415
991665672.UG.FTS.B,
28.98%,
5/22/25
..
525
542
991813221.UG.FTS.B,
29.49%,
5/22/25
..
101
104
991772210.UG.FTS.B,
28.98%,
5/24/25
..
2,734
187
991596209.UG.FTS.B,
29.49%,
5/24/25
..
899
–
991770465.UG.FTS.B,
29.49%,
5/24/25
..
66
69
991793324.UG.FTS.B,
29.49%,
5/24/25
..
115
89
991802443.UG.FTS.B,
29.49%,
5/24/25
..
268
–
991805657.UG.FTS.B,
29.49%,
6/03/25
..
313
325
991864584.UG.FTS.B,
29.49%,
6/03/25
..
98
13
991847043.UG.FTS.B,
29.49%,
6/04/25
..
494
31
991772904.UG.FTS.B,
19.99%,
6/05/25
..
101
104
991705736.UG.FTS.B,
28.98%,
6/05/25
..
117
85
991708239.UG.FTS.B,
28.98%,
6/05/25
..
128
134
991736771.UG.FTS.B,
28.98%,
6/05/25
..
160
165
991693084.UG.FTS.B,
29.49%,
6/05/25
..
75
–
991700073.UG.FTS.B,
29.49%,
6/05/25
..
197
14
991781338.UG.FTS.B,
29.49%,
6/05/25
..
819
57
991730286.UG.FTS.B,
22.97%,
6/06/25
..
3,282
732
991820156.UG.FTS.B,
28.98%,
6/06/25
..
649
–
991871855.UG.FTS.B,
28.98%,
6/06/25
..
87
–
991917174.UG.FTS.B,
28.98%,
6/06/25
..
157
–
991933771.UG.FTS.B,
29.49%,
6/06/25
..
200
47
991771961.UG.FTS.B,
29.49%,
6/07/25
..
125
131
991848358.UG.FTS.B,
29.49%,
6/07/25
..
227
30
991579317.UG.FTS.B,
29.49%,
6/16/25
..
88
73
991601320.UG.FTS.B,
28.98%,
6/17/25
..
585
611
991687274.UG.FTS.B,
19.99%,
6/23/25
..
151
115
991667408.UG.FTS.B,
17.97%,
7/02/25
..
116
27
991764922.UG.FTS.B,
28.98%,
7/05/25
..
108
27
991694848.UG.FTS.B,
29.49%,
7/05/25
..
864
895
991836618.UG.FTS.B,
15%,
8/01/25
.....
750
764
991922928.UG.FTS.B,
28.98%,
8/04/25
..
136
141
991700916.UG.FTS.B,
29.49%,
8/06/25
..
947
961
991629369.UG.FTS.B,
26.94%,
8/19/25
..
75
5
991693097.UG.FTS.B,
26.94%,
8/20/25
..
325
245
991613039.UG.FTS.B,
19.99%,
8/24/25
..
523
389
991609299.UG.FTS.B,
29.49%,
8/24/25
..
1,256
954
991814652.UG.FTS.B,
29.49%,
9/05/25
..
71
75
991688747.UG.FTS.B,
28.98%,
9/16/25
..
76
78
991545568.UG.FTS.B,
29.49%,
9/16/25
..
976
1,037
991579762.UG.FTS.B,
19.99%,
9/17/25
..
196
149
991626332.UG.FTS.B,
19.99%,
9/17/25
..
347
264
991723012.UG.FTS.B,
27.99%,
9/17/25
..
352
253
991656357.UG.FTS.B,
29.49%,
9/17/25
..
301
316
991786433.UG.FTS.B,
20.46%,
9/21/25
..
115
15
991628863.UG.FTS.B,
28.98%,
9/21/25
..
495
385
991699663.UG.FTS.B,
21.98%,
9/22/25
..
99
8
991596886.UG.FTS.B,
29.49%,
9/24/25
..
168
176
991754815.UG.FTS.B,
29.49%,
9/24/25
..
76
57
991826636.UG.FTS.B,
19.99%,
10/03/25
.
687
49
991726591.UG.FTS.B,
28.98%,
10/03/25
.
192
198
991915319.UG.FTS.B,
20.46%,
10/04/25
.
144
103
991853603.UG.FTS.B,
28.98%,
10/05/25
.
263
185
991734435.UG.FTS.B,
29.49%,
10/06/25
.
95
73
991726248.UG.FTS.B,
21.46%,
10/08/25
.
130
133
991597711.UG.FTS.B,
28.98%,
10/24/25
.
156
11
991648967.UG.FTS.B,
29.49%,
10/24/25
.
108
83
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)
991809155.UG.FTS.B,
17.99%,
10/25/25
.
$
677
$
691
991738710.UG.FTS.B,
28.98%,
11/04/25
.
204
14
991731697.UG.FTS.B,
29.49%,
11/05/25
.
192
24
991820976.UG.FTS.B,
29.49%,
11/05/25
.
449
469
991822456.UG.FTS.B,
29.49%,
11/05/25
.
105
7
991657177.UG.FTS.B,
28.98%,
11/17/25
.
2,118
2,207
991573331.UG.FTS.B,
29.49%,
11/17/25
.
94
70
991695320.UG.FTS.B,
29.49%,
12/05/25
.
96
22
991783713.UG.FTS.B,
29.49%,
12/05/25
.
378
267
991723599.UG.FTS.B,
29.49%,
12/06/25
.
88
20
991735485.UG.FTS.B,
28.98%,
12/07/25
.
134
139
991730761.UG.FTS.B,
28.98%,
12/24/25
.
125
89
991555378.UG.FTS.B,
29.49%,
1/17/26
..
114
115
991579988.UG.FTS.B,
29.49%,
1/17/26
..
128
136
991595841.UG.FTS.B,
29.49%,
1/17/26
..
135
98
991708117.UG.FTS.B,
29.49%,
1/17/26
..
1,345
960
991659287.UG.FTS.B,
29.49%,
1/24/26
..
148
156
991712219.UG.FTS.B,
28.98%,
2/05/26
..
789
173
991814320.UG.FTS.B,
29.49%,
2/05/26
..
326
75
991762808.UG.FTS.B,
29.49%,
2/07/26
..
87
6
991716805.UG.FTS.B,
22.97%,
2/08/26
..
365
77
991563658.UG.FTS.B,
29.49%,
2/16/26
..
823
591
991647827.UG.FTS.B,
29.49%,
2/23/26
..
118
87
991726688.UG.FTS.B,
28.98%,
4/06/26
..
98
21
991755928.UG.FTS.B,
29.49%,
4/06/26
..
217
150
991708261.UG.FTS.B,
29.49%,
5/04/26
..
668
145
991735384.UG.FTS.B,
29.49%,
6/06/26
..
360
246
991802598.UG.FTS.B,
21.98%,
7/07/26
..
2,023
1,345
991576855.UG.FTS.B,
28.98%,
7/17/26
..
1,959
247
991788566.UG.FTS.B,
29.49%,
7/21/26
..
94
64
991656796.UG.FTS.B,
29.49%,
8/22/26
..
350
235
991571658.UG.FTS.B,
28.98%,
9/15/26
..
164
168
991757074.UG.FTS.B,
29.49%,
11/05/26
.
119
6
991730563.UG.FTS.B,
29.49%,
12/06/26
.
418
266
991658250.UG.FTS.B,
16.99%,
1/20/27
..
1,261
1,290
991607046.UG.FTS.B,
21.99%,
1/20/27
..
3,265
3,417
991611832.UG.FTS.B,
16.99%,
1/29/27
..
1,212
85
991624113.UG.FTS.B,
17.99%,
1/29/27
..
224
225
991664785.UG.FTS.B,
18.98%,
1/29/27
..
235
247
991676761.UG.FTS.B,
16.99%,
2/02/27
..
819
823
991721939.UG.FTS.B,
16.99%,
2/02/27
..
1,003
1,047
991734117.UG.FTS.B,
17.99%,
2/02/27
..
351
39
991734377.UG.FTS.B,
17.99%,
2/02/27
..
26
4
991894965.UG.FTS.B,
16.99%,
2/03/27
..
4,258
4,421
991663324.UG.FTS.B,
22.36%,
5/29/27
..
105
109
991757545.UG.FTS.B,
28.98%,
7/06/27
..
191
120
991678457.UG.FTS.B,
19.99%,
11/30/27
.
480
498
991646401.UG.FTS.B,
29.49%,
1/20/28
..
41
43
991858699.UG.FTS.B,
29.49%,
3/07/28
..
43
45
991759963.UG.FTS.B,
29.49%,
3/18/28
..
25
26
991719643.UG.FTS.B,
29.49%,
3/22/28
..
150
155
991710032.UG.FTS.B,
28.98%,
10/05/28
.
9
1
991703094.UG.FTS.B,
29.49%,
10/06/28
.
5
–
991704902.UG.FTS.B,
28.98%,
10/18/28
.
4
3
991630410.UG.FTS.B,
22.36%,
10/23/28
.
993
1,020
991777410.UG.FTS.B,
29.49%,
10/24/28
.
18
–
991806859.UG.FTS.B,
29.49%,
11/06/28
.
7
–
991569026.UG.FTS.B,
29.49%,
11/17/28
.
10
1
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991681470.UG.FTS.B,
29.49%,
11/18/28
.
$
1
$
–
991663564.UG.FTS.B,
29.49%,
11/19/28
.
280
19
991670699.UG.FTS.B,
29.49%,
11/21/28
.
–
–
991868870.UG.FTS.B,
28.98%,
12/05/28
.
4
–
991693767.UG.FTS.B,
28.48%,
12/18/28
.
1
1
991927310.UG.FTS.B,
22.97%,
1/06/29
..
20
18
991855511.UG.FTS.B,
29.49%,
1/06/29
..
21
1
991873395.UG.FTS.B,
29.49%,
1/06/29
..
20
1
991817987.UG.FTS.B,
29.49%,
1/07/29
..
1
1
991622139.UG.FTS.B,
28.48%,
1/15/29
..
–
–
991781301.UG.FTS.B,
28.48%,
1/16/29
..
2
2
991712782.UG.FTS.B,
29.49%,
1/16/29
..
18
–
991782434.UG.FTS.B,
19.3%,
1/17/29
...
59
59
991572409.UG.FTS.B,
19.99%,
1/17/29
..
3
3
991546096.UG.FTS.B,
29.48%,
1/17/29
..
14
14
991547890.UG.FTS.B,
29.48%,
1/17/29
..
1
1
991544517.UG.FTS.B,
29.49%,
1/17/29
..
–
–
991547826.UG.FTS.B,
29.49%,
1/17/29
..
35
2
991556087.UG.FTS.B,
29.49%,
1/17/29
..
15
1
991579802.UG.FTS.B,
29.49%,
1/17/29
..
57
2
991585183.UG.FTS.B,
29.49%,
1/17/29
..
–
–
991598552.UG.FTS.B,
29.49%,
1/17/29
..
26
2
991611241.UG.FTS.B,
29.49%,
1/17/29
..
–
–
991629452.UG.FTS.B,
29.49%,
1/17/29
..
3
3
991631740.UG.FTS.B,
29.49%,
1/17/29
..
1
1
991642333.UG.FTS.B,
29.49%,
1/17/29
..
43
3
991683321.UG.FTS.B,
29.49%,
1/17/29
..
210
–
991697236.UG.FTS.B,
29.49%,
1/17/29
..
2
2
991693634.UG.FTS.B,
29.49%,
1/18/29
..
12
12
991703953.UG.FTS.B,
29.49%,
1/18/29
..
–
–
991705635.UG.FTS.B,
29.49%,
1/18/29
..
17
17
991717827.UG.FTS.B,
29.49%,
1/18/29
..
77
5
991732216.UG.FTS.B,
29.49%,
1/18/29
..
–
–
991741497.UG.FTS.B,
29.49%,
1/18/29
..
1
1
991753846.UG.FTS.B,
29.49%,
1/18/29
..
61
63
991660263.UG.FTS.B,
19.3%,
1/19/29
...
4
4
991651393.UG.FTS.B,
21.48%,
1/19/29
..
10
10
991699664.UG.FTS.B,
25.45%,
1/19/29
..
4
4
991649089.UG.FTS.B,
29.49%,
1/19/29
..
314
22
991631116.UG.FTS.B,
28.48%,
1/20/29
..
–
–
991730901.UG.FTS.B,
28.48%,
1/20/29
..
–
–
991635388.UG.FTS.B,
29.48%,
1/20/29
..
212
15
991809474.UG.FTS.B,
29.48%,
1/20/29
..
–
–
991655971.UG.FTS.B,
29.49%,
1/20/29
..
–
–
991685999.UG.FTS.B,
29.49%,
1/20/29
..
–
–
991744187.UG.FTS.B,
29.49%,
1/20/29
..
–
–
991775830.UG.FTS.B,
29.49%,
1/21/29
..
8
8
991784482.UG.FTS.B,
29.49%,
1/21/29
..
33
–
991690086.UG.FTS.B,
16.49%,
1/22/29
..
6
6
991642537.UG.FTS.B,
18.47%,
1/22/29
..
–
–
991658713.UG.FTS.B,
18.47%,
1/22/29
..
–
–
991675457.UG.FTS.B,
22.47%,
1/22/29
..
–
–
991628803.UG.FTS.B,
25.44%,
1/22/29
..
7
7
991590828.UG.FTS.B,
29.49%,
1/22/29
..
–
–
991604373.UG.FTS.B,
29.49%,
1/22/29
..
66
1
991641518.UG.FTS.B,
29.49%,
1/22/29
..
5
–
991654938.UG.FTS.B,
29.49%,
1/22/29
..
78
79
991671286.UG.FTS.B,
29.49%,
1/22/29
..
–
–
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)
991714482.UG.FTS.B,
29.49%,
1/22/29
..
$
–
$
–
991729432.UG.FTS.B,
29.49%,
1/22/29
..
–
–
991732382.UG.FTS.B,
29.49%,
1/22/29
..
12
–
991751813.UG.FTS.B,
29.49%,
1/22/29
..
–
–
991590508.UG.FTS.B,
19.99%,
1/23/29
..
17
1
991679320.UG.FTS.B,
21.48%,
1/23/29
..
49
–
991660260.UG.FTS.B,
28.48%,
1/23/29
..
31
31
991706943.UG.FTS.B,
28.48%,
1/23/29
..
17
17
991717920.UG.FTS.B,
29.48%,
1/23/29
..
2
2
991592956.UG.FTS.B,
29.49%,
1/23/29
..
–
–
991599536.UG.FTS.B,
29.49%,
1/23/29
..
83
17
991618299.UG.FTS.B,
29.49%,
1/23/29
..
30
30
991642061.UG.FTS.B,
29.49%,
1/23/29
..
10
10
991683106.UG.FTS.B,
29.49%,
1/23/29
..
1
1
991698192.UG.FTS.B,
29.49%,
1/23/29
..
–
–
991609765.UG.FTS.B,
27.99%,
1/24/29
..
61
62
991661576.UG.FTS.B,
28.48%,
1/24/29
..
65
6
991711799.UG.FTS.B,
28.48%,
1/24/29
..
15
15
991801395.UG.FTS.B,
28.48%,
1/24/29
..
18
18
991602960.UG.FTS.B,
29.49%,
1/24/29
..
7
7
991604986.UG.FTS.B,
29.49%,
1/24/29
..
–
–
991605352.UG.FTS.B,
29.49%,
1/24/29
..
2
2
991627130.UG.FTS.B,
29.49%,
1/24/29
..
1
1
991630132.UG.FTS.B,
29.49%,
1/24/29
..
1
1
991669942.UG.FTS.B,
29.49%,
1/24/29
..
22
2
991688029.UG.FTS.B,
29.49%,
1/24/29
..
47
7
991739164.UG.FTS.B,
29.49%,
1/24/29
..
–
–
991769140.UG.FTS.B,
29.49%,
1/24/29
..
–
–
991793121.UG.FTS.B,
29.49%,
1/24/29
..
1
1
991811048.UG.FTS.B,
29.49%,
1/24/29
..
12
2
991635849.UG.FTS.B,
16.49%,
1/29/29
..
–
–
991642956.UG.FTS.B,
16.49%,
1/30/29
..
9
9
991869281.UG.FTS.B,
17.49%,
1/30/29
..
1
1
991643834.UG.FTS.B,
22.45%,
1/30/29
..
16
1
991661216.UG.FTS.B,
19.3%,
1/31/29
...
14
14
991650296.UG.FTS.B,
20.47%,
1/31/29
..
24
24
991705966.UG.FTS.B,
21.48%,
1/31/29
..
6
6
991764182.UG.FTS.B,
15.47%,
2/01/29
..
15
15
991724946.UG.FTS.B,
16.49%,
2/01/29
..
97
97
991807161.UG.FTS.B,
16.49%,
2/01/29
..
9
4
991869528.UG.FTS.B,
17.49%,
2/01/29
..
6
6
991722113.UG.FTS.B,
15.49%,
2/02/29
..
24
24
991684166.UG.FTS.B,
16.49%,
2/02/29
..
3
3
991733262.UG.FTS.B,
17.49%,
2/02/29
..
7
7
991734120.UG.FTS.B,
17.49%,
2/02/29
..
1
1
991681257.UG.FTS.B,
17.49%,
2/03/29
..
7
7
991914992.UG.FTS.B,
21.97%,
2/03/29
..
1
1
991702806.UG.FTS.B,
23.45%,
2/03/29
..
24
24
991690009.UG.FTS.B,
28.48%,
2/03/29
..
19
19
991827774.UG.FTS.B,
28.98%,
2/03/29
..
7
7
991705815.UG.FTS.B,
29.48%,
2/03/29
..
25
25
991687586.UG.FTS.B,
29.49%,
2/03/29
..
2
2
991785226.UG.FTS.B,
29.49%,
2/03/29
..
8
8
991815788.UG.FTS.B,
29.49%,
2/03/29
..
7
7
991861447.UG.FTS.B,
29.49%,
2/03/29
..
2
2
991909246.UG.FTS.B,
29.49%,
2/03/29
..
14
14
991854905.UG.FTS.B,
15.47%,
2/04/29
..
19
19
991686911.UG.FTS.B,
18.47%,
2/04/29
..
6
6
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991685554.UG.FTS.B,
18.71%,
2/04/29
..
$
5
$
5
991711305.UG.FTS.B,
29.48%,
2/04/29
..
9
8
991702984.UG.FTS.B,
29.49%,
2/04/29
..
6
6
991726705.UG.FTS.B,
29.49%,
2/04/29
..
12
12
991756664.UG.FTS.B,
29.49%,
2/04/29
..
9
9
991788801.UG.FTS.B,
29.49%,
2/04/29
..
5
5
991813259.UG.FTS.B,
29.49%,
2/04/29
..
28
28
991911528.UG.FTS.B,
29.49%,
2/04/29
..
1
1
991711452.UG.FTS.B,
19.96%,
2/05/29
..
11
11
991693126.UG.FTS.B,
19.99%,
2/05/29
..
25
2
991827138.UG.FTS.B,
21.48%,
2/05/29
..
4
4
991854090.UG.FTS.B,
21.48%,
2/05/29
..
11
11
991776899.UG.FTS.B,
22.47%,
2/05/29
..
4
4
991698945.UG.FTS.B,
23.45%,
2/05/29
..
80
6
991938019.UG.FTS.B,
23.45%,
2/05/29
..
10
10
991866679.UG.FTS.B,
26.44%,
2/05/29
..
25
–
991712635.UG.FTS.B,
28.48%,
2/05/29
..
20
20
991738161.UG.FTS.B,
28.48%,
2/05/29
..
10
10
991739512.UG.FTS.B,
28.48%,
2/05/29
..
8
8
991751198.UG.FTS.B,
28.48%,
2/05/29
..
19
18
991766340.UG.FTS.B,
28.48%,
2/05/29
..
36
36
991785400.UG.FTS.B,
28.48%,
2/05/29
..
–
–
991835745.UG.FTS.B,
28.48%,
2/05/29
..
9
9
991701867.UG.FTS.B,
29.48%,
2/05/29
..
4
4
991716572.UG.FTS.B,
29.48%,
2/05/29
..
6
6
991797219.UG.FTS.B,
29.48%,
2/05/29
..
87
51
991833863.UG.FTS.B,
29.48%,
2/05/29
..
10
10
991898289.UG.FTS.B,
29.48%,
2/05/29
..
4
4
991692055.UG.FTS.B,
29.49%,
2/05/29
..
130
–
991697144.UG.FTS.B,
29.49%,
2/05/29
..
25
2
991701473.UG.FTS.B,
29.49%,
2/05/29
..
17
17
991705462.UG.FTS.B,
29.49%,
2/05/29
..
15
15
991706846.UG.FTS.B,
29.49%,
2/05/29
..
8
8
991710338.UG.FTS.B,
29.49%,
2/05/29
..
4
4
991711397.UG.FTS.B,
29.49%,
2/05/29
..
27
27
991712546.UG.FTS.B,
29.49%,
2/05/29
..
5
5
991713288.UG.FTS.B,
29.49%,
2/05/29
..
24
2
991713498.UG.FTS.B,
29.49%,
2/05/29
..
5
5
991718017.UG.FTS.B,
29.49%,
2/05/29
..
7
7
991744990.UG.FTS.B,
29.49%,
2/05/29
..
5
5
991757885.UG.FTS.B,
29.49%,
2/05/29
..
26
26
991786506.UG.FTS.B,
29.49%,
2/05/29
..
16
16
991787648.UG.FTS.B,
29.49%,
2/05/29
..
33
33
991796027.UG.FTS.B,
29.49%,
2/05/29
..
10
10
991799165.UG.FTS.B,
29.49%,
2/05/29
..
6
6
991801405.UG.FTS.B,
29.49%,
2/05/29
..
125
19
991831270.UG.FTS.B,
29.49%,
2/05/29
..
27
16
991833796.UG.FTS.B,
29.49%,
2/05/29
..
8
8
991858745.UG.FTS.B,
29.49%,
2/05/29
..
17
17
991879388.UG.FTS.B,
29.49%,
2/05/29
..
4
4
991889487.UG.FTS.B,
29.49%,
2/05/29
..
6
5
991905879.UG.FTS.B,
29.49%,
2/05/29
..
6
6
991894070.UG.FTS.B,
19.96%,
2/06/29
..
9
9
991718257.UG.FTS.B,
20.96%,
2/06/29
..
26
4
991809389.UG.FTS.B,
20.96%,
2/06/29
..
22
22
991714545.UG.FTS.B,
21.48%,
2/06/29
..
8
8
991747919.UG.FTS.B,
21.48%,
2/06/29
..
5
5
991764160.UG.FTS.B,
21.48%,
2/06/29
..
6
6
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)
991734865.UG.FTS.B,
25.45%,
2/06/29
..
$
7
$
7
991702392.UG.FTS.B,
28.48%,
2/06/29
..
20
1
991740055.UG.FTS.B,
28.48%,
2/06/29
..
38
38
991780645.UG.FTS.B,
28.48%,
2/06/29
..
17
17
991785489.UG.FTS.B,
28.48%,
2/06/29
..
33
33
991803786.UG.FTS.B,
28.48%,
2/06/29
..
3
3
991853534.UG.FTS.B,
28.48%,
2/06/29
..
9
9
991704767.UG.FTS.B,
29.48%,
2/06/29
..
–
–
991819053.UG.FTS.B,
29.48%,
2/06/29
..
3
3
991835222.UG.FTS.B,
29.48%,
2/06/29
..
230
16
991894999.UG.FTS.B,
29.48%,
2/06/29
..
35
35
991914678.UG.FTS.B,
29.48%,
2/06/29
..
9
9
991928677.UG.FTS.B,
29.48%,
2/06/29
..
10
10
991702835.UG.FTS.B,
29.49%,
2/06/29
..
11
10
991706434.UG.FTS.B,
29.49%,
2/06/29
..
19
19
991707306.UG.FTS.B,
29.49%,
2/06/29
..
131
7
991723140.UG.FTS.B,
29.49%,
2/06/29
..
63
64
991730343.UG.FTS.B,
29.49%,
2/06/29
..
15
15
991731423.UG.FTS.B,
29.49%,
2/06/29
..
6
6
991734953.UG.FTS.B,
29.49%,
2/06/29
..
8
7
991736969.UG.FTS.B,
29.49%,
2/06/29
..
22
22
991738514.UG.FTS.B,
29.49%,
2/06/29
..
8
8
991739473.UG.FTS.B,
29.49%,
2/06/29
..
7
7
991750749.UG.FTS.B,
29.49%,
2/06/29
..
17
17
991754554.UG.FTS.B,
29.49%,
2/06/29
..
7
7
991756713.UG.FTS.B,
29.49%,
2/06/29
..
47
46
991760581.UG.FTS.B,
29.49%,
2/06/29
..
16
16
991762718.UG.FTS.B,
29.49%,
2/06/29
..
5
5
991766882.UG.FTS.B,
29.49%,
2/06/29
..
12
12
991775218.UG.FTS.B,
29.49%,
2/06/29
..
14
14
991803366.UG.FTS.B,
29.49%,
2/06/29
..
9
9
991812453.UG.FTS.B,
29.49%,
2/06/29
..
8
8
991845179.UG.FTS.B,
29.49%,
2/06/29
..
21
10
991848888.UG.FTS.B,
29.49%,
2/06/29
..
7
7
991854221.UG.FTS.B,
29.49%,
2/06/29
..
54
53
991864157.UG.FTS.B,
29.49%,
2/06/29
..
13
13
991865672.UG.FTS.B,
29.49%,
2/06/29
..
15
15
991908232.UG.FTS.B,
29.49%,
2/06/29
..
6
6
991913163.UG.FTS.B,
29.49%,
2/06/29
..
23
2
991916003.UG.FTS.B,
29.49%,
2/06/29
..
11
11
991925585.UG.FTS.B,
29.49%,
2/06/29
..
15
15
991952896.UG.FTS.B,
17.49%,
2/07/29
..
49
48
991908299.UG.FTS.B,
18.47%,
2/07/29
..
5
5
991758069.UG.FTS.B,
28.48%,
2/07/29
..
22
22
991764700.UG.FTS.B,
28.48%,
2/07/29
..
5
5
991803011.UG.FTS.B,
28.48%,
2/07/29
..
7
7
991917220.UG.FTS.B,
28.48%,
2/07/29
..
11
11
991715983.UG.FTS.B,
29.48%,
2/07/29
..
–
–
991728869.UG.FTS.B,
29.48%,
2/07/29
..
5
5
991760237.UG.FTS.B,
29.48%,
2/07/29
..
17
17
991797551.UG.FTS.B,
29.48%,
2/07/29
..
88
6
991813154.UG.FTS.B,
29.48%,
2/07/29
..
10
10
991707631.UG.FTS.B,
29.49%,
2/07/29
..
8
8
991711765.UG.FTS.B,
29.49%,
2/07/29
..
25
24
991712289.UG.FTS.B,
29.49%,
2/07/29
..
1
1
991712942.UG.FTS.B,
29.49%,
2/07/29
..
7
7
991713198.UG.FTS.B,
29.49%,
2/07/29
..
3
3
991714110.UG.FTS.B,
29.49%,
2/07/29
..
10
10
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991715086.UG.FTS.B,
29.49%,
2/07/29
..
$
8
$
5
991721981.UG.FTS.B,
29.49%,
2/07/29
..
8
8
991724940.UG.FTS.B,
29.49%,
2/07/29
..
61
31
991729259.UG.FTS.B,
29.49%,
2/07/29
..
17
17
991734419.UG.FTS.B,
29.49%,
2/07/29
..
6
6
991742022.UG.FTS.B,
29.49%,
2/07/29
..
4
4
991760583.UG.FTS.B,
29.49%,
2/07/29
..
3
3
991767246.UG.FTS.B,
29.49%,
2/07/29
..
20
4
991772407.UG.FTS.B,
29.49%,
2/07/29
..
4
4
991781548.UG.FTS.B,
29.49%,
2/07/29
..
183
185
991794594.UG.FTS.B,
29.49%,
2/07/29
..
4
4
991794751.UG.FTS.B,
29.49%,
2/07/29
..
30
17
991795789.UG.FTS.B,
29.49%,
2/07/29
..
10
10
991822013.UG.FTS.B,
29.49%,
2/07/29
..
7
7
991835130.UG.FTS.B,
29.49%,
2/07/29
..
8
8
991840310.UG.FTS.B,
29.49%,
2/07/29
..
10
10
991842041.UG.FTS.B,
29.49%,
2/07/29
..
13
6
991844653.UG.FTS.B,
29.49%,
2/07/29
..
34
34
991852247.UG.FTS.B,
29.49%,
2/07/29
..
55
31
991852683.UG.FTS.B,
29.49%,
2/07/29
..
7
7
991881568.UG.FTS.B,
29.49%,
2/07/29
..
17
16
991889120.UG.FTS.B,
29.49%,
2/07/29
..
65
4
991920714.UG.FTS.B,
29.49%,
2/07/29
..
8
8
991747421.UG.FTS.B,
28.98%,
2/16/29
..
1
1
991547930.UG.FTS.B,
29.49%,
2/17/29
..
1
1
991689785.UG.FTS.B,
29.49%,
2/17/29
..
31
31
991693352.UG.FTS.B,
29.49%,
2/17/29
..
–
–
991711411.UG.FTS.B,
29.49%,
2/18/29
..
4
4
991716170.UG.FTS.B,
29.49%,
2/18/29
..
9
9
991659040.UG.FTS.B,
29.49%,
2/20/29
..
–
–
991731015.UG.FTS.B,
29.49%,
2/23/29
..
32
33
991707195.UG.FTS.B,
28.98%,
2/24/29
..
3
3
991832224.UG.FTS.B,
29.49%,
2/24/29
..
3
3
991715282.UG.FTS.B,
29.49%,
3/06/32
..
3
4
991763220.UG.FTS.B,
29.49%,
3/07/32
..
15
15
368,813
Upstart
Network,
Inc.
L1668275.UP.FTS.B,
5.93%,
9/14/24
....
761
755
L1708965.UP.FTS.B,
6.03%,
9/14/24
....
405
402
L1711338.UP.FTS.B,
7.31%,
9/14/24
.....
1,648
1,642
FW1711179.UP.FTS.B,
8.08%,
9/14/24
...
2,070
2,064
L1710349.UP.FTS.B,
8.75%,
9/14/24
....
1,227
1,223
L1709609.UP.FTS.B,
9.38%,
9/14/24
....
1,403
1,399
L1709151.UP.FTS.B,
12.24%,
9/14/24
....
4,584
4,581
L1709421.UP.FTS.B,
13.37%,
9/14/24
....
1,005
1,005
L1709684.UP.FTS.B,
13.76%,
9/14/24
....
500
499
L1709128.UP.FTS.B,
16.69%,
9/14/24
....
252
253
L1710058.UP.FTS.B,
17.29%,
9/14/24
....
885
889
L1708735.UP.FTS.B,
18.16%,
9/14/24
....
1,358
1,365
L1712571.UP.FTS.B,
19.22%,
9/14/24
....
411
413
L1710755.UP.FTS.B,
19.46%,
9/14/24
....
1,373
1,384
L1711631.UP.FTS.B,
20.05%,
9/14/24
....
581
583
L1701584.UP.FTS.B,
21.4%,
9/14/24
....
638
436
L1709086.UP.FTS.B,
21.87%,
9/14/24
....
1,949
1,963
L1709006.UP.FTS.B,
22.7%,
9/14/24
....
1,409
102
L1712071.UP.FTS.B,
22.99%,
9/14/24
....
632
634
L1711537.UP.FTS.B,
23.1%,
9/14/24
.....
512
516
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)
Upstart
Network,
Inc.
(continued)
L1711075.UP.FTS.B,
23.16%,
9/14/24
....
$
427
$
430
L1709547.UP.FTS.B,
23.36%,
9/14/24
....
2,513
793
L1709631.UP.FTS.B,
24.23%,
9/14/24
....
1,726
1,738
FW1709118.UP.FTS.B,
27.71%,
9/14/24
..
595
600
FW1710694.UP.FTS.B,
29.46%,
9/14/24
..
6,047
6,091
FW1710062.UP.FTS.B,
30.06%,
9/14/24
..
549
551
L1873274.UP.FTS.B,
6.44%,
10/18/24
....
1,878
1,864
FW1874507.UP.FTS.B,
7.36%,
10/18/24
..
813
810
L1873016.UP.FTS.B,
8.3%,
10/18/24
....
1,095
1,091
L1873876.UP.FTS.B,
8.87%,
10/18/24
....
5,115
5,094
FW1874503.UP.FTS.B,
9.4%,
10/18/24
...
2,405
2,397
L1873457.UP.FTS.B,
9.58%,
10/18/24
....
278
277
L1873276.UP.FTS.B,
10.26%,
10/18/24
...
2,236
2,228
L1873969.UP.FTS.B,
10.92%,
10/18/24
...
282
281
L1873212.UP.FTS.B,
11.39%,
10/18/24
...
5,954
323
L1872565.UP.FTS.B,
13.63%,
10/18/24
...
1,447
1,445
FW1873666.UP.FTS.B,
14.61%,
10/18/24
.
307
305
L1873890.UP.FTS.B,
14.95%,
10/18/24
...
645
649
L1873908.UP.FTS.B,
15.55%,
10/18/24
...
443
445
L1873474.UP.FTS.B,
16.06%,
10/18/24
...
831
835
L1873316.UP.FTS.B,
16.33%,
10/18/24
...
979
987
FW1873590.UP.FTS.B,
17.67%,
10/18/24
.
2,717
2,733
FW1874334.UP.FTS.B,
18.25%,
10/18/24
.
2,577
2,591
L1869487.UP.FTS.B,
18.66%,
10/18/24
...
1,828
1,838
L1874319.UP.FTS.B,
19.26%,
10/18/24
...
1,847
1,858
FW1859012.UP.FTS.B,
19.54%,
10/18/24
.
4,604
4,623
L1873264.UP.FTS.B,
20.49%,
10/18/24
...
558
560
L1873242.UP.FTS.B,
21.35%,
10/18/24
...
849
853
L1872932.UP.FTS.B,
21.9%,
10/18/24
....
5,835
5,872
L1873367.UP.FTS.B,
22.09%,
10/18/24
...
609
15
L1873736.UP.FTS.B,
22.12%,
10/18/24
...
3,148
3,161
L1873171.UP.FTS.B,
22.25%,
10/18/24
...
694
669
FW1873087.UP.FTS.B,
22.36%,
10/18/24
.
631
635
L1873179.UP.FTS.B,
22.76%,
10/18/24
...
708
683
L1874384.UP.FTS.B,
23.32%,
10/18/24
...
96
95
L1874136.UP.FTS.B,
23.45%,
10/18/24
...
1,002
1,007
FW1873053.UP.FTS.B,
23.65%,
10/18/24
.
702
705
L1872590.UP.FTS.B,
23.91%,
10/18/24
...
908
914
FW1874061.UP.FTS.B,
24.44%,
10/18/24
.
228
228
FW1866558.UP.FTS.B,
27.33%,
10/18/24
.
1,652
1,659
FW1873200.UP.FTS.B,
28.1%,
10/18/24
..
1,072
159
FW1870326.UP.FTS.B,
28.36%,
10/18/24
.
3,700
3,570
FW1874036.UP.FTS.B,
28.84%,
10/18/24
.
892
860
FW1873386.UP.FTS.B,
29.18%,
10/18/24
.
336
338
L1874133.UP.FTS.B,
16.04%,
10/21/24
...
1,513
1,463
L2009164.UP.FTS.B,
7.47%,
11/09/24
....
3,004
2,980
L2007742.UP.FTS.B,
8.31%,
11/09/24
....
758
755
FW2006255.UP.FTS.B,
8.72%,
11/09/24
..
791
788
L2006429.UP.FTS.B,
9.93%,
11/09/24
....
15,397
15,351
L2006357.UP.FTS.B,
10.1%,
11/09/24
....
48
47
FW2005536.UP.FTS.B,
10.27%,
11/09/24
.
1,359
836
L2009057.UP.FTS.B,
10.3%,
11/09/24
....
3,476
3,464
L2007334.UP.FTS.B,
10.62%,
11/09/24
...
2,439
178
FW2006816.UP.FTS.B,
10.79%,
11/09/24
.
2,375
2,368
FW2008742.UP.FTS.B,
11.03%,
11/09/24
.
4,851
356
L2007022.UP.FTS.B,
11.29%,
11/09/24
...
625
624
L2000304.UP.FTS.B,
13.97%,
11/09/24
...
1,314
1,312
L2008598.UP.FTS.B,
14.12%,
11/09/24
...
963
962
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2009600.UP.FTS.B,
14.49%,
11/09/24
...
$
1,254
$
1,254
FW2004099.UP.FTS.B,
15.18%,
11/09/24
.
978
981
L2009870.UP.FTS.B,
15.75%,
11/09/24
...
978
977
L2005874.UP.FTS.B,
15.93%,
11/09/24
...
5,553
5,587
L1964575.UP.FTS.B,
16.42%,
11/09/24
...
657
661
L2006407.UP.FTS.B,
16.56%,
11/09/24
...
2,630
2,646
L2009557.UP.FTS.B,
16.56%,
11/09/24
...
1,971
1,984
FW2006915.UP.FTS.B,
17.05%,
11/09/24
.
660
664
FW2008245.UP.FTS.B,
17.41%,
11/09/24
.
1,657
1,668
L2009227.UP.FTS.B,
17.41%,
11/09/24
...
1,160
1,167
FW2006977.UP.FTS.B,
17.62%,
11/09/24
.
1,660
1,670
FW2008385.UP.FTS.B,
19.08%,
11/09/24
.
860
864
FW2009194.UP.FTS.B,
19.65%,
11/09/24
.
1,015
1,022
L2004937.UP.FTS.B,
19.9%,
11/09/24
....
2,003
2,008
L2007765.UP.FTS.B,
19.9%,
11/09/24
....
2,320
2,328
L2009435.UP.FTS.B,
20.15%,
11/09/24
...
5,607
5,631
L2004417.UP.FTS.B,
20.16%,
11/09/24
...
913
917
L2008874.UP.FTS.B,
20.27%,
11/09/24
...
3,369
3,383
L2007505.UP.FTS.B,
20.32%,
11/09/24
...
1,089
1,096
L2006510.UP.FTS.B,
20.49%,
11/09/24
...
2,560
80
L2010279.UP.FTS.B,
20.87%,
11/09/24
...
1,208
1,207
L2008398.UP.FTS.B,
20.91%,
11/09/24
...
1,027
1,031
L2004915.UP.FTS.B,
21%,
11/09/24
.....
4,930
357
L2009328.UP.FTS.B,
21.06%,
11/09/24
...
583
586
L2009663.UP.FTS.B,
21.46%,
11/09/24
...
1,739
1,741
L2008922.UP.FTS.B,
22.21%,
11/09/24
...
693
696
L2009367.UP.FTS.B,
22.33%,
11/09/24
...
3,121
3,134
L2009655.UP.FTS.B,
22.54%,
11/09/24
...
1,386
1,392
L2010143.UP.FTS.B,
22.58%,
11/09/24
...
759
762
FW2003014.UP.FTS.B,
22.75%,
11/09/24
.
6,091
6,118
FW2009937.UP.FTS.B,
26.34%,
11/09/24
.
1,151
1,145
FW2005316.UP.FTS.B,
26.93%,
11/09/24
.
361
363
FW2008048.UP.FTS.B,
28.27%,
11/09/24
.
365
367
FW2008337.UP.FTS.B,
28.31%,
11/09/24
.
2,192
157
FW2008565.UP.FTS.B,
28.92%,
11/09/24
.
1,500
1,503
FW2008479.UP.FTS.B,
24.13%,
11/15/24
.
1,314
1,307
L2077512.UP.FTS.B,
6.51%,
11/19/24
....
1,487
1,476
L2077314.UP.FTS.B,
7.63%,
11/19/24
....
1,791
1,778
L2079482.UP.FTS.B,
7.7%,
11/19/24
.....
1,958
1,953
FW2078418.UP.FTS.B,
7.82%,
11/19/24
..
15,053
15,019
L2077413.UP.FTS.B,
8.09%,
11/19/24
....
1,193
1,189
L2077593.UP.FTS.B,
8.69%,
11/19/24
....
1,668
1,593
L2077781.UP.FTS.B,
10.54%,
11/19/24
...
667
665
L2078215.UP.FTS.B,
10.8%,
11/19/24
....
2,735
793
L2077816.UP.FTS.B,
11%,
11/19/24
.....
373
373
L2077041.UP.FTS.B,
11.38%,
11/19/24
...
1,545
1,544
L2078440.UP.FTS.B,
13.79%,
11/19/24
...
745
740
L2077920.UP.FTS.B,
15.31%,
11/19/24
...
1,777
1,714
FW2076817.UP.FTS.B,
16.69%,
11/19/24
.
493
498
L2077340.UP.FTS.B,
17.78%,
11/19/24
...
51
51
FW2078600.UP.FTS.B,
18.83%,
11/19/24
.
366
354
FW2076493.UP.FTS.B,
20.14%,
11/19/24
.
849
857
L2070757.UP.FTS.B,
20.15%,
11/19/24
...
612
617
L2077506.UP.FTS.B,
20.58%,
11/19/24
...
1,980
1,993
L2080270.UP.FTS.B,
21.47%,
11/19/24
...
1,376
1,389
FW2078088.UP.FTS.B,
22.1%,
11/19/24
..
298
297
FW2079771.UP.FTS.B,
22.21%,
11/19/24
.
1,731
1,747
L2074944.UP.FTS.B,
23.05%,
11/19/24
...
1,686
1,627
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)
Upstart
Network,
Inc.
(continued)
FW2078990.UP.FTS.B,
23.53%,
11/19/24
.
$
1,615
$
1,622
L2076355.UP.FTS.B,
25.17%,
11/19/24
...
2,403
2,421
L2009735.UP.FTS.B,
22.61%,
11/21/24
...
1,836
1,843
L2006884.UP.FTS.B,
18.86%,
11/23/24
...
4,647
338
L2197817.UP.FTS.B,
6.54%,
12/07/24
....
1,756
1,740
FW2196231.UP.FTS.B,
11.5%,
12/07/24
..
4,112
4,102
L2196723.UP.FTS.B,
12.12%,
12/07/24
...
2,241
2,232
L2196919.UP.FTS.B,
12.98%,
12/07/24
...
1,177
1,173
L2199259.UP.FTS.B,
13.19%,
12/07/24
...
1,567
1,563
FW2199236.UP.FTS.B,
13.4%,
12/07/24
..
523
521
L2199973.UP.FTS.B,
16.17%,
12/07/24
...
1,074
1,076
L2198109.UP.FTS.B,
16.63%,
12/07/24
...
506
37
L2197668.UP.FTS.B,
17.17%,
12/07/24
...
903
908
L2199581.UP.FTS.B,
19.33%,
12/07/24
...
663
665
FW2199717.UP.FTS.B,
20.13%,
12/07/24
.
1,856
1,853
L2198118.UP.FTS.B,
20.43%,
12/07/24
...
744
748
L2199295.UP.FTS.B,
21.7%,
12/07/24
....
941
943
L2199073.UP.FTS.B,
21.87%,
12/07/24
...
950
953
L2195775.UP.FTS.B,
22.71%,
12/07/24
...
792
57
L2197271.UP.FTS.B,
22.76%,
12/07/24
...
3,468
3,465
L2196613.UP.FTS.B,
23.35%,
12/07/24
...
2,531
2,536
FW2195695.UP.FTS.B,
24.83%,
12/07/24
.
1,881
1,884
FW2195888.UP.FTS.B,
24.84%,
12/07/24
.
270
269
L2201298.UP.FTS.B,
6.04%,
12/08/24
....
537
532
L2203520.UP.FTS.B,
6.61%,
12/08/24
....
6,012
5,962
FW2201265.UP.FTS.B,
7.44%,
12/08/24
..
2,306
2,295
L2200896.UP.FTS.B,
7.68%,
12/08/24
....
2,312
2,301
L2202574.UP.FTS.B,
9.1%,
12/08/24
....
2,512
2,500
FW2206887.UP.FTS.B,
9.22%,
12/08/24
..
3,363
3,347
L2202371.UP.FTS.B,
9.29%,
12/08/24
....
503
501
L2201633.UP.FTS.B,
10.05%,
12/08/24
...
3,278
3,267
L2202275.UP.FTS.B,
10.28%,
12/08/24
...
6,776
6,745
L2206909.UP.FTS.B,
11.8%,
12/08/24
....
1,030
1,028
L2205399.UP.FTS.B,
11.81%,
12/08/24
...
342
341
L2201373.UP.FTS.B,
12.48%,
12/08/24
...
1,038
1,036
L2200458.UP.FTS.B,
12.89%,
12/08/24
...
2,216
2,212
L2202863.UP.FTS.B,
13.37%,
12/08/24
...
2,433
688
L2204453.UP.FTS.B,
13.74%,
12/08/24
...
1,050
1,048
L2204038.UP.FTS.B,
14.23%,
12/08/24
...
3,480
3,473
L2201794.UP.FTS.B,
14.37%,
12/08/24
...
3,337
1,007
L2204310.UP.FTS.B,
14.38%,
12/08/24
...
352
351
L2203131.UP.FTS.B,
15.07%,
12/08/24
...
1,087
1,085
FW2198905.UP.FTS.B,
15.38%,
12/08/24
.
1,773
1,782
L2192030.UP.FTS.B,
15.79%,
12/08/24
...
2,712
2,726
L2199002.UP.FTS.B,
16.29%,
12/08/24
...
828
831
L2201862.UP.FTS.B,
17%,
12/08/24
.....
1,808
1,813
L2202850.UP.FTS.B,
17.99%,
12/08/24
...
867
122
L2202296.UP.FTS.B,
18.33%,
12/08/24
...
712
716
FW2201612.UP.FTS.B,
18.99%,
12/08/24
.
702
705
L2206681.UP.FTS.B,
19.32%,
12/08/24
...
844
840
L2204182.UP.FTS.B,
19.36%,
12/08/24
...
3,317
3,327
L2203811.UP.FTS.B,
19.85%,
12/08/24
...
1,127
1,131
L2201390.UP.FTS.B,
19.92%,
12/08/24
...
5,516
827
L2201524.UP.FTS.B,
19.94%,
12/08/24
...
2,794
401
FW2206245.UP.FTS.B,
20.03%,
12/08/24
.
783
56
L2203066.UP.FTS.B,
20.07%,
12/08/24
...
6,495
6,516
FW2201750.UP.FTS.B,
20.37%,
12/08/24
.
744
748
L2202392.UP.FTS.B,
21.41%,
12/08/24
...
1,689
1,688
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2206735.UP.FTS.B,
21.46%,
12/08/24
...
$
2,618
$
187
FW2201886.UP.FTS.B,
21.86%,
12/08/24
.
507
506
FW2206827.UP.FTS.B,
22.71%,
12/08/24
.
1,899
1,897
L2202398.UP.FTS.B,
23.19%,
12/08/24
...
2,669
2,677
FW2206155.UP.FTS.B,
23.2%,
12/08/24
..
716
716
FW2206719.UP.FTS.B,
24.2%,
12/08/24
..
4,162
4,163
FW2176932.UP.FTS.B,
25.88%,
12/08/24
.
982
982
FW2201104.UP.FTS.B,
26.62%,
12/08/24
.
394
393
FW2201792.UP.FTS.B,
27.21%,
12/08/24
.
1,381
1,385
FW2201560.UP.FTS.B,
28.51%,
12/08/24
.
838
838
FW2204026.UP.FTS.B,
28.52%,
12/08/24
.
3,191
3,201
FW2205439.UP.FTS.B,
29.01%,
12/08/24
.
1,136
1,136
L2195358.UP.FTS.B,
20.15%,
12/16/24
...
373
375
L2202614.UP.FTS.B,
12.88%,
12/19/24
...
2,789
2,779
FW2198017.UP.FTS.B,
23.08%,
12/20/24
.
1,152
1,151
L2198032.UP.FTS.B,
20.55%,
12/22/24
...
1,503
1,501
FW2203151.UP.FTS.B,
21.13%,
12/22/24
.
1,585
1,585
L2180897.UP.FTS.B,
21.81%,
12/23/24
...
3,035
3,034
FW2203707.UP.FTS.B,
26.53%,
12/23/24
.
1,495
1,498
L2413126.UP.FTS.B,
5.21%,
1/11/25
.....
1,403
1,391
L2411924.UP.FTS.B,
5.26%,
1/11/25
.....
2,105
2,087
L2411777.UP.FTS.B,
5.56%,
1/11/25
.....
3,170
3,141
L2411090.UP.FTS.B,
5.74%,
1/11/25
.....
2,467
2,446
L2412107.UP.FTS.B,
6.11%,
1/11/25
.....
1,156
687
L2413813.UP.FTS.B,
6.18%,
1/11/25
.....
1,402
104
L2408176.UP.FTS.B,
6.75%,
1/11/25
.....
203
201
L2412917.UP.FTS.B,
6.87%,
1/11/25
.....
1,069
1,060
L2412167.UP.FTS.B,
7.12%,
1/11/25
.....
1,429
1,417
L2410776.UP.FTS.B,
7.38%,
1/11/25
.....
2,148
2,141
L2413637.UP.FTS.B,
7.76%,
1/11/25
.....
1,367
100
L2402281.UP.FTS.B,
7.89%,
1/11/25
.....
6,360
6,304
FW2408203.UP.FTS.B,
8.04%,
1/11/25
...
1,084
1,079
L2407274.UP.FTS.B,
8.11%,
1/11/25
.....
756
753
FW2413171.UP.FTS.B,
8.15%,
1/11/25
...
1,082
1,078
L2412008.UP.FTS.B,
8.58%,
1/11/25
.....
3,623
3,606
L2407827.UP.FTS.B,
8.84%,
1/11/25
.....
1,302
1,298
L2410161.UP.FTS.B,
9.06%,
1/11/25
.....
727
725
L2407027.UP.FTS.B,
9.18%,
1/11/25
.....
1,638
1,633
L2411609.UP.FTS.B,
9.19%,
1/11/25
.....
728
726
L2408028.UP.FTS.B,
9.2%,
1/11/25
......
1,265
1,260
FW2412135.UP.FTS.B,
10.19%,
1/11/25
..
944
76
L2413510.UP.FTS.B,
10.29%,
1/11/25
....
6,069
6,049
L2411555.UP.FTS.B,
10.32%,
1/11/25
....
1,657
1,649
L2411669.UP.FTS.B,
10.84%,
1/11/25
....
739
738
FW2410432.UP.FTS.B,
10.89%,
1/11/25
..
1,849
1,845
L2411242.UP.FTS.B,
10.89%,
1/11/25
....
1,244
744
L2413320.UP.FTS.B,
11.28%,
1/11/25
....
7,423
7,398
FW2409055.UP.FTS.B,
12.38%,
1/11/25
..
406
405
L2412366.UP.FTS.B,
12.6%,
1/11/25
.....
376
375
L2408103.UP.FTS.B,
12.61%,
1/11/25
....
939
937
FW2412082.UP.FTS.B,
12.62%,
1/11/25
..
1,842
1,835
L2410850.UP.FTS.B,
13.07%,
1/11/25
....
566
565
L2410120.UP.FTS.B,
14.05%,
1/11/25
....
761
760
FW2412033.UP.FTS.B,
14.09%,
1/11/25
..
1,196
1,192
L2410413.UP.FTS.B,
14.16%,
1/11/25
....
7,057
1,005
L2410798.UP.FTS.B,
15.99%,
1/11/25
....
3,871
3,892
FW2413492.UP.FTS.B,
16.11%,
1/11/25
..
575
578
L2407096.UP.FTS.B,
16.55%,
1/11/25
....
9,146
9,196
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)
Upstart
Network,
Inc.
(continued)
L2409614.UP.FTS.B,
17.29%,
1/11/25
....
$
2,166
$
2,172
L2411442.UP.FTS.B,
17.42%,
1/11/25
....
8,064
4,970
L2409234.UP.FTS.B,
17.51%,
1/11/25
....
1,177
1,183
L2407062.UP.FTS.B,
17.52%,
1/11/25
....
667
671
L2411946.UP.FTS.B,
17.59%,
1/11/25
....
3,415
3,434
L2412453.UP.FTS.B,
19.73%,
1/11/25
....
11,647
11,672
L2412506.UP.FTS.B,
19.8%,
1/11/25
.....
3,777
3,788
L2407256.UP.FTS.B,
20.21%,
1/11/25
....
2,809
2,816
FW2407665.UP.FTS.B,
20.61%,
1/11/25
..
10,070
10,095
FW2388641.UP.FTS.B,
21.09%,
1/11/25
..
404
407
FW2411559.UP.FTS.B,
21.14%,
1/11/25
..
1,011
1,017
L2413329.UP.FTS.B,
21.38%,
1/11/25
....
7,472
2,215
L2410058.UP.FTS.B,
22.27%,
1/11/25
....
4,225
4,245
L2407636.UP.FTS.B,
23.33%,
1/11/25
....
445
445
FW2408676.UP.FTS.B,
24.16%,
1/11/25
..
1,854
1,853
FW2411482.UP.FTS.B,
24.41%,
1/11/25
..
3,417
2,148
FW2410949.UP.FTS.B,
25.16%,
1/11/25
..
629
628
FW2409120.UP.FTS.B,
26.65%,
1/11/25
..
2,982
214
FW2411088.UP.FTS.B,
28.45%,
1/11/25
..
859
861
FW2412871.UP.FTS.B,
28.66%,
1/11/25
..
981
279
FW2408892.UP.FTS.B,
33.73%,
1/11/25
..
2,132
2,132
L2415563.UP.FTS.B,
5.17%,
1/12/25
....
2,455
2,434
L2415408.UP.FTS.B,
5.38%,
1/12/25
....
3,188
3,161
L2398487.UP.FTS.B,
5.43%,
1/12/25
....
12,268
12,166
L2418369.UP.FTS.B,
5.69%,
1/12/25
....
528
524
FW2419630.UP.FTS.B,
6.3%,
1/12/25
....
200
199
L2420304.UP.FTS.B,
6.48%,
1/12/25
....
894
886
L2419347.UP.FTS.B,
6.78%,
1/12/25
....
3,041
3,014
L2416428.UP.FTS.B,
6.81%,
1/12/25
....
712
706
L2418759.UP.FTS.B,
6.94%,
1/12/25
....
3,051
3,026
L2419328.UP.FTS.B,
7.52%,
1/12/25
....
2,509
2,489
L2415914.UP.FTS.B,
7.64%,
1/12/25
....
1,256
1,252
FW2418816.UP.FTS.B,
7.73%,
1/12/25
...
2,156
2,146
L2419589.UP.FTS.B,
7.74%,
1/12/25
....
5,392
5,367
FW2416518.UP.FTS.B,
8.11%,
1/12/25
...
1,802
1,797
L2417943.UP.FTS.B,
8.11%,
1/12/25
.....
1,803
1,797
L2414073.UP.FTS.B,
8.79%,
1/12/25
....
791
788
L2415019.UP.FTS.B,
8.85%,
1/12/25
....
726
724
L2414074.UP.FTS.B,
9.04%,
1/12/25
....
5,458
5,434
L2417145.UP.FTS.B,
9.34%,
1/12/25
....
401
400
L2415812.UP.FTS.B,
9.44%,
1/12/25
....
1,958
1,951
FW2413836.UP.FTS.B,
10.39%,
1/12/25
..
912
909
L2396686.UP.FTS.B,
10.42%,
1/12/25
....
1,841
1,836
FW2416931.UP.FTS.B,
10.8%,
1/12/25
...
4,065
4,058
L2414847.UP.FTS.B,
11.02%,
1/12/25
....
4,082
4,068
L2414221.UP.FTS.B,
11.17%,
1/12/25
....
1,854
1,851
FW2416547.UP.FTS.B,
11.39%,
1/12/25
..
1,394
119
L2420369.UP.FTS.B,
11.76%,
1/12/25
....
6,102
6,075
FW2417716.UP.FTS.B,
18.03%,
1/12/25
..
982
988
L2418715.UP.FTS.B,
19.25%,
1/12/25
....
1,993
2,000
L2417349.UP.FTS.B,
20.05%,
1/12/25
....
784
789
L2414519.UP.FTS.B,
22.88%,
1/12/25
....
1,355
1,359
L2414032.UP.FTS.B,
23.21%,
1/12/25
....
1,122
1,129
L2352635.UP.FTS.B,
23.27%,
1/12/25
....
3,034
3,043
L2412538.UP.FTS.B,
23.48%,
1/12/25
....
1,686
1,687
FW2414957.UP.FTS.B,
23.71%,
1/12/25
..
6,290
59
FW2414041.UP.FTS.B,
23.78%,
1/12/25
..
1,654
1,660
FW2416686.UP.FTS.B,
24.84%,
1/12/25
..
1,019
1,020
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2414437.UP.FTS.B,
27.76%,
1/12/25
..
$
1,281
$
1,286
L2410557.UP.FTS.B,
26.28%,
1/14/25
....
1,058
1,057
FW2412560.UP.FTS.B,
28.48%,
1/26/25
..
2,804
403
L1711024.UP.FTS.B,
12.98%,
2/14/25
....
1,264
1,257
L1710277.UP.FTS.B,
18.02%,
2/14/25
....
5,491
5,509
L1711489.UP.FTS.B,
18.07%,
2/14/25
....
2,171
644
L2631679.UP.FTS.B,
6.61%,
2/15/25
....
1,914
1,898
L2632890.UP.FTS.B,
6.77%,
2/15/25
....
3,836
3,804
L2634175.UP.FTS.B,
6.95%,
2/15/25
....
3,476
3,445
L2634533.UP.FTS.B,
8.5%,
2/15/25
.....
7,809
7,783
L2633581.UP.FTS.B,
9.23%,
2/15/25
....
822
819
FW2634377.UP.FTS.B,
10%,
2/15/25
....
396
394
L2634177.UP.FTS.B,
15.21%,
2/15/25
....
916
919
L2636760.UP.FTS.B,
15.98%,
2/15/25
....
5,523
5,542
FW2634284.UP.FTS.B,
16.22%,
2/15/25
..
4,171
4,196
L2634751.UP.FTS.B,
16.31%,
2/15/25
....
793
792
L2636882.UP.FTS.B,
16.54%,
2/15/25
....
1
1
L2634161.UP.FTS.B,
18.39%,
2/15/25
....
1,769
1,780
L2632627.UP.FTS.B,
20.79%,
2/15/25
....
4,329
4,341
L2634669.UP.FTS.B,
20.85%,
2/15/25
....
4,992
1,515
L2631763.UP.FTS.B,
20.93%,
2/15/25
....
3,797
3,810
FW2637244.UP.FTS.B,
22.65%,
2/15/25
..
439
440
FW2633708.UP.FTS.B,
25.99%,
2/15/25
..
2,930
2,938
FW2631136.UP.FTS.B,
27.13%,
2/15/25
..
674
670
FW2631651.UP.FTS.B,
27.52%,
2/15/25
..
2,964
2,972
FW2635191.UP.FTS.B,
29%,
2/15/25
....
2,661
190
FW2631826.UP.FTS.B,
31.23%,
2/15/25
..
2,425
2,428
L2639657.UP.FTS.B,
5.92%,
2/16/25
....
572
568
L2639334.UP.FTS.B,
6.42%,
2/16/25
....
1,215
1,204
FW2638680.UP.FTS.B,
7.01%,
2/16/25
...
848
841
L2638987.UP.FTS.B,
9.25%,
2/16/25
....
1,177
86
L2642308.UP.FTS.B,
10.18%,
2/16/25
....
4,250
4,046
FW2644636.UP.FTS.B,
10.31%,
2/16/25
..
394
393
L2640736.UP.FTS.B,
10.49%,
2/16/25
....
596
594
FW2640049.UP.FTS.B,
13.66%,
2/16/25
..
4,374
4,369
L2644835.UP.FTS.B,
14.27%,
2/16/25
....
4,925
4,914
L2639914.UP.FTS.B,
14.3%,
2/16/25
....
2,873
2,892
L2573704.UP.FTS.B,
14.5%,
2/16/25
....
1,645
1,655
L2640305.UP.FTS.B,
16.68%,
2/16/25
....
3,285
474
FW2644294.UP.FTS.B,
16.92%,
2/16/25
..
1,385
1,394
FW2639338.UP.FTS.B,
17.66%,
2/16/25
..
4,207
4,235
L2641019.UP.FTS.B,
18.97%,
2/16/25
....
6,399
6,443
L2639930.UP.FTS.B,
19.1%,
2/16/25
....
941
948
FW2639706.UP.FTS.B,
19.94%,
2/16/25
..
2,751
2,761
L2641952.UP.FTS.B,
19.98%,
2/16/25
....
1,893
1,906
L2641810.UP.FTS.B,
22.34%,
2/16/25
....
143
136
FW2643292.UP.FTS.B,
23.05%,
2/16/25
..
2,725
54
FW2639697.UP.FTS.B,
24.32%,
2/16/25
..
759
760
FW2643827.UP.FTS.B,
25.41%,
2/16/25
..
2,684
403
L2627901.UP.FTS.B,
28.31%,
2/16/25
....
6,544
6,551
L2644671.UP.FTS.B,
5.08%,
2/17/25
....
3,779
3,748
L2604120.UP.FTS.B,
17.7%,
2/17/25
....
4,236
4,253
L1871398.UP.FTS.B,
22.03%,
3/18/25
....
1,009
963
FW1872890.UP.FTS.B,
24.47%,
3/18/25
..
451
450
L2006292.UP.FTS.B,
11.48%,
4/09/25
....
136
135
L2006010.UP.FTS.B,
18.05%,
4/09/25
....
210
209
L2076313.UP.FTS.B,
15.86%,
4/19/25
....
573
575
L2077669.UP.FTS.B,
19.72%,
4/19/25
....
373
375
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)
Upstart
Network,
Inc.
(continued)
L2077765.UP.FTS.B,
21.13%,
4/19/25
....
$
484
$
463
L2078933.UP.FTS.B,
22.16%,
4/19/25
....
6,113
5,838
L2008991.UP.FTS.B,
19.31%,
4/24/25
....
6,556
472
FW2077645.UP.FTS.B,
27.94%,
4/28/25
..
1,682
120
FW2200254.UP.FTS.B,
19.34%,
5/07/25
..
938
936
L2196647.UP.FTS.B,
21.51%,
5/07/25
....
3,034
3,030
FW2199208.UP.FTS.B,
25.58%,
5/07/25
..
1,856
1,850
L2201277.UP.FTS.B,
23.37%,
5/08/25
....
2,381
173
FW2202524.UP.FTS.B,
28.64%,
5/08/25
..
1,177
719
FW2201579.UP.FTS.B,
28.82%,
5/08/25
..
1,647
1,633
L2405109.UP.FTS.B,
11.47%,
6/11/25
....
840
833
FW2410127.UP.FTS.B,
20.85%,
6/11/25
..
571
344
L2414544.UP.FTS.B,
14.43%,
6/12/25
....
1,455
846
L2402983.UP.FTS.B,
8.56%,
6/21/25
....
1,224
1,214
L2639542.UP.FTS.B,
8.21%,
7/16/25
....
1,216
1,204
FW2640344.UP.FTS.B,
14.17%,
7/16/25
..
1,559
113
FW2639899.UP.FTS.B,
18.71%,
7/16/25
..
7,162
1,047
L1874011.UP.FTS.B,
6.93%,
7/18/25
.....
4,419
324
FW1872459.UP.FTS.B,
28.31%,
9/01/25
..
315
317
L2007014.UP.FTS.B,
20.64%,
9/09/25
....
3,059
424
L2195122.UP.FTS.B,
20.26%,
10/07/25
...
3,860
539
L2206982.UP.FTS.B,
9.5%,
10/08/25
....
457
453
FW2411155.UP.FTS.B,
7.59%,
11/11/25
..
1,663
1,646
FW2411472.UP.FTS.B,
24.01%,
11/11/25
.
6,537
468
FW2414692.UP.FTS.B,
6.84%,
11/12/25
..
820
812
FW2418164.UP.FTS.B,
9.41%,
11/12/25
..
1,153
1,145
L1711804.UP.FTS.B,
9.08%,
9/14/26
.....
5,891
5,859
L1709773.UP.FTS.B,
9.1%,
9/14/26
.....
1,178
1,172
L1709466.UP.FTS.B,
9.12%,
9/14/26
....
6,476
6,442
L1711063.UP.FTS.B,
9.57%,
9/14/26
.....
8,288
8,244
L1711325.UP.FTS.B,
9.58%,
9/14/26
.....
10,443
5,541
L1710250.UP.FTS.B,
9.72%,
9/14/26
....
4,744
4,722
L1710722.UP.FTS.B,
9.73%,
9/14/26
....
11,657
11,594
L1709358.UP.FTS.B,
10.97%,
9/14/26
....
24,897
24,792
L1711112.UP.FTS.B,
12.03%,
9/14/26
....
12,138
12,083
FW1709227.UP.FTS.B,
12.04%,
9/14/26
..
937
526
L1711960.UP.FTS.B,
12.48%,
9/14/26
....
1,828
1,820
L1708544.UP.FTS.B,
12.57%,
9/14/26
....
2,427
2,419
L1709990.UP.FTS.B,
12.82%,
9/14/26
....
1,296
1,289
L1709442.UP.FTS.B,
13.19%,
9/14/26
....
30,679
30,574
L1711626.UP.FTS.B,
13.98%,
9/14/26
....
12,366
12,311
L1705354.UP.FTS.B,
14.33%,
9/14/26
....
14,889
14,824
L1712030.UP.FTS.B,
15.05%,
9/14/26
....
1,874
1,872
FW1711888.UP.FTS.B,
15.29%,
9/14/26
..
6,260
6,246
L1711759.UP.FTS.B,
15.35%,
9/14/26
....
6,508
1,744
FW1710596.UP.FTS.B,
15.85%,
9/14/26
..
3,146
3,144
FW1711241.UP.FTS.B,
16.08%,
9/14/26
..
2,522
2,521
L1707201.UP.FTS.B,
16.24%,
9/14/26
....
9,472
9,451
L1708577.UP.FTS.B,
16.66%,
9/14/26
....
4,564
2,589
L1709613.UP.FTS.B,
17.03%,
9/14/26
....
2,046
290
L1711610.UP.FTS.B,
17.32%,
9/14/26
....
15,939
15,949
L1708807.UP.FTS.B,
17.72%,
9/14/26
....
6,399
6,396
L1710981.UP.FTS.B,
17.81%,
9/14/26
....
6,458
6,451
FW1709424.UP.FTS.B,
18.79%,
9/14/26
..
9,691
9,686
FW1709134.UP.FTS.B,
18.89%,
9/14/26
..
6,499
6,491
L1710731.UP.FTS.B,
18.91%,
9/14/26
....
1,940
1,941
L1712201.UP.FTS.B,
18.94%,
9/14/26
....
1,553
1,552
L1709877.UP.FTS.B,
19.26%,
9/14/26
....
3,169
3,168
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1711904.UP.FTS.B,
19.49%,
9/14/26
....
$
12,900
$
13,026
L1711008.UP.FTS.B,
19.81%,
9/14/26
....
6,518
6,585
L1709643.UP.FTS.B,
20.04%,
9/14/26
....
2,612
2,614
L1708842.UP.FTS.B,
20.24%,
9/14/26
....
5,190
3,060
L1708429.UP.FTS.B,
20.63%,
9/14/26
....
1,969
1,989
L1710126.UP.FTS.B,
20.84%,
9/14/26
....
4,701
2,771
FW1711817.UP.FTS.B,
20.95%,
9/14/26
..
3,159
3,191
FW1708681.UP.FTS.B,
21.58%,
9/14/26
..
57
56
L1707499.UP.FTS.B,
22.03%,
9/14/26
....
6,625
6,692
L1710829.UP.FTS.B,
22.11%,
9/14/26
....
3,323
3,322
L1710706.UP.FTS.B,
22.62%,
9/14/26
....
2,316
168
FW1708581.UP.FTS.B,
23.53%,
9/14/26
..
6,914
6,896
L1704673.UP.FTS.B,
23.71%,
9/14/26
....
8,288
592
L1709924.UP.FTS.B,
24.74%,
9/14/26
....
1,028
1,037
L1710379.UP.FTS.B,
24.83%,
9/14/26
....
883
892
L1710592.UP.FTS.B,
25.03%,
9/14/26
....
885
894
L1706788.UP.FTS.B,
25.12%,
9/14/26
....
1,226
1,236
L1710759.UP.FTS.B,
25.29%,
9/14/26
....
750
756
L1712021.UP.FTS.B,
25.29%,
9/14/26
....
2,188
2,205
L1712014.UP.FTS.B,
25.46%,
9/14/26
....
1,161
1,170
L1710375.UP.FTS.B,
25.49%,
9/14/26
....
1,364
1,377
L1711582.UP.FTS.B,
25.87%,
9/14/26
....
18,225
18,353
L1709668.UP.FTS.B,
25.91%,
9/14/26
....
1,028
1,028
L1711668.UP.FTS.B,
26.18%,
9/14/26
....
3,227
3,260
L1704675.UP.FTS.B,
26.55%,
9/14/26
....
4,681
2,771
FW1701558.UP.FTS.B,
29.38%,
9/14/26
..
8,422
8,507
FW1709270.UP.FTS.B,
29.95%,
9/14/26
..
4,182
292
FW1711943.UP.FTS.B,
30.23%,
9/14/26
..
3,963
277
FW1708159.UP.FTS.B,
30.6%,
9/14/26
...
1,280
1,287
FW1710725.UP.FTS.B,
30.72%,
9/14/26
..
2,185
2,197
FW1712184.UP.FTS.B,
30.77%,
9/14/26
..
4,386
306
FW1708283.UP.FTS.B,
30.95%,
9/14/26
..
2,849
2,871
FW1709045.UP.FTS.B,
31.04%,
9/14/26
..
2,136
2,158
FW1711778.UP.FTS.B,
31.18%,
9/14/26
..
2,585
388
FW1709237.UP.FTS.B,
31.24%,
9/14/26
..
3,565
3,601
FW1712567.UP.FTS.B,
31.44%,
9/14/26
..
2,070
2,091
FW1708897.UP.FTS.B,
32.27%,
9/14/26
..
2,028
2,046
L1709686.UP.FTS.B,
14.5%,
9/16/26
....
12,441
12,387
L1873953.UP.FTS.B,
6.89%,
10/18/26
....
29,596
29,440
FW1872946.UP.FTS.B,
7.02%,
10/18/26
..
3,855
3,832
L1871496.UP.FTS.B,
10.72%,
10/18/26
...
11,383
11,319
L1874550.UP.FTS.B,
10.94%,
10/18/26
...
4,923
4,906
L1873178.UP.FTS.B,
11.12%,
10/18/26
...
4,879
4,857
L1873001.UP.FTS.B,
11.14%,
10/18/26
...
4,764
4,503
L1872155.UP.FTS.B,
11.36%,
10/18/26
...
1,223
1,218
L1873842.UP.FTS.B,
11.7%,
10/18/26
....
10,804
10,758
L1873090.UP.FTS.B,
11.9%,
10/18/26
....
933
929
L1873798.UP.FTS.B,
12.44%,
10/18/26
...
2,501
2,491
L1874099.UP.FTS.B,
12.59%,
10/18/26
...
11,268
11,232
L1872876.UP.FTS.B,
13.07%,
10/18/26
...
1,572
1,567
L1874284.UP.FTS.B,
13.39%,
10/18/26
...
5,047
5,025
L1873391.UP.FTS.B,
13.44%,
10/18/26
...
6,312
6,285
L1873434.UP.FTS.B,
13.54%,
10/18/26
...
1,878
1,872
FW1873975.UP.FTS.B,
13.55%,
10/18/26
.
4,107
4,089
FW1874302.UP.FTS.B,
13.81%,
10/18/26
.
31,600
31,499
L1873174.UP.FTS.B,
13.86%,
10/18/26
...
9,234
9,177
L1874369.UP.FTS.B,
14.32%,
10/18/26
...
5,094
5,083
L1874287.UP.FTS.B,
14.37%,
10/18/26
...
10,187
10,145
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)
Upstart
Network,
Inc.
(continued)
FW1874328.UP.FTS.B,
14.8%,
10/18/26
..
$
6,391
$
6,378
L1860167.UP.FTS.B,
14.86%,
10/18/26
...
1,087
1,085
L1873194.UP.FTS.B,
15.66%,
10/18/26
...
1,609
1,603
L1873835.UP.FTS.B,
15.93%,
10/18/26
...
6,242
6,234
L1873166.UP.FTS.B,
16.01%,
10/18/26
...
12,922
12,895
L1872550.UP.FTS.B,
16.04%,
10/18/26
...
3,232
3,225
L1872814.UP.FTS.B,
16.38%,
10/18/26
...
9,689
9,684
L1873320.UP.FTS.B,
16.64%,
10/18/26
...
1,299
1,297
L1873808.UP.FTS.B,
16.88%,
10/18/26
...
3,581
3,576
L1874262.UP.FTS.B,
17.04%,
10/18/26
...
4,071
4,059
L1873707.UP.FTS.B,
17.21%,
10/18/26
...
7,832
7,829
L1874383.UP.FTS.B,
17.27%,
10/18/26
...
6,824
498
FW1869707.UP.FTS.B,
17.52%,
10/18/26
.
9,820
9,806
FW1873390.UP.FTS.B,
17.6%,
10/18/26
..
7,861
7,850
L1873345.UP.FTS.B,
17.63%,
10/18/26
...
3,824
3,823
FW1874335.UP.FTS.B,
17.64%,
10/18/26
.
26,176
26,092
L1874163.UP.FTS.B,
17.64%,
10/18/26
...
4,571
4,574
FW1874438.UP.FTS.B,
18.01%,
10/18/26
.
2,449
2,419
L1868602.UP.FTS.B,
18.18%,
10/18/26
...
2,304
2,301
FW1873109.UP.FTS.B,
18.49%,
10/18/26
.
6,271
6,263
L1872626.UP.FTS.B,
19.06%,
10/18/26
...
4,777
4,771
L1873648.UP.FTS.B,
19.32%,
10/18/26
...
3,064
2,913
L1873350.UP.FTS.B,
19.42%,
10/18/26
...
7,601
7,595
FW1874119.UP.FTS.B,
19.46%,
10/18/26
.
10,871
352
L1873155.UP.FTS.B,
19.56%,
10/18/26
...
1,487
414
L1873356.UP.FTS.B,
19.63%,
10/18/26
...
1,133
1,143
L1873176.UP.FTS.B,
19.77%,
10/18/26
...
10,011
10,094
FW1873722.UP.FTS.B,
19.81%,
10/18/26
.
4,989
736
L1872983.UP.FTS.B,
19.88%,
10/18/26
...
4,028
4,023
FW1873856.UP.FTS.B,
20.15%,
10/18/26
.
4,017
4,012
L1873825.UP.FTS.B,
20.43%,
10/18/26
...
33,549
33,827
L1873221.UP.FTS.B,
20.79%,
10/18/26
...
1,346
1,345
L1874536.UP.FTS.B,
21.47%,
10/18/26
...
3,816
1,047
L1873820.UP.FTS.B,
21.93%,
10/18/26
...
2,310
2,329
L1872738.UP.FTS.B,
21.97%,
10/18/26
...
1,020
1,028
L1873278.UP.FTS.B,
21.98%,
10/18/26
...
4,008
4,042
L1873489.UP.FTS.B,
22.12%,
10/18/26
...
10,205
10,290
L1872904.UP.FTS.B,
22.48%,
10/18/26
...
3,484
3,348
L1873504.UP.FTS.B,
22.55%,
10/18/26
...
897
904
L1874352.UP.FTS.B,
22.6%,
10/18/26
....
22,329
22,515
L1874034.UP.FTS.B,
22.67%,
10/18/26
...
1,503
1,516
L1873496.UP.FTS.B,
22.72%,
10/18/26
...
11,925
1,799
L1873741.UP.FTS.B,
22.96%,
10/18/26
...
1,152
1,164
L1873307.UP.FTS.B,
23.79%,
10/18/26
...
1,034
1,043
L1874063.UP.FTS.B,
24.01%,
10/18/26
...
4,833
4,873
L1873180.UP.FTS.B,
24.02%,
10/18/26
...
691
696
L1872601.UP.FTS.B,
24.04%,
10/18/26
...
3,496
3,528
L1873408.UP.FTS.B,
24.34%,
10/18/26
...
2,077
2,094
L1870381.UP.FTS.B,
24.72%,
10/18/26
...
4,783
4,830
L1873373.UP.FTS.B,
24.83%,
10/18/26
...
3,479
3,508
L1868887.UP.FTS.B,
24.97%,
10/18/26
...
10,172
10,266
L1872784.UP.FTS.B,
25.04%,
10/18/26
...
4,524
4,562
L1873877.UP.FTS.B,
25.05%,
10/18/26
...
3,141
3,167
L1872998.UP.FTS.B,
25.1%,
10/18/26
....
740
109
FW1874269.UP.FTS.B,
25.11%,
10/18/26
.
3,481
3,510
L1873308.UP.FTS.B,
25.11%,
10/18/26
...
1,068
1,038
L1873304.UP.FTS.B,
25.15%,
10/18/26
...
1,124
1,133
FW1873516.UP.FTS.B,
25.23%,
10/18/26
.
10,544
10,637
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1873077.UP.FTS.B,
25.29%,
10/18/26
.
$
2,092
$
2,109
L1870436.UP.FTS.B,
25.29%,
10/18/26
...
2,182
156
L1873627.UP.FTS.B,
25.33%,
10/18/26
...
580
582
L1805232.UP.FTS.B,
25.36%,
10/18/26
...
3,837
3,869
L1872764.UP.FTS.B,
25.4%,
10/18/26
....
1,047
1,056
L1873079.UP.FTS.B,
25.43%,
10/18/26
...
947
953
L1874416.UP.FTS.B,
25.46%,
10/18/26
...
20,506
20,701
L1874151.UP.FTS.B,
25.48%,
10/18/26
...
768
774
L1874395.UP.FTS.B,
25.5%,
10/18/26
....
6,320
428
L1874370.UP.FTS.B,
25.71%,
10/18/26
...
3,743
3,781
L1874250.UP.FTS.B,
25.87%,
10/18/26
...
8,038
569
L1874041.UP.FTS.B,
26.01%,
10/18/26
...
5,187
5,234
L1870887.UP.FTS.B,
26.18%,
10/18/26
...
1,193
1,203
FW1874080.UP.FTS.B,
26.63%,
10/18/26
.
1,518
24
FW1874049.UP.FTS.B,
26.74%,
10/18/26
.
8,031
376
FW1874429.UP.FTS.B,
27.19%,
10/18/26
.
2,689
2,712
FW1873145.UP.FTS.B,
27.24%,
10/18/26
.
6,996
7,066
FW1873344.UP.FTS.B,
27.72%,
10/18/26
.
9,940
10,023
FW1873866.UP.FTS.B,
28.25%,
10/18/26
.
697
704
FW1872622.UP.FTS.B,
28.59%,
10/18/26
.
2,211
2,126
FW1873950.UP.FTS.B,
28.68%,
10/18/26
.
1,579
1,593
FW1874321.UP.FTS.B,
28.99%,
10/18/26
.
1,147
1,156
FW1874251.UP.FTS.B,
29.26%,
10/18/26
.
3,591
3,622
FW1874208.UP.FTS.B,
29.47%,
10/18/26
.
2,516
2,538
FW1873160.UP.FTS.B,
30.04%,
10/18/26
.
1,621
1,635
FW1873268.UP.FTS.B,
30.52%,
10/18/26
.
1,304
1,315
FW1872558.UP.FTS.B,
30.55%,
10/18/26
.
942
950
FW1872779.UP.FTS.B,
30.59%,
10/18/26
.
1,188
1,190
FW1873577.UP.FTS.B,
30.59%,
10/18/26
.
4,347
4,384
FW1872937.UP.FTS.B,
30.6%,
10/18/26
..
2,972
2,858
FW1873110.UP.FTS.B,
30.82%,
10/18/26
.
3,323
231
FW1873983.UP.FTS.B,
30.83%,
10/18/26
.
1,813
5
FW1873018.UP.FTS.B,
31%,
10/18/26
...
803
810
FW1874435.UP.FTS.B,
31.05%,
10/18/26
.
1,333
1,281
FW1873234.UP.FTS.B,
31.11%,
10/18/26
.
3,183
3,216
FW1874112.UP.FTS.B,
31.18%,
10/18/26
.
3,565
3,596
FW1872966.UP.FTS.B,
31.83%,
10/18/26
.
3,544
527
FW1872975.UP.FTS.B,
32.03%,
10/18/26
.
2,269
2,288
L1873049.UP.FTS.B,
25.47%,
10/22/26
...
3,434
3,463
FW1873980.UP.FTS.B,
31.12%,
10/28/26
.
1,876
1,890
L1874280.UP.FTS.B,
15.62%,
11/01/26
...
19,900
19,868
L1873419.UP.FTS.B,
17.21%,
11/02/26
...
3,381
3,371
FW1873464.UP.FTS.B,
22.91%,
11/03/26
.
2,139
2,156
FW2008579.UP.FTS.B,
5.93%,
11/09/26
..
30,113
29,910
L2010047.UP.FTS.B,
7.23%,
11/09/26
....
6,092
6,057
L1947969.UP.FTS.B,
8.25%,
11/09/26
....
1,911
1,899
L2004931.UP.FTS.B,
8.92%,
11/09/26
....
11,788
11,721
FW2005584.UP.FTS.B,
8.98%,
11/09/26
..
9,933
9,871
L2009940.UP.FTS.B,
9.06%,
11/09/26
....
21,120
21,001
L2009771.UP.FTS.B,
9.73%,
11/09/26
....
3,126
3,108
L2010120.UP.FTS.B,
9.74%,
11/09/26
....
12,860
6,774
L1982018.UP.FTS.B,
9.85%,
11/09/26
....
3,129
3,112
L2005005.UP.FTS.B,
9.85%,
11/09/26
....
13,565
1,849
L2007402.UP.FTS.B,
10.3%,
11/09/26
....
7,053
511
L2008329.UP.FTS.B,
10.3%,
11/09/26
....
3,771
3,750
L2008701.UP.FTS.B,
10.48%,
11/09/26
...
4,172
4,149
L2009188.UP.FTS.B,
10.68%,
11/09/26
...
16,354
16,269
L2009665.UP.FTS.B,
10.88%,
11/09/26
...
5,371
5,346
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)
Upstart
Network,
Inc.
(continued)
L2006261.UP.FTS.B,
10.9%,
11/09/26
....
$
3,476
$
3,460
L2009417.UP.FTS.B,
11.04%,
11/09/26
...
3,040
3,024
L2004983.UP.FTS.B,
11.09%,
11/09/26
...
7,755
7,683
L2006518.UP.FTS.B,
11.38%,
11/09/26
...
2,127
2,116
L1977043.UP.FTS.B,
11.43%,
11/09/26
...
3,429
3,414
FW2006974.UP.FTS.B,
11.44%,
11/09/26
.
7,939
7,903
L2008088.UP.FTS.B,
12.1%,
11/09/26
....
6,709
6,679
L2007707.UP.FTS.B,
12.19%,
11/09/26
...
9,444
9,399
L1991534.UP.FTS.B,
12.48%,
11/09/26
...
4,124
4,100
L2005066.UP.FTS.B,
12.51%,
11/09/26
...
9,620
9,577
L2007649.UP.FTS.B,
12.88%,
11/09/26
...
6,435
6,400
FW2009636.UP.FTS.B,
13.06%,
11/09/26
.
3,867
3,850
L2009536.UP.FTS.B,
13.07%,
11/09/26
...
4,235
206
FW2004957.UP.FTS.B,
13.66%,
11/09/26
.
1,620
1,613
L2006397.UP.FTS.B,
13.66%,
11/09/26
...
6,479
6,451
L2008524.UP.FTS.B,
14.03%,
11/09/26
...
12,917
12,859
L2008113.UP.FTS.B,
14.06%,
11/09/26
...
13,981
13,922
L2009683.UP.FTS.B,
14.08%,
11/09/26
...
3,890
3,873
L2009234.UP.FTS.B,
14.43%,
11/09/26
...
9,783
9,742
L2008618.UP.FTS.B,
14.73%,
11/09/26
...
3,924
3,907
L2009287.UP.FTS.B,
14.91%,
11/09/26
...
3,799
3,783
L2009277.UP.FTS.B,
15.37%,
11/09/26
...
5,546
5,508
L2008691.UP.FTS.B,
15.38%,
11/09/26
...
3,273
3,259
L2008772.UP.FTS.B,
15.55%,
11/09/26
...
6,586
6,569
L2007900.UP.FTS.B,
15.91%,
11/09/26
...
1,982
1,976
L2009243.UP.FTS.B,
15.94%,
11/09/26
...
6,609
6,591
FW2006940.UP.FTS.B,
15.96%,
11/09/26
.
1,434
1,417
L2005019.UP.FTS.B,
16.29%,
11/09/26
...
7,492
4,204
L2009814.UP.FTS.B,
16.29%,
11/09/26
...
6,315
6,284
L2006713.UP.FTS.B,
16.47%,
11/09/26
...
7,965
7,933
L2009219.UP.FTS.B,
16.5%,
11/09/26
....
16,221
16,169
FW2010280.UP.FTS.B,
16.52%,
11/09/26
.
10,626
10,598
FW2010216.UP.FTS.B,
16.55%,
11/09/26
.
5,988
5,958
L2008001.UP.FTS.B,
16.67%,
11/09/26
...
9,974
9,933
FW2009372.UP.FTS.B,
16.77%,
11/09/26
.
9,981
9,955
L2010173.UP.FTS.B,
16.8%,
11/09/26
....
5,326
5,312
L2009631.UP.FTS.B,
16.91%,
11/09/26
...
4,686
4,667
L2008272.UP.FTS.B,
17.06%,
11/09/26
...
13,343
13,309
L2008918.UP.FTS.B,
17.09%,
11/09/26
...
4,938
4,925
FW2008938.UP.FTS.B,
17.12%,
11/09/26
.
5,135
5,117
L2005207.UP.FTS.B,
17.16%,
11/09/26
...
8,343
2,232
L2006918.UP.FTS.B,
18.03%,
11/09/26
...
22,593
22,544
L2008937.UP.FTS.B,
18.22%,
11/09/26
...
4,043
4,026
L2008467.UP.FTS.B,
18.23%,
11/09/26
...
6,740
6,712
L2009319.UP.FTS.B,
18.37%,
11/09/26
...
1,197
320
FW2005538.UP.FTS.B,
18.4%,
11/09/26
..
4,064
4,048
FW2005908.UP.FTS.B,
18.71%,
11/09/26
.
3,043
3,036
L2006524.UP.FTS.B,
18.79%,
11/09/26
...
3,384
3,370
FW2009511.UP.FTS.B,
18.82%,
11/09/26
.
4,061
4,052
L2006460.UP.FTS.B,
18.86%,
11/09/26
...
2,396
2,387
FW2002309.UP.FTS.B,
18.9%,
11/09/26
..
1,490
1,484
L2004618.UP.FTS.B,
18.96%,
11/09/26
...
4,066
4,057
L2007966.UP.FTS.B,
18.98%,
11/09/26
...
1,355
1,352
L2007377.UP.FTS.B,
19.06%,
11/09/26
...
11,529
11,500
L2010300.UP.FTS.B,
19.58%,
11/09/26
...
762
55
L2008422.UP.FTS.B,
19.84%,
11/09/26
...
3,815
2,205
L2007099.UP.FTS.B,
20.26%,
11/09/26
...
22,794
22,954
L2008551.UP.FTS.B,
20.27%,
11/09/26
...
14,789
14,898
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2008219.UP.FTS.B,
20.5%,
11/09/26
....
$
582
$
574
L2009017.UP.FTS.B,
20.52%,
11/09/26
...
4,847
1,308
FW2004995.UP.FTS.B,
21%,
11/09/26
...
3,994
3,986
FW2006513.UP.FTS.B,
21.09%,
11/09/26
.
1,338
1,333
FW2008076.UP.FTS.B,
21.13%,
11/09/26
.
1,336
1,324
L2005679.UP.FTS.B,
21.2%,
11/09/26
....
19,011
1,353
L2009584.UP.FTS.B,
21.3%,
11/09/26
....
7,839
7,895
L2006375.UP.FTS.B,
21.38%,
11/09/26
...
2,519
2,527
L2008251.UP.FTS.B,
21.4%,
11/09/26
....
3,454
3,447
FW2004906.UP.FTS.B,
21.42%,
11/09/26
.
8,715
8,687
FW2008069.UP.FTS.B,
21.82%,
11/09/26
.
7,612
7,655
L2007361.UP.FTS.B,
21.89%,
11/09/26
...
2,943
2,954
L2008476.UP.FTS.B,
21.9%,
11/09/26
....
10,688
6,129
L2008042.UP.FTS.B,
22%,
11/09/26
.....
7,655
2,108
L2005261.UP.FTS.B,
22.11%,
11/09/26
...
6,582
6,615
FW2009886.UP.FTS.B,
22.16%,
11/09/26
.
2,779
2,774
L2009468.UP.FTS.B,
22.18%,
11/09/26
...
9,033
9,100
L2009034.UP.FTS.B,
22.22%,
11/09/26
...
4,467
4,482
L2008599.UP.FTS.B,
22.35%,
11/09/26
...
1,392
1,389
L2004674.UP.FTS.B,
22.44%,
11/09/26
...
6,083
6,121
L2007307.UP.FTS.B,
22.83%,
11/09/26
...
3,255
3,268
L2008480.UP.FTS.B,
22.94%,
11/09/26
...
10,484
10,563
L2009304.UP.FTS.B,
23.03%,
11/09/26
...
2,399
2,390
L2007937.UP.FTS.B,
23.09%,
11/09/26
...
10,496
10,475
L2007056.UP.FTS.B,
24.37%,
11/09/26
...
1,711
1,721
FW2009608.UP.FTS.B,
24.41%,
11/09/26
.
14,837
14,949
L2008806.UP.FTS.B,
24.53%,
11/09/26
...
5,564
3,287
L2009932.UP.FTS.B,
24.83%,
11/09/26
...
1,028
73
L2009896.UP.FTS.B,
24.89%,
11/09/26
...
2,127
2,143
L2010117.UP.FTS.B,
24.96%,
11/09/26
...
2,838
2,859
FW2006718.UP.FTS.B,
24.97%,
11/09/26
.
3,548
3,575
L2008356.UP.FTS.B,
25.02%,
11/09/26
...
964
951
L2007001.UP.FTS.B,
25.04%,
11/09/26
...
1,065
1,063
L2009837.UP.FTS.B,
25.1%,
11/09/26
....
1,067
1,072
L2006519.UP.FTS.B,
25.11%,
11/09/26
...
1,563
1,574
L1992164.UP.FTS.B,
25.12%,
11/09/26
...
2,556
368
L2008646.UP.FTS.B,
25.12%,
11/09/26
...
923
930
L2005357.UP.FTS.B,
25.2%,
11/09/26
....
3,553
3,580
L2008993.UP.FTS.B,
25.21%,
11/09/26
...
7,004
4,135
FW2006444.UP.FTS.B,
25.24%,
11/09/26
.
4,804
267
L2009998.UP.FTS.B,
25.28%,
11/09/26
...
809
813
L2006252.UP.FTS.B,
25.33%,
11/09/26
...
5,335
5,358
L2007046.UP.FTS.B,
25.34%,
11/09/26
...
1,281
1,290
FW2009941.UP.FTS.B,
25.35%,
11/09/26
.
5,947
5,991
L2009460.UP.FTS.B,
25.35%,
11/09/26
...
2,205
2,222
L2005437.UP.FTS.B,
25.37%,
11/09/26
...
711
717
L2009802.UP.FTS.B,
25.42%,
11/09/26
...
6,114
440
L2007026.UP.FTS.B,
25.44%,
11/09/26
...
1,282
1,291
L1976857.UP.FTS.B,
25.45%,
11/09/26
...
5,696
5,739
L2008185.UP.FTS.B,
25.45%,
11/09/26
...
2,848
2,870
L2005075.UP.FTS.B,
25.48%,
11/09/26
...
1,498
1,498
L2009842.UP.FTS.B,
25.48%,
11/09/26
...
2,109
2,117
L2004971.UP.FTS.B,
25.6%,
11/09/26
....
7,077
7,127
L2005577.UP.FTS.B,
25.63%,
11/09/26
...
4,607
28
L2007383.UP.FTS.B,
25.64%,
11/09/26
...
2,781
2,802
L2008285.UP.FTS.B,
25.92%,
11/09/26
...
4,000
4,031
FW2007576.UP.FTS.B,
26.1%,
11/09/26
..
5,007
5,045
L2009167.UP.FTS.B,
26.14%,
11/09/26
...
7,155
7,210
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)
L2005548.UP.FTS.B,
26.19%,
11/09/26
...
$
4,724
$
4,760
FW1993820.UP.FTS.B,
26.38%,
11/09/26
.
4,300
4,333
FW2006658.UP.FTS.B,
26.38%,
11/09/26
.
4,300
4,292
FW2006782.UP.FTS.B,
26.4%,
11/09/26
..
14,337
14,447
FW2008080.UP.FTS.B,
27.3%,
11/09/26
..
1,082
1,090
FW2009450.UP.FTS.B,
27.39%,
11/09/26
.
6,117
6,158
FW2007457.UP.FTS.B,
27.58%,
11/09/26
.
2,214
2,224
FW2007864.UP.FTS.B,
27.83%,
11/09/26
.
3,620
3,648
FW2006870.UP.FTS.B,
27.89%,
11/09/26
.
4,687
4,723
FW2005768.UP.FTS.B,
27.98%,
11/09/26
.
1,089
1,094
FW2006392.UP.FTS.B,
28.34%,
11/09/26
.
1,273
1,266
FW2005859.UP.FTS.B,
28.42%,
11/09/26
.
9,539
9,597
FW2009975.UP.FTS.B,
28.52%,
11/09/26
.
670
668
FW2006618.UP.FTS.B,
28.54%,
11/09/26
.
3,692
263
FW2009473.UP.FTS.B,
29.09%,
11/09/26
.
4,382
4,416
FW2005194.UP.FTS.B,
29.14%,
11/09/26
.
4,435
4,463
FW2006599.UP.FTS.B,
29.3%,
11/09/26
..
4,759
339
FW2006841.UP.FTS.B,
29.42%,
11/09/26
.
3,074
3,098
FW2009538.UP.FTS.B,
29.42%,
11/09/26
.
2,525
180
FW2009687.UP.FTS.B,
29.61%,
11/09/26
.
4,217
4,240
FW2009414.UP.FTS.B,
30.01%,
11/09/26
.
8,963
9,033
FW2005675.UP.FTS.B,
30.41%,
11/09/26
.
1,081
152
FW2007884.UP.FTS.B,
30.51%,
11/09/26
.
2,218
2,231
FW2008923.UP.FTS.B,
30.84%,
11/09/26
.
2,144
2,156
FW2009706.UP.FTS.B,
30.84%,
11/09/26
.
1,255
179
FW2007936.UP.FTS.B,
30.89%,
11/09/26
.
3,030
3,054
FW1985263.UP.FTS.B,
31.02%,
11/09/26
.
1,178
1,186
FW2005025.UP.FTS.B,
31.15%,
11/09/26
.
5,490
5,521
FW2008432.UP.FTS.B,
31.3%,
11/09/26
..
3,266
3,284
FW2008400.UP.FTS.B,
31.31%,
11/09/26
.
2,519
2,539
FW2009323.UP.FTS.B,
31.47%,
11/09/26
.
4,442
4,476
FW2009592.UP.FTS.B,
31.5%,
11/09/26
..
2,106
2,104
FW2007089.UP.FTS.B,
31.52%,
11/09/26
.
5,924
1,711
FW2009221.UP.FTS.B,
30.79%,
11/12/26
.
9,946
10,026
L2005604.UP.FTS.B,
7.24%,
11/15/26
....
14,669
14,575
L2009697.UP.FTS.B,
20.69%,
11/15/26
...
3,446
3,432
L2009364.UP.FTS.B,
25.41%,
11/15/26
...
3,580
3,607
L2076555.UP.FTS.B,
9.38%,
11/19/26
....
4,362
4,338
FW2075880.UP.FTS.B,
9.48%,
11/19/26
..
9,045
8,994
L2077362.UP.FTS.B,
10.03%,
11/19/26
...
12,539
12,478
L2077278.UP.FTS.B,
10.24%,
11/19/26
...
1,318
1,311
L2079683.UP.FTS.B,
10.46%,
11/19/26
...
2,803
2,793
L2078817.UP.FTS.B,
10.96%,
11/19/26
...
29,091
28,963
L2077229.UP.FTS.B,
11.22%,
11/19/26
...
12,676
12,634
L2079790.UP.FTS.B,
11.54%,
11/19/26
...
5,670
1,452
L2078831.UP.FTS.B,
11.67%,
11/19/26
...
1,217
1,212
L2075431.UP.FTS.B,
11.87%,
11/19/26
...
14,664
14,616
L2077619.UP.FTS.B,
12.17%,
11/19/26
...
704
701
L2077342.UP.FTS.B,
12.81%,
11/19/26
...
2,572
2,564
L2069545.UP.FTS.B,
12.88%,
11/19/26
...
3,861
3,848
FW2076618.UP.FTS.B,
13.72%,
11/19/26
.
14,911
14,849
L2077586.UP.FTS.B,
13.74%,
11/19/26
...
3,537
3,525
L2078387.UP.FTS.B,
14.26%,
11/19/26
...
1,826
1,819
L2080759.UP.FTS.B,
14.39%,
11/19/26
...
9,670
9,638
FW2078825.UP.FTS.B,
14.72%,
11/19/26
.
13,733
13,692
L2077934.UP.FTS.B,
15.05%,
11/19/26
...
4,919
4,904
L2079762.UP.FTS.B,
15.07%,
11/19/26
...
3,156
3,150
L2080377.UP.FTS.B,
15.37%,
11/19/26
...
5,918
5,915
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2078013.UP.FTS.B,
15.44%,
11/19/26
...
$
8,520
$
8,488
L2078858.UP.FTS.B,
16.1%,
11/19/26
....
12,577
1,815
L2080949.UP.FTS.B,
16.51%,
11/19/26
...
4,358
4,335
L2077345.UP.FTS.B,
16.52%,
11/19/26
...
1,875
489
L2078556.UP.FTS.B,
16.55%,
11/19/26
...
3,087
3,080
L2077136.UP.FTS.B,
16.73%,
11/19/26
...
6,652
6,648
FW2080998.UP.FTS.B,
16.87%,
11/19/26
.
634
633
FW2078513.UP.FTS.B,
16.88%,
11/19/26
.
11,990
11,984
L2079147.UP.FTS.B,
16.93%,
11/19/26
...
11,236
11,226
L2073789.UP.FTS.B,
17.39%,
11/19/26
...
2,007
2,003
L2078785.UP.FTS.B,
17.53%,
11/19/26
...
6,697
6,700
FW2077194.UP.FTS.B,
17.96%,
11/19/26
.
2,876
2,844
L2079526.UP.FTS.B,
17.98%,
11/19/26
...
2,554
2,547
FW2077428.UP.FTS.B,
18.23%,
11/19/26
.
7,323
273
L2078320.UP.FTS.B,
18.26%,
11/19/26
...
2,170
2,113
L2078541.UP.FTS.B,
18.53%,
11/19/26
...
2,363
2,364
L2078767.UP.FTS.B,
18.54%,
11/19/26
...
675
675
FW2080677.UP.FTS.B,
18.72%,
11/19/26
.
11,499
11,474
L2080184.UP.FTS.B,
19.05%,
11/19/26
...
4,215
308
FW2078252.UP.FTS.B,
19.1%,
11/19/26
..
1,176
1,171
L2079089.UP.FTS.B,
19.11%,
11/19/26
...
4,067
4,065
L2077889.UP.FTS.B,
19.41%,
11/19/26
...
5,029
5,031
L2079136.UP.FTS.B,
19.7%,
11/19/26
....
11,246
11,364
FW2078808.UP.FTS.B,
19.87%,
11/19/26
.
17,060
17,068
L2077834.UP.FTS.B,
19.87%,
11/19/26
...
10,260
10,244
FW2076082.UP.FTS.B,
20.04%,
11/19/26
.
13,435
13,432
L2078706.UP.FTS.B,
20.11%,
11/19/26
...
5,471
5,473
L2080653.UP.FTS.B,
20.24%,
11/19/26
...
3,276
481
L2077864.UP.FTS.B,
20.33%,
11/19/26
...
15,070
15,077
L2076267.UP.FTS.B,
20.73%,
11/19/26
...
10,341
9,841
L2077767.UP.FTS.B,
20.73%,
11/19/26
...
6,871
6,944
FW2079399.UP.FTS.B,
20.8%,
11/19/26
..
12,344
12,471
FW2080860.UP.FTS.B,
21.93%,
11/19/26
.
13,606
13,734
FW2076510.UP.FTS.B,
22.17%,
11/19/26
.
27,793
27,807
L2080597.UP.FTS.B,
22.59%,
11/19/26
...
1,534
1,550
L2078431.UP.FTS.B,
23.7%,
11/19/26
....
2,114
2,132
L2079001.UP.FTS.B,
24.08%,
11/19/26
...
10,356
10,420
FW2076263.UP.FTS.B,
24.18%,
11/19/26
.
2,187
2,186
FW2079138.UP.FTS.B,
24.71%,
11/19/26
.
10,942
10,411
L2051923.UP.FTS.B,
24.73%,
11/19/26
...
1,180
1,184
FW2078837.UP.FTS.B,
25.18%,
11/19/26
.
1,847
1,848
L2080819.UP.FTS.B,
25.23%,
11/19/26
...
1,209
1,221
L2080514.UP.FTS.B,
25.27%,
11/19/26
...
1,564
1,581
L2079636.UP.FTS.B,
25.5%,
11/19/26
....
1,781
1,800
L2080879.UP.FTS.B,
25.51%,
11/19/26
...
2,991
3,023
L2080301.UP.FTS.B,
25.61%,
11/19/26
...
2,824
2,850
L2076428.UP.FTS.B,
25.82%,
11/19/26
...
6,175
5,938
L2077747.UP.FTS.B,
25.84%,
11/19/26
...
5,035
5,083
FW2075811.UP.FTS.B,
25.85%,
11/19/26
.
846
9
L2076862.UP.FTS.B,
25.93%,
11/19/26
...
4,520
4,352
FW2080275.UP.FTS.B,
26.15%,
11/19/26
.
2,504
2,531
L2076228.UP.FTS.B,
26.28%,
11/19/26
...
2,772
196
L2080156.UP.FTS.B,
26.56%,
11/19/26
...
2,153
2,176
FW2076617.UP.FTS.B,
26.67%,
11/19/26
.
20,970
21,194
L2076223.UP.FTS.B,
26.74%,
11/19/26
...
8,451
596
FW2070515.UP.FTS.B,
26.89%,
11/19/26
.
3,237
3,271
L2075827.UP.FTS.B,
27%,
11/19/26
.....
6,695
6,766
FW2076319.UP.FTS.B,
27.45%,
11/19/26
.
2,888
2,919
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)
FW2079921.UP.FTS.B,
29.67%,
11/19/26
.
$
2,157
$
2,177
FW2078643.UP.FTS.B,
30.58%,
11/19/26
.
162
160
FW2078839.UP.FTS.B,
30.61%,
11/19/26
.
556
556
FW2076598.UP.FTS.B,
31.11%,
11/19/26
.
620
622
FW2075287.UP.FTS.B,
31.46%,
11/19/26
.
6,283
–
FW2076836.UP.FTS.B,
31.47%,
11/19/26
.
5,885
5,657
L2078364.UP.FTS.B,
15.16%,
11/20/26
...
3,939
3,936
L2008862.UP.FTS.B,
25.44%,
11/21/26
...
2,594
739
L2008677.UP.FTS.B,
10.77%,
11/23/26
...
6,329
6,294
FW2003971.UP.FTS.B,
17.71%,
11/24/26
.
18,578
18,503
FW2007433.UP.FTS.B,
21.02%,
11/24/26
.
5,206
5,246
FW2005949.UP.FTS.B,
25.57%,
11/24/26
.
5,504
5,509
FW2073062.UP.FTS.B,
27.11%,
11/25/26
.
10,848
10,967
L2077380.UP.FTS.B,
24.14%,
11/28/26
...
3,661
72
L2079956.UP.FTS.B,
14.89%,
12/01/26
...
4,718
4,701
L2198358.UP.FTS.B,
7.09%,
12/07/26
....
1,986
1,967
L2196810.UP.FTS.B,
7.42%,
12/07/26
....
3,767
3,740
L2198501.UP.FTS.B,
8.94%,
12/07/26
....
2,531
2,515
L2195995.UP.FTS.B,
9.12%,
12/07/26
....
2,742
2,723
L2199695.UP.FTS.B,
9.66%,
12/07/26
....
3,845
3,818
L2199924.UP.FTS.B,
9.76%,
12/07/26
....
4,490
4,458
L2198890.UP.FTS.B,
10.21%,
12/07/26
...
966
959
FW2200013.UP.FTS.B,
10.26%,
12/07/26
.
9,021
8,959
L2198751.UP.FTS.B,
10.42%,
12/07/26
...
5,162
5,127
L2199240.UP.FTS.B,
10.7%,
12/07/26
....
5,304
5,268
L2196100.UP.FTS.B,
10.99%,
12/07/26
...
1,038
1,030
FW2198003.UP.FTS.B,
11.06%,
12/07/26
.
6,469
408
L2197856.UP.FTS.B,
11.23%,
12/07/26
...
3,510
3,486
L2197172.UP.FTS.B,
11.42%,
12/07/26
...
6,434
6,396
L2196592.UP.FTS.B,
11.62%,
12/07/26
...
3,521
3,501
FW2199260.UP.FTS.B,
12.51%,
12/07/26
.
16,099
16,007
L2200204.UP.FTS.B,
12.79%,
12/07/26
...
8,571
8,513
L2200250.UP.FTS.B,
13.28%,
12/07/26
...
3,308
3,285
L2197658.UP.FTS.B,
13.72%,
12/07/26
...
3,320
3,298
FW2198593.UP.FTS.B,
14.12%,
12/07/26
.
3,998
3,971
L2197131.UP.FTS.B,
14.14%,
12/07/26
...
733
729
L2199997.UP.FTS.B,
14.15%,
12/07/26
...
2,465
2,452
L2196035.UP.FTS.B,
14.38%,
12/07/26
...
3,718
2,000
L2196588.UP.FTS.B,
14.6%,
12/07/26
....
7,141
518
L2196864.UP.FTS.B,
14.96%,
12/07/26
...
5,114
208
L2198350.UP.FTS.B,
15.19%,
12/07/26
...
643
638
L2197650.UP.FTS.B,
15.41%,
12/07/26
...
5,052
5,019
L2199860.UP.FTS.B,
16.1%,
12/07/26
....
9,858
9,805
L2199879.UP.FTS.B,
16.31%,
12/07/26
...
10,215
5,513
L2198446.UP.FTS.B,
16.58%,
12/07/26
...
33,591
33,426
L2198880.UP.FTS.B,
16.74%,
12/07/26
...
2,433
2,414
L2198467.UP.FTS.B,
16.99%,
12/07/26
...
14,651
2,076
FW2197380.UP.FTS.B,
17.12%,
12/07/26
.
2,049
2,035
L2198345.UP.FTS.B,
17.18%,
12/07/26
...
16,258
16,182
L2198376.UP.FTS.B,
17.42%,
12/07/26
...
15,694
4,277
L2194879.UP.FTS.B,
17.51%,
12/07/26
...
13,444
13,363
L2192178.UP.FTS.B,
17.53%,
12/07/26
...
5,138
5,105
FW2196193.UP.FTS.B,
17.59%,
12/07/26
.
17,521
9,793
L2199819.UP.FTS.B,
17.72%,
12/07/26
...
12,366
12,285
L2200255.UP.FTS.B,
17.89%,
12/07/26
...
5,797
1,583
L2199726.UP.FTS.B,
18.1%,
12/07/26
....
4,129
4,102
L2195959.UP.FTS.B,
18.12%,
12/07/26
...
8,054
8,002
L2196412.UP.FTS.B,
18.83%,
12/07/26
...
1,246
1,240
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2199248.UP.FTS.B,
19.04%,
12/07/26
...
$
10,476
$
10,412
L2199663.UP.FTS.B,
19.69%,
12/07/26
...
4,180
4,160
L2169437.UP.FTS.B,
19.73%,
12/07/26
...
6,988
6,941
L2199129.UP.FTS.B,
20.12%,
12/07/26
...
1,538
1,528
L2198874.UP.FTS.B,
20.19%,
12/07/26
...
2,913
778
L2199523.UP.FTS.B,
20.46%,
12/07/26
...
2,327
2,304
L2196447.UP.FTS.B,
20.62%,
12/07/26
...
4,559
4,538
L2197655.UP.FTS.B,
20.75%,
12/07/26
...
3,523
3,532
L2196680.UP.FTS.B,
21.47%,
12/07/26
...
4,361
4,340
L2197631.UP.FTS.B,
21.55%,
12/07/26
...
3,184
3,162
L2196825.UP.FTS.B,
21.8%,
12/07/26
....
5,140
373
L2196775.UP.FTS.B,
22.04%,
12/07/26
...
709
704
FW2199825.UP.FTS.B,
22.12%,
12/07/26
.
1,530
28
L2191085.UP.FTS.B,
22.33%,
12/07/26
...
2,498
360
L2199874.UP.FTS.B,
22.34%,
12/07/26
...
5,830
5,844
L2192706.UP.FTS.B,
22.47%,
12/07/26
...
7,108
7,140
L2197670.UP.FTS.B,
22.54%,
12/07/26
...
2,679
2,684
L2185222.UP.FTS.B,
23.13%,
12/07/26
...
4,219
4,236
FW2196522.UP.FTS.B,
23.26%,
12/07/26
.
4,292
4,312
L2195799.UP.FTS.B,
23.37%,
12/07/26
...
6,296
6,248
L2198106.UP.FTS.B,
23.42%,
12/07/26
...
5,048
362
FW2192438.UP.FTS.B,
23.66%,
12/07/26
.
8,610
8,629
FW2195703.UP.FTS.B,
24.25%,
12/07/26
.
1,297
1,303
FW2196745.UP.FTS.B,
24.4%,
12/07/26
..
4,536
327
FW2200190.UP.FTS.B,
24.4%,
12/07/26
..
1,803
1,811
L2200210.UP.FTS.B,
24.56%,
12/07/26
...
14,451
14,352
L2197090.UP.FTS.B,
24.84%,
12/07/26
...
3,624
3,628
L2200145.UP.FTS.B,
24.91%,
12/07/26
...
515
511
L2196714.UP.FTS.B,
25.02%,
12/07/26
...
2,076
2,076
L2195912.UP.FTS.B,
25.21%,
12/07/26
...
5,949
5,963
L2198146.UP.FTS.B,
25.25%,
12/07/26
...
1,524
1,527
L2196219.UP.FTS.B,
25.27%,
12/07/26
...
6,822
6,837
L2198546.UP.FTS.B,
25.32%,
12/07/26
...
1,089
1,091
L2199586.UP.FTS.B,
25.33%,
12/07/26
...
801
803
L2195664.UP.FTS.B,
25.4%,
12/07/26
....
255
18
L2198050.UP.FTS.B,
25.44%,
12/07/26
...
3,821
3,832
L2197183.UP.FTS.B,
25.46%,
12/07/26
...
1,236
1,238
L2197844.UP.FTS.B,
25.47%,
12/07/26
...
3,739
3,745
L2198441.UP.FTS.B,
25.48%,
12/07/26
...
10,372
10,404
FW2197368.UP.FTS.B,
25.58%,
12/07/26
.
7,810
39
L2199814.UP.FTS.B,
25.68%,
12/07/26
...
4,367
4,376
FW2199793.UP.FTS.B,
25.9%,
12/07/26
..
5,831
5,844
FW2196103.UP.FTS.B,
26.48%,
12/07/26
.
539
531
FW2195998.UP.FTS.B,
26.86%,
12/07/26
.
13,328
7,821
FW2200076.UP.FTS.B,
28.24%,
12/07/26
.
37,025
37,109
FW2200069.UP.FTS.B,
28.54%,
12/07/26
.
3,075
3,077
FW2198176.UP.FTS.B,
29.22%,
12/07/26
.
3,028
3,038
FW2195399.UP.FTS.B,
29.81%,
12/07/26
.
1,721
1,725
FW2198601.UP.FTS.B,
30.14%,
12/07/26
.
3,749
3,757
FW2199215.UP.FTS.B,
30.27%,
12/07/26
.
2,548
727
FW2198672.UP.FTS.B,
30.42%,
12/07/26
.
4,506
4,516
FW2198825.UP.FTS.B,
30.6%,
12/07/26
..
2,633
2,639
FW2197604.UP.FTS.B,
30.64%,
12/07/26
.
2,481
2,493
FW2198098.UP.FTS.B,
31%,
12/07/26
...
4,461
4,472
FW2198397.UP.FTS.B,
32.23%,
12/07/26
.
4,379
4,398
FW2199153.UP.FTS.B,
32.29%,
12/07/26
.
3,769
1,073
FW2199632.UP.FTS.B,
32.42%,
12/07/26
.
3,726
3,734
L2201511.UP.FTS.B,
5.03%,
12/08/26
....
6,515
6,466
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)
L2201100.UP.FTS.B,
5.82%,
12/08/26
....
$
6,184
$
6,140
FW2201687.UP.FTS.B,
5.98%,
12/08/26
..
2,822
2,802
L2203382.UP.FTS.B,
6.5%,
12/08/26
....
6,223
6,180
L2206413.UP.FTS.B,
7.44%,
12/08/26
....
5,651
5,613
L2201126.UP.FTS.B,
7.87%,
12/08/26
....
13,589
13,503
L2200918.UP.FTS.B,
8.74%,
12/08/26
....
2,733
2,715
L2201288.UP.FTS.B,
9.13%,
12/08/26
....
2,105
2,091
FW2202215.UP.FTS.B,
9.76%,
12/08/26
..
27,505
27,336
L2202140.UP.FTS.B,
10.05%,
12/08/26
...
2,437
2,424
L2202043.UP.FTS.B,
10.08%,
12/08/26
...
12,864
12,788
L2205692.UP.FTS.B,
10.33%,
12/08/26
...
10,639
10,570
L2203887.UP.FTS.B,
10.82%,
12/08/26
...
5,180
5,147
L2202359.UP.FTS.B,
10.96%,
12/08/26
...
1,968
1,954
L2205258.UP.FTS.B,
10.97%,
12/08/26
...
2,361
2,347
L2202707.UP.FTS.B,
11.01%,
12/08/26
...
6,487
6,446
L2200873.UP.FTS.B,
11.09%,
12/08/26
...
5,841
5,804
L2205661.UP.FTS.B,
11.13%,
12/08/26
...
7,791
7,750
L2201926.UP.FTS.B,
11.2%,
12/08/26
....
1,422
77
FW2202691.UP.FTS.B,
11.21%,
12/08/26
.
1,949
1,938
L2204932.UP.FTS.B,
11.21%,
12/08/26
...
10,396
10,330
L2201522.UP.FTS.B,
11.25%,
12/08/26
...
12,999
12,930
L2200051.UP.FTS.B,
11.78%,
12/08/26
...
6,726
6,688
L2205067.UP.FTS.B,
11.79%,
12/08/26
...
7,837
7,788
FW2201210.UP.FTS.B,
12.48%,
12/08/26
.
1,316
1,308
L2201401.UP.FTS.B,
12.51%,
12/08/26
...
4,600
4,571
L2201683.UP.FTS.B,
13.05%,
12/08/26
...
1,981
1,968
L2203910.UP.FTS.B,
13.18%,
12/08/26
...
7,602
7,555
L2202867.UP.FTS.B,
13.27%,
12/08/26
...
2,902
2,882
FW2206272.UP.FTS.B,
13.35%,
12/08/26
.
2,211
161
L2206744.UP.FTS.B,
13.51%,
12/08/26
...
19,883
19,782
L2202159.UP.FTS.B,
13.54%,
12/08/26
...
17,338
4,308
L2202534.UP.FTS.B,
13.68%,
12/08/26
...
9,957
9,896
L2203497.UP.FTS.B,
13.78%,
12/08/26
...
3,986
3,962
L2200884.UP.FTS.B,
13.99%,
12/08/26
...
4,925
4,895
L2204734.UP.FTS.B,
13.99%,
12/08/26
...
2,447
2,434
L2189789.UP.FTS.B,
14.09%,
12/08/26
...
1,870
1,850
L2201701.UP.FTS.B,
14.19%,
12/08/26
...
4,667
4,638
L2200543.UP.FTS.B,
14.23%,
12/08/26
...
3,499
897
FW2206534.UP.FTS.B,
14.38%,
12/08/26
.
2,135
2,124
FW2201365.UP.FTS.B,
14.41%,
12/08/26
.
9,683
9,635
L2200506.UP.FTS.B,
14.67%,
12/08/26
...
4,016
3,992
L2205095.UP.FTS.B,
14.72%,
12/08/26
...
1,363
188
L2205970.UP.FTS.B,
14.78%,
12/08/26
...
1,800
1,790
L2203172.UP.FTS.B,
14.86%,
12/08/26
...
6,704
6,664
FW2203636.UP.FTS.B,
14.99%,
12/08/26
.
3,514
902
L2206751.UP.FTS.B,
15.19%,
12/08/26
...
7,054
6,993
L2201429.UP.FTS.B,
15.27%,
12/08/26
...
8,025
7,984
L2201509.UP.FTS.B,
15.29%,
12/08/26
...
1,671
1,651
L2203888.UP.FTS.B,
15.35%,
12/08/26
...
2,019
2,009
L2202058.UP.FTS.B,
15.4%,
12/08/26
....
2,154
300
L2201650.UP.FTS.B,
15.45%,
12/08/26
...
2,695
2,679
L2205307.UP.FTS.B,
15.66%,
12/08/26
...
1,358
1,350
L2193881.UP.FTS.B,
15.75%,
12/08/26
...
2,972
2,955
L2200487.UP.FTS.B,
15.87%,
12/08/26
...
4,346
4,320
L2205432.UP.FTS.B,
15.94%,
12/08/26
...
16,706
16,636
L2206448.UP.FTS.B,
16%,
12/08/26
.....
7,105
7,063
L2195672.UP.FTS.B,
16.2%,
12/08/26
....
8,675
8,641
L2201272.UP.FTS.B,
16.5%,
12/08/26
....
3,276
3,258
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2202979.UP.FTS.B,
16.63%,
12/08/26
...
$
1,360
$
1,352
L2203269.UP.FTS.B,
16.66%,
12/08/26
...
3,062
3,044
L2205691.UP.FTS.B,
16.93%,
12/08/26
...
32,731
32,546
L2206760.UP.FTS.B,
17.01%,
12/08/26
...
31,086
30,925
L2200739.UP.FTS.B,
17.06%,
12/08/26
...
1,843
1,832
L2200406.UP.FTS.B,
17.28%,
12/08/26
...
3,009
2,992
L2201984.UP.FTS.B,
17.35%,
12/08/26
...
4,383
4,365
L2204275.UP.FTS.B,
17.48%,
12/08/26
...
3,817
3,801
L2203876.UP.FTS.B,
17.53%,
12/08/26
...
15,089
15,005
L2202653.UP.FTS.B,
17.59%,
12/08/26
...
8,500
8,452
L2203323.UP.FTS.B,
17.63%,
12/08/26
...
575
568
L2200437.UP.FTS.B,
17.72%,
12/08/26
...
1,715
1,708
L2202435.UP.FTS.B,
17.87%,
12/08/26
...
3,918
286
L2206114.UP.FTS.B,
17.92%,
12/08/26
...
1,374
1,367
L2201870.UP.FTS.B,
17.98%,
12/08/26
...
2,063
2,050
L2202238.UP.FTS.B,
18.11%,
12/08/26
...
9,931
715
L2198222.UP.FTS.B,
18.15%,
12/08/26
...
2,636
374
FW2200514.UP.FTS.B,
18.68%,
12/08/26
.
7,087
4,071
L2202316.UP.FTS.B,
18.78%,
12/08/26
...
1,730
1,720
L2203614.UP.FTS.B,
18.9%,
12/08/26
....
10,408
10,347
FW2203630.UP.FTS.B,
18.91%,
12/08/26
.
6,911
6,884
FW2204149.UP.FTS.B,
19.13%,
12/08/26
.
3,499
3,479
FW2201703.UP.FTS.B,
19.15%,
12/08/26
.
2,415
2,406
L2171699.UP.FTS.B,
19.26%,
12/08/26
...
6,948
6,971
FW2201480.UP.FTS.B,
19.28%,
12/08/26
.
4,864
4,837
L2204805.UP.FTS.B,
19.42%,
12/08/26
...
7,439
7,411
L2204012.UP.FTS.B,
19.62%,
12/08/26
...
2,347
631
L2201833.UP.FTS.B,
19.78%,
12/08/26
...
3,482
3,468
L2203346.UP.FTS.B,
19.86%,
12/08/26
...
4,465
4,441
L2203970.UP.FTS.B,
19.89%,
12/08/26
...
1,536
1,527
L2203336.UP.FTS.B,
19.94%,
12/08/26
...
2,310
2,297
FW2185665.UP.FTS.B,
20.17%,
12/08/26
.
10,447
10,406
L2200446.UP.FTS.B,
20.19%,
12/08/26
...
769
766
FW2202220.UP.FTS.B,
20.45%,
12/08/26
.
14,387
8,459
L2200528.UP.FTS.B,
20.47%,
12/08/26
...
2,453
2,439
L2201790.UP.FTS.B,
20.6%,
12/08/26
....
1,965
1,953
FW2201844.UP.FTS.B,
20.97%,
12/08/26
.
1,811
255
L2202584.UP.FTS.B,
20.98%,
12/08/26
...
5,437
3,120
FW2205623.UP.FTS.B,
21.01%,
12/08/26
.
7,741
7,766
L2203340.UP.FTS.B,
21.11%,
12/08/26
...
3,510
3,529
L2201499.UP.FTS.B,
21.34%,
12/08/26
...
7,760
7,786
L2203266.UP.FTS.B,
21.37%,
12/08/26
...
3,579
3,594
L2203685.UP.FTS.B,
21.52%,
12/08/26
...
2,473
2,481
L2207000.UP.FTS.B,
21.53%,
12/08/26
...
14,129
14,046
L2206634.UP.FTS.B,
21.58%,
12/08/26
...
1,555
1,560
FW2200309.UP.FTS.B,
21.86%,
12/08/26
.
2,539
2,553
L2200826.UP.FTS.B,
22.16%,
12/08/26
...
1,117
1,099
L2204816.UP.FTS.B,
22.27%,
12/08/26
...
6,674
6,634
FW2202543.UP.FTS.B,
22.46%,
12/08/26
.
1,352
1,344
L2200624.UP.FTS.B,
22.5%,
12/08/26
....
1,423
1,415
L2201275.UP.FTS.B,
22.92%,
12/08/26
...
2,678
2,686
L2203293.UP.FTS.B,
22.93%,
12/08/26
...
1,213
1,206
FW2203667.UP.FTS.B,
23.01%,
12/08/26
.
10,714
10,750
L2203557.UP.FTS.B,
23.55%,
12/08/26
...
1,168
1,170
L2200929.UP.FTS.B,
23.61%,
12/08/26
...
1,778
1,787
L2205223.UP.FTS.B,
23.62%,
12/08/26
...
3,476
3,491
L2200784.UP.FTS.B,
23.63%,
12/08/26
...
7,979
577
L2197277.UP.FTS.B,
23.68%,
12/08/26
...
4,667
4,683
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)
L2197979.UP.FTS.B,
23.7%,
12/08/26
....
$
3,127
$
224
L2205882.UP.FTS.B,
23.83%,
12/08/26
...
2,156
2,144
L2204897.UP.FTS.B,
23.87%,
12/08/26
...
19,094
19,018
FW2200085.UP.FTS.B,
23.88%,
12/08/26
.
2,156
2,163
L2205789.UP.FTS.B,
24.11%,
12/08/26
...
4,319
4,334
L2201603.UP.FTS.B,
24.38%,
12/08/26
...
3,638
3,653
L2199578.UP.FTS.B,
24.39%,
12/08/26
...
1,156
28
L2204440.UP.FTS.B,
24.51%,
12/08/26
...
866
869
L2200752.UP.FTS.B,
24.63%,
12/08/26
...
723
725
FW2200668.UP.FTS.B,
24.66%,
12/08/26
.
9,034
9,065
L2205953.UP.FTS.B,
24.83%,
12/08/26
...
941
664
L2201876.UP.FTS.B,
24.84%,
12/08/26
...
796
799
L2200418.UP.FTS.B,
24.91%,
12/08/26
...
5,516
5,493
L2201388.UP.FTS.B,
24.93%,
12/08/26
...
2,134
2,144
L2201658.UP.FTS.B,
24.93%,
12/08/26
...
941
936
L2200868.UP.FTS.B,
24.96%,
12/08/26
...
1,868
265
L2203217.UP.FTS.B,
25.16%,
12/08/26
...
799
802
L2205039.UP.FTS.B,
25.2%,
12/08/26
....
2,676
25
L2202422.UP.FTS.B,
25.21%,
12/08/26
...
2,650
2,663
L2201763.UP.FTS.B,
25.22%,
12/08/26
...
5,016
4,990
L2203014.UP.FTS.B,
25.25%,
12/08/26
...
3,628
3,641
L2204236.UP.FTS.B,
25.3%,
12/08/26
....
4,119
4,123
L2203159.UP.FTS.B,
25.32%,
12/08/26
...
4,677
4,613
L2201267.UP.FTS.B,
25.35%,
12/08/26
...
797
798
L2207019.UP.FTS.B,
25.36%,
12/08/26
...
1,166
1,167
L2203473.UP.FTS.B,
25.37%,
12/08/26
...
1,612
1,604
L2206798.UP.FTS.B,
25.37%,
12/08/26
...
1,130
1,116
L2204385.UP.FTS.B,
25.38%,
12/08/26
...
872
875
L2204272.UP.FTS.B,
25.42%,
12/08/26
...
1,134
1,136
L2201606.UP.FTS.B,
25.43%,
12/08/26
...
1,962
1,969
L2200539.UP.FTS.B,
25.48%,
12/08/26
...
3,964
3,981
L2200596.UP.FTS.B,
25.49%,
12/08/26
...
7,604
7,634
L2202382.UP.FTS.B,
25.5%,
12/08/26
....
1,308
1,313
L2204469.UP.FTS.B,
25.55%,
12/08/26
...
2,282
2,291
L2206619.UP.FTS.B,
25.63%,
12/08/26
...
5,457
5,476
L2201626.UP.FTS.B,
25.65%,
12/08/26
...
4,657
4,674
FW2202207.UP.FTS.B,
25.82%,
12/08/26
.
7,782
7,827
L2200110.UP.FTS.B,
25.93%,
12/08/26
...
5,471
5,490
L2205529.UP.FTS.B,
25.96%,
12/08/26
...
5,104
5,122
L2200501.UP.FTS.B,
26.06%,
12/08/26
...
1,606
1,611
FW2204619.UP.FTS.B,
26.36%,
12/08/26
.
1,828
1,835
L2200760.UP.FTS.B,
26.49%,
12/08/26
...
8,051
8,080
FW2205293.UP.FTS.B,
26.73%,
12/08/26
.
1,882
1,866
FW2205802.UP.FTS.B,
27%,
12/08/26
...
2,619
2,625
FW2200840.UP.FTS.B,
27.39%,
12/08/26
.
6,185
6,208
FW2205131.UP.FTS.B,
27.64%,
12/08/26
.
2,286
2,295
FW2202637.UP.FTS.B,
27.67%,
12/08/26
.
8,828
624
FW2206331.UP.FTS.B,
28.09%,
12/08/26
.
7,770
7,798
FW2200263.UP.FTS.B,
28.29%,
12/08/26
.
13,587
8,061
FW2202084.UP.FTS.B,
28.33%,
12/08/26
.
1,114
1,118
FW2206080.UP.FTS.B,
28.43%,
12/08/26
.
2,332
2,334
FW2202420.UP.FTS.B,
28.72%,
12/08/26
.
3,493
3,503
FW2203128.UP.FTS.B,
28.72%,
12/08/26
.
747
750
FW2200463.UP.FTS.B,
28.91%,
12/08/26
.
893
896
FW2201925.UP.FTS.B,
29.05%,
12/08/26
.
924
925
FW2195267.UP.FTS.B,
29.27%,
12/08/26
.
5,985
421
FW2204212.UP.FTS.B,
29.48%,
12/08/26
.
12,167
12,211
FW2201641.UP.FTS.B,
29.67%,
12/08/26
.
6,128
6,151
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2206862.UP.FTS.B,
29.87%,
12/08/26
.
$
3,593
$
3,606
FW2204427.UP.FTS.B,
30.34%,
12/08/26
.
6,004
6,026
FW2202866.UP.FTS.B,
30.6%,
12/08/26
..
863
509
FW2201735.UP.FTS.B,
30.95%,
12/08/26
.
1,006
71
FW2203290.UP.FTS.B,
31.07%,
12/08/26
.
1,056
1,060
FW2206683.UP.FTS.B,
31.07%,
12/08/26
.
1,560
1,568
FW2201843.UP.FTS.B,
31.08%,
12/08/26
.
1,291
1,297
FW2205002.UP.FTS.B,
31.08%,
12/08/26
.
2,338
2,347
FW2200524.UP.FTS.B,
31.14%,
12/08/26
.
4,911
4,920
FW2199311.UP.FTS.B,
31.18%,
12/08/26
.
1,057
1,061
FW2201772.UP.FTS.B,
31.27%,
12/08/26
.
4,492
314
FW2203562.UP.FTS.B,
32.34%,
12/08/26
.
4,715
1,357
FW2199186.UP.FTS.B,
25.95%,
12/09/26
.
1,830
1,835
L2197561.UP.FTS.B,
20.81%,
12/11/26
...
3,734
536
FW2201142.UP.FTS.B,
31.05%,
12/12/26
.
757
759
L2202911.UP.FTS.B,
21.13%,
12/14/26
...
4,560
4,543
L2205672.UP.FTS.B,
16.4%,
12/15/26
....
19,216
1,388
L2196899.UP.FTS.B,
24.65%,
12/15/26
...
4,214
4,224
FW2199479.UP.FTS.B,
28.66%,
12/15/26
.
11,599
3,320
FW2199126.UP.FTS.B,
31.54%,
12/15/26
.
4,717
4,736
FW2198165.UP.FTS.B,
14.07%,
12/16/26
.
936
929
L2203118.UP.FTS.B,
8.78%,
12/17/26
....
5,076
5,045
L2203117.UP.FTS.B,
13.79%,
12/17/26
...
5,733
5,698
FW2198942.UP.FTS.B,
24.77%,
12/18/26
.
13,979
14,068
FW2205704.UP.FTS.B,
28.05%,
12/18/26
.
3,742
3,758
FW2197646.UP.FTS.B,
16.34%,
12/22/26
.
5,624
5,578
L2195329.UP.FTS.B,
17.11%,
12/22/26
...
3,635
3,440
FW2198520.UP.FTS.B,
20.07%,
12/22/26
.
7,026
6,980
L2196637.UP.FTS.B,
24.42%,
12/22/26
...
10,855
10,885
L2203741.UP.FTS.B,
7.33%,
12/23/26
....
12,543
12,466
L2205367.UP.FTS.B,
16.83%,
12/23/26
...
2,188
2,073
L2203381.UP.FTS.B,
18.04%,
12/23/26
...
7,275
7,236
FW2206855.UP.FTS.B,
19.38%,
12/23/26
.
3,503
3,483
L2200814.UP.FTS.B,
19.64%,
12/23/26
...
4,124
586
L2202447.UP.FTS.B,
25.34%,
12/23/26
...
1,609
115
FW2411209.UP.FTS.B,
5.24%,
1/11/27
...
12,942
6,655
L2411009.UP.FTS.B,
5.26%,
1/11/27
.....
22,089
21,937
FW2412321.UP.FTS.B,
5.36%,
1/11/27
...
31,587
31,363
L2402399.UP.FTS.B,
6.09%,
1/11/27
.....
17,234
17,116
FW2408524.UP.FTS.B,
6.18%,
1/11/27
...
6,874
6,826
L2413519.UP.FTS.B,
6.19%,
1/11/27
.....
15,948
15,836
FW2411884.UP.FTS.B,
6.2%,
1/11/27
....
15,915
15,807
L2411160.UP.FTS.B,
7.26%,
1/11/27
.....
9,640
9,576
FW2406810.UP.FTS.B,
7.3%,
1/11/27
....
3,960
3,932
L2408660.UP.FTS.B,
7.61%,
1/11/27
.....
4,449
4,420
L2412785.UP.FTS.B,
7.81%,
1/11/27
.....
1,292
1,284
L2412559.UP.FTS.B,
7.83%,
1/11/27
.....
3,052
3,029
L2408557.UP.FTS.B,
7.86%,
1/11/27
.....
3,232
3,209
L2407811.UP.FTS.B,
7.94%,
1/11/27
.....
3,752
3,719
L2412462.UP.FTS.B,
7.99%,
1/11/27
.....
2,537
185
L2413039.UP.FTS.B,
8.03%,
1/11/27
.....
10,180
2,509
FW2413850.UP.FTS.B,
8.58%,
1/11/27
...
6,960
6,912
L2413727.UP.FTS.B,
8.61%,
1/11/27
.....
2,797
2,779
L2412142.UP.FTS.B,
8.74%,
1/11/27
.....
11,004
10,935
FW2410081.UP.FTS.B,
8.78%,
1/11/27
...
11,727
11,645
L2407187.UP.FTS.B,
8.85%,
1/11/27
.....
3,256
3,236
L2413316.UP.FTS.B,
8.98%,
1/11/27
.....
7,821
7,772
FW2411415.UP.FTS.B,
9.04%,
1/11/27
...
4,437
4,408
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)
FW2413111.UP.FTS.B,
9.07%,
1/11/27
...
$
5,201
$
5,168
FW2411385.UP.FTS.B,
9.23%,
1/11/27
...
5,886
5,849
FW2413046.UP.FTS.B,
9.47%,
1/11/27
...
4,175
4,143
L2410685.UP.FTS.B,
9.48%,
1/11/27
.....
6,198
1,571
L2412775.UP.FTS.B,
9.82%,
1/11/27
.....
16,108
16,008
FW2406985.UP.FTS.B,
9.83%,
1/11/27
...
1,972
1,960
L2412433.UP.FTS.B,
9.93%,
1/11/27
.....
5,593
5,561
L2404630.UP.FTS.B,
10.03%,
1/11/27
....
32,928
32,723
L2411759.UP.FTS.B,
10.11%,
1/11/27
....
16,441
1,199
L2411458.UP.FTS.B,
10.12%,
1/11/27
....
1,450
1,441
L2411928.UP.FTS.B,
10.18%,
1/11/27
....
3,296
3,277
L2408600.UP.FTS.B,
10.21%,
1/11/27
....
2,824
2,807
L2408318.UP.FTS.B,
10.27%,
1/11/27
....
2,639
2,624
L2413945.UP.FTS.B,
10.53%,
1/11/27
....
14,548
14,464
FW2412113.UP.FTS.B,
10.85%,
1/11/27
..
18,848
1,380
L2411297.UP.FTS.B,
10.9%,
1/11/27
.....
5,904
5,870
L2413322.UP.FTS.B,
10.93%,
1/11/27
....
7,251
3,902
L2413229.UP.FTS.B,
11.26%,
1/11/27
....
11,992
11,912
L2411571.UP.FTS.B,
11.47%,
1/11/27
....
5,129
5,096
L2413044.UP.FTS.B,
11.78%,
1/11/27
....
5,823
800
FW2408471.UP.FTS.B,
11.94%,
1/11/27
..
3,891
3,867
L2405206.UP.FTS.B,
12.1%,
1/11/27
.....
16,152
16,044
L2370107.UP.FTS.B,
12.85%,
1/11/27
....
3,304
3,285
L2412100.UP.FTS.B,
13.07%,
1/11/27
....
4,391
4,366
L2409206.UP.FTS.B,
13.1%,
1/11/27
.....
2,995
217
L2411596.UP.FTS.B,
13.42%,
1/11/27
....
3,390
3,368
FW2412293.UP.FTS.B,
13.57%,
1/11/27
..
3,556
3,535
FW2412839.UP.FTS.B,
13.8%,
1/11/27
...
7,298
7,250
FW2407206.UP.FTS.B,
13.82%,
1/11/27
..
4,077
4,054
FW2410061.UP.FTS.B,
13.89%,
1/11/27
..
13,599
13,522
L2409821.UP.FTS.B,
14.42%,
1/11/27
....
3,688
3,667
L2410324.UP.FTS.B,
14.46%,
1/11/27
....
13,191
13,106
L2405215.UP.FTS.B,
14.48%,
1/11/27
....
17,884
17,747
L2408774.UP.FTS.B,
14.55%,
1/11/27
....
2,734
2,721
L2410681.UP.FTS.B,
14.74%,
1/11/27
....
1,720
1,709
L2408843.UP.FTS.B,
14.84%,
1/11/27
....
2,030
2,016
L2413295.UP.FTS.B,
15.96%,
1/11/27
....
4,907
339
L2408436.UP.FTS.B,
15.99%,
1/11/27
....
27,750
27,573
L2379748.UP.FTS.B,
16.06%,
1/11/27
....
3,015
2,999
L2413797.UP.FTS.B,
16.41%,
1/11/27
....
6,894
6,859
L2406986.UP.FTS.B,
16.62%,
1/11/27
....
3,474
3,457
L2412621.UP.FTS.B,
16.62%,
1/11/27
....
2,779
2,766
L2407022.UP.FTS.B,
16.96%,
1/11/27
....
3,483
3,466
FW2411635.UP.FTS.B,
17.05%,
1/11/27
..
3,555
3,537
L2411840.UP.FTS.B,
17.48%,
1/11/27
....
19,946
19,832
L2406982.UP.FTS.B,
17.53%,
1/11/27
....
6,368
6,337
L2412808.UP.FTS.B,
17.54%,
1/11/27
....
6,997
6,963
FW2411466.UP.FTS.B,
17.75%,
1/11/27
..
1,402
1,395
L2407285.UP.FTS.B,
17.96%,
1/11/27
....
3,511
3,493
FW2407640.UP.FTS.B,
18.05%,
1/11/27
..
7,726
7,683
L2410765.UP.FTS.B,
18.19%,
1/11/27
....
5,220
5,193
L2410306.UP.FTS.B,
18.23%,
1/11/27
....
4,942
4,910
FW2413451.UP.FTS.B,
18.29%,
1/11/27
..
1,831
503
L2413233.UP.FTS.B,
18.45%,
1/11/27
....
1,761
1,753
L2412345.UP.FTS.B,
18.51%,
1/11/27
....
2,364
2,351
L2413035.UP.FTS.B,
18.66%,
1/11/27
....
2,068
2,057
FW2406958.UP.FTS.B,
18.83%,
1/11/27
..
1,628
1,616
L2407160.UP.FTS.B,
18.83%,
1/11/27
....
12,363
12,303
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2406995.UP.FTS.B,
18.92%,
1/11/27
..
$
8,495
$
4,792
L2409397.UP.FTS.B,
18.93%,
1/11/27
....
6,642
480
L2413429.UP.FTS.B,
19.09%,
1/11/27
....
436
432
L2407535.UP.FTS.B,
19.16%,
1/11/27
....
4,202
301
L2412374.UP.FTS.B,
19.25%,
1/11/27
....
8,545
8,568
FW2410395.UP.FTS.B,
20.34%,
1/11/27
..
3,571
3,554
FW2412607.UP.FTS.B,
20.39%,
1/11/27
..
3,633
1,027
FW2410858.UP.FTS.B,
20.48%,
1/11/27
..
1,583
1,574
FW2412890.UP.FTS.B,
20.68%,
1/11/27
..
7,227
7,248
FW2410350.UP.FTS.B,
20.75%,
1/11/27
..
7,207
7,227
L2407644.UP.FTS.B,
21.08%,
1/11/27
....
2,872
2,886
L2410907.UP.FTS.B,
21.6%,
1/11/27
.....
2,530
2,536
FW2413140.UP.FTS.B,
22.12%,
1/11/27
..
3,617
3,634
L2413585.UP.FTS.B,
22.13%,
1/11/27
....
5,838
5,854
L2413345.UP.FTS.B,
22.45%,
1/11/27
....
4,374
4,385
L2410843.UP.FTS.B,
22.81%,
1/11/27
....
3,455
503
FW2412276.UP.FTS.B,
22.84%,
1/11/27
..
2,801
2,810
L2410433.UP.FTS.B,
22.92%,
1/11/27
....
1,455
1,448
FW2409793.UP.FTS.B,
22.96%,
1/11/27
..
7,828
136
L2410796.UP.FTS.B,
23%,
1/11/27
......
5,200
5,222
L2410622.UP.FTS.B,
23.11%,
1/11/27
....
3,496
3,513
L2413027.UP.FTS.B,
23.16%,
1/11/27
....
5,829
5,856
FW2412083.UP.FTS.B,
23.34%,
1/11/27
..
3,355
3,371
L2408703.UP.FTS.B,
23.63%,
1/11/27
....
4,269
4,283
FW2413529.UP.FTS.B,
23.86%,
1/11/27
..
1,545
224
L2409471.UP.FTS.B,
23.96%,
1/11/27
....
4,395
4,415
L2412292.UP.FTS.B,
24.03%,
1/11/27
....
13,603
13,636
L2413379.UP.FTS.B,
24.03%,
1/11/27
....
14,663
14,730
FW2412786.UP.FTS.B,
24.26%,
1/11/27
..
6,240
6,269
FW2409686.UP.FTS.B,
24.48%,
1/11/27
..
5,432
789
FW2411057.UP.FTS.B,
24.91%,
1/11/27
..
2,845
203
FW2407461.UP.FTS.B,
25.01%,
1/11/27
..
3,689
3,706
L2407824.UP.FTS.B,
25.08%,
1/11/27
....
3,026
3,040
L2410276.UP.FTS.B,
25.16%,
1/11/27
....
672
672
L2412631.UP.FTS.B,
25.16%,
1/11/27
....
960
964
FW2412505.UP.FTS.B,
25.22%,
1/11/27
..
3,472
3,488
L2406959.UP.FTS.B,
25.22%,
1/11/27
....
7,522
7,503
L2413584.UP.FTS.B,
25.24%,
1/11/27
....
887
882
L2413560.UP.FTS.B,
25.29%,
1/11/27
....
2,603
2,610
L2410164.UP.FTS.B,
25.3%,
1/11/27
.....
970
69
FW2411982.UP.FTS.B,
25.34%,
1/11/27
..
3,703
3,712
L2411780.UP.FTS.B,
25.37%,
1/11/27
....
2,394
2,381
L2413809.UP.FTS.B,
25.37%,
1/11/27
....
5,844
5,871
L2409900.UP.FTS.B,
25.4%,
1/11/27
.....
742
744
L2411491.UP.FTS.B,
25.4%,
1/11/27
.....
1,707
1,694
L2412889.UP.FTS.B,
25.46%,
1/11/27
....
1,515
221
L2411973.UP.FTS.B,
25.47%,
1/11/27
....
962
966
L2411979.UP.FTS.B,
25.48%,
1/11/27
....
772
774
L2412081.UP.FTS.B,
25.48%,
1/11/27
....
4,236
4,237
L2411173.UP.FTS.B,
25.49%,
1/11/27
....
1,025
1,029
L2413595.UP.FTS.B,
25.51%,
1/11/27
....
2,318
2,323
FW2412928.UP.FTS.B,
25.61%,
1/11/27
..
1,482
1,489
FW2407809.UP.FTS.B,
25.64%,
1/11/27
..
8,611
8,615
L2413661.UP.FTS.B,
25.98%,
1/11/27
....
2,147
154
L2408715.UP.FTS.B,
26.2%,
1/11/27
.....
10,532
10,574
L2412410.UP.FTS.B,
26.21%,
1/11/27
....
5,612
5,627
FW2411046.UP.FTS.B,
26.47%,
1/11/27
..
6,678
6,708
L2409231.UP.FTS.B,
26.66%,
1/11/27
....
3,523
3,530
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2410155.UP.FTS.B,
26.8%,
1/11/27
.....
$
6,184
$
1,762
FW2408955.UP.FTS.B,
27.26%,
1/11/27
..
1,877
1,881
FW2410353.UP.FTS.B,
27.55%,
1/11/27
..
7,141
1,034
FW2412354.UP.FTS.B,
27.69%,
1/11/27
..
751
753
FW2406988.UP.FTS.B,
27.86%,
1/11/27
..
3,758
3,774
FW2408818.UP.FTS.B,
27.86%,
1/11/27
..
7,941
7,933
FW2410159.UP.FTS.B,
27.94%,
1/11/27
..
3,327
3,339
FW2411293.UP.FTS.B,
29.42%,
1/11/27
..
1,214
1,220
FW2407567.UP.FTS.B,
29.43%,
1/11/27
..
3,036
3,050
FW2407055.UP.FTS.B,
29.46%,
1/11/27
..
3,555
3,560
FW2408568.UP.FTS.B,
29.5%,
1/11/27
...
3,416
3,431
FW2403902.UP.FTS.B,
29.51%,
1/11/27
..
1,642
967
FW2410442.UP.FTS.B,
29.53%,
1/11/27
..
1,548
5
FW2407473.UP.FTS.B,
30.14%,
1/11/27
..
1,190
1,174
FW2412942.UP.FTS.B,
30.18%,
1/11/27
..
2,938
2,947
FW2413390.UP.FTS.B,
30.33%,
1/11/27
..
3,318
3,330
FW2407748.UP.FTS.B,
30.43%,
1/11/27
..
1,833
1,841
FW2413147.UP.FTS.B,
30.55%,
1/11/27
..
3,137
1,848
FW2412502.UP.FTS.B,
30.76%,
1/11/27
..
11,472
11,523
FW2410401.UP.FTS.B,
30.79%,
1/11/27
..
1,011
1,015
FW2411299.UP.FTS.B,
30.92%,
1/11/27
..
1,306
1,309
FW2392367.UP.FTS.B,
30.94%,
1/11/27
..
1,739
1,746
FW2411172.UP.FTS.B,
30.96%,
1/11/27
..
4,589
1,317
FW2411010.UP.FTS.B,
31.02%,
1/11/27
..
3,448
3,464
FW2409966.UP.FTS.B,
31.03%,
1/11/27
..
2,528
2,539
FW2407947.UP.FTS.B,
31.05%,
1/11/27
..
2,758
2,770
FW2411701.UP.FTS.B,
31.06%,
1/11/27
..
1,500
1,493
FW2411738.UP.FTS.B,
31.08%,
1/11/27
..
1,380
1,386
FW2413942.UP.FTS.B,
31.15%,
1/11/27
..
921
923
FW2410271.UP.FTS.B,
31.19%,
1/11/27
..
1,466
1,470
FW2411062.UP.FTS.B,
32.46%,
1/11/27
..
5,408
5,432
FW2410751.UP.FTS.B,
34.47%,
1/11/27
..
3,829
3,845
L2419418.UP.FTS.B,
5.42%,
1/12/27
....
4,344
4,306
L2414458.UP.FTS.B,
5.96%,
1/12/27
....
19,054
18,931
L2414801.UP.FTS.B,
6.11%,
1/12/27
.....
6,995
6,950
L2419361.UP.FTS.B,
6.41%,
1/12/27
....
957
950
L2402757.UP.FTS.B,
6.51%,
1/12/27
....
4,469
4,440
L2416784.UP.FTS.B,
6.53%,
1/12/27
....
1,277
1,269
L2418799.UP.FTS.B,
6.56%,
1/12/27
....
7,679
7,628
L2417049.UP.FTS.B,
6.6%,
1/12/27
.....
3,373
3,348
FW2414856.UP.FTS.B,
6.64%,
1/12/27
...
639
635
L2415375.UP.FTS.B,
6.85%,
1/12/27
....
3,838
3,813
L2416695.UP.FTS.B,
6.86%,
1/12/27
....
2,882
2,863
L2414595.UP.FTS.B,
7.05%,
1/12/27
....
4,811
4,783
L2419333.UP.FTS.B,
7.27%,
1/12/27
....
8,977
8,923
FW2415988.UP.FTS.B,
7.29%,
1/12/27
...
11,817
11,738
L2410292.UP.FTS.B,
7.3%,
1/12/27
.....
2,698
2,679
L2417990.UP.FTS.B,
7.34%,
1/12/27
....
32,157
31,966
L2417199.UP.FTS.B,
7.43%,
1/12/27
....
28,619
28,439
FW2419541.UP.FTS.B,
7.5%,
1/12/27
....
9,661
9,604
L2414153.UP.FTS.B,
7.51%,
1/12/27
....
1,610
1,600
L2417691.UP.FTS.B,
7.69%,
1/12/27
....
14,648
14,556
L2414031.UP.FTS.B,
7.78%,
1/12/27
....
10,330
10,269
L2417969.UP.FTS.B,
8.13%,
1/12/27
....
4,793
4,765
FW2416734.UP.FTS.B,
8.22%,
1/12/27
...
2,939
2,919
L2416137.UP.FTS.B,
8.26%,
1/12/27
....
6,743
6,704
L2417948.UP.FTS.B,
8.36%,
1/12/27
....
716
711
FW2415662.UP.FTS.B,
8.6%,
1/12/27
....
4,554
4,525
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2416458.UP.FTS.B,
9.06%,
1/12/27
...
$
2,094
$
2,081
L2416545.UP.FTS.B,
9.07%,
1/12/27
....
8,842
8,783
L2418009.UP.FTS.B,
9.08%,
1/12/27
....
7,837
7,792
L2414926.UP.FTS.B,
9.43%,
1/12/27
....
20,406
20,278
L2413887.UP.FTS.B,
9.49%,
1/12/27
....
3,816
3,795
FW2419389.UP.FTS.B,
9.58%,
1/12/27
...
685
679
L2418929.UP.FTS.B,
9.6%,
1/12/27
.....
11,001
799
FW2415990.UP.FTS.B,
9.9%,
1/12/27
....
19,744
19,622
L2414275.UP.FTS.B,
9.91%,
1/12/27
....
26,311
26,161
L2417012.UP.FTS.B,
10.17%,
1/12/27
....
1,319
1,311
L2415942.UP.FTS.B,
10.21%,
1/12/27
....
9,893
9,837
FW2417548.UP.FTS.B,
10.24%,
1/12/27
..
9,895
9,839
FW2417403.UP.FTS.B,
10.31%,
1/12/27
..
4,623
4,594
L2415901.UP.FTS.B,
10.41%,
1/12/27
....
10,571
10,517
L2414718.UP.FTS.B,
10.85%,
1/12/27
....
2,652
2,639
L2418788.UP.FTS.B,
10.88%,
1/12/27
....
4,107
4,067
FW2419104.UP.FTS.B,
11.58%,
1/12/27
..
5,338
5,311
L2415315.UP.FTS.B,
11.71%,
1/12/27
....
9,922
9,871
L2414779.UP.FTS.B,
11.77%,
1/12/27
....
2,673
2,660
L2414313.UP.FTS.B,
12.04%,
1/12/27
....
6,697
6,664
L2415035.UP.FTS.B,
12.36%,
1/12/27
....
7,270
7,223
L2419353.UP.FTS.B,
12.95%,
1/12/27
....
21,999
21,892
L2418973.UP.FTS.B,
13.17%,
1/12/27
....
14,197
14,128
L2419419.UP.FTS.B,
13.25%,
1/12/27
....
4,736
4,713
L2414757.UP.FTS.B,
13.72%,
1/12/27
....
7,334
7,293
L2419716.UP.FTS.B,
13.82%,
1/12/27
....
6,457
6,426
FW2417958.UP.FTS.B,
14.2%,
1/12/27
...
6,188
3,340
L2414553.UP.FTS.B,
14.38%,
1/12/27
....
13,891
13,823
L2417256.UP.FTS.B,
14.46%,
1/12/27
....
21,874
21,752
L2418826.UP.FTS.B,
14.49%,
1/12/27
....
3,346
3,314
L2416103.UP.FTS.B,
14.61%,
1/12/27
....
6,840
6,807
L2419563.UP.FTS.B,
14.64%,
1/12/27
....
20,333
20,231
L2419336.UP.FTS.B,
14.72%,
1/12/27
....
15,061
14,989
FW2417528.UP.FTS.B,
14.86%,
1/12/27
..
3,586
923
FW2414824.UP.FTS.B,
15.13%,
1/12/27
..
24,079
23,942
L2418818.UP.FTS.B,
15.34%,
1/12/27
....
4,772
4,749
FW2420218.UP.FTS.B,
15.49%,
1/12/27
..
4,095
4,074
L2418960.UP.FTS.B,
15.54%,
1/12/27
....
13,779
13,727
L2416354.UP.FTS.B,
15.71%,
1/12/27
....
3,322
3,304
FW2418121.UP.FTS.B,
15.9%,
1/12/27
...
27,771
27,624
L2414253.UP.FTS.B,
16.15%,
1/12/27
....
5,539
5,518
L2414062.UP.FTS.B,
16.39%,
1/12/27
....
3,676
3,662
L2414473.UP.FTS.B,
16.4%,
1/12/27
....
694
691
L2415142.UP.FTS.B,
16.59%,
1/12/27
....
1,392
1,378
L2420474.UP.FTS.B,
16.75%,
1/12/27
....
10,432
10,384
L2420206.UP.FTS.B,
16.98%,
1/12/27
....
8,027
2,176
L2416327.UP.FTS.B,
17.17%,
1/12/27
....
17,520
17,425
L2417581.UP.FTS.B,
17.27%,
1/12/27
....
3,072
3,061
L2415513.UP.FTS.B,
17.29%,
1/12/27
....
2,476
2,457
FW2414008.UP.FTS.B,
17.55%,
1/12/27
..
2,221
2,209
FW2394068.UP.FTS.B,
18.18%,
1/12/27
..
5,624
5,603
FW2415024.UP.FTS.B,
19.94%,
1/12/27
..
6,197
6,235
FW2414368.UP.FTS.B,
20.45%,
1/12/27
..
1,865
1,103
L2418100.UP.FTS.B,
20.74%,
1/12/27
....
12,967
12,920
L2416916.UP.FTS.B,
21.22%,
1/12/27
....
3,587
3,609
L2416598.UP.FTS.B,
21.42%,
1/12/27
....
5,332
5,362
L2404728.UP.FTS.B,
21.56%,
1/12/27
....
256
253
L2389418.UP.FTS.B,
22.12%,
1/12/27
....
4,591
2,725
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)
L2415799.UP.FTS.B,
22.22%,
1/12/27
....
$
3,434
$
3,446
FW2408502.UP.FTS.B,
22.28%,
1/12/27
..
4,871
1,389
L2416737.UP.FTS.B,
23.4%,
1/12/27
....
1,964
1,976
FW2416362.UP.FTS.B,
23.42%,
1/12/27
..
3,651
3,673
L2409743.UP.FTS.B,
23.49%,
1/12/27
....
8,134
4,391
FW2414282.UP.FTS.B,
23.79%,
1/12/27
..
1,463
1,472
FW2415097.UP.FTS.B,
23.87%,
1/12/27
..
1,764
1,759
L2415306.UP.FTS.B,
24.21%,
1/12/27
....
7,925
7,974
L2414849.UP.FTS.B,
24.57%,
1/12/27
....
2,623
751
L2417607.UP.FTS.B,
24.68%,
1/12/27
....
4,165
4,165
L2420285.UP.FTS.B,
25.25%,
1/12/27
....
1,588
111
L2418700.UP.FTS.B,
25.3%,
1/12/27
....
1,004
996
FW2414825.UP.FTS.B,
25.31%,
1/12/27
..
3,696
3,719
L2414994.UP.FTS.B,
25.32%,
1/12/27
....
1,658
1,650
L2411740.UP.FTS.B,
25.36%,
1/12/27
....
1,183
1,191
L2418717.UP.FTS.B,
25.38%,
1/12/27
....
2,516
2,526
FW2414842.UP.FTS.B,
25.41%,
1/12/27
..
538
535
L2414777.UP.FTS.B,
25.43%,
1/12/27
....
1,023
1,029
L2416664.UP.FTS.B,
25.43%,
1/12/27
....
1,221
86
L2417967.UP.FTS.B,
25.45%,
1/12/27
....
4,440
4,467
L2417114.UP.FTS.B,
25.49%,
1/12/27
....
1,406
1,415
L2418684.UP.FTS.B,
25.49%,
1/12/27
....
2,084
1,232
FW2415078.UP.FTS.B,
25.67%,
1/12/27
..
2,904
2,919
FW2418617.UP.FTS.B,
25.69%,
1/12/27
..
9,454
9,502
FW2418174.UP.FTS.B,
25.89%,
1/12/27
..
7,351
7,393
L2413654.UP.FTS.B,
25.91%,
1/12/27
....
4,386
1,233
L2414249.UP.FTS.B,
26.35%,
1/12/27
....
2,977
2,996
FW2414970.UP.FTS.B,
26.42%,
1/12/27
..
8,048
110
FW2419574.UP.FTS.B,
26.43%,
1/12/27
..
14,265
14,339
FW2415999.UP.FTS.B,
26.93%,
1/12/27
..
6,873
6,917
L2414422.UP.FTS.B,
27.95%,
1/12/27
....
2,396
695
FW2411493.UP.FTS.B,
28.18%,
1/12/27
..
10,525
10,556
FW2417708.UP.FTS.B,
28.27%,
1/12/27
..
7,534
7,583
FW2418008.UP.FTS.B,
28.88%,
1/12/27
..
1,286
1,294
FW2418306.UP.FTS.B,
29.61%,
1/12/27
..
5,320
5,354
FW2415348.UP.FTS.B,
30.45%,
1/12/27
..
16,356
16,446
FW2419466.UP.FTS.B,
30.59%,
1/12/27
..
4,122
4,148
FW2415122.UP.FTS.B,
30.76%,
1/12/27
..
1,860
270
FW2417562.UP.FTS.B,
30.84%,
1/12/27
..
765
770
FW2418392.UP.FTS.B,
30.87%,
1/12/27
..
1,660
1,670
FW2416140.UP.FTS.B,
30.99%,
1/12/27
..
1,685
1,696
FW2417415.UP.FTS.B,
31.03%,
1/12/27
..
1,379
1,388
FW2420487.UP.FTS.B,
31.06%,
1/12/27
..
1,353
1,354
FW2415692.UP.FTS.B,
31.1%,
1/12/27
...
6,445
6,469
FW2417950.UP.FTS.B,
31.11%,
1/12/27
..
332
23
FW2414984.UP.FTS.B,
31.12%,
1/12/27
..
2,964
2,979
FW2416377.UP.FTS.B,
31.22%,
1/12/27
..
3,758
3,782
FW2419527.UP.FTS.B,
33.12%,
1/12/27
..
1,036
1,040
L2419307.UP.FTS.B,
7.34%,
1/15/27
....
26,195
26,023
L2410860.UP.FTS.B,
23.88%,
1/15/27
....
4,698
4,723
L2418737.UP.FTS.B,
5.93%,
1/16/27
....
2,542
2,525
L2410494.UP.FTS.B,
17.56%,
1/16/27
....
14,098
14,010
L2414012.UP.FTS.B,
9.06%,
1/20/27
....
7,011
927
L2408655.UP.FTS.B,
5.7%,
1/26/27
.....
13,402
13,308
L2412759.UP.FTS.B,
15.38%,
1/26/27
....
4,678
341
L2409264.UP.FTS.B,
16.99%,
1/26/27
....
7,017
6,972
L2417088.UP.FTS.B,
15.78%,
1/27/27
....
5,396
5,361
L2416370.UP.FTS.B,
25.03%,
1/27/27
....
11,278
11,354
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2418991.UP.FTS.B,
31.12%,
1/27/27
..
$
3,967
$
3,984
L1711260.UP.FTS.B,
11.26%,
2/14/27
....
1,373
1,362
L1710000.UP.FTS.B,
16.05%,
2/14/27
....
14,038
13,964
FW1709115.UP.FTS.B,
20.14%,
2/14/27
..
3,952
2,275
FW1711645.UP.FTS.B,
20.26%,
2/14/27
..
23,822
1,725
L1709217.UP.FTS.B,
25.78%,
2/14/27
....
19,617
19,775
FW1712397.UP.FTS.B,
27.52%,
2/14/27
..
2,467
174
FW1712574.UP.FTS.B,
28.34%,
2/14/27
..
3,866
3,872
FW1711280.UP.FTS.B,
28.58%,
2/14/27
..
16,512
16,647
FW1710082.UP.FTS.B,
31.29%,
2/14/27
..
652
387
FW1687516.UP.FTS.B,
31.34%,
2/14/27
..
26,772
27,036
FW1709995.UP.FTS.B,
32.33%,
2/14/27
..
13,146
3,814
L2632551.UP.FTS.B,
5.37%,
2/15/27
....
7,774
7,722
L2632779.UP.FTS.B,
5.63%,
2/15/27
....
4,545
4,514
L2633842.UP.FTS.B,
6.31%,
2/15/27
....
3,064
3,037
L2633588.UP.FTS.B,
6.56%,
2/15/27
....
21,600
21,457
L2631314.UP.FTS.B,
6.7%,
2/15/27
.....
13,762
13,671
FW2631935.UP.FTS.B,
8.55%,
2/15/27
...
26,223
6,629
L2630774.UP.FTS.B,
8.69%,
2/15/27
....
2,666
2,649
L2635638.UP.FTS.B,
9.41%,
2/15/27
....
6,134
6,090
L2631278.UP.FTS.B,
9.42%,
2/15/27
....
3,353
3,332
FW2633029.UP.FTS.B,
9.57%,
2/15/27
...
1,007
1,001
FW2633295.UP.FTS.B,
9.71%,
2/15/27
...
12,435
12,358
FW2635362.UP.FTS.B,
9.75%,
2/15/27
...
8,069
8,019
L2633022.UP.FTS.B,
9.86%,
2/15/27
....
10,078
10,015
FW2635247.UP.FTS.B,
10.37%,
2/15/27
..
5,779
5,745
L2632143.UP.FTS.B,
10.83%,
2/15/27
....
3,814
3,785
FW2637614.UP.FTS.B,
11.51%,
2/15/27
..
8,605
8,546
L2632232.UP.FTS.B,
11.83%,
2/15/27
....
5,649
5,601
L2633836.UP.FTS.B,
12%,
2/15/27
......
7,498
7,069
FW2636201.UP.FTS.B,
12.12%,
2/15/27
..
4,798
4,770
L2630147.UP.FTS.B,
12.15%,
2/15/27
....
27,420
27,263
L2635861.UP.FTS.B,
12.41%,
2/15/27
....
5,838
5,805
L2628202.UP.FTS.B,
13.1%,
2/15/27
....
4,767
656
L2637042.UP.FTS.B,
13.14%,
2/15/27
....
5,527
5,496
L2631332.UP.FTS.B,
13.22%,
2/15/27
....
3,456
3,437
FW2633237.UP.FTS.B,
13.24%,
2/15/27
..
2,766
2,750
L2631964.UP.FTS.B,
14%,
2/15/27
......
5,224
5,190
L2632724.UP.FTS.B,
14.48%,
2/15/27
....
3,700
3,679
L2637603.UP.FTS.B,
14.83%,
2/15/27
....
4,471
4,446
FW2631558.UP.FTS.B,
15.18%,
2/15/27
..
10,525
10,465
L2635221.UP.FTS.B,
15.45%,
2/15/27
....
5,203
5,174
FW2633986.UP.FTS.B,
15.46%,
2/15/27
..
17,949
16,926
FW2631951.UP.FTS.B,
15.91%,
2/15/27
..
6,193
6,154
FW2634727.UP.FTS.B,
16.18%,
2/15/27
..
4,666
4,643
L2635424.UP.FTS.B,
16.37%,
2/15/27
....
28,317
28,177
L2610013.UP.FTS.B,
16.95%,
2/15/27
....
2,958
796
L2630011.UP.FTS.B,
16.96%,
2/15/27
....
3,555
3,535
FW2635945.UP.FTS.B,
17.32%,
2/15/27
..
3,920
3,900
FW2635531.UP.FTS.B,
18.53%,
2/15/27
..
8,484
8,442
FW2632933.UP.FTS.B,
18.59%,
2/15/27
..
7,194
7,158
FW2632544.UP.FTS.B,
18.69%,
2/15/27
..
19,536
784
L2634353.UP.FTS.B,
19.06%,
2/15/27
....
7,103
7,063
FW2634297.UP.FTS.B,
19.29%,
2/15/27
..
16
16
L2632256.UP.FTS.B,
19.82%,
2/15/27
....
726
722
L2635013.UP.FTS.B,
20.25%,
2/15/27
....
4,214
4,187
L2633648.UP.FTS.B,
20.29%,
2/15/27
....
7,407
7,366
FW2632574.UP.FTS.B,
20.97%,
2/15/27
..
8,082
7,974
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)
L2632212.UP.FTS.B,
21.09%,
2/15/27
....
$
2,911
$
2,895
L2630116.UP.FTS.B,
21.26%,
2/15/27
....
4,396
4,373
L2637476.UP.FTS.B,
21.48%,
2/15/27
....
8,048
7,628
FW2631142.UP.FTS.B,
21.84%,
2/15/27
..
2,324
2,333
FW2634641.UP.FTS.B,
22.06%,
2/15/27
..
10,314
10,362
L2636740.UP.FTS.B,
22.15%,
2/15/27
....
737
741
L2633500.UP.FTS.B,
22.28%,
2/15/27
....
3,700
3,710
L2632041.UP.FTS.B,
23.26%,
2/15/27
....
8,913
8,866
L2631781.UP.FTS.B,
23.47%,
2/15/27
....
2,002
1,939
FW2633249.UP.FTS.B,
23.49%,
2/15/27
..
4,109
4,120
L2635262.UP.FTS.B,
24.04%,
2/15/27
....
6,715
6,746
L2629665.UP.FTS.B,
24.47%,
2/15/27
....
5,311
5,327
FW2634252.UP.FTS.B,
24.49%,
2/15/27
..
4,794
4,816
L2636078.UP.FTS.B,
24.6%,
2/15/27
....
12,021
1,780
FW2632893.UP.FTS.B,
24.67%,
2/15/27
..
17,188
2,537
L2631848.UP.FTS.B,
24.9%,
2/15/27
....
4,766
704
L2634268.UP.FTS.B,
25.05%,
2/15/27
....
1,804
1,812
FW2635941.UP.FTS.B,
25.09%,
2/15/27
..
4,131
4,150
L2634539.UP.FTS.B,
25.3%,
2/15/27
....
1,429
1,436
L2632154.UP.FTS.B,
25.31%,
2/15/27
....
17,678
17,759
L2636370.UP.FTS.B,
25.4%,
2/15/27
....
2,258
2,268
L2631893.UP.FTS.B,
25.41%,
2/15/27
....
2,685
2,696
L2636222.UP.FTS.B,
25.41%,
2/15/27
....
15,053
15,122
L2634591.UP.FTS.B,
25.45%,
2/15/27
....
828
832
FW2631141.UP.FTS.B,
25.72%,
2/15/27
..
9,883
9,927
L2634677.UP.FTS.B,
25.78%,
2/15/27
....
3,018
3,032
FW2635210.UP.FTS.B,
25.81%,
2/15/27
..
4,527
4,548
L2636195.UP.FTS.B,
25.92%,
2/15/27
....
11,326
11,377
FW2634765.UP.FTS.B,
26.22%,
2/15/27
..
14,537
1,029
L2635199.UP.FTS.B,
26.23%,
2/15/27
....
4,766
4,787
FW2635628.UP.FTS.B,
26.36%,
2/15/27
..
1,996
1,981
FW2634760.UP.FTS.B,
26.38%,
2/15/27
..
4,467
4,487
L2634070.UP.FTS.B,
26.45%,
2/15/27
....
19,939
5,754
L2635219.UP.FTS.B,
26.59%,
2/15/27
....
3,185
3,199
FW2637086.UP.FTS.B,
26.68%,
2/15/27
..
2,503
2,515
FW2637044.UP.FTS.B,
27.28%,
2/15/27
..
855
825
FW2634310.UP.FTS.B,
27.59%,
2/15/27
..
5,645
5,670
FW2632183.UP.FTS.B,
27.72%,
2/15/27
..
5,344
5,368
FW2634627.UP.FTS.B,
28.11%,
2/15/27
..
4,590
4,610
FW2587827.UP.FTS.B,
28.49%,
2/15/27
..
9,777
–
FW2634087.UP.FTS.B,
29.37%,
2/15/27
..
4,093
4,089
FW2632506.UP.FTS.B,
29.8%,
2/15/27
...
4,253
4,266
FW2631008.UP.FTS.B,
30.31%,
2/15/27
..
351
347
FW2636372.UP.FTS.B,
30.35%,
2/15/27
..
4,650
4,671
FW2632070.UP.FTS.B,
30.58%,
2/15/27
..
2,457
2,465
FW2631994.UP.FTS.B,
30.71%,
2/15/27
..
4,015
4,026
FW2631494.UP.FTS.B,
30.85%,
2/15/27
..
3,498
3,513
FW2629864.UP.FTS.B,
30.9%,
2/15/27
...
1,998
303
FW2633675.UP.FTS.B,
30.91%,
2/15/27
..
856
859
FW2634617.UP.FTS.B,
30.93%,
2/15/27
..
2,837
2,846
FW2631968.UP.FTS.B,
30.98%,
2/15/27
..
5,169
5,164
FW2633314.UP.FTS.B,
31.08%,
2/15/27
..
731
730
FW2637419.UP.FTS.B,
31.1%,
2/15/27
...
2,070
2,061
FW2633604.UP.FTS.B,
31.13%,
2/15/27
..
2,025
2,034
FW2637089.UP.FTS.B,
31.23%,
2/15/27
..
6,542
6,571
L2640422.UP.FTS.B,
7.19%,
2/16/27
....
3,931
3,908
L2638196.UP.FTS.B,
7.54%,
2/16/27
....
12,142
12,065
L2644170.UP.FTS.B,
8.74%,
2/16/27
....
18,336
18,231
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2644467.UP.FTS.B,
8.99%,
2/16/27
....
$
1,195
$
1,184
L2641249.UP.FTS.B,
9.09%,
2/16/27
....
9,831
9,775
FW2640044.UP.FTS.B,
9.77%,
2/16/27
...
3,909
3,887
FW2639996.UP.FTS.B,
9.85%,
2/16/27
...
4,649
4,615
L2628258.UP.FTS.B,
10.4%,
2/16/27
....
11,014
10,958
L2639939.UP.FTS.B,
10.73%,
2/16/27
....
9,802
9,752
L2642767.UP.FTS.B,
10.84%,
2/16/27
....
8,780
8,727
L2642462.UP.FTS.B,
10.86%,
2/16/27
....
4,750
4,726
L2640107.UP.FTS.B,
11.57%,
2/16/27
....
7,302
7,265
L2642580.UP.FTS.B,
11.66%,
2/16/27
....
2,390
2,378
FW2644262.UP.FTS.B,
11.83%,
2/16/27
..
6,839
6,805
L2642829.UP.FTS.B,
11.96%,
2/16/27
....
14,648
14,575
L2643133.UP.FTS.B,
12.13%,
2/16/27
....
7,478
7,440
L2640589.UP.FTS.B,
12.31%,
2/16/27
....
34,317
34,147
L2637999.UP.FTS.B,
12.45%,
2/16/27
....
7,694
7,656
FW2641042.UP.FTS.B,
12.73%,
2/16/27
..
826
822
L2641626.UP.FTS.B,
13.94%,
2/16/27
....
695
692
L2639543.UP.FTS.B,
14.06%,
2/16/27
....
6,958
6,925
FW2641444.UP.FTS.B,
14.17%,
2/16/27
..
4,527
4,505
FW2637881.UP.FTS.B,
14.54%,
2/16/27
..
4,182
4,162
L2637807.UP.FTS.B,
14.59%,
2/16/27
....
10,398
10,347
L2643572.UP.FTS.B,
14.72%,
2/16/27
....
1,398
1,392
FW2640160.UP.FTS.B,
14.88%,
2/16/27
..
16,103
16,026
L2644502.UP.FTS.B,
15.74%,
2/16/27
....
13,261
13,170
L2643245.UP.FTS.B,
15.83%,
2/16/27
....
15,301
15,229
L2642945.UP.FTS.B,
15.91%,
2/16/27
....
1,058
1,053
FW2637690.UP.FTS.B,
16.3%,
2/16/27
...
4,605
4,579
FW2643607.UP.FTS.B,
16.31%,
2/16/27
..
35,377
35,241
FW2638305.UP.FTS.B,
16.48%,
2/16/27
..
7,620
7,579
L2641861.UP.FTS.B,
16.53%,
2/16/27
....
14,217
14,128
L2639711.UP.FTS.B,
16.7%,
2/16/27
.....
1,135
1,131
FW2641664.UP.FTS.B,
17.29%,
2/16/27
..
4,112
4,094
L2643228.UP.FTS.B,
17.64%,
2/16/27
....
3,572
3,559
L2641429.UP.FTS.B,
17.81%,
2/16/27
....
9,299
9,264
FW2643031.UP.FTS.B,
17.82%,
2/16/27
..
28,513
7,480
L2641792.UP.FTS.B,
17.85%,
2/16/27
....
3,591
3,571
FW2641155.UP.FTS.B,
18.14%,
2/16/27
..
3,968
3,946
L2638277.UP.FTS.B,
18.32%,
2/16/27
....
3,594
3,575
FW2642517.UP.FTS.B,
18.63%,
2/16/27
..
53
52
L2640308.UP.FTS.B,
18.76%,
2/16/27
....
25,214
25,117
L2607183.UP.FTS.B,
19.09%,
2/16/27
....
14,286
14,230
L2640102.UP.FTS.B,
19.59%,
2/16/27
....
18,571
18,495
L2642912.UP.FTS.B,
19.59%,
2/16/27
....
14,234
14,173
L2644725.UP.FTS.B,
19.78%,
2/16/27
....
7,160
7,129
L2643324.UP.FTS.B,
19.84%,
2/16/27
....
33,872
33,705
L2639587.UP.FTS.B,
20.1%,
2/16/27
....
2,907
2,896
FW2640938.UP.FTS.B,
20.16%,
2/16/27
..
7,929
7,978
L2643431.UP.FTS.B,
20.38%,
2/16/27
....
10,614
10,042
L2631654.UP.FTS.B,
20.62%,
2/16/27
....
16,341
16,442
FW2644103.UP.FTS.B,
20.8%,
2/16/27
...
5,460
5,440
FW2639130.UP.FTS.B,
21.01%,
2/16/27
..
2,926
2,944
FW2640179.UP.FTS.B,
21.11%,
2/16/27
..
3,585
259
L2640498.UP.FTS.B,
21.39%,
2/16/27
....
7,335
7,381
FW2638136.UP.FTS.B,
21.78%,
2/16/27
..
5,885
5,921
FW2643646.UP.FTS.B,
21.86%,
2/16/27
..
12,712
309
L2641584.UP.FTS.B,
21.92%,
2/16/27
....
38,338
36,270
L2637535.UP.FTS.B,
21.95%,
2/16/27
....
22,041
21,134
L2631819.UP.FTS.B,
22.11%,
2/16/27
....
20,331
20,379
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)
L2637903.UP.FTS.B,
22.13%,
2/16/27
....
$
8,902
$
8,437
FW2640578.UP.FTS.B,
22.42%,
2/16/27
..
660
661
L2639752.UP.FTS.B,
22.85%,
2/16/27
....
37,023
36,884
L2644478.UP.FTS.B,
23.24%,
2/16/27
....
14,853
14,946
FW2641930.UP.FTS.B,
23.25%,
2/16/27
..
7,718
7,689
FW2640017.UP.FTS.B,
23.28%,
2/16/27
..
36,789
36,995
L2636952.UP.FTS.B,
23.58%,
2/16/27
....
7,442
7,488
FW2639691.UP.FTS.B,
23.69%,
2/16/27
..
13,550
13,634
FW2643737.UP.FTS.B,
23.79%,
2/16/27
..
11,768
11,828
L2644184.UP.FTS.B,
24.14%,
2/16/27
....
6,826
6,459
L2638762.UP.FTS.B,
24.36%,
2/16/27
....
2,696
192
L2638887.UP.FTS.B,
24.84%,
2/16/27
....
1,500
1,509
L2643360.UP.FTS.B,
24.93%,
2/16/27
....
2,589
746
L2642235.UP.FTS.B,
24.97%,
2/16/27
....
1,127
1,134
FW2642257.UP.FTS.B,
25.15%,
2/16/27
..
7,494
7,540
FW2640811.UP.FTS.B,
25.17%,
2/16/27
..
24,101
302
L2629944.UP.FTS.B,
25.26%,
2/16/27
....
979
70
L2642246.UP.FTS.B,
25.42%,
2/16/27
....
1,657
1,667
L2637328.UP.FTS.B,
25.43%,
2/16/27
....
4,753
1,368
L2643718.UP.FTS.B,
25.45%,
2/16/27
....
1,054
1,061
L2638486.UP.FTS.B,
25.48%,
2/16/27
....
7,757
7,805
L2644251.UP.FTS.B,
25.49%,
2/16/27
....
908
912
L2643938.UP.FTS.B,
25.5%,
2/16/27
....
1,240
188
L2643974.UP.FTS.B,
25.5%,
2/16/27
....
2,691
2,706
L2638794.UP.FTS.B,
25.6%,
2/16/27
....
9,797
9,858
L2638678.UP.FTS.B,
25.84%,
2/16/27
....
7,547
7,594
FW2642963.UP.FTS.B,
25.88%,
2/16/27
..
3,623
3,646
L2640846.UP.FTS.B,
26.29%,
2/16/27
....
18,926
19,045
FW2641067.UP.FTS.B,
27.08%,
2/16/27
..
5,289
5,320
FW2638017.UP.FTS.B,
27.09%,
2/16/27
..
6,540
6,582
FW2636711.UP.FTS.B,
27.4%,
2/16/27
...
7,619
7,667
FW2643525.UP.FTS.B,
28.34%,
2/16/27
..
8,817
8,860
FW2644630.UP.FTS.B,
28.55%,
2/16/27
..
7,720
7,755
FW2642505.UP.FTS.B,
29.14%,
2/16/27
..
1,587
1,596
FW2644598.UP.FTS.B,
29.38%,
2/16/27
..
8,511
8,554
FW2638733.UP.FTS.B,
29.69%,
2/16/27
..
3,337
3,352
FW2639696.UP.FTS.B,
30.14%,
2/16/27
..
774
779
FW2640894.UP.FTS.B,
30.14%,
2/16/27
..
21,059
21,193
FW2641475.UP.FTS.B,
30.33%,
2/16/27
..
1,309
1,317
FW2642574.UP.FTS.B,
30.52%,
2/16/27
..
13,164
13,116
FW2639097.UP.FTS.B,
30.54%,
2/16/27
..
777
782
FW2632545.UP.FTS.B,
30.71%,
2/16/27
..
804
792
FW2644847.UP.FTS.B,
30.77%,
2/16/27
..
1,086
1,087
FW2641385.UP.FTS.B,
30.96%,
2/16/27
..
352
347
FW2643800.UP.FTS.B,
31.1%,
2/16/27
...
1,153
1,125
FW2638255.UP.FTS.B,
31.12%,
2/16/27
..
1,333
1,326
FW2641109.UP.FTS.B,
31.12%,
2/16/27
..
36,736
1,573
FW2610188.UP.FTS.B,
31.13%,
2/16/27
..
8,034
7,700
FW2641269.UP.FTS.B,
31.13%,
2/16/27
..
9,102
8,726
FW2642792.UP.FTS.B,
31.15%,
2/16/27
..
926
931
FW2639361.UP.FTS.B,
31.17%,
2/16/27
..
1,090
1,097
FW2638060.UP.FTS.B,
31.21%,
2/16/27
..
2,026
2,039
FW2638691.UP.FTS.B,
31.42%,
2/16/27
..
7,913
–
FW2645630.UP.FTS.B,
12.87%,
2/17/27
..
8,861
8,818
L2644980.UP.FTS.B,
12.95%,
2/17/27
....
1,320
1,312
L2645342.UP.FTS.B,
13.93%,
2/17/27
....
20,771
20,672
FW2645588.UP.FTS.B,
15.61%,
2/17/27
..
2,778
2,767
FW2645675.UP.FTS.B,
15.8%,
2/17/27
...
19,175
19,105
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2645832.UP.FTS.B,
18.88%,
2/17/27
..
$
10,813
$
10,775
L2645010.UP.FTS.B,
20.52%,
2/17/27
....
8,020
7,992
FW2642053.UP.FTS.B,
21.61%,
2/17/27
..
3,078
3,097
L2645135.UP.FTS.B,
21.7%,
2/17/27
....
1,617
1,627
L2645558.UP.FTS.B,
22.43%,
2/17/27
....
2,125
2,117
L2645378.UP.FTS.B,
22.72%,
2/17/27
....
3,849
3,874
L2645573.UP.FTS.B,
22.94%,
2/17/27
....
1,508
1,431
L2645131.UP.FTS.B,
25.45%,
2/17/27
....
1,055
1,028
FW2645900.UP.FTS.B,
26.25%,
2/17/27
..
1,513
1,523
FW2645472.UP.FTS.B,
26.31%,
2/17/27
..
13,636
3,972
FW2645571.UP.FTS.B,
26.48%,
2/17/27
..
3,031
3,051
FW2645165.UP.FTS.B,
26.81%,
2/17/27
..
419
414
FW2644978.UP.FTS.B,
28.18%,
2/17/27
..
8,223
8,275
FW2644973.UP.FTS.B,
28.39%,
2/17/27
..
6,588
6,628
FW2645842.UP.FTS.B,
30.86%,
2/17/27
..
2,421
2,433
L2633374.UP.FTS.B,
7.21%,
2/18/27
....
12,514
12,429
FW2635428.UP.FTS.B,
22.3%,
2/19/27
...
12,158
12,217
FW2639867.UP.FTS.B,
26.3%,
2/19/27
...
1,530
1,538
L2638208.UP.FTS.B,
25.18%,
2/22/27
....
1,887
1,895
L2642691.UP.FTS.B,
8.69%,
2/23/27
....
21,923
21,797
L2644708.UP.FTS.B,
25.19%,
2/25/27
....
3,479
3,495
L1710004.UP.FTS.B,
26.05%,
2/25/27
....
9,183
1,354
L2631928.UP.FTS.B,
22.74%,
2/28/27
....
5,890
873
L2633254.UP.FTS.B,
24.29%,
2/28/27
....
16,438
16,324
L2645397.UP.FTS.B,
26.19%,
2/28/27
....
1,905
1,918
L2640994.UP.FTS.B,
27.05%,
2/28/27
....
15,341
15,412
L1874238.UP.FTS.B,
17.32%,
3/18/27
....
3,646
3,616
L1873745.UP.FTS.B,
17.46%,
3/18/27
....
7,921
7,867
L1872889.UP.FTS.B,
18.38%,
3/18/27
....
14,559
14,437
L1872381.UP.FTS.B,
22.4%,
3/18/27
....
1,762
1,775
FW1873439.UP.FTS.B,
25.66%,
3/18/27
..
1,336
–
FW1874338.UP.FTS.B,
26.12%,
3/18/27
..
8,216
588
L1873838.UP.FTS.B,
26.46%,
3/18/27
....
3,806
3,656
FW1873640.UP.FTS.B,
27.67%,
3/18/27
..
28,702
28,983
FW1874126.UP.FTS.B,
27.94%,
3/18/27
..
3,947
3,783
L1873977.UP.FTS.B,
12.66%,
3/23/27
....
8,692
8,632
L1874548.UP.FTS.B,
26.04%,
3/26/27
....
5,317
5,340
L1873528.UP.FTS.B,
25.71%,
3/28/27
....
6,008
889
L2005122.UP.FTS.B,
12.01%,
4/09/27
....
6,483
471
L2008435.UP.FTS.B,
14.4%,
4/09/27
....
6,089
3,248
L2005313.UP.FTS.B,
17.04%,
4/09/27
....
42,168
41,898
L2006384.UP.FTS.B,
18.95%,
4/09/27
....
8,619
8,558
L2006933.UP.FTS.B,
23.7%,
4/09/27
....
4,592
4,606
L2006560.UP.FTS.B,
24.67%,
4/09/27
....
6,108
6,132
L2009664.UP.FTS.B,
25.29%,
4/09/27
....
1,314
1,319
FW2007255.UP.FTS.B,
28.65%,
4/09/27
..
4,542
4,551
FW2008122.UP.FTS.B,
29.26%,
4/09/27
..
311
210
FW2009107.UP.FTS.B,
29.81%,
4/09/27
..
2,672
2,688
FW2009466.UP.FTS.B,
29.96%,
4/09/27
..
1,612
1,622
FW2007277.UP.FTS.B,
30.98%,
4/09/27
..
841
844
FW2008461.UP.FTS.B,
31.23%,
4/09/27
..
1,440
1,438
L2009332.UP.FTS.B,
18.58%,
4/15/27
....
1,800
1,779
FW2008777.UP.FTS.B,
28.16%,
4/15/27
..
2,713
379
L2079809.UP.FTS.B,
11.68%,
4/19/27
....
5,838
1,490
L2076923.UP.FTS.B,
15.84%,
4/19/27
....
7,287
–
L2077624.UP.FTS.B,
16.62%,
4/19/27
....
32,933
32,677
L2080104.UP.FTS.B,
16.97%,
4/19/27
....
41,010
2,976
L2077275.UP.FTS.B,
17.44%,
4/19/27
....
5,817
841
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)
L2078117.UP.FTS.B,
17.47%,
4/19/27
....
$
2,209
$
2,190
L2080091.UP.FTS.B,
20.35%,
4/19/27
....
1,914
1,900
L2075161.UP.FTS.B,
20.64%,
4/19/27
....
26,056
25,859
L2076557.UP.FTS.B,
21.86%,
4/19/27
....
22,111
21,280
L2071630.UP.FTS.B,
22.65%,
4/19/27
....
5,239
5,251
L2078089.UP.FTS.B,
22.76%,
4/19/27
....
15,398
15,353
FW2078029.UP.FTS.B,
23.15%,
4/19/27
..
3,653
3,659
FW2077484.UP.FTS.B,
23.29%,
4/19/27
..
12,693
12,190
L2073677.UP.FTS.B,
24.99%,
4/19/27
....
13,568
965
L2075052.UP.FTS.B,
25.99%,
4/19/27
....
3,898
3,914
L2077173.UP.FTS.B,
26.59%,
4/19/27
....
10,081
1,517
FW2076494.UP.FTS.B,
27.89%,
4/19/27
..
4,797
4,827
FW2079282.UP.FTS.B,
30.4%,
4/19/27
...
970
972
FW2077993.UP.FTS.B,
30.84%,
4/19/27
..
2,463
171
FW2076209.UP.FTS.B,
31.48%,
4/19/27
..
2,725
787
FW2079511.UP.FTS.B,
9.94%,
5/01/27
...
4,556
4,523
L2079161.UP.FTS.B,
17.64%,
5/01/27
....
4,895
4,866
L2199199.UP.FTS.B,
10.28%,
5/07/27
....
6,326
6,285
FW2195774.UP.FTS.B,
11.53%,
5/07/27
..
23,474
23,271
L2197038.UP.FTS.B,
12.26%,
5/07/27
....
2,776
2,747
L2196990.UP.FTS.B,
14.16%,
5/07/27
....
4,162
604
L2196542.UP.FTS.B,
14.21%,
5/07/27
....
6,182
3,299
L2197143.UP.FTS.B,
15.39%,
5/07/27
....
8,708
1,217
FW2198673.UP.FTS.B,
15.71%,
5/07/27
..
16,095
15,960
L2199844.UP.FTS.B,
16.94%,
5/07/27
....
7,812
7,735
L2197174.UP.FTS.B,
17.08%,
5/07/27
....
11,004
10,882
L2195192.UP.FTS.B,
17.22%,
5/07/27
....
2,490
2,461
L2195638.UP.FTS.B,
17.49%,
5/07/27
....
8,754
636
L2200243.UP.FTS.B,
17.54%,
5/07/27
....
852
61
L2200120.UP.FTS.B,
19.52%,
5/07/27
....
9,612
2,641
FW2198237.UP.FTS.B,
21.87%,
5/07/27
..
3,684
3,680
L2197891.UP.FTS.B,
23.8%,
5/07/27
....
2,957
2,967
L2199876.UP.FTS.B,
25.33%,
5/07/27
....
1,086
1,081
L2199661.UP.FTS.B,
25.4%,
5/07/27
....
2,136
2,136
FW2198564.UP.FTS.B,
27.96%,
5/07/27
..
3,762
3,768
FW2197220.UP.FTS.B,
29.81%,
5/07/27
..
2,066
589
FW2196279.UP.FTS.B,
31.01%,
5/07/27
..
2,815
2,815
FW2199111.UP.FTS.B,
31.05%,
5/07/27
..
1,544
911
L2203856.UP.FTS.B,
13.82%,
5/08/27
....
20,958
20,802
L2205206.UP.FTS.B,
15.97%,
5/08/27
....
23,847
23,676
L2205436.UP.FTS.B,
16.02%,
5/08/27
....
20,691
20,457
L2203740.UP.FTS.B,
19.62%,
5/08/27
....
1,833
1,813
L2198053.UP.FTS.B,
20.47%,
5/08/27
....
2,825
2,796
L2203837.UP.FTS.B,
20.89%,
5/08/27
....
10,754
521
L2201398.UP.FTS.B,
22.49%,
5/08/27
....
10,205
10,125
L2202315.UP.FTS.B,
23.12%,
5/08/27
....
3,040
3,034
L2204624.UP.FTS.B,
23.54%,
5/08/27
....
15,993
15,906
L2204118.UP.FTS.B,
23.56%,
5/08/27
....
13,579
13,545
FW2205649.UP.FTS.B,
23.84%,
5/08/27
..
3,130
3,131
L2169986.UP.FTS.B,
24.03%,
5/08/27
....
11,804
6,939
FW2202542.UP.FTS.B,
24.64%,
5/08/27
..
3,676
3,688
L2205328.UP.FTS.B,
24.68%,
5/08/27
....
1,552
1,553
FW2201944.UP.FTS.B,
25.52%,
5/08/27
..
4,672
2,739
L2204916.UP.FTS.B,
25.63%,
5/08/27
....
9,344
9,393
L2206165.UP.FTS.B,
26.19%,
5/08/27
....
7,401
7,423
FW2201816.UP.FTS.B,
26.65%,
5/08/27
..
4,264
306
FW2206860.UP.FTS.B,
28.2%,
5/08/27
...
2,796
2,803
FW2199020.UP.FTS.B,
29.97%,
5/08/27
..
8,984
1,282
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2199475.UP.FTS.B,
30.86%,
5/08/27
..
$
3,935
$
562
FW2202450.UP.FTS.B,
31.05%,
5/08/27
..
2,373
2,371
FW2201216.UP.FTS.B,
31.06%,
5/08/27
..
2,277
327
FW2200444.UP.FTS.B,
31.21%,
5/08/27
..
3,309
945
FW2200188.UP.FTS.B,
28.66%,
5/12/27
..
4,580
4,564
L2199654.UP.FTS.B,
12.66%,
5/13/27
....
4,178
4,138
FW2199867.UP.FTS.B,
13.82%,
5/23/27
..
11,560
10,869
FW2204874.UP.FTS.B,
17.03%,
5/23/27
..
7,322
7,226
L2169853.UP.FTS.B,
22.52%,
5/23/27
....
4,142
4,136
L2411745.UP.FTS.B,
7.47%,
6/11/27
.....
5,310
436
L2412468.UP.FTS.B,
7.67%,
6/11/27
.....
34,893
18,069
L2412874.UP.FTS.B,
8.03%,
6/11/27
.....
5,046
2,612
L2412901.UP.FTS.B,
8.44%,
6/11/27
.....
10,536
10,447
L2408994.UP.FTS.B,
9.47%,
6/11/27
.....
5,638
755
L2413627.UP.FTS.B,
12.33%,
6/11/27
....
27,424
994
L2412970.UP.FTS.B,
14.15%,
6/11/27
....
12,114
873
L2410725.UP.FTS.B,
15.84%,
6/11/27
....
14,777
14,629
FW2407472.UP.FTS.B,
18.08%,
6/11/27
..
20,143
19,969
L2412214.UP.FTS.B,
18.34%,
6/11/27
....
2,341
2,323
L2402977.UP.FTS.B,
20.95%,
6/11/27
....
1,342
1,343
FW2406392.UP.FTS.B,
23.41%,
6/11/27
..
8,278
8,332
L2413373.UP.FTS.B,
23.72%,
6/11/27
....
27,303
27,394
FW2409812.UP.FTS.B,
24.81%,
6/11/27
..
2,374
2,368
L2412285.UP.FTS.B,
25.08%,
6/11/27
....
11,330
815
L2406611.UP.FTS.B,
25.32%,
6/11/27
....
20,626
12,157
FW2410079.UP.FTS.B,
25.81%,
6/11/27
..
2,802
2,800
FW2411228.UP.FTS.B,
26.37%,
6/11/27
..
3,389
3,386
FW2409497.UP.FTS.B,
26.87%,
6/11/27
..
1,838
–
L2407955.UP.FTS.B,
27%,
6/11/27
......
7,657
7,667
FW2410593.UP.FTS.B,
28.88%,
6/11/27
..
7,471
525
FW2413018.UP.FTS.B,
30.69%,
6/11/27
..
722
712
FW2410302.UP.FTS.B,
30.97%,
6/11/27
..
1,618
1,616
FW2412394.UP.FTS.B,
31.05%,
6/11/27
..
1,931
260
FW2409027.UP.FTS.B,
31.16%,
6/11/27
..
1,437
–
FW2411177.UP.FTS.B,
31.23%,
6/11/27
..
2,880
1,713
FW2408747.UP.FTS.B,
31.68%,
6/11/27
..
11,206
1,563
L2415490.UP.FTS.B,
12.71%,
6/12/27
....
11,693
11,597
L2416143.UP.FTS.B,
14.39%,
6/12/27
....
1,569
113
L2418555.UP.FTS.B,
15.62%,
6/12/27
....
12,218
12,114
L2419121.UP.FTS.B,
17.04%,
6/12/27
....
6,110
441
FW2417755.UP.FTS.B,
18.05%,
6/12/27
..
14,320
14,193
L2415568.UP.FTS.B,
19.57%,
6/12/27
....
2,916
2,913
L2415810.UP.FTS.B,
22.13%,
6/12/27
....
3,892
3,902
L2418697.UP.FTS.B,
22.86%,
6/12/27
....
3,606
3,570
L2417411.UP.FTS.B,
24%,
6/12/27
......
8,762
8,803
FW2415852.UP.FTS.B,
25.19%,
6/12/27
..
7,001
7,012
FW2414026.UP.FTS.B,
30.61%,
6/12/27
..
920
263
FW2418950.UP.FTS.B,
30.94%,
6/12/27
..
1,642
1,641
FW2418092.UP.FTS.B,
30.98%,
6/12/27
..
1,231
1,230
FW2420156.UP.FTS.B,
31.98%,
6/12/27
..
2,616
2,586
FW2416032.UP.FTS.B,
32.75%,
6/12/27
..
17,680
1,246
L2412701.UP.FTS.B,
25.09%,
6/15/27
....
905
904
FW2410113.UP.FTS.B,
29.34%,
6/25/27
..
2,822
2,829
FW2411936.UP.FTS.B,
13.61%,
6/26/27
..
5,744
5,693
L1708948.UP.FTS.B,
7.47%,
7/14/27
....
5,719
5,679
L1708685.UP.FTS.B,
16.63%,
7/14/27
....
1,903
1,892
FW1706254.UP.FTS.B,
26.93%,
7/14/27
..
26,914
4,060
L2633603.UP.FTS.B,
8.38%,
7/15/27
....
12,720
12,614
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)
FW2637564.UP.FTS.B,
8.54%,
7/15/27
...
$
11,124
$
11,039
L2636245.UP.FTS.B,
12.68%,
7/15/27
....
28,117
27,933
L2633537.UP.FTS.B,
17.39%,
7/15/27
....
8,623
1,222
L2633453.UP.FTS.B,
19.72%,
7/15/27
....
13,199
13,088
L2636132.UP.FTS.B,
21.91%,
7/15/27
....
9,021
1,311
FW2636073.UP.FTS.B,
23.1%,
7/15/27
...
4,088
4,073
FW2632915.UP.FTS.B,
24.46%,
7/15/27
..
12,164
12,106
L2633167.UP.FTS.B,
24.54%,
7/15/27
....
4,774
4,726
L2605748.UP.FTS.B,
25.45%,
7/15/27
....
1,494
1,490
FW2634423.UP.FTS.B,
28.99%,
7/15/27
..
17,030
17,003
FW2636841.UP.FTS.B,
30.04%,
7/15/27
..
24,352
23,285
L2638227.UP.FTS.B,
10.2%,
7/16/27
....
11,302
10,620
FW2639288.UP.FTS.B,
14.3%,
7/16/27
...
12,029
11,929
L2641778.UP.FTS.B,
14.87%,
7/16/27
....
33,350
33,068
FW2644039.UP.FTS.B,
16.97%,
7/16/27
..
6,118
6,061
L2640734.UP.FTS.B,
17.15%,
7/16/27
....
38,067
37,658
L2640760.UP.FTS.B,
19.65%,
7/16/27
....
4,252
4,230
L2639355.UP.FTS.B,
21.49%,
7/16/27
....
3,022
2,991
L2641233.UP.FTS.B,
22.03%,
7/16/27
....
15,461
692
FW2641976.UP.FTS.B,
24.71%,
7/16/27
..
11,198
805
L2643306.UP.FTS.B,
25.49%,
7/16/27
....
16,936
1,203
FW2644724.UP.FTS.B,
28.24%,
7/16/27
..
45,088
42,638
FW2641207.UP.FTS.B,
30.9%,
7/16/27
...
2,767
2,641
FW2642662.UP.FTS.B,
30.94%,
7/16/27
..
4,584
1,326
FW2641809.UP.FTS.B,
33.83%,
7/16/27
..
1,864
541
L2645113.UP.FTS.B,
10.21%,
7/17/27
....
5,931
5,888
L2645909.UP.FTS.B,
19.06%,
7/17/27
....
3,889
3,848
L2642277.UP.FTS.B,
22.82%,
7/17/27
....
5,058
5,005
FW2644628.UP.FTS.B,
30.88%,
7/24/27
..
1,341
1,290
L2631220.UP.FTS.B,
25.21%,
7/28/27
....
2,476
2,468
FW1873026.UP.FTS.B,
30.69%,
8/18/27
..
441
436
L2006623.UP.FTS.B,
15.18%,
9/09/27
....
8,385
1,175
L2005978.UP.FTS.B,
17.84%,
9/09/27
....
3,002
2,955
L2005478.UP.FTS.B,
23.62%,
9/09/27
....
13,732
8,071
L2004813.UP.FTS.B,
23.68%,
9/09/27
....
4,533
4,542
FW2007802.UP.FTS.B,
23.93%,
9/09/27
..
27,425
27,151
FW2077874.UP.FTS.B,
30.42%,
9/19/27
..
5,917
5,935
L2004302.UP.FTS.B,
21.93%,
9/24/27
....
2,355
2,343
FW2199121.UP.FTS.B,
15.58%,
10/07/27
.
16,972
2,280
L2199767.UP.FTS.B,
25.65%,
10/07/27
...
5,132
5,080
FW2199624.UP.FTS.B,
25.75%,
10/07/27
.
8,490
4,927
L2200600.UP.FTS.B,
11.71%,
10/08/27
...
3,491
3,466
L2206074.UP.FTS.B,
15.01%,
10/08/27
...
6,365
6,305
FW2202576.UP.FTS.B,
22.89%,
10/08/27
.
7,058
7,057
L2203589.UP.FTS.B,
24.35%,
10/08/27
...
3,892
560
L2206615.UP.FTS.B,
25.87%,
10/08/27
...
12,966
7,672
FW2206016.UP.FTS.B,
28.92%,
10/08/27
.
853
840
FW2203404.UP.FTS.B,
29.65%,
10/08/27
.
1,500
213
FW2202975.UP.FTS.B,
30.2%,
10/08/27
..
3,173
3,153
FW2205386.UP.FTS.B,
30.87%,
10/08/27
.
7,770
2,222
FW2411932.UP.FTS.B,
22.38%,
11/11/27
.
4,327
4,276
L2413593.UP.FTS.B,
23.06%,
11/11/27
...
7,212
7,122
FW2410499.UP.FTS.B,
31.67%,
11/11/27
.
1,389
397
L2414318.UP.FTS.B,
8.81%,
11/12/27
....
11,610
11,525
FW2414721.UP.FTS.B,
28.43%,
11/12/27
.
5,162
5,155
FW2415964.UP.FTS.B,
31.16%,
11/12/27
.
1,011
1,015
FW2402573.UP.FTS.B,
32.37%,
11/12/27
.
10,294
715
FW2634082.UP.FTS.B,
24.01%,
12/15/27
.
4,843
4,782
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2644100.UP.FTS.B,
5.16%,
12/16/27
....
$
3,666
$
3,640
FW2643411.UP.FTS.B,
29.58%,
12/16/27
.
4,827
4,802
L1710242.UP.FTS.B,
16.42%,
9/14/28
....
2,325
2,326
L2008544.UP.FTS.B,
14.54%,
11/09/28
...
3,949
3,940
L1973640.UP.FTS.B,
20.1%,
11/09/28
....
8,548
8,551
L2009558.UP.FTS.B,
26.34%,
11/09/28
...
15,365
15,493
L2195991.UP.FTS.B,
26.01%,
12/07/28
...
7,770
7,824
L2197007.UP.FTS.B,
26.07%,
12/07/28
...
2,237
2,235
L2204377.UP.FTS.B,
25.94%,
12/08/28
...
3,783
3,785
L2635238.UP.FTS.B,
13.81%,
2/15/29
....
12,187
12,148
L2631621.UP.FTS.B,
15.64%,
2/15/29
....
17,745
17,713
L2633434.UP.FTS.B,
17.36%,
2/15/29
....
3,828
3,816
L2634808.UP.FTS.B,
26.03%,
2/15/29
....
1,746
1,746
L2635317.UP.FTS.B,
27.28%,
2/15/29
....
2,027
2,024
L2637431.UP.FTS.B,
26.27%,
7/15/29
....
6,563
6,564
L2633894.UP.FTS.B,
26.42%,
7/15/29
....
4,185
4,176
9,301,966
Total
Marketplace
Loans
(Cost
$46,309,206)
.....
$40,859,520
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2024
Franklin
Strategic
Income
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
At
January
31,
2024
,
the
Fund
had
the
following futures
contracts
outstanding.
At
January
31,
2024
,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
January
31,
2024
,
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
714
$
80,202,281
3/19/24
$
2,241,392
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
462
53,996,250
3/19/24
(
1,571,206
)
U.S.
Treasury
2
Year
Notes
.....................
Long
173
35,578,531
3/28/24
322,804
U.S.
Treasury
5
Year
Notes
.....................
Long
188
20,377,438
3/28/24
397,792
U.S.
Treasury
Long
Bonds
.....................
Long
110
13,457,812
3/19/24
733,742
U.S.
Treasury
Ultra
Bonds
......................
Long
146
18,865,938
3/19/24
1,113,021
Total
Futures
Contracts
......................................................................
$3,237,545
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Euro
.............
JPHQ
Sell
4,350,000
4,731,151
2/22/24
$
25,626
$
—
Columbian
Peso
....
JPHQ
Sell
56,500,000,000
13,128,848
2/26/24
—
(
1,325,038
)
Brazilian
Real
......
JPHQ
Buy
6,600,000
1,332,391
3/04/24
—
(
3,624
)
Brazilian
Real
......
JPHQ
Sell
6,600,000
1,301,929
3/04/24
—
(
26,838
)
Euro
.............
JPHQ
Sell
2,800,000
3,022,651
3/20/24
—
(
9,661
)
Japanese
Yen
......
JPHQ
Buy
1,900,000,000
13,450,280
4/05/24
—
(
412,043
)
Total
Forward
Exchange
Contracts
...................................................
$25,626
$(1,777,204)
Net
unrealized
appreciation
(depreciation)
............................................
$(1,751,578)
*
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.41
.
5.00%
Quarterly
12/20/28
59,450,000
$
3,618,379
$
(
20,954
)
$
3,639,333
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$3,618,379
$(20,954)
$3,639,333
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
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
11,220,000
$
(
656,589
)
$
(
1,375,535
)
$
718,946
B+
Traded
Index
CDX.NA.HY.33
.
5.00%
Quarterly
CITI
12/20/24
15,800,000
688,221
(
166,586
)
854,807
Non-
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$31,632
$(1,542,121)
$1,573,753
Total
Credit
Default
Swap
Contracts
....................................
$3,650,011
$
(
1,563,075
)
$5,213,086
(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.
See
Abbreviations
on
page
147.
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
128
franklintempleton.com
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Strategic
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of ten
separate
funds, six
of
which
are
included
in
this
report
(Funds).
The 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.
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)
129
franklintempleton.com
Quarterly
Schedules
of
Investments
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
January
31,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
January
31,
2024,
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
367,133
Alto
Neuroscience,
Inc.,
C
.....................
11/16/23
$
1,730,353
$
2,476,055
189,499
Artiva
Biotherapeutics,
Inc.,
B
...................
2/22/21
2,084,489
931,545
1,651,505
Pipeline
Therapeutics,
Inc.,
C
...................
2/09/21
-
5/25/23
4,425,868
4,670,321
Total
Restricted
Securities
(Value
is
0.9%
of
Net
Assets)
..............
$8,240,710
$8,077,921
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
11,829
Canva,
Inc.
................................
12/22/21
$
20,158,531
$
12,883,371
4,619
Celonis
SE
.................................
6/16/21
1,708,060
1,635,616
25,571
Celonis
SE,
D
..............................
6/16/21
-
10/04/22
9,427,681
9,054,843
6,309,366
ClearMotion
,
Inc.
............................
11/06/17
-
12/21/18
15,500,000
674,162
417,667
ClearMotion
,
Inc.,
A-3
.........................
3/23/23
—
58,589
2,606,463
ClearMotion
,
Inc.,
A-4
.........................
12/21/21
251,500
340,208
338,280
Databricks,
Inc.,
G
...........................
2/01/21
20,000,005
24,863,580
1,029,939
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
19,730,229
65,506,002
810,440
Lacework,
Inc.,
D
............................
11/12/21
20,330,471
14,717,712
517,056
OneTrust
LLC,
C
............................
4/01/21
10,139,623
9,433,690
556,026
Optoro
,
Inc.,
E
..............................
7/24/18
-
12/01/21
10,942,592
8,705,998
2. Financial
Instrument
Valuation
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
130
franklintempleton.com
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
$
13,857,129
1,753,060
Talkdesk
,
Inc.,
C
............................
7/15/20
11,517,955
10,000,734
805,800
Tanium,
Inc.,
G
..............................
9/14/15
4,000,233
7,862,182
504,854
Tempus
Labs,
Inc.,
F
.........................
5/29/19
12,499,983
18,973,698
126,131
Tempus
Labs,
Inc.,
G
.........................
2/06/20
4,837,426
4,740,324
Total
Restricted
Securities
(Value
is
4.9%
of
Net
Assets)
..............
$171,044,279
$203,307,838
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
3,436,485
1661,
Inc.,
F
................................
5/28/21
$
19,999,999
$
7,947,153
382,306
Benchling
,
Inc.,
F
............................
10/20/21
12,499,992
6,481,180
1,388,889
Checkr
,
Inc.,
E
..............................
8/24/21
25,000,002
21,784,373
410,500
Chinook
Therapeutics,
Inc.,
CVR,
6/30/30
.........
8/14/23
160,095
374,616
3,698,772
ClearMotion
,
Inc.
............................
12/21/18
10,000,000
395,218
1,037,942
ClearMotion
,
Inc.,
A-3
.........................
3/23/23
—
145,598
6,477,294
ClearMotion
,
Inc.,
A-4
.........................
12/21/21
625,000
845,449
709,046
Newsela,
Inc.,
D
.............................
1/21/21
15,000,010
13,159,620
625,361
OneTrust
LLC,
A
............................
3/10/23
6,878,971
11,409,715
56,457
OneTrust
LLC,
A-1
...........................
3/10/23
621,027
1,030,058
554,878
Optoro
,
Inc.,
E
..............................
7/24/18
-
12/01/21
10,919,999
8,688,023
1,542,673
Smule
,
Inc.,
144A,
G
.........................
5/31/16
11,099,995
1,779,535
352,675
Smule
,
Inc.,
144A,
H
.........................
4/27/17
2,999,995
480,954
162,712
Smule
,
Inc.,
J
...............................
8/05/22
-
11/28/22
764,393
2,328,649
361,111
Tula
eTechnology
,
Inc.
........................
11/01/18
—
—
3,611,111
Tula
eTechnology
,
Inc.,
E
......................
9/08/17
6,500,000
6,555,214
Total
Restricted
Securities
(Value
is
3.1%
of
Net
Assets)
..............
$123,069,478
$83,405,355
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
$
5,884,439
570,121
a
Blaize
,
Inc.,
10%,
12/09/24
.....................
1/19/23
570,121
570,178
1
a
Blaize
,
Inc.,
12/09/25
.........................
1/19/23
57
—
146,765
a
Blaize
,
Inc.,
9/19/25
..........................
9/20/22
-
9/22/22
5
25,160
1,948,384
a
Blaize
,
Inc.,
D
..............................
3/02/21
-
11/09/21
20,346,009
7,842,205
260,815
a
Blaize
,
Inc.,
D,
2/28/24
........................
3/01/21
-
11/09/21
—
—
1,467,659
a
Blaize
,
Inc.,
D-2
.............................
4/01/22
-
9/20/22
7,099,996
3,899,979
227,829
Databricks,
Inc.,
G
...........................
2/01/21
13,469,850
16,745,432
793,714
Fanatics
Holdings,
Inc.
........................
8/13/20
-
3/22/21
14,052,061
50,481,660
423,782
Newsela,
Inc.,
D
.............................
1/21/21
8,965,193
7,865,230
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
131
franklintempleton.com
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
January
31,
2024,
investments
in
“affiliated
companies”
were
as
follows: 
Principal
Amount*/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
767,526
OneTrust
LLC,
C
............................
4/01/21
$
15,051,415
$
14,003,517
2,970,061
Phononic
Devices,
Inc.,
F
......................
6/06/19
7,499,998
1,595,665
513,050
Phononic
Devices,
Inc.,
G-2
....................
1/17/20
-
11/03/20
47
811,727
896,610
Phononic
,
Inc.,
Advance
Term
Loan,
PIK,
12%,
6/30/25
10/17/22
-
1/01/24
844,002
770,595
117,763
Phononic
,
Inc.,
H
............................
10/17/22
460,645
650,423
47,104
Phononic
,
Inc.,
H,
10/17/27
....................
10/17/22
44,029
70,901
Total
Restricted
Securities
(Value
is
2.8%
of
Net
Assets)
..............
$99,752,510
$111,217,111
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
Fund
125,940,079
b
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13
-
2/01/17
$
977,123
$
—
12,532,821
b
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.
a
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$1,804,600
as
of
January
31,
2024.
b
The
Fund
also
invests
in
unrestricted
securities
of
the
issuer,
valued
at
$—
as
of
January
31,
2024.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares/Warrants/
Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Biotechnology
Discovery
Fund
Non-Controlled
Affiliates
Dividends
Applied
Therapeutics,
Inc.
$
4,392,892
$
—
$
(1,647,334)
$
(6,384,609)
$
—
a
$
—
a
—
a
$
—
Applied
Therapeutics,
Inc.,
6/27/27
..........
1,383,719
—
—
—
—
a
—
a
—
a
—
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
132
franklintempleton.com
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/Warrants/
Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Biotechnology
Discovery
Fund
(continued)
Non-Controlled
Affiliates
Applied
Therapeutics,
Inc.,
6/27/27
.
.........
$
1,457,250
$
—
$
—
$
—
$
—
a
$
—
a
—
a
$
—
Artiva
Biotherapeutics,
Inc.,
B
..........
829,888
—
—
—
—
a
—
a
—
a
—
Benitec
Biopharma,
Inc.
1,247,436
—
—
—
—
a
—
a
—
a
—
Benitec
Biopharma,
Inc.,
II,
9/14/27
..........
366,803
—
—
—
—
a
—
a
—
a
—
Pipeline
Therapeutics,
Inc.,
C
..............
1,435,375
2,336,873
—
—
898,073
4,670,321
1,651,505
—
Total
Affiliated
Securities
(Value
is
0.5%
of
Net
Assets)
..........
$11,113,363
$2,336,873
$(1,647,334)
$(6,384,609)
$898,073
$4,670,321
$—
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Optoro
,
Inc.,
E
.......
8,167,495
—
—
—
—
a
—
a
—
a
—
Talkdesk
,
Inc.,
C
.....
9,955,707
—
—
—
—
a
—
a
—
a
—
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
..........
$18,123,202
$—
$—
$—
$—
$—
$—
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
1661,
Inc.,
F
........
6,545,566
—
—
—
1,401,587
7,947,153
3,436,485
—
Benchling
,
Inc.,
F
.....
5,803,206
—
—
—
677,974
6,481,180
382,306
—
EyePoint
Pharmaceuticals,
Inc.
............
12,290,588
977,196
(7,901,080)
(89,693)
—
a
—
a
—
a
—
Optoro
,
Inc.,
E
.......
8,150,632
—
—
—
—
a
—
a
—
a
—
Interest
Paymentus
Holdings,
Inc.,
A
..............
18,067,319
—
(3,588,726)
(2,966,532)
—
a
—
a
—
a
—
Total
Affiliated
Securities
(Value
is
0.5%
of
Net
Assets)
..........
$50,857,311
$977,196
$(11,489,806)
$(3,056,225)
$2,079,561
$14,428,333
$—
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Benchling
,
Inc.,
F
.....
5,268,888
—
—
—
615,551
5,884,439
347,106
—
Blaize
,
Inc.,
9/19/25
...
 —
 —
 —
 —
 25,160
 25,160
146,765
 —
Blaize
,
Inc.,
12/09/25
..
—
—
—
—
—
—
1
—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
133
franklintempleton.com
Quarterly
Schedules
of
Investments
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2024,
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/Warrants/
Principal
Amount*
Held
at
End
of
Period
Investment
Income
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Non-Controlled
Affiliates
Blaize
,
Inc.,
8/23/33
...
$
—
$
—
$
—
$
—
$
—
$
—
1
$
—
Blaize
,
Inc.,
D
.......
3,051,900
—
—
—
4,790,305
7,842,205
1,948,384
—
Blaize
,
Inc.,
D,
2/28/24
.
—
—
—
—
—
—
260,815
—
Blaize
,
Inc.,
D-2
......
1,094,514
—
—
—
2,805,465
3,899,979
1,467,659
—
OneTrust
LLC,
C
.....
7,746,763
—
—
—
6,256,754
14,003,517
767,526
—
Phononic
Devices,
Inc.,
F
2,020,235
—
—
—
(424,570)
1,595,665
2,970,061
—
Phononic
Devices,
Inc.,
G-2
............
771,484
—
—
—
40,243
811,727
513,050
—
Phononic
,
Inc.,
H
.....
563,212
—
—
—
87,211
650,423
117,763
—
Phononic
,
Inc.,
H,
10/17/27
.........
60,114
—
—
—
10,787
70,901
47,104
—
Interest
Blaize
,
Inc.,
10%,
12/09/24
570,178
—
—
—
—
570,178
570,121
42,759
Blaize
,
Inc.,
10%,
1/03/25
 —
 1,804,600
 —
 —
 —
 1,804,600
1,804,600
 79,202
Phononic
,
Inc.,
Advance
Term
Loan,
PIK,
12%,
6/30/25
..........
625,802
121,820
—
—
22,973
770,595
896,610
62,656
Total
Affiliated
Securities
(Value
is
1.0%
of
Net
Assets)
..........
$21,773,090
$1,926,420
$—
$—
$14,229,879
$37,929,389
$184,617
Franklin
Strategic
Income
Fund
Controlled
Affiliates
b
Dividends
Birch
Permian
Holdings,
Inc.
............
6,731,505
—
(3,862,970)
314,058
—
a
—
a
—
a
1,238,678
Total
Affiliated
Securities
(Value
is
—%
of
Net
Assets)
..........
$6,731,505
$—
$(3,862,970)
$314,058
$—
$—
$1,238,678
*
In
U.S.
dollars
unless
otherwise
indicated.
a
As
of
January
31,
2024,
no
longer
an
affiliate.
b
Issuer
in
which
the
Fund
owns
25%
or
more
of
the
outstanding
voting
securities.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
134
franklintempleton.com
Quarterly
Schedules
of
Investments
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Biotechnology
Discovery
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$16,832,344
$200,294,142
$(185,154,372)
$—
$—
$31,972,114
31,972,114
$389,470
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$2,337,680
$108,729,050
$(93,873,872)
$—
$—
$17,192,858
17,192,858
$320,302
Total
Affiliated
Securities
...
$19,170,024
$309,023,192
$(279,028,244)
$—
$—
$49,164,972
$709,772
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$84,915,861
$691,250,553
$(757,720,932)
$—
$—
$18,445,482
18,445,482
$1,241,037
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$24,476,348
$148,302,337
$(145,898,735)
$—
$—
$26,879,950
26,879,950
$502,603
Total
Affiliated
Securities
...
$109,392,209
$839,552,890
$(903,619,667)
$—
$—
$45,325,432
$1,743,640
Franklin
Natural
Resources
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$631,197
$67,030,583
$(65,695,532)
$—
$—
$1,966,248
1,966,248
$124,212
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$684,160
$63,027,369
$(63,438,293)
$—
$—
$273,236
273,236
$47,314
Total
Affiliated
Securities
...
$1,315,357
$130,057,952
$(129,133,825)
$—
$—
$2,239,484
$171,526
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
135
franklintempleton.com
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
    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
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$32,742,362
$394,623,360
$(380,515,256)
$—
$—
$46,850,466
46,850,466
$1,280,140
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$12,159,690
$285,773,614
$(281,703,281)
$—
$—
$16,230,023
16,230,024
$891,541
Total
Affiliated
Securities
...
$44,902,052
$680,396,974
$(662,218,537)
$—
$—
$63,080,489
$2,171,681
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$180,826,526
$412,788,046
$(451,815,390)
$—
$—
$141,799,182
141,799,182
$5,973,485
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$—
$164,562,330
$(145,822,530)
$—
$—
$18,739,800
18,739,800
$484,499
Total
Affiliated
Securities
...
$180,826,526
$577,350,376
$(597,637,920)
$—
$—
$160,538,982
$6,457,984
Franklin
Strategic
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$145,949,688
$—
$(142,011,524)
$(32,392,669)
$28,454,505
$—
—
$9,191,975
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.003%
$37,364,960
$7,619,472
$(9,826,328)
$—
$—
$35,158,104
35,158,104
$1,320,053
Total
Affiliated
Securities
...
$183,314,648
$7,619,472
$(151,837,852)
$(32,392,669)
$28,454,505
$35,158,104
$10,512,028
5.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
136
franklintempleton.com
Quarterly
Schedules
of
Investments
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
A
summary
of
inputs
used
as
of
January
31,
2024,
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
:
Biotechnology
.........................
$
627,238,924
$
—
$
219,463
$
627,458,387
Health
Care
Providers
&
Services
..........
7,091,416
—
—
7,091,416
Life
Sciences
Tools
&
Services
............
38,627,643
—
—
38,627,643
Pharmaceuticals
.......................
165,929,104
—
—
165,929,104
Convertible
Preferred
Stocks
................
—
—
7,146,376
7,146,376
Preferred
Stocks
:
Health
Care
Providers
&
Services
..........
—
—
931,545
931,545
Life
Sciences
Tools
&
Services
............
—
3,356,494
—
3,356,494
Warrants
:
Biotechnology
.........................
—
3,421,284
3,704,947
7,126,231
Pharmaceuticals
.......................
10,362
—
—
10,362
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
49,164,972
—
—
49,164,972
Total
Investments
in
Securities
...........
$888,062,421
$6,777,778
b
$12,002,331
$906,842,530
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
54,341,903
—
13,857,129
68,199,032
Automobiles
..........................
18,838,003
—
—
18,838,003
Beverages
...........................
60,823,124
—
—
60,823,124
Biotechnology
.........................
17,497,900
—
—
17,497,900
Broadline
Retail
.......................
257,305,614
—
—
257,305,614
Building
Products
......................
21,421,730
—
—
21,421,730
Capital
Markets
........................
164,276,937
—
—
164,276,937
Chemicals
...........................
63,394,759
—
—
63,394,759
Commercial
Services
&
Supplies
...........
51,119,533
—
10,690,459
61,809,992
Construction
Materials
..................
10,623,944
—
—
10,623,944
Entertainment
.........................
54,714,526
—
—
54,714,526
Financial
Services
......................
159,702,163
—
—
159,702,163
Food
Products
........................
53,433,161
—
—
53,433,161
Ground
Transportation
..................
100,439,156
—
—
100,439,156
Health
Care
Equipment
&
Supplies
.........
138,747,873
—
—
138,747,873
Health
Care
Providers
&
Services
..........
86,057,509
—
—
86,057,509
Hotels,
Restaurants
&
Leisure
.............
126,676,878
—
—
126,676,878
Interactive
Media
&
Services
..............
374,244,042
—
—
374,244,042
IT
Services
...........................
100,924,030
—
12,883,371
113,807,401
Leisure
Products
.......................
—
—
65,506,002
65,506,002
Life
Sciences
Tools
&
Services
............
146,015,746
—
—
146,015,746
Personal
Care
Products
.................
44,545,180
—
—
44,545,180
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
137
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Opportunities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Pharmaceuticals
.......................
$
106,911,542
$
—
$
—
$
106,911,542
Professional
Services
...................
82,589,577
—
—
82,589,577
Real
Estate
Management
&
Development
....
39,155,459
—
—
39,155,459
Semiconductors
&
Semiconductor
Equipment
.
458,512,519
—
—
458,512,519
Software
.............................
959,550,415
—
674,162
960,224,577
Specialized
REITs
......................
29,719,430
—
—
29,719,430
Specialty
Retail
........................
21,760,060
—
—
21,760,060
Technology
Hardware,
Storage
&
Peripherals
.
120,254,063
—
—
120,254,063
Textiles,
Apparel
&
Luxury
Goods
..........
6,961,674
—
—
6,961,674
Convertible
Preferred
Stocks
................
—
—
49,014,982
49,014,982
Preferred
Stocks
.........................
—
—
50,681,733
50,681,733
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
45,325,432
—
—
45,325,432
Total
Investments
in
Securities
...........
$3,975,883,882
$—
$203,307,838
$4,179,191,720
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Agricultural
Products
&
Services
...........
$
3,698,493
$
—
$
—
$
3,698,493
Construction
&
Engineering
...............
2,247,778
—
—
2,247,778
Construction
Materials
..................
3,863,992
—
—
3,863,992
Copper
..............................
18,050,554
3,640,094
—
21,690,648
Diversified
Chemicals
...................
3,376,704
—
—
3,376,704
Diversified
Metals
&
Mining
...............
15,889,011
5,427,146
—
21,316,157
Electrical
Components
&
Equipment
........
4,531,658
—
—
4,531,658
Environmental
&
Facilities
Services
.........
74,751
—
—
74,751
Fertilizers
&
Agricultural
Chemicals
.........
7,113,022
—
—
7,113,022
Gold
................................
22,653,635
—
—
22,653,635
Heavy
Electrical
Equipment
..............
314,550
—
—
314,550
Industrial
Gases
.......................
10,023,302
—
—
10,023,302
Industrial
Machinery
&
Supplies
&
Components
3,463,152
—
—
3,463,152
Integrated
Oil
&
Gas
....................
60,063,125
—
—
60,063,125
Metal,
Glass
&
Plastic
Containers
..........
4,567,545
—
—
4,567,545
Oil
&
Gas
Drilling
......................
7,025,394
—
—
7,025,394
Oil
&
Gas
Equipment
&
Services
...........
34,817,331
2,430,106
—
37,247,437
Oil
&
Gas
Exploration
&
Production
.........
72,166,259
3,421,635
—
75,587,894
Oil
&
Gas
Refining
&
Marketing
............
23,361,999
—
—
23,361,999
Oil
&
Gas
Storage
&
Transportation
.........
30,504,759
—
—
30,504,759
Paper
&
Plastic
Packaging
Products
&
Materials
2,554,552
—
—
2,554,552
Specialty
Chemicals
....................
3,378,774
—
—
3,378,774
Steel
................................
2,729,786
—
—
2,729,786
Warrants
..............................
638,672
—
—
638,672
Convertible
Bonds
.......................
—
1,170,720
—
1,170,720
Short
Term
Investments
...................
2,239,484
—
—
2,239,484
Total
Investments
in
Securities
...........
$339,348,282
$16,089,701
c
$—
$355,437,983
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
138
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
156,637,716
$
—
$
—
$
156,637,716
Banks
...............................
41,215,716
—
—
41,215,716
Biotechnology
.........................
216,793,690
—
—
216,793,690
Building
Products
......................
27,633,410
—
—
27,633,410
Capital
Markets
........................
76,631,932
—
—
76,631,932
Communications
Equipment
..............
21,324,219
—
—
21,324,219
Construction
&
Engineering
...............
86,619,317
—
—
86,619,317
Consumer
Staples
Distribution
&
Retail
......
14,710,432
—
—
14,710,432
Diversified
Consumer
Services
............
11,745,206
—
—
11,745,206
Electronic
Equipment,
Instruments
&
Components
........................
42,016,473
—
—
42,016,473
Energy
Equipment
&
Services
.............
46,051,929
—
—
46,051,929
Financial
Services
......................
115,574,773
—
—
115,574,773
Food
Products
........................
71,594,040
—
—
71,594,040
Health
Care
Equipment
&
Supplies
.........
155,250,345
—
—
155,250,345
Health
Care
Providers
&
Services
..........
104,847,595
—
—
104,847,595
Health
Care
Technology
.................
53,779,245
—
—
53,779,245
Hotel
&
Resort
REITs
...................
17,880,456
—
—
17,880,456
Hotels,
Restaurants
&
Leisure
.............
167,643,921
—
—
167,643,921
Household
Durables
....................
65,581,348
—
—
65,581,348
Industrial
REITs
.......................
30,943,956
—
—
30,943,956
Interactive
Media
&
Services
..............
29,518,412
—
—
29,518,412
IT
Services
...........................
14,386,984
—
—
14,386,984
Life
Sciences
Tools
&
Services
............
4,792,653
—
—
4,792,653
Machinery
............................
60,627,682
—
—
60,627,682
Media
...............................
36,646,095
—
—
36,646,095
Oil,
Gas
&
Consumable
Fuels
.............
39,465,910
—
—
39,465,910
Passenger
Airlines
.....................
60,870,540
—
—
60,870,540
Personal
Care
Products
.................
77,094,993
—
—
77,094,993
Pharmaceuticals
.......................
103,720,791
—
—
103,720,791
Professional
Services
...................
59,043,670
—
—
59,043,670
Semiconductors
&
Semiconductor
Equipment
.
159,533,595
—
—
159,533,595
Software
.............................
267,187,377
—
395,218
267,582,595
Specialty
Retail
........................
79,323,415
—
—
79,323,415
Textiles,
Apparel
&
Luxury
Goods
..........
30,830,718
—
—
30,830,718
Trading
Companies
&
Distributors
..........
37,383,390
—
—
37,383,390
Convertible
Preferred
Stocks
................
—
—
64,140,748
64,140,748
Preferred
Stocks
.........................
—
—
18,494,773
a
18,494,773
Rights
.................................
—
—
374,616
374,616
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
63,080,489
—
—
63,080,489
Total
Investments
in
Securities
...........
$2,647,982,433
$—
$83,405,355
$2,731,387,788
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
118,017,520
—
—
118,017,520
Automobile
Components
.................
15,358,254
—
—
15,358,254
Beverages
...........................
20,833,250
—
—
20,833,250
Biotechnology
.........................
82,723,991
—
—
82,723,991
Building
Products
......................
78,664,805
—
—
78,664,805
Capital
Markets
........................
292,314,481
—
—
292,314,481
Chemicals
...........................
5,725,526
—
—
5,725,526
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
139
franklintempleton.com
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:
Commercial
Services
&
Supplies
...........
$
44,285,856
$
—
$
—
$
44,285,856
Communications
Equipment
..............
7,734,532
—
—
7,734,532
Containers
&
Packaging
.................
36,619,020
—
—
36,619,020
Electrical
Equipment
....................
53,744,144
—
—
53,744,144
Electronic
Equipment,
Instruments
&
Components
........................
48,881,850
—
—
48,881,850
Energy
Equipment
&
Services
.............
24,769,620
—
—
24,769,620
Entertainment
.........................
51,396,083
—
—
51,396,083
Financial
Services
......................
49,349,091
—
—
49,349,091
Food
Products
........................
67,329,202
—
—
67,329,202
Ground
Transportation
..................
51,399,579
—
—
51,399,579
Health
Care
Equipment
&
Supplies
.........
219,655,990
—
—
219,655,990
Health
Care
Providers
&
Services
..........
26,203,586
—
—
26,203,586
Health
Care
Technology
.................
68,603,052
—
—
68,603,052
Hotels,
Restaurants
&
Leisure
.............
234,655,028
—
—
234,655,028
Household
Durables
....................
24,055,986
—
—
24,055,986
Industrial
REITs
.......................
30,563,841
—
—
30,563,841
Insurance
............................
42,740,656
—
—
42,740,656
Interactive
Media
&
Services
..............
102,195,617
—
—
102,195,617
IT
Services
...........................
193,342,466
—
—
193,342,466
Leisure
Products
.......................
—
—
50,481,660
50,481,660
Life
Sciences
Tools
&
Services
............
240,211,343
—
—
240,211,343
Machinery
............................
71,513,598
—
—
71,513,598
Media
...............................
30,796,752
—
—
30,796,752
Oil,
Gas
&
Consumable
Fuels
.............
85,706,814
—
—
85,706,814
Passenger
Airlines
.....................
30,036,036
—
—
30,036,036
Personal
Care
Products
.................
40,732,474
—
—
40,732,474
Pharmaceuticals
.......................
26,814,320
—
—
26,814,320
Professional
Services
...................
179,058,623
—
—
179,058,623
Residential
REITs
......................
34,867,119
—
—
34,867,119
Semiconductors
&
Semiconductor
Equipment
.
152,118,314
—
—
152,118,314
Software
.............................
499,195,158
—
—
499,195,158
Specialized
REITs
......................
31,004,610
—
—
31,004,610
Specialty
Retail
........................
181,652,708
—
—
181,652,708
Textiles,
Apparel
&
Luxury
Goods
..........
27,365,346
—
—
27,365,346
Trading
Companies
&
Distributors
..........
66,578,834
—
—
66,578,834
Convertible
Preferred
Stocks
................
—
—
57,836,467
57,836,467
Preferred
Stocks
.........................
—
—
1,462,150
1,462,150
Warrants
...............................
—
—
96,061
a
96,061
Convertible
Bonds
.......................
—
—
1,804,600
1,804,600
Corporate
Bonds
........................
—
—
570,178
570,178
Senior
Floating
Rate
Interests
...............
—
—
770,595
770,595
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
160,538,982
—
—
160,538,982
Total
Investments
in
Securities
...........
$3,849,354,057
$—
$113,021,711
$3,962,375,768
Franklin
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.......................
—
—
—
a
—
Hotels,
Restaurants
&
Leisure
.............
—
8,274
—
8,274
Machinery
............................
—
1,060,439
—
1,060,439
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
140
franklintempleton.com
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Oil,
Gas
&
Consumable
Fuels
.............
$
32,363
$
24,346,115
$
—
$
24,378,478
Preferred
Stocks
.........................
—
1,610
—
1,610
Warrants
...............................
—
—
1,043
a
1,043
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
25,178,626
—
25,178,626
Air
Freight
&
Logistics
...................
—
3,226,172
—
3,226,172
Automobile
Components
.................
—
29,269,524
—
29,269,524
Automobiles
..........................
—
6,715,757
—
6,715,757
Banks
...............................
—
163,796,963
—
163,796,963
Beverages
...........................
—
9,431,661
—
9,431,661
Biotechnology
.........................
—
16,123,083
—
16,123,083
Broadline
Retail
.......................
—
—
—
a
—
Building
Products
......................
—
23,681,618
—
23,681,618
Capital
Markets
........................
—
67,695,234
—
67,695,234
Chemicals
...........................
—
44,060,026
—
44,060,026
Commercial
Services
&
Supplies
...........
—
24,745,638
—
24,745,638
Communications
Equipment
..............
—
4,391,666
—
4,391,666
Construction
&
Engineering
...............
—
5,229,874
—
5,229,874
Construction
Materials
..................
—
7,359,338
—
7,359,338
Consumer
Finance
.....................
—
20,851,053
—
20,851,053
Consumer
Staples
Distribution
&
Retail
......
—
14,845,720
—
14,845,720
Containers
&
Packaging
.................
—
42,499,875
—
42,499,875
Distributors
...........................
—
4,380,669
—
4,380,669
Diversified
Consumer
Services
............
—
11,165,508
—
11,165,508
Diversified
REITs
......................
—
14,156,435
—
14,156,435
Diversified
Telecommunication
Services
.....
—
39,895,629
—
39,895,629
Electric
Utilities
........................
—
64,659,385
—
64,659,385
Electrical
Equipment
....................
—
9,729,728
—
9,729,728
Electronic
Equipment,
Instruments
&
Components
........................
—
11,479,760
—
11,479,760
Energy
Equipment
&
Services
.............
—
7,337,250
—
7,337,250
Entertainment
.........................
—
5,502,700
—
5,502,700
Financial
Services
......................
—
23,690,172
—
a
23,690,172
Food
Products
........................
—
24,345,767
—
24,345,767
Gas
Utilities
..........................
—
1,931,139
—
1,931,139
Ground
Transportation
..................
—
14,546,403
—
14,546,403
Health
Care
Equipment
&
Supplies
.........
—
21,719,842
—
21,719,842
Health
Care
Providers
&
Services
..........
—
66,776,619
—
66,776,619
Health
Care
REITs
.....................
—
4,728,245
—
4,728,245
Health
Care
Technology
.................
—
7,353,504
—
7,353,504
Hotel
&
Resort
REITs
...................
—
3,230,867
—
3,230,867
Hotels,
Restaurants
&
Leisure
.............
—
31,773,973
—
31,773,973
Household
Durables
....................
—
4,753,474
—
4,753,474
Household
Products
....................
—
8,594,860
—
8,594,860
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
26,622,183
—
26,622,183
Insurance
............................
—
45,663,200
—
45,663,200
Interactive
Media
&
Services
..............
—
14,949,119
—
14,949,119
IT
Services
...........................
—
29,065,487
—
29,065,487
Life
Sciences
Tools
&
Services
............
—
3,968,523
—
3,968,523
Machinery
............................
—
9,313,971
—
9,313,971
Media
...............................
—
58,458,132
—
58,458,132
Metals
&
Mining
.......................
—
28,632,977
—
28,632,977
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
141
franklintempleton.com
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At January
31,
2024,
the
reconciliations
are
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Mortgage
Real
Estate
Investment
Trusts
(REITs)
............................
$
—
$
8,963,976
$
—
$
8,963,976
Multi-Utilities
..........................
—
15,921,722
—
15,921,722
Oil,
Gas
&
Consumable
Fuels
.............
—
146,765,991
—
146,765,991
Paper
&
Forest
Products
.................
—
9,828,913
—
9,828,913
Passenger
Airlines
.....................
—
13,836,264
—
13,836,264
Personal
Care
Products
.................
—
34,768,613
—
34,768,613
Pharmaceuticals
.......................
—
33,783,907
—
33,783,907
Real
Estate
Management
&
Development
....
—
3,999,780
—
3,999,780
Software
.............................
—
7,258,380
—
7,258,380
Specialized
REITs
......................
—
8,416,111
—
8,416,111
Specialty
Retail
........................
—
5,524,526
—
5,524,526
Technology
Hardware,
Storage
&
Peripherals
.
—
1,811,125
—
1,811,125
Textiles,
Apparel
&
Luxury
Goods
..........
—
17,517,500
—
17,517,500
Tobacco
.............................
—
23,477,886
—
23,477,886
Trading
Companies
&
Distributors
..........
—
18,234,567
—
18,234,567
Transportation
Infrastructure
..............
—
702,442
—
702,442
Wireless
Telecommunication
Services
.......
—
17,509,014
—
17,509,014
Senior
Floating
Rate
Interests
...............
—
75,010,718
—
a
75,010,718
Marketplace
Loans
.......................
—
—
40,859,520
40,859,520
Foreign
Government
and
Agency
Securities
....
—
57,736,929
—
57,736,929
U.S.
Government
and
Agency
Securities
.......
—
505,875,375
—
505,875,375
Asset-Backed
Securities
...................
—
114,309,087
—
114,309,087
Commercial
Mortgage-Backed
Securities
......
—
14,514,015
—
14,514,015
Mortgage-Backed
Securities
................
—
257,781,013
—
257,781,013
Residential
Mortgage-Backed
Securities
.......
—
74,868,802
—
74,868,802
Escrows
and
Litigation
Trusts
...............
—
375,000
—
a
375,000
Short
Term
Investments
...................
35,158,104
56,247,498
—
91,405,602
Total
Investments
in
Securities
...........
$35,190,467
$2,657,982,941
$40,860,563
$2,734,033,971
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$—
$25,626
$—
$25,626
Futures
contracts
........................
4,808,751
—
—
4,808,751
Swap
contracts
.........................
—
5,213,086
—
5,213,086
Total
Other
Financial
Instruments
.........
$4,808,751
$5,238,712
$—
$10,047,463
Liabilities:
Other
Financial
Instruments:
Futures
contracts
........................
$1,571,206
$—
$—
$1,571,206
Forward
exchange
contracts
................
—
1,777,204
—
1,777,204
Total
Other
Financial
Instruments
.........
$1,571,206
$1,777,204
$—
$3,348,410
a
Includes
financial
instruments
determined
to
have
no
value.
b
Includes
foreign
securities
valued
at
$3,356,494,
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
$14,918,981,
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)
142
franklintempleton.com
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:
Common
Stocks
:
Biotechnology
......
$
—
$
—
d
$
—
$
—
$
—
$
—
$
—
$
219,463
$
219,463
$
219,463
Convertible
Preferred
Stocks
:
Biotechnology
......
1,435,375
4,067,226
—
—
—
—
—
1,643,775
7,146,376
1,643,775
Preferred
Stocks
:
Health
Care
Providers
&
Services
........
829,888
—
—
—
—
—
—
101,657
931,545
101,657
Warrants
:
Biotechnology
......
1,824,053
31
—
—
—
—
—
1,880,863
3,704,947
1,880,863
Escrows
and
Litigation
Trusts
:
—
d
—
(776,290)
—
—
—
766,542
9,748
—
d
—
Total
Investments
in
Securities
............
$4,089,316
$4,067,257
$(776,290)
$—
$—
$—
$766,542
$3,855,506
$12,002,331
$3,845,758
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
10,999,989
—
—
—
—
—
—
2,857,140
13,857,129
2,857,140
Commercial
Services
&
Supplies
........
7,056,488
—
—
—
—
—
—
3,633,971
10,690,459
3,633,971
Health
Care
Equipment
&
Supplies
.......
16,934,771
—
—
—
(16,934,771)
—
—
—
—
—
IT
Services
........
9,178,870
—
—
—
—
—
—
3,704,501
12,883,371
3,704,501
Leisure
Products
....
71,332,234
—
—
—
—
—
—
(5,826,232)
65,506,002
(5,826,232)
Software
..........
732,694
—
—
—
—
—
—
(58,532)
674,162
(58,532)
Convertible
Preferred
Stocks
:
Software
..........
35,421,533
—
—
—
—
—
—
13,593,449
49,014,982
13,593,449
Preferred
Stocks
:
Commercial
Services
&
Supplies
........
8,167,495
—
—
—
—
—
—
538,503
8,705,998
538,503
Health
Care
Providers
&
Services
........
18,953,290
—
—
—
—
—
—
4,760,732
23,714,022
4,760,732
Software
..........
15,232,654
—
—
—
—
—
—
3,029,059
18,261,713
3,029,059
Escrows
and
Litigation
Trusts
:
—
d
—
—
d
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$194,010,018
$—
$—
$—
$(16,934,771)
$—
$—
$26,232,591
$203,307,838
$26,232,591
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Software
..........
429,531
—
—
—
—
—
—
(34,313)
395,218
(34,313)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
........
12,019,999
—
—
—
—
—
—
1,139,621
13,159,620
1,139,621
Software
..........
35,813,345
—
—
—
—
—
—
7,220,630
43,033,975
7,220,630
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
143
franklintempleton.com
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:
Convertible
Preferred
Stocks:
Specialty
Retail
.....
$
6,545,566
$
—
$
—
$
—
$
—
$
—
$
—
$
1,401,587
$
7,947,153
$
1,401,587
Preferred
Stocks
:
Automobile
Components
6,232,998
d
—
—
—
—
—
—
322,216
6,555,214
d
322,216
Commercial
Services
&
Supplies
........
8,150,632
—
—
—
—
—
—
537,391
8,688,023
537,391
Software
..........
2,698,021
—
—
—
—
—
—
553,515
3,251,536
553,515
Rights
:
Biotechnology
......
—
160,095
—
—
—
—
—
214,521
374,616
214,521
Escrows
and
Litigation
Trusts
...........
—
d
—
—
d
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$71,890,092
$160,095
$—
$—
$—
$—
$—
$11,355,168
$83,405,355
$11,355,168
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
54,971,598
—
—
—
—
—
—
(4,489,938)
50,481,660
(4,489,93
8
)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
........
7,184,103
—
—
—
—
—
—
681,127
7,865,230
681,127
Semiconductors
&
Semiconductor
Equipment
.......
2,020,235
—
—
—
—
—
—
(424,570)
1,595,665
(424,570)
Software
..........
28,719,105
—
—
—
—
—
—
19,656,467
48,375,572
19,656,46
7
Preferred
Stocks
:
Semiconductors
&
Semiconductor
Equipment
.......
1,334,696
—
—
—
—
—
—
127,454
1,462,150
127,454
Warrants
:
Semiconductors
&
Semiconductor
Equipment
.......
60,114
—
—
—
—
—
—
10,787
70,901
10,787
Software
..........
—
d
—
d
—
—
—
—
—
25,160
25,160
d
25,160
Convertible
Bonds
:
Software
..........
—
1,804,600
—
—
—
—
—
—
1,804,600
—
Corporate
Bonds
:
Software
..........
570,178
—
—
—
—
—
—
—
570,178
—
Senior
Floating
Rate
Interests
:
Semiconductors
&
Semiconductor
Equipment
.......
625,802
102,117
—
—
—
19,703
—
22,973
770,595
22,973
Escrows
and
Litigation
Trusts
:
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$95,485,831
$1,906,717
$—
$—
$—
$19,703
$—
$15,609,460
$113,021,711
$15,609,460
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
144
franklintempleton.com
Quarterly
Schedules
of
Investments
Significant
unobservable
valuation
inputs
for
material
Level
3
assets
and/or
liabilities
and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
January
31,
2024,
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
Assets:
Investments
in
Securities:
Common
Stocks
:
Broadline
Retail
.....
$
—
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
d
$
—
Warrants
:
Machinery
.........
—
1,272
—
—
—
—
—
(229)
1,043
(229)
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
—
—
—
—
—
—
—
d
—
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Corporate
Bonds
:
Broadline
Retail
.....
—
d
—
—
—
—
—
—
—
—
d
—
Financial
Services
...
1,421,613
—
(1,294,615)
—
—
(1,255)
(228,563)
102,820
—
d
(1,285,353)
Senior
Floating
Rate
Interests
:
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Marketplace
Loans
:
Financial
Services
...
54,177,465
11,391,417
(24,518,900)
—
—
—
(685,779)
495,317
40,859,520
(1,085,825)
Escrows
and
Litigation
Trusts
...........
—
d
—
d
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$55,599,078
$11,392,689
$(25,813,515)
$—
$—
$(1,255)
$(914,342)
$597,908
$40,860,563
$(2,371,407)
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:
Convertible
Preferred
Stocks:
Biotechnology
...............
4,670,321
Index
adjusted
Index
movement
5.5%
Increase
All
Other
Investments
..........
7,332,010
c,d
Total
.......................
$
12,002,331
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
145
franklintempleton.com
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
............
$65,506,002
Market
comparables
Discount
for
lack
of
marketability
13.9%
Decrease
EV
/
revenue
multiple
4.4x
Increase
All
Other
Investments
..........
137,801,836
c,d
Total
.......................
$203,307,838
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
...................
$21,784,373
Market
comparables
Discount
for
lack
of
marketability
9.2%
Decrease
EV
/
revenue
multiple
6.7x
Increase
Volatility
34.1x
Decrease
All
Other
Investments
..........
61,620,982
c,d
Total
.......................
$83,405,355
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
............
$50,481,660
Market
comparables
Discount
for
lack
of
marketability
13.9%
Decrease
EV
/
revenue
multiple
4.4x
Increase
All
Other
Investments
..........
62,540,051
c,d
Total
.......................
$113,021,711
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
146
franklintempleton.com
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
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Marketplace
Loans:
Financial
Services
...........
$40,859,520
Discounted
cash
flow
Loss-adjusted
discount
rate
2.0%
-
18.7%
(9.5%)
Decrease
Projected
loss
rate
4.8%
-
75.4%
(16.6%)
Decrease
All
Other
Investments
..........
1,043
c,d
Total
.......................
$40,860,563
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)
147
franklintempleton.com
Quarterly
Schedules
of
Investments
Abbreviations
Counterparty
CITI
Citibank
NA
JPHQ
JPMorgan
Chase
Bank
NA
Currency
BRL
Brazilian
Real
COP
Colombian
Peso
EUR
Euro
USD
United
States
Dollar
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
Selected
Portfolio
ADR
American
Depositary
Receipt
BZDIOVRA
Brazil
Inter-Bank
Deposit
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CVR
Contingent
Value
Right
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Interbank
Offered
Rate
MBS
Mortgage-Backed
Security
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
STACR
Structured
Agency
Credit
Risk
T-Note
Treasury
Note
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.