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
10
Franklin
Small
Cap
Growth
Fund
14
Franklin
Small-Mid
Cap
Growth
Fund
19
Franklin
Strategic
Income
Fund
25
Notes
to
Schedules
of
Investments
174
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Biotechnology
Discovery
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
93.9%
Biotechnology
71.2%
a
Alector,
Inc.
..........................................
United
States
303,345
$
2,675,503
Amgen,
Inc.
.........................................
United
States
232,182
58,602,737
a
Applied
Molecular
Transport,
Inc.
.........................
United
States
138,000
86,940
a,b
Applied
Therapeutics,
Inc.
...............................
United
States
1,575,654
1,748,976
a
Arcutis
Biotherapeutics,
Inc.
.............................
United
States
141,456
2,343,926
a
Argenx
SE,
ADR
......................................
Netherlands
58,158
22,230,895
a
Ascendis
Pharma
A/S,
ADR
.............................
Denmark
287,362
35,655,877
a
Avidity
Biosciences,
Inc.
................................
United
States
113,100
2,680,470
a
BELLUS
Health,
Inc.
...................................
Canada
587,700
4,619,322
a,b
Benitec
Biopharma,
Inc.
................................
Australia
6,203,064
1,426,705
a
Biogen,
Inc.
.........................................
United
States
133,875
38,944,237
a
BioMarin
Pharmaceutical,
Inc.
............................
United
States
149,854
17,285,659
a
Candel
Therapeutics,
Inc.
...............................
United
States
400,800
1,034,064
a
Centessa
Pharmaceuticals
plc,
ADR
.......................
United
States
278,993
1,115,972
a
CRISPR
Therapeutics
AG
...............................
Switzerland
106,514
5,434,344
a
Cullinan
Oncology,
Inc.
.................................
United
States
113,700
1,323,468
a
Cytokinetics,
Inc.
......................................
United
States
254,100
10,794,168
a
Day
One
Biopharmaceuticals,
Inc.
.........................
United
States
546,133
11,889,315
a
Dyne
Therapeutics,
Inc.
................................
United
States
355,434
5,189,336
a
Equillium,
Inc.
........................................
United
States
294,800
303,644
Gilead
Sciences,
Inc.
..................................
United
States
614,827
51,608,578
a,c
Harpoon
Therapeutics,
Inc.
..............................
United
States
445,299
480,923
a
Heron
Therapeutics,
Inc.
................................
United
States
1,739,677
4,714,525
a,c
HilleVax,
Inc.
.........................................
United
States
423,056
7,234,258
a
Insmed,
Inc.
.........................................
United
States
780,500
16,804,165
a
Iovance
Biotherapeutics,
Inc.
.............................
United
States
908,001
7,227,688
a
IVERIC
bio,
Inc.
......................................
United
States
553,598
12,788,114
a
Jasper
Therapeutics,
Inc.
...............................
United
States
1,439,300
2,446,810
a
Karuna
Therapeutics,
Inc.
...............................
United
States
38,051
7,586,989
a
Keros
Therapeutics,
Inc.
................................
United
States
153,551
8,993,482
a
Kezar
Life
Sciences,
Inc.
................................
United
States
449,150
3,220,405
a
Kura
Oncology,
Inc.
....................................
United
States
140,092
1,936,071
a
Legend
Biotech
Corp.,
ADR
.............................
United
States
159,125
8,035,813
a
Merus
NV
...........................................
Netherlands
404,226
6,305,926
a
Mirati
Therapeutics,
Inc.
................................
United
States
160,921
8,594,791
a
Mirum
Pharmaceuticals,
Inc.
.............................
United
States
130,600
3,066,488
a
Moderna,
Inc.
........................................
United
States
165,953
29,217,685
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
177,673
19,709,266
a,c
Novavax,
Inc.
........................................
United
States
59,882
653,313
a
Pardes
Biosciences,
Inc.
................................
United
States
74,431
154,072
a
Prometheus
Biosciences,
Inc.
............................
United
States
149,381
16,978,644
a
PTC
Therapeutics,
Inc.
.................................
United
States
667,774
30,644,149
a
Regeneron
Pharmaceuticals,
Inc.
.........................
United
States
69,833
52,966,236
a
Reneo
Pharmaceuticals,
Inc.
.............................
United
States
158,423
429,326
a
Rocket
Pharmaceuticals,
Inc.
............................
United
States
217,526
4,726,840
a
Sage
Therapeutics,
Inc.
................................
United
States
101,070
4,481,444
a
Seagen,
Inc.
.........................................
United
States
129,540
18,068,239
a
Sutro
Biopharma,
Inc.
..................................
United
States
564,189
4,084,728
a
Taysha
Gene
Therapies,
Inc.
.............................
United
States
304,256
498,980
a
Ultragenyx
Pharmaceutical,
Inc.
..........................
United
States
60,696
2,751,350
a
Vertex
Pharmaceuticals,
Inc.
.............................
United
States
178,694
57,736,031
619,530,887
Health
Care
Providers
&
Services
0.6%
a
Guardant
Health,
Inc.
..................................
United
States
173,066
5,439,464
Life
Sciences
Tools
&
Services
5.5%
a
Avantor,
Inc.
.........................................
United
States
189,473
4,528,405
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Life
Sciences
Tools
&
Services
(continued)
a
Illumina,
Inc.
.........................................
United
States
129,900
$
27,824,580
Thermo
Fisher
Scientific,
Inc.
............................
United
States
26,900
15,341,877
47,694,862
Pharmaceuticals
16.6%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
587,357
38,395,527
a
Catalent,
Inc.
........................................
United
States
22,700
1,215,585
a
Cymabay
Therapeutics,
Inc.
.............................
United
States
458,400
3,845,976
a,c
DICE
Therapeutics,
Inc.
................................
United
States
108,800
3,456,576
a
EyePoint
Pharmaceuticals,
Inc.
...........................
United
States
1,172,900
5,465,714
a
Intra-Cellular
Therapies,
Inc.
.............................
United
States
461,126
22,097,158
a
Jazz
Pharmaceuticals
plc
...............................
United
States
273,563
42,856,380
a,c
Marinus
Pharmaceuticals,
Inc.
............................
United
States
149,200
947,420
a
Pliant
Therapeutics,
Inc.
................................
United
States
300,500
10,529,520
a
Revance
Therapeutics,
Inc.
..............................
United
States
376,766
13,066,245
a
Terns
Pharmaceuticals,
Inc.
.............................
United
States
241,600
2,191,312
144,067,413
Total
Common
Stocks
(Cost
$539,688,266)
.....................................
816,732,626
Preferred
Stocks
0.7%
Biotechnology
0.1%
a,d,e
Pipeline
Therapeutics,
Inc.,
C
............................
United
States
779,505
922,767
a
Health
Care
Providers
&
Services
0.1%
a,b,d,e
Artiva
Biotherapeutics,
Inc.,
B
............................
United
States
189,499
979,583
a
Life
Sciences
Tools
&
Services
0.5%
f
Sartorius
AG,
0.31%
...................................
Germany
9,200
4,125,581
Total
Preferred
Stocks
(Cost
$8,357,518)
.......................................
6,027,931
Warrants
Warrants
0.3%
Biotechnology
0.3%
a,b
Applied
Therapeutics,
Inc.,
6/27/27
........................
United
States
814,000
903,459
a,b,d
Applied
Therapeutics,
Inc.,
6/27/27
........................
United
States
1,628,100
810,808
a,b,d
Benitec
Biopharma,
Inc.,
II,
9/14/27
........................
Australia
7,019,473
420,144
2,134,411
Pharmaceuticals
0.0%
†
a
Nuvation
Bio,
Inc.,
7/07/27
..............................
United
States
115,266
20,967
Total
Warrants
(Cost
$814,621)
................................................
2,155,378
Shares
Escrows
and
Litigation
Trusts
0.0%
a,d
Sanofi
SA,
Escrow
Account
..............................
France
2,333,755
—
Total
Escrows
and
Litigation
Trusts
(Cost
$9,748)
...............................
—
Total
Long
Term
Investments
(Cost
$548,870,153)
...............................
824,915,935
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Biotechnology
Discovery
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
See
Abbreviations
on
page
192
.
Short
Term
Investments
5.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.4%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
46,346,955
$
46,346,955
Total
Money
Market
Funds
(Cost
$46,346,955)
..................................
46,346,955
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,
3.969%
....
United
States
4,599,985
4,599,985
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$4,599,985)
............................................................
4,599,985
Total
Short
Term
Investments
(Cost
$50,946,940
)
................................
50,946,940
a
Total
Investments
(Cost
$599,817,093)
100.8%
..................................
$875,862,875
Other
Assets,
less
Liabilities
(0.8)%
...........................................
(6,182,677)
Net
Assets
100.0%
...........................................................
$869,680,198
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
4
regarding
holdings
of
5%
voting
securities.
c
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2023.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
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,
2023
Franklin
Growth
Opportunities
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
97.3%
Aerospace
&
Defense
1.1%
a
Axon
Enterprise,
Inc.
...................................
United
States
150,118
$
29,339,062
a,b,c
Space
Exploration
Technologies
Corp.,
A
....................
United
States
142,857
10,999,989
40,339,051
Automobiles
1.0%
a
Rivian
Automotive,
Inc.,
A
...............................
United
States
516,738
10,024,717
a
Tesla,
Inc.
...........................................
United
States
149,082
25,823,984
35,848,701
Beverages
2.5%
Constellation
Brands,
Inc.,
A
.............................
United
States
95,374
22,080,988
a
Monster
Beverage
Corp.
................................
United
States
658,100
68,495,048
90,576,036
Biotechnology
0.2%
a
Heron
Therapeutics,
Inc.
................................
United
States
2,051,293
5,559,004
Capital
Markets
6.3%
Ares
Management
Corp.
................................
United
States
246,436
20,451,724
Charles
Schwab
Corp.
(The)
.............................
United
States
198,713
15,384,360
Intercontinental
Exchange,
Inc.
...........................
United
States
311,587
33,511,182
MSCI,
Inc.
...........................................
United
States
171,693
91,265,131
S&P
Global,
Inc.
......................................
United
States
174,352
65,371,539
225,983,936
Chemicals
1.7%
Linde
plc
............................................
United
Kingdom
185,449
61,372,492
Commercial
Services
&
Supplies
1.4%
a,b,c
Celonis
SE
..........................................
Germany
4,619
1,708,060
a,b,c
Celonis
SE,
D
........................................
Germany
25,571
9,455,900
Republic
Services,
Inc.
.................................
United
States
325,579
40,638,771
51,802,731
Electric
Utilities
1.1%
NextEra
Energy,
Inc.
...................................
United
States
542,062
40,454,087
Equity
Real
Estate
Investment
Trusts
(REITs)
3.0%
SBA
Communications
Corp.
.............................
United
States
360,486
107,255,400
Food
&
Staples
Retailing
0.3%
Costco
Wholesale
Corp.
................................
United
States
17,676
9,034,911
Food
Products
0.9%
a
Freshpet,
Inc.
........................................
United
States
192,209
12,172,596
Lamb
Weston
Holdings,
Inc.
.............................
United
States
202,145
20,192,264
32,364,860
Health
Care
Equipment
&
Supplies
3.4%
a
Edwards
Lifesciences
Corp.
.............................
United
States
296,190
22,717,773
a
Figs,
Inc.,
A
..........................................
United
States
1,697,109
15,189,126
a
IDEXX
Laboratories,
Inc.
................................
United
States
52,443
25,198,861
a,b,c
IL
MAKIAGE
Cosmetics
(2013)
Ltd.
........................
Israel
37,734
17,339,279
a
Intuitive
Surgical,
Inc.
..................................
United
States
172,399
42,356,710
122,801,749
Health
Care
Providers
&
Services
3.4%
a
Guardant
Health,
Inc.
..................................
United
States
437,773
13,759,206
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
................................
United
States
217,301
$
108,474,486
122,233,692
Health
Care
Technology
0.5%
a
Veeva
Systems,
Inc.,
A
.................................
United
States
109,736
18,715,475
Hotels,
Restaurants
&
Leisure
2.5%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
39,696
65,354,700
a,d
Dutch
Bros,
Inc.,
A
....................................
United
States
462,699
17,633,459
a
Sweetgreen,
Inc.,
A
....................................
United
States
770,824
7,993,445
90,981,604
Industrial
Conglomerates
1.2%
Honeywell
International,
Inc.
.............................
United
States
213,758
44,564,268
Interactive
Media
&
Services
5.2%
a
Alphabet,
Inc.,
C
......................................
United
States
1,204,420
120,285,426
a
Meta
Platforms,
Inc.,
A
.................................
United
States
438,358
65,302,191
185,587,617
Internet
&
Direct
Marketing
Retail
5.2%
a
Amazon.com,
Inc.
.....................................
United
States
1,832,386
188,973,968
IT
Services
9.1%
a,b,c
Canva,
Inc.
..........................................
Australia
11,829
10,158,752
Mastercard,
Inc.,
A
....................................
United
States
562,080
208,306,848
a
Snowflake,
Inc.,
A
.....................................
United
States
71,533
11,190,623
Visa,
Inc.,
A
..........................................
United
States
430,262
99,050,615
328,706,838
Leisure
Products
2.2%
a,b,c
Fanatics
Holdings,
Inc.
.................................
United
States
1,029,939
78,450,454
Life
Sciences
Tools
&
Services
5.1%
Danaher
Corp.
.......................................
United
States
323,532
85,535,390
a
Illumina,
Inc.
.........................................
United
States
42,381
9,078,010
Thermo
Fisher
Scientific,
Inc.
............................
United
States
88,067
50,227,252
West
Pharmaceutical
Services,
Inc.
........................
United
States
141,335
37,538,576
182,379,228
Machinery
0.4%
a
Proterra,
Inc.
.........................................
United
States
2,643,832
13,483,543
Pharmaceuticals
4.0%
AstraZeneca
plc,
ADR
..................................
United
Kingdom
863,148
56,423,985
a
Catalent,
Inc.
........................................
United
States
200,318
10,727,029
Eli
Lilly
&
Co.
........................................
United
States
224,163
77,145,696
144,296,710
Professional
Services
2.7%
a
CoStar
Group,
Inc.
....................................
United
States
986,316
76,834,016
TransUnion
..........................................
United
States
267,816
19,215,798
96,049,814
Road
&
Rail
2.6%
a
Uber
Technologies,
Inc.
.................................
United
States
1,291,259
39,938,641
Union
Pacific
Corp.
....................................
United
States
262,175
53,533,513
93,472,154
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Semiconductors
&
Semiconductor
Equipment
5.2%
Analog
Devices,
Inc.
...................................
United
States
231,566
$
39,706,622
ASML
Holding
NV,
NYRS
...............................
Netherlands
14,607
9,652,890
a,d
GLOBALFOUNDRIES,
Inc.
..............................
United
States
270,998
16,064,761
Monolithic
Power
Systems,
Inc.
...........................
United
States
150,900
64,367,904
NVIDIA
Corp.
........................................
United
States
300,864
58,779,800
188,571,977
Software
17.4%
a
Adobe,
Inc.
..........................................
United
States
91,607
33,925,736
a
Atlassian
Corp.,
A
.....................................
United
States
92,783
14,995,588
a
Bill.com
Holdings,
Inc.
..................................
United
States
169,882
19,641,757
a,b,c,e
ClearMotion,
Inc.
......................................
United
States
6,309,366
658,742
a
Confluent,
Inc.,
A
......................................
United
States
400,398
9,249,194
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
91,101
9,647,596
a
HashiCorp,
Inc.,
A
.....................................
United
States
323,508
10,410,487
Intuit,
Inc.
...........................................
United
States
135,624
57,324,196
Microsoft
Corp.
.......................................
United
States
749,290
185,681,555
a
Monday.com
Ltd.
......................................
United
States
42,563
5,541,277
a
Paycom
Software,
Inc.
.................................
United
States
78,421
25,403,699
Roper
Technologies,
Inc.
................................
United
States
103,989
44,377,306
a
Salesforce,
Inc.
.......................................
United
States
83,997
14,108,976
a
ServiceNow,
Inc.
......................................
United
States
222,123
101,094,841
a
Synopsys,
Inc.
.......................................
United
States
155,992
55,182,170
a
Tyler
Technologies,
Inc.
.................................
United
States
57,246
18,477,291
a
Workday,
Inc.,
A
......................................
United
States
114,025
20,687,556
626,407,967
Specialty
Retail
1.7%
a
AutoZone,
Inc.
.......................................
United
States
6,834
16,667,101
a
Burlington
Stores,
Inc.
..................................
United
States
187,278
43,042,103
59,709,204
Technology
Hardware,
Storage
&
Peripherals
5.0%
Apple,
Inc.
..........................................
United
States
1,238,359
178,682,820
Textiles,
Apparel
&
Luxury
Goods
1.0%
NIKE,
Inc.,
B
.........................................
United
States
290,502
36,989,620
Total
Common
Stocks
(Cost
$1,720,676,887)
....................................
3,501,649,911
Convertible
Preferred
Stocks
1.0%
Software
1.0%
a,b,c
Databricks,
Inc.,
G
....................................
United
States
338,280
17,572,714
a,b,c
Lacework,
Inc.,
D
.....................................
United
States
810,440
13,801,741
a,b,c
OneTrust
LLC,
C
......................................
United
States
517,056
6,775,782
38,150,237
Total
Convertible
Preferred
Stocks
(Cost
$50,470,099)
...........................
38,150,237
Preferred
Stocks
1.3%
Commercial
Services
&
Supplies
0.3%
a,b,c,e
Optoro,
Inc.,
E
.......................................
United
States
556,026
9,556,399
a
Health
Care
Providers
&
Services
0.6%
a,b,c
Tempus
Labs,
Inc.,
F
...................................
United
States
504,854
16,497,717
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
(continued)
Health
Care
Providers
&
Services
(continued)
a,b,c
Tempus
Labs,
Inc.,
G
..................................
United
States
126,131
$
4,121,733
20,619,450
Software
0.4%
a,b,c,e
ClearMotion,
Inc.,
A-4
..................................
United
States
2,606,463
323,410
a,b,c,e
Talkdesk,
Inc.,
C
......................................
United
States
1,753,060
10,427,166
a,b,c
Tanium,
Inc.,
G
.......................................
United
States
805,800
4,715,653
15,466,229
Total
Preferred
Stocks
(Cost
$44,049,689)
......................................
45,642,078
Warrants
Warrants
0.0%
†
Software
0.0%
†
a,b,c,e
ClearMotion,
Inc.,
2/01/49
...............................
United
States
1,042,585
37,131
Total
Warrants
(Cost
$–)
......................................................
37,131
Shares
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
102,780
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$1,815,196,675)
.............................
3,585,479,357
a
Short
Term
Investments
1.4%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
0.5%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
19,355,243
19,355,243
Total
Money
Market
Funds
(Cost
$19,355,243)
..................................
19,355,243
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.9%
Money
Market
Funds
0.9%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
31,538,233
31,538,233
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$31,538,233)
...........................................................
31,538,233
Total
Short
Term
Investments
(Cost
$50,893,476
)
................................
50,893,476
a
Total
Investments
(Cost
$1,866,090,151)
101.0%
................................
$3,636,372,833
Other
Assets,
less
Liabilities
(1.0)%
...........................................
(36,315,421)
Net
Assets
100.0%
...........................................................
$3,600,057,412
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Growth
Opportunities
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
See
Abbreviations
on
page
192
.
†
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,
2023.
e
See
Note
4
regarding
holdings
of
5%
voting
securities.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Natural
Resources
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Country
Shares
a
Value
a
Common
Stocks
98.0%
Agricultural
Products
0.9%
Bunge
Ltd.
..........................................
United
States
23,800
$
2,358,580
a
Darling
Ingredients,
Inc.
................................
United
States
32,600
2,161,054
4,519,634
Construction
Machinery
&
Heavy
Trucks
0.5%
a
Proterra,
Inc.
.........................................
United
States
496,800
2,533,680
a
Construction
Materials
0.7%
Martin
Marietta
Materials,
Inc.
............................
United
States
9,000
3,236,760
Copper
6.6%
Antofagasta
plc
.......................................
Chile
238,100
5,115,745
a
Capstone
Copper
Corp.
................................
Canada
1,122,200
5,507,678
a
ERO
Copper
Corp.
....................................
Brazil
294,300
4,833,112
First
Quantum
Minerals
Ltd.
.............................
Zambia
38,400
890,949
Freeport-McMoRan,
Inc.
................................
United
States
286,800
12,797,016
a
Imperial
Metals
Corp.
..................................
Canada
122,760
203,908
Lundin
Mining
Corp.
...................................
Chile
403,100
3,050,896
32,399,304
Diversified
Chemicals
0.9%
Huntsman
Corp.
......................................
United
States
135,500
4,293,995
Diversified
Metals
&
Mining
5.3%
29Metals
Ltd.
........................................
Australia
1,285,800
1,794,616
a
Aclara
Resources,
Inc.
.................................
United
Kingdom
489,200
163,618
a,b
Aclara
Resources,
Inc.,
144A
............................
United
Kingdom
510,754
170,827
Anglo
American
plc
....................................
South
Africa
84,900
3,661,623
BHP
Group
Ltd.,
ADR
..................................
Australia
127,700
8,958,155
Glencore
plc
.........................................
Australia
364,400
2,440,247
Rio
Tinto
plc,
ADR
.....................................
Australia
54,000
4,284,900
Teck
Resources
Ltd.,
B
.................................
Canada
83,300
3,606,890
25,080,876
Electrical
Components
&
Equipment
1.6%
a
Fluence
Energy,
Inc.
...................................
United
States
80,700
1,948,098
a
FREYR
Battery
SA
....................................
Norway
325,400
2,866,774
a
SES
AI
Corp.
........................................
United
States
227,544
750,895
a
Shoals
Technologies
Group,
Inc.,
A
........................
United
States
71,400
1,991,346
7,557,113
Environmental
&
Facilities
Services
0.3%
a
Li-Cycle
Holdings
Corp.
.................................
Canada
293,800
1,598,272
a
Fertilizers
&
Agricultural
Chemicals
1.9%
Corteva,
Inc.
.........................................
United
States
71,500
4,608,175
Nutrien
Ltd.
..........................................
Canada
50,700
4,197,453
8,805,628
Gold
6.3%
Agnico
Eagle
Mines
Ltd.
................................
Canada
109,500
6,184,014
Alamos
Gold,
Inc.,
A
...................................
Canada
418,600
4,618,601
Barrick
Gold
Corp.
....................................
Canada
347,091
6,785,629
Newmont
Corp.
.......................................
United
States
155,900
8,251,787
SSR
Mining,
Inc.
......................................
Canada
268,000
4,539,920
30,379,951
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Heavy
Electrical
Equipment
0.4%
a
TPI
Composites,
Inc.
...................................
United
States
145,500
$
1,898,775
a
Industrial
Gases
3.2%
Air
Products
and
Chemicals,
Inc.
..........................
United
States
25,300
8,108,903
Linde
plc
............................................
United
Kingdom
21,700
7,181,398
15,290,301
Industrial
Machinery
0.8%
Xylem,
Inc.
..........................................
United
States
36,700
3,817,167
Integrated
Oil
&
Gas
15.8%
Chevron
Corp.
.......................................
United
States
106,300
18,498,326
Exxon
Mobil
Corp.
.....................................
United
States
167,100
19,385,271
Occidental
Petroleum
Corp.
.............................
United
States
92,800
6,012,512
Shell
plc,
ADR
........................................
Netherlands
259,300
15,249,433
Suncor
Energy,
Inc.
....................................
Canada
270,000
9,371,364
TotalEnergies
SE,
ADR
.................................
France
130,310
8,084,432
76,601,338
Marine
0.3%
Eneti,
Inc.
...........................................
United
States
155,500
1,646,745
Metal
&
Glass
Containers
1.1%
Ball
Corp.
...........................................
United
States
57,600
3,354,624
Crown
Holdings,
Inc.
...................................
United
States
22,100
1,948,336
5,302,960
Oil
&
Gas
Drilling
1.4%
Helmerich
&
Payne,
Inc.
................................
United
States
66,100
3,201,884
Patterson-UTI
Energy,
Inc.
..............................
United
States
212,400
3,568,320
6,770,204
Oil
&
Gas
Equipment
&
Services
12.8%
Baker
Hughes
Co.
.....................................
United
States
215,800
6,849,492
Cactus,
Inc.,
A
........................................
United
States
44,300
2,397,073
ChampionX
Corp.
.....................................
United
States
115,900
3,827,018
Halliburton
Co.
.......................................
United
States
149,000
6,141,780
Liberty
Energy,
Inc.,
A
..................................
United
States
238,600
3,777,038
a
NexTier
Oilfield
Solutions,
Inc.
............................
United
States
383,300
3,610,686
a
Nine
Energy
Service,
Inc.
...............................
United
States
105,492
1,446,295
a
Oceaneering
International,
Inc.
...........................
United
States
162,000
3,458,700
a
Oil
States
International,
Inc.
.............................
United
States
249,800
2,138,288
a
Ranger
Energy
Services,
Inc.
............................
United
States
335,595
3,822,427
Schlumberger
Ltd.
.....................................
United
States
234,100
13,339,018
Schoeller-Bleckmann
Oilfield
Equipment
AG
.................
Austria
17,600
1,291,083
Select
Energy
Services,
Inc.,
A
...........................
United
States
276,200
2,425,036
c
Technip
Energies
NV
...................................
France
70,899
1,374,604
a
TechnipFMC
plc
......................................
United
Kingdom
400,600
5,564,334
61,462,872
Oil
&
Gas
Exploration
&
Production
19.4%
Aker
BP
ASA
.........................................
Norway
123,900
3,775,196
Canadian
Natural
Resources
Ltd.
.........................
Canada
212,200
13,025,460
ConocoPhillips
.......................................
United
States
172,900
21,071,323
Coterra
Energy,
Inc.
...................................
United
States
381,700
9,553,951
Devon
Energy
Corp.
...................................
United
States
113,200
7,158,768
EOG
Resources,
Inc.
..................................
United
States
115,100
15,221,975
EQT
Corp.
..........................................
United
States
83,800
2,737,746
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Country
Shares
a
Value
a
Common
Stocks
(continued)
Oil
&
Gas
Exploration
&
Production
(continued)
Hess
Corp.
..........................................
United
States
58,600
$
8,799,376
PDC
Energy,
Inc.
.....................................
United
States
34,100
2,309,593
Pioneer
Natural
Resources
Co.
...........................
United
States
40,701
9,375,475
93,028,863
Oil
&
Gas
Refining
&
Marketing
5.8%
Marathon
Petroleum
Corp.
..............................
United
States
83,000
10,667,160
Phillips
66
...........................................
United
States
82,400
8,262,248
Valero
Energy
Corp.
...................................
United
States
65,100
9,115,953
28,045,361
Oil
&
Gas
Storage
&
Transportation
7.9%
Cheniere
Energy,
Inc.
..................................
United
States
12,700
1,940,433
Enbridge,
Inc.
........................................
Canada
71,000
2,908,870
Kinder
Morgan,
Inc.
....................................
United
States
506,300
9,265,290
New
Fortress
Energy,
Inc.
...............................
United
States
59,900
2,323,521
Targa
Resources
Corp.
.................................
United
States
67,400
5,056,348
TC
Energy
Corp.
......................................
Canada
181,400
7,825,596
Williams
Cos.,
Inc.
(The)
................................
United
States
276,900
8,927,256
38,247,314
Paper
Packaging
0.6%
Packaging
Corp.
of
America
.............................
United
States
19,600
2,796,920
Semiconductor
Equipment
0.5%
a
SolarEdge
Technologies,
Inc.
............................
United
States
7,100
2,265,823
a
Specialty
Chemicals
1.2%
Albemarle
Corp.
......................................
United
States
9,400
2,645,630
Ecolab,
Inc.
..........................................
United
States
16,000
2,477,280
Neo
Performance
Materials,
Inc.
..........................
Canada
23,600
203,806
b
Neo
Performance
Materials,
Inc.,
144A
.....................
Canada
85,000
734,047
6,060,763
Steel
0.8%
Vale
SA,
ADR
........................................
Brazil
207,400
3,874,232
Trading
Companies
&
Distributors
1.0%
a
Univar
Solutions,
Inc.
..................................
United
States
144,100
4,968,568
a
Total
Common
Stocks
(Cost
$300,887,319)
.....................................
472,483,419
Warrants
a
a
a
a
a
Warrants
0.1%
Integrated
Oil
&
Gas
0.1%
a
Occidental
Petroleum
Corp.,
8/03/27
.......................
United
States
17,900
768,268
Total
Warrants
(Cost
$88,605)
.................................................
768,268
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
1,377,720
Total
Convertible
Bonds
(Cost
$1,200,000)
.....................................
1,377,720
Total
Long
Term
Investments
(Cost
$302,175,924)
...............................
474,629,407
a
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Natural
Resources
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
192
.
Short
Term
Investments
1.8%
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
1.7%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
7,901,436
$
7,901,436
Total
Money
Market
Funds
(Cost
$7,901,436)
...................................
7,901,436
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.1%
Money
Market
Funds
0.1%
d,e
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
604,641
604,641
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$604,641)
...................................................................
604,641
Total
Short
Term
Investments
(Cost
$8,506,077
)
.................................
8,506,077
a
Total
Investments
(Cost
$310,682,001)
100.2%
..................................
$483,135,484
Other
Assets,
less
Liabilities
(0.2)%
...........................................
(817,633)
Net
Assets
100.0%
...........................................................
$482,317,851
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2023,
the
aggregate
value
of
these
securities
was
$904,874,
representing
0.2%
of
net
assets.
c
A
portion
or
all
of
the
security
is
on
loan
at
January
31,
2023.
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,
2023
Franklin
Small
Cap
Growth
Fund
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
95.5%
Aerospace
&
Defense
5.0%
a
AAR
Corp.
..........................................
United
States
815,100
$
41,928,744
a
Axon
Enterprise,
Inc.
...................................
United
States
136,400
26,658,016
BWX
Technologies,
Inc.
................................
United
States
800,600
48,724,516
a
Kratos
Defense
&
Security
Solutions,
Inc.
...................
United
States
1,582,464
18,119,213
135,430,489
Airlines
1.5%
a
Allegiant
Travel
Co.
....................................
United
States
448,448
38,579,982
a
Wheels
Up
Experience,
Inc.
.............................
United
States
2,452,249
3,016,266
41,596,248
Banks
2.5%
Pinnacle
Financial
Partners,
Inc.
..........................
United
States
429,904
33,846,342
Western
Alliance
Bancorp
...............................
United
States
460,400
34,700,348
68,546,690
Biotechnology
7.4%
a
Alector
,
Inc.
..........................................
United
States
581,300
5,127,066
a
Arcutis
Biotherapeutics
,
Inc.
.............................
United
States
358,400
5,938,688
a
Ascendis
Pharma
A/S,
ADR
.............................
Denmark
217,200
26,950,176
a
Cullinan
Oncology,
Inc.
.................................
United
States
427,500
4,976,100
a
Cytokinetics,
Inc.
......................................
United
States
321,000
13,636,080
a
Day
One
Biopharmaceuticals,
Inc.
.........................
United
States
748,822
16,301,855
a
Dyne
Therapeutics,
Inc.
................................
United
States
677,600
9,892,960
a
Heron
Therapeutics,
Inc.
................................
United
States
1,797,608
4,871,517
a
Insmed
,
Inc.
.........................................
United
States
1,099,600
23,674,388
a
IVERIC
bio,
Inc.
......................................
United
States
229,200
5,294,520
a
Karuna
Therapeutics,
Inc.
...............................
United
States
71,700
14,296,263
a
Kura
Oncology,
Inc.
....................................
United
States
571,700
7,900,894
a
Merus
NV
...........................................
Netherlands
312,800
4,879,680
a
Mirati
Therapeutics,
Inc.
................................
United
States
214,900
11,477,809
a
PTC
Therapeutics,
Inc.
.................................
United
States
735,500
33,752,095
a
Sutro
Biopharma,
Inc.
..................................
United
States
968,449
7,011,571
a
Twist
Bioscience
Corp.
.................................
United
States
119,862
3,438,841
199,420,503
Building
Products
1.0%
a
Masonite
International
Corp.
.............................
United
States
300,200
27,384,244
Capital
Markets
3.7%
Bridge
Investment
Group
Holdings,
Inc.,
A
...................
United
States
1,410,600
21,003,834
Evercore
,
Inc.,
A
......................................
United
States
256,800
33,335,208
Houlihan
Lokey
,
Inc.
...................................
United
States
458,800
45,453,316
99,792,358
Communications
Equipment
0.8%
a
Viavi
Solutions,
Inc.
....................................
United
States
1,924,500
21,746,850
Construction
&
Engineering
2.8%
Arcosa
,
Inc.
.........................................
United
States
685,200
40,611,804
Granite
Construction,
Inc.
...............................
United
States
808,143
34,410,729
75,022,533
Diversified
Consumer
Services
0.5%
a
Nerdy,
Inc.
..........................................
United
States
4,416,100
12,541,724
Electronic
Equipment,
Instruments
&
Components
0.9%
Vontier
Corp.
.........................................
United
States
1,091,200
25,130,336
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Energy
Equipment
&
Services
1.4%
Liberty
Energy,
Inc.,
A
..................................
United
States
2,411,700
$
38,177,211
Equity
Real
Estate
Investment
Trusts
(REITs)
2.2%
Pebblebrook
Hotel
Trust
................................
United
States
1,174,800
19,266,720
Rexford
Industrial
Realty,
Inc.
............................
United
States
642,600
40,785,822
60,052,542
Food
&
Staples
Retailing
1.9%
a
Performance
Food
Group
Co.
............................
United
States
817,800
50,147,496
Food
Products
3.7%
a
Freshpet
,
Inc.
........................................
United
States
414,800
26,269,284
a
Hostess
Brands,
Inc.
...................................
United
States
784,174
18,137,945
a
Nomad
Foods
Ltd.
....................................
United
Kingdom
942,100
16,759,959
a
Simply
Good
Foods
Co.
(The)
............................
United
States
1,102,900
40,035,270
101,202,458
Health
Care
Equipment
&
Supplies
6.4%
a
Figs,
Inc.,
A
..........................................
United
States
1,500,500
13,429,475
a
Haemonetics
Corp.
....................................
United
States
431,900
36,538,740
a
Inari
Medical,
Inc.
.....................................
United
States
184,700
10,537,135
a
Inspire
Medical
Systems,
Inc.
............................
United
States
195,944
49,585,589
a
Integer
Holdings
Corp.
.................................
United
States
472,300
31,082,063
a
Neogen
Corp.
........................................
United
States
565,932
12,116,604
a
Nevro
Corp.
.........................................
United
States
348,300
12,789,576
a
Pulmonx
Corp.
.......................................
United
States
647,016
5,751,972
171,831,154
Health
Care
Providers
&
Services
3.2%
a
HealthEquity
,
Inc.
.....................................
United
States
694,416
42,255,214
a
Hims
&
Hers
Health,
Inc.
................................
United
States
1,684,547
13,948,049
a
Privia
Health
Group,
Inc.
................................
United
States
1,130,700
30,574,128
86,777,391
Health
Care
Technology
2.5%
a
Certara
,
Inc.
.........................................
United
States
1,294,000
25,103,600
a
Phreesia
,
Inc.
........................................
United
States
1,131,082
42,404,264
67,507,864
Hotels,
Restaurants
&
Leisure
5.0%
a,b
Dutch
Bros,
Inc.,
A
....................................
United
States
70,200
2,675,322
a
Portillo's,
Inc.,
A
......................................
United
States
657,500
14,833,200
Red
Rock
Resorts,
Inc.,
A
...............................
United
States
935,900
42,124,859
a
Sweetgreen
,
Inc.,
A
....................................
United
States
630,539
6,538,690
Texas
Roadhouse,
Inc.
.................................
United
States
399,100
40,081,613
a
Vacasa
,
Inc.
.........................................
United
States
10,527
18,422
a,b
Vacasa
,
Inc.,
A
.......................................
United
States
2,242,700
3,924,725
Wingstop
,
Inc.
........................................
United
States
163,013
25,832,670
136,029,501
Household
Durables
3.6%
a
M/I
Homes,
Inc.
.......................................
United
States
722,046
43,178,351
a
Sonos
,
Inc.
..........................................
United
States
1,034,700
19,079,868
a
Tri
Pointe
Homes,
Inc.
..................................
United
States
1,541,100
34,042,899
96,301,118
Internet
&
Direct
Marketing
Retail
0.2%
a,b
Rent
the
Runway,
Inc.,
A
................................
United
States
345,800
1,483,482
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Internet
&
Direct
Marketing
Retail
(continued)
a
Rent
the
Runway,
Inc.,
A
................................
United
States
1,105,258
$
4,741,557
IT
Services
5.3%
a
BigCommerce
Holdings,
Inc.,
1
...........................
United
States
1,260,100
15,448,826
a
Flywire
Corp.
........................................
United
States
1,487,110
40,107,357
a
Marqeta
,
Inc.,
A
.......................................
United
States
2,422,413
16,060,598
a,c
Paymentus
Holdings,
Inc.,
A
.............................
United
States
2,195,300
19,077,157
a
Repay
Holdings
Corp.
..................................
United
States
1,173,337
11,428,302
a
Shift4
Payments,
Inc.,
A
................................
United
States
634,000
40,601,360
142,723,600
Life
Sciences
Tools
&
Services
0.7%
a
CryoPort
,
Inc.
........................................
United
States
156,600
3,575,178
a
NeoGenomics
,
Inc.
....................................
United
States
1,270,400
15,092,352
18,667,530
Machinery
3.3%
Kennametal,
Inc.
......................................
United
States
1,090,700
31,084,950
a
Proterra
,
Inc.
.........................................
United
States
4,726,443
24,104,859
a
RBC
Bearings,
Inc.
....................................
United
States
141,700
34,570,549
89,760,358
Media
0.8%
New
York
Times
Co.
(The),
A
.............................
United
States
662,156
23,069,515
Oil,
Gas
&
Consumable
Fuels
1.4%
Matador
Resources
Co.
................................
United
States
558,900
36,976,824
Personal
Products
1.3%
a
BellRing
Brands,
Inc.
...................................
United
States
1,199,700
34,023,492
Pharmaceuticals
3.1%
a
Cymabay
Therapeutics,
Inc.
.............................
United
States
662,700
5,560,053
a,b,c
EyePoint
Pharmaceuticals,
Inc.
...........................
United
States
2,015,600
9,392,696
a
Intra-Cellular
Therapies,
Inc.
.............................
United
States
339,400
16,264,048
a
Pliant
Therapeutics,
Inc.
................................
United
States
521,100
18,259,344
a
Revance
Therapeutics,
Inc.
..............................
United
States
1,014,192
35,172,179
84,648,320
Professional
Services
0.8%
a
Legalzoom.com,
Inc.
...................................
United
States
2,471,080
20,954,758
Semiconductors
&
Semiconductor
Equipment
5.0%
a
Lattice
Semiconductor
Corp.
.............................
United
States
724,000
54,871,960
a
Onto
Innovation,
Inc.
...................................
United
States
453,209
35,644,888
a
Silicon
Laboratories,
Inc.
................................
United
States
62,600
9,822,566
a
SiTime
Corp.
.........................................
United
States
312,212
35,976,189
136,315,603
Software
7.8%
a
Alkami
Technology,
Inc.
.................................
United
States
403,450
6,604,476
a
Alteryx
,
Inc.,
A
........................................
United
States
368,700
20,459,163
a
AvePoint
,
Inc.
........................................
United
States
1,771,700
7,919,499
a,c,d,e
ClearMotion
,
Inc.
......................................
United
States
3,698,772
386,178
a
CS
Disco,
Inc.
........................................
United
States
2,102,613
17,472,714
a
Envestnet
,
Inc.
.......................................
United
States
289,622
18,825,430
a
Freshworks
,
Inc.,
A
....................................
United
States
1,529,300
24,744,074
a
LiveRamp
Holdings,
Inc.
................................
United
States
1,000,500
26,773,380
a,b
Monday.com
Ltd.
......................................
United
States
296,700
38,627,373
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Software
(continued)
a
Paycor
HCM,
Inc.
.....................................
United
States
1,616,200
$
40,582,782
a
Q2
Holdings,
Inc.
.....................................
United
States
238,500
7,803,720
210,198,789
Specialty
Retail
5.5%
American
Eagle
Outfitters,
Inc.
...........................
United
States
1,677,400
27,073,236
a
Boot
Barn
Holdings,
Inc.
................................
United
States
478,660
39,963,323
a
Five
Below,
Inc.
.......................................
United
States
197,400
38,913,462
Lithia
Motors,
Inc.,
A
...................................
United
States
44,726
11,771,883
a
MYT
Netherlands
Parent
BV,
ADR
.........................
Germany
803,704
9,371,189
a
Petco
Health
&
Wellness
Co.,
Inc.
.........................
United
States
1,942,500
22,707,825
149,800,918
Textiles,
Apparel
&
Luxury
Goods
1.2%
a
Allbirds
,
Inc.,
A
.......................................
United
States
1,516,705
4,170,939
Steven
Madden
Ltd.
...................................
United
States
765,750
27,452,137
31,623,076
Trading
Companies
&
Distributors
3.1%
a
Beacon
Roofing
Supply,
Inc.
.............................
United
States
475,500
27,046,440
a
Univar
Solutions,
Inc.
..................................
United
States
1,615,132
55,689,751
82,736,191
Total
Common
Stocks
(Cost
$2,313,311,055)
....................................
2,582,362,723
Convertible
Preferred
Stocks
1.8%
Diversified
Consumer
Services
0.4%
a,d,e
Newsela
,
Inc.,
D
......................................
United
States
709,046
10,700,160
a
Software
1.1%
a,c,d,e
Benchling
,
Inc.,
F
.....................................
United
States
382,306
7,344,197
a,d,e
Checkr
,
Inc.,
E
.......................................
United
States
1,388,889
22,487,908
29,832,105
Specialty
Retail
0.3%
a,c,d,e
1661,
Inc.,
F
.........................................
United
States
3,436,485
7,419,811
a
Total
Convertible
Preferred
Stocks
(Cost
$72,500,003)
...........................
47,952,076
Preferred
Stocks
0.9%
Auto
Components
0.2%
a,d,e
Tula
eTechnology
,
Inc.
..................................
United
States
361,111
—
a,d,e
Tula
eTechnology
,
Inc.,
E
...............................
United
States
3,611,111
6,600,573
6,600,573
Commercial
Services
&
Supplies
0.4%
a,c,d,e
Optoro
,
Inc.,
E
.......................................
United
States
554,878
9,536,669
a
Software
0.3%
a,c,d,e
ClearMotion
,
Inc.,
A-4
..................................
United
States
6,477,294
803,702
a,d,e
Smule
,
Inc.
..........................................
United
States
162,712
813,560
a,d,e
Smule
,
Inc.,
144A,
G
...................................
United
States
1,542,673
3,940,613
a,d,e
Smule
,
Inc.,
144A,
H
...................................
United
States
352,675
1,064,978
6,622,853
Total
Preferred
Stocks
(Cost
$32,909,382)
......................................
22,760,095
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
See
Abbreviations
on
page
192
.
a
a
Country
Warrants
a
Value
a
a
a
a
a
a
Warrants
0.0%
†
Software
0.0%
†
a,c,d,e
ClearMotion
,
Inc.,
2/01/49
...............................
United
States
2,590,918
$
92,273
Total
Warrants
(Cost
$–)
......................................................
92,273
Shares
Escrows
and
Litigation
Trusts
0.0%
a,d
Proterra
,
Inc.,
Escrow
Account
...........................
United
States
344,921
—
a,d
Wheels
Up
Experience,
Inc.,
Escrow
Account
................
United
States
88,098
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$2,418,720,440)
.............................
2,653,167,167
a
Short
Term
Investments
2.7%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
2.2%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
60,367,007
60,367,007
Total
Money
Market
Funds
(Cost
$60,367,007)
..................................
60,367,007
a
a
a
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
0.5%
Money
Market
Funds
0.5%
f,g
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
12,931,059
12,931,059
Total
Investments
from
Cash
Collateral
Received
for
Loaned
Securities
(Cost
$12,931,059)
...........................................................
12,931,059
Total
Short
Term
Investments
(Cost
$73,298,066
)
................................
73,298,066
a
Total
Investments
(Cost
$2,492,018,506)
100.9%
................................
$2,726,465,233
Other
Assets,
less
Liabilities
(0.9)%
...........................................
(23,605,042)
Net
Assets
100.0%
...........................................................
$2,702,860,191
†
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,
2023.
c
See
Note
4
regarding
holdings
of
5%
voting
securities.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
6
regarding
fair
value
measurements.
e
See
Note
3
regarding
restricted
securities.
f
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
g
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Small-Mid
Cap
Growth
Fund
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
93.8%
Aerospace
&
Defense
1.7%
TransDigm
Group,
Inc.
.................................
United
States
87,200
$
62,587,800
Airlines
1.5%
a
Delta
Air
Lines,
Inc.
....................................
United
States
1,465,200
57,289,320
Banks
1.4%
First
Republic
Bank
....................................
United
States
133,800
18,849,744
a
SVB
Financial
Group
...................................
United
States
105,200
31,816,688
50,666,432
Beverages
0.6%
Brown-Forman
Corp.,
B
................................
United
States
347,900
23,163,182
Biotechnology
2.7%
a
Alnylam
Pharmaceuticals,
Inc.
............................
United
States
135,600
30,699,840
a
Incyte
Corp.
.........................................
United
States
162,500
13,835,250
a
Neurocrine
Biosciences,
Inc.
.............................
United
States
117,100
12,989,903
a
PTC
Therapeutics,
Inc.
.................................
United
States
486,700
22,334,663
a
Seagen
,
Inc.
.........................................
United
States
152,700
21,298,596
101,158,252
Building
Products
1.5%
Trane
Technologies
plc
.................................
United
States
312,100
55,903,352
Capital
Markets
4.7%
Ares
Management
Corp.
................................
United
States
636,400
52,814,836
LPL
Financial
Holdings,
Inc.
.............................
United
States
99,200
23,522,304
MSCI,
Inc.
...........................................
United
States
135,200
71,866,912
Tradeweb
Markets,
Inc.,
A
...............................
United
States
354,600
26,431,884
174,635,936
Chemicals
0.4%
Albemarle
Corp.
......................................
United
States
54,500
15,339,025
Commercial
Services
&
Supplies
1.2%
Republic
Services,
Inc.
.................................
United
States
352,300
43,974,086
Communications
Equipment
1.5%
a
Arista
Networks,
Inc.
...................................
United
States
456,700
57,553,334
Containers
&
Packaging
1.3%
Avery
Dennison
Corp.
..................................
United
States
266,300
50,447,872
Electrical
Equipment
2.0%
AMETEK,
Inc.
........................................
United
States
114,600
16,607,832
Rockwell
Automation,
Inc.
...............................
United
States
210,200
59,282,706
75,890,538
Electronic
Equipment,
Instruments
&
Components
2.4%
a
Keysight
Technologies,
Inc.
..............................
United
States
262,300
47,043,505
a
Zebra
Technologies
Corp.,
A
.............................
United
States
130,700
41,324,726
88,368,231
Entertainment
0.5%
a
ROBLOX
Corp.,
A
.....................................
United
States
461,700
17,179,857
Equity
Real
Estate
Investment
Trusts
(REITs)
2.7%
Equity
LifeStyle
Properties,
Inc.
...........................
United
States
485,100
34,820,478
SBA
Communications
Corp.
.............................
United
States
122,000
36,298,660
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Terreno
Realty
Corp.
...................................
United
States
449,800
$
28,980,614
100,099,752
Food
Products
0.5%
a
Freshpet
,
Inc.
........................................
United
States
289,600
18,340,368
Health
Care
Equipment
&
Supplies
5.9%
a
Dexcom
,
Inc.
.........................................
United
States
651,656
69,785,841
a
IDEXX
Laboratories,
Inc.
................................
United
States
147,600
70,921,800
a
Inari
Medical,
Inc.
.....................................
United
States
302,300
17,246,215
a
Insulet
Corp.
.........................................
United
States
167,700
48,183,564
a
Penumbra,
Inc.
.......................................
United
States
53,300
13,346,853
219,484,273
Health
Care
Providers
&
Services
0.6%
a
HealthEquity
,
Inc.
.....................................
United
States
355,600
21,638,260
Health
Care
Technology
1.8%
a
Certara
,
Inc.
.........................................
United
States
781,000
15,151,400
a
Veeva
Systems,
Inc.,
A
.................................
United
States
304,600
51,949,530
67,100,930
Hotels,
Restaurants
&
Leisure
6.3%
a
Chipotle
Mexican
Grill,
Inc.
..............................
United
States
52,200
85,941,036
Darden
Restaurants,
Inc.
...............................
United
States
308,200
45,604,354
a
Expedia
Group,
Inc.
...................................
United
States
401,100
45,845,730
Vail
Resorts,
Inc.
......................................
United
States
123,000
32,267,820
a
Wynn
Resorts
Ltd.
....................................
United
States
238,900
24,759,596
234,418,536
Household
Durables
1.6%
a
NVR,
Inc.
...........................................
United
States
11,000
57,970,000
Interactive
Media
&
Services
1.9%
a
Match
Group,
Inc.
.....................................
United
States
731,659
39,597,385
a
Pinterest,
Inc.,
A
......................................
United
States
1,132,900
29,783,941
69,381,326
IT
Services
4.8%
a,b
Adyen
NV,
144A,
Reg
S
................................
Netherlands
16,100
24,342,824
a
Cloudflare
,
Inc.,
A
.....................................
United
States
664,600
35,163,986
a
MongoDB,
Inc.
.......................................
United
States
169,500
36,308,595
Paychex,
Inc.
........................................
United
States
479,200
55,520,112
a
Shopify,
Inc.,
A
.......................................
Canada
559,300
27,556,711
178,892,228
Leisure
Products
1.6%
a,c,d
Fanatics
Holdings,
Inc.
.................................
United
States
793,714
60,457,195
Life
Sciences
Tools
&
Services
5.7%
a
10X
Genomics,
Inc.,
A
..................................
United
States
449,600
21,054,768
Agilent
Technologies,
Inc.
...............................
United
States
238,600
36,286,288
Bio-
Techne
Corp.
.....................................
United
States
488,900
38,945,774
a
Mettler
-Toledo
International,
Inc.
..........................
United
States
46,400
71,127,488
West
Pharmaceutical
Services,
Inc.
........................
United
States
165,000
43,824,000
211,238,318
Machinery
1.4%
IDEX
Corp.
..........................................
United
States
166,100
39,810,848
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Machinery
(continued)
a
Proterra
,
Inc.
.........................................
United
States
2,425,555
$
12,370,331
52,181,179
Oil,
Gas
&
Consumable
Fuels
2.4%
Cheniere
Energy,
Inc.
..................................
United
States
141,000
21,543,390
Coterra
Energy,
Inc.
...................................
United
States
787,300
19,706,119
Hess
Corp.
..........................................
United
States
197,100
29,596,536
Targa
Resources
Corp.
.................................
United
States
244,800
18,364,896
89,210,941
Personal
Products
0.9%
a
BellRing
Brands,
Inc.
...................................
United
States
1,197,100
33,949,756
Pharmaceuticals
1.4%
a
Catalent
,
Inc.
........................................
United
States
490,500
26,266,275
a
Jazz
Pharmaceuticals
plc
...............................
United
States
169,800
26,600,868
52,867,143
Professional
Services
2.2%
a
CoStar
Group,
Inc.
....................................
United
States
538,000
41,910,200
TransUnion
..........................................
United
States
551,400
39,562,950
81,473,150
Road
&
Rail
2.7%
a
Lyft,
Inc.,
A
..........................................
United
States
1,681,000
27,316,250
Old
Dominion
Freight
Line,
Inc.
...........................
United
States
216,450
72,129,798
99,446,048
Semiconductors
&
Semiconductor
Equipment
4.2%
a
Enphase
Energy,
Inc.
..................................
United
States
83,300
18,440,954
KLA
Corp.
...........................................
United
States
15,100
5,926,448
a
Lattice
Semiconductor
Corp.
.............................
United
States
650,014
49,264,561
Monolithic
Power
Systems,
Inc.
...........................
United
States
105,500
45,002,080
a
SiTime
Corp.
.........................................
United
States
275,614
31,759,001
a
Wolfspeed
,
Inc.
.......................................
United
States
89,800
6,915,498
157,308,542
Software
11.7%
a
Alkami
Technology,
Inc.
.................................
United
States
998,700
16,348,719
a
ANSYS,
Inc.
.........................................
United
States
198,400
52,845,824
a
Arteris
,
Inc.
..........................................
United
States
1,172,900
7,365,812
a
Atlassian
Corp.,
A
.....................................
United
States
160,800
25,988,496
a
Bill.com
Holdings,
Inc.
..................................
United
States
205,233
23,729,039
c,d,e
Blaize
,
Inc.
..........................................
United
States
1
—
a
Crowdstrike
Holdings,
Inc.,
A
.............................
United
States
415,500
44,001,450
a
Datadog
,
Inc.,
A
......................................
United
States
216,600
16,203,846
a
Fair
Isaac
Corp.
......................................
United
States
21,600
14,384,520
a
Monday.com
Ltd.
......................................
United
States
204,000
26,558,760
a
Palo
Alto
Networks,
Inc.
................................
United
States
207,000
32,838,480
a
Paylocity
Holding
Corp.
.................................
United
States
209,464
43,629,257
a
Synopsys,
Inc.
.......................................
United
States
297,000
105,063,750
a
Zscaler
,
Inc.
.........................................
United
States
224,900
27,923,584
436,881,537
Specialty
Retail
5.8%
a
AutoZone,
Inc.
.......................................
United
States
19,600
47,801,460
a
Burlington
Stores,
Inc.
..................................
United
States
228,600
52,539,138
a
Five
Below,
Inc.
.......................................
United
States
201,200
39,662,556
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Specialty
Retail
(continued)
a
Petco
Health
&
Wellness
Co.,
Inc.
.........................
United
States
1,332,500
$
15,576,925
Tractor
Supply
Co.
....................................
United
States
268,200
61,146,918
216,726,997
Textiles,
Apparel
&
Luxury
Goods
2.5%
Levi
Strauss
&
Co.,
A
..................................
United
States
1,158,700
21,320,080
a
Lululemon
Athletica
,
Inc.
................................
United
States
229,000
70,275,520
91,595,600
Trading
Companies
&
Distributors
1.8%
Fastenal
Co.
.........................................
United
States
1,341,900
67,833,045
Total
Common
Stocks
(Cost
$2,787,791,759)
....................................
3,492,652,341
Convertible
Preferred
Stocks
1.2%
Diversified
Consumer
Services
0.2%
a,c,d
Newsela
,
Inc.,
D
......................................
United
States
423,782
6,395,262
a
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,c,d,e
Phononic
Devices,
Inc.,
F
...............................
United
States
2,970,061
1,495,975
a
Software
1.0%
a,c,d,e
Benchling
,
Inc.,
F
.....................................
United
States
347,106
6,667,996
a,c,d,e
Blaize
,
Inc.,
D
........................................
United
States
227,435
752,314
a,c,d,e
Blaize
,
Inc.,
D
........................................
United
States
1,720,949
5,327,521
a,c,d,e
Blaize
,
Inc.,
D-2
......................................
United
States
1,467,659
2,393,665
a,c,d
Databricks
,
Inc.,
G
....................................
United
States
227,829
11,835,089
a,c,d
OneTrust
LLC,
C
......................................
United
States
767,526
10,058,077
37,034,662
Total
Convertible
Preferred
Stocks
(Cost
$83,781,543)
...........................
44,925,899
Preferred
Stocks
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,c,d,e
Phononic
Devices,
Inc.,
G-2
.............................
United
States
513,050
591,624
a,c,d,e
Phononic
,
Inc.
........................................
United
States
117,763
519,973
1,111,597
Total
Preferred
Stocks
(Cost
$460,692)
.........................................
1,111,597
Warrants
Warrants
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
a,c,d,e
Phononic
,
Inc.,
H,
10/17/27
..............................
United
States
47,104
50,892
Software
0.0%
†
a,c,d,e
Blaize
,
Inc.,
9/19/25
...................................
United
States
146,765
8,696
a,c,d,e
Blaize
,
Inc.,
D,
2/28/24
.................................
United
States
260,815
1,737
10,433
Total
Warrants
(Cost
$44,034)
.................................................
61,325
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
See
Abbreviations
on
page
192
.
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
0.0%
†
Software
0.0%
†
c,d,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
0.0%
†
Semiconductors
&
Semiconductor
Equipment
0.0%
†
c,d,e,f
Phononic
,
Inc.
,
Advance
Term
Loan
,
12
%
,
PIK,
6/30/25
.........
United
States
775,689
711,128
Total
Senior
Floating
Rate
Interests
(Cost
$717,145)
.............................
711,128
Shares
a
Escrows
and
Litigation
Trusts
0.0%
a,c
Proterra
,
Inc.,
Escrow
Account
...........................
United
States
134,477
—
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
—
Total
Long
Term
Investments
(Cost
$2,873,365,294)
.............................
3,540,032,468
a
Short
Term
Investments
5.3%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
5.0%
g,h
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
183,643,704
183,643,704
Total
Money
Market
Funds
(Cost
$183,643,704)
.................................
183,643,704
Principal
Amount
*
a
a
a
Repurchase
Agreements
0.3%
i
Joint
Repurchase
Agreement,
4.211%,
2/01/23
(Maturity
Value
$12,056,324)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$4,431,302)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$534,939)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$7,090,083)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.5%
-
4.5%,
6/15/24
-
1/20/52;
U.S.
Government
Agency
Strips,
8/15/33
-
5/15/46;
U.S.
Treasury
Bonds,
Index
Linked,
2%,
1/15/26;
and
U.S.
Treasury
Notes,
0.13%
-
2.25%,
5/15/23
-
8/15/27
(valued
at
$12,312,721)
.......................................
12,054,913
12,054,913
Total
Repurchase
Agreements
(Cost
$12,054,913)
...............................
12,054,913
Total
Short
Term
Investments
(Cost
$195,698,617
)
...............................
195,698,617
a
Total
Investments
(Cost
$3,069,063,911)
100.3%
.................................
$3,735,731,085
Other
Assets,
less
Liabilities
(0.3)%
...........................................
(10,067,219)
Net
Assets
100.0%
...........................................................
$3,725,663,866
*
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.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
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,
2023,
the
value
of
this
security
was
$24,342,824,
representing
0.7%
of
net
assets.
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
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.
i
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,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Strategic
Income
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
0.6%
Energy
Equipment
&
Services
0.3%
a
Weatherford
International
plc
.............................
United
States
151,545
$
8,619,879
Media
0.1%
a
Clear
Channel
Outdoor
Holdings,
Inc.
......................
United
States
285,564
545,427
a
iHeartMedia,
Inc.,
A
....................................
United
States
117,026
906,952
1,452,379
Multiline
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
—
—
Oil,
Gas
&
Consumable
Fuels
0.2%
a
Amplify
Energy
Corp.
..................................
United
States
5,288
45,794
Birch
Permian
Holdings,
Inc.
.............................
United
States
406,124
7,107,170
7,152,964
Total
Common
Stocks
(Cost
$22,627,344)
......................................
17,225,222
Management
Investment
Companies
6.3%
Capital
Markets
6.3%
d
Franklin
Floating
Rate
Income
Fund
.......................
United
States
23,707,540
184,444,662
Total
Management
Investment
Companies
(Cost
$223,160,246)
...................
184,444,662
Warrants
Warrants
0.0%
Oil,
Gas
&
Consumable
Fuels
0.0%
a,b
Canvas
Energy,
Inc.,
10/01/24
............................
United
States
9
—
a,b
Canvas
Energy,
Inc.,
10/01/25
............................
United
States
9
—
—
Software
0.0%
a,b,c
WorkCapital
BSD
SARL,
2/13/26
..........................
Luxembourg
6,000,000
—
Total
Warrants
(Cost
$750,000)
................................................
—
Principal
Amount
*
Convertible
Bonds
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
e,f,g
Digicel
Group
Holdings
Ltd.
,
Sub.
Bond
,
144A,
PIK,
7
%
,
Perpetual
Bermuda
687,736
42,869
Total
Convertible
Bonds
(Cost
$190,888)
.......................................
42,869
Corporate
Bonds
43.0%
Aerospace
&
Defense
0.8%
Boeing
Co.
(The)
,
Senior
Bond,
3.625%,
2/01/31
..........................
United
States
5,000,000
4,584,258
Senior
Note,
5.15%,
5/01/30
...........................
United
States
8,100,000
8,170,054
g
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.25
%
,
3/15/26
....
United
States
10,000,000
10,007,778
22,762,090
Air
Freight
&
Logistics
0.1%
g
DAE
Funding
LLC
,
Senior
Note
,
144A,
1.55
%
,
8/01/24
.........
United
Arab
Emirates
2,300,000
2,172,684
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)
Air
Freight
&
Logistics
(continued)
FedEx
Corp.
,
Senior
Bond
,
4.05
%
,
2/15/48
..................
United
States
1,200,000
$
985,684
3,158,368
Airlines
0.6%
g
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.75
%
,
4/20/29
............................
United
States
5,900,000
5,714,664
g
Delta
Air
Lines,
Inc.
/
SkyMiles
IP
Ltd.
,
Senior
Secured
Note
,
144A,
4.5
%
,
10/20/25
.....................................
United
States
9,534,000
9,422,856
g
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
4/15/26
.
United
States
1,700,000
1,615,892
16,753,412
Auto
Components
1.0%
g
Allison
Transmission,
Inc.
,
Senior
Bond,
144A,
5.875%,
6/01/29
.....................
United
States
7,000,000
6,747,125
Senior
Bond,
144A,
3.75%,
1/30/31
......................
United
States
3,400,000
2,880,480
Dana,
Inc.
,
Senior
Note
,
5.625
%
,
6/15/28
...................
United
States
9,000,000
8,486,828
g
Dornoch
Debt
Merger
Sub,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
10/15/29
..........................................
United
States
6,600,000
4,963,787
Goodyear
Tire
&
Rubber
Co.
(The)
,
Senior
Note
,
5
%
,
7/15/29
....
United
States
8,300,000
7,322,550
30,400,770
Automobiles
0.3%
g
Jaguar
Land
Rover
Automotive
plc
,
Senior
Note
,
144A,
5.5
%
,
7/15/29
...........................................
United
Kingdom
11,800,000
9,424,542
Banks
4.9%
Banco
Santander
SA
,
Sub.
Bond
,
2.749
%
,
12/03/30
...........
Spain
3,000,000
2,422,051
Bank
of
America
Corp.
,
Senior
Bond
,
2.676%
to
6/18/40,
FRN
thereafter
,
6/19/41
...................................
United
States
4,000,000
2,952,330
g
BNP
Paribas
SA
,
Senior
Note
,
144A,
2.819%
to
11/18/24,
FRN
thereafter
,
11/19/25
..................................
France
4,400,000
4,216,209
Citigroup,
Inc.
,
Senior
Note
,
5.61%
to
9/28/25,
FRN
thereafter
,
9/29/26
...........................................
United
States
15,500,000
15,754,002
HSBC
Holdings
plc
,
Senior
Bond,
2.848%
to
6/03/30,
FRN
thereafter,
6/04/31
.....
United
Kingdom
8,300,000
7,030,607
Senior
Note,
4.18%
to
12/08/24,
FRN
thereafter,
12/09/25
.....
United
Kingdom
9,100,000
8,924,186
Senior
Note,
5.21%
to
8/10/27,
FRN
thereafter,
8/11/28
.......
United
Kingdom
5,850,000
5,881,514
JPMorgan
Chase
&
Co.
,
Senior
Bond,
2.522%
to
4/21/30,
FRN
thereafter,
4/22/31
.....
United
States
9,400,000
8,041,706
Senior
Bond,
2.525%
to
11/18/40,
FRN
thereafter,
11/19/41
....
United
States
4,000,000
2,872,204
Senior
Note,
3.845%
to
6/13/24,
FRN
thereafter,
6/14/25
......
United
States
6,800,000
6,682,687
KeyBank
NA
,
Senior
Note
,
4.15
%
,
8/08/25
..................
United
States
5,000,000
4,944,843
Mitsubishi
UFJ
Financial
Group,
Inc.
,
Senior
Note
,
5.063%
to
9/11/24,
FRN
thereafter
,
9/12/25
.........................
Japan
9,200,000
9,191,449
National
Bank
of
Canada
,
Senior
Note
,
3.75%
to
6/08/24,
FRN
thereafter
,
6/09/25
...................................
Canada
8,300,000
8,153,901
Santander
UK
Group
Holdings
plc
,
Senior
Note
,
1.673%
to
6/23/26,
FRN
thereafter
,
6/14/27
...............................
United
Kingdom
6,700,000
5,882,608
g
Societe
Generale
SA
,
Senior
Bond,
144A,
2.889%
to
6/08/31,
FRN
thereafter,
6/09/32
France
7,500,000
6,093,194
Senior
Note,
144A,
1.792%
to
6/08/26,
FRN
thereafter,
6/09/27
.
France
7,200,000
6,383,834
SVB
Financial
Group
,
Senior
Bond
,
3.125
%
,
6/05/30
...........
United
States
2,700,000
2,320,288
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
4.693
%
,
9/15/27
.....
Canada
9,900,000
9,959,865
Truist
Financial
Corp.
,
Senior
Note
,
5.9%
to
10/27/25,
FRN
thereafter
,
10/28/26
..................................
United
States
7,900,000
8,135,279
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)
Banks
(continued)
g
UniCredit
SpA
,
Senior
Bond
,
144A,
3.127%
to
6/02/31,
FRN
thereafter
,
6/03/32
...................................
Italy
5,300,000
$
4,303,333
Wells
Fargo
&
Co.
,
Senior
Note,
1.654%
to
6/01/23,
FRN
thereafter,
6/02/24
......
United
States
8,600,000
8,499,495
Senior
Note,
4.54%
to
8/14/25,
FRN
thereafter,
8/15/26
.......
United
States
4,700,000
4,656,035
143,301,620
Beverages
0.3%
Anheuser-Busch
InBev
Worldwide,
Inc.
,
Senior
Bond
,
3.5
%
,
6/01/30
Belgium
1,300,000
1,227,052
g
Primo
Water
Holdings,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/30/29
..
Canada
7,000,000
6,116,390
7,343,442
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
3.2
%
,
11/21/29
...................
United
States
6,000,000
5,582,411
Amgen,
Inc.
,
Senior
Bond
,
4.2
%
,
3/01/33
...................
United
States
4,000,000
3,840,508
9,422,919
Building
Products
0.6%
g
Camelot
Return
Merger
Sub,
Inc.
,
Senior
Secured
Note
,
144A,
8.75
%
,
8/01/28
.....................................
United
States
5,000,000
4,707,500
g
Eco
Material
Technologies,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
1/31/27
.....................................
United
States
5,000,000
4,817,025
g
Standard
Industries,
Inc.
,
Senior
Bond,
144A,
4.75%,
1/15/28
......................
United
States
4,800,000
4,504,152
Senior
Bond,
144A,
4.375%,
7/15/30
.....................
United
States
1,600,000
1,369,553
Senior
Bond,
144A,
3.375%,
1/15/31
.....................
United
States
1,400,000
1,113,683
16,511,913
Capital
Markets
2.9%
Credit
Suisse
Group
AG
,
Senior
Note,
4.55%,
4/17/26
...........................
Switzerland
7,850,000
7,296,997
g
Senior
Note,
144A,
2.193%
to
6/04/25,
FRN
thereafter,
6/05/26
.
Switzerland
2,030,000
1,784,464
g
Senior
Note,
144A,
6.373%
to
7/14/25,
FRN
thereafter,
7/15/26
.
Switzerland
6,150,000
5,973,464
Deutsche
Bank
AG
,
Senior
Note
,
5.371
%
,
9/09/27
.............
Germany
7,800,000
7,999,638
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Bond,
3.21%
to
4/21/41,
FRN
thereafter,
4/22/42
......
United
States
7,000,000
5,494,450
Senior
Note,
0.673%
to
3/07/23,
FRN
thereafter,
3/08/24
......
United
States
8,500,000
8,444,621
Senior
Note,
5.7%,
11/01/24
...........................
United
States
6,200,000
6,293,100
Senior
Note,
4.387%
to
6/14/26,
FRN
thereafter,
6/15/27
......
United
States
3,400,000
3,334,291
Senior
Note,
1.948%
to
10/20/26,
FRN
thereafter,
10/21/27
....
United
States
3,000,000
2,686,648
Morgan
Stanley
,
Senior
Bond,
3.591%
to
7/21/27,
FRN
thereafter,
7/22/28
.....
United
States
10,000,000
9,466,603
Senior
Note,
3.737%
to
4/23/23,
FRN
thereafter,
4/24/24
......
United
States
8,500,000
8,470,483
g
MSCI,
Inc.
,
Senior
Bond
,
144A,
3.25
%
,
8/15/33
...............
United
States
11,800,000
9,690,573
g
UBS
Group
AG
,
Senior
Note
,
144A,
4.49%
to
8/04/24,
FRN
thereafter
,
8/05/25
...................................
Switzerland
8,150,000
8,073,031
85,008,363
Chemicals
1.8%
g
ASP
Unifrax
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
9/30/28
...........................................
United
States
3,000,000
2,573,938
g
Braskem
Idesa
SAPI
,
Senior
Secured
Bond
,
144A,
6.99
%
,
2/20/32
Mexico
7,000,000
5,194,560
Celanese
US
Holdings
LLC
,
Senior
Note
,
6.165
%
,
7/15/27
......
United
States
6,100,000
6,182,841
g
Consolidated
Energy
Finance
SA
,
Senior
Note
,
144A,
5.625
%
,
10/15/28
..........................................
Switzerland
6,700,000
5,838,011
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)
Chemicals
(continued)
g
CVR
Partners
LP
/
CVR
Nitrogen
Finance
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/28
...........................
United
States
3,000,000
$
2,719,601
g
Diamond
BC
BV
,
Senior
Note
,
144A,
4.625
%
,
10/01/29
.........
United
States
2,200,000
1,853,434
g
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
.....
United
States
6,600,000
5,849,250
g
Gates
Global
LLC
/
Gates
Corp.
,
Senior
Note
,
144A,
6.25
%
,
1/15/26
United
States
7,900,000
7,790,565
g
GPD
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
10.125
%
,
4/01/26
...
United
States
5,000,000
4,488,475
e,g
Kobe
US
Midco
2,
Inc.
,
Senior
Note
,
144A,
PIK,
9.25
%
,
11/01/26
..
United
States
2,500,000
1,913,275
g
Syngenta
Finance
NV
,
Senior
Note
,
144A,
4.892
%
,
4/24/25
......
Switzerland
6,385,000
6,244,585
Westlake
Corp.
,
Senior
Bond
,
3.375
%
,
6/15/30
...............
United
States
2,500,000
2,246,762
g
Yara
International
ASA
,
Senior
Bond
,
144A,
3.148
%
,
6/04/30
.....
Brazil
1,400,000
1,176,241
54,071,538
Commercial
Services
&
Supplies
0.5%
g
APX
Group,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
7/15/29
...........
United
States
6,000,000
5,198,103
g
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
3.375
%
,
8/31/27
....................
United
States
11,000,000
9,776,258
14,974,361
Communications
Equipment
0.2%
g
CommScope
Technologies
LLC
,
Senior
Bond
,
144A,
6
%
,
6/15/25
.
United
States
5,518,000
5,232,002
Construction
&
Engineering
0.1%
g
Arcosa,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
4/15/29
.............
United
States
2,600,000
2,328,485
Consumer
Finance
0.6%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond
,
3.4
%
,
10/29/33
.................................
Ireland
4,500,000
3,712,601
g
Park
Aerospace
Holdings
Ltd.
,
Senior
Note
,
144A,
5.5
%
,
2/15/24
.
Ireland
3,100,000
3,077,374
g
PRA
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
10/01/29
............
United
States
7,000,000
6,019,287
g
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.........
United
States
5,800,000
4,923,127
17,732,389
Containers
&
Packaging
1.2%
g
Ardagh
Packaging
Finance
plc
/
Ardagh
Holdings
USA,
Inc.
,
Senior
Note
,
144A,
5.25
%
,
8/15/27
............................
United
States
3,700,000
3,035,406
g
Owens-Brockway
Glass
Container,
Inc.
,
Senior
Note
,
144A,
5.875
%
,
8/15/23
...........................................
United
States
2,979,000
2,970,901
g
Pactiv
Evergreen
Group
Issuer
LLC
/
Pactiv
Evergreen
Group
Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
4.375
%
,
10/15/28
..........
United
States
6,100,000
5,428,497
g
Pactiv
Evergreen
Group
Issuer,
Inc./Pactiv
Evergreen
Group
Issuer
LLC
,
Senior
Secured
Note
,
144A,
4
%
,
10/15/27
.............
United
States
4,600,000
4,134,940
g
Sealed
Air
Corp.
,
Senior
Bond,
144A,
5.125%,
12/01/24
....................
United
States
3,000,000
2,980,755
Senior
Note,
144A,
6.125%,
2/01/28
.....................
United
States
5,600,000
5,655,440
g
Trivium
Packaging
Finance
BV
,
Senior
Secured
Note
,
144A,
5.5
%
,
8/15/26
...........................................
Netherlands
7,000,000
6,728,540
WRKCo,
Inc.
,
Senior
Bond
,
3
%
,
6/15/33
....................
United
States
3,600,000
3,052,764
33,987,243
Diversified
Consumer
Services
0.2%
Grand
Canyon
University
,
5.125
%
,
10/01/28
.................
United
States
7,500,000
7,118,175
Diversified
Financial
Services
0.2%
b,h
Cia
Securitizadora
de
Creditos
Financeiros
Vert-Fintech
,
12
,
Senior
Secured
Note
,
FRN
,
14.9
%
,
(
BZDIOVRA
+
5.75
%
),
2/14/24
....
Brazil
12,733,484
BRL
1,478,514
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)
Diversified
Financial
Services
(continued)
g
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
6
%
,
8/15/26
..
United
States
7,000,000
$
5,853,359
7,331,873
Diversified
Telecommunication
Services
1.3%
g
Altice
France
Holding
SA
,
Senior
Note
,
144A,
6
%
,
2/15/28
......
Luxembourg
9,100,000
6,150,976
g
Altice
France
SA
,
Senior
Secured
Note,
144A,
5.5%,
1/15/28
................
France
2,500,000
2,080,675
Senior
Secured
Note,
144A,
5.5%,
10/15/29
...............
France
3,000,000
2,375,867
AT&T,
Inc.
,
Senior
Bond
,
3.65
%
,
9/15/59
....................
United
States
4,000,000
2,937,746
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
4.5
%
,
5/01/32
......................................
United
States
11,000,000
9,116,470
g
Iliad
Holding
SASU
,
Senior
Secured
Note,
144A,
6.5%,
10/15/26
...............
France
2,800,000
2,655,072
Senior
Secured
Note,
144A,
7%,
10/15/28
.................
France
5,400,000
5,078,619
g
Virgin
Media
Secured
Finance
plc
,
Senior
Secured
Bond
,
144A,
4.5
%
,
8/15/30
......................................
United
Kingdom
9,000,000
7,774,335
38,169,760
Electric
Utilities
1.6%
Duke
Energy
Corp.
,
Senior
Bond,
2.45%,
6/01/30
...........................
United
States
3,800,000
3,253,817
Senior
Bond,
3.75%,
9/01/46
...........................
United
States
1,600,000
1,272,372
g
Enel
Finance
International
NV
,
Senior
Note
,
144A,
2.65
%
,
9/10/24
Italy
7,800,000
7,497,015
Exelon
Corp.
,
Senior
Bond,
4.05%,
4/15/30
...........................
United
States
13,400,000
12,914,909
Senior
Bond,
4.45%,
4/15/46
...........................
United
States
1,400,000
1,267,262
Southern
Co.
(The)
,
Senior
Bond
,
4.4
%
,
7/01/46
..............
United
States
5,000,000
4,483,491
Virginia
Electric
and
Power
Co.
,
Senior
Bond
,
6.35
%
,
11/30/37
...
United
States
820,000
916,205
g
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
.....................
United
States
11,000,000
9,689,056
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
................
United
States
6,000,000
5,552,483
46,846,610
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.15
%
,
3/15/33
...................
United
States
1,900,000
1,839,424
g
Vertiv
Group
Corp.
,
Senior
Secured
Note
,
144A,
4.125
%
,
11/15/28
United
States
8,500,000
7,381,782
9,221,206
Electronic
Equipment,
Instruments
&
Components
0.4%
CDW
LLC
/
CDW
Finance
Corp.
,
Senior
Note
,
3.25
%
,
2/15/29
....
United
States
5,000,000
4,337,019
Flex
Ltd.
,
Senior
Bond
,
4.875
%
,
5/12/30
....................
United
States
7,100,000
6,965,643
11,302,662
Energy
Equipment
&
Services
0.1%
g
Schlumberger
Holdings
Corp.
,
Senior
Note
,
144A,
3.9
%
,
5/17/28
..
United
States
3,800,000
3,636,599
g
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
11
%
,
12/01/24
.
United
States
194,000
200,095
3,836,694
Entertainment
0.5%
Netflix,
Inc.
,
Senior
Bond,
4.375%,
11/15/26
.........................
United
States
11,800,000
11,727,371
Senior
Bond,
6.375%,
5/15/29
..........................
United
States
2,000,000
2,145,552
g
Warnermedia
Holdings,
Inc.
,
Senior
Note
,
144A,
4.054
%
,
3/15/29
.
United
States
2,100,000
1,928,622
15,801,545
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Equity
Real
Estate
Investment
Trusts
(REITs)
0.7%
g
Global
Net
Lease,
Inc.
/
Global
Net
Lease
Operating
Partnership
LP
,
Senior
Note
,
144A,
3.75
%
,
12/15/27
......................
United
States
7,700,000
$
6,513,849
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Bond
,
3.5
%
,
3/15/31
......................................
United
States
4,000,000
2,805,592
g
Necessity
Retail
REIT,
Inc.
(The)
/
American
Finance
Operating
Partner
LP
,
Senior
Note
,
144A,
4.5
%
,
9/30/28
...............
United
States
7,600,000
5,783,808
Simon
Property
Group
LP
,
Senior
Bond
,
4.25
%
,
11/30/46
.......
United
States
3,000,000
2,601,330
g
XHR
LP
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/01/29
.........
United
States
3,500,000
3,110,415
20,814,994
Food
Products
0.6%
g
Bimbo
Bakeries
USA,
Inc.
,
Senior
Bond
,
144A,
4
%
,
5/17/51
.....
Mexico
2,000,000
1,613,121
g
Darling
Ingredients,
Inc.
,
Senior
Note
,
144A,
6
%
,
6/15/30
.......
United
States
7,000,000
6,973,855
General
Mills,
Inc.
,
Senior
Note
,
5.241
%
,
11/18/25
.............
United
States
1,550,000
1,558,366
g
JBS
USA
LUX
SA
/
JBS
USA
Food
Co.
/
JBS
USA
Finance,
Inc.
,
Senior
Note,
144A,
2.5%,
1/15/27
.......................
United
States
6,300,000
5,619,065
Senior
Note,
144A,
3.625%,
1/15/32
.....................
United
States
3,500,000
2,928,310
18,692,717
Gas
Utilities
0.1%
Piedmont
Natural
Gas
Co.,
Inc.
,
Senior
Bond
,
3.35
%
,
6/01/50
....
United
States
2,800,000
2,045,916
Health
Care
Equipment
&
Supplies
0.4%
g
Garden
Spinco
Corp.
,
Senior
Note
,
144A,
8.625
%
,
7/20/30
......
United
States
2,700,000
2,892,382
g
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
144A,
5.6
%
,
11/15/25
..........................................
United
States
4,700,000
4,779,817
g
Medline
Borrower
LP
,
Senior
Note
,
144A,
5.25
%
,
10/01/29
......
United
States
5,300,000
4,445,138
12,117,337
Health
Care
Providers
&
Services
1.9%
Centene
Corp.
,
Senior
Note,
4.25%,
12/15/27
..........................
United
States
3,000,000
2,881,380
Senior
Note,
2.45%,
7/15/28
...........................
United
States
2,300,000
1,995,246
Senior
Note,
4.625%,
12/15/29
.........................
United
States
2,300,000
2,187,967
Senior
Note,
3.375%,
2/15/30
..........................
United
States
1,400,000
1,232,924
Senior
Note,
2.625%,
8/01/31
..........................
United
States
5,300,000
4,348,605
g
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.875%,
4/15/29
....................
United
States
8,000,000
5,072,400
Senior
Secured
Note,
144A,
5.625%,
3/15/27
..............
United
States
3,700,000
3,280,106
Senior
Secured
Note,
144A,
6%,
1/15/29
..................
United
States
2,300,000
2,021,838
CVS
Health
Corp.
,
Senior
Bond
,
1.75
%
,
8/21/30
..............
United
States
4,000,000
3,242,008
g
DaVita,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.............
United
States
9,000,000
7,592,130
Elevance
Health,
Inc.
,
Senior
Bond
,
3.7
%
,
9/15/49
............
United
States
1,400,000
1,142,328
HCA,
Inc.
,
Senior
Bond
,
3.5
%
,
9/01/30
.....................
United
States
7,200,000
6,457,755
g
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
United
States
8,000,000
5,821,680
Quest
Diagnostics,
Inc.
,
Senior
Bond
,
2.8
%
,
6/30/31
...........
United
States
2,100,000
1,830,150
g
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
144A,
6.125
%
,
6/15/30
...........................................
United
States
8,000,000
7,775,000
56,881,517
Hotels,
Restaurants
&
Leisure
1.2%
Las
Vegas
Sands
Corp.
,
Senior
Bond
,
3.9
%
,
8/08/29
...........
United
States
8,300,000
7,446,099
g
Motion
Bondco
DAC
,
Senior
Note
,
144A,
6.625
%
,
11/15/27
......
United
Kingdom
2,000,000
1,812,992
g
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
3/15/26
...........
United
States
4,900,000
4,244,576
g
Papa
John's
International,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/15/29
United
States
6,500,000
5,599,558
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)
Hotels,
Restaurants
&
Leisure
(continued)
g
Premier
Entertainment
Sub
LLC
/
Premier
Entertainment
Finance
Corp.
,
Senior
Bond,
144A,
5.875%,
9/01/31
.....................
United
States
3,900,000
$
2,725,827
Senior
Note,
144A,
5.625%,
9/01/29
.....................
United
States
1,700,000
1,224,231
g
Station
Casinos
LLC
,
Senior
Note
,
144A,
4.5
%
,
2/15/28
........
United
States
3,100,000
2,794,712
g
Studio
City
Finance
Ltd.
,
Senior
Note
,
144A,
5
%
,
1/15/29
.......
Macau
11,700,000
9,520,875
35,368,870
Household
Durables
0.1%
M/I
Homes,
Inc.
,
Senior
Note
,
3.95
%
,
2/15/30
................
United
States
2,900,000
2,442,728
Household
Products
0.3%
g
Central
Garden
&
Pet
Co.
,
Senior
Bond
,
144A,
4.125
%
,
4/30/31
..
United
States
5,000,000
4,199,550
g
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Senior
Bond
,
144A,
2.431
%
,
7/01/31
...........................................
Mexico
2,200,000
1,842,009
g
Spectrum
Brands,
Inc.
,
Senior
Bond
,
144A,
3.875
%
,
3/15/31
.....
United
States
4,500,000
3,632,738
9,674,297
Independent
Power
and
Renewable
Electricity
Producers
1.8%
g
Atlantica
Sustainable
Infrastructure
plc
,
Senior
Note
,
144A,
4.125
%
,
6/15/28
...........................................
Spain
3,400,000
3,030,165
g
Calpine
Corp.
,
Senior
Bond,
144A,
5%,
2/01/31
........................
United
States
4,300,000
3,690,019
Senior
Note,
144A,
4.625%,
2/01/29
.....................
United
States
4,000,000
3,481,524
g
Clearway
Energy
Operating
LLC
,
Senior
Note
,
144A,
3.75
%
,
2/15/31
United
States
7,800,000
6,600,087
g
Colbun
SA
,
Senior
Bond,
144A,
3.95%,
10/11/27
.....................
Chile
7,500,000
7,117,762
Senior
Bond,
144A,
3.15%,
3/06/30
......................
Chile
2,900,000
2,532,077
g
InterGen
NV
,
Senior
Secured
Bond
,
144A,
7
%
,
6/30/23
.........
Netherlands
13,900,000
13,908,229
g,i
Talen
Energy
Supply
LLC
,
Senior
Note,
144A,
10.5%,
1/15/26
......................
United
States
2,800,000
1,071,000
Senior
Secured
Note,
144A,
7.25%,
5/15/27
...............
United
States
10,800,000
11,253,973
52,684,836
Insurance
0.7%
Arch
Capital
Group
Ltd.
,
Senior
Bond
,
3.635
%
,
6/30/50
.........
United
States
10,000,000
7,552,211
g
Metropolitan
Life
Global
Funding
I
,
Secured
Note,
144A,
5.05%,
1/06/28
.....................
United
States
9,600,000
9,799,925
Secured
Note,
144A,
4.3%,
8/25/29
......................
United
States
3,000,000
2,947,956
20,300,092
Interactive
Media
&
Services
0.5%
g
Tencent
Holdings
Ltd.
,
Senior
Bond
,
144A,
2.39
%
,
6/03/30
......
China
17,100,000
14,409,000
Internet
&
Direct
Marketing
Retail
0.2%
g
Match
Group
Holdings
II
LLC
,
Senior
Note
,
144A,
3.625
%
,
10/01/31
United
States
5,700,000
4,581,631
IT
Services
0.9%
g
Cablevision
Lightpath
LLC
,
Senior
Secured
Note
,
144A,
3.875
%
,
9/15/27
...........................................
United
States
9,200,000
7,829,014
g
Gartner,
Inc.
,
Senior
Note,
144A,
4.5%,
7/01/28
.......................
United
States
7,000,000
6,658,715
Senior
Note,
144A,
3.625%,
6/15/29
.....................
United
States
2,200,000
1,979,098
g
Presidio
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
2/01/27
United
States
11,000,000
10,242,596
26,709,423
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)
Machinery
0.3%
g
Chart
Industries,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
1/01/30
.
United
States
4,500,000
$
4,606,875
Parker-Hannifin
Corp.
,
Senior
Note
,
4.25
%
,
9/15/27
...........
United
States
3,700,000
3,659,960
8,266,835
Media
2.1%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
,
Senior
Secured
Bond
,
2.8
%
,
4/01/31
.......
United
States
15,900,000
13,034,418
g
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note,
144A,
7.75%,
4/15/28
......................
United
States
5,200,000
4,433,000
Senior
Note,
144A,
7.5%,
6/01/29
.......................
United
States
3,500,000
2,857,470
Senior
Secured
Note,
144A,
5.125%,
8/15/27
..............
United
States
2,400,000
2,179,788
g
CSC
Holdings
LLC
,
Senior
Bond
,
144A,
3.375
%
,
2/15/31
.......
United
States
5,000,000
3,493,525
g
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
8/15/27
....................
United
States
6,000,000
5,443,680
g
DISH
DBS
Corp.
,
Senior
Secured
Note
,
144A,
5.75
%
,
12/01/28
...
United
States
10,300,000
8,446,595
Fox
Corp.
,
Senior
Bond
,
3.5
%
,
4/08/30
.....................
United
States
1,400,000
1,282,948
g
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note
,
144A,
5
%
,
8/15/27
..............................
United
States
800,000
736,978
g
Sinclair
Television
Group,
Inc.
,
Senior
Bond,
144A,
5.5%,
3/01/30
.......................
United
States
1,900,000
1,517,910
Senior
Secured
Note,
144A,
4.125%,
12/01/30
.............
United
States
7,600,000
6,051,006
g
Sirius
XM
Radio,
Inc.
,
Senior
Note
,
144A,
4
%
,
7/15/28
.........
United
States
9,000,000
8,022,420
g
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
2/15/25
.....................................
United
States
3,000,000
2,926,335
60,426,073
Metals
&
Mining
0.8%
g
Constellium
SE
,
Senior
Note
,
144A,
3.75
%
,
4/15/29
...........
United
States
9,200,000
7,835,640
g
Novelis
Corp.
,
Senior
Note
,
144A,
3.25
%
,
11/15/26
............
United
States
1,700,000
1,541,331
g
POSCO
,
Senior
Note
,
144A,
5.625
%
,
1/17/26
................
South
Korea
7,950,000
8,071,754
g
SunCoke
Energy,
Inc.
,
Senior
Secured
Note
,
144A,
4.875
%
,
6/30/29
United
States
6,100,000
5,374,679
22,823,404
Multiline
Retail
0.0%
b,e,g
K2016470219
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
3
%
,
12/31/22
.......................................
South
Africa
10,914,248
—
b,e,g
K2016470260
South
Africa
Ltd.
,
Senior
Secured
Note
,
144A,
PIK,
25
%
,
12/31/22
......................................
South
Africa
4,807,777
—
—
Multi-Utilities
0.3%
Dominion
Energy,
Inc.
,
A,
Senior
Note,
4.35%,
8/15/32
.........................
United
States
3,200,000
3,099,977
C,
Senior
Note,
3.375%,
4/01/30
........................
United
States
7,800,000
7,116,153
10,216,130
Oil,
Gas
&
Consumable
Fuels
4.1%
g
Aker
BP
ASA
,
Senior
Bond
,
144A,
3.1
%
,
7/15/31
..............
Norway
8,700,000
7,397,364
g
Antero
Resources
Corp.
,
Senior
Note
,
144A,
7.625
%
,
2/01/29
....
United
States
1,269,000
1,299,475
Canadian
Natural
Resources
Ltd.
,
Senior
Bond
,
2.95
%
,
7/15/30
..
Canada
3,700,000
3,238,934
g
Crestwood
Midstream
Partners
LP
/
Crestwood
Midstream
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/29
....................
United
States
7,000,000
6,649,423
g
CrownRock
LP
/
CrownRock
Finance,
Inc.
,
Senior
Note
,
144A,
5
%
,
5/01/29
...........................................
United
States
3,100,000
2,842,930
g
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
6/15/31
.......
United
States
4,600,000
4,030,092
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
g
Endeavor
Energy
Resources
LP
/
EER
Finance,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
1/30/28
.................................
United
States
8,700,000
$
8,534,700
Energy
Transfer
LP
,
Senior
Bond
,
3.75
%
,
5/15/30
.............
United
States
7,300,000
6,697,888
EnLink
Midstream
LLC
,
Senior
Bond,
5.375%,
6/01/29
..........................
United
States
10,900,000
10,518,500
g
Senior
Note,
144A,
5.625%,
1/15/28
.....................
United
States
1,700,000
1,663,620
g
EQM
Midstream
Partners
LP
,
Senior
Note
,
144A,
7.5
%
,
6/01/27
..
United
States
800,000
800,966
g
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond,
144A,
6%,
2/01/31
........................
United
States
6,500,000
6,034,925
Senior
Bond,
144A,
6.25%,
4/15/32
......................
United
States
1,700,000
1,571,034
Senior
Note,
144A,
5.75%,
2/01/29
......................
United
States
2,000,000
1,862,460
g
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
........
United
States
5,000,000
4,756,675
g
Martin
Midstream
Partners
LP
/
Martin
Midstream
Finance
Corp.
,
Secured
Note
,
144A,
11.5
%
,
2/28/25
.....................
United
States
16,387,122
16,474,317
MPLX
LP
,
Senior
Note
,
2.65
%
,
8/15/30
.....................
United
States
15,000,000
12,804,206
Sabine
Pass
Liquefaction
LLC
,
Senior
Secured
Note
,
4.5
%
,
5/15/30
United
States
10,000,000
9,712,739
Sunoco
LP
/
Sunoco
Finance
Corp.
,
Senior
Note
,
4.5
%
,
5/15/29
..
United
States
12,000,000
10,872,900
g
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
4.125
%
,
8/15/31
.....................................
United
States
2,600,000
2,308,813
120,071,961
Paper
&
Forest
Products
0.3%
Suzano
Austria
GmbH
,
Senior
Bond,
3.75%,
1/15/31
...........................
Brazil
7,100,000
6,083,012
DM3N,
Senior
Bond,
3.125%,
1/15/32
....................
Brazil
4,400,000
3,503,676
9,586,688
Personal
Products
0.5%
g
Coty,
Inc./HFC
Prestige
Products,
Inc./HFC
Prestige
International
US
LLC
,
Senior
Secured
Note
,
144A,
4.75
%
,
1/15/29
............
United
States
5,000,000
4,543,325
g
Oriflame
Investment
Holding
plc
,
Senior
Secured
Note
,
144A,
5.125
%
,
5/04/26
.....................................
Switzerland
9,600,000
6,086,400
g
Prestige
Brands,
Inc.
,
Senior
Bond
,
144A,
3.75
%
,
4/01/31
.......
United
States
3,700,000
3,146,739
13,776,464
Pharmaceuticals
1.0%
g
1375209
BC
Ltd.
,
Senior
Secured
Note
,
144A,
9
%
,
1/30/28
......
Canada
602,000
600,498
g
Bausch
Health
Cos.,
Inc.
,
Senior
Secured
Note
,
144A,
11
%
,
9/30/28
United
States
1,067,000
840,156
g
Bayer
US
Finance
II
LLC
,
Senior
Bond
,
144A,
4.375
%
,
12/15/28
..
Germany
11,700,000
11,383,814
g,i
Endo
Dac
/
Endo
Finance
LLC
/
Endo
Finco,
Inc.
,
Secured
Note
,
144A,
9.5
%
,
7/31/27
.................................
United
States
6,580,000
1,011,675
g
Organon
&
Co.
/
Organon
Foreign
Debt
Co-Issuer
BV
,
Senior
Secured
Note
,
144A,
4.125
%
,
4/30/28
....................
United
States
5,000,000
4,528,500
Royalty
Pharma
plc
,
Senior
Bond
,
3.3
%
,
9/02/40
..............
United
States
5,300,000
3,970,038
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
5.125
%
,
5/09/29
.....................................
Israel
9,100,000
8,403,304
30,737,985
Real
Estate
Management
&
Development
0.3%
g
China
Overseas
Finance
Cayman
VI
Ltd.
,
Senior
Bond
,
Reg
S,
5.95
%
,
5/08/24
.....................................
China
4,000,000
4,010,440
g
Country
Garden
Holdings
Co.
Ltd.
,
Senior
Secured
Note
,
Reg
S,
7.25
%
,
4/08/26
.....................................
China
3,450,000
2,647,875
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)
Real
Estate
Management
&
Development
(continued)
g
Vivion
Investments
SARL
,
Senior
Note
,
Reg
S,
3
%
,
8/08/24
.....
Luxembourg
1,800,000
EUR
$
1,655,295
8,313,610
Road
&
Rail
0.3%
CSX
Corp.
,
Senior
Bond
,
4.1
%
,
3/15/44
....................
United
States
1,600,000
1,433,547
g
First
Student
Bidco,
Inc.
/
First
Transit
Parent,
Inc.
,
Senior
Secured
Note
,
144A,
4
%
,
7/31/29
..............................
United
States
9,500,000
7,922,084
9,355,631
Software
0.2%
g
McAfee
Corp.
,
Senior
Note
,
144A,
7.375
%
,
2/15/30
............
United
States
7,300,000
6,073,945
Specialty
Retail
0.3%
AutoNation,
Inc.
,
Senior
Bond
,
4.75
%
,
6/01/30
...............
United
States
1,900,000
1,784,623
g
Gap,
Inc.
(The)
,
Senior
Note
,
144A,
3.625
%
,
10/01/29
..........
United
States
2,500,000
1,922,225
g
Michaels
Cos.,
Inc.
(The)
,
Senior
Secured
Note
,
144A,
5.25
%
,
5/01/28
...........................................
United
States
4,700,000
3,925,393
7,632,241
Technology
Hardware,
Storage
&
Peripherals
0.1%
Teledyne
FLIR
LLC
,
Senior
Note
,
2.5
%
,
8/01/30
..............
United
States
2,100,000
1,766,231
Thrifts
&
Mortgage
Finance
0.5%
g
BPCE
SA
,
Senior
Note
,
144A,
2.045%
to
10/18/26,
FRN
thereafter
,
10/19/27
..........................................
France
7,900,000
6,994,158
g
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
,
Senior
Note
,
144A,
4.75
%
,
6/15/29
.................
United
States
10,000,000
8,321,350
15,315,508
Tobacco
0.5%
Altria
Group,
Inc.
,
Senior
Bond
,
3.4
%
,
5/06/30
................
United
States
12,400,000
10,985,840
g
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
4.25%,
7/21/25
......................
United
Kingdom
2,800,000
2,716,224
Senior
Bond,
144A,
3.875%,
7/26/29
.....................
United
Kingdom
2,200,000
1,943,482
15,645,546
Trading
Companies
&
Distributors
0.7%
g
H&E
Equipment
Services,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
12/15/28
United
States
12,200,000
10,753,263
g
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
7/15/27
..........
United
States
1,800,000
1,725,750
g
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
6/15/28
....
United
States
7,000,000
7,180,644
19,659,657
Transportation
Infrastructure
0.0%
†
g
Rutas
2
and
7
Finance
Ltd.
,
Senior
Secured
Bond
,
144A,
Zero
Cpn.,
9/30/36
...........................................
United
States
1,120,000
738,276
Wireless
Telecommunication
Services
0.5%
e,g
Digicel
Group
Holdings
Ltd.
,
Senior
Note
,
144A,
PIK,
8
%
,
4/01/25
.
Bermuda
146,354
35,088
T-Mobile
USA,
Inc.
,
Senior
Bond,
3.3%,
2/15/51
............................
United
States
4,800,000
3,461,683
Senior
Note,
3.875%,
4/15/30
..........................
United
States
13,400,000
12,557,663
16,054,434
Total
Corporate
Bonds
(Cost
$1,426,037,814)
...................................
1,265,225,959
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
Senior
Floating
Rate
Interests
0.0%
Software
0.0%
b,c,i,j
WorkCapital
BSD
SARL
,
Term
Loan
,
(
1-month
SOFR
),
1/01/38
...
Luxembourg
20,000,000
$
—
Total
Senior
Floating
Rate
Interests
(Cost
$19,530,078)
..........................
—
k
Marketplace
Loans
2.1%
b
Diversified
Financial
Services
2.1%
a
a
a
a
a
a
Total
Marketplace
Loans
(Cost
$68,591,553)
....................................
62,521,162
Foreign
Government
and
Agency
Securities
3.4%
g
African
Export-Import
Bank
(The)
,
Senior
Bond
,
144A,
3.994
%
,
9/21/29
...........................................
Supranational
l
13,600,000
12,095,840
g
Banque
Ouest
Africaine
de
Developpement
,
Senior
Bond
,
144A,
5
%
,
7/27/27
...........................................
Supranational
l
11,500,000
11,022,290
Colombia
Government
Bond
,
Senior
Bond,
3.875%,
4/25/27
..........................
Colombia
14,000,000
12,713,160
Senior
Bond,
9.85%,
6/28/27
...........................
Colombia
55,750,000,000
COP
10,930,560
g
Comision
Federal
de
Electricidad
,
Senior
Bond
,
144A,
3.348
%
,
2/09/31
...........................................
Mexico
9,500,000
7,818,528
g
Dominican
Republic
Government
Bond
,
Senior
Note
,
144A,
8.9
%
,
2/15/23
...........................................
Dominican
Republic
838,300,000
DOP
14,801,205
g
Indonesia
Asahan
Aluminium
Persero
PT
,
Senior
Bond
,
144A,
5.45
%
,
5/15/30
.....................................
Indonesia
6,900,000
6,876,261
g
Korea
Electric
Power
Corp.
,
Senior
Note
,
144A,
5.375
%
,
4/06/26
.
South
Korea
3,400,000
3,437,103
Mexico
Government
Bond
,
Senior
Note
,
5.4
%
,
2/09/28
.........
Mexico
2,250,000
2,314,349
Peru
Government
Bond
,
Senior
Bond
,
6.55
%
,
3/14/37
..........
Peru
8,600,000
9,352,463
g
Petroleos
Mexicanos
,
Senior
Bond
,
144A,
10
%
,
2/07/33
........
Mexico
3,200,000
3,164,800
g
Romania
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
1/22/44
.
Romania
4,700,000
4,502,811
Total
Foreign
Government
and
Agency
Securities
(Cost
$121,138,041)
............
99,029,370
U.S.
Government
and
Agency
Securities
19.4%
FFCB
,
2.1
%,
2/25/36
...................................
United
States
7,700,000
5,899,086
U.S.
Treasury
Bonds
,
7.125%,
2/15/23
.....................................
United
States
3,000,000
3,002,768
6.25%,
8/15/23
.....................................
United
States
4,000,000
4,028,543
6.875%,
8/15/25
.....................................
United
States
1,000,000
1,068,633
3.25%,
5/15/42
.....................................
United
States
6,600,000
6,125,625
3.75%,
11/15/43
.....................................
United
States
6,600,000
6,572,672
3.125%,
5/15/48
.....................................
United
States
16,000,000
14,432,500
3%,
8/15/48
........................................
United
States
7,500,000
6,615,527
3.375%,
11/15/48
....................................
United
States
11,300,000
10,678,059
3%,
2/15/49
........................................
United
States
17,300,000
15,302,053
2.875%,
5/15/49
.....................................
United
States
17,000,000
14,682,422
U.S.
Treasury
Notes
,
2.625%,
12/31/23
....................................
United
States
37,500,000
36,785,321
2.75%,
2/15/24
.....................................
United
States
37,700,000
36,937,551
2.5%,
4/30/24
......................................
United
States
36,000,000
35,071,875
4.25%,
9/30/24
.....................................
United
States
31,000,000
30,933,398
2.25%,
10/31/24
.....................................
United
States
32,000,000
30,882,500
3.5%,
9/15/25
......................................
United
States
32,500,000
32,140,088
4.25%,
10/15/25
.....................................
United
States
62,500,000
62,982,177
2.875%,
11/30/25
....................................
United
States
33,000,000
32,093,144
m
Index
Linked,
0.625%,
1/15/26
..........................
United
States
27,000,000
32,733,005
2.375%,
4/30/26
.....................................
United
States
14,000,000
13,398,164
2%,
11/15/26
.......................................
United
States
39,500,000
37,075,996
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
U.S.
Government
and
Agency
Securities
(continued)
U.S.
Treasury
Notes,
(continued)
4.125%,
9/30/27
.....................................
United
States
45,000,000
$
45,916,699
2.75%,
2/15/28
.....................................
United
States
2,500,000
2,400,098
3.125%,
11/15/28
....................................
United
States
8,700,000
8,479,102
3.25%,
6/30/29
.....................................
United
States
20,000,000
19,612,500
2.75%,
8/15/32
.....................................
United
States
18,300,000
17,220,586
4.125%,
11/15/32
....................................
United
States
7,000,000
7,365,312
Total
U.S.
Government
and
Agency
Securities
(Cost
$569,569,201)
................
570,435,404
Asset-Backed
Securities
4.9%
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust
,
2020-1
,
B
,
4.875
%
,
7/15/27
.
..
United
States
868,200
846,899
Commercial
Services
&
Supplies
0.1%
g,j
Galaxy
XXVIII
CLO
Ltd.
,
2018-28A
,
C
,
144A,
FRN
,
6.742
%
,
(
3-month
USD
LIBOR
+
1.95
%
),
7/15/31
.
..................
United
States
3,070,000
2,959,597
Diversified
Financial
Services
4.8%
g,j
BlueMountain
CLO
Ltd.
,
2018-1A
,
D
,
144A,
FRN
,
7.852
%
,
(
3-month
USD
LIBOR
+
3.05
%
),
7/30/30
.
.........................
United
States
5,000,000
4,526,442
g,j
BlueMountain
Fuji
EUR
CLO
V
DAC
,
5A
,
B
,
144A,
FRN
,
3.83
%
,
(
3-month
EURIBOR
+
1.55
%
),
1/15/33
.
...................
Ireland
6,200,000
EUR
6,400,101
g,j
Burnham
Park
CLO
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
6.308
%
,
(
3-month
USD
LIBOR
+
1.5
%
),
10/20/29
.
..................
United
States
3,500,000
3,312,921
g,j
Carlyle
Global
Market
Strategies
CLO
Ltd.
,
2013-3A,
BR,
144A,
FRN,
6.492%,
(3-month
USD
LIBOR
+
1.7%),
10/15/30
..........................................
United
States
300,000
285,750
2014-2RA,
B,
144A,
FRN,
6.431%,
(3-month
USD
LIBOR
+
1.825%),
5/15/31
....................................
United
States
580,000
544,723
2014-4RA,
C,
144A,
FRN,
7.692%,
(3-month
USD
LIBOR
+
2.9%),
7/15/30
...........................................
United
States
3,000,000
2,696,443
g,j
Carlyle
GMS
Finance
MM
CLO
LLC
,
2015-1A
,
A2R
,
144A,
FRN
,
6.992
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/15/31
.
...........
United
States
12,000,000
11,438,634
g,n
Consumer
Loan
Underlying
Bond
Certificate
Issuer
Trust
I
,
2018-29,
PT,
144A,
FRN,
22.093%,
12/15/43
...............
United
States
120,622
116,081
2019-26,
PT,
144A,
FRN,
17.306%,
8/15/44
................
United
States
736,387
697,238
2019-31,
PT,
144A,
FRN,
15.471%,
9/15/44
................
United
States
604,066
565,339
2019-37,
PT,
144A,
FRN,
18.73%,
10/17/44
................
United
States
727,994
696,316
2019-42,
PT,
144A,
FRN,
17%,
11/15/44
..................
United
States
702,136
661,775
2019-51,
PT,
144A,
FRN,
15.118%,
1/15/45
................
United
States
730,015
690,608
2019-52,
PT,
144A,
FRN,
15.431%,
1/15/45
................
United
States
787,676
748,829
2019-S1,
PT,
144A,
FRN,
12.935%,
4/15/44
................
United
States
249,890
243,851
2019-S2,
PT,
144A,
FRN,
11.28%,
5/16/44
.................
United
States
202,397
187,662
2019-S3,
PT,
144A,
FRN,
11.192%,
6/15/44
................
United
States
378,870
354,042
2019-S4,
PT,
144A,
FRN,
10.589%,
8/15/44
................
United
States
496,869
482,613
2019-S5,
PT,
144A,
FRN,
12.534%,
9/15/44
................
United
States
451,289
426,140
2019-S6,
PT,
144A,
FRN,
11.318%,
10/17/44
...............
United
States
480,988
448,078
2019-S7,
PT,
144A,
FRN,
10.742%,
12/15/44
...............
United
States
354,565
331,586
2019-S8,
PT,
144A,
FRN,
9.523%,
1/15/45
.................
United
States
446,039
416,243
2020-2,
PT,
144A,
FRN,
15.343%,
3/15/45
.................
United
States
765,922
725,937
2020-7,
PT,
144A,
FRN,
15.074%,
4/17/45
.................
United
States
441,753
414,099
g,j
Dryden
75
CLO
Ltd.
,
2019-75A
,
AR2
,
144A,
FRN
,
5.832
%
,
(
3-month
USD
LIBOR
+
1.04
%
),
4/15/34
.
.........................
United
States
30,321,000
29,838,856
g
Home
Partners
of
America
Trust
,
2021-2,
B,
144A,
2.302%,
12/17/26
......................
United
States
12,006,110
10,514,633
2021-3,
B,
144A,
2.649%,
1/17/41
.......................
United
States
4,433,287
3,832,481
g,j
LCM
XVII
LP
,
17A
,
BRR
,
144A,
FRN
,
6.392
%
,
(
3-month
USD
LIBOR
+
1.6
%
),
10/15/31
.
...................................
United
States
4,590,000
4,471,604
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
g,j
LCM
XVIII
LP
,
18A
,
DR
,
144A,
FRN
,
7.608
%
,
(
3-month
USD
LIBOR
+
2.8
%
),
4/20/31
.
....................................
United
States
6,860,000
$
6,220,580
g,j
Madison
Park
Euro
Funding
VIII
DAC
,
8A
,
BRN
,
144A,
FRN
,
3.988
%
,
(
3-month
EURIBOR
+
1.7
%
),
4/15/32
.
..............
Ireland
4,100,000
EUR
4,272,613
g,j
Neuberger
Berman
CLO
XXII
Ltd.
,
2016-22A
,
CR
,
144A,
FRN
,
6.992
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
10/17/30
.
...........
United
States
2,129,630
2,057,987
g,j
Northwoods
Capital
Ltd.
,
2018-11BA
,
A1
,
144A,
FRN
,
5.898
%
,
(
3-month
USD
LIBOR
+
1.1
%
),
4/19/31
.
...................
United
States
7,565,193
7,394,976
g,j
Octagon
Investment
Partners
28
Ltd.
,
2016-1A
,
BR
,
144A,
FRN
,
6.616
%
,
(
3-month
USD
LIBOR
+
1.8
%
),
10/24/30
.
...........
United
States
3,914,730
3,858,177
g,j
Octagon
Investment
Partners
36
Ltd.
,
2018-1A
,
A1
,
144A,
FRN
,
5.762
%
,
(
3-month
USD
LIBOR
+
0.97
%
),
4/15/31
.
...........
United
States
7,475,000
7,431,430
g,n
Prosper
Pass-Thru
Trust
III
,
2020-PT1,
A,
144A,
FRN,
15.363%,
3/15/26
................
United
States
418,558
411,893
2020-PT2,
A,
144A,
FRN,
18.341%,
4/15/26
................
United
States
513,248
496,175
2020-PT3,
A,
144A,
FRN,
19.746%,
5/15/26
................
United
States
150,876
143,434
g,j
Strata
CLO
I
Ltd.
,
2018-1A
,
B
,
144A,
FRN
,
6.992
%
,
(
3-month
USD
LIBOR
+
2.2
%
),
1/15/31
.
..............................
United
States
14,100,000
14,099,931
g,n
Upgrade
Master
Pass-Thru
Trust
,
2019-PT1,
A,
144A,
FRN,
22.331%,
6/15/25
................
United
States
171,103
153,923
2019-PT2,
A,
144A,
FRN,
21.652%,
2/15/26
................
United
States
354,551
348,820
g,j
Voya
CLO
Ltd.
,
2013-2A,
A2AR,
144A,
FRN,
6.321%,
(3-month
SOFR
+
1.662%),
4/25/31
...........................................
United
States
2,200,000
2,121,492
2013-2A,
BR,
144A,
FRN,
6.771%,
(3-month
SOFR
+
2.112%),
4/25/31
...........................................
United
States
5,770,000
5,428,237
2016-1A,
BR,
144A,
FRN,
6.701%,
(3-month
SOFR
+
2.062%),
1/20/31
...........................................
United
States
590,000
561,224
141,069,917
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$151,467,380)
..............................
144,876,413
Commercial
Mortgage-Backed
Securities
0.5%
Diversified
Financial
Services
0.5%
g,j
BX
Commercial
Mortgage
Trust
,
2021-VOLT,
A,
144A,
FRN,
5.159%,
(1-month
USD
LIBOR
+
0.7%),
9/15/36
......................................
United
States
2,480,000
2,420,048
2021-VOLT,
B,
144A,
FRN,
5.409%,
(1-month
USD
LIBOR
+
0.95%),
9/15/36
.....................................
United
States
3,890,000
3,759,842
2022-LP2,
A,
144A,
FRN,
5.491%,
(1-month
SOFR
+
1.013%),
2/15/39
...........................................
United
States
8,726,866
8,559,900
n
Commercial
Mortgage
Trust
,
2006-GG7
,
AJ
,
FRN
,
6.214
%
,
7/10/38
United
States
2,336,688
1,535,612
16,275,402
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$17,311,116)
................
16,275,402
Mortgage-Backed
Securities
6.4%
o
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Adjustable
Rate
0.0%
†
FHLMC,
2.348%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
1/01/33
..
United
States
8,919
8,736
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
5.5%
FHLMC
Gold
Pool,
20
Year,
5%,
5/01/27
-
5/01/30
.............
United
States
123,622
126,301
FHLMC
Gold
Pool,
30
Year,
4.5%,
10/01/40
.................
United
States
45,677
46,511
FHLMC
Gold
Pool,
30
Year,
5%,
3/01/34
-
2/01/38
.............
United
States
266,393
272,942
FHLMC
Gold
Pool,
30
Year,
5.5%,
6/01/33
-
6/01/36
...........
United
States
357,132
370,480
FHLMC
Gold
Pool,
30
Year,
6%,
6/01/33
-
6/01/37
.............
United
States
162,743
168,427
FHLMC
Gold
Pool,
30
Year,
6.5%,
12/01/25
-
6/01/36
..........
United
States
39,384
41,391
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
(continued)
FHLMC
Gold
Pool,
30
Year,
7%,
8/01/32
....................
United
States
2,375
$
2,451
FHLMC
Gold
Pool,
30
Year,
7.5%,
1/01/26
-
1/01/31
...........
United
States
2,076
2,186
FHLMC
Gold
Pool,
30
Year,
8%,
11/01/25
...................
United
States
24
24
FHLMC
Gold
Pool,
30
Year,
9%,
12/01/24
...................
United
States
15
15
FHLMC
Pool,
30
Year,
2%,
3/01/52
........................
United
States
36,766,087
30,984,371
FHLMC
Pool,
30
Year,
4%,
6/01/52
........................
United
States
39,413,485
38,099,212
FHLMC
Pool,
30
Year,
4.5%,
8/01/52
.......................
United
States
60,659,532
59,969,541
FHLMC
Pool,
30
Year,
5.5%,
11/01/52
......................
United
States
29,457,251
29,969,581
160,053,433
o
Federal
National
Mortgage
Association
(FNMA)
Adjustable
Rate
0.0%
†
FNMA,
4.279%,
(1-year
CMT
T-Note
+/-
MBS
Margin),
12/01/34
..
United
States
48,073
47,740
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
0.9%
FNMA,
15
Year,
2.5%,
7/01/27
...........................
United
States
71,766
68,987
FNMA,
20
Year,
4.5%,
3/01/28
...........................
United
States
21,090
21,261
FNMA,
20
Year,
5%,
9/01/23
-
6/01/31
......................
United
States
157,116
159,398
FNMA,
30
Year,
3%,
9/01/48
-
9/01/51
......................
United
States
17,552,938
16,111,205
FNMA,
30
Year,
4%,
2/01/49
.............................
United
States
8,958,375
8,854,369
FNMA,
30
Year,
4.5%,
2/01/41
...........................
United
States
134,690
137,009
FNMA,
30
Year,
5%,
10/01/35
............................
United
States
309,740
318,608
FNMA,
30
Year,
5.5%,
9/01/33
-
12/01/35
...................
United
States
487,715
504,866
FNMA,
30
Year,
6%,
6/01/34
-
5/01/38
......................
United
States
858,806
887,934
FNMA,
30
Year,
6.5%,
3/01/28
-
10/01/37
...................
United
States
134,789
141,718
FNMA,
30
Year,
7.5%,
10/01/29
...........................
United
States
2,470
2,591
FNMA,
30
Year,
8%,
1/01/25
-
5/01/26
......................
United
States
673
681
27,208,627
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
0.0%
†
GNMA
I,
30
Year,
8%,
2/15/25
............................
United
States
7
7
GNMA
I,
Single-family,
30
Year,
5%,
6/15/34
-
7/15/34
..........
United
States
45,359
46,662
GNMA
I,
Single-family,
30
Year,
5.5%,
2/15/33
-
6/15/36
........
United
States
177,821
183,693
GNMA
I,
Single-family,
30
Year,
6%,
8/15/36
.................
United
States
10,630
11,182
GNMA
I,
Single-family,
30
Year,
6.5%,
2/15/29
-
3/15/32
........
United
States
3,190
3,311
GNMA
I,
Single-family,
30
Year,
7%,
11/15/27
-
5/15/28
.........
United
States
3,460
3,456
GNMA
I,
Single-family,
30
Year,
7.5%,
9/15/23
-
5/15/27
........
United
States
269
269
GNMA
I,
Single-family,
30
Year,
8%,
7/15/26
-
9/15/27
..........
United
States
1,607
1,611
GNMA
I,
Single-family,
30
Year,
8.5%,
8/15/24
................
United
States
16
16
GNMA
I,
Single-family,
30
Year,
9%,
1/15/25
.................
United
States
25
25
GNMA
I,
Single-family,
30
Year,
9.5%,
6/15/25
................
United
States
169
169
GNMA
II,
Single-family,
30
Year,
5%,
9/20/33
-
11/20/33
.........
United
States
85,453
88,636
GNMA
II,
Single-family,
30
Year,
5.5%,
6/20/34
...............
United
States
44,711
46,801
GNMA
II,
Single-family,
30
Year,
6%,
11/20/34
................
United
States
47,612
50,728
GNMA
II,
Single-family,
30
Year,
6.5%,
7/20/28
-
12/20/31
.......
United
States
28,336
29,434
GNMA
II,
Single-family,
30
Year,
7.5%,
4/20/32
...............
United
States
7,953
8,198
474,198
Total
Mortgage-Backed
Securities
(Cost
$188,573,352)
...........................
187,792,734
Residential
Mortgage-Backed
Securities
3.8%
Diversified
Financial
Services
2.0%
g
BRAVO
Residential
Funding
Trust
,
2019-1,
A1C,
144A,
3.5%,
3/25/58
.......................
United
States
1,235,499
1,204,978
n
2019-2,
A3,
144A,
FRN,
3.5%,
10/25/44
...................
United
States
3,804,204
3,558,071
g,n
CIM
Trust
,
2019-INV1,
A1,
144A,
FRN,
4%,
2/25/49
..................
United
States
982,398
937,892
2019-INV2,
A3,
144A,
FRN,
4%,
5/25/49
..................
United
States
1,849,429
1,774,815
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Diversified
Financial
Services
(continued)
g,n
COLT
Mortgage
Loan
Trust
,
2022-4
,
A1
,
144A,
FRN
,
4.301
%
,
3/25/67
...........................................
United
States
3,825,324
$
3,743,083
g,n
J.P.
Morgan
Mortgage
Trust
,
2021-13,
A4,
144A,
FRN,
2.5%,
4/25/52
...................
United
States
13,112,203
11,651,977
2021-15,
A4,
144A,
FRN,
2.5%,
6/25/52
...................
United
States
4,207,458
3,738,899
g,n
Mill
City
Mortgage
Loan
Trust
,
2018-4
,
A1B
,
144A,
FRN
,
3.5
%
,
4/25/66
...........................................
United
States
7,431,982
7,138,600
g,n
OBX
Trust
,
2021-J3
,
A4
,
144A,
FRN
,
2.5
%
,
10/25/51
...........
United
States
2,745,637
2,427,830
g,n
Provident
Funding
Associates
LLP
,
2021-J1
,
A3
,
144A,
FRN
,
2.5
%
,
2/20/49
...........................................
United
States
8,764,161
7,788,150
g,n
Provident
Funding
Mortgage
Trust
,
2019-1
,
A2
,
144A,
FRN
,
3
%
,
12/25/49
..........................................
United
States
1,642,407
1,437,539
g,n
PSMC
Trust
,
2021-3
,
A3
,
144A,
FRN
,
2.5
%
,
8/25/51
...........
United
States
15,561,945
13,828,906
59,230,740
a
a
a
a
a
a
Thrifts
&
Mortgage
Finance
1.8%
j
FHLMC
STACR
Debt
Notes
,
2014-DN3,
M3,
FRN,
8.506%,
(1-month
USD
LIBOR
+
4%),
8/25/24
...........................................
United
States
205,842
209,657
2014-DN4,
M3,
FRN,
9.056%,
(1-month
USD
LIBOR
+
4.55%),
10/25/24
..........................................
United
States
2,110,176
2,160,024
2015-DNA1,
M3,
FRN,
7.806%,
(1-month
USD
LIBOR
+
3.3%),
10/25/27
..........................................
United
States
434,695
440,485
2015-DNA3,
M3,
FRN,
9.206%,
(1-month
USD
LIBOR
+
4.7%),
4/25/28
...........................................
United
States
6,945,771
7,192,610
2016-DNA2,
M3,
FRN,
9.156%,
(1-month
USD
LIBOR
+
4.65%),
10/25/28
..........................................
United
States
6,357,529
6,552,536
j
FNMA
Connecticut
Avenue
Securities
,
2013-C01,
M2,
FRN,
9.756%,
(1-month
USD
LIBOR
+
5.25%),
10/25/23
..........................................
United
States
4,031,172
4,141,879
2014-C01,
M2,
FRN,
8.906%,
(1-month
USD
LIBOR
+
4.4%),
1/25/24
...........................................
United
States
5,356,268
5,508,612
2014-C03,
2M2,
FRN,
7.406%,
(1-month
USD
LIBOR
+
2.9%),
7/25/24
...........................................
United
States
660,493
667,504
2015-C01,
1M2,
FRN,
8.806%,
(1-month
USD
LIBOR
+
4.3%),
2/25/25
...........................................
United
States
1,450,983
1,496,080
2015-C02,
1M2,
FRN,
8.506%,
(1-month
USD
LIBOR
+
4%),
5/25/25
...........................................
United
States
5,193,640
5,301,485
2015-C03,
1M2,
FRN,
9.506%,
(1-month
USD
LIBOR
+
5%),
7/25/25
...........................................
United
States
6,088,380
6,368,719
2016-C01,
1M2,
FRN,
11.256%,
(1-month
USD
LIBOR
+
6.75%),
8/25/28
...........................................
United
States
1,080,053
1,152,742
2016-C03,
1M2,
FRN,
9.806%,
(1-month
USD
LIBOR
+
5.3%),
10/25/28
..........................................
United
States
5,819,274
6,031,476
2017-C04,
2M2,
FRN,
7.356%,
(1-month
USD
LIBOR
+
2.85%),
11/25/29
..........................................
United
States
4,496,259
4,589,981
51,813,790
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$122,069,901)
................
111,044,530
Shares
a
Escrows
and
Litigation
Trusts
0.0%
†
a,b
K2016470219
South
Africa
Ltd.,
Escrow
Account
..............
South
Africa
620,001
—
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
Shares
a
Value
a
a
a
a
a
a
Escrows
and
Litigation
Trusts
(continued)
a
Mesquite
Energy,
Inc.,
Escrow
Account
.....................
United
States
6,000,000
$
67,500
Total
Escrows
and
Litigation
Trusts
(Cost
$5,707,489)
...........................
67,500
Total
Long
Term
Investments
(Cost
$2,936,724,403)
.............................
2,658,981,227
a
Number
of
Contracts
Notional
Amount
#
a
a
aa
Options
Purchased
0.1%
Puts
-
Over-the-Counter
Interest
Rate
Swaptions
0.1%
Receive
Floating
1-day
SOFR,
Pay
Fixed
2.97%,
Counterparty
JPHQ,
Expires
7/18/23
................................
1
89,000,000
2,615,834
Total
Options
Purchased
(Cost
$2,316,225)
.....................................
2,615,834
Short
Term
Investments
9.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
1.0%
p
U.S.
Treasury
Bills,
3/14/23
..............................
United
States
29,800,000
29,649,311
Total
U.S.
Government
and
Agency
Securities
(Cost
$29,655,590)
.................
29,649,311
Shares
a
a
a
Money
Market
Funds
1.3%
d,q
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
....
United
States
38,331,439
38,331,439
Total
Money
Market
Funds
(Cost
$38,331,439)
..................................
38,331,439
Principal
Amount
*
a
a
a
Repurchase
Agreements
7.1%
r
Joint
Repurchase
Agreement,
4.211%,
2/01/23
(Maturity
Value
$207,749,185)
BNP
Paribas
Securities
Corp.
(Maturity
Value
$76,358,213)
Deutsche
Bank
Securities,
Inc.
(Maturity
Value
$9,217,831)
HSBC
Securities
(USA),
Inc.
(Maturity
Value
$122,173,141)
Collateralized
by
U.S.
Government
and
Agency
Securities,
2.5%
-
4.5%,
6/15/24
-
1/20/52;
U.S.
Government
Agency
Strips,
8/15/33
-
5/15/46;
U.S.
Treasury
Bonds,
Index
Linked,
2%,
1/15/26;
and
U.S.
Treasury
Notes,
0.13%
-
2.25%,
5/15/23
-
8/15/27
(valued
at
$212,167,313)
......................................
207,724,885
207,724,885
Total
Repurchase
Agreements
(Cost
$207,724,885)
..............................
207,724,885
Total
Short
Term
Investments
(Cost
$275,711,914
)
...............................
275,705,635
a
Total
Investments
(Cost
$3,214,752,542)
99.9%
..................................
$2,937,302,696
Other
Assets,
less
Liabilities
0.1%
.............................................
3,764,547
Net
Assets
100.0%
...........................................................
$2,941,067,243
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
#
Notional
amount
is
the
number
of
contracts
multiplied
by
contract
size,
and
may
be
multiplied
by
the
underlying
price.
May
include
currency
units,
bushels,
shares,
pounds,
barrels
or
other
units.
Currency
units
are
stated
in
U.S.
dollars
unless
otherwise
indicated.
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
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
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
Perpetual
security
with
no
stated
maturity
date.
g
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,
2023,
the
aggregate
value
of
these
securities
was
$1,050,268,701,
representing
35.7%
of
net
assets.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
The
security
was
issued
on
a
discount
basis
with
no
stated
coupon
rate.
q
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
r
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,
2023,
all
repurchase
agreements
had
been
entered
into
on
that
date.
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Strategic
Income
Fund
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
,
At
January
31,
2023,
the
Fund
had
the
following
marketplace
loans
outstanding.
Description
Principal
Amount
Value
Marketplace
Loans
-
2.1%
Block,
Inc.
4575169.SQ.FTS.B,
Zero
Cpn,
3/30/23
...
$
925
$
744
4575478.SQ.FTS.B,
Zero
Cpn,
3/30/23
...
523
211
4578615.SQ.FTS.B,
Zero
Cpn,
4/01/23
...
1,543
407
4579784.SQ.FTS.B,
Zero
Cpn,
4/01/23
...
324
263
4580233.SQ.FTS.B,
Zero
Cpn,
4/01/23
...
1,109
386
4581341.SQ.FTS.B,
Zero
Cpn,
4/02/23
...
9,529
3,834
4581574.SQ.FTS.B,
Zero
Cpn,
4/02/23
...
713
216
4583735.SQ.FTS.B,
Zero
Cpn,
4/04/23
...
400
115
4583887.SQ.FTS.B,
Zero
Cpn,
4/04/23
...
136
97
4583983.SQ.FTS.B,
Zero
Cpn,
4/04/23
...
3,679
1,193
4584076.SQ.FTS.B,
Zero
Cpn,
4/04/23
...
755
384
4585288.SQ.FTS.B,
Zero
Cpn,
4/04/23
...
13,554
2,599
4587010.SQ.FTS.B,
Zero
Cpn,
4/05/23
...
1,755
413
4588245.SQ.FTS.B,
Zero
Cpn,
4/05/23
...
3,204
1,008
4589702.SQ.FTS.B,
Zero
Cpn,
4/05/23
...
3,489
743
4590358.SQ.FTS.B,
Zero
Cpn,
4/05/23
...
762
136
4593141.SQ.FTS.B,
Zero
Cpn,
4/06/23
...
1,210
798
4598182.SQ.FTS.B,
Zero
Cpn,
4/07/23
...
1,281
217
4598741.SQ.FTS.B,
Zero
Cpn,
4/07/23
...
206
76
4602271.SQ.FTS.B,
Zero
Cpn,
4/08/23
...
217
80
4602285.SQ.FTS.B,
Zero
Cpn,
4/08/23
...
31,712
7,232
4604615.SQ.FTS.B,
Zero
Cpn,
4/09/23
...
13,801
3,954
4604837.SQ.FTS.B,
Zero
Cpn,
4/09/23
...
1,908
840
4604886.SQ.FTS.B,
Zero
Cpn,
4/10/23
...
2,273
464
4605490.SQ.FTS.B,
Zero
Cpn,
4/10/23
...
1,996
848
4605898.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
1,035
553
4606179.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
10,364
1,592
4606224.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
1,142
353
4606319.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
543
466
4606335.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
2,103
405
4606392.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
109
69
4606464.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
12,284
4,577
4606877.SQ.FTS.B,
Zero
Cpn,
4/11/23
...
2,888
587
4607515.SQ.FTS.B,
Zero
Cpn,
4/12/23
...
2,524
638
4609496.SQ.FTS.B,
Zero
Cpn,
4/12/23
...
5,915
2,204
4609551.SQ.FTS.B,
Zero
Cpn,
4/12/23
...
5,454
854
4610366.SQ.FTS.B,
Zero
Cpn,
4/12/23
...
1,218
828
4610443.SQ.FTS.B,
Zero
Cpn,
4/13/23
...
10,147
2,829
4610852.SQ.FTS.B,
Zero
Cpn,
4/13/23
...
271
61
4612920.SQ.FTS.B,
Zero
Cpn,
4/13/23
...
2,172
340
4621133.SQ.FTS.B,
Zero
Cpn,
4/15/23
...
9,443
4,128
4621989.SQ.FTS.B,
Zero
Cpn,
4/15/23
...
255
176
4622639.SQ.FTS.B,
Zero
Cpn,
4/15/23
...
3,183
706
4623863.SQ.FTS.B,
Zero
Cpn,
4/16/23
...
378
361
4624002.SQ.FTS.B,
Zero
Cpn,
4/16/23
...
29
20
4624325.SQ.FTS.B,
Zero
Cpn,
4/16/23
...
3,452
1,172
4624403.SQ.FTS.B,
Zero
Cpn,
4/17/23
...
652
102
4624869.SQ.FTS.B,
Zero
Cpn,
4/17/23
...
1,786
419
4625054.SQ.FTS.B,
Zero
Cpn,
4/17/23
...
1,276
389
4625082.SQ.FTS.B,
Zero
Cpn,
4/17/23
...
2,178
1,636
4625127.SQ.FTS.B,
Zero
Cpn,
4/17/23
...
663
469
4625798.SQ.FTS.B,
Zero
Cpn,
4/18/23
...
434
192
4626298.SQ.FTS.B,
Zero
Cpn,
4/18/23
...
10,268
1,583
4626510.SQ.FTS.B,
Zero
Cpn,
4/18/23
...
276
108
4626514.SQ.FTS.B,
Zero
Cpn,
4/18/23
...
2,949
1,705
4627586.SQ.FTS.B,
Zero
Cpn,
4/18/23
...
4,624
1,080
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4629149.SQ.FTS.B,
Zero
Cpn,
4/19/23
...
$
6,425
$
2,160
4629254.SQ.FTS.B,
Zero
Cpn,
4/19/23
...
741
588
4631402.SQ.FTS.B,
Zero
Cpn,
4/20/23
...
1,331
848
4632596.SQ.FTS.B,
Zero
Cpn,
4/20/23
...
848
229
4632880.SQ.FTS.B,
Zero
Cpn,
4/20/23
...
398
286
4635753.SQ.FTS.B,
Zero
Cpn,
4/21/23
...
11,156
7,138
4636668.SQ.FTS.B,
Zero
Cpn,
4/21/23
...
7,819
2,196
4638157.SQ.FTS.B,
Zero
Cpn,
4/22/23
...
1,053
484
4641713.SQ.FTS.B,
Zero
Cpn,
4/25/23
...
3,543
1,652
4642502.SQ.FTS.B,
Zero
Cpn,
4/25/23
...
1,587
476
4643723.SQ.FTS.B,
Zero
Cpn,
4/25/23
...
2,832
1,446
4643970.SQ.FTS.B,
Zero
Cpn,
4/26/23
...
2,081
616
4651931.SQ.FTS.B,
Zero
Cpn,
4/28/23
...
125
76
4654291.SQ.FTS.B,
Zero
Cpn,
4/29/23
...
39
29
4656958.SQ.FTS.B,
Zero
Cpn,
4/30/23
...
3,103
682
4657373.SQ.FTS.B,
Zero
Cpn,
4/30/23
...
3,122
801
4658038.SQ.FTS.B,
Zero
Cpn,
5/01/23
...
2,564
983
4658320.SQ.FTS.B,
Zero
Cpn,
5/01/23
...
5,097
1,436
4659810.SQ.FTS.B,
Zero
Cpn,
5/01/23
...
45
39
4661015.SQ.FTS.B,
Zero
Cpn,
5/01/23
...
2,307
881
4661890.SQ.FTS.B,
Zero
Cpn,
5/02/23
...
2,563
603
4662184.SQ.FTS.B,
Zero
Cpn,
5/02/23
...
2,428
855
4662309.SQ.FTS.B,
Zero
Cpn,
5/02/23
...
13,798
5,240
4662910.SQ.FTS.B,
Zero
Cpn,
5/02/23
...
1,341
663
4663096.SQ.FTS.B,
Zero
Cpn,
5/02/23
...
27,120
6,341
4663916.SQ.FTS.B,
Zero
Cpn,
5/02/23
...
24,742
5,785
4665676.SQ.FTS.B,
Zero
Cpn,
5/03/23
...
4,628
1,447
4671121.SQ.FTS.B,
Zero
Cpn,
5/04/23
...
5,058
1,342
4675799.SQ.FTS.B,
Zero
Cpn,
5/05/23
...
3,286
538
4677655.SQ.FTS.B,
Zero
Cpn,
5/06/23
...
2,993
861
4677749.SQ.FTS.B,
Zero
Cpn,
5/06/23
...
228
53
4677893.SQ.FTS.B,
Zero
Cpn,
5/06/23
...
2,173
393
4681076.SQ.FTS.B,
Zero
Cpn,
5/08/23
...
1,811
1,545
4684185.SQ.FTS.B,
Zero
Cpn,
5/08/23
...
417
281
4691756.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
7,269
1,390
4692191.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
9,621
3,550
4692642.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
1,454
806
4692944.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
133
72
4692982.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
493
145
4693423.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
15,610
5,892
4693941.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
8,872
2,072
4694140.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
1,320
434
4694200.SQ.FTS.B,
Zero
Cpn,
5/09/23
...
875
318
4701939.SQ.FTS.B,
Zero
Cpn,
5/10/23
...
1,446
723
4706450.SQ.FTS.B,
Zero
Cpn,
5/10/23
...
6,009
3,047
4706808.SQ.FTS.B,
Zero
Cpn,
5/10/23
...
5,406
1,985
4707248.SQ.FTS.B,
Zero
Cpn,
5/11/23
...
641
322
4707511.SQ.FTS.B,
Zero
Cpn,
5/11/23
...
2,081
1,402
4708881.SQ.FTS.B,
Zero
Cpn,
5/12/23
...
3,251
2,025
4711828.SQ.FTS.B,
Zero
Cpn,
5/12/23
...
3,618
1,839
4714060.SQ.FTS.B,
Zero
Cpn,
5/13/23
...
1,082
327
4714469.SQ.FTS.B,
Zero
Cpn,
5/14/23
...
828
130
4728338.SQ.FTS.B,
Zero
Cpn,
5/17/23
...
1,573
1,242
4728592.SQ.FTS.B,
Zero
Cpn,
5/17/23
...
62
61
4729437.SQ.FTS.B,
Zero
Cpn,
5/17/23
...
1,097
877
4738688.SQ.FTS.B,
Zero
Cpn,
5/18/23
...
968
438
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4747188.SQ.FTS.B,
Zero
Cpn,
5/19/23
...
$
553
$
132
4750103.SQ.FTS.B,
Zero
Cpn,
5/20/23
...
8,831
3,570
4750803.SQ.FTS.B,
Zero
Cpn,
5/21/23
...
3,382
1,762
4754132.SQ.FTS.B,
Zero
Cpn,
5/22/23
...
1,704
1,267
4754491.SQ.FTS.B,
Zero
Cpn,
5/22/23
...
44
36
4756608.SQ.FTS.B,
Zero
Cpn,
5/22/23
...
2,971
2,018
4764584.SQ.FTS.B,
Zero
Cpn,
5/23/23
...
523
247
4773604.SQ.FTS.B,
Zero
Cpn,
5/24/23
...
9,605
2,337
4773759.SQ.FTS.B,
Zero
Cpn,
5/24/23
...
291
112
4774144.SQ.FTS.B,
Zero
Cpn,
5/24/23
...
1,757
676
4777755.SQ.FTS.B,
Zero
Cpn,
5/24/23
...
515
115
4777853.SQ.FTS.B,
Zero
Cpn,
5/24/23
...
1,540
663
4779439.SQ.FTS.B,
Zero
Cpn,
5/25/23
...
1,102
396
4779678.SQ.FTS.B,
Zero
Cpn,
5/25/23
...
3,623
1,529
4782528.SQ.FTS.B,
Zero
Cpn,
5/26/23
...
352
134
4785399.SQ.FTS.B,
Zero
Cpn,
5/27/23
...
154
78
4786214.SQ.FTS.B,
Zero
Cpn,
5/28/23
...
1,281
390
4789370.SQ.FTS.B,
Zero
Cpn,
5/29/23
...
11,262
4,776
4790824.SQ.FTS.B,
Zero
Cpn,
5/29/23
...
3,330
970
4792640.SQ.FTS.B,
Zero
Cpn,
5/30/23
...
640
522
4792978.SQ.FTS.B,
Zero
Cpn,
5/30/23
...
1,699
624
4796651.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
3,524
800
4798801.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
33
29
4798843.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
3,236
1,991
4799719.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
1,098
920
4800609.SQ.FTS.B,
Zero
Cpn,
6/01/23
...
618
557
4807880.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
19,851
9,028
4808500.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
16,432
13,792
4809479.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
26
22
4809809.SQ.FTS.B,
Zero
Cpn,
6/02/23
...
291
159
4810075.SQ.FTS.B,
Zero
Cpn,
6/03/23
...
2,346
1,608
4815617.SQ.FTS.B,
Zero
Cpn,
6/05/23
...
1,236
472
4815646.SQ.FTS.B,
Zero
Cpn,
6/05/23
...
5,300
3,523
4816871.SQ.FTS.B,
Zero
Cpn,
6/06/23
...
508
380
4817437.SQ.FTS.B,
Zero
Cpn,
6/06/23
...
895
689
4820091.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
3,326
1,492
4820553.SQ.FTS.B,
Zero
Cpn,
6/07/23
...
10,164
1,990
4821904.SQ.FTS.B,
Zero
Cpn,
6/08/23
...
796
128
4821908.SQ.FTS.B,
Zero
Cpn,
6/08/23
...
619
251
4822253.SQ.FTS.B,
Zero
Cpn,
6/08/23
...
2,767
1,453
4830294.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
432
372
4830906.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
1,428
807
4830931.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
207
110
4831001.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
1,752
1,357
4831110.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
962
247
4831269.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
2,493
861
4831353.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
1,347
1,126
4831653.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
2,099
495
4831986.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
7,633
4,484
4832297.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
805
608
4832548.SQ.FTS.B,
Zero
Cpn,
6/10/23
...
8,758
2,674
4833494.SQ.FTS.B,
Zero
Cpn,
6/11/23
...
999
756
4833520.SQ.FTS.B,
Zero
Cpn,
6/11/23
...
4,824
1,234
4834054.SQ.FTS.B,
Zero
Cpn,
6/12/23
...
595
396
4834162.SQ.FTS.B,
Zero
Cpn,
6/12/23
...
255
137
4838333.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
750
118
4839102.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
1,596
413
4839768.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
2,874
2,057
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4840040.SQ.FTS.B,
Zero
Cpn,
6/14/23
...
$
1,085
$
973
4841116.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
11,234
2,636
4842324.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
160
136
4842421.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
401
308
4842605.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
4,014
744
4842631.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
5,776
1,865
4843200.SQ.FTS.B,
Zero
Cpn,
6/15/23
...
3,030
2,380
4848370.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
15,224
7,126
4848622.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
2,069
1,516
4852345.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
265
234
4857633.SQ.FTS.B,
Zero
Cpn,
6/16/23
...
1,824
666
4861461.SQ.FTS.B,
Zero
Cpn,
6/17/23
...
475
203
4862012.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
761
649
4862192.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
7,677
5,674
4862341.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
565
149
4862443.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
7,578
1,979
4862615.SQ.FTS.B,
Zero
Cpn,
6/18/23
...
2,153
1,644
4862769.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
8,715
2,851
4862938.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
691
415
4862998.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
1,298
340
4863011.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
367
236
4863062.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
3,882
774
4863186.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
3,329
1,920
4863238.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
2,993
1,401
4863412.SQ.FTS.B,
Zero
Cpn,
6/19/23
...
11,651
4,812
4863607.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
722
684
4863925.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
2,765
2,285
4864375.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
338
292
4865141.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
627
224
4865515.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
695
356
4866807.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
147
95
4867257.SQ.FTS.B,
Zero
Cpn,
6/20/23
...
1,307
728
4867843.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
739
475
4867903.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
251
216
4868757.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
3,219
2,305
4868828.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
1,787
1,551
4868920.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
6,133
5,390
4869171.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
1,484
392
4869815.SQ.FTS.B,
Zero
Cpn,
6/21/23
...
7,257
1,715
4871810.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,547
1,216
4871837.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,490
405
4872022.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
2,195
603
4872027.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
5,500
2,665
4872072.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
3,449
907
4872437.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,475
464
4872443.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
737
597
4872518.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
147
95
4873161.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
747
728
4873297.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
151
100
4873313.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
1,463
578
4873405.SQ.FTS.B,
Zero
Cpn,
6/22/23
...
5,886
5,337
4874157.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
3,873
1,592
4874257.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
409
385
4874535.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
977
261
4874544.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
1,587
878
4874750.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
76
60
4874845.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
3,811
2,055
4875940.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
9,359
5,166
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4876174.SQ.FTS.B,
Zero
Cpn,
6/23/23
...
$
889
$
572
4876827.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
2,808
2,305
4877017.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
1,297
242
4877057.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
472
237
4877067.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
1,174
196
4877069.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
338
318
4877160.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
367
187
4877161.SQ.FTS.B,
Zero
Cpn,
6/24/23
...
1,197
765
4877248.SQ.FTS.B,
Zero
Cpn,
6/25/23
...
251
196
4877254.SQ.FTS.B,
Zero
Cpn,
6/25/23
...
1,462
591
4877394.SQ.FTS.B,
Zero
Cpn,
6/25/23
...
4,239
3,387
4877534.SQ.FTS.B,
Zero
Cpn,
6/25/23
...
1,841
1,074
4878000.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
670
634
4878103.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
627
183
4878504.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
797
693
4878787.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
4,067
923
4878962.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
1,553
500
4879027.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
969
673
4879124.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
4,145
1,913
4879260.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
3,514
2,392
4879371.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
610
345
4879728.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
2,694
603
4879828.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
2,028
747
4879944.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
529
406
4880063.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
4,069
1,537
4880161.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
524
478
4880273.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
32,499
8,560
4880336.SQ.FTS.B,
Zero
Cpn,
6/27/23
...
2,502
1,227
4880374.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
12,118
6,925
4880560.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
446
427
4880603.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
730
664
4880766.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
3,263
2,384
4880840.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
2,466
1,565
4880881.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
274
77
4881269.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
20
19
4881332.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
1,306
670
4881387.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
42
37
4881595.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
1,106
884
4881625.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
1,074
237
4881632.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
5,202
815
4881933.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
502
258
4881967.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
1,439
560
4882127.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
35,043
8,161
4882630.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
5,042
2,773
4882665.SQ.FTS.B,
Zero
Cpn,
6/28/23
...
2,097
1,687
4886903.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
2,071
375
4886912.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
2,287
550
4888694.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
4,901
2,881
4889268.SQ.FTS.B,
Zero
Cpn,
6/30/23
...
642
156
4889574.SQ.FTS.B,
Zero
Cpn,
7/01/23
...
3,282
1,130
4889768.SQ.FTS.B,
Zero
Cpn,
7/01/23
...
976
279
4891202.SQ.FTS.B,
Zero
Cpn,
7/03/23
...
2,999
2,536
4893066.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
3,265
567
4893104.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
631
355
4893123.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
1,125
835
4894101.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
12,955
6,110
4894444.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
597
505
4894456.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
2,698
1,401
Description
Principal
Amount
Value
Block,
Inc.
(continued)
4894821.SQ.FTS.B,
Zero
Cpn,
7/04/23
...
$
2,195
$
757
4895085.SQ.FTS.B,
Zero
Cpn,
7/05/23
...
1,954
1,207
4895222.SQ.FTS.B,
Zero
Cpn,
7/05/23
...
1,066
440
4896484.SQ.FTS.B,
Zero
Cpn,
7/05/23
...
807
218
4896547.SQ.FTS.B,
Zero
Cpn,
7/05/23
...
5,160
1,832
4898791.SQ.FTS.B,
Zero
Cpn,
7/06/23
...
823
721
4898852.SQ.FTS.B,
Zero
Cpn,
7/06/23
...
2,213
1,174
4899151.SQ.FTS.B,
Zero
Cpn,
7/06/23
...
3,147
1,314
4902887.SQ.FTS.B,
Zero
Cpn,
7/08/23
...
1,561
788
4904362.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
131
128
4905436.SQ.FTS.B,
Zero
Cpn,
7/10/23
...
769
383
4907364.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
1,373
409
4908064.SQ.FTS.B,
Zero
Cpn,
7/11/23
...
22,668
17,455
4913185.SQ.FTS.B,
Zero
Cpn,
7/13/23
...
4,730
4,017
4913780.SQ.FTS.B,
Zero
Cpn,
7/13/23
...
294
273
4914425.SQ.FTS.B,
Zero
Cpn,
7/13/23
...
1,875
1,608
4916400.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
955
600
4916640.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
2,279
975
4916673.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
9,163
3,884
4916836.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
1,089
910
4922562.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
7,716
3,304
4922790.SQ.FTS.B,
Zero
Cpn,
7/14/23
...
505
208
4923493.SQ.FTS.B,
Zero
Cpn,
7/15/23
...
148
88
4923524.SQ.FTS.B,
Zero
Cpn,
7/16/23
...
1,202
956
4924642.SQ.FTS.B,
Zero
Cpn,
7/17/23
...
394
203
4925329.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
1,389
586
4925730.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
664
542
4926230.SQ.FTS.B,
Zero
Cpn,
7/18/23
...
2,508
1,066
4927752.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
44
43
4928876.SQ.FTS.B,
Zero
Cpn,
7/19/23
...
764
159
4930391.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
1,090
852
4931016.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
741
169
4931020.SQ.FTS.B,
Zero
Cpn,
7/20/23
...
10,152
4,441
4934833.SQ.FTS.B,
Zero
Cpn,
7/21/23
...
4,481
3,152
4935090.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
88
79
4935485.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
2,133
953
4935511.SQ.FTS.B,
Zero
Cpn,
7/22/23
...
450
152
4935850.SQ.FTS.B,
Zero
Cpn,
7/23/23
...
1,623
1,298
4935921.SQ.FTS.B,
Zero
Cpn,
7/23/23
...
1,065
741
4936183.SQ.FTS.B,
Zero
Cpn,
7/24/23
...
358
332
4940284.SQ.FTS.B,
Zero
Cpn,
7/25/23
...
5,195
3,637
4940732.SQ.FTS.B,
Zero
Cpn,
7/25/23
...
640
509
4941224.SQ.FTS.B,
Zero
Cpn,
7/25/23
...
4,401
2,746
4941429.SQ.FTS.B,
Zero
Cpn,
7/25/23
...
1,154
1,079
4941481.SQ.FTS.B,
Zero
Cpn,
7/26/23
...
508
363
4942261.SQ.FTS.B,
Zero
Cpn,
7/26/23
...
892
219
4945879.SQ.FTS.B,
Zero
Cpn,
7/27/23
...
347
177
4947272.SQ.FTS.B,
Zero
Cpn,
7/27/23
...
1,224
693
4948736.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
5,916
1,407
4953337.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
13,409
9,098
4953930.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
8,161
2,543
4954105.SQ.FTS.B,
Zero
Cpn,
7/28/23
...
2,531
1,372
4956468.SQ.FTS.B,
Zero
Cpn,
7/30/23
...
620
226
4960965.SQ.FTS.B,
Zero
Cpn,
7/31/23
...
1,311
1,231
4961597.SQ.FTS.B,
Zero
Cpn,
7/31/23
...
6,826
2,723
4964044.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
5,529
3,529
4964338.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
1,028
308
4965729.SQ.FTS.B,
Zero
Cpn,
8/01/23
...
705
482
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
4966403.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
$
517
$
454
4967002.SQ.FTS.B,
Zero
Cpn,
8/02/23
...
1,918
1,462
4971164.SQ.FTS.B,
Zero
Cpn,
8/03/23
...
4,299
3,025
4972020.SQ.FTS.B,
Zero
Cpn,
8/03/23
...
2,402
2,078
4972172.SQ.FTS.B,
Zero
Cpn,
8/03/23
...
1,099
882
4975322.SQ.FTS.B,
Zero
Cpn,
8/05/23
...
1,106
186
4975653.SQ.FTS.B,
Zero
Cpn,
8/06/23
...
21,200
8,056
4975870.SQ.FTS.B,
Zero
Cpn,
8/06/23
...
960
880
4976561.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
2,306
389
4977066.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
18,486
9,604
4977248.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
23,393
6,957
4977887.SQ.FTS.B,
Zero
Cpn,
8/07/23
...
176
173
4978982.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
13,923
9,764
4979270.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
198
176
4979273.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
4,126
1,367
4979694.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
7,423
2,710
4980379.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
441
376
4980579.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
1,020
965
4980976.SQ.FTS.B,
Zero
Cpn,
8/08/23
...
3,074
2,405
4981159.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
3,162
693
4981755.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
3,216
1,313
4981981.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
2,492
1,544
4982386.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
1,632
1,542
4983108.SQ.FTS.B,
Zero
Cpn,
8/09/23
...
511
329
4984948.SQ.FTS.B,
Zero
Cpn,
8/10/23
...
812
621
4989295.SQ.FTS.B,
Zero
Cpn,
8/11/23
...
337
218
4989442.SQ.FTS.B,
Zero
Cpn,
8/11/23
...
878
331
4990418.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
21,328
15,732
4990625.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
1,110
883
4990668.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
1,655
656
4990699.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
161
155
4990781.SQ.FTS.B,
Zero
Cpn,
8/12/23
...
543
260
4992363.SQ.FTS.B,
Zero
Cpn,
8/14/23
...
2,157
2,010
4995431.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
6,247
1,068
4996413.SQ.FTS.B,
Zero
Cpn,
8/15/23
...
1,137
1,053
5004424.SQ.FTS.B,
Zero
Cpn,
8/16/23
...
1,864
842
5004686.SQ.FTS.B,
Zero
Cpn,
8/16/23
...
699
463
5006699.SQ.FTS.B,
Zero
Cpn,
8/16/23
...
123
120
5015943.SQ.FTS.B,
Zero
Cpn,
8/17/23
...
3,737
3,199
5016072.SQ.FTS.B,
Zero
Cpn,
8/17/23
...
5,514
2,306
5019704.SQ.FTS.B,
Zero
Cpn,
8/17/23
...
12,507
10,705
5023148.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
1,942
1,433
5023411.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
852
266
5025721.SQ.FTS.B,
Zero
Cpn,
8/18/23
...
585
569
5025752.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
6,406
1,011
5025882.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
2,238
749
5026234.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
1,510
1,233
5026320.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
1,649
1,605
5026383.SQ.FTS.B,
Zero
Cpn,
8/19/23
...
1,070
613
5026934.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
1,563
898
5027018.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
2,696
2,213
5027373.SQ.FTS.B,
Zero
Cpn,
8/21/23
...
8,844
1,907
5030021.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
337
209
5030365.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
621
596
5030831.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
5,213
943
5031312.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
480
445
5031471.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
5,258
1,461
5031503.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
2,175
1,769
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5031927.SQ.FTS.B,
Zero
Cpn,
8/22/23
...
$
94
$
93
5032944.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
193
177
5033014.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
573
551
5033148.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
471
198
5033157.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
2,579
1,907
5034297.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
1,274
1,156
5035300.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
3,180
2,964
5035669.SQ.FTS.B,
Zero
Cpn,
8/23/23
...
3,399
786
5037826.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
1,911
1,355
5038686.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
847
820
5038904.SQ.FTS.B,
Zero
Cpn,
8/24/23
...
3,169
2,716
5040879.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
3,777
3,248
5042065.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
102
92
5042089.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
136
120
5042510.SQ.FTS.B,
Zero
Cpn,
8/25/23
...
1,629
1,363
5043542.SQ.FTS.B,
Zero
Cpn,
8/26/23
...
2,325
2,088
5044176.SQ.FTS.B,
Zero
Cpn,
8/27/23
...
522
323
5044258.SQ.FTS.B,
Zero
Cpn,
8/27/23
...
8,147
7,017
5044404.SQ.FTS.B,
Zero
Cpn,
8/27/23
...
1,591
579
5044794.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
5,731
2,601
5045662.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
2,040
362
5045863.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
314
253
5047314.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
751
200
5047321.SQ.FTS.B,
Zero
Cpn,
8/28/23
...
5,110
3,179
5048398.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
7,486
6,377
5049681.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
268
204
5049867.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
249
233
5049935.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
2,768
1,809
5050394.SQ.FTS.B,
Zero
Cpn,
9/01/23
...
4,580
3,894
5051326.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
932
857
5051538.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
558
245
5051869.SQ.FTS.B,
Zero
Cpn,
9/02/23
...
105
103
5056944.SQ.FTS.B,
Zero
Cpn,
9/03/23
...
1,019
955
5059326.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
13,048
3,417
5059478.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
1,136
1,043
5060641.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
10,849
10,037
5061493.SQ.FTS.B,
Zero
Cpn,
9/04/23
...
2,284
2,006
5062120.SQ.FTS.B,
Zero
Cpn,
9/05/23
...
888
544
5062300.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
1,607
1,141
5062340.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
2,165
948
5062512.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
3,648
1,316
5062652.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
2,549
2,012
5062755.SQ.FTS.B,
Zero
Cpn,
9/06/23
...
677
608
5063823.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
349
319
5064839.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
964
905
5065106.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
2,050
1,462
5065174.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
945
853
5065196.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
10,581
4,903
5065349.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
615
442
5065404.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
2,680
492
5065943.SQ.FTS.B,
Zero
Cpn,
9/07/23
...
819
527
5067242.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
5,386
3,030
5067403.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
3,810
3,065
5067489.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
381
347
5067962.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
1,067
880
5068096.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
2,881
2,727
5068158.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
589
575
5068551.SQ.FTS.B,
Zero
Cpn,
9/08/23
...
19,357
11,274
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5069292.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
$
1,111
$
1,084
5069462.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
6,026
4,929
5070638.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
1,622
1,518
5071139.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
8,484
7,311
5071324.SQ.FTS.B,
Zero
Cpn,
9/09/23
...
549
536
5072967.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
717
536
5073420.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,020
721
5073629.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
97
95
5074442.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,909
437
5074517.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
376
370
5075119.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
1,810
885
5075424.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
2,032
757
5075548.SQ.FTS.B,
Zero
Cpn,
9/10/23
...
4,187
3,039
5075923.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
9,043
8,566
5077583.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
3,691
2,030
5077768.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
3,726
3,082
5077899.SQ.FTS.B,
Zero
Cpn,
9/11/23
...
117
115
5079422.SQ.FTS.B,
Zero
Cpn,
9/13/23
...
6,581
4,450
5080816.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
2,798
2,051
5081105.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
4,429
3,210
5081227.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
12,108
9,517
5081612.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
1,324
796
5081691.SQ.FTS.B,
Zero
Cpn,
9/14/23
...
2,875
1,997
5082283.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
1,254
1,024
5083575.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
85
82
5083873.SQ.FTS.B,
Zero
Cpn,
9/15/23
...
4,730
3,802
5084771.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
2,747
883
5084823.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
370
352
5084934.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
33,929
12,499
5085496.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
208
169
5085736.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
518
509
5085858.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
891
347
5086206.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
1,362
1,078
5086589.SQ.FTS.B,
Zero
Cpn,
9/16/23
...
10,221
8,853
5088456.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
995
810
5088565.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
371
361
5089493.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
1,310
1,287
5090272.SQ.FTS.B,
Zero
Cpn,
9/17/23
...
4,187
1,231
5091720.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
180
139
5092317.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
4,289
1,982
5092547.SQ.FTS.B,
Zero
Cpn,
9/18/23
...
346
329
5093863.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
10,192
3,686
5094158.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
1,102
1,032
5094324.SQ.FTS.B,
Zero
Cpn,
9/19/23
...
1,774
768
5094427.SQ.FTS.B,
Zero
Cpn,
9/20/23
...
2,121
1,319
5094492.SQ.FTS.B,
Zero
Cpn,
9/20/23
...
339
308
5095627.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
2,065
1,580
5095917.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
17,638
8,835
5096206.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
2,380
2,325
5096674.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
13,863
6,548
5097715.SQ.FTS.B,
Zero
Cpn,
9/21/23
...
438
346
5097942.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
1,070
867
5097995.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
3,327
2,827
5098275.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
6,026
2,192
5098382.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
5
5
5098389.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
3,395
3,298
5099762.SQ.FTS.B,
Zero
Cpn,
9/22/23
...
600
590
5100485.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
4,264
1,892
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5101793.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
$
1,482
$
1,290
5102366.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
1,632
1,494
5102418.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
172
164
5102756.SQ.FTS.B,
Zero
Cpn,
9/23/23
...
108
99
5104437.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
2,411
2,113
5105914.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
809
719
5106104.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
377
370
5106337.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
2,689
1,864
5106538.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
11,727
5,536
5106892.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
899
715
5107353.SQ.FTS.B,
Zero
Cpn,
9/24/23
...
1,383
838
5107560.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
1,688
1,621
5107774.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
1,170
991
5108535.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
1,151
1,080
5109145.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
1,195
905
5109454.SQ.FTS.B,
Zero
Cpn,
9/25/23
...
8,030
7,700
5110097.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
2,474
1,452
5110636.SQ.FTS.B,
Zero
Cpn,
9/26/23
...
3,772
1,605
5110725.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
2,713
2,382
5110762.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
811
477
5110811.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
4,304
2,891
5111024.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
3,800
1,042
5111117.SQ.FTS.B,
Zero
Cpn,
9/27/23
...
555
357
5112445.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,038
810
5112573.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,180
1,148
5112955.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
4,811
3,022
5113266.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,765
1,499
5114206.SQ.FTS.B,
Zero
Cpn,
9/28/23
...
1,246
719
5114930.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
1,450
1,421
5116150.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
4,166
3,271
5116662.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
2,999
2,638
5116990.SQ.FTS.B,
Zero
Cpn,
9/29/23
...
4,531
4,236
5117214.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
559
436
5117309.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
748
352
5117854.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
1,423
666
5117949.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
872
853
5119109.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
86
84
5119131.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
2,998
1,439
5119221.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
2,448
2,205
5119262.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
257
234
5119369.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
133
131
5119608.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
3,269
2,543
5121599.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
17
17
5121651.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
10,821
9,517
5122619.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
101
99
5122643.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
616
333
5122658.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
3,322
3,256
5122968.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
4,962
3,894
5124518.SQ.FTS.B,
Zero
Cpn,
9/30/23
...
11,687
6,581
5126438.SQ.FTS.B,
Zero
Cpn,
10/01/23
..
25,157
6,797
5127713.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
425
334
5127847.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
202
169
5128107.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
6,723
6,108
5128413.SQ.FTS.B,
Zero
Cpn,
10/02/23
..
1,332
414
5128523.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
679
635
5128685.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
148
116
5129262.SQ.FTS.B,
Zero
Cpn,
10/03/23
..
3,026
1,944
5131238.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
5,762
3,709
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
5131669.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
$
22,967
$
11,727
5132006.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
1,244
800
5132023.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
146
136
5132203.SQ.FTS.B,
Zero
Cpn,
10/04/23
..
10
9
5132946.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
575
514
5132957.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
434
315
5133917.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
570
459
5134297.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
389
363
5134308.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
1,464
1,428
5134361.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
1,541
1,497
5135101.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
3,765
3,651
5135710.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
637
330
5135722.SQ.FTS.B,
Zero
Cpn,
10/05/23
..
285
260
5136194.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
458
446
5136627.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
474
457
5136782.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
147
116
5136863.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
1,450
282
5136996.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
257
157
5137092.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
690
278
5137109.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
4,489
1,289
5138072.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
4,185
2,014
5138360.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
99
92
5138393.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
602
590
5138860.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
1,303
671
5138917.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
421
351
5139115.SQ.FTS.B,
Zero
Cpn,
10/06/23
..
704
396
5141482.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
2,827
2,730
5142028.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
612
457
5142049.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
859
656
5142327.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
1,157
1,046
5142830.SQ.FTS.B,
Zero
Cpn,
10/07/23
..
343
329
5145760.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
2,386
1,935
5145849.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
41
38
5146747.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
195
192
5147207.SQ.FTS.B,
Zero
Cpn,
10/08/23
..
319
278
5148107.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
5,026
3,620
5148379.SQ.FTS.B,
Zero
Cpn,
10/09/23
..
4,051
3,765
5148859.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
3,181
2,899
5149144.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
1,554
1,272
5149170.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
641
355
5149269.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
941
205
5149285.SQ.FTS.B,
Zero
Cpn,
10/10/23
..
501
377
5150453.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
1,463
1,045
5150470.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
3,837
2,973
5150547.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
4,500
4,404
5150947.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
2,357
2,306
5152767.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
4,384
2,347
5152822.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
24,297
11,269
5153190.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
5,898
5,547
5153369.SQ.FTS.B,
Zero
Cpn,
10/11/23
..
12,701
5,040
5153611.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
2,999
2,852
5153956.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
2,957
579
5154181.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,940
701
5154314.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
2,780
1,853
5154612.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,321
452
5154987.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
1,989
1,697
5156010.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
78
74
5156156.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
8,046
4,313
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5157152.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
$
5,551
$
2,503
5157233.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
256
239
5157279.SQ.FTS.B,
Zero
Cpn,
10/12/23
..
10,712
3,712
5157821.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
5,160
2,027
5158164.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
152
131
5159226.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
2,548
2,086
5159258.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
2,286
877
5159356.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
9,121
4,159
5159501.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
808
775
5159523.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
3,105
2,357
5159643.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
1,281
920
5159726.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
21,012
19,281
5160236.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
14,635
9,804
5160507.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
448
352
5160522.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
103
99
5160629.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
1,581
1,383
5160651.SQ.FTS.B,
Zero
Cpn,
10/13/23
..
1,049
1,023
5162509.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
55,221
17,193
5162955.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
531
476
5163000.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
6,619
3,724
5163312.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
8,979
7,709
5163509.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
2,032
1,987
5163616.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
8,372
7,252
5164173.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
147
137
5164174.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
2,129
733
5164324.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
1,129
1,106
5165156.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
2,001
1,873
5165378.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
5,665
2,818
5165652.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
482
472
5165754.SQ.FTS.B,
Zero
Cpn,
10/14/23
..
1,603
817
5167500.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
1,175
1,145
5168750.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
2,545
2,358
5168842.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
1,295
1,266
5169673.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
1,994
1,961
5170034.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
5,404
3,675
5170843.SQ.FTS.B,
Zero
Cpn,
10/15/23
..
14,553
6,045
5171656.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
875
168
5171759.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
1,208
1,168
5171787.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
195
190
5172263.SQ.FTS.B,
Zero
Cpn,
10/16/23
..
664
645
5172517.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
3,425
633
5172607.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
799
670
5172676.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
3,749
2,101
5172726.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
1,168
1,079
5172829.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
108
106
5172857.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
496
484
5173148.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
670
648
5173238.SQ.FTS.B,
Zero
Cpn,
10/17/23
..
1,338
1,313
5174300.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
4,848
4,448
5175259.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
478
146
5175826.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
3,737
2,128
5176007.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
36
34
5176343.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,806
1,739
5176420.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,588
757
5176617.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
935
398
5176935.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,091
554
5177078.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,552
1,395
5178365.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
3,496
2,305
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)
5178484.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
$
2,441
$
2,258
5178540.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
1,168
976
5178621.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
2,321
1,498
5178983.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
329
316
5179008.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
877
835
5179181.SQ.FTS.B,
Zero
Cpn,
10/18/23
..
2,280
1,696
5180392.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
402
393
5181779.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
3,385
3,269
5184366.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
3,564
3,355
5184700.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
1,329
1,297
5185515.SQ.FTS.B,
Zero
Cpn,
10/19/23
..
1,180
1,139
5188827.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
752
692
5189604.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
6,502
4,652
5190391.SQ.FTS.B,
Zero
Cpn,
10/20/23
..
3,375
3,268
5198086.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
13,268
12,857
5202714.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
33,657
19,358
5203664.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
1,782
736
5203735.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
6,108
3,232
5203935.SQ.FTS.B,
Zero
Cpn,
10/21/23
..
1,119
919
5204240.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
1,034
582
5206327.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
1,225
1,181
5207544.SQ.FTS.B,
Zero
Cpn,
10/22/23
..
17,068
15,904
5209797.SQ.FTS.B,
Zero
Cpn,
10/23/23
..
500
448
5209815.SQ.FTS.B,
Zero
Cpn,
10/23/23
..
525
458
5210519.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
11,522
2,766
5210616.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
1,152
959
5210691.SQ.FTS.B,
Zero
Cpn,
10/24/23
..
2,867
1,307
5211382.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
989
857
5211496.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
351
329
5211869.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
4,140
3,452
5212836.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
7,546
7,392
5213740.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
527
517
5213804.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
1,028
993
5214421.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
97
95
5215697.SQ.FTS.B,
Zero
Cpn,
10/25/23
..
21,072
20,021
5218771.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
6,617
6,425
5219348.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
390
179
5219361.SQ.FTS.B,
Zero
Cpn,
10/26/23
..
3,962
3,366
5223636.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
2,630
1,844
5223661.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
4,331
3,870
5223758.SQ.FTS.B,
Zero
Cpn,
10/27/23
..
442
403
5230330.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,320
447
5230521.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
999
757
5230601.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
5,805
3,123
5231874.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,086
1,050
5232009.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,007
984
5232107.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
1,804
1,686
5233083.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
773
721
5234006.SQ.FTS.B,
Zero
Cpn,
10/28/23
..
33,623
16,047
5235289.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
1,704
1,661
5235712.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
1,258
802
5237659.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
628
613
5237941.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
4,429
3,476
5238462.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
671
627
5238828.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
19,166
14,232
5239828.SQ.FTS.B,
Zero
Cpn,
10/29/23
..
1,927
1,285
5240174.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,759
1,701
5240231.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
2,572
2,456
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5240332.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
$
777
$
764
5240481.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,205
1,150
5240546.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,371
267
5240561.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
993
535
5240567.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
2,169
2,069
5240636.SQ.FTS.B,
Zero
Cpn,
10/30/23
..
1,378
1,345
5240923.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
7,658
5,160
5241173.SQ.FTS.B,
Zero
Cpn,
11/01/23
..
989
465
5243381.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
1,179
1,065
5244187.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
2,915
2,840
5244310.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
6,731
6,050
5244712.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
5,252
4,757
5244921.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
732
659
5245023.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
1,248
437
5245246.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
2,962
2,818
5245354.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
3,219
3,089
5245526.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
447
437
5245556.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
795
727
5245587.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
978
960
5245852.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
4,426
4,108
5245998.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
756
541
5246013.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
1,210
976
5246421.SQ.FTS.B,
Zero
Cpn,
11/02/23
..
15,059
9,639
5246866.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
26,236
24,788
5250058.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
495
484
5250321.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
1,985
1,922
5251279.SQ.FTS.B,
Zero
Cpn,
11/03/23
..
13,459
13,182
5251953.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
1,860
703
5252966.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
2,234
1,208
5253686.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
1,978
1,727
5254175.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
9,832
8,857
5256291.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
3,653
3,589
5256925.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
21,972
10,588
5257274.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
660
439
5257285.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
474
366
5257298.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
3,600
3,491
5257541.SQ.FTS.B,
Zero
Cpn,
11/04/23
..
2,985
2,832
5262837.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
2,297
1,701
5264439.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,173
873
5264599.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
2,790
2,600
5264681.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
10,927
9,954
5265661.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,093
1,024
5265935.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
2,136
2,038
5266384.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,135
701
5266471.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
3,865
3,367
5266715.SQ.FTS.B,
Zero
Cpn,
11/05/23
..
1,625
1,550
5267196.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
2,396
1,907
5267302.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
212
158
5268607.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
359
353
5269141.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
1,757
1,529
5269783.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
1,506
1,057
5270825.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
4,533
1,466
5270964.SQ.FTS.B,
Zero
Cpn,
11/06/23
..
2,051
1,720
5273532.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
1,530
1,240
5273714.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
3,482
1,628
5273737.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
3,252
3,033
5273786.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
5,187
3,404
5273846.SQ.FTS.B,
Zero
Cpn,
11/08/23
..
2,160
2,059
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)
5275801.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
$
1,659
$
1,607
5276774.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
3,264
1,541
5276919.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
3,877
3,109
5277364.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
1,316
1,021
5278122.SQ.FTS.B,
Zero
Cpn,
11/09/23
..
496
487
5278900.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
3,401
3,243
5279041.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
4,243
4,145
5280553.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
9,273
7,704
5280789.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
839
760
5280986.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
1,327
655
5281096.SQ.FTS.B,
Zero
Cpn,
11/10/23
..
634
509
5282437.SQ.FTS.B,
Zero
Cpn,
11/11/23
..
10,564
10,240
5284007.SQ.FTS.B,
Zero
Cpn,
11/11/23
..
1,940
1,744
5284691.SQ.FTS.B,
Zero
Cpn,
11/11/23
..
4,920
4,107
5286813.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
3,383
3,035
5287039.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
14,541
12,283
5287635.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
2,632
2,496
5287814.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
1,459
1,398
5288483.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
1,304
659
5288523.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
594
572
5288567.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
1,209
735
5288588.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
56,000
24,969
5289252.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
816
767
5289293.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
11,120
8,190
5289838.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
1,282
1,238
5289917.SQ.FTS.B,
Zero
Cpn,
11/12/23
..
702
147
5290432.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
300
207
5290545.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
148
145
5291095.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
4,325
4,055
5292026.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
5,106
1,879
5292089.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
1,740
1,403
5293536.SQ.FTS.B,
Zero
Cpn,
11/13/23
..
18,907
18,023
5293585.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
4,555
4,408
5293668.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
4,986
4,335
5293871.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
3,985
1,907
5293907.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
2,714
2,165
5293955.SQ.FTS.B,
Zero
Cpn,
11/14/23
..
6,464
3,518
5294289.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
1,283
1,123
5294309.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
925
536
5294320.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
611
598
5294366.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
3,804
3,671
5294657.SQ.FTS.B,
Zero
Cpn,
11/15/23
..
1,015
996
5295185.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
2,353
2,202
5295255.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
4,664
2,915
5296246.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,628
642
5296350.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
146
143
5296363.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,331
1,123
5296379.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,061
708
5296402.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
2,949
2,870
5296588.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
623
587
5297063.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
75
73
5297119.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
2,326
2,282
5297175.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
722
584
5297382.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,699
1,647
5297646.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,090
1,040
5297658.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
1,440
1,384
5297747.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
501
492
5297910.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
5,502
5,189
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5298672.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
$
4,429
$
4,328
5299429.SQ.FTS.B,
Zero
Cpn,
11/16/23
..
2,091
2,039
5300172.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
2,183
2,132
5300321.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
936
551
5300323.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,387
851
5303109.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,783
1,333
5303173.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
601
582
5303269.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
6,047
4,657
5303539.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,454
1,368
5304303.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
2,018
1,980
5304427.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
3,519
3,113
5304517.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
8,846
6,653
5304956.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
2,138
1,746
5305067.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
951
910
5305103.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
759
567
5305120.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
2,031
1,865
5305172.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
843
811
5305359.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
192
188
5305370.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
147
143
5306117.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
1,066
428
5306815.SQ.FTS.B,
Zero
Cpn,
11/17/23
..
15,246
14,853
5307874.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
814
791
5307959.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
1,005
738
5308247.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
6,045
5,696
5309391.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
2,408
2,255
5310591.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
2,306
1,422
5310729.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
626
586
5311098.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
208
204
5311109.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
8,894
4,006
5312373.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
9,030
8,301
5312571.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
1,837
1,808
5313519.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
5,769
5,580
5313684.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
5,950
5,509
5313782.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
4,663
4,548
5314056.SQ.FTS.B,
Zero
Cpn,
11/18/23
..
48,137
31,770
5316097.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
382
193
5316730.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
1,702
1,675
5317234.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
3,087
1,883
5317402.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
2,144
2,097
5317481.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
656
340
5317587.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
3,982
3,817
5317679.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
2,227
2,155
5317919.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
10,540
10,309
5319057.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
2,284
1,995
5319378.SQ.FTS.B,
Zero
Cpn,
11/19/23
..
3,646
3,561
5319985.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
14,691
13,339
5320343.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,474
1,332
5320457.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
230
185
5320674.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,241
521
5320762.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
4,160
3,773
5321250.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,530
943
5321784.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
7,616
7,216
5322171.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,116
968
5322288.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
323
267
5322315.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
5,367
4,896
5322476.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,266
1,239
5322921.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
3,653
3,508
5323101.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
3,595
3,063
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)
5323155.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
$
326
$
318
5323174.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
1,402
1,367
5323235.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
4,419
3,993
5323857.SQ.FTS.B,
Zero
Cpn,
11/20/23
..
20,892
18,910
5324162.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
8,191
7,959
5324525.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
2,144
1,955
5324550.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
3,554
3,175
5324590.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
4,816
4,566
5324667.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
2,404
2,232
5324739.SQ.FTS.B,
Zero
Cpn,
11/21/23
..
3,428
1,703
5324983.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
529
461
5325009.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
6,813
3,566
5325109.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
3,741
875
5325139.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
3,700
3,629
5325300.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
874
829
5325352.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
2,048
1,972
5325377.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
1,093
1,059
5325394.SQ.FTS.B,
Zero
Cpn,
11/22/23
..
2,982
2,470
5325780.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
4,109
3,957
5325953.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
27,323
19,695
5326788.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
622
402
5329293.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,107
1,079
5329337.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
3,424
3,315
5329649.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,665
876
5330015.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
5,478
5,367
5330283.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
554
484
5330408.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
803
787
5330463.SQ.FTS.B,
Zero
Cpn,
11/23/23
..
1,774
1,742
5330611.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
4,460
1,908
5330878.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
4,959
4,582
5330913.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
187
183
5330930.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
3,032
2,527
5330978.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
917
883
5331155.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
4,569
4,236
5331997.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,172
421
5332017.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
3,457
1,867
5332382.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,453
462
5333348.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
700
684
5333523.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
620
508
5333772.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
967
434
5333773.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
2,305
2,156
5333799.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
358
350
5334010.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
593
265
5334017.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,810
1,742
5334456.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
3,875
3,802
5334919.SQ.FTS.B,
Zero
Cpn,
11/24/23
..
1,216
506
5335336.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
8,399
8,072
5335931.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
228
224
5336258.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
4,115
3,957
5336966.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
456
449
5337318.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,844
1,407
5337401.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
910
891
5337451.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,674
1,637
5337533.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,228
1,040
5338077.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
5,140
4,983
5338165.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
2,181
2,128
5338490.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,297
1,072
5338625.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
367
360
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5338841.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
$
2,638
$
2,189
5338885.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
975
884
5339012.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
998
975
5339131.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
1,960
1,766
5339178.SQ.FTS.B,
Zero
Cpn,
11/25/23
..
4,267
4,146
5357298.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,135
906
5357373.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
2
2
5357594.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
3,515
2,858
5360661.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
4,539
4,402
5362361.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,118
965
5362471.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,086
1,065
5362668.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
17,901
17,473
5363906.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
3,423
3,337
5364095.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,046
890
5364330.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,102
967
5364363.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
2,084
1,977
5364437.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
27,170
21,039
5364900.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,520
662
5365267.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
5,277
3,686
5365379.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
1,592
1,196
5366565.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
2,410
2,347
5366709.SQ.FTS.B,
Zero
Cpn,
11/26/23
..
2,692
2,634
5369148.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
969
698
5369700.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,078
1,051
5370632.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
2,022
1,978
5374193.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,823
1,770
5374944.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
2,789
2,717
5375623.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
2,296
2,184
5376280.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,390
1,355
5376412.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
85
84
5376636.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
7,740
7,489
5377413.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,250
620
5377620.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
20,106
15,566
5378585.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
392
326
5380126.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
3,222
2,829
5380280.SQ.FTS.B,
Zero
Cpn,
11/27/23
..
1,852
1,305
5380978.SQ.FTS.B,
Zero
Cpn,
11/28/23
..
20,811
20,040
5381712.SQ.FTS.B,
Zero
Cpn,
11/29/23
..
365
352
5382744.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
3,533
3,078
5382984.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
1,657
1,506
5383028.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
82
77
5383047.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
2,399
2,313
5383205.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
1,060
832
5383307.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
175
171
5390465.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
4,041
3,660
5391068.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
661
644
5392090.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
2,191
2,129
5393796.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
820
506
5394331.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
658
638
5397535.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
5,543
3,759
5397746.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
11,107
10,700
5399156.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
4,165
3,946
5399550.SQ.FTS.B,
Zero
Cpn,
11/30/23
..
4,408
4,180
5400184.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
10,212
8,087
5402576.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
3,915
3,823
5404724.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
442
435
5407224.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,947
1,880
5407468.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
177
175
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)
5408127.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
$
1,021
$
996
5408536.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
456
232
5408561.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,062
1,035
5408726.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
671
655
5409973.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,283
1,174
5410081.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,662
1,554
5410244.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
833
816
5411002.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
555
501
5411165.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
329
313
5411388.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
959
499
5412456.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,018
582
5412541.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
540
519
5412734.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
8,127
3,948
5413159.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
4,727
4,556
5413423.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
2,765
2,397
5413569.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
749
648
5413697.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
15,573
14,911
5414157.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
7,888
7,274
5414409.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
942
803
5414585.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
941
917
5415130.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,617
1,204
5415410.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
7,447
7,240
5415751.SQ.FTS.B,
Zero
Cpn,
12/01/23
..
1,179
1,118
5439954.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,130
838
5440954.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
3,685
3,593
5447166.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
66
61
5447168.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
6,995
6,809
5447961.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,465
1,432
5448149.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,095
1,069
5448268.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
5,259
5,073
5449069.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
11,344
11,047
5450371.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,688
1,553
5452329.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
420
298
5452385.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
1,761
1,719
5452530.SQ.FTS.B,
Zero
Cpn,
12/02/23
..
27,853
26,802
5455551.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
588
575
5456049.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
794
756
5456242.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
2,354
1,263
5456346.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,021
1,002
5456428.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
27,349
20,250
5461477.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
2,449
2,329
5463036.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,231
766
5466357.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
2,587
2,525
5466656.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,559
1,529
5467355.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
5,874
3,916
5469061.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,104
1,040
5471418.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,952
1,761
5471641.SQ.FTS.B,
Zero
Cpn,
12/03/23
..
1,558
972
5472733.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
8,011
5,675
5472760.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
6,759
5,005
5472786.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
713
698
5472809.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
1,947
1,729
5472855.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
780
655
5472869.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
2,230
2,171
5473041.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
2,045
1,825
5473117.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
6,450
6,137
5473353.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
991
710
5473458.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
7,579
7,372
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5473595.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
$
253
$
249
5473619.SQ.FTS.B,
Zero
Cpn,
12/04/23
..
3,810
3,711
5473715.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
1,607
1,562
5473739.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
369
354
5473906.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
1,760
1,711
5474117.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
544
494
5474125.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
39
38
5474176.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
199
195
5474229.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
2,412
2,315
5474502.SQ.FTS.B,
Zero
Cpn,
12/05/23
..
4,551
4,144
5474835.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
950
919
5475686.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
2,736
707
5475871.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
523
454
5478291.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
273
267
5478936.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
1,309
1,244
5479438.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
1,550
882
5480752.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
3,098
1,628
5481396.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
1,201
1,142
5493029.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
327
309
5493059.SQ.FTS.B,
Zero
Cpn,
12/06/23
..
77
72
5493383.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,511
1,477
5493618.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
8,935
8,667
5494106.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
11,023
10,774
5495504.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,089
1,028
5501895.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,335
1,301
5502478.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,529
1,473
5502567.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
6,825
6,502
5502857.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
263
258
5502898.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
727
706
5503173.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
573
437
5503207.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
711
698
5503358.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
2,442
2,377
5503514.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
44
44
5503527.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
7,468
7,322
5504805.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
2,689
1,819
5504886.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
476
370
5505047.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
21,182
19,739
5505930.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
1,511
549
5506042.SQ.FTS.B,
Zero
Cpn,
12/07/23
..
5,671
5,395
5506550.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
484
442
5506828.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
6,821
3,645
5507000.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
38,614
19,824
5510015.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
213
209
5510254.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,945
1,893
5515187.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
4,692
3,769
5515549.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,108
758
5515732.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
4,456
4,346
5516154.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
12,489
4,737
5517958.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,160
1,025
5518064.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
2,233
2,194
5518310.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
615
329
5519107.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
4,848
4,721
5519293.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,293
1,268
5519364.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
1,586
1,279
5519715.SQ.FTS.B,
Zero
Cpn,
12/08/23
..
20,639
19,598
5530399.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
1,395
1,368
5531095.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
559
532
5531224.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
1,168
880
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)
5531244.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
$
888
$
870
5531823.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
115
104
5531950.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
5,929
5,498
5532672.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
154
151
5532709.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
6,939
6,731
5533245.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
13,988
13,605
5533995.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
4,961
4,557
5534121.SQ.FTS.B,
Zero
Cpn,
12/09/23
..
5,159
3,743
5534560.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
711
647
5534576.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
2,966
2,878
5534689.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
32,242
25,796
5535176.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
1,535
1,044
5535205.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
2,362
2,248
5535547.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
4,404
1,718
5536008.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
3,466
3,342
5536936.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
7
7
5536969.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
606
449
5537040.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
10,407
10,147
5537462.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
1,915
1,870
5537728.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
2,668
1,803
5537817.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
798
194
5537821.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
1,566
1,504
5537953.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
4,030
1,371
5539063.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
418
407
5539093.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
3,144
3,078
5539381.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
245
233
5539578.SQ.FTS.B,
Zero
Cpn,
12/10/23
..
3,070
3,011
5539715.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
1,209
974
5539726.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
1,552
1,516
5539822.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
5,628
3,361
5539915.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
644
628
5539948.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
2,159
1,103
5539990.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
380
324
5540104.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
1,557
1,515
5540292.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
693
658
5540341.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
2,156
2,041
5540447.SQ.FTS.B,
Zero
Cpn,
12/11/23
..
5,239
4,750
5540564.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
14,879
14,444
5541044.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
1,902
1,845
5541083.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
619
296
5541094.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
5,085
3,749
5541236.SQ.FTS.B,
Zero
Cpn,
12/12/23
..
1,575
1,531
5542444.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
1,751
1,609
5542667.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
11,428
7,184
5543625.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
4,868
4,753
5545859.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
2,405
2,338
5545996.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
998
972
5546069.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
598
584
5546132.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
4,507
4,346
5546515.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
3,853
3,118
5546631.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
4,618
4,505
5547015.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
7,213
6,711
5547240.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
1,872
1,813
5547325.SQ.FTS.B,
Zero
Cpn,
12/13/23
..
2,928
2,838
5547946.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,134
633
5547986.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
5,212
4,924
5548111.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,683
1,618
5548232.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
56,539
13,687
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5550084.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
$
2,165
$
2,091
5550447.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,795
1,469
5550900.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,053
1,028
5551038.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
179
176
5551322.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,281
1,241
5551702.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,807
1,757
5552344.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,767
455
5552367.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
11,598
9,868
5552832.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
584
569
5552961.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
222
191
5553205.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
13,368
12,948
5553609.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
2,699
2,635
5553744.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
19,500
15,115
5554068.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
1,216
1,182
5554234.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
3,981
3,776
5554477.SQ.FTS.B,
Zero
Cpn,
12/14/23
..
2,164
2,113
5554641.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
65,255
40,134
5556129.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,422
1,219
5556515.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,617
1,579
5556696.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
6,611
6,059
5557604.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
209
205
5557703.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
1,778
1,740
5557927.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
9,265
9,080
5558612.SQ.FTS.B,
Zero
Cpn,
12/15/23
..
26,778
26,053
5561359.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
1,131
1,108
5561993.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
787
767
5562047.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
3,095
2,708
5562143.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
1,175
1,077
5562183.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
1,020
906
5562208.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
944
926
5562472.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
8,259
7,588
5562980.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
910
891
5563038.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
4,772
2,824
5563082.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
771
701
5563099.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
450
431
5563727.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
593
581
5564191.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
774
655
5564496.SQ.FTS.B,
Zero
Cpn,
12/16/23
..
1,919
1,872
5564602.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
2,296
975
5564628.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
12,368
9,096
5564683.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
7,088
6,743
5564859.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
675
336
5565164.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
18,257
17,308
5565516.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
6,936
6,775
5565862.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
2,784
1,957
5565981.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
702
668
5565992.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
6,195
2,536
5566025.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
16,922
16,022
5567063.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
2,118
2,067
5567477.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
484
464
5567586.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
2,203
2,002
5567676.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
2,859
2,794
5567788.SQ.FTS.B,
Zero
Cpn,
12/17/23
..
8,608
8,424
5567951.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
12,961
11,621
5568053.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
531
521
5568291.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
313
307
5568393.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
5,301
4,993
5568471.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
912
853
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)
5568506.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
$
1,746
$
1,539
5568529.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
946
921
5568610.SQ.FTS.B,
Zero
Cpn,
12/18/23
..
5,826
5,680
5568718.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
1,376
1,348
5568844.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
2,124
1,974
5568881.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
1,314
813
5568908.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
409
392
5568984.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
9,165
7,108
5569070.SQ.FTS.B,
Zero
Cpn,
12/19/23
..
29,610
17,787
5570264.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
6,869
6,574
5570733.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
865
846
5571209.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
3,624
2,576
5571634.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
1,832
1,792
5571718.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
1,665
1,625
5571840.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
1,965
1,866
5571985.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
5,097
4,914
5572327.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
520
401
5572343.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
1,116
1,080
5572397.SQ.FTS.B,
Zero
Cpn,
12/20/23
..
124
122
5572743.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
801
780
5573133.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
2,411
2,196
5573188.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
7,906
6,901
5573406.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
500
475
5573434.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
12,091
10,706
5573821.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,037
896
5573929.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
2,973
2,693
5574313.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
3,256
2,980
5574351.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
10,696
10,202
5575035.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
8,458
8,247
5575283.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
5,066
4,957
5575488.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
2,687
2,528
5575531.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
169
165
5575759.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
504
467
5575865.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
2,314
2,093
5575886.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
894
835
5575913.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
1,079
1,051
5575953.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
3,328
3,229
5576060.SQ.FTS.B,
Zero
Cpn,
12/21/23
..
2,653
2,354
5576136.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
4,621
4,404
5576201.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
2,696
2,423
5576258.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
16,868
15,531
5576474.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
528
515
5576489.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
11,250
3,517
5576772.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
1,395
1,304
5576779.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
2,242
2,191
5576902.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
1,579
1,544
5577754.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
1,245
1,213
5577779.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
2,792
2,438
5577829.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
3,518
3,434
5577933.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
707
689
5577963.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
320
313
5577977.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
3,972
3,840
5578058.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
32,798
27,109
5579188.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
1,564
1,525
5579302.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
4,645
2,724
5579331.SQ.FTS.B,
Zero
Cpn,
12/22/23
..
428
419
5581198.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
2,885
2,623
5581252.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
254
224
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5581261.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
$
2,236
$
2,130
5581320.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
3,328
3,250
5581583.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
12,556
12,099
5582906.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
1,119
1,071
5583159.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
2,047
1,766
5583434.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
5,801
4,031
5583849.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
20,936
19,737
5584166.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
163
153
5584177.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
15,174
14,464
5584458.SQ.FTS.B,
Zero
Cpn,
12/23/23
..
2,534
2,467
5584841.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,080
2,025
5584893.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,667
1,624
5584918.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
6,342
6,158
5585107.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
639
628
5585235.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,655
1,439
5585522.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,144
796
5585759.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,250
2,090
5585801.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
409
394
5585950.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
745
565
5585981.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
4,025
2,609
5586369.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,007
1,969
5586481.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
484
476
5586585.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,825
2,694
5586708.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,510
1,343
5586834.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
287
267
5586840.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
3,500
3,404
5586899.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,468
2,139
5586913.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
546
533
5586917.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
866
767
5586936.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
20,871
20,294
5587376.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
2,835
2,763
5587431.SQ.FTS.B,
Zero
Cpn,
12/24/23
..
1,904
1,183
5588060.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,007
962
5588063.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
2,165
2,066
5588072.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
853
817
5588074.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
977
618
5588173.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
7,797
5,051
5588206.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
6,714
3,963
5588236.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
463
452
5588243.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,598
640
5588250.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,511
1,458
5588274.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,624
1,552
5588304.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,576
1,525
5588333.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
2,218
2,170
5588375.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
3,660
3,567
5588411.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
422
369
5588415.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
3,940
3,830
5588462.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
712
437
5588473.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
9,151
8,091
5588504.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
5,195
2,765
5588529.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
33
32
5588554.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
2,470
2,414
5588592.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
4,301
4,182
5588684.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,779
1,738
5588758.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
857
839
5588800.SQ.FTS.B,
Zero
Cpn,
12/25/23
..
1,029
1,002
5588832.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
7,140
6,022
5588874.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
162
125
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)
5588903.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
$
336
$
329
5588955.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
874
831
5588959.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
1,243
956
5588968.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
7,631
7,362
5589150.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
264
259
5589160.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
1,438
1,305
5589185.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
1,730
1,650
5589272.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
1,216
1,159
5589303.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
3,297
3,083
5589322.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
4,481
3,717
5589340.SQ.FTS.B,
Zero
Cpn,
12/26/23
..
611
597
5593219.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
16,818
14,192
5593469.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
1,552
1,515
5593493.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
24,746
24,046
5593816.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
2,682
2,621
5593862.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
4,903
3,703
5594152.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
943
869
5594180.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
1,353
370
5594228.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
100
98
5594259.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
333
291
5594517.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
867
624
5594633.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
1,293
1,267
5594695.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
2,246
2,137
5594715.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
6,193
6,068
5594904.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
8,117
7,630
5594985.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
2,866
2,785
5595020.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
22,959
22,384
5595300.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
9,823
9,608
5595540.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
580
423
5595624.SQ.FTS.B,
Zero
Cpn,
12/28/23
..
986
299
5597195.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
849
787
5597211.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,056
1,007
5597301.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
3,531
3,411
5597497.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
3,291
1,749
5597510.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,376
1,352
5597662.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
449
367
5597667.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
43
42
5597681.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
5,277
3,967
5598824.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
358
352
5598842.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
400
347
5598844.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,057
1,998
5598874.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
13,731
12,929
5599450.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,168
1,073
5599592.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,403
1,354
5599651.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,157
2,107
5599728.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
4,867
3,242
5599893.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,196
1,947
5600010.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
12,922
12,654
5600496.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
2,138
1,595
5600526.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
1,008
328
5600632.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
3,133
1,790
5600651.SQ.FTS.B,
Zero
Cpn,
12/29/23
..
9,251
8,732
5608074.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
432
424
5608098.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
919
895
5608112.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
21,396
20,453
5608465.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
674
663
5609688.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
1,463
1,421
5609770.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
8,310
8,106
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5610266.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
$
24,735
$
24,087
5611063.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
3,076
3,000
5611213.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
8,192
7,966
5611376.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
4,438
4,313
5611467.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
1,104
1,078
5611517.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
6,549
5,743
5611591.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
463
455
5611621.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
3,265
3,174
5611854.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
13,397
12,999
5612128.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
9,813
9,186
5612313.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
12,239
10,266
5612369.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
3,053
2,974
5612450.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
519
511
5612507.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
11,600
9,451
5612708.SQ.FTS.B,
Zero
Cpn,
12/30/23
..
1,276
677
5613137.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
1,410
1,373
5613556.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
10,084
9,845
5614057.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
15,396
14,763
5614883.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
982
933
5614938.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,440
1,991
5615016.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
12,724
11,991
5615236.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
1,773
1,703
5615372.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
4,661
4,525
5615465.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
3,422
3,322
5615547.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
5,656
5,476
5615948.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
77
76
5616046.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
1,632
1,234
5616216.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
13,486
12,554
5616405.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
3,233
3,157
5616524.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
766
654
5616851.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
4,609
4,252
5616972.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,314
2,164
5617036.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,095
1,835
5617273.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
3,123
2,911
5617433.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
1,416
1,382
5617510.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
369
283
5617512.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
108
106
5617615.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,186
1,851
5617674.SQ.FTS.B,
Zero
Cpn,
1/01/24
...
2,257
2,173
5617724.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
406
396
5617772.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
3,093
2,959
5617942.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
8,385
8,114
5618116.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
8,228
6,795
5618234.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
1,001
970
5618433.SQ.FTS.B,
Zero
Cpn,
1/02/24
...
2,542
2,374
5618604.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
2,741
1,978
5618640.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
1,326
1,288
5618863.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
4,232
3,739
5618942.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
1,872
1,783
5618969.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
940
911
5619038.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
1,782
1,736
5619117.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
3,340
3,211
5619205.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
999
859
5619228.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
1,135
1,048
5619292.SQ.FTS.B,
Zero
Cpn,
1/03/24
...
1,104
1,074
5619417.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
1,120
1,094
5619451.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
1,231
998
5619464.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
646
525
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)
5619821.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
$
5,400
$
4,522
5619915.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
2,012
1,947
5619959.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
6,252
5,909
5620066.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
2,868
1,538
5620082.SQ.FTS.B,
Zero
Cpn,
1/04/24
...
2,035
1,989
5620262.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
8,876
8,606
5621935.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
800
780
5621993.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
263
255
5622024.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
2,943
1,228
5622763.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
637
339
5623339.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
1,311
1,251
5623363.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
12,714
11,865
5623971.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
1,870
1,818
5624029.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
827
813
5624299.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
6,091
2,933
5624349.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
4,665
4,496
5624636.SQ.FTS.B,
Zero
Cpn,
1/05/24
...
8,319
8,076
5625056.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
12,251
11,946
5625361.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
4,508
4,340
5625644.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
282
277
5625834.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,632
1,594
5626005.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
3,851
3,742
5627066.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,797
1,512
5627102.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
837
803
5627125.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
3,564
3,453
5627350.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
734
719
5629471.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
28,649
27,559
5630151.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
1,412
1,285
5630272.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
936
875
5630278.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
149
146
5630300.SQ.FTS.B,
Zero
Cpn,
1/06/24
...
3,676
3,578
5641025.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,282
1,245
5641179.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,448
1,417
5641510.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,614
2,550
5641620.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,246
430
5641673.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,915
1,293
5641753.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,423
2,291
5644054.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,081
1,970
5644724.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,325
1,300
5645286.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
3,515
3,318
5645369.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,331
2,256
5645436.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
7,019
6,517
5645630.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,407
1,331
5645876.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
4,348
2,815
5646233.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
3,467
3,316
5646375.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,156
1,025
5646396.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
28,354
21,947
5647091.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
11,243
10,927
5647502.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
656
635
5647534.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
598
587
5647659.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,366
1,337
5647726.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,017
1,957
5647775.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
1,670
1,048
5647807.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
2,516
2,356
5647857.SQ.FTS.B,
Zero
Cpn,
1/07/24
...
7,061
6,818
5648285.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
6,989
6,743
5648565.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
497
487
5649039.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
267
261
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5649633.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
$
623
$
535
5649697.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
2,115
2,058
5650606.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
2,574
2,405
5651317.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
3,233
3,126
5651483.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
2,584
2,513
5651560.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,739
1,592
5651706.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
3,461
3,355
5651983.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,659
1,605
5652332.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,375
1,333
5652373.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,520
1,171
5652469.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
327
320
5652538.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
6,269
6,100
5653068.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
660
641
5653079.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,778
1,739
5653308.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
1,204
1,049
5653773.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
12,356
12,093
5654133.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
36,218
27,324
5654677.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
474
463
5654692.SQ.FTS.B,
Zero
Cpn,
1/08/24
...
40,387
37,604
5655493.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
4,124
4,008
5655586.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
2,549
1,717
5655604.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
1,087
1,066
5655633.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
27
26
5655643.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
4,019
2,089
5655675.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
2,878
2,802
5655776.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
3,582
3,145
5655850.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
2,938
2,818
5656075.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
4,765
4,639
5656207.SQ.FTS.B,
Zero
Cpn,
1/09/24
...
8,733
8,164
5656367.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
150
148
5656473.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
6,598
5,688
5656606.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
1,738
1,541
5656711.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
2,730
2,638
5656822.SQ.FTS.B,
Zero
Cpn,
1/10/24
...
3,642
3,530
5658162.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,891
1,773
5658404.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
2,662
2,584
5659867.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,674
1,253
5660232.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
645
624
5660412.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
3,632
3,535
5660684.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
3,079
2,995
5661347.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
10,501
10,231
5662138.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
969
926
5662231.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,363
1,305
5662327.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
4,557
4,429
5662555.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
490
479
5662627.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
616
604
5662691.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,351
1,326
5663218.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
443
413
5663245.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
47
46
5663281.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,246
1,215
5663674.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
3,594
3,401
5663762.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
3,140
3,038
5663846.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
1,199
1,173
5663983.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
685
588
5664035.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
19,473
18,891
5664828.SQ.FTS.B,
Zero
Cpn,
1/11/24
...
2,497
2,387
5664967.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
3,203
3,112
5665103.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
23,306
22,342
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)
5665606.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
$
2,585
$
2,363
5665857.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
5,920
5,789
5666806.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
13,430
9,544
5667369.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
9,537
9,338
5668136.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
10,776
9,259
5668605.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
737
720
5668757.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
166
162
5668779.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
10,966
10,541
5669189.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
343
331
5669248.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
4,030
3,930
5669715.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
2,628
2,560
5669842.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
7,670
7,459
5670138.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
2,515
2,445
5670247.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
2,951
2,832
5670327.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
10,913
9,730
5670537.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
5,338
5,176
5670740.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
5,412
5,280
5671092.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
2,644
2,562
5671341.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
1,186
941
5671405.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
2,189
2,131
5671492.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
2,366
2,297
5671579.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
343
328
5671581.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
18,583
17,207
5671991.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
16,174
15,486
5672476.SQ.FTS.B,
Zero
Cpn,
1/12/24
...
5,190
4,651
5672653.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
8,991
6,322
5672884.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,374
1,331
5673131.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,237
1,191
5673210.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,838
1,487
5673272.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
938
912
5673451.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,049
1,991
5673654.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
842
826
5673720.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
12,765
12,107
5674244.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
5,231
5,073
5674870.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
358
351
5674942.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,428
2,263
5675013.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
6,292
4,452
5675130.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,101
1,056
5675245.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
4,772
4,657
5675663.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
4,204
4,083
5675850.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
773
751
5675871.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
3,273
3,216
5676225.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
286
274
5676293.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
14,978
14,497
5676920.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,571
1,547
5677272.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,474
1,436
5677329.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,689
2,583
5677406.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
3,772
3,702
5677873.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,605
2,456
5677938.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
1,336
1,306
5678433.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
566
552
5678440.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
2,938
1,714
5678455.SQ.FTS.B,
Zero
Cpn,
1/13/24
...
251
243
5689248.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,934
1,065
5689262.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
7,705
7,483
5689587.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
470
418
5689590.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
3,868
3,745
5689849.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
177
174
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5690927.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
$
5,173
$
4,409
5691769.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,082
1,041
5691978.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
2,951
2,861
5692786.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
10,069
9,680
5693390.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
32,607
31,225
5694231.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,972
1,929
5694328.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
15,470
15,119
5694816.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,074
540
5694822.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
1,405
1,101
5694969.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
2,576
2,333
5695450.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
32,939
20,732
5695774.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
275
269
5695793.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
2,672
2,618
5695931.SQ.FTS.B,
Zero
Cpn,
1/14/24
...
8,901
8,367
5696256.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,427
2,362
5696348.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,672
2,591
5696389.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,432
1,930
5696426.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
5,724
5,557
5696527.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,144
2,091
5696585.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
160
157
5696602.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
9,475
9,199
5696963.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
10,450
7,813
5697302.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
4,468
4,329
5697818.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
10,188
7,902
5698322.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
529
515
5698393.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
9,965
6,451
5698819.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,801
2,680
5698894.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,524
1,481
5698927.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,959
1,170
5698949.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
542
503
5699419.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
7,343
6,775
5699588.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,076
1,998
5699768.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
525
488
5699811.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
564
403
5699871.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
9,597
9,315
5700135.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,731
2,648
5700306.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,236
1,067
5700327.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
4,145
4,025
5700432.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
929
323
5700441.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
667
610
5700465.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
4,746
4,641
5700842.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,538
2,267
5700933.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
637
598
5700958.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,560
991
5701000.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,278
2,204
5701033.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,341
1,299
5701049.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,457
1,399
5701127.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
5,505
5,363
5701265.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
4,723
4,621
5701543.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
14,953
14,556
5701882.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
4,496
4,075
5701983.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,575
1,492
5702094.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
2,119
1,953
5702147.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
1,185
1,115
5702269.SQ.FTS.B,
Zero
Cpn,
1/15/24
...
9,523
9,281
5702369.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
4,879
4,144
5702466.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
224
194
5702477.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
2,293
2,231
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)
5702515.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
$
1,370
$
1,079
5702560.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
1,763
1,710
5702578.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
2,834
2,745
5702638.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
627
582
5702659.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
3,650
3,546
5702698.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
2,228
2,172
5702778.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
1,513
1,409
5702803.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
960
936
5702828.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
3,182
3,079
5702878.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
7,732
7,503
5703021.SQ.FTS.B,
Zero
Cpn,
1/16/24
...
1,078
1,050
5703178.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
2,254
2,125
5703213.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
428
415
5703244.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
2,394
2,256
5703323.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
5,898
5,615
5703401.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,653
631
5703453.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
330
317
5703461.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
3,349
3,262
5703531.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,917
1,854
5703571.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,617
1,577
5703615.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
147
145
5703688.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
887
854
5703708.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
1,527
1,483
5703736.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
519
475
5703743.SQ.FTS.B,
Zero
Cpn,
1/17/24
...
2,015
1,271
5703965.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
518
507
5704076.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
456
400
5704368.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,657
1,603
5704508.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
3,353
3,212
5704779.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
8,140
7,709
5706022.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
755
705
5706189.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
461
369
5706397.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
9,043
8,780
5706985.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
2,111
1,228
5707002.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
3,544
3,410
5707894.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
113
111
5707914.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
9,424
8,831
5708263.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
2,738
1,749
5708360.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
648
592
5708392.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
9,171
8,054
5708786.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,789
1,745
5708905.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
850
309
5708958.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
17,850
17,089
5709449.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
3,187
1,518
5709549.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
12,160
4,399
5709765.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
2,031
1,982
5709867.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
1,039
956
5709966.SQ.FTS.B,
Zero
Cpn,
1/18/24
...
473
442
5710066.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,636
2,514
5710117.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
264
244
5710359.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
367
353
5710365.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
8,089
7,879
5711020.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
6,714
6,567
5711377.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
4,688
4,497
5712953.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,753
1,708
5712986.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
10,198
9,587
5713539.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,043
1,990
5713622.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,384
2,316
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5713677.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
$
481
$
473
5714042.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
30,239
29,010
5715475.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
1,323
1,236
5715529.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,754
2,584
5715682.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
2,213
2,154
5715755.SQ.FTS.B,
Zero
Cpn,
1/19/24
...
53,963
50,537
5716697.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
444
435
5716754.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
3,438
3,226
5717551.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
3,803
3,646
5718642.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,781
1,740
5719446.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
6,969
6,426
5719509.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,679
1,552
5719542.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
2,937
2,864
5719596.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
15,323
13,253
5719940.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,473
1,097
5720047.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
31,537
28,550
5720401.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
8,060
7,837
5720557.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
445
434
5720559.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
6,795
6,469
5720646.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
6,680
6,499
5720892.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
4,742
4,632
5721102.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
1,654
1,140
5721126.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
8,649
8,392
5721283.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
813
551
5721506.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
805
780
5721553.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
511
470
5721582.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
2,171
805
5721592.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
6,701
6,512
5721726.SQ.FTS.B,
Zero
Cpn,
1/20/24
...
3,452
3,342
5726426.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
963
931
5726451.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
3,540
3,260
5726690.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
286
278
5726717.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,707
1,655
5726731.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
692
678
5726756.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
9,831
9,629
5727358.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
861
827
5727805.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
6,441
6,233
5728073.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
678
624
5728249.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,872
1,818
5728359.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,545
1,498
5728414.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
7,128
6,504
5728577.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
10,410
8,801
5728829.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
829
805
5728868.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
4,475
4,348
5728944.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
8,770
7,045
5729197.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,439
1,220
5729248.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,862
1,809
5729373.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,402
1,173
5729395.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
32,529
23,738
5729724.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
3,070
2,838
5730120.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,513
1,422
5730277.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
1,510
833
5730283.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
13,856
13,394
5730441.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
8,495
8,248
5730592.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
2,560
2,429
5730943.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
2,584
1,861
5730965.SQ.FTS.B,
Zero
Cpn,
1/21/24
...
3,893
3,793
5731025.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
2,402
2,238
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)
5731161.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
$
4,357
$
3,964
5731303.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,996
761
5731329.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
10,100
9,799
5731709.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
2,501
2,432
5731779.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
20,934
18,967
5732088.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
19,245
18,788
5732624.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
11,619
9,206
5732684.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
5,606
4,249
5732996.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
468
456
5733214.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,415
1,320
5733254.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,981
1,930
5733285.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
646
620
5733298.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
13,802
13,466
5733445.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
3,691
3,580
5733503.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
2,572
2,486
5733545.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
631
616
5734022.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
1,949
1,894
5734423.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
5,337
5,195
5734518.SQ.FTS.B,
Zero
Cpn,
1/22/24
...
973
889
5734597.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
704
686
5734631.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
485
476
5734689.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
1,321
1,270
5734747.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
5,270
4,947
5734926.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
3,348
3,243
5735001.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
2,038
1,982
5735046.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
1,950
1,894
5735082.SQ.FTS.B,
Zero
Cpn,
1/23/24
...
4,399
3,864
5735323.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
502
492
5735367.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
1,845
686
5735412.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
4,389
3,031
5735481.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
617
604
5735505.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
509
416
5735526.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
1,942
1,870
5735573.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
7,896
6,901
5735671.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
208
204
5735678.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
4,035
3,921
5735780.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
5,171
5,044
5735989.SQ.FTS.B,
Zero
Cpn,
1/24/24
...
3,974
2,806
5736169.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
886
866
5736234.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
3,789
3,459
5736390.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,884
1,743
5737377.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
2,070
2,005
5737408.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
3,786
3,665
5737479.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,113
1,089
5737515.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,836
1,283
5737550.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,331
1,274
5737632.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
6,844
3,808
5737879.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,714
1,651
5738024.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
3,919
3,750
5738477.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
6,793
6,006
5738582.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
5,670
5,561
5738916.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
6,729
6,385
5739368.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
2,389
2,308
5739412.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
11,248
10,402
5739648.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
1,802
1,747
5739695.SQ.FTS.B,
Zero
Cpn,
1/25/24
...
2,025
1,971
5739811.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
3,836
3,731
5739980.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,297
2,239
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5740087.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
$
844
$
825
5740146.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
11,407
10,704
5740360.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
6,574
6,412
5740872.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,474
1,423
5741000.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
793
739
5741088.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
729
714
5741148.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
364
357
5741165.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,891
2,699
5741187.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
5,270
5,118
5741303.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
3,435
2,280
5741346.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
272
262
5741355.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
3,620
3,553
5741529.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,503
2,430
5741564.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,996
1,950
5741627.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
863
842
5741660.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,435
1,971
5741694.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
4,099
3,604
5741761.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
13,443
13,034
5741943.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,680
2,632
5742123.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
11,787
11,284
5742308.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
33,964
23,813
5742565.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,587
1,537
5742580.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
25,620
23,666
5742838.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,312
1,026
5742890.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
1,643
1,607
5742923.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
2,930
2,857
5743017.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
35,712
28,890
5743299.SQ.FTS.B,
Zero
Cpn,
1/26/24
...
12,246
11,460
5743462.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,506
3,323
5743525.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,398
1,361
5743589.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
785
661
5743605.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,835
1,785
5743646.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,253
2,893
5743707.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,022
979
5743753.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,091
3,003
5743994.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
308
299
5744005.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,068
2,657
5744081.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,332
1,290
5744100.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,046
2,966
5744138.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,975
1,924
5744406.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
4,079
3,886
5744530.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,748
1,689
5744563.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
138
136
5744642.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,295
2,218
5744799.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,980
1,929
5744852.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,833
3,726
5744990.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
4,444
3,163
5745062.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
590
565
5745079.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
463
435
5745084.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,156
1,123
5745095.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,714
3,428
5745113.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,828
1,713
5745135.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
10,133
5,488
5745208.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,219
3,152
5745280.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,816
1,681
5745307.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
16,692
10,357
5745416.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,420
1,709
5745445.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
18,323
12,907
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)
5745632.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
$
816
$
793
5745741.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,336
1,301
5745765.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
310
218
5745795.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
332
326
5745851.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,477
1,435
5745875.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,573
2,498
5745949.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,171
2,982
5746079.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
10,489
9,168
5746184.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
162
149
5746185.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
9,811
9,543
5746358.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
598
553
5746369.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,780
1,733
5746405.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,182
1,156
5746459.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
3,079
2,959
5746530.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
12,061
11,720
5746688.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,104
2,048
5746717.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
14,577
12,670
5746820.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
1,058
758
5746823.SQ.FTS.B,
Zero
Cpn,
1/27/24
...
2,276
2,004
5749019.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
790
752
5749121.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
7,967
7,787
5749966.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
6,485
6,290
5750319.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
289
272
5750330.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
8,144
7,789
5750543.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
7,500
7,212
5750713.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
4,223
4,075
5750868.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
1,577
1,353
5751039.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
13,486
12,674
5751352.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
3,862
3,616
5751414.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
5,384
5,221
5751520.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,991
918
5751664.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
4,057
3,926
5751729.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
8,281
8,038
5751907.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
6,574
6,390
5752156.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
1,100
712
5752157.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
3,285
3,201
5752260.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,002
1,668
5752412.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,332
2,269
5752456.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
2,922
2,817
5752502.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
5,238
4,061
5752558.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
8,956
8,738
5752717.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
4,250
3,179
5752785.SQ.FTS.B,
Zero
Cpn,
1/28/24
...
3,919
3,804
5753085.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,641
5,497
5753190.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
4,756
4,621
5753497.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
3,504
3,416
5753655.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,006
1,955
5753743.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,348
988
5754268.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,269
2,183
5754310.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,519
536
5754339.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,178
4,736
5754479.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
4,832
4,678
5754650.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
667
634
5754687.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,182
2,125
5754783.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,917
2,515
5754815.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,669
2,096
5754944.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
3,655
3,528
5755010.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
1,213
1,167
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5755074.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
$
7,651
$
7,455
5755282.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
963
796
5755324.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
174
163
5755383.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
2,528
2,460
5755417.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
3,605
3,276
5755508.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
556
541
5755522.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
7,250
7,115
5755879.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
7,320
5,998
5755964.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,505
5,357
5756120.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
11,011
10,309
5756221.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
49,988
27,575
5756610.SQ.FTS.B,
Zero
Cpn,
1/29/24
...
5,799
4,226
5756659.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
6,792
6,610
5756793.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
1,255
1,227
5756833.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
3,656
2,952
5756880.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
1,721
1,030
5756904.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
4,331
4,161
5756992.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
2,843
2,754
5757071.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
1,710
1,600
5757091.SQ.FTS.B,
Zero
Cpn,
1/30/24
...
12,700
12,218
5757537.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
2,837
2,756
5757607.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
9,346
3,292
5757702.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
334
328
5757731.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
389
323
5757861.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
4,484
3,914
5758046.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
11,622
10,243
5758201.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
1,006
975
5758228.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
1,999
1,928
5758263.SQ.FTS.B,
Zero
Cpn,
1/31/24
...
561
550
5758291.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
5,772
3,497
5758638.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
5,279
4,983
5759071.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
3,415
3,297
5759456.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
4,323
4,051
5759579.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
336
309
5759587.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
5,730
5,568
5759876.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,747
2,677
5760007.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,542
2,071
5760099.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
17,345
16,847
5760713.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,385
2,303
5760772.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
707
690
5760813.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
1,597
1,565
5760912.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
434
424
5760929.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
1,045
995
5760954.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,824
2,007
5761007.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
3,405
3,296
5761124.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
7,015
6,442
5761379.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,991
2,912
5761544.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
1,373
1,340
5761579.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
9,192
8,435
5761810.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
2,057
1,982
5761857.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
3,357
3,191
5761989.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
867
759
5762015.SQ.FTS.B,
Zero
Cpn,
2/01/24
...
3,156
2,989
5763136.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,452
2,376
5763172.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
7,075
4,634
5763302.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
225
203
5763445.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
10,675
9,943
5763627.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
141
138
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)
5763642.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
$
975
$
602
5763654.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
4,390
3,928
5763748.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
9,327
8,980
5763925.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
283
275
5763934.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,426
2,357
5764017.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,812
1,768
5764321.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
617
600
5764335.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,149
1,975
5764377.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
21,238
19,760
5764702.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,020
971
5764817.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,459
788
5764834.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
5,983
5,820
5765007.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
318
295
5765016.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
3,347
3,283
5765151.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,660
1,482
5765207.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
7,424
7,273
5765451.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
6,653
6,258
5765650.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
1,518
1,471
5765671.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
2,904
2,727
5765693.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
16,180
15,377
5765916.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
3,957
3,854
5765966.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
6,034
3,801
5765988.SQ.FTS.B,
Zero
Cpn,
2/02/24
...
7,893
7,667
5766184.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,700
2,619
5766257.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,034
1,914
5766290.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
8,459
7,919
5766386.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
5,632
5,282
5766452.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,982
2,868
5766476.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
17,105
16,720
5767311.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,672
1,422
5767488.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,233
733
5767506.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
908
879
5767529.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,319
1,294
5767635.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
709
693
5767710.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
958
928
5767724.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
3,895
3,657
5767893.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
8,188
7,944
5768373.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,741
1,632
5768433.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,416
2,062
5768566.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
1,057
1,031
5768956.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
4,846
4,708
5769057.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
4,417
2,026
5769075.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
2,462
2,391
5769110.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
28,981
27,879
5769533.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
23,135
19,358
5769683.SQ.FTS.B,
Zero
Cpn,
2/03/24
...
14,249
13,411
5771803.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,491
781
5771903.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
29,095
28,293
5772569.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
623
611
5772634.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
414
391
5772653.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
12,015
11,194
5773064.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
796
777
5773069.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
2,501
2,435
5773116.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
3,729
1,947
5773499.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
12,553
11,812
5773687.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
8,227
7,994
5773851.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
319
307
5773948.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
12,776
12,436
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5774293.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
$
2,651
$
2,574
5774484.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,417
1,378
5774528.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
2,976
2,857
5774574.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
1,603
1,559
5774609.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
27,106
24,099
5774898.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
4,872
4,756
5775036.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
9,116
8,827
5775189.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
2,818
2,702
5775226.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
4,207
4,099
5775290.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
384
377
5775311.SQ.FTS.B,
Zero
Cpn,
2/04/24
...
10,979
10,676
5775492.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
5,855
3,043
5775559.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
1,174
1,149
5775609.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
1,475
1,423
5775623.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
53,795
48,309
5776756.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
17,131
16,653
5777081.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
11,061
10,759
5777289.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,129
2,004
5777318.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
37,205
30,512
5777772.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
11,324
7,107
5777894.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
1,359
1,179
5777925.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,116
2,044
5777989.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,447
2,123
5778008.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
10,018
9,409
5778129.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
1,706
1,644
5778142.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,599
2,512
5778275.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
3,842
3,412
5778300.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
1,993
1,878
5778327.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
4,670
3,115
5778386.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
6,478
5,155
5778432.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,119
2,019
5778511.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
7,466
7,269
5778771.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
4,942
4,765
5778873.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
5,713
4,629
5778936.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
9,751
4,141
5779041.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,021
1,947
5779079.SQ.FTS.B,
Zero
Cpn,
2/05/24
...
2,683
2,633
5779208.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
4,445
4,276
5779255.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
5,148
5,028
5779366.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
5,714
5,467
5779419.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
5,989
5,610
5779479.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
1,302
1,256
5779502.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
16,171
15,696
5779774.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
496
482
5779794.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
6,623
6,368
5779893.SQ.FTS.B,
Zero
Cpn,
2/06/24
...
11,972
11,630
5780063.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
2,011
1,473
5780094.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
374
366
5780103.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
2,749
2,694
5780237.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
1,815
1,746
5780263.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
11,397
9,213
5780388.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
2,160
2,086
5780415.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
3,673
3,568
5780470.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
1,835
1,436
5780501.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
15,844
13,977
5780663.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
2,047
1,977
5780683.SQ.FTS.B,
Zero
Cpn,
2/07/24
...
944
746
5781142.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
10,710
7,386
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)
5781505.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
$
2,590
$
2,526
5781701.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
4,765
4,629
5781951.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
4,019
3,565
5782060.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
12,132
11,053
5783310.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
3,090
2,876
5783381.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,434
1,051
5783398.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
4,329
3,298
5783477.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
2,685
1,507
5783491.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,640
1,552
5783515.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,235
1,193
5783554.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
1,559
1,266
5783602.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
22,482
21,803
5784296.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
79
77
5784327.SQ.FTS.B,
Zero
Cpn,
2/08/24
...
8,869
8,339
5784773.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,195
3,098
5784874.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,818
2,860
5784912.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
4,335
4,199
5785593.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
2,919
2,818
5785803.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
2,392
2,300
5786043.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
1,376
1,018
5786113.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
11,561
11,101
5786523.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
11,612
11,027
5786901.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
1,649
1,610
5787282.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,241
3,124
5787318.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
1,420
1,349
5787444.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
5,088
4,886
5787643.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
41,247
39,245
5788546.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
2,991
2,778
5788576.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
3,414
3,290
5788750.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
9,494
9,121
5788894.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
5,589
5,229
5788939.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
7,469
7,050
5789241.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
24,723
23,832
5789584.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
6,513
6,333
5789861.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
489
472
5789889.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
4,745
4,641
5790020.SQ.FTS.B,
Zero
Cpn,
2/09/24
...
2,654
2,561
5790170.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,665
1,602
5790218.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
6,101
5,162
5790337.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
18,897
18,048
5790812.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,890
1,680
5790851.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
5,477
5,237
5791104.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
106
104
5791689.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,277
1,891
5791778.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
3,787
3,650
5792518.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
16,456
8,011
5793338.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
23,987
23,304
5794983.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,187
1,909
5795007.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
9,208
7,057
5795364.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
4,613
4,486
5795513.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,761
1,719
5795663.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
9,139
8,784
5795900.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,588
1,542
5796001.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
1,179
684
5796148.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
37,647
36,450
5796718.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
31,167
27,650
5797129.SQ.FTS.B,
Zero
Cpn,
2/10/24
...
2,741
2,605
5801829.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,392
4,250
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5801956.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
$
10,629
$
10,347
5802221.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,252
1,178
5802241.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,054
1,997
5802326.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,979
4,810
5802478.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
8,211
5,798
5803202.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,405
1,360
5803237.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
7,292
6,970
5803548.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
405
382
5803583.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
8,259
7,928
5803935.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,189
4,035
5804241.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,438
2,366
5804789.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
7,319
7,121
5804981.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
1,041
927
5805008.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,948
2,834
5805153.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
6,904
6,307
5805207.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
693
524
5805217.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,641
2,469
5805258.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
9,193
6,995
5805763.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
23,426
22,736
5806252.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,940
3,403
5806298.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
2,414
2,305
5806339.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,778
4,608
5806427.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
16,563
15,392
5806712.SQ.FTS.B,
Zero
Cpn,
2/11/24
...
4,584
4,381
5807056.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
4,002
3,450
5807168.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
1,329
1,289
5807888.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
8,076
7,492
5808714.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,316
2,254
5809201.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
651
607
5809262.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,254
3,176
5809584.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
5,501
5,268
5810040.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
501
490
5810099.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,422
3,330
5810334.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
4,697
4,522
5810480.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
6,585
5,854
5810761.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,213
2,142
5810852.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
3,723
3,575
5810977.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,547
2,463
5811083.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
15,281
14,835
5811386.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
36,871
30,722
5812068.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
12,831
10,686
5812223.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
948
877
5812232.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
36,169
34,896
5812645.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
21,862
14,046
5812804.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
2,234
2,087
5812884.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
1,525
1,363
5812918.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
1,447
1,418
5813184.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
1,676
802
5813190.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
1,231
1,206
5813253.SQ.FTS.B,
Zero
Cpn,
2/12/24
...
8,888
7,383
5813310.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
953
642
5813328.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,246
2,165
5813372.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,541
2,441
5813462.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,862
2,493
5813478.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
633
581
5813492.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
5,333
5,175
5813600.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
2,572
2,483
5813649.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
1,085
1,051
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)
5813707.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
$
21,098
$
19,719
5814016.SQ.FTS.B,
Zero
Cpn,
2/13/24
...
4,565
3,829
5814092.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
759
743
5814123.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
4,108
3,729
5814180.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
6,687
6,409
5814299.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
1,406
1,308
5814332.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
666
589
5814351.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
1,700
1,611
5814411.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
11,304
10,823
5814576.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
2,392
2,316
5814610.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
3,771
3,682
5814719.SQ.FTS.B,
Zero
Cpn,
2/14/24
...
14,177
12,144
5815259.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
5,803
5,532
5815447.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
10,041
7,537
5815722.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
7,408
5,677
5816703.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
3,163
3,076
5816754.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
3,483
3,360
5816836.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
373
367
5816924.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,000
475
5816945.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
8,492
7,799
5817070.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
30,140
22,665
5817474.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,440
1,103
5817531.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
334
295
5817543.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
700
683
5817592.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
4,718
3,894
5817665.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
15,701
14,571
5818002.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
10,158
9,266
5818230.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,330
1,270
5818388.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
1,594
1,523
5818433.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
8,122
7,834
5818622.SQ.FTS.B,
Zero
Cpn,
2/15/24
...
2,315
2,256
5818737.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
18,438
17,821
5819040.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
582
570
5819068.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
5,406
4,820
5819129.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
4,567
4,074
5819214.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
3,525
3,434
5819322.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
691
626
5819327.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
2,966
2,747
5819453.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
5,238
4,300
5819558.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
2,078
2,022
5819614.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
3,929
3,801
5819764.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
169
164
5819783.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
45,329
42,304
5820456.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
2,040
1,957
5820539.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,956
1,897
5820702.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
20,196
16,279
5820960.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
444
428
5820980.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
982
924
5821035.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
7,679
7,392
5821105.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
4,902
4,759
5821163.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
8,481
7,882
5821405.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
4,411
4,269
5821479.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
12,226
11,698
5821715.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
12,530
12,024
5821898.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,206
1,152
5822008.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,679
1,577
5822026.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
1,648
1,604
5822090.SQ.FTS.B,
Zero
Cpn,
2/16/24
...
4,081
3,962
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5822138.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
$
731
$
709
5822270.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
872
852
5822284.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
5,387
5,242
5822407.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
3,139
2,565
5822447.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,946
1,881
5822628.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
420
411
5822641.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
5,897
5,713
5822817.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
11,073
10,413
5823030.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,318
1,230
5823084.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,888
2,777
5823133.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,343
2,257
5823175.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
6,414
6,192
5823257.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
65
64
5823283.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
781
758
5823292.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,991
2,897
5823345.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,884
1,146
5823490.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,168
1,111
5823515.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,124
1,986
5823553.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
3,908
3,642
5823613.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,931
1,642
5823640.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
180
177
5823665.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,578
2,494
5823710.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,864
1,841
5824501.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
9,746
9,489
5824742.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
3,913
3,459
5824788.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
2,397
2,307
5824813.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
1,927
1,878
5824880.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
8,662
8,405
5825002.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
35,998
20,898
5825354.SQ.FTS.B,
Zero
Cpn,
2/17/24
...
5,515
2,837
5827314.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
9,192
8,860
5827424.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,533
1,471
5827480.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
6,375
6,146
5827616.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
4,182
4,060
5827733.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
6,268
5,737
5827842.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
7,668
3,104
5827914.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
9,009
8,604
5828109.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
3,031
2,780
5828179.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,373
2,325
5828279.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,926
1,875
5828406.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,109
1,030
5828435.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
5,347
5,115
5828601.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
9,085
8,702
5828743.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
418
405
5828754.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
7,633
7,165
5828896.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
6,070
3,935
5828926.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
17,907
16,409
5829358.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
9,089
8,695
5829566.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,230
2,156
5829638.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,999
2,664
5829709.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
13,624
13,192
5830037.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
6,288
6,037
5830068.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,577
1,538
5830080.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
1,866
1,296
5830122.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
12,375
12,046
5830253.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
7,620
6,953
5830300.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
17,514
16,793
5830440.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
2,791
2,312
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)
5830467.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
$
2,850
$
2,550
5830483.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
5,693
5,480
5830547.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
13,456
12,008
5830672.SQ.FTS.B,
Zero
Cpn,
2/18/24
...
9,668
9,109
5830986.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
721
698
5831025.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,351
1,981
5831122.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,298
1,260
5831192.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,228
1,964
5831264.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
665
637
5831389.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,523
1,481
5831441.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,284
2,227
5831563.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
7,305
6,805
5831778.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
119
117
5831833.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
3,736
3,599
5831954.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
5,655
5,475
5832115.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
4,639
4,407
5832209.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
26,406
17,036
5832405.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
303
291
5832412.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
14,026
13,595
5832576.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
440
337
5832587.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
544
524
5832609.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,194
2,046
5832671.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
5,100
4,941
5832837.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
683
664
5832873.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
9,016
8,653
5832969.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,005
1,943
5833003.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
9,668
9,466
5833299.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,112
2,032
5833321.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
4,645
4,481
5833417.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
14,393
13,811
5833530.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,764
2,670
5833543.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,466
2,404
5833615.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
5,189
4,961
5833657.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
5,911
5,684
5833703.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
13,011
11,482
5833785.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
21,880
20,977
5833961.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
235
228
5833962.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
2,253
2,194
5833982.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
5,172
4,928
5834028.SQ.FTS.B,
Zero
Cpn,
2/19/24
...
1,045
649
5834294.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
2,258
2,016
5834318.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
8,185
6,705
5834391.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
295
290
5834411.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
6,765
6,529
5834476.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
3,999
3,696
5834526.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
333
327
5834539.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
3,287
3,194
5834630.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
10,837
9,261
5834744.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
1,677
1,595
5834761.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
22,109
21,304
5834960.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
12,841
12,379
5835079.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
683
488
5835081.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
5,227
5,044
5835114.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
721
705
5835132.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
2,493
2,413
5835175.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
2,627
2,546
5835205.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
3,862
3,705
5835254.SQ.FTS.B,
Zero
Cpn,
2/20/24
...
1,018
982
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5835279.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
$
2,558
$
2,339
5835313.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
10,591
9,728
5835452.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
24,375
20,634
5835728.SQ.FTS.B,
Zero
Cpn,
2/21/24
...
4,954
4,807
5836016.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,235
1,134
5836225.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,953
1,791
5836315.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
905
867
5836386.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,806
2,694
5836564.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,641
2,233
5836673.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,920
1,870
5836920.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
23,779
20,950
5837211.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,901
2,560
5837252.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,427
656
5837271.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
1,773
1,717
5837315.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
4,547
2,573
5837346.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
11,090
9,763
5837477.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,816
2,730
5837545.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,787
2,654
5837565.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
349
334
5837590.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
2,758
2,507
5837662.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
3,102
2,996
5837759.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
6,103
5,836
5837851.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
3,851
3,737
5837933.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
971
604
5837940.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
294
283
5837962.SQ.FTS.B,
Zero
Cpn,
2/22/24
...
8,921
7,638
5839801.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,333
2,274
5839815.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
808
614
5839822.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
9,636
9,232
5839910.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,205
2,159
5839943.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,378
1,343
5839979.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
7,953
7,585
5840021.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
594
578
5840034.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
5,810
5,635
5840108.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
18,479
17,938
5840394.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
7,735
4,620
5840460.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,225
553
5840501.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
4,893
4,567
5840588.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
13,402
13,026
5840777.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
3,584
3,462
5840821.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
5,517
3,471
5840891.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,134
2,062
5840915.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
14,439
13,747
5841007.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,025
1,000
5841040.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
931
885
5841066.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,177
2,122
5841129.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
7,112
6,921
5841286.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,962
2,859
5841359.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
10,315
10,043
5841516.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
40,530
38,589
5841824.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,916
1,635
5841864.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
425
367
5841881.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
3,696
2,293
5841927.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
4,690
4,501
5841975.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
9,811
9,152
5842048.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
2,454
1,707
5842056.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
3,935
3,824
5842093.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,999
1,062
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)
5842110.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
$
1,045
$
562
5842131.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
3,480
3,317
5842176.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
6,385
6,122
5842330.SQ.FTS.B,
Zero
Cpn,
2/23/24
...
1,561
1,476
5843371.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
4,057
3,884
5843433.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
10,946
10,537
5843590.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
4,875
4,648
5843713.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
5,354
5,176
5843810.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
7,563
7,331
5844026.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
14,719
14,178
5844243.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
6,228
6,030
5844353.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
4,800
4,107
5844419.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,940
1,661
5844459.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,406
1,369
5844473.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,365
2,147
5844510.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
7,123
6,683
5844567.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
627
611
5844575.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
3,481
3,404
5844650.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,090
1,908
5844671.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,013
927
5844682.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,940
1,767
5844710.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
4,346
3,895
5844889.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
10,155
9,593
5844996.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
17,109
16,662
5845304.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
403
392
5845312.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
228
220
5845320.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
2,901
2,801
5845343.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
65,200
59,676
5845909.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
3,986
3,836
5845971.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,841
1,718
5846004.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
5,830
5,511
5846033.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,648
1,593
5846054.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
428
414
5846077.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
5,869
5,710
5846176.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
518
484
5846195.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,934
1,867
5846242.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
1,134
1,108
5846403.SQ.FTS.B,
Zero
Cpn,
2/24/24
...
426
403
5848226.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
18,398
17,705
5848551.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
12,984
12,261
5848782.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
734
695
5848826.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,270
2,040
5848879.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
9,003
8,674
5849059.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,061
1,026
5849073.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,607
2,489
5849144.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
3,529
3,447
5849234.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
5,827
4,632
5849341.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
3,569
3,470
5849462.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,550
1,495
5849709.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,228
2,027
5849749.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,637
1,585
5849765.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
518
499
5849779.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
4,520
4,351
5849963.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
5,454
5,285
5850018.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
4,306
4,131
5850047.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,803
1,739
5850061.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,630
1,151
5850076.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
11,406
10,923
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5850145.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
$
12,703
$
11,849
5850197.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
16,566
15,924
5850325.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,809
1,755
5850399.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,070
2,005
5850429.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
18,286
16,736
5850739.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
5,768
5,605
5850831.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
25,363
22,616
5851083.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
33,082
31,839
5851486.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,389
1,335
5851510.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
2,030
1,915
5851616.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
617
573
5851647.SQ.FTS.B,
Zero
Cpn,
2/25/24
...
1,865
1,308
5851929.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
4,169
2,524
5851937.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,377
2,175
5851955.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
7,592
7,352
5852027.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,366
1,478
5852087.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
7,876
7,590
5852374.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
8,162
7,645
5852610.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,216
589
5852623.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,523
1,473
5852660.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
3,907
3,812
5852786.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,711
1,651
5852828.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,185
1,151
5852840.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
6,891
5,805
5852937.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
625
429
5852953.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
10,117
9,860
5853145.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
199
196
5853164.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,474
1,437
5853182.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
12,696
12,236
5853262.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
7,816
7,003
5853330.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
9,358
7,728
5853413.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
415
402
5853422.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
3,239
3,025
5853490.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,756
1,703
5853518.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
31,898
25,185
5853694.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
1,838
1,784
5853740.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,104
1,230
5853750.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
11,093
10,589
5853856.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
266
257
5853859.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
53,122
42,128
5854191.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
542
525
5854209.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
639
574
5854219.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
4,330
4,148
5854247.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
780
756
5854288.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,616
2,475
5854311.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
10,061
6,805
5854366.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
2,694
2,587
5854386.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
9,627
5,707
5854668.SQ.FTS.B,
Zero
Cpn,
2/26/24
...
661
635
5855181.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
6,842
6,605
5855237.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
680
635
5855240.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
9,938
9,214
5855318.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
16,961
16,038
5855428.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
1,246
1,216
5855442.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
9,833
7,216
5855500.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
1,374
1,335
5855510.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
3,811
3,691
5855555.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
729
649
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)
5855583.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
$
3,032
$
2,929
5855611.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
1,499
1,452
5855634.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
22,503
20,654
5855789.SQ.FTS.B,
Zero
Cpn,
2/27/24
...
5,869
5,272
5855830.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,629
2,394
5855853.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
546
455
5855858.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,074
1,218
5855867.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
900
764
5855877.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
3,109
2,863
5855903.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,565
1,479
5855911.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
3,105
2,287
5855925.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
5,545
4,081
5856032.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
8,255
7,704
5856088.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
8,056
7,711
5856144.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
868
842
5856151.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
4,107
3,516
5856167.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
3,762
3,438
5856193.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
327
318
5856196.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
599
583
5856203.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
3,688
3,580
5856236.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
14,936
14,389
5856353.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,859
1,369
5856360.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,727
682
5856372.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,522
1,364
5856382.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
13,840
13,187
5856438.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,256
2,202
5856462.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
7,720
7,352
5856508.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
4,424
4,311
5856549.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
2,144
2,075
5856562.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
842
561
5856565.SQ.FTS.B,
Zero
Cpn,
2/28/24
...
1,166
1,103
5856576.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,555
1,241
5856586.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,046
2,129
5856788.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
6,847
6,542
5856978.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,954
4,954
5857039.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,160
2,090
5857087.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
9,917
7,757
5857303.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
941
918
5857392.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,368
3,247
5857475.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,908
1,799
5857523.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,555
1,453
5860503.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,094
3,916
5860536.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,532
4,325
5860639.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
7,293
6,824
5860791.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,465
2,392
5860847.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,041
3,478
5860898.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,132
1,059
5860913.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
7,282
6,545
5861025.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,039
3,850
5861125.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
619
476
5861134.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
38,398
34,984
5861774.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
84
82
5861783.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,973
5,780
5861962.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
977
948
5861986.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
939
894
5862041.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
972
933
5862058.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
26,555
25,763
5862428.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,417
2,343
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5862477.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
$
445
$
432
5862485.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,885
4,579
5862589.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,328
2,575
5862628.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
319
309
5862630.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,172
4,181
5862637.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,527
3,432
5862693.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
5,390
4,920
5862731.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
798
625
5862734.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
27,187
24,498
5862950.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,363
2,255
5862969.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
6,018
5,765
5863019.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
1,646
1,601
5863049.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
12,834
12,418
5863319.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,039
1,742
5863356.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,325
2,235
5863373.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,441
4,275
5863415.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
10,131
9,181
5863521.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,091
2,028
5863548.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
6,839
6,542
5863628.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,132
1,962
5863665.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,899
3,768
5863729.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
13,027
12,317
5863869.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
15,708
15,226
5864060.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
13,184
12,463
5864148.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
15,412
14,816
5864228.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
10,342
9,888
5864294.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
975
939
5864327.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
684
656
5864352.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,662
2,580
5865157.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,952
2,874
5865278.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
4,519
4,347
5865366.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
363
333
5865381.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,032
1,896
5865470.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,452
2,353
5865523.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,197
2,148
5865593.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
24,216
17,134
5865907.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,976
2,853
5865934.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
722
684
5865941.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,619
2,461
5866003.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
774
751
5866011.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
872
851
5866142.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
7,015
6,574
5866235.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
17,144
16,211
5866310.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
36,469
32,284
5866568.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,059
2,422
5866601.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,896
2,821
5866656.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
6,529
6,383
5866762.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
19,489
18,885
5866864.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,584
2,570
5866921.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
3,345
3,236
5866944.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
16,195
13,819
5867135.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
8,340
7,505
5867175.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,502
2,440
5867200.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
2,238
2,184
5867235.SQ.FTS.B,
Zero
Cpn,
2/29/24
...
886
860
5870201.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
52,739
51,029
5871024.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
5,174
5,036
5871259.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
674
658
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)
5871297.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
$
4,557
$
4,433
5871444.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,014
3,900
5871545.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
898
682
5871558.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,557
1,472
5871768.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
565
555
5871796.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
19,638
18,530
5872001.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
528
518
5872044.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,581
1,484
5872058.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,555
4,419
5872177.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,999
2,877
5872312.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
957
769
5872318.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,077
930
5872348.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
372
299
5872351.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,644
1,590
5872378.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
375
315
5872385.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,368
1,245
5872399.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
5,410
5,278
5872477.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
3,029
2,841
5872494.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
13,862
9,147
5872625.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,104
1,817
5872776.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,251
2,204
5872842.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,245
2,179
5872854.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
6,929
6,766
5872980.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
3,238
3,113
5872993.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
3,406
3,301
5873069.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
5,193
4,980
5873138.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
4,244
2,973
5873158.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
968
933
5873189.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
2,184
2,040
5873221.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
3,919
3,815
5873315.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
5,343
4,235
5873405.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,690
1,553
5873613.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
9,466
8,149
5873758.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
9,366
7,807
5873819.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,599
1,183
5873837.SQ.FTS.B,
Zero
Cpn,
3/01/24
...
1,177
1,154
5873988.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
26,958
25,903
5874283.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,156
1,879
5874329.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,576
1,238
5874367.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,638
1,589
5874482.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
657
293
5874516.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,070
1,954
5874556.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,726
4,568
5874700.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
6,623
6,339
5874834.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
7,920
7,708
5874961.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,332
1,269
5874986.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
8,526
8,304
5875168.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,078
3,360
5875319.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,352
4,174
5875427.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
542
455
5875429.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
17,587
17,000
5875785.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,906
1,499
5875789.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
2,076
1,992
5875826.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
705
675
5875867.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,794
4,634
5875928.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,232
1,208
5876036.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
5,356
5,154
5876096.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
871
845
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5876115.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
$
4,393
$
4,183
5876142.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
6,006
5,843
5876221.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
6,505
3,143
5876285.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,891
4,700
5876338.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,895
1,837
5876406.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
4,702
4,516
5876475.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
44,398
43,163
5877063.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,064
887
5877065.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
1,305
1,043
5877071.SQ.FTS.B,
Zero
Cpn,
3/02/24
...
12,864
12,435
5877199.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
7,102
6,408
5877271.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,823
1,774
5877347.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
2,320
2,244
5877458.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
15,226
14,370
5877597.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
9,647
9,263
5877714.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
3,414
3,275
5877738.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
4,044
3,772
5877776.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
1,108
582
5877780.SQ.FTS.B,
Zero
Cpn,
3/03/24
...
3,882
3,812
5877969.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
5,803
5,615
5878075.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
2,899
2,819
5878126.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
316
310
5878138.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
6,344
6,042
5878223.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
4,019
3,879
5878297.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
1,683
1,453
5878314.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
13,885
12,493
5878459.SQ.FTS.B,
Zero
Cpn,
3/04/24
...
3,381
3,283
5878672.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,391
1,328
5878689.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
5,088
4,815
5878776.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,306
1,272
5878790.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
5,451
5,228
5878846.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,360
885
5878875.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
5,593
5,077
5878932.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
151
148
5878941.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
488
456
5878952.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
1,077
1,047
5878961.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
5,777
4,962
5879023.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
957
934
5879045.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
5,754
5,548
5879122.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
356
154
5879136.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
379
359
5879150.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
4,727
4,525
5879191.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
7,392
7,170
5879290.SQ.FTS.B,
Zero
Cpn,
3/05/24
...
7,174
6,750
5879492.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
2,314
2,236
5879544.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
1,138
1,068
5879597.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
5,126
4,908
5881194.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
595
578
5881215.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
3,884
3,759
5881355.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
9,267
8,956
5881542.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
22,409
21,422
5881995.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
4,026
3,920
5882210.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
6,597
6,161
5882323.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
628
612
5882346.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
5,033
4,900
5882844.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
1,248
738
5882869.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
2,051
1,857
5882889.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
3,181
2,726
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)
5882928.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
$
676
$
634
5882935.SQ.FTS.B,
Zero
Cpn,
3/06/24
...
3,221
3,112
5883001.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
32,195
29,569
5883334.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,109
574
5883356.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,938
1,875
5883414.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,881
2,808
5883527.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,670
1,558
5883562.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
216
213
5883652.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
4,088
3,696
5883707.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
3,980
3,657
5883767.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
13,639
12,285
5883938.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
840
778
5883949.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,424
1,348
5884117.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,022
732
5884159.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
3,310
3,197
5884190.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
27,332
22,109
5884450.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
4,312
4,129
5884477.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,581
781
5884483.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,226
2,178
5884521.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
426
384
5884558.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
22,507
21,502
5884736.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
16,973
16,390
5884916.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,523
1,354
5884947.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
8,339
7,504
5885116.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
7,257
6,152
5885192.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,394
1,407
5885208.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,338
1,238
5885237.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,379
2,302
5885284.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
575
559
5885297.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,246
1,165
5885371.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
15,313
14,712
5885570.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
20,731
19,886
5885775.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,413
2,309
5885799.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
7,619
7,270
5885850.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
3,384
3,266
5885864.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
2,746
2,664
5885879.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
8,039
7,684
5885920.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
11,231
10,523
5885966.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
6,127
5,947
5886041.SQ.FTS.B,
Zero
Cpn,
3/07/24
...
1,208
1,175
5887879.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
22,606
21,198
5888198.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
5,777
5,589
5888286.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
5,411
5,277
5888420.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
7,856
7,524
5888626.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
8,989
8,535
5888804.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,948
2,574
5888851.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,199
1,141
5888881.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,734
1,343
5888901.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
5,797
5,441
5889031.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,864
1,774
5889059.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,672
1,622
5889080.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,475
1,410
5889094.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,931
1,847
5889127.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,574
2,477
5889178.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
5,479
5,146
5889273.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
16,689
14,930
5889436.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
25,904
17,787
5889597.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
3,227
2,645
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5889640.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
$
16,429
$
15,029
5889750.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,140
2,008
5889804.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
9,454
8,869
5889875.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,166
1,008
5889895.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
4,116
4,000
5889963.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,489
1,413
5889976.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
7,248
5,706
5890012.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
32,649
30,950
5890338.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,683
1,614
5890413.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
3,219
2,607
5890488.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
9,680
9,036
5890615.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,200
651
5890643.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
29,571
25,893
5890904.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
1,307
1,270
5890961.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
7,141
6,858
5891060.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,147
2,090
5891128.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
3,301
3,172
5891172.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
2,681
2,598
5891203.SQ.FTS.B,
Zero
Cpn,
3/08/24
...
3,713
3,459
5891237.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,902
3,730
5891279.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,428
1,311
5891294.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,199
2,112
5891341.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,893
3,736
5891408.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,158
4,008
5891419.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
56,091
42,132
5892075.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,059
2,983
5892149.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
12,851
11,980
5892295.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,043
2,554
5892308.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,703
2,036
5892370.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
7,579
7,129
5892438.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,433
3,289
5892565.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,464
1,423
5892624.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,501
3,124
5893222.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
6,840
6,621
5893299.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
12,932
11,329
5893366.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
8,144
7,735
5893496.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
5,018
4,874
5893541.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,112
2,871
5893549.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,434
2,337
5893590.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,841
3,412
5893657.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,994
4,074
5893687.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
6,117
5,975
5893804.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,988
1,928
5893815.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,195
541
5893827.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,314
2,246
5893845.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,125
2,989
5893867.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,602
1,542
5893887.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
5,177
4,956
5893929.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
820
638
5893961.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
692
657
5894019.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,108
1,353
5894091.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,312
2,129
5894137.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
3,623
3,545
5894207.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
4,288
4,176
5894298.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
1,488
1,445
5894322.SQ.FTS.B,
Zero
Cpn,
3/09/24
...
2,830
2,749
5894382.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
3,034
2,927
5894435.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
789
687
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)
5894448.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
$
2,982
$
2,888
5894515.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
221
216
5894525.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
14,266
13,351
5894683.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
3,156
3,041
5894734.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
3,147
2,873
5894768.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
9,708
9,404
5894983.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
1,533
1,491
5895068.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
273
268
5895088.SQ.FTS.B,
Zero
Cpn,
3/10/24
...
12,807
11,159
5895334.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
1,369
1,316
5895353.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
6,973
6,546
5895532.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
2,554
2,471
5895576.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
10,157
9,536
5895712.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
6,113
5,763
5895783.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
3,233
2,828
5895809.SQ.FTS.B,
Zero
Cpn,
3/11/24
...
3,190
3,072
5896008.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
993
962
5896021.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
391
368
5896100.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
717
682
5896158.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
4,901
4,712
5896291.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
4,774
4,653
5896450.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
575
502
5896558.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
2,954
2,580
5897388.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
2,715
2,650
5897504.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
3,268
3,124
5897545.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
16,739
16,122
5897823.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
3,696
3,498
5897891.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
298
292
5897943.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
3,957
3,769
5898132.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
725
711
5898152.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
3,219
2,907
5898206.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
8,557
8,210
5898320.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
8,451
7,366
5898446.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
20,867
19,893
5898769.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
22,849
17,804
5898987.SQ.FTS.B,
Zero
Cpn,
3/12/24
...
485
465
5899288.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
526
478
5899301.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
45,239
43,102
5899733.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,231
3,138
5899791.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,862
1,811
5899826.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,997
4,548
5899936.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,793
1,753
5900021.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,214
2,071
5900093.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,024
2,116
5900145.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
2,260
2,085
5900164.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,290
4,156
5900270.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,143
3,062
5900323.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
879
854
5900332.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
3,402
3,195
5900369.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
914
811
5900390.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
18,926
17,072
5900600.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
7,701
6,489
5900766.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
20,401
18,884
5900915.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
803
770
5900918.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
11,136
10,012
5900989.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
5,580
4,668
5901063.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
831
748
5901073.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
9,254
8,876
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5901163.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
$
9,315
$
9,072
5901345.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
4,658
4,461
5901389.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
6,827
6,527
5901453.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
43,325
41,915
5901854.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
19,083
18,530
5902032.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,281
1,241
5902038.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
1,745
1,434
5902092.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
7,645
7,323
5902134.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
8,421
8,202
5902210.SQ.FTS.B,
Zero
Cpn,
3/13/24
...
8,477
6,848
5902248.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,711
2,612
5902277.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,596
3,488
5902349.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
658
641
5902464.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,571
3,450
5902514.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,191
1,149
5902532.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,781
1,744
5902608.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
5,989
5,838
5902973.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
4,371
4,266
5903081.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,491
2,361
5903117.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,406
3,286
5903341.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,022
1,941
5903364.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
10,293
9,986
5903521.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,408
1,360
5903542.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
6,585
6,331
5903615.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
4,602
4,454
5903653.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,549
2,414
5903660.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
26,035
24,732
5903864.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,296
1,248
5904017.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
150
147
5904045.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,146
2,075
5904072.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,187
3,128
5904231.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,598
1,531
5904259.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
3,725
3,399
5904300.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
11,273
10,953
5904429.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,853
1,606
5904548.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
4,161
3,997
5904600.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,297
1,248
5904620.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
19,563
18,796
5904836.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,213
1,108
5904852.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
10,873
10,596
5904969.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,411
1,306
5904986.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
2,648
2,539
5905047.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
6,235
6,014
5905123.SQ.FTS.B,
Zero
Cpn,
3/14/24
...
1,608
1,563
5906768.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,588
4,237
5906858.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
9,087
8,650
5906991.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,733
2,561
5907039.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,539
2,274
5907084.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
12,292
11,082
5907328.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
3,352
3,088
5907441.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
8,886
8,530
5907608.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
9,133
8,818
5907816.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
22,136
21,402
5908240.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
21,390
20,343
5908488.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,702
1,428
5908510.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
1,989
1,912
5908547.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,733
2,497
5908583.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
6,244
5,828
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)
5908638.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
$
2,185
$
1,990
5908659.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
10,319
10,018
5908768.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
24,668
23,941
5909015.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,576
2,418
5909132.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
4,015
3,428
5909190.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
2,096
1,839
5909223.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
25,992
24,628
5909637.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
9,573
9,202
5909779.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
3,198
3,091
5909856.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
890
868
5909898.SQ.FTS.B,
Zero
Cpn,
3/15/24
...
13,881
13,453
5910111.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
14,140
12,989
5910344.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,199
2,061
5910384.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,953
1,897
5910415.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
5,959
5,771
5910496.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
7,717
7,543
5910733.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
7,653
7,293
5910848.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,842
1,777
5910869.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
9,647
7,031
5911018.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,375
1,327
5911038.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,503
1,438
5911063.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
961
876
5911080.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,792
1,715
5911116.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
20,773
18,258
5911495.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
52,166
50,030
5911900.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
3,849
3,591
5911917.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
7,572
7,186
5912002.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,635
2,548
5912024.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
11,600
10,395
5912237.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,795
1,744
5912389.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
19,334
18,654
5912535.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
5
5
5912573.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
13,220
12,384
5912644.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
1,016
893
5912645.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
2,024
1,977
5912681.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,057
3,929
5912706.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
22,035
20,768
5912834.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,640
4,485
5912908.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
4,094
3,843
5912999.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
6,947
6,719
5913035.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
39,057
37,048
5913254.SQ.FTS.B,
Zero
Cpn,
3/16/24
...
13,110
12,579
5913407.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
6,029
5,770
5913461.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
550
525
5913469.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
797
775
5913481.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
625
603
5913503.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,219
1,190
5913528.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
225
220
5913539.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
7,331
6,894
5913572.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
6,370
6,082
5913641.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,965
1,892
5913655.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
13,033
12,235
5913759.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
2,495
2,272
5913800.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,262
1,222
5913838.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
11,258
10,755
5913931.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,245
1,206
5913943.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,980
1,926
5913970.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
2,344
2,276
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5913989.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
$
1,861
$
1,730
5914043.SQ.FTS.B,
Zero
Cpn,
3/17/24
...
1,146
1,108
5914158.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,367
1,302
5914249.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,190
2,842
5914271.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,407
1,111
5914290.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
5,654
4,510
5914330.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,374
1,292
5914364.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
458
447
5914387.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,113
1,044
5914396.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
1,476
1,210
5914411.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
5,206
3,659
5914444.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
11,729
10,552
5914535.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
7,953
5,233
5914576.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
3,587
3,363
5914689.SQ.FTS.B,
Zero
Cpn,
3/18/24
...
2,094
2,020
5914931.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
402
387
5914985.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
8,937
8,600
5915212.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,291
2,190
5915290.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
10,201
9,639
5915505.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
16,481
13,807
5915817.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,503
1,232
5915849.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
12,755
12,233
5916049.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,050
2,902
5916105.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,122
3,017
5916146.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,711
1,565
5916217.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
7,630
6,991
5916362.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
6,043
5,870
5916984.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
10,339
8,591
5917094.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,367
2,305
5917148.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
11,948
9,759
5917290.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
5,688
5,459
5917306.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
17,296
16,877
5917601.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
5,333
5,190
5917707.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,392
2,467
5917741.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
2,398
2,166
5917799.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
24,860
23,801
5918081.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
1,932
1,212
5918143.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,818
4,518
5918248.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
10,604
9,960
5918362.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
13,096
12,249
5918436.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
798
759
5918443.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
4,333
4,229
5918506.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
3,863
3,682
5918534.SQ.FTS.B,
Zero
Cpn,
3/19/24
...
14,540
11,166
5918614.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,233
1,180
5918627.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
26,156
25,371
5918737.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
501
469
5918756.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
6,027
4,432
5918793.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
3,086
2,951
5918832.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
7,363
7,054
5918954.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,086
2,027
5918990.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
6,822
5,664
5919120.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
298
286
5919131.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
960
939
5919179.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,448
2,386
5919215.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
6,301
6,065
5919330.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
5,447
5,353
5919584.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
5,365
5,135
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)
5919614.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
$
1,432
$
1,240
5919616.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,892
1,818
5919638.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
5,947
5,658
5919673.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
4,200
3,990
5919710.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,601
2,501
5919739.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,108
752
5919762.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,111
1,025
5919774.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
16,099
15,422
5920829.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,653
1,346
5921186.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,257
2,201
5921220.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,267
1,135
5921237.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,592
1,559
5921268.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,764
1,649
5921285.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
6,320
6,070
5921428.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
3,466
2,985
5921481.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
15,874
15,363
5921773.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
1,354
1,323
5921781.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
771
731
5921786.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
5,444
4,531
5921822.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,848
2,754
5921872.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
4,688
4,456
5921918.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
14,217
13,830
5922194.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,759
2,641
5922328.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
13,129
12,642
5922564.SQ.FTS.B,
Zero
Cpn,
3/20/24
...
2,117
1,988
5922627.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
24,520
23,753
5922903.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
541
513
5923000.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,950
1,863
5923022.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,851
1,790
5923047.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
5,609
5,444
5923099.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
3,037
2,921
5923203.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
12,553
12,068
5923331.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,703
4,347
5923394.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
6,190
5,971
5923448.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
878
849
5923487.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
33,889
32,573
5923862.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,495
1,313
5923878.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,551
2,388
5923896.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
22,517
21,823
5924262.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,521
1,380
5924268.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,636
1,586
5924290.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,552
4,435
5924327.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,707
1,593
5924346.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,471
2,386
5924388.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,481
1,389
5924394.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
13,052
12,390
5924508.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
2,065
1,984
5924530.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
3,838
3,612
5924782.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
10,908
10,189
5924891.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
6,202
5,924
5924934.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
1,537
1,277
5925029.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
639
628
5925048.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
11,731
11,242
5925153.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
3,568
3,434
5925192.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
954
926
5925223.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
4,795
4,630
5925282.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
11,712
11,417
5925421.SQ.FTS.B,
Zero
Cpn,
3/21/24
...
15,666
14,872
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5927005.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
$
4,592
$
4,305
5927080.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
6,773
4,913
5927323.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
8,730
8,362
5927470.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
8,634
8,073
5927695.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,603
3,291
5927803.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
559
539
5927812.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,757
4,005
5927900.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,369
1,926
5927931.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
8,288
7,777
5928081.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
15,363
12,333
5928311.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
9,096
8,526
5928459.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
6,429
6,222
5928628.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
1,735
1,025
5928641.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,618
4,433
5928686.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
972
955
5928731.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
18,218
17,383
5928919.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,450
3,264
5928964.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
2,969
2,833
5929041.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,647
4,246
5929129.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
11,494
11,162
5929388.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
74,485
65,806
5930281.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
5,006
4,387
5930311.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
16,439
15,389
5930486.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
3,643
3,416
5930500.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
4,335
4,217
5930510.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
31,210
29,902
5930747.SQ.FTS.B,
Zero
Cpn,
3/22/24
...
8,545
8,175
5930804.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
5,998
5,791
5930851.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
8,828
6,145
5930895.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,608
2,492
5930915.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,336
2,137
5930934.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,961
1,906
5930956.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
6,610
6,451
5931035.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
503
485
5931040.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
5,552
5,281
5931080.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,328
1,273
5931412.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,519
1,407
5931517.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
3,675
3,391
5931541.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,859
1,811
5931600.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,871
2,764
5931664.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,138
2,063
5931689.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
9,491
9,014
5931767.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,315
1,265
5931806.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
573
550
5931818.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
4,235
4,035
5931866.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,075
2,015
5931905.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
5,771
5,528
5931964.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
5,986
5,791
5932026.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
3,453
3,310
5932090.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
6,473
6,242
5932230.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,785
1,710
5932279.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
325
317
5932293.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,991
1,815
5932337.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,588
1,535
5932447.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
3,026
2,912
5932524.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,045
1,011
5932551.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
968
936
5932569.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,880
2,014
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)
5932601.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
$
1,248
$
1,097
5932622.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
703
638
5932633.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,747
1,132
5932677.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
12,409
11,953
5932876.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
14,044
13,570
5933094.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
23,113
21,941
5933469.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,779
1,700
5933493.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,237
1,068
5933571.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
15,589
14,832
5933734.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
1,734
1,697
5933789.SQ.FTS.B,
Zero
Cpn,
3/23/24
...
2,692
2,610
5933888.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,005
3,584
5933926.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
811
450
5933934.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
259
249
5933938.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
3,832
3,719
5933972.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
7,322
6,854
5934009.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,881
4,459
5934044.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
2,649
1,965
5934059.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
1,420
805
5934070.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
753
699
5934080.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
3,915
3,717
5934117.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,718
4,526
5934186.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
2,862
2,774
5934219.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
32,248
23,369
5934371.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
2,979
2,878
5934416.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,698
3,488
5934438.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
8,091
7,737
5934487.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
2,524
2,105
5934507.SQ.FTS.B,
Zero
Cpn,
3/24/24
...
4,091
3,961
5934579.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,698
2,578
5934610.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
1,908
1,809
5934628.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
6,334
6,069
5934692.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,465
2,317
5934701.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
1,943
825
5934726.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
1,360
1,280
5934730.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,564
1,187
5934761.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
65
64
5934767.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
16,644
15,575
5934895.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
3,997
3,849
5934944.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
14,105
12,270
5935049.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
2,196
2,106
5935068.SQ.FTS.B,
Zero
Cpn,
3/25/24
...
16,944
14,740
5935365.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
4,729
4,580
5935505.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,966
2,834
5935673.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,218
2,138
5935748.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,158
1,119
5935796.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
923
902
5935851.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
17,033
15,515
5936150.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
10,692
10,305
5936844.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
599
420
5936856.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,453
1,414
5936902.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,491
863
5936923.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
9,927
8,132
5937030.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
798
775
5937124.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
312
236
5937129.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,831
2,715
5937145.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,468
1,229
5937187.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,377
1,323
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5937189.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
$
1,339
$
1,285
5937372.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,872
3,717
5937439.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,688
2,568
5937475.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,065
1,169
5937509.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
17,211
16,577
5937833.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
4,889
4,677
5937918.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,483
1,428
5937927.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,211
3,085
5937996.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,522
1,465
5938005.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,518
2,341
5938155.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,072
1,949
5938166.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,776
3,588
5938253.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,376
1,330
5938321.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
8,295
7,512
5938431.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
1,282
1,226
5938503.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,828
3,586
5938564.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
3,243
3,130
5938584.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
6,806
6,322
5938667.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
10,446
6,132
5938739.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
11,220
10,788
5938983.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
6,619
6,381
5939030.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
2,894
2,808
5939062.SQ.FTS.B,
Zero
Cpn,
3/26/24
...
973
911
5939139.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,022
994
5939221.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,041
1,007
5939251.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,129
1,112
5939429.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,614
3,377
5939447.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
18,259
17,337
5939494.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,446
3,308
5939514.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
2,892
2,832
5939542.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
19,608
14,159
5939626.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,615
1,576
5939663.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
23,783
22,706
5939824.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
4,636
4,392
5939895.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
10,249
9,691
5940029.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
5,149
4,977
5940121.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,649
1,606
5940153.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,357
1,316
5940167.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
3,540
3,450
5940207.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
925
896
5940224.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
47,860
46,049
5940582.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
16,163
15,160
5940667.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
812
400
5940679.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,320
1,125
5940682.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
20,095
17,755
5940736.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
2,886
2,712
5940755.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
134
131
5940780.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,100
1,028
5940805.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,340
1,266
5940809.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,467
1,060
5940822.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
20,273
19,743
5940907.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
16,219
15,733
5941017.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
11,727
11,374
5941277.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
5,277
4,977
5941349.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
2,415
2,351
5941367.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
7,757
7,498
5941409.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
1,774
1,597
5941415.SQ.FTS.B,
Zero
Cpn,
3/27/24
...
7,495
7,181
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)
5942908.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
$
4,172
$
3,809
5942948.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,997
5,635
5943004.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
775
656
5943067.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
936
489
5943088.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,084
2,947
5943110.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,147
1,116
5943120.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,644
1,573
5943133.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,149
2,075
5943210.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
7,561
6,905
5943289.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
913
870
5943309.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
8,506
7,972
5943421.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,110
4,925
5943517.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,723
1,666
5943532.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,605
3,434
5943656.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
9,257
8,660
5943792.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,758
4,646
5943919.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
958
840
5943947.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,286
2,287
5944007.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
226
212
5944014.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
730
706
5944020.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,679
4,392
5944064.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,038
1,019
5944130.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,507
4,212
5944176.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
13,852
13,222
5944394.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,431
4,122
5944413.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
544
533
5944449.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
37,666
36,496
5944849.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,929
2,838
5944891.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,544
3,442
5944965.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,144
1,092
5944978.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,864
1,803
5945082.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,251
3,130
5945097.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,678
4,533
5945144.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,582
3,474
5945191.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,289
2,156
5945214.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,662
1,516
5945226.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
4,534
4,208
5945256.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,626
1,573
5945273.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,823
1,761
5945294.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
1,252
1,003
5945299.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
33,593
30,121
5945483.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,426
2,348
5945497.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
5,904
5,650
5945528.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
852
641
5945529.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
7,962
7,288
5945567.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,695
3,607
5945607.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
7,370
7,025
5945680.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,734
2,457
5945707.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
3,402
3,165
5945798.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,827
2,679
5945819.SQ.FTS.B,
Zero
Cpn,
3/28/24
...
2,050
1,911
5948341.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
3,289
2,914
5948365.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
54,169
49,508
5950059.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
5,001
4,676
5950178.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
641
601
5950198.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
3,142
3,026
5950244.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
40,415
37,637
5950686.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,124
979
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5950688.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
$
10,318
$
6,660
5950961.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
40,376
38,430
5951844.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
3,851
3,673
5951894.SQ.FTS.B,
Zero
Cpn,
3/29/24
...
1,846
1,791
5952328.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,829
1,782
5952390.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
652
630
5952419.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
6,235
5,924
5952624.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,165
2,014
5952674.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
2,836
2,692
5952782.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,958
1,791
5952845.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
4,902
4,700
5952964.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
5,079
4,819
5953097.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,249
1,037
5953124.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,662
1,599
5953167.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
6,978
3,961
5953488.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,190
1,074
5953500.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,180
1,158
5953602.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
4,757
4,583
5953666.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
20,472
19,946
5954092.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
8,230
7,315
5954189.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
3,933
3,532
5954290.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
776
758
5954331.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
5,089
4,905
5954440.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
10,475
9,117
5954764.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
1,988
1,872
5954808.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
7,390
7,051
5954932.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
15,444
14,728
5955162.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
5,003
4,864
5955306.SQ.FTS.B,
Zero
Cpn,
3/30/24
...
7,293
7,107
5955474.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
1,036
992
5955510.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
4,779
4,576
5955563.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
10,317
6,644
5955675.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
848
775
5955692.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
14,108
13,535
5955961.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
1,126
1,066
5955984.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
4,849
4,683
5956098.SQ.FTS.B,
Zero
Cpn,
4/01/24
...
6,380
6,161
5956252.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
333
312
5956268.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
904
771
5956290.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
1,915
1,872
5956367.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
1,515
1,451
5956445.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
3,731
3,404
5956507.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
747
712
5956528.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
4,443
3,864
5956601.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
1,902
1,657
5956650.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
859
737
5956673.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
3,043
2,950
5956742.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
792
765
5956764.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
5,505
5,029
5956888.SQ.FTS.B,
Zero
Cpn,
4/02/24
...
3,530
3,265
5957186.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2,378
2,200
5957515.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
3,076
2,978
5957742.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
23,727
21,606
5958935.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
3,004
2,843
5959009.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
927
624
5959036.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2,348
2,220
5959083.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
3,359
3,202
5959201.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
4,239
4,155
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)
5959488.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
$
2,419
$
2,306
5959596.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,750
1,701
5959640.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
8,668
8,341
5959931.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,767
976
5959978.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
3,357
2,595
5960268.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
2,102
1,951
5960364.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,974
1,861
5960434.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
755
580
5960455.SQ.FTS.B,
Zero
Cpn,
4/03/24
...
1,316
1,266
5960484.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,209
2,695
5960600.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
7,698
7,435
5960755.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
156
154
5960772.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
5,072
4,902
5960899.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,548
2,493
5961004.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
14,859
11,865
5961340.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
10,829
10,255
5961541.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
7,890
7,356
5961724.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
6,986
6,804
5961873.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
4,927
4,787
5961977.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,724
2,635
5962024.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
17,796
17,245
5962366.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,242
2,266
5962409.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,140
1,108
5962481.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
54,609
51,637
5963604.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
247
236
5963611.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
6,172
5,898
5963691.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,587
1,427
5963712.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
2,998
2,497
5963750.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
1,169
626
5963754.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
3,187
3,031
5963816.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
427
413
5963929.SQ.FTS.B,
Zero
Cpn,
4/04/24
...
605
572
5964017.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,417
1,807
5964059.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,530
3,393
5964109.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
8,478
7,213
5964173.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,120
3,030
5964257.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,306
4,149
5964335.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
6,243
5,994
5964510.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
5,609
5,368
5964665.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
876
851
5964730.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,463
2,362
5964871.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,440
4,136
5964927.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,391
2,330
5964992.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,816
1,750
5965068.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,697
4,286
5965133.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
874
843
5965173.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
8,868
8,573
5965311.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
33,270
31,393
5965973.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
3,643
3,477
5966064.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
1,010
983
5966088.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,120
1,967
5966156.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,422
3,162
5966242.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
12,435
11,667
5966519.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
4,975
4,777
5966610.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
589
562
5966637.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
2,836
2,728
5966711.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
5,724
5,429
5966860.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
8,713
8,477
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5967079.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
$
1,444
$
1,394
5967124.SQ.FTS.B,
Zero
Cpn,
4/05/24
...
7,774
7,369
5971105.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
151
147
5971133.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
10,494
9,146
5971214.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
766
689
5971229.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
7,446
7,000
5971333.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
11,808
10,682
5971626.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
3,396
3,248
5971780.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
819
751
5971920.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
507
495
5971988.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
2,462
2,336
5972053.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
1,471
1,427
5972111.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
29,582
27,581
5972789.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
35,206
32,366
5973457.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
37,155
35,772
5974021.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
9,048
8,728
5974185.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
16,195
15,582
5974485.SQ.FTS.B,
Zero
Cpn,
4/06/24
...
1,497
1,389
5974656.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,183
3,105
5974741.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
39,236
37,358
5975563.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
2,202
2,114
5975622.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
8,318
8,074
5975969.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
5,269
4,273
5976083.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
5,764
5,538
5976212.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
2,549
2,453
5976273.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
42,845
40,015
5976873.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
4,146
2,899
5976913.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
292
285
5976923.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
4,967
4,733
5976956.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
7,638
5,050
5977010.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,611
1,560
5977024.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
3,491
2,625
5977033.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
753
721
5977044.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
14,496
14,037
5977392.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,634
1,535
5977411.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
23,873
21,927
5977921.SQ.FTS.B,
Zero
Cpn,
4/07/24
...
1,975
1,867
5978091.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
1,937
1,856
5978133.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
6,926
4,599
5978258.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
984
962
5978327.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
11,109
10,661
5978631.SQ.FTS.B,
Zero
Cpn,
4/08/24
...
1,198
616
5978898.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
838
737
5978926.SQ.FTS.B,
Zero
Cpn,
4/09/24
...
21,404
15,783
5979513.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,635
3,465
5979619.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
6,723
6,182
5979824.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,386
1,344
5979860.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
4,122
3,917
5979958.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,509
1,460
5980012.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,544
2,842
5980129.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
2,160
1,948
5980160.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
3,132
2,931
5980216.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
993
835
5980259.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,872
1,738
5980287.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
6,611
6,273
5980376.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
6,891
6,570
5980522.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
1,868
1,809
5980582.SQ.FTS.B,
Zero
Cpn,
4/10/24
...
42,791
40,668
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)
5981924.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
$
27,924
$
19,172
5983705.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
4,402
4,027
5983869.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
7,501
5,509
5984080.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
2,116
1,816
5984228.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
2,792
2,559
5984339.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
2,432
2,313
5984395.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
301
293
5984481.SQ.FTS.B,
Zero
Cpn,
4/11/24
...
1,410
1,332
5984748.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,651
1,622
5985165.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,148
2,994
5985249.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,710
1,630
5985306.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
15,570
14,227
5985600.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
5,387
5,248
5985775.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,459
1,355
5985801.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
10,284
9,416
5985903.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,630
3,467
5985940.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
336
328
5985949.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,539
2,327
5985976.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,076
2,995
5986027.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,653
2,030
5986054.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
658
644
5986141.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
1,849
1,792
5986173.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
4,599
3,908
5986220.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,031
1,130
5986238.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
18,957
18,471
5986627.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,221
1,885
5986650.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
15,035
14,483
5986932.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
8,547
8,066
5986989.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
2,190
1,143
5987019.SQ.FTS.B,
Zero
Cpn,
4/12/24
...
3,375
3,257
5989444.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
2,737
2,565
5989473.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,380
1,326
5989493.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
11,413
10,739
5989614.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
48,178
45,610
5990599.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,826
4,437
5990680.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
7,729
7,361
5990821.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
2,526
2,456
5990894.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
599
581
5990913.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
875
833
5990921.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,799
4,481
5990963.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
458
447
5990975.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,556
2,800
5990989.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,439
1,387
5990992.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
6,157
5,640
5991101.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
245
240
5991117.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
5,450
5,187
5991232.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
7,505
7,254
5991318.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
5,127
4,937
5991375.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,142
2,835
5991404.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
25,007
19,796
5991763.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
4,537
4,216
5991833.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
3,829
3,281
5991931.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
9,684
9,159
5992077.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
3,732
3,639
5992215.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,944
1,824
5992243.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
6,534
6,160
5992296.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
1,331
1,283
5992324.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
3,676
3,551
Description
Principal
Amount
Value
Block,
Inc.
(continued)
5992400.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
$
1,018
$
953
5992490.SQ.FTS.B,
Zero
Cpn,
4/13/24
...
542
529
5993135.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,937
1,890
5993197.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,237
2,130
5993243.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
16,988
16,186
5993648.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
5,437
5,002
5993795.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,571
1,044
5993847.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,096
1,066
5993888.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,571
3,431
5994006.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,803
1,739
5994072.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,854
4,680
5994199.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
9,167
8,671
5994552.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,131
1,950
5994648.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
7,442
7,070
5994798.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,107
3,819
5994965.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
8,023
6,953
5995064.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
21,029
19,886
5995524.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
20,013
19,184
5995759.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
1,402
1,065
5995769.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
4,769
4,503
5995853.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
7,553
3,970
5995959.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
2,177
2,072
5996001.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
13,360
10,262
5996185.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,713
3,528
5996250.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
3,192
3,042
5996290.SQ.FTS.B,
Zero
Cpn,
4/14/24
...
5,249
5,075
5996332.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
475
465
5996349.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
8,960
8,477
5996429.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
7,801
6,845
5996493.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
3,124
2,997
5996527.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
5,716
5,502
5996582.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
1,220
942
5996590.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
14,542
14,139
5996773.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
23,461
17,097
5996924.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
4,667
4,556
5996999.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
3,864
3,154
5997030.SQ.FTS.B,
Zero
Cpn,
4/15/24
...
3,387
3,224
5997066.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,325
1,295
5997089.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
3,746
3,613
5997135.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
1,606
1,539
5997149.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
11,980
11,540
5997362.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
7,558
7,152
5997474.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
3,955
3,806
5997515.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
9,835
9,396
5997632.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
4,762
4,451
5997690.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
315
308
5997709.SQ.FTS.B,
Zero
Cpn,
4/16/24
...
2,702
2,588
5997957.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
4,137
4,000
5998050.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
3,635
3,507
5998144.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
828
744
5998202.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
6,662
6,313
5998388.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
6,768
4,449
5998540.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,313
2,188
5998599.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
694
668
5998606.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
10,646
9,618
6000155.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,868
1,802
6000184.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,427
1,283
6000218.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
1,050
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
75
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Block,
Inc.
(continued)
6000235.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
$
4,072
$
3,980
6000328.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
2,618
1,874
6000412.SQ.FTS.B,
Zero
Cpn,
4/17/24
...
549
510
6001442.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
523
498
6001471.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,334
2,122
6001519.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
5,485
4,398
6001580.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
5,162
4,958
6001674.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,142
2,063
6001714.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,399
1,989
6001776.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
7,285
6,986
6001912.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,995
1,920
6001985.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,227
1,045
6002029.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
3,303
3,067
6002150.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
21,770
20,914
6002954.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,702
1,659
6003017.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
2,974
2,889
6003097.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
6,240
6,018
6003186.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
1,164
1,066
6003194.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
10,710
10,018
6003390.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
32,907
30,550
6003974.SQ.FTS.B,
Zero
Cpn,
4/18/24
...
49,143
47,403
6004723.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
9,459
8,929
6004797.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
8,521
7,362
6004895.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
406
395
6005091.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
5,984
5,552
6005370.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
2,419
2,176
6005465.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
381
366
6005534.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
6,196
5,890
6005706.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
11,217
10,776
6005982.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
3,479
3,285
6006126.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,019
996
6006206.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
7,361
6,611
6006379.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
5,274
5,110
6006517.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
5,648
5,344
6006605.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
1,882
1,809
6006630.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
19,028
18,414
6007046.SQ.FTS.B,
Zero
Cpn,
4/19/24
...
56,316
54,734
6009386.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
13,145
12,584
6009649.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
259
254
6009687.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,023
1,963
6009738.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
6,370
6,171
6009857.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,907
3,632
6009947.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
78
76
6009976.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
10,983
10,201
6010285.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,201
2,397
6010469.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,761
2,630
6010535.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,220
1,159
6010572.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
6,517
4,970
6010664.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
5,327
4,853
6010702.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
455
402
6010705.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,090
3,299
6010780.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
5,182
3,131
6010861.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,540
3,349
6010910.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
2,109
2,039
6010969.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,740
3,519
6011034.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
3,916
3,830
6011195.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
6,492
5,957
6011326.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,936
1,861
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6011361.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
$
2,472
$
2,410
6011452.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
7,169
6,738
6011561.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
11,237
6,983
6011639.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
4,819
4,030
6011660.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
59,917
57,240
6012418.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
1,042
825
6012451.SQ.FTS.B,
Zero
Cpn,
4/20/24
...
19,983
19,101
6012736.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,618
3,276
6012819.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,305
1,202
6012833.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,790
2,123
6012841.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
10,579
8,450
6013007.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
6,712
6,461
6013116.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
12,132
11,672
6013457.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,750
2,617
6013523.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
4,991
4,749
6013652.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
11,012
10,602
6013970.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,082
977
6014045.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
7,910
7,291
6014197.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,446
862
6014205.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,891
2,701
6014228.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,085
2,950
6014253.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,589
1,544
6014290.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
7,774
7,491
6014361.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
4,206
4,062
6014519.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
5,097
4,830
6014604.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
895
812
6014624.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,146
1,079
6014633.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,533
1,411
6014649.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
4,010
3,737
6014998.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,233
2,147
6015033.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
8,425
8,148
6015199.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
9,321
8,339
6015329.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
11,420
9,770
6015460.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,609
2,504
6015528.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,571
3,154
6015584.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
2,517
2,414
6015614.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
4,549
4,390
6015695.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
1,695
1,358
6015748.SQ.FTS.B,
Zero
Cpn,
4/21/24
...
3,151
1,792
6015912.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
21,147
20,337
6016109.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
3,825
3,064
6016140.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
5,051
4,860
6016206.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
1,041
985
6016221.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
13,107
12,460
6016340.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
2,256
2,181
6016356.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
937
904
6016423.SQ.FTS.B,
Zero
Cpn,
4/22/24
...
21,241
20,602
6016703.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
15,612
15,129
6016884.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
5,606
5,361
6016939.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
7,133
6,754
6016989.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
5,875
5,591
6017039.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
3,740
3,625
6017086.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
3,598
3,374
6017118.SQ.FTS.B,
Zero
Cpn,
4/23/24
...
20,996
20,024
6017734.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
977
951
6017757.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
4,282
4,056
6017918.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
34,645
30,926
6020717.SQ.FTS.B,
Zero
Cpn,
4/24/24
...
2,857
2,755
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)
6021186.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
$
10,953
$
10,501
6021430.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
16,936
12,158
6022026.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,665
2,574
6022069.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,405
3,330
6022160.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
48,132
45,785
6022999.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,547
1,363
6023032.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
668
647
6023054.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
4,833
4,595
6023184.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
1,290
1,050
6023209.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
19,326
18,546
6023580.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
12,092
11,756
6023754.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,052
1,968
6023794.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
571
557
6023827.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
3,135
2,717
6023884.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,885
5,591
6023977.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
2,082
1,937
6024013.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
15,142
13,819
6024177.SQ.FTS.B,
Zero
Cpn,
4/25/24
...
5,804
5,488
6024243.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,082
1,028
6024287.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,624
1,583
6024354.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
13,543
11,246
6024561.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
10,834
10,164
6024771.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,374
3,140
6024866.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,687
1,422
6024913.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
16,613
15,070
6025607.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
14,542
14,049
6025866.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
15,652
14,970
6026095.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,988
3,876
6026147.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
12,883
12,535
6026339.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
41,363
34,031
6026840.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
3,397
3,267
6026900.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
9,834
9,132
6026984.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,908
1,863
6027029.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
24,175
15,635
6027226.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
1,554
1,438
6027258.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
7,580
7,192
6027379.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,145
2,000
6027430.SQ.FTS.B,
Zero
Cpn,
4/26/24
...
2,164
2,031
6029253.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
5,289
4,977
6029347.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
12,680
11,976
6029555.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
10,062
9,419
6029679.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
8,289
7,680
6029870.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,262
1,195
6029923.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
2,209
2,123
6030101.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,452
1,424
6030234.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
3,070
2,982
6030293.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,628
1,578
6030312.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
27,708
25,397
6031759.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,874
1,216
6031778.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
8,872
8,517
6031987.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,372
1,238
6032019.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
12,340
11,913
6032144.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,296
1,118
6032155.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
20,702
20,005
6032409.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
1,485
1,448
6032462.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
34,643
32,842
6032854.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
13,929
13,275
6032994.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
9,755
9,171
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6033087.SQ.FTS.B,
Zero
Cpn,
4/27/24
...
$
1,199
$
1,171
6033284.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,469
4,211
6033361.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,454
4,281
6033424.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,138
2,091
6033485.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
64,330
61,184
6035066.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
464
446
6035074.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
11,283
10,908
6035348.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
11,310
8,646
6035563.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
488
473
6035583.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
3,468
3,360
6035643.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
2,217
2,150
6035704.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
1,430
1,314
6035709.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
811
794
6035742.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
10,358
9,787
6035865.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
5,337
5,134
6035913.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
16,085
15,510
6036186.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
19,238
17,949
6036579.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,178
3,984
6036662.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
4,279
4,064
6036732.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
6,066
5,814
6036796.SQ.FTS.B,
Zero
Cpn,
4/28/24
...
9,973
9,186
6036971.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
5,159
4,777
6037012.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
1,048
936
6037028.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
1,370
1,322
6037036.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
949
900
6037042.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
1,152
984
6037053.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
2,316
2,204
6037076.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
3,224
3,151
6037143.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
1,899
1,818
6037165.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
7,047
6,750
6037226.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
599
581
6037240.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
4,343
4,140
6037279.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
8,671
7,529
6037362.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
2,023
1,825
6037378.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
812
794
6037394.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
27,031
25,916
6037667.SQ.FTS.B,
Zero
Cpn,
4/29/24
...
5,603
5,323
6037727.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
4,442
4,213
6037756.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
6,106
5,895
6037888.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
7,846
7,511
6037980.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,200
2,001
6038015.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
8,182
7,803
6038088.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
348
340
6038105.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
374
360
6038115.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,183
2,034
6038142.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
17,182
16,301
6038351.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,001
1,523
6038361.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
3,471
3,242
6038624.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
3,795
3,653
6038717.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,528
2,398
6038845.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
3,764
3,598
6039085.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
12,546
11,965
6039429.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
7,203
6,816
6041210.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
2,099
2,030
6041264.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,823
1,781
6041345.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
1,663
1,441
6041418.SQ.FTS.B,
Zero
Cpn,
4/30/24
...
11,678
11,232
6041854.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
20,030
19,167
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)
6042224.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
$
337
$
327
6042233.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
7,527
7,221
6042494.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,373
1,810
6042555.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,541
3,426
6042857.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
7,877
7,531
6043009.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
5,094
4,809
6043250.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,529
1,361
6043290.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
776
714
6043309.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
2,766
2,614
6043373.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
4,700
4,478
6043473.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
19,894
18,956
6043852.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
861
822
6043867.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
16,024
14,900
6044422.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
4,608
4,404
6044487.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
4,082
3,912
6044545.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
3,031
2,881
6044600.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
6,950
6,618
6044668.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,191
1,147
6044705.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
31,545
30,267
6045162.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,534
1,452
6045217.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
1,257
1,218
6045271.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
8,110
7,761
6045565.SQ.FTS.B,
Zero
Cpn,
5/01/24
...
792
763
6045615.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
32,072
29,279
6046146.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
12,944
12,410
6046439.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,022
662
6046449.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
6,889
6,294
6046570.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
1,503
1,447
6046621.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
26,551
25,425
6047066.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,488
3,341
6047282.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
9,711
9,247
6047375.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
4,426
4,038
6047432.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,942
2,755
6047466.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
14,033
13,111
6047650.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
4,995
4,716
6047760.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
792
764
6047772.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
10,476
9,967
6047908.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
11,408
10,863
6048019.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
6,923
6,592
6048065.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
32,669
30,849
6048430.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
3,267
3,038
6048518.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
2,092
1,982
6048738.SQ.FTS.B,
Zero
Cpn,
5/02/24
...
762
731
6050900.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
27,805
26,243
6051255.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
8,434
8,079
6051478.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
799
766
6051494.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
18,152
17,277
6051957.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
3,245
3,084
6052021.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,883
1,812
6052051.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,423
1,354
6052148.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
542
478
6052166.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
11,035
10,538
6052422.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,591
6,226
6052515.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
792
727
6052567.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
18,147
17,336
6052931.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,264
1,209
6052991.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
7,334
6,983
6053077.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
4,328
4,151
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6053179.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
$
2,584
$
2,006
6053228.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,957
1,878
6053297.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
6,127
5,877
6053494.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,281
2,191
6053603.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
12,441
11,083
6053785.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
24
23
6053802.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
8,753
8,139
6053965.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
2,499
2,395
6054028.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
1,236
1,177
6054056.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
9,305
8,702
6054275.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
27,390
26,168
6054598.SQ.FTS.B,
Zero
Cpn,
5/03/24
...
131
128
6054728.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,564
2,393
6054851.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,663
1,581
6054881.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
3,920
3,723
6054966.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
10,104
9,616
6055177.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,364
1,982
6055223.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,201
2,104
6055289.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
5,356
4,986
6055402.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,858
2,672
6055491.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
8,713
8,108
6055712.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
6,465
6,198
6055822.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
7,732
7,349
6055974.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
6,272
5,969
6056074.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
4,911
4,678
6056160.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
4,969
4,729
6056222.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,440
2,339
6056291.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,491
1,395
6056321.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
577
559
6056341.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
3,223
2,917
6056392.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
41,477
39,771
6057100.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
7,428
7,130
6057191.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
3,341
2,829
6057249.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,670
1,587
6057277.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
5,815
5,131
6057349.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
3,994
3,793
6057410.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,500
2,391
6057421.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
9,274
8,828
6057595.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
7,556
7,270
6057823.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
18,586
15,656
6057935.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,746
2,624
6057967.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
402
387
6057976.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
2,763
2,328
6058082.SQ.FTS.B,
Zero
Cpn,
5/04/24
...
1,463
1,398
6058385.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
3,255
3,073
6058413.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
8,649
8,207
6058577.SQ.FTS.B,
Zero
Cpn,
5/05/24
...
25,071
24,073
6059116.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
3,256
2,948
6059182.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
269
261
6059199.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
1,441
1,367
6059272.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
17,910
12,398
6059532.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
3,657
3,449
6059594.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
3,951
3,759
6059695.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
4,002
3,810
6059834.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
1,784
1,724
6059880.SQ.FTS.B,
Zero
Cpn,
5/06/24
...
1,229
1,182
6060104.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
2,693
2,591
6060258.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
344
334
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)
6060282.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
$
3,508
$
3,350
6060482.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
8,799
8,400
6060917.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
5,246
4,758
6061385.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
9,363
8,985
6061646.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,817
1,730
6061696.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
7,626
7,154
6061957.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
5,349
4,977
6062135.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,247
1,196
6062190.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
7,687
6,963
6062279.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
27,375
25,693
6062683.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,074
1,024
6062718.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
731
639
6062754.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,493
1,424
6062790.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
1,291
1,223
6062815.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
13,735
13,143
6063028.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
2,210
2,120
6063087.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
4,715
4,278
6063486.SQ.FTS.B,
Zero
Cpn,
5/07/24
...
735
510
6064125.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
771
745
6064155.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,293
2,948
6064168.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
4,195
3,968
6064190.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,393
1,311
6064207.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
5,006
4,753
6064243.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,249
2,168
6064260.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
18,411
17,616
6064450.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,023
971
6064464.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,001
2,094
6064481.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
36,805
35,062
6064786.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
643
617
6064808.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
29,192
28,174
6065990.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
32,634
31,101
6066533.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
4,470
3,986
6066597.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,128
1,872
6066616.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
16,791
15,757
6066859.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
2,290
2,094
6066945.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
3,301
2,999
6066989.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
1,683
1,528
6067156.SQ.FTS.B,
Zero
Cpn,
5/08/24
...
709
506
6105833.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
664
566
6105846.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,855
1,789
6105858.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
64,250
52,300
6106675.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
1,906
1,846
6106830.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
220
212
6106850.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
679
658
6106878.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
10,031
9,418
6107120.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
8,174
7,066
6107298.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
15,488
14,728
6107606.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
6,016
5,773
6109297.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
11,310
10,856
6111911.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
15,496
14,766
6115735.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
5,723
5,441
6120399.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
29,969
28,688
6120744.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
2,464
2,263
6120787.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
5,624
5,303
6120869.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
6,202
5,836
6120947.SQ.FTS.B,
Zero
Cpn,
5/09/24
...
5,041
4,816
6120978.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,069
1,015
6121001.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
33,489
31,956
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6121348.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
$
41,077
$
39,213
6122243.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
12,936
12,302
6122550.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,341
1,188
6122601.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
3,078
2,930
6122683.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
9,444
6,429
6122851.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
9,522
8,651
6123019.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,648
2,511
6123067.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
884
858
6123094.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,166
2,096
6123136.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
3,170
3,048
6123195.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
25,280
24,302
6123655.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
672
644
6123750.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
2,915
2,743
6123828.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
23,496
22,431
6124061.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
1,289
1,236
6124080.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
10,941
10,210
6124197.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
7,991
6,497
6124341.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
730
647
6124549.SQ.FTS.B,
Zero
Cpn,
5/10/24
...
791
546
6124660.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
7,703
7,356
6124776.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
4,972
4,775
6124929.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
4,030
3,747
6125005.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
11,547
10,979
6125229.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
10,870
10,200
6125399.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
795
765
6125411.SQ.FTS.B,
Zero
Cpn,
5/11/24
...
45,463
38,649
6125976.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
18,456
17,637
6126187.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
2,699
2,516
6126210.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
7,190
6,861
6126292.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
6,736
6,352
6126359.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
15,074
14,462
6126543.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
929
881
6126561.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
3,111
2,959
6126604.SQ.FTS.B,
Zero
Cpn,
5/12/24
...
11,706
10,987
6126757.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
4,447
4,230
6126820.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,586
3,300
6126868.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
12,723
12,101
6127024.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,688
2,575
6127052.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,822
3,250
6127092.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,166
1,694
6127114.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
2,371
2,125
6127148.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
8,340
6,906
6127243.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
1,902
1,828
6127262.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
3,076
2,934
6127369.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
4,256
3,946
6127392.SQ.FTS.B,
Zero
Cpn,
5/13/24
...
4,134
3,970
6131364.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
930
896
6131376.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
9,405
8,551
6131498.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
1,349
1,245
6131511.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
30,031
28,932
6132461.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
741
707
6132479.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
13,536
12,917
6132816.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
3,845
3,615
6132964.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
894
841
6133001.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
663
594
6133021.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,107
3,506
6133073.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
4,252
3,815
6133138.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
45,037
41,815
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)
6133930.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
$
15,995
$
15,309
6134462.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
20,266
19,273
6134627.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
22,234
21,139
6134736.SQ.FTS.B,
Zero
Cpn,
5/15/24
...
19,180
18,179
6134883.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
5,818
5,487
6134946.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
46,168
42,870
6135612.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,323
1,236
6135663.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
6,694
6,382
6135782.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,038
3,865
6135870.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
16,258
14,606
6136040.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,891
2,701
6136089.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,379
1,104
6136118.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,307
3,892
6136162.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,037
2,825
6136274.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,563
2,431
6136319.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
858
821
6136327.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
3,326
3,128
6136392.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
1,210
1,156
6136426.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,898
2,792
6136511.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
11,163
10,021
6136693.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,410
4,120
6136797.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
7,519
7,147
6136859.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
10,839
10,278
6136958.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
6,118
5,394
6137027.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
8,927
8,514
6137120.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
4,949
4,106
6137151.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
2,381
2,279
6137167.SQ.FTS.B,
Zero
Cpn,
5/16/24
...
33,475
32,273
6139568.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
40,902
37,490
6139888.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
9,610
9,172
6139953.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
3,555
3,416
6139985.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
10,019
8,751
6140215.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
4,877
4,560
6140333.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
5,745
5,210
6140501.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,226
1,905
6140560.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
11,632
11,065
6140874.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
16,834
15,284
6141322.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
74,912
70,705
6142675.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
910
881
6142703.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
4,603
4,280
6142867.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
4,585
3,367
6142951.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
4,006
3,849
6143084.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
704
506
6143090.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
5,160
4,807
6143200.SQ.FTS.B,
Zero
Cpn,
5/17/24
...
2,729
2,408
6143325.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
27,151
25,808
6143654.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
68,006
64,921
6145257.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,680
2,292
6145296.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,216
3,056
6145348.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
2,639
2,509
6145383.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
25,311
20,765
6145653.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,575
3,262
6145720.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
5,356
5,118
6145811.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,295
3,133
6145838.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
3,101
2,945
6145899.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
43,210
40,561
6146581.SQ.FTS.B,
Zero
Cpn,
5/18/24
...
5,310
4,561
6146702.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
8,464
8,152
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6146989.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
$
8,764
$
8,312
6147104.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
14,051
13,491
6147397.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
1,165
1,100
6147418.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
3,426
3,289
6147485.SQ.FTS.B,
Zero
Cpn,
5/19/24
...
1,034
931
6147565.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
5,102
4,846
6147651.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
4,199
3,862
6147718.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
4,473
4,115
6147775.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
1,331
1,262
6147817.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
2,144
2,037
6147847.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
7,906
7,426
6147979.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
11,433
10,416
6148142.SQ.FTS.B,
Zero
Cpn,
5/20/24
...
6,303
5,972
6148584.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
465
438
6148665.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,279
1,230
6148772.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,143
1,987
6148877.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,898
4,688
6149141.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,892
1,764
6149233.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,574
1,360
6149268.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,411
2,845
6149355.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,393
3,214
6149472.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,352
2,243
6149531.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,395
1,286
6149564.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
789
756
6149657.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
10,366
9,920
6149923.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
11,864
11,271
6150108.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,878
4,482
6150210.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,700
1,601
6150243.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
4,225
4,014
6150335.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,356
1,289
6150349.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
22,399
21,218
6150763.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,381
2,252
6150794.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
6,570
6,229
6150907.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,092
2,470
6150963.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
24,876
20,821
6151399.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
7,096
6,724
6151488.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,523
1,449
6151521.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
5,304
4,879
6151577.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,732
2,601
6151607.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
3,493
2,894
6151673.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
1,956
1,844
6151719.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
6,834
6,374
6151826.SQ.FTS.B,
Zero
Cpn,
5/21/24
...
2,184
1,969
6152840.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
20,062
19,159
6153013.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,697
1,607
6153029.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
1,318
1,138
6153050.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
8,993
8,198
6153165.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
15,174
11,684
6153395.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,000
3,833
6153479.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
10,914
9,616
6153665.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
3,514
3,348
6153758.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
8,161
7,780
6153874.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
8,873
8,428
6154040.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
3,112
2,966
6154074.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,840
4,565
6154127.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
564
546
6154141.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,920
4,544
6154274.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
470
456
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)
6154285.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
$
621
$
551
6154297.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
22,746
21,726
6154689.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
871
802
6154695.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
904
869
6154706.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,647
2,509
6154765.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
4,968
4,663
6154815.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
30,476
28,961
6155520.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
5,344
5,143
6155623.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
2,822
2,580
6155652.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
5,180
4,924
6155690.SQ.FTS.B,
Zero
Cpn,
5/22/24
...
26,475
25,439
6157439.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,901
2,808
6157480.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
927
874
6157483.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,271
2,160
6157502.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,706
3,395
6157509.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,614
3,452
6157516.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,203
2,988
6157529.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,542
3,399
6157554.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
51,713
48,012
6158238.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,043
2,890
6158308.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,310
3,023
6158368.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,023
979
6158399.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
13,599
12,936
6159378.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,678
3,521
6159444.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,821
2,644
6159498.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
538
372
6159514.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
1,026
982
6159521.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,835
2,284
6159545.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
392
377
6159551.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,214
3,045
6159619.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
3,361
3,112
6159648.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
39,705
37,663
6160108.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
5,447
4,771
6160206.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
4,046
3,842
6160262.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
6,838
6,493
6160357.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
10,631
8,803
6160512.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
2,542
2,288
6160528.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
5,047
3,993
6160578.SQ.FTS.B,
Zero
Cpn,
5/23/24
...
13,177
12,236
6160821.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
6,675
6,353
6160835.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
33,104
31,411
6161028.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
2,481
2,235
6161056.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
11,622
11,162
6161170.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,219
4,028
6161205.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,211
1,142
6161226.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,161
3,966
6161261.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,636
1,330
6161267.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
7,596
7,131
6161315.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,448
4,189
6161341.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
10,704
10,162
6161372.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
1,451
1,396
6161383.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
5,789
5,527
6161422.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,338
4,128
6161456.SQ.FTS.B,
Zero
Cpn,
5/24/24
...
4,389
4,133
6161880.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
617
580
6161898.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,651
1,550
6161937.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
7,278
6,967
6162150.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
8,295
7,880
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6162505.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
$
3,884
$
3,095
6162559.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
30,472
29,095
6163258.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
4,033
3,748
6163373.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
1,362
1,233
6163434.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
6,067
5,608
6163496.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
9,009
8,557
6163693.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
19,554
18,734
6164137.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
9,050
8,595
6164432.SQ.FTS.B,
Zero
Cpn,
5/25/24
...
11,746
11,198
6164819.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,064
1,008
6164840.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
9,893
9,392
6164955.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
902
843
6164962.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,223
2,919
6164977.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
1,832
1,752
6164985.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
5,194
4,945
6165024.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
2,544
2,415
6165053.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
18,462
17,511
6165202.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
5,584
5,237
6165262.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,968
3,744
6165291.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
2,739
2,601
6165311.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
3,301
3,167
6165365.SQ.FTS.B,
Zero
Cpn,
5/26/24
...
16,310
15,409
6165512.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
5,631
5,326
6165563.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
4,025
2,997
6165596.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
10,493
9,961
6165691.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
2,153
1,892
6165709.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,977
1,884
6165725.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
3,485
3,304
6165763.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
12,039
10,835
6165857.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
8,751
8,352
6165926.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,310
1,262
6165941.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
4,348
4,082
6165972.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
4,772
4,400
6166019.SQ.FTS.B,
Zero
Cpn,
5/27/24
...
1,032
989
6166220.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
3,360
3,218
6166298.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
4,234
3,165
6166364.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
8,421
6,741
6168436.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,227
1,179
6168455.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
6,114
5,865
6168570.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
2,691
2,575
6168623.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
5,795
5,468
6168721.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
24,670
22,955
6169262.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
3,881
3,448
6169368.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,176
992
6169427.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
4,501
4,311
6169516.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
4,618
3,743
6169581.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
3,798
3,499
6169645.SQ.FTS.B,
Zero
Cpn,
5/28/24
...
1,345
1,267
6169660.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
68,564
63,749
6171352.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
46,434
44,113
6172108.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
4,133
3,923
6172231.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
417
402
6172240.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
51,751
49,284
6172956.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
5,119
4,897
6173067.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
2,105
2,020
6173073.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
4,391
4,120
6173109.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
7,332
6,693
6173156.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
12,309
11,681
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)
6173327.SQ.FTS.B,
Zero
Cpn,
5/29/24
...
$
2,785
$
2,644
6173460.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,625
2,535
6173601.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,707
3,532
6173637.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,612
2,467
6173684.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,925
3,734
6173754.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
10,152
7,375
6173929.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,191
2,071
6173965.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
18,083
16,060
6174420.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,735
2,589
6174487.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,737
2,566
6174539.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
844
815
6174582.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
8,549
8,112
6174692.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
5,809
5,609
6174844.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
3,620
3,426
6174898.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
17,754
16,844
6175114.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
23,197
22,095
6175425.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
53,341
45,039
6176018.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
8,256
7,820
6176235.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
17,926
17,049
6176447.SQ.FTS.B,
Zero
Cpn,
5/30/24
...
2,803
2,670
6178375.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
1,657
1,505
6178405.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
6,042
5,752
6178453.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
13,500
12,807
6178565.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
6,805
6,462
6178645.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
2,865
2,720
6178707.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
88,647
83,006
6180683.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
6,663
5,032
6180787.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
12,551
11,287
6180901.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
38,528
36,736
6181417.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
4,857
4,657
6181494.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
19,622
18,688
6181714.SQ.FTS.B,
Zero
Cpn,
6/01/24
...
15,644
14,414
6181976.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
57,238
54,353
6183302.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
10,304
9,816
6183579.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
19,015
18,009
6183917.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
4,245
3,875
6184005.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
11,260
10,580
6184265.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
47,570
42,797
6185186.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,221
2,088
6185210.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
2,318
2,198
6185229.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
22,875
21,491
6185582.SQ.FTS.B,
Zero
Cpn,
6/02/24
...
14,174
13,572
6185725.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
2,573
2,186
6185770.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
2,564
1,975
6185794.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
8,700
8,154
6185869.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
5,234
4,984
6185954.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
1,972
1,500
6185985.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
7,876
7,424
6186115.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
9,298
8,795
6186321.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
3,431
3,239
6186378.SQ.FTS.B,
Zero
Cpn,
6/03/24
...
9,320
8,937
6186550.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
3,362
3,193
6186612.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
9,072
8,666
6186758.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
2,072
1,966
6186788.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
21,104
20,128
6187158.SQ.FTS.B,
Zero
Cpn,
6/04/24
...
22,219
21,070
6187852.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
7,903
7,627
6188786.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
7,888
7,480
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6188953.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
$
16,318
$
15,595
6189395.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
14,857
13,965
6189719.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
5,721
5,424
6189839.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
3,935
3,734
6190062.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,423
1,351
6190072.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
21,206
20,445
6190832.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
4,248
4,069
6190940.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
1,536
1,464
6190982.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
5,173
4,732
6191028.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
526
510
6191057.SQ.FTS.B,
Zero
Cpn,
6/05/24
...
6,857
6,567
6191154.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
6,088
4,680
6191277.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
604
558
6191285.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
21,964
20,680
6191735.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,873
3,163
6191797.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,804
5,485
6191951.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,559
1,494
6192002.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,386
2,264
6192070.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,795
2,675
6192174.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
10,154
9,675
6192520.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
479
464
6192534.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
10,082
9,455
6192725.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,514
3,300
6192760.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
7,323
6,210
6192862.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,884
3,716
6193270.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,398
1,163
6193307.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
4,309
4,062
6193423.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,910
5,638
6193526.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
683
642
6193538.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,387
5,092
6193629.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,609
1,482
6193647.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
2,998
2,744
6193677.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,412
5,153
6193800.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,504
5,218
6193879.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
9,230
8,795
6194036.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
1,284
1,231
6194057.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
3,288
3,020
6194077.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
4,167
4,019
6194207.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
8,315
7,948
6194618.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
5,057
4,778
6194691.SQ.FTS.B,
Zero
Cpn,
6/06/24
...
40,053
37,347
6195071.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
11,219
10,637
6195293.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,128
1,077
6195323.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
8,165
7,653
6195452.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
17,404
16,721
6195777.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
1,013
973
6195812.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,487
2,357
6195876.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
11,636
10,981
6196197.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,023
4,728
6196365.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
3,849
3,649
6196456.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
5,260
4,985
6196549.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
4,877
4,645
6196597.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
3,331
3,159
6196636.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
2,859
2,710
6196677.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
13,215
12,597
6197025.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
4,680
4,304
6197562.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
27,775
25,947
6199979.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
56,218
53,343
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)
6200852.SQ.FTS.B,
Zero
Cpn,
6/07/24
...
$
29,522
$
28,244
6202760.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
8,795
8,413
6202931.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
5,948
5,658
6203099.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
495
465
6203127.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
3,858
3,687
6203144.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
71,336
67,609
6204172.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
1,342
1,279
6204242.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,736
2,584
6204308.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
36,987
34,421
6205057.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
14,010
13,217
6205354.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
3,519
3,317
6205470.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,535
2,449
6205579.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
995
921
6205611.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
10,942
9,707
6205829.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
3,069
2,840
6205895.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
2,589
2,440
6205971.SQ.FTS.B,
Zero
Cpn,
6/08/24
...
23,920
22,647
6206435.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,164
2,051
6206517.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
7,883
7,476
6206619.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,475
2,238
6206644.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
20,209
18,591
6207018.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
789
592
6207030.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
2,419
2,323
6207105.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
15,033
14,036
6207454.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
8,303
7,933
6207705.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
9,270
8,653
6207951.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
5,104
4,841
6208046.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
8,741
7,904
6208225.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
12,336
11,630
6208463.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
17,135
16,320
6208768.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
16,350
15,425
6208885.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
19,986
19,055
6209210.SQ.FTS.B,
Zero
Cpn,
6/09/24
...
36,101
34,062
6209706.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
4,977
4,735
6209774.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
404
390
6209790.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
4,383
4,160
6209843.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
17,837
16,897
6210087.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
11,408
10,809
6210274.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
5,967
5,640
6210392.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
903
844
6210405.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
4,401
3,770
6210480.SQ.FTS.B,
Zero
Cpn,
6/10/24
...
11,337
10,748
6210682.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
25,381
23,458
6211130.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
3,896
3,651
6211187.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
444
430
6211202.SQ.FTS.B,
Zero
Cpn,
6/11/24
...
5,209
4,938
6211496.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,006
2,761
6211615.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,925
1,835
6211694.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
4,411
3,985
6211842.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,830
1,728
6211918.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,499
2,398
6212043.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
9,417
8,922
6212456.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
25,819
24,460
6213129.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
54,567
51,720
6214121.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
938
901
6214143.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
14,672
13,860
6214444.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
2,830
2,676
6214513.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,852
3,647
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6214578.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
$
7,047
$
6,687
6214675.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
1,669
1,582
6214705.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
3,452
3,299
6214814.SQ.FTS.B,
Zero
Cpn,
6/12/24
...
23,626
22,402
6214896.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,335
1,283
6214933.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
9,045
8,569
6215012.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
982
947
6215026.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
29,423
28,028
6215557.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,340
3,004
6215598.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
12,807
12,084
6215943.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,036
977
6215963.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
38,559
36,392
6216680.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
27,963
25,964
6217119.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,380
4,159
6217191.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
9,833
9,333
6217289.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
2,087
1,981
6217315.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
995
933
6217318.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
7,581
7,142
6217413.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
4,158
3,939
6217518.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
3,533
3,343
6217563.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
1,592
1,531
6217601.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
6,155
5,898
6217699.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
16,830
15,962
6217830.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
12,722
12,056
6217917.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
8,968
8,386
6217998.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
9,948
9,387
6218151.SQ.FTS.B,
Zero
Cpn,
6/13/24
...
6,321
5,988
6218171.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,030
2,875
6218284.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
37,828
35,868
6219073.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,577
1,191
6219108.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
9,498
8,996
6219688.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
5,423
5,120
6219827.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,503
2,319
6219911.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,720
2,956
6219992.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
8,468
7,554
6220140.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,453
2,337
6220212.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
11,703
11,130
6220404.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
19,805
18,251
6220586.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
3,978
3,656
6220625.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
13,166
12,257
6220811.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
1,919
1,815
6220837.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
16,766
15,377
6220966.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
7,351
6,858
6221138.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
2,878
2,728
6221164.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
15,171
14,197
6221348.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
4,911
4,637
6221384.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
9,193
8,436
6221527.SQ.FTS.B,
Zero
Cpn,
6/14/24
...
44,678
40,985
6223652.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
77,359
73,217
6225507.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
15,252
13,400
6225966.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
8,066
7,638
6226091.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
12,967
12,007
6226298.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
995
943
6226309.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
8,312
6,607
6226444.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
16,283
15,101
6226645.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
6,674
5,315
6226763.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
3,797
3,525
6226828.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
1,102
1,064
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)
6226903.SQ.FTS.B,
Zero
Cpn,
6/15/24
...
$
12,290
$
11,647
6226984.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
574
456
6227044.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
9,112
8,659
6227194.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,521
2,176
6227245.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
8,493
8,109
6227541.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,970
1,843
6227644.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
28,086
26,397
6228193.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
6,944
6,574
6228350.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
15,206
14,399
6228782.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,689
1,334
6228820.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,851
1,676
6228865.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
1,650
1,458
6228958.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
2,120
2,018
6229024.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
3,748
3,440
6229084.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
10,868
10,005
6229186.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
9,835
9,297
6229407.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
6,537
6,212
6231111.SQ.FTS.B,
Zero
Cpn,
6/16/24
...
46,269
44,175
6234968.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
1,725
1,567
6235012.SQ.FTS.B,
Zero
Cpn,
6/17/24
...
96,272
89,923
6236051.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
12,098
11,621
6236255.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
4,728
4,541
6236306.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
7,312
5,678
6236373.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
4,116
3,906
6236438.SQ.FTS.B,
Zero
Cpn,
6/18/24
...
30,604
28,970
6237088.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
2,949
2,755
6237213.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,384
1,114
6237296.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
5,377
5,090
6237489.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
687
644
6237512.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
8,124
7,662
6237776.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
19,060
17,826
6238251.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,624
3,475
6238378.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
5,029
4,778
6238498.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,390
1,212
6238527.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
4,581
4,188
6238632.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
1,806
1,687
6238676.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
5,164
4,890
6238787.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
6,581
6,028
6238959.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
4,092
3,876
6239050.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
3,063
2,921
6239112.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
35,836
34,129
6239801.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
9,072
8,384
6239995.SQ.FTS.B,
Zero
Cpn,
6/19/24
...
15,050
14,301
6240213.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,160
2,931
6240292.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,733
3,533
6240356.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
19,207
18,152
6240853.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
10,281
9,731
6240961.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
2,548
2,117
6241005.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
11,973
11,332
6241195.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
4,832
4,574
6241314.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
5,005
4,755
6241432.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
945
890
6241476.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
16,787
15,874
6241806.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,912
3,707
6241869.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
14,681
14,004
6242060.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
10,708
9,869
6242172.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
3,635
3,319
6242230.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
33,164
31,501
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6242670.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
$
13,265
$
12,420
6242833.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
29,209
27,898
6243283.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
12,137
11,333
6243468.SQ.FTS.B,
Zero
Cpn,
6/20/24
...
21,718
20,178
6243694.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
5,362
5,093
6243792.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
9,729
9,027
6243926.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
737
686
6243931.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
26,055
24,787
6244281.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
5,707
4,636
6244407.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
7,780
7,319
6244606.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,213
7,780
6244739.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,219
1,167
6244775.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,631
1,549
6244814.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
984
929
6244837.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
399
383
6244841.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,884
1,765
6244872.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,429
1,312
6244895.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
18,018
17,266
6245219.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
9,462
8,955
6245345.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
1,369
1,281
6245369.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
13,608
13,021
6245571.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
2,354
2,175
6245597.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
11,178
10,491
6245714.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
3,193
3,044
6245757.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
52,785
50,092
6246257.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
3,247
3,111
6246312.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
8,441
7,989
6246365.SQ.FTS.B,
Zero
Cpn,
6/21/24
...
6,856
6,524
6248726.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,288
2,161
6248775.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
4,827
4,548
6248816.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
3,027
2,850
6248830.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
61,851
58,368
6250033.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
5,337
5,064
6250146.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
10,689
9,953
6250342.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
25,082
23,857
6250766.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,654
1,450
6250796.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
15,629
14,506
6250933.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,228
1,949
6250981.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
3,849
3,606
6251064.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
2,272
2,162
6251101.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
20,403
19,168
6251476.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
1,473
1,380
6251513.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
4,756
4,517
6251633.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
6,987
6,608
6251727.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
741
604
6251740.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
27,249
24,440
6252082.SQ.FTS.B,
Zero
Cpn,
6/22/24
...
13,322
12,601
6252196.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
5,481
5,275
6252445.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
2,754
2,612
6252494.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
19,513
17,280
6252766.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
21,607
20,505
6253152.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,862
1,762
6253192.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
5,738
5,427
6253296.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
8,701
7,575
6253430.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
3,957
3,743
6253492.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
18,624
17,614
6253757.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
3,888
3,678
6253824.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
1,215
1,155
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)
6253848.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
$
3,609
$
3,404
6253936.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
6,758
6,392
6254110.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
9,190
8,682
6254182.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
2,637
2,479
6254212.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
13,002
12,298
6254345.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
995
924
6254361.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
6,215
5,412
6254473.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
15,077
13,152
6254764.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
6,168
4,984
6254841.SQ.FTS.B,
Zero
Cpn,
6/23/24
...
10,762
9,962
6255004.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
11,262
10,459
6255132.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
9,018
8,528
6255243.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
26,204
24,655
6255517.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
532
508
6255520.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
1,356
1,138
6255529.SQ.FTS.B,
Zero
Cpn,
6/24/24
...
13,565
12,517
6255653.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
4,854
4,490
6255695.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
2,204
2,098
6255731.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
1,763
1,625
6255758.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
1,102
1,031
6255773.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
2,885
2,738
6255809.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
5,277
5,038
6255897.SQ.FTS.B,
Zero
Cpn,
6/25/24
...
26,047
24,590
6256138.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
2,048
1,886
6256156.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,918
3,656
6256200.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,852
1,735
6256223.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
1,344
1,258
6256235.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
2,055
1,947
6256255.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
21,383
20,404
6256477.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,955
3,725
6256501.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
9,345
8,903
6256584.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,776
3,571
6256624.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
15,275
13,870
6256788.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
3,967
3,752
6256834.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
6,351
6,036
6256896.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
6,860
6,488
6256974.SQ.FTS.B,
Zero
Cpn,
6/26/24
...
7,162
6,696
6257199.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
5,191
4,910
6257332.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
7,261
6,720
6257669.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
5,352
5,090
6257767.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
1,596
1,513
6257786.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
16,323
15,493
6258064.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
26,553
25,202
6258403.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
23,339
22,074
6258694.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
6,223
5,917
6258789.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
53,664
50,173
6259376.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
14,309
13,531
6259560.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,053
1,768
6259575.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
9,412
8,748
6259695.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,503
2,044
6259746.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
6,469
6,117
6259847.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
6,704
6,363
6259881.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
2,008
1,881
6259900.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
1,387
1,312
6259920.SQ.FTS.B,
Zero
Cpn,
6/27/24
...
10,002
8,195
6260137.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
49,670
46,273
6260669.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
3,047
2,809
6260717.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
26,093
24,345
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6261141.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
$
3,555
$
3,327
6261171.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
11,750
10,930
6261328.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
777
712
6261336.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
3,380
3,082
6261390.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
16,792
15,610
6261598.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
7,977
7,488
6261647.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
6,302
5,898
6261675.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
9,607
9,027
6261777.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
16,997
15,960
6261909.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
13,509
12,592
6262015.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
2,635
2,460
6262066.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,587
1,463
6262078.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
7,568
7,109
6262158.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
979
914
6262166.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
3,146
2,923
6262199.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
5,130
4,760
6262242.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
35,412
32,942
6262492.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
1,698
1,575
6262512.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
3,361
3,126
6262536.SQ.FTS.B,
Zero
Cpn,
6/28/24
...
10,991
10,215
6265084.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
1,942
1,787
6265132.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
5,560
5,220
6265153.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
36,910
34,358
6265569.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
8,711
8,160
6265760.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
1,522
1,399
6265782.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
23,672
21,845
6266234.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
6,408
6,018
6266342.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,058
1,893
6266370.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
46,009
42,776
6267114.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,818
2,597
6267186.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
2,890
2,669
6267328.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
9,117
8,424
6267443.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
1,483
1,369
6267469.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
8,593
7,953
6267553.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
12,230
11,329
6267813.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
906
845
6267832.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
23,204
21,404
6268081.SQ.FTS.B,
Zero
Cpn,
6/29/24
...
10,570
9,840
6268134.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
6,095
5,602
6268240.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,339
2,150
6268300.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,949
2,737
6268406.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
23,179
21,694
6269030.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
20,242
19,005
6269394.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,103
1,975
6269455.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
13,853
12,900
6269774.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,085
2,858
6269850.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
12,800
11,869
6270020.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
1,057
969
6270053.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,245
3,021
6270136.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
3,144
2,952
6270218.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
14,166
13,199
6270505.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
5,040
4,732
6270667.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
4,326
3,981
6270711.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
10,001
9,389
6270801.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
2,543
2,380
6270838.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
10,370
9,707
6270955.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
7,120
6,684
6271009.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
22,168
20,811
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)
Block,
Inc.
(continued)
6271231.SQ.FTS.B,
Zero
Cpn,
6/30/24
...
$
3,692
$
3,466
6271272.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
2,222
2,045
6271294.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
9,336
8,738
6271397.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
12,253
11,434
6271508.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
11,838
11,117
6271603.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
9,613
8,997
6271702.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
704
657
6271708.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
6,399
6,008
6271773.SQ.FTS.B,
Zero
Cpn,
7/01/24
...
10,771
10,029
6271885.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
18,730
17,313
6272087.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
5,115
4,751
6272123.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
6,317
5,930
6272161.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,157
1,916
6272188.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
8,253
7,593
6272266.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
9,444
8,868
6272326.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,535
2,372
6272333.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
2,281
2,079
6272352.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
3,175
2,860
6272382.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
23,597
22,090
6272597.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
4,196
3,867
6272635.SQ.FTS.B,
Zero
Cpn,
7/02/24
...
14,435
13,485
6272996.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
5,882
5,426
6273170.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
12,290
11,356
6273534.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
5,687
5,341
6273667.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,785
2,607
6273717.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
3,155
2,961
6273758.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
5,238
4,829
6273863.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,339
2,170
6273891.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
2,127
1,997
6273945.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
42,263
39,675
6274482.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
3,228
2,984
6274513.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
39,316
36,788
6275023.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
12,030
11,130
6275203.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
8,526
7,939
6275326.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
3,564
3,251
6275411.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
10,549
9,903
6275549.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
11,098
10,287
6275684.SQ.FTS.B,
Zero
Cpn,
7/03/24
...
10,399
9,760
6275861.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
831
766
6275905.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,305
1,208
6275931.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
38,541
35,367
6276698.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,822
1,679
6276755.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
16,820
15,794
6277033.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
7,441
6,915
6277121.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
6,874
6,371
6277228.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
29,169
27,285
6277663.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
15,092
14,171
6277813.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
6,615
6,171
6277889.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,357
5,000
6277934.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
3,150
2,913
6277968.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,460
2,269
6278016.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
5,147
4,738
6278092.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,927
2,686
6278139.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
2,703
2,497
6278170.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,207
1,128
6278193.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
4,758
4,448
6278242.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
1,275
1,155
6278273.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
26,697
24,853
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6278630.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
$
4,898
$
4,534
6278671.SQ.FTS.B,
Zero
Cpn,
7/04/24
...
10,814
10,154
6279873.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
42,585
39,836
6280292.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
4,634
4,350
6280368.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
7,427
6,947
6280514.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
14,440
13,470
6280839.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
11,737
11,014
6281030.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
30,077
28,067
6281350.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
3,677
3,429
6281432.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
49,006
45,712
6282043.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
2,660
2,469
6282063.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
16,074
14,915
6282214.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
1,197
1,108
6282223.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
12,831
11,818
6282524.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
896
821
6282550.SQ.FTS.B,
Zero
Cpn,
7/05/24
...
60,847
56,737
6282812.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
50,426
47,023
6283397.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
10,849
10,041
6283581.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,653
2,443
6283635.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
6,083
5,607
6283883.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,967
2,768
6283945.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
17,184
15,839
6284278.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,507
2,297
6284317.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,001
918
6284320.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
9,466
8,825
6284429.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,119
1,030
6284447.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
7,461
7,000
6284632.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
5,135
4,790
6284726.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
10,681
9,990
6284849.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
9,015
8,146
6285079.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
1,331
1,228
6285105.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
3,080
2,856
6285167.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
3,022
2,798
6285215.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
953
877
6285239.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
2,569
2,372
6285291.SQ.FTS.B,
Zero
Cpn,
7/06/24
...
61,114
56,988
6285821.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
2,621
2,418
6285853.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
2,136
1,992
6285867.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
6,415
6,003
6285926.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
3,136
2,880
6285959.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
12,965
11,981
6286097.SQ.FTS.B,
Zero
Cpn,
7/07/24
...
40,971
38,433
6286538.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
5,521
5,089
6286608.SQ.FTS.B,
Zero
Cpn,
7/08/24
...
5,913
5,546
6286796.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,460
1,346
6286908.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
29,065
26,984
6287694.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
923
850
6287715.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
3,015
2,830
6287775.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
11,285
10,394
6287996.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
1,145
1,055
6288006.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
6,403
5,932
6288150.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
7,649
7,181
6288241.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
21,458
20,127
6288517.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
67,263
62,900
6289281.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
8,295
7,742
6289411.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
468
391
6289424.SQ.FTS.B,
Zero
Cpn,
7/09/24
...
5,924
5,458
6289499.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
15,814
14,686
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)
Block,
Inc.
(continued)
6289694.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
$
7,099
$
6,517
6289833.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
6,412
5,979
6289900.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
9,047
8,379
6289966.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
4,255
3,949
6290034.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
21,726
20,375
6290489.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
4,328
4,010
6290563.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
1,309
1,186
6290604.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
9,758
9,094
6290763.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,073
2,855
6290794.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,223
3,023
6290824.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
4,152
3,847
6290891.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
27,346
25,340
6291150.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
6,267
5,739
6291208.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
3,409
3,173
6291272.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
46,788
43,332
6291873.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
9,680
8,878
6291994.SQ.FTS.B,
Zero
Cpn,
7/10/24
...
29,304
27,315
6292289.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
9,754
9,153
6292497.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
9,157
8,389
6292593.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
1,108
1,015
6292603.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
3,969
3,703
6292704.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
12,114
11,143
6292949.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
29,479
27,479
6293420.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
10,310
9,642
6293502.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
8,771
8,229
6293593.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
3,556
3,305
6293614.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,639
2,428
6293658.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,360
2,214
6293704.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
5,221
4,811
6293819.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
2,088
1,947
6293855.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
18,670
17,212
6294033.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
3,271
3,050
6294090.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
7,030
6,595
6294205.SQ.FTS.B,
Zero
Cpn,
7/11/24
...
102,694
96,334
6297784.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
5,535
5,175
6297927.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
1,468
1,351
6297972.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
24,863
23,081
6298559.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
2,217
2,079
6298642.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
4,881
4,577
6298830.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
14,034
13,045
6299236.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
35,018
32,734
6300002.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
8,106
7,460
6300214.SQ.FTS.B,
Zero
Cpn,
7/12/24
...
15,466
14,452
6300599.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
8,625
8,004
6300866.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,071
982
6300875.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
6,501
6,094
6300972.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
10,721
10,051
6301185.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,384
3,115
6301259.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
16,343
15,322
6301612.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
5,947
5,576
6301755.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,793
2,604
6301825.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,175
2,001
6301864.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,718
2,506
6301915.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
23,584
21,940
6302444.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
4,274
3,962
6302603.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,596
1,468
6302633.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
2,768
2,551
6302668.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
3,794
3,509
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6302736.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
$
1,804
$
1,659
6302778.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
1,101
1,020
6302813.SQ.FTS.B,
Zero
Cpn,
7/13/24
...
58,253
54,462
6303283.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
16,062
15,060
6303430.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
18,515
17,356
6303610.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
24,272
22,490
6303782.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
2,202
2,064
6303800.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
1,369
1,262
6303814.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
11,741
10,842
6303891.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
42,085
39,233
6304143.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
10,050
9,285
6304223.SQ.FTS.B,
Zero
Cpn,
7/14/24
...
28,491
26,630
6304458.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
1,253
1,155
6304471.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
11,487
10,666
6304611.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
5,489
5,146
6304673.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
1,599
1,480
6304681.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
13,101
12,282
6304835.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
7,698
7,173
6304920.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
607
560
6304928.SQ.FTS.B,
Zero
Cpn,
7/15/24
...
22,390
20,740
6305170.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
23,752
22,132
6305378.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,172
2,029
6305404.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
9,529
8,816
6305487.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
5,482
5,139
6305535.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
11,846
11,109
6305636.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
4,619
4,303
6305688.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,216
2,050
6305705.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
4,952
4,643
6305764.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,169
1,079
6305775.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
1,248
1,154
6305783.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
2,805
2,594
6305819.SQ.FTS.B,
Zero
Cpn,
7/16/24
...
3,248
2,998
6305913.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,636
1,512
6305941.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
7,433
6,844
6306092.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,137
3,803
6306159.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
3,608
3,348
6306239.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
8,306
7,718
6306504.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
8,802
8,152
6306635.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
10,192
9,556
6306842.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,215
2,056
6306881.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,876
4,571
6306980.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,339
1,234
6306996.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
4,539
4,215
6307092.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,048
964
6307110.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
14,411
13,511
6307502.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
5,361
4,960
6307582.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
10,864
10,095
6307749.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
850
781
6307760.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
1,801
1,674
6307782.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
6,621
6,144
6307842.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
11,976
11,193
6308012.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
2,894
2,667
6308054.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
9,579
8,846
6308203.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
10,269
9,439
6308340.SQ.FTS.B,
Zero
Cpn,
7/17/24
...
107,518
99,958
6308509.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,158
1,068
6308551.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
28,257
26,153
6308998.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
9,021
8,457
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)
Block,
Inc.
(continued)
6309341.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
$
2,502
$
2,297
6309408.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
32,996
30,931
6310079.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,087
1,002
6310094.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
12,785
11,912
6310353.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
10,574
9,735
6310448.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,370
3,111
6310487.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
1,744
1,604
6310540.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
55,583
52,113
6311098.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,699
3,427
6311127.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
3,213
3,002
6311146.SQ.FTS.B,
Zero
Cpn,
7/18/24
...
39,341
36,758
6313200.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
6,733
6,247
6313293.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
71,913
66,990
6314763.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
3,436
3,197
6314821.SQ.FTS.B,
Zero
Cpn,
7/19/24
...
60,686
56,876
6316200.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
23,630
21,959
6316752.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
545
507
6316783.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
7,963
7,351
6316975.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
1,256
1,157
6317001.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
6,376
5,900
6317322.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
5,025
4,611
6317457.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
7,822
7,235
6317738.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
15,609
14,627
6318043.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
4,043
3,719
6318142.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
6,714
6,253
6318268.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
9,176
8,490
6318395.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
10,724
9,932
6318502.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
5,809
5,444
6318573.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
10,284
9,525
6318821.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
4,035
3,711
6318905.SQ.FTS.B,
Zero
Cpn,
7/20/24
...
10,599
9,932
6318979.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
915
852
6319003.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
1,532
1,417
6319018.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
4,691
4,369
6319056.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
49,583
46,309
6319481.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
13,306
12,211
6319578.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
21,816
20,368
6319765.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
3,520
3,298
6319792.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
7,000
6,459
6319854.SQ.FTS.B,
Zero
Cpn,
7/21/24
...
95,690
88,281
6321267.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
11,317
10,604
6321602.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,210
1,117
6321629.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,644
2,437
6321682.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,866
1,727
6321736.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,758
4,387
6321837.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
15,817
14,645
6322322.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,647
2,480
6323554.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
9,649
9,013
6328683.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
3,370
3,142
6329781.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,421
4,142
6331375.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
11,477
10,645
6335162.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,356
1,249
6335990.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
4,522
4,213
6337721.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
11,985
11,071
6341104.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,690
1,579
6341647.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,805
2,592
6343346.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
22,981
21,279
6350485.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
1,113
1,039
Description
Principal
Amount
Value
Block,
Inc.
(continued)
6350994.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
$
4,784
$
4,456
6351277.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
8,655
8,110
6351343.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
12,688
11,726
6351498.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,475
2,282
6351545.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
2,205
2,027
6351585.SQ.FTS.B,
Zero
Cpn,
7/23/24
...
67,161
62,938
6351823.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
4,040
3,760
6351887.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
8,181
7,601
6351943.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
7,558
6,973
6351975.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
4,749
4,392
6352016.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,940
3,692
6352107.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
11,883
11,099
6352272.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
12,782
11,806
6352630.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
19,128
17,811
6352939.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
1,073
998
6352949.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
1,553
1,428
6352972.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
6,736
6,292
6353059.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
12,645
11,673
6353258.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
11,250
10,433
6353401.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
13,555
12,570
6353581.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
3,872
3,597
6353625.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
58,606
54,740
6354516.SQ.FTS.B,
Zero
Cpn,
7/24/24
...
28,491
26,529
6354871.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
39,460
36,657
6355174.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
97,421
90,700
6356992.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
4,449
4,151
6357104.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
2,779
2,566
6357160.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
20,376
19,091
6357410.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
6,712
6,289
6357495.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
664
618
6357497.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
4,821
4,502
6357583.SQ.FTS.B,
Zero
Cpn,
7/25/24
...
6,002
5,566
6359299.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
3,455
3,180
6359450.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,817
1,675
6359468.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,092
1,007
6359481.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
10,478
9,657
6359616.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
4,154
3,823
6359718.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
4,256
3,986
6359790.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
5,678
5,301
6359887.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
9,879
9,223
6360221.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,691
1,558
6360299.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,441
2,248
6360376.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,913
1,770
6360466.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,829
2,622
6360537.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
2,181
2,016
6360641.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
3,485
3,212
6360757.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
659
615
6360785.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
100,930
94,229
6362421.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
1,181
1,102
6362429.SQ.FTS.B,
Zero
Cpn,
7/26/24
...
29,554
27,353
28,857,971
Freedom
Financial
Asset
Management
LLC
APP-11690146.FP.FTS.B,
5.99%,
12/01/23
3,522
3,547
APP-11695207.FP.FTS.B,
15.49%,
12/12/23
5,650
5,693
APP-11798810.FP.FTS.B,
5.99%,
1/21/24
.
1,795
1,804
APP-11878331.FP.FTS.B,
5.99%,
1/22/24
.
6,174
6,238
APP-12050449.FP.FTS.B,
5.99%,
1/22/24
.
3,903
3,940
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11694096.FP.FTS.B,
5.99%,
1/30/24
.
$
3,880
$
3,923
APP-11723164.FP.FTS.B,
17.99%,
2/01/24
2,084
2,082
APP-11550730.FP.FTS.B,
23.99%,
2/03/24
5,773
5,852
APP-11695208.FP.FTS.B,
5.99%,
2/04/24
.
3,962
3,996
APP-12436440.FP.FTS.B,
18.99%,
2/09/24
4,704
4,742
APP-12150591.FP.FTS.B,
5.99%,
2/28/24
.
4,392
4,436
APP-12139572.FP.FTS.B,
5.99%,
3/01/24
.
5,854
5,906
APP-12139722.FP.FTS.B,
5.99%,
3/02/24
.
6,154
6,209
APP-12050193.FP.FTS.B,
5.99%,
3/06/24
.
6,456
6,518
APP-12210758.FP.FTS.B,
22.49%,
3/15/24
10,061
10,132
APP-12412711.FP.FTS.B,
5.99%,
3/16/24
.
6,365
6,432
APP-12460422.FP.FTS.B,
16.99%,
3/25/24
5,030
5,097
APP-14865243.FP.FTS.B,
5.99%,
6/10/24
.
6,930
7,001
APP-17433587.FP.FTS.B,
5.99%,
8/12/24
.
7,973
8,075
APP-10161712.FP.FTS.B,
23.99%,
8/15/24
3,909
3,850
APP-16681389.FP.FTS.B,
5.99%,
9/01/24
.
5,673
5,735
APP-16681827.FP.FTS.B,
5.99%,
9/01/24
.
8,014
8,108
APP-16688861.FP.FTS.B,
5.99%,
9/01/24
.
8,624
8,726
APP-16667764.FP.FTS.B,
5.99%,
9/10/24
.
8,029
8,139
APP-16650407.FP.FTS.B,
5.99%,
9/13/24
.
4,017
4,072
APP-17479345.FP.FTS.B,
5.99%,
9/13/24
.
4,216
4,273
APP-17493062.FP.FTS.B,
5.99%,
9/13/24
.
7,522
7,616
APP-17474545.FP.FTS.B,
16.49%,
9/13/24
6,315
616
APP-17508043.FP.FTS.B,
17.49%,
9/13/24
9,051
9,110
APP-16660226.FP.FTS.B,
5.99%,
9/14/24
.
8,621
8,742
APP-16682744.FP.FTS.B,
11.24%,
9/14/24
17,090
17,347
APP-16652913.FP.FTS.B,
16.24%,
9/14/24
32,944
33,321
APP-17325113.FP.FTS.B,
17.49%,
9/14/24
8,219
8,300
APP-17485719.FP.FTS.B,
5.99%,
9/15/24
.
7,214
7,314
APP-16473194.FP.FTS.B,
10.74%,
9/18/24
11,732
11,916
APP-17492345.FP.FTS.B,
5.99%,
9/19/24
.
8,544
8,664
APP-16335567.FP.FTS.B,
5.99%,
9/24/24
.
11,548
1,486
APP-17451429.FP.FTS.B,
5.99%,
9/24/24
.
8,862
8,993
APP-16336846.FP.FTS.B,
14.24%,
9/24/24
15,656
15,894
APP-17490514.FP.FTS.B,
5.99%,
9/27/24
.
5,920
6,013
APP-10876917.FP.FTS.B,
23.99%,
10/19/24
..........................
6,348
6,259
APP-10901539.FP.FTS.B,
15.49%,
11/27/24
20,190
20,341
APP-10784743.FP.FTS.B,
23.99%,
11/28/24
9,909
9,869
APP-11694740.FP.FTS.B,
7.49%,
12/15/24
14,205
14,328
APP-11595022.FP.FTS.B,
8.49%,
12/16/24
12,634
12,753
APP-11694411.FP.FTS.B,
13.99%,
12/21/24
12,498
12,616
APP-11731526.FP.FTS.B,
16.49%,
12/21/24
9,156
9,195
APP-11694509.FP.FTS.B,
9.74%,
12/22/24
10,238
10,324
APP-11736995.FP.FTS.B,
17.99%,
12/22/24
7,292
7,319
APP-11695015.FP.FTS.B,
18.49%,
12/22/24
25,014
25,021
APP-11395504.FP.FTS.B,
25.49%,
1/08/25
8,590
896
APP-12144621.FP.FTS.B,
25.49%,
1/21/25
7,435
7,357
APP-11798754.FP.FTS.B,
6.99%,
1/22/25
.
20,690
20,909
APP-12148090.FP.FTS.B,
9.74%,
1/22/25
.
12,560
12,689
APP-12167100.FP.FTS.B,
17.99%,
1/22/25
7,663
4,365
APP-12173761.FP.FTS.B,
25.49%,
1/22/25
6,699
6,634
APP-12185700.FP.FTS.B,
9.74%,
1/23/25
.
9,687
9,789
APP-12164966.FP.FTS.B,
11.74%,
1/23/25
14,783
14,926
APP-12179908.FP.FTS.B,
18.99%,
1/23/25
7,257
7,274
APP-12087415.FP.FTS.B,
12.99%,
1/25/25
18,645
18,738
APP-11924017.FP.FTS.B,
15.99%,
1/28/25
13,076
13,177
APP-11702169.FP.FTS.B,
25.49%,
1/28/25
8,103
828
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11509368.FP.FTS.B,
14.99%,
1/29/25
$
17,559
$
17,666
APP-12365615.FP.FTS.B,
16.99%,
2/01/25
7,424
7,448
APP-12414484.FP.FTS.B,
17.24%,
2/02/25
24,039
23,705
APP-12287483.FP.FTS.B,
12.99%,
2/03/25
16,838
16,798
APP-11733782.FP.FTS.B,
15.74%,
2/03/25
15,329
15,051
APP-11725711.FP.FTS.B,
21.99%,
2/03/25
10,550
3,764
APP-11694464.FP.FTS.B,
11.49%,
2/04/25
9,185
9,274
APP-12175602.FP.FTS.B,
17.49%,
2/25/25
10,003
10,037
APP-12085226.FP.FTS.B,
23.99%,
2/25/25
11,532
4,171
APP-12213351.FP.FTS.B,
13.24%,
2/26/25
7,807
7,894
APP-12165485.FP.FTS.B,
18.99%,
3/01/25
11,343
11,237
APP-12141452.FP.FTS.B,
17.49%,
3/04/25
15,767
15,534
APP-12029075.FP.FTS.B,
15.99%,
3/05/25
14,948
14,877
APP-12155870.FP.FTS.B,
15.99%,
3/05/25
13,478
13,574
APP-12173727.FP.FTS.B,
18.49%,
3/05/25
23,846
23,413
APP-12124683.FP.FTS.B,
16.99%,
3/06/25
10,598
10,452
APP-12172939.FP.FTS.B,
9.74%,
3/07/25
.
14,565
14,715
APP-12017283.FP.FTS.B,
14.24%,
3/07/25
26,242
26,398
APP-12142572.FP.FTS.B,
15.24%,
3/07/25
37,945
20,538
APP-10156554.FP.FTS.B,
9.49%,
3/08/25
.
18,591
18,787
APP-12188446.FP.FTS.B,
11.99%,
3/08/25
14,724
14,836
APP-12185763.FP.FTS.B,
12.99%,
3/08/25
19,197
11,025
APP-12184624.FP.FTS.B,
15.74%,
3/08/25
13,200
12,959
APP-12168882.FP.FTS.B,
17.49%,
3/08/25
18,130
18,020
APP-12175546.FP.FTS.B,
17.99%,
3/08/25
12,097
12,044
APP-12031531.FP.FTS.B,
20.99%,
3/08/25
12,986
12,677
APP-12414365.FP.FTS.B,
9.74%,
3/09/25
.
10,303
10,417
APP-12178610.FP.FTS.B,
23.99%,
3/09/25
10,396
10,318
APP-12139801.FP.FTS.B,
9.49%,
3/11/25
.
15,818
15,996
APP-11853561.FP.FTS.B,
17.99%,
3/18/25
11,304
11,315
APP-12050722.FP.FTS.B,
9.49%,
3/20/25
.
14,724
14,898
APP-12416946.FP.FTS.B,
9.49%,
3/20/25
.
16,002
16,191
APP-12413819.FP.FTS.B,
16.99%,
3/21/25
8,460
8,479
APP-12106203.FP.FTS.B,
9.74%,
3/22/25
.
14,147
14,322
APP-12270743.FP.FTS.B,
16.49%,
3/22/25
11,637
11,693
APP-12381356.FP.FTS.B,
9.74%,
3/24/25
.
11,497
11,638
APP-12414413.FP.FTS.B,
17.99%,
3/25/25
12,326
12,378
APP-15099844.FP.FTS.B,
19.99%,
7/15/25
13,464
13,400
APP-15072875.FP.FTS.B,
15.49%,
7/18/25
14,981
15,058
APP-15063599.FP.FTS.B,
8.24%,
7/23/25
.
21,081
21,376
APP-15073908.FP.FTS.B,
22.74%,
7/25/25
15,255
15,204
APP-15066363.FP.FTS.B,
10.49%,
7/26/25
20,843
21,138
APP-15045529.FP.FTS.B,
25.49%,
7/26/25
13,385
13,387
APP-15052562.FP.FTS.B,
10.24%,
7/29/25
27,295
27,726
APP-15077310.FP.FTS.B,
25.49%,
7/29/25
9,598
9,595
APP-17112174.FP.FTS.B,
11.74%,
8/12/25
11,172
11,306
APP-10157776.FP.FTS.B,
22.49%,
8/13/25
28,272
28,985
APP-16709443.FP.FTS.B,
15.24%,
9/02/25
13,659
13,794
APP-17041993.FP.FTS.B,
13.74%,
9/05/25
31,094
31,497
APP-17017611.FP.FTS.B,
11.99%,
9/06/25
36,755
37,229
APP-16692788.FP.FTS.B,
10.74%,
9/10/25
10,576
10,724
APP-16716169.FP.FTS.B,
9.49%,
9/14/25
.
13,834
14,042
APP-17284270.FP.FTS.B,
13.74%,
9/15/25
35,388
35,817
APP-16721812.FP.FTS.B,
14.24%,
9/15/25
12,166
12,336
APP-16948390.FP.FTS.B,
13.99%,
9/16/25
13,697
13,902
APP-16622583.FP.FTS.B,
15.99%,
9/16/25
12,061
12,063
APP-16911624.FP.FTS.B,
10.99%,
9/18/25
25,394
25,779
APP-17495714.FP.FTS.B,
11.74%,
9/26/25
13,277
13,496
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-17498465.FP.FTS.B,
17.49%,
9/27/25
$
17,935
$
18,111
APP-10861885.FP.FTS.B,
15.49%,
10/17/25
..........................
15,684
15,884
APP-10833798.FP.FTS.B,
15.99%,
10/18/25
..........................
15,046
15,275
APP-10463967.FP.FTS.B,
18.99%,
10/23/25
..........................
17,926
18,192
APP-10612921.FP.FTS.B,
18.49%,
11/07/25
9,611
1,090
APP-11579289.FP.FTS.B,
10.99%,
12/05/25
9,976
10,077
APP-11678649.FP.FTS.B,
18.49%,
12/17/25
13,124
13,078
APP-11737115.FP.FTS.B,
12.49%,
12/18/25
11,854
12,013
APP-11731020.FP.FTS.B,
19.99%,
12/20/25
25,325
25,644
APP-11693902.FP.FTS.B,
15.24%,
12/21/25
26,370
5,141
APP-11531737.FP.FTS.B,
13.99%,
12/22/25
10,200
10,323
APP-11442801.FP.FTS.B,
16.49%,
12/22/25
15,017
15,198
APP-10314724.FP.FTS.B,
11.74%,
1/08/26
24,059
7,034
APP-12165054.FP.FTS.B,
10.24%,
1/14/26
14,875
15,052
APP-12174416.FP.FTS.B,
10.24%,
1/22/26
16,116
16,339
APP-12171910.FP.FTS.B,
12.49%,
1/22/26
12,838
13,009
APP-11799040.FP.FTS.B,
15.74%,
1/22/26
32,544
32,842
APP-12199831.FP.FTS.B,
16.99%,
1/22/26
12,274
12,426
APP-12006366.FP.FTS.B,
20.99%,
1/22/26
8,203
8,288
APP-11687753.FP.FTS.B,
13.49%,
1/25/26
17,735
17,995
APP-11694677.FP.FTS.B,
10.24%,
1/28/26
13,099
2,416
APP-11657555.FP.FTS.B,
18.49%,
1/28/26
38,293
38,855
APP-12287012.FP.FTS.B,
17.49%,
2/01/26
11,415
11,419
APP-12458983.FP.FTS.B,
15.99%,
2/02/26
9,841
9,933
APP-11579337.FP.FTS.B,
10.99%,
2/04/26
20,866
21,166
APP-11595092.FP.FTS.B,
19.49%,
2/05/26
33,039
33,236
APP-12168235.FP.FTS.B,
19.49%,
2/23/26
7,536
7,623
APP-12139578.FP.FTS.B,
15.24%,
2/24/26
9,394
9,528
APP-12119897.FP.FTS.B,
10.24%,
2/28/26
17,566
17,827
APP-12176488.FP.FTS.B,
14.99%,
3/04/26
16,493
16,697
APP-12033031.FP.FTS.B,
13.99%,
3/05/26
6,166
6,255
APP-12050179.FP.FTS.B,
16.49%,
3/07/26
13,965
14,159
APP-12128364.FP.FTS.B,
13.24%,
3/08/26
20,921
20,959
APP-12463162.FP.FTS.B,
18.49%,
3/10/26
13,305
13,388
APP-12209184.FP.FTS.B,
19.49%,
3/11/26
12,277
12,324
APP-12270284.FP.FTS.B,
9.99%,
3/14/26
.
30,788
31,222
APP-12287014.FP.FTS.B,
16.99%,
3/15/26
12,983
13,111
APP-12466087.FP.FTS.B,
18.99%,
3/15/26
11,204
11,283
APP-12397804.FP.FTS.B,
16.99%,
3/16/26
10,462
10,570
APP-12400371.FP.FTS.B,
16.99%,
3/16/26
18,420
18,607
APP-12372783.FP.FTS.B,
14.99%,
3/17/26
7,689
7,659
APP-12406010.FP.FTS.B,
9.99%,
3/18/26
.
20,192
20,496
APP-12431691.FP.FTS.B,
9.49%,
3/20/26
.
24,579
24,961
APP-12286988.FP.FTS.B,
10.99%,
3/21/26
40,377
41,038
APP-12343526.FP.FTS.B,
16.99%,
3/21/26
21,341
21,581
APP-12448349.FP.FTS.B,
14.99%,
3/23/26
18,240
18,455
APP-12414671.FP.FTS.B,
15.99%,
3/23/26
19,494
19,761
APP-12431061.FP.FTS.B,
10.99%,
3/24/26
40,180
40,870
APP-12443256.FP.FTS.B,
16.74%,
3/24/26
31,940
32,388
APP-12414591.FP.FTS.B,
19.49%,
3/24/26
8,042
8,148
APP-12459668.FP.FTS.B,
14.99%,
3/25/26
15,547
15,766
APP-12463779.FP.FTS.B,
15.99%,
3/25/26
11,540
11,744
APP-12464227.FP.FTS.B,
16.24%,
3/25/26
26,388
26,625
APP-12414582.FP.FTS.B,
18.49%,
3/25/26
16,710
16,941
APP-15072534.FP.FTS.B,
20.49%,
7/13/26
10,897
10,911
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-15117837.FP.FTS.B,
22.24%,
7/15/26
$
13,565
$
13,569
APP-15068337.FP.FTS.B,
8.99%,
7/20/26
.
15,663
15,906
APP-14891119.FP.FTS.B,
18.74%,
7/24/26
45,120
45,634
APP-15053612.FP.FTS.B,
13.99%,
7/26/26
10,413
10,598
APP-15053337.FP.FTS.B,
17.99%,
7/26/26
10,871
10,983
APP-15004884.FP.FTS.B,
15.99%,
7/27/26
24,226
24,653
APP-15119191.FP.FTS.B,
18.49%,
7/28/26
5,814
5,899
APP-14912105.FP.FTS.B,
20.99%,
7/29/26
16,716
16,858
APP-16636359.FP.FTS.B,
14.74%,
7/30/26
23,683
24,035
APP-16690474.FP.FTS.B,
9.24%,
8/01/26
.
27,364
27,714
APP-17115035.FP.FTS.B,
18.49%,
8/03/26
11,303
11,328
APP-10174955.FP.FTS.B,
19.49%,
8/15/26
8,683
8,639
APP-16684485.FP.FTS.B,
11.24%,
9/02/26
20,650
20,933
APP-16637564.FP.FTS.B,
15.99%,
9/03/26
7,830
7,923
APP-16719236.FP.FTS.B,
10.49%,
9/04/26
16,455
16,673
APP-16676602.FP.FTS.B,
11.24%,
9/05/26
22,893
23,218
APP-10573456.FP.FTS.B,
17.49%,
9/10/26
13,092
7,371
APP-16630984.FP.FTS.B,
14.49%,
9/12/26
13,877
14,089
APP-17112604.FP.FTS.B,
11.74%,
9/15/26
23,130
23,467
APP-16335651.FP.FTS.B,
14.49%,
9/15/26
15,621
15,899
APP-16632934.FP.FTS.B,
14.49%,
9/15/26
46,320
47,179
APP-17464221.FP.FTS.B,
16.74%,
9/15/26
12,837
12,923
APP-17032039.FP.FTS.B,
10.49%,
9/16/26
23,723
24,132
APP-16710569.FP.FTS.B,
15.49%,
9/16/26
23,212
23,642
APP-16640009.FP.FTS.B,
12.49%,
9/19/26
16,514
16,821
APP-10406165.FP.FTS.B,
18.99%,
9/20/26
15,654
15,858
APP-16275007.FP.FTS.B,
12.49%,
9/22/26
12,884
13,100
APP-17279512.FP.FTS.B,
16.74%,
9/22/26
13,918
14,063
APP-17112160.FP.FTS.B,
12.24%,
9/25/26
23,217
23,617
APP-17112272.FP.FTS.B,
14.24%,
9/25/26
20,989
21,368
APP-17457461.FP.FTS.B,
16.74%,
9/27/26
13,117
13,285
APP-16637316.FP.FTS.B,
18.24%,
9/27/26
16,330
16,544
APP-09994260.FP.FTS.B,
17.49%,
9/28/26
26,804
27,269
APP-10843011.FP.FTS.B,
21.49%,
10/20/26
19,497
2,366
APP-10590417.FP.FTS.B,
17.99%,
10/23/26
..........................
18,272
11,055
APP-10618590.FP.FTS.B,
20.49%,
10/26/26
..........................
12,744
12,745
APP-11021919.FP.FTS.B,
17.99%,
11/03/26
15,127
15,143
APP-11341867.FP.FTS.B,
14.99%,
11/20/26
21,260
21,480
APP-11400385.FP.FTS.B,
14.49%,
11/26/26
9,904
10,037
APP-11381442.FP.FTS.B,
20.49%,
11/26/26
21,152
21,335
APP-10850914.FP.FTS.B,
14.24%,
11/29/26
20,033
20,351
APP-11744624.FP.FTS.B,
13.24%,
12/09/26
19,925
20,110
APP-11579549.FP.FTS.B,
13.49%,
12/15/26
39,084
39,526
APP-11695023.FP.FTS.B,
13.49%,
12/15/26
14,081
14,240
APP-11700609.FP.FTS.B,
19.99%,
12/15/26
42,709
42,889
APP-11737058.FP.FTS.B,
22.49%,
12/15/26
8,443
8,446
APP-11671786.FP.FTS.B,
22.49%,
12/16/26
7,674
7,683
APP-11736851.FP.FTS.B,
19.99%,
12/17/26
12,399
4,068
APP-11679563.FP.FTS.B,
17.99%,
12/18/26
26,134
26,106
APP-11693245.FP.FTS.B,
18.49%,
12/18/26
17,711
17,773
APP-11719573.FP.FTS.B,
19.99%,
12/18/26
11,131
11,166
APP-11665810.FP.FTS.B,
20.99%,
12/18/26
29,819
29,736
APP-11579432.FP.FTS.B,
14.99%,
12/19/26
13,548
13,707
APP-11022370.FP.FTS.B,
16.49%,
12/20/26
9,319
9,460
APP-11733566.FP.FTS.B,
19.24%,
12/20/26
18,357
18,333
APP-11740523.FP.FTS.B,
10.99%,
12/21/26
20,335
20,621
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11443178.FP.FTS.B,
11.74%,
12/21/26
$
11,615
$
11,772
APP-11694985.FP.FTS.B,
12.99%,
12/21/26
11,510
11,664
APP-11695114.FP.FTS.B,
17.49%,
12/21/26
13,545
13,653
APP-11730592.FP.FTS.B,
17.99%,
12/21/26
35,768
36,051
APP-11723942.FP.FTS.B,
19.49%,
12/21/26
40,944
41,213
APP-11726144.FP.FTS.B,
20.49%,
12/21/26
27,173
6,099
APP-11563018.FP.FTS.B,
18.99%,
12/22/26
7,993
7,912
APP-11731905.FP.FTS.B,
18.99%,
12/22/26
17,110
17,211
APP-11735206.FP.FTS.B,
19.49%,
12/22/26
18,516
18,596
APP-11730543.FP.FTS.B,
19.99%,
12/22/26
12,400
12,457
APP-11401848.FP.FTS.B,
15.49%,
1/05/27
11,006
11,019
APP-12116526.FP.FTS.B,
18.99%,
1/05/27
12,835
12,778
APP-11146646.FP.FTS.B,
12.74%,
1/07/27
27,263
27,590
APP-11411446.FP.FTS.B,
17.99%,
1/09/27
42,845
43,326
APP-11208788.FP.FTS.B,
20.99%,
1/09/27
14,701
14,586
APP-11397497.FP.FTS.B,
11.99%,
1/10/27
19,811
20,134
APP-11410185.FP.FTS.B,
22.49%,
1/10/27
25,494
25,348
APP-11413059.FP.FTS.B,
13.74%,
1/11/27
11,072
11,218
APP-11946615.FP.FTS.B,
16.49%,
1/11/27
19,100
19,264
APP-12090452.FP.FTS.B,
16.99%,
1/15/27
17,125
17,177
APP-12139980.FP.FTS.B,
19.99%,
1/15/27
6,484
6,488
APP-12032875.FP.FTS.B,
11.24%,
1/16/27
21,231
21,460
APP-12094650.FP.FTS.B,
18.99%,
1/19/27
7,009
7,030
APP-12073890.FP.FTS.B,
10.99%,
1/20/27
18,476
18,710
APP-12132313.FP.FTS.B,
11.24%,
1/21/27
10,933
11,074
APP-12137436.FP.FTS.B,
16.99%,
1/21/27
25,658
25,781
APP-12173162.FP.FTS.B,
17.49%,
1/21/27
14,776
14,871
APP-11798808.FP.FTS.B,
10.99%,
1/22/27
16,826
17,048
APP-12172519.FP.FTS.B,
11.24%,
1/22/27
12,620
12,787
APP-12154405.FP.FTS.B,
14.49%,
1/22/27
12,782
12,923
APP-12161019.FP.FTS.B,
20.49%,
1/22/27
9,163
9,174
APP-12122672.FP.FTS.B,
22.99%,
1/22/27
14,365
5,070
APP-12169743.FP.FTS.B,
24.24%,
1/22/27
26,701
26,522
APP-12186510.FP.FTS.B,
9.74%,
1/23/27
.
35,074
35,556
APP-12107351.FP.FTS.B,
16.49%,
1/23/27
18,887
19,010
APP-12089965.FP.FTS.B,
8.99%,
1/25/27
.
29,193
29,610
APP-12105986.FP.FTS.B,
10.99%,
1/25/27
28,936
29,333
APP-11732587.FP.FTS.B,
23.49%,
1/25/27
9,050
2,031
APP-12209707.FP.FTS.B,
25.49%,
1/25/27
9,777
9,784
APP-11595106.FP.FTS.B,
13.49%,
1/26/27
11,873
12,044
APP-11579435.FP.FTS.B,
15.49%,
1/28/27
16,491
16,640
APP-11694310.FP.FTS.B,
16.74%,
1/28/27
38,423
38,978
APP-11739118.FP.FTS.B,
16.99%,
1/28/27
13,926
14,038
APP-11595260.FP.FTS.B,
18.99%,
1/29/27
12,778
12,902
APP-11588109.FP.FTS.B,
20.49%,
1/30/27
21,657
21,834
APP-11697560.FP.FTS.B,
12.49%,
1/31/27
34,627
35,074
APP-12414657.FP.FTS.B,
10.99%,
2/01/27
30,961
31,278
APP-12462065.FP.FTS.B,
17.74%,
2/01/27
34,026
33,693
APP-12459489.FP.FTS.B,
18.24%,
2/01/27
35,387
20,149
APP-11711469.FP.FTS.B,
19.99%,
2/01/27
14,471
14,402
APP-11705115.FP.FTS.B,
21.49%,
2/01/27
44,104
43,714
APP-11709913.FP.FTS.B,
21.49%,
2/02/27
44,651
44,427
APP-11732543.FP.FTS.B,
20.99%,
2/03/27
12,983
12,855
APP-11694211.FP.FTS.B,
11.99%,
2/04/27
42,840
43,505
APP-11724908.FP.FTS.B,
12.74%,
2/04/27
35,477
35,918
APP-11709701.FP.FTS.B,
16.49%,
2/04/27
13,063
13,207
APP-11712504.FP.FTS.B,
17.99%,
2/04/27
8,718
8,820
APP-11725393.FP.FTS.B,
17.99%,
2/04/27
43,592
43,576
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-11731565.FP.FTS.B,
18.99%,
2/04/27
$
43,772
$
43,874
APP-11695149.FP.FTS.B,
19.49%,
2/04/27
19,307
11,347
APP-11732774.FP.FTS.B,
19.49%,
2/04/27
10,527
10,494
APP-11694359.FP.FTS.B,
19.99%,
2/04/27
9,960
9,961
APP-11660434.FP.FTS.B,
20.49%,
2/04/27
25,348
25,272
APP-11694079.FP.FTS.B,
10.99%,
2/05/27
18,633
18,892
APP-11722179.FP.FTS.B,
11.99%,
2/05/27
23,793
24,129
APP-11740935.FP.FTS.B,
13.99%,
2/05/27
42,873
43,440
APP-11608429.FP.FTS.B,
17.49%,
2/05/27
34,824
35,241
APP-11744076.FP.FTS.B,
17.49%,
2/05/27
20,418
11,496
APP-09759707.FP.FTS.B,
18.99%,
2/05/27
6,570
6,589
APP-11741297.FP.FTS.B,
19.24%,
2/05/27
18,416
18,254
APP-11724087.FP.FTS.B,
19.99%,
2/05/27
8,848
8,850
APP-11742772.FP.FTS.B,
19.99%,
2/05/27
13,973
13,938
APP-11742867.FP.FTS.B,
23.24%,
2/05/27
17,820
17,652
APP-12337990.FP.FTS.B,
16.49%,
2/07/27
6,971
7,044
APP-11738196.FP.FTS.B,
21.99%,
2/15/27
9,790
9,796
APP-11553389.FP.FTS.B,
12.24%,
2/22/27
16,936
17,152
APP-12029572.FP.FTS.B,
16.99%,
2/24/27
16,426
16,529
APP-12033253.FP.FTS.B,
17.99%,
2/24/27
12,382
12,427
APP-12159528.FP.FTS.B,
18.99%,
2/28/27
13,048
13,126
APP-12050224.FP.FTS.B,
11.74%,
3/01/27
36,407
36,848
APP-12168636.FP.FTS.B,
13.24%,
3/01/27
17,308
17,488
APP-12210481.FP.FTS.B,
15.49%,
3/01/27
22,465
4,331
APP-12171147.FP.FTS.B,
16.24%,
3/01/27
10,353
10,300
APP-12208752.FP.FTS.B,
16.49%,
3/01/27
20,637
2,410
APP-12211243.FP.FTS.B,
17.24%,
3/01/27
31,800
31,758
APP-12107891.FP.FTS.B,
17.99%,
3/01/27
13,906
13,796
APP-12175594.FP.FTS.B,
18.99%,
3/01/27
12,366
12,319
APP-12208717.FP.FTS.B,
21.74%,
3/01/27
22,187
21,877
APP-12150597.FP.FTS.B,
25.49%,
3/01/27
9,508
9,354
APP-12176496.FP.FTS.B,
18.49%,
3/02/27
19,699
11,278
APP-12158633.FP.FTS.B,
23.24%,
3/02/27
17,952
17,675
APP-12005996.FP.FTS.B,
15.49%,
3/03/27
10,484
10,473
APP-12185324.FP.FTS.B,
19.99%,
3/04/27
11,874
7,232
APP-11708192.FP.FTS.B,
25.49%,
3/04/27
10,157
10,050
APP-12105218.FP.FTS.B,
10.99%,
3/05/27
21,638
21,951
APP-12101962.FP.FTS.B,
13.49%,
3/05/27
13,748
13,960
APP-12214905.FP.FTS.B,
16.49%,
3/05/27
10,530
10,640
APP-12159801.FP.FTS.B,
16.99%,
3/05/27
24,385
24,413
APP-12123398.FP.FTS.B,
19.99%,
3/05/27
18,248
11,146
APP-12164096.FP.FTS.B,
21.49%,
3/05/27
12,828
12,675
APP-12133804.FP.FTS.B,
10.99%,
3/06/27
19,200
9,610
APP-12168034.FP.FTS.B,
18.99%,
3/06/27
13,925
13,900
APP-12172482.FP.FTS.B,
20.49%,
3/06/27
25,843
25,830
APP-12050159.FP.FTS.B,
13.24%,
3/07/27
30,186
30,574
APP-12124756.FP.FTS.B,
13.24%,
3/07/27
1,649
1,645
APP-12032991.FP.FTS.B,
14.49%,
3/07/27
20,484
20,704
APP-12125835.FP.FTS.B,
19.99%,
3/07/27
12,609
12,585
APP-12168830.FP.FTS.B,
22.49%,
3/07/27
9,327
5,691
APP-12140862.FP.FTS.B,
8.99%,
3/08/27
.
22,297
22,647
APP-12164888.FP.FTS.B,
8.99%,
3/08/27
.
28,974
29,360
APP-12105970.FP.FTS.B,
10.99%,
3/08/27
19,045
19,310
APP-12155604.FP.FTS.B,
11.24%,
3/08/27
13,584
13,774
APP-12097459.FP.FTS.B,
13.24%,
3/08/27
21,723
22,002
APP-12106008.FP.FTS.B,
13.49%,
3/08/27
13,728
13,909
APP-12050743.FP.FTS.B,
14.99%,
3/08/27
15,375
15,542
APP-12150738.FP.FTS.B,
16.74%,
3/08/27
38,158
38,599
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)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12167178.FP.FTS.B,
17.49%,
3/08/27
$
23,019
$
7,083
APP-12188890.FP.FTS.B,
20.49%,
3/08/27
16,780
16,660
APP-12432804.FP.FTS.B,
13.24%,
3/09/27
31,649
31,989
APP-12366828.FP.FTS.B,
16.99%,
3/09/27
14,068
14,196
APP-12427802.FP.FTS.B,
18.24%,
3/09/27
46,511
4,549
APP-12427999.FP.FTS.B,
18.99%,
3/09/27
22,960
22,921
APP-12176276.FP.FTS.B,
19.99%,
3/09/27
17,064
17,020
APP-11965580.FP.FTS.B,
20.49%,
3/09/27
24,564
24,402
APP-11508449.FP.FTS.B,
8.49%,
3/10/27
.
26,316
26,639
APP-12216897.FP.FTS.B,
10.99%,
3/10/27
34,221
34,642
APP-12448900.FP.FTS.B,
13.24%,
3/10/27
27,247
27,549
APP-12450922.FP.FTS.B,
15.24%,
3/10/27
32,132
32,157
APP-12451319.FP.FTS.B,
17.49%,
3/10/27
10,510
10,471
APP-12203395.FP.FTS.B,
22.49%,
3/10/27
9,952
9,880
APP-12199670.FP.FTS.B,
10.99%,
3/11/27
29,004
29,361
APP-12459432.FP.FTS.B,
13.24%,
3/11/27
21,582
21,828
APP-12464629.FP.FTS.B,
16.49%,
3/11/27
13,132
13,287
APP-12459441.FP.FTS.B,
17.49%,
3/11/27
14,899
14,922
APP-12210087.FP.FTS.B,
18.74%,
3/11/27
44,308
44,374
APP-12212610.FP.FTS.B,
18.99%,
3/11/27
8,537
8,572
APP-12459768.FP.FTS.B,
19.74%,
3/11/27
30,562
30,462
APP-12071137.FP.FTS.B,
19.99%,
3/11/27
24,310
24,280
APP-12460903.FP.FTS.B,
10.99%,
3/15/27
34,273
34,744
APP-12467297.FP.FTS.B,
13.24%,
3/15/27
27,051
27,408
APP-12442169.FP.FTS.B,
14.49%,
3/15/27
18,231
18,446
APP-12291770.FP.FTS.B,
16.49%,
3/15/27
7,998
7,989
APP-12420649.FP.FTS.B,
16.74%,
3/15/27
37,428
37,856
APP-12422367.FP.FTS.B,
18.49%,
3/15/27
10,802
3,430
APP-12379303.FP.FTS.B,
13.24%,
3/16/27
21,451
21,739
APP-12345397.FP.FTS.B,
19.74%,
3/16/27
36,803
7,897
APP-12196952.FP.FTS.B,
19.99%,
3/16/27
14,007
13,953
APP-12407602.FP.FTS.B,
19.99%,
3/16/27
15,967
15,960
APP-12408935.FP.FTS.B,
19.99%,
3/17/27
12,427
12,387
APP-12433554.FP.FTS.B,
25.49%,
3/17/27
9,042
8,992
APP-12462116.FP.FTS.B,
17.49%,
3/18/27
25,536
25,663
APP-11948900.FP.FTS.B,
17.74%,
3/18/27
38,769
38,964
APP-12418630.FP.FTS.B,
17.99%,
3/18/27
18,520
18,465
APP-12433361.FP.FTS.B,
18.49%,
3/18/27
16,611
16,562
APP-12461150.FP.FTS.B,
18.49%,
3/18/27
15,911
15,864
APP-12421799.FP.FTS.B,
19.74%,
3/18/27
26,193
26,191
APP-12463831.FP.FTS.B,
19.99%,
3/18/27
8,829
8,856
APP-12357813.FP.FTS.B,
10.99%,
3/20/27
27,482
27,898
APP-12287686.FP.FTS.B,
11.24%,
3/20/27
20,641
20,926
APP-12422648.FP.FTS.B,
13.24%,
3/20/27
20,076
20,367
APP-12380981.FP.FTS.B,
13.74%,
3/20/27
9,523
9,670
APP-12392789.FP.FTS.B,
18.99%,
3/20/27
15,955
16,023
APP-12230901.FP.FTS.B,
20.24%,
3/20/27
45,440
45,460
APP-12412709.FP.FTS.B,
20.24%,
3/20/27
42,179
42,264
APP-12424835.FP.FTS.B,
23.99%,
3/20/27
29,322
29,217
APP-12459776.FP.FTS.B,
10.99%,
3/21/27
29,021
29,469
APP-12287335.FP.FTS.B,
13.24%,
3/21/27
18,298
18,566
APP-12402614.FP.FTS.B,
13.74%,
3/21/27
22,921
23,276
APP-12450320.FP.FTS.B,
19.99%,
3/21/27
12,464
12,453
APP-12415203.FP.FTS.B,
21.24%,
3/21/27
21,981
21,868
APP-12176796.FP.FTS.B,
8.99%,
3/22/27
.
23,918
24,241
APP-12345892.FP.FTS.B,
13.49%,
3/22/27
13,872
14,077
APP-11904597.FP.FTS.B,
14.74%,
3/22/27
27,694
27,865
APP-12345261.FP.FTS.B,
15.49%,
3/22/27
21,464
21,590
Description
Principal
Amount
Value
Freedom
Financial
Asset
Management
LLC
(continued)
APP-12443158.FP.FTS.B,
17.49%,
3/22/27
$
10,590
$
10,616
APP-12402250.FP.FTS.B,
19.99%,
3/22/27
23,011
22,945
APP-12446716.FP.FTS.B,
22.49%,
3/22/27
8,468
2,921
APP-12270745.FP.FTS.B,
17.74%,
3/23/27
33,931
34,034
APP-12429877.FP.FTS.B,
19.74%,
3/23/27
26,836
26,900
APP-12435676.FP.FTS.B,
20.49%,
3/23/27
35,729
35,686
APP-12414131.FP.FTS.B,
10.99%,
3/24/27
18,450
18,756
APP-12420863.FP.FTS.B,
17.49%,
3/24/27
16,910
17,044
APP-12463499.FP.FTS.B,
17.49%,
3/24/27
20,557
20,719
APP-12468743.FP.FTS.B,
18.24%,
3/24/27
28,359
28,535
APP-12468934.FP.FTS.B,
19.99%,
3/24/27
9,195
5,352
APP-12408200.FP.FTS.B,
21.74%,
3/24/27
23,529
23,497
APP-12468566.FP.FTS.B,
19.74%,
3/25/27
28,711
28,866
APP-11872544.FP.FTS.B,
19.99%,
3/25/27
12,232
12,251
APP-12171005.FP.FTS.B,
23.99%,
4/08/27
28,651
28,363
APP-12185506.FP.FTS.B,
25.49%,
4/09/27
9,762
2,130
APP-14835801.FP.FTS.B,
11.24%,
6/05/27
27,658
27,945
APP-15016056.FP.FTS.B,
19.24%,
6/06/27
32,276
32,131
APP-14953646.FP.FTS.B,
24.24%,
6/06/27
38,414
38,256
APP-15030908.FP.FTS.B,
16.49%,
6/12/27
16,615
1,691
APP-15007182.FP.FTS.B,
16.99%,
7/11/27
10,590
10,680
APP-15105817.FP.FTS.B,
11.74%,
7/15/27
20,060
20,327
APP-15110260.FP.FTS.B,
13.99%,
7/15/27
29,334
29,689
APP-14523455.FP.FTS.B,
17.24%,
7/15/27
36,420
36,438
APP-15113452.FP.FTS.B,
18.49%,
7/15/27
11,944
11,974
APP-15103060.FP.FTS.B,
19.99%,
7/15/27
14,667
14,672
APP-15042778.FP.FTS.B,
20.99%,
7/15/27
21,176
21,151
APP-15066730.FP.FTS.B,
20.99%,
7/15/27
13,496
13,429
APP-15072603.FP.FTS.B,
21.24%,
7/15/27
44,636
44,389
APP-15031339.FP.FTS.B,
24.74%,
7/15/27
17,995
6,400
APP-15871573.FP.FTS.B,
10.99%,
7/20/27
30,572
30,920
APP-14544639.FP.FTS.B,
11.99%,
7/21/27
13,717
13,926
APP-16662334.FP.FTS.B,
15.24%,
7/26/27
24,129
24,418
APP-15072881.FP.FTS.B,
17.49%,
7/26/27
13,945
14,161
APP-15066733.FP.FTS.B,
18.99%,
7/26/27
13,171
13,181
APP-15119411.FP.FTS.B,
9.74%,
7/28/27
.
21,407
21,765
APP-15112623.FP.FTS.B,
13.74%,
7/28/27
8,215
8,299
APP-15122204.FP.FTS.B,
20.74%,
7/28/27
11,262
11,271
APP-15116487.FP.FTS.B,
21.49%,
7/28/27
16,031
16,074
APP-14371097.FP.FTS.B,
14.74%,
7/29/27
46,218
47,026
APP-15602293.FP.FTS.B,
15.49%,
7/30/27
14,643
14,855
APP-16465567.FP.FTS.B,
15.49%,
7/30/27
13,954
14,140
APP-16645516.FP.FTS.B,
10.99%,
7/31/27
19,202
19,481
APP-16640475.FP.FTS.B,
12.74%,
8/02/27
16,780
16,993
APP-16637899.FP.FTS.B,
15.49%,
8/02/27
17,815
18,020
APP-17319474.FP.FTS.B,
16.49%,
8/07/27
47,045
47,491
APP-17245315.FP.FTS.B,
17.74%,
8/09/27
9,930
9,930
APP-16283011.FP.FTS.B,
11.74%,
8/10/27
46,788
47,344
APP-17385444.FP.FTS.B,
15.24%,
8/12/27
23,539
23,792
APP-17439705.FP.FTS.B,
15.24%,
8/12/27
36,396
36,787
APP-15106325.FP.FTS.B,
23.24%,
8/28/27
17,939
17,983
APP-15098807.FP.FTS.B,
26.99%,
8/28/27
11,389
11,492
APP-16637910.FP.FTS.B,
16.24%,
8/31/27
17,021
8,769
APP-16679044.FP.FTS.B,
8.99%,
9/01/27
.
12,610
12,747
APP-16632155.FP.FTS.B,
11.49%,
9/01/27
16,392
16,592
APP-16448250.FP.FTS.B,
13.49%,
9/01/27
6,579
6,648
APP-16676570.FP.FTS.B,
15.24%,
9/01/27
19,827
19,830
APP-16714770.FP.FTS.B,
14.49%,
9/02/27
47,086
47,683
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Freedom
Financial
Asset
Management
LLC
(continued)
APP-16709500.FP.FTS.B,
15.49%,
9/02/27
$
46,859
$
47,635
APP-16718578.FP.FTS.B,
15.74%,
9/02/27
10,380
10,511
APP-16852920.FP.FTS.B,
10.99%,
9/04/27
36,447
36,911
APP-16640455.FP.FTS.B,
10.99%,
9/05/27
21,118
21,397
APP-16682911.FP.FTS.B,
14.49%,
9/05/27
16,376
16,580
APP-16800634.FP.FTS.B,
15.99%,
9/10/27
46,368
47,018
APP-16335596.FP.FTS.B,
10.99%,
9/12/27
25,012
25,403
APP-16627732.FP.FTS.B,
12.99%,
9/12/27
23,578
23,959
APP-16399010.FP.FTS.B,
15.24%,
9/12/27
19,940
20,246
APP-15052242.FP.FTS.B,
11.74%,
9/13/27
47,116
48,238
APP-16664397.FP.FTS.B,
12.99%,
9/13/27
23,525
23,911
APP-17484422.FP.FTS.B,
15.24%,
9/13/27
20,819
21,051
APP-10624729.FP.FTS.B,
15.74%,
9/13/27
25,477
25,895
APP-17458875.FP.FTS.B,
16.49%,
9/13/27
4,719
4,776
APP-16677695.FP.FTS.B,
12.99%,
9/14/27
25,484
25,913
APP-16617425.FP.FTS.B,
9.49%,
9/15/27
.
19,729
20,020
APP-16687847.FP.FTS.B,
9.49%,
9/15/27
.
18,745
19,046
APP-17011228.FP.FTS.B,
14.74%,
9/15/27
47,484
48,243
APP-16720658.FP.FTS.B,
15.24%,
9/15/27
36,894
37,461
APP-16686496.FP.FTS.B,
15.74%,
9/15/27
9,560
9,739
APP-17027051.FP.FTS.B,
14.49%,
9/16/27
13,443
13,637
APP-16657112.FP.FTS.B,
15.24%,
9/16/27
20,934
21,284
APP-17010091.FP.FTS.B,
15.49%,
9/18/27
37,962
38,618
APP-17488419.FP.FTS.B,
16.49%,
9/20/27
5,521
5,600
APP-16637461.FP.FTS.B,
18.49%,
9/20/27
18,068
18,302
APP-17511251.FP.FTS.B,
17.99%,
9/21/27
21,851
22,144
APP-17497296.FP.FTS.B,
17.74%,
9/23/27
12,359
12,456
APP-17082038.FP.FTS.B,
12.49%,
9/26/27
28,936
29,438
APP-17385910.FP.FTS.B,
15.24%,
9/26/27
36,012
36,619
APP-17490395.FP.FTS.B,
15.24%,
9/26/27
31,274
31,801
APP-17458413.FP.FTS.B,
17.74%,
9/26/27
10,332
10,504
APP-17115062.FP.FTS.B,
17.99%,
9/26/27
18,580
18,756
APP-17461708.FP.FTS.B,
12.49%,
9/27/27
29,870
30,398
APP-17239533.FP.FTS.B,
13.74%,
9/27/27
18,906
19,246
APP-17504832.FP.FTS.B,
13.74%,
9/27/27
20,446
20,830
APP-17102136.FP.FTS.B,
14.24%,
9/27/27
47,156
48,002
APP-17485387.FP.FTS.B,
15.24%,
9/27/27
34,816
35,417
8,946,150
LendingClub
Corp.
-
LCX
168351728.LC.FTS.B,
14.3%,
3/16/23
...
716
714
167907245.LC.FTS.B,
6.46%,
5/15/23
...
1,960
1,940
159198648.LC.FTS.B,
17.74%,
9/25/24
...
6,451
6,343
158981937.LC.FTS.B,
16.12%,
9/26/24
...
6,377
6,283
161888275.LC.FTS.B,
15.24%,
11/14/24
..
6,848
6,644
162030908.LC.FTS.B,
12.4%,
11/19/24
...
7,037
6,387
162266279.LC.FTS.B,
11.02%,
11/22/24
..
12,945
12,521
161858763.LC.FTS.B,
14.3%,
11/29/24
...
2,232
2,171
162318190.LC.FTS.B,
13.08%,
12/13/24
..
2,492
2,237
163115691.LC.FTS.B,
13.08%,
12/13/24
..
17,537
16,954
163517783.LC.FTS.B,
13.08%,
12/18/24
..
11,074
10,106
163658787.LC.FTS.B,
10.33%,
12/23/24
..
4,391
4,063
163479653.LC.FTS.B,
20.55%,
12/30/24
..
5,841
5,719
163615560.LC.FTS.B,
20.55%,
12/30/24
..
7,588
7,457
163919650.LC.FTS.B,
20.55%,
12/30/24
..
3,086
3,032
163989384.LC.FTS.B,
23.05%,
12/30/24
..
10,411
10,230
164050345.LC.FTS.B,
13.08%,
12/31/24
..
14,366
13,780
164510336.LC.FTS.B,
13.08%,
1/15/25
...
14,437
13,385
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
(continued)
164586812.LC.FTS.B,
8.19%,
1/27/25
...
$
6,234
$
5,852
166081454.LC.FTS.B,
8.19%,
2/07/25
...
18,666
18,204
162966512.LC.FTS.B,
11.02%,
2/12/25
...
10,793
9,642
166603986.LC.FTS.B,
10.33%,
2/15/25
...
10,082
9,649
166880211.LC.FTS.B,
8.19%,
2/18/25
....
9,263
8,545
163292439.LC.FTS.B,
8.19%,
2/23/25
...
7,748
7,050
166833583.LC.FTS.B,
13.08%,
2/24/25
...
13,193
12,042
167466589.LC.FTS.B,
8.19%,
2/27/25
...
6,066
5,670
166039716.LC.FTS.B,
10.33%,
2/28/25
...
18,845
18,068
164031282.LC.FTS.B,
12.4%,
2/28/25
...
20,146
19,252
164067189.LC.FTS.B,
13.08%,
2/28/25
...
18,484
17,651
165441115.LC.FTS.B,
8.81%,
3/24/25
....
7,582
6,905
168296354.LC.FTS.B,
13.08%,
5/13/25
...
11,081
10,054
165291472.LC.FTS.B,
14.3%,
9/21/25
...
18,582
17,457
168006688.LC.FTS.B,
8.19%,
11/21/25
...
14,499
13,090
163941621.LC.FTS.B,
Zero
Cpn,
12/31/32
7,276
–
164077353.LC.FTS.B,
15.24%,
12/31/32
..
3,482
3,458
164685625.LC.FTS.B,
10.33%,
1/31/33
...
778
778
165899098.LC.FTS.B,
17.74%,
2/04/33
...
3,012
354
166123497.LC.FTS.B,
8.81%,
2/05/33
...
692
692
165216714.LC.FTS.B,
17.74%,
2/07/33
...
1,160
1,156
166505020.LC.FTS.B,
8.19%,
2/11/33
....
996
995
164964075.LC.FTS.B,
8.81%,
2/13/33
...
88
87
162683524.LC.FTS.B,
23.05%,
2/15/33
...
620
622
166966308.LC.FTS.B,
16.12%,
2/19/33
...
86
86
166195099.LC.FTS.B,
7.56%,
2/20/33
...
2,025
1,747
165529419.LC.FTS.B,
16.95%,
2/24/33
...
518
120
166496776.LC.FTS.B,
7.56%,
2/25/33
...
1,286
1,284
166744387.LC.FTS.B,
16.12%,
2/25/33
...
1,190
1,186
163925247.LC.FTS.B,
25.65%,
2/27/33
...
43
43
167114304.LC.FTS.B,
17.74%,
2/28/33
...
355
356
167520510.LC.FTS.B,
23.05%,
2/28/33
...
2,005
1,994
167126995.LC.FTS.B,
23.05%,
3/02/33
...
5,774
5,602
329,657
LendingClub
Corp.
-
LCX
PM
169579201.LC.FTS.B,
10.81%,
9/14/23
...
8,534
3,537
170457540.LC.FTS.B,
10.81%,
9/16/23
...
1,254
1,235
170462708.LC.FTS.B,
10.81%,
9/17/23
...
5,018
4,928
170309569.LC.FTS.B,
19.12%,
9/17/23
...
1,640
1,608
170617520.LC.FTS.B,
10.81%,
9/22/23
...
4,767
4,639
170507906.LC.FTS.B,
10.81%,
9/23/23
...
1,505
1,476
170767991.LC.FTS.B,
15.4%,
9/23/23
...
527
521
170641460.LC.FTS.B,
14.02%,
9/24/23
...
2,237
2,186
170374076.LC.FTS.B,
18.24%,
9/25/23
...
1,361
1,346
170726414.LC.FTS.B,
9.56%,
9/28/23
...
2,970
2,911
170377461.LC.FTS.B,
10.81%,
9/28/23
...
4,266
4,200
170702407.LC.FTS.B,
10.81%,
9/28/23
...
2,760
2,688
170157478.LC.FTS.B,
8.46%,
9/29/23
...
590
585
170737567.LC.FTS.B,
9.56%,
9/29/23
...
247
241
170808772.LC.FTS.B,
10.81%,
9/29/23
...
6,336
6,214
170929457.LC.FTS.B,
14.02%,
9/30/23
...
311
305
170013981.LC.FTS.B,
Zero
Cpn,
10/01/23
5,131
–
170705708.LC.FTS.B,
9.56%,
10/05/23
...
4,161
4,011
170985931.LC.FTS.B,
Zero
Cpn,
10/06/23
12,829
1,188
170268845.LC.FTS.B,
10.19%,
10/06/23
..
4,205
4,072
170930834.LC.FTS.B,
10.19%,
10/06/23
..
6,980
6,783
171220560.LC.FTS.B,
8.46%,
10/14/23
...
8,225
8,038
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)
LendingClub
Corp.
-
LCX
PM
(continued)
171032133.LC.FTS.B,
10.81%,
10/14/23
..
$
562
$
549
170963456.LC.FTS.B,
19.95%,
10/14/23
..
6,158
6,072
171252541.LC.FTS.B,
10.19%,
10/15/23
..
419
411
171215486.LC.FTS.B,
10.81%,
10/15/23
..
1,405
1,365
171271973.LC.FTS.B,
19.12%,
10/15/23
..
3,056
3,015
171218548.LC.FTS.B,
9.56%,
10/20/23
...
3,051
2,971
171361625.LC.FTS.B,
10.19%,
10/20/23
..
2,767
2,709
171055998.LC.FTS.B,
14.02%,
10/20/23
..
4,938
4,809
171428113.LC.FTS.B,
18.24%,
10/20/23
..
5,150
5,022
171178790.LC.FTS.B,
8.46%,
10/21/23
...
4,141
4,000
171245584.LC.FTS.B,
8.46%,
10/22/23
...
1,508
1,476
171373758.LC.FTS.B,
10.19%,
10/22/23
..
8,376
8,183
171444548.LC.FTS.B,
10.81%,
10/22/23
..
8,462
8,310
170652695.LC.FTS.B,
14.02%,
10/24/23
..
1,457
1,421
170976689.LC.FTS.B,
8.46%,
10/28/23
...
3,701
3,615
171446797.LC.FTS.B,
9.56%,
10/28/23
...
4,161
3,998
171666793.LC.FTS.B,
18.24%,
10/28/23
..
2,679
2,597
171357136.LC.FTS.B,
9.02%,
10/31/23
...
3,071
2,959
171974686.LC.FTS.B,
10.81%,
11/17/23
..
2,176
2,112
172045506.LC.FTS.B,
10.81%,
11/17/23
..
7,708
7,458
172080082.LC.FTS.B,
9.02%,
11/18/23
...
7,633
7,450
172099990.LC.FTS.B,
16.08%,
11/19/23
..
656
643
172294502.LC.FTS.B,
8.46%,
11/24/23
...
3,036
2,962
172262310.LC.FTS.B,
9.56%,
12/04/23
...
4,036
3,924
173236004.LC.FTS.B,
19.12%,
12/23/23
..
3,678
3,630
173214358.LC.FTS.B,
19.12%,
12/28/23
..
3,678
3,636
173241001.LC.FTS.B,
17.3%,
12/29/23
...
1,372
1,356
173362025.LC.FTS.B,
20.74%,
12/29/23
..
2,798
2,766
173352354.LC.FTS.B,
15.4%,
12/30/23
...
1,118
1,105
173536070.LC.FTS.B,
16.08%,
1/05/24
...
969
949
173391094.LC.FTS.B,
17.3%,
1/05/24
...
1,176
1,149
173509997.LC.FTS.B,
10.81%,
1/06/24
...
1,690
1,634
172997854.LC.FTS.B,
19.12%,
1/08/24
...
1,194
1,168
173417195.LC.FTS.B,
14.71%,
1/09/24
...
5,754
5,611
173451209.LC.FTS.B,
18.24%,
1/09/24
...
12,905
12,428
173898269.LC.FTS.B,
16.99%,
1/19/24
...
5,159
5,153
173997873.LC.FTS.B,
17.49%,
1/20/24
...
4,318
4,306
173925637.LC.FTS.B,
19.12%,
1/20/24
...
2,598
102
173397544.LC.FTS.B,
20.74%,
1/20/24
...
1,453
1,428
173912279.LC.FTS.B,
9.99%,
1/21/24
...
4,771
4,595
173996422.LC.FTS.B,
13.19%,
1/21/24
...
680
678
174033162.LC.FTS.B,
16.49%,
1/21/24
...
973
972
174050191.LC.FTS.B,
16.99%,
1/22/24
...
1,954
1,946
173826580.LC.FTS.B,
16.99%,
1/24/24
...
7,106
7,019
174172795.LC.FTS.B,
15.99%,
1/27/24
...
2,699
2,673
174195278.LC.FTS.B,
16.49%,
1/27/24
...
2,335
2,335
174192330.LC.FTS.B,
20.74%,
1/27/24
...
6,474
6,514
174098270.LC.FTS.B,
6.74%,
2/01/24
...
7,691
7,455
174115077.LC.FTS.B,
8.49%,
2/01/24
....
11,721
11,425
174204894.LC.FTS.B,
12.34%,
2/01/24
...
6,497
2,432
174276782.LC.FTS.B,
17.19%,
2/01/24
...
420
419
174033886.LC.FTS.B,
12.49%,
2/05/24
...
10,363
10,280
174134025.LC.FTS.B,
16.99%,
2/05/24
...
6,751
6,724
170877107.LC.FTS.B,
10%,
3/02/24
.....
6,392
5,039
170431322.LC.FTS.B,
18.24%,
9/14/25
...
3,215
3,107
170592201.LC.FTS.B,
14.02%,
9/16/25
...
12,440
11,912
170055181.LC.FTS.B,
16.08%,
9/16/25
...
9,459
9,171
170639161.LC.FTS.B,
19.12%,
9/18/25
...
6,480
6,272
Description
Principal
Amount
Value
LendingClub
Corp.
-
LCX
PM
(continued)
170786159.LC.FTS.B,
14.02%,
9/25/25
...
$
14,845
$
13,928
170163928.LC.FTS.B,
15.4%,
9/25/25
...
6,301
6,119
170812112.LC.FTS.B,
14.02%,
9/29/25
...
12,370
11,725
171032242.LC.FTS.B,
19.12%,
10/02/25
..
9,951
9,565
170941274.LC.FTS.B,
16.08%,
10/05/25
..
19,388
18,348
171264911.LC.FTS.B,
19.12%,
10/14/25
..
9,951
9,598
171461721.LC.FTS.B,
16.08%,
10/20/25
..
7,154
6,924
170983832.LC.FTS.B,
20.74%,
10/20/25
..
17,489
16,734
171322854.LC.FTS.B,
16.08%,
10/22/25
..
16,156
15,464
172156822.LC.FTS.B,
14.02%,
11/24/25
..
6,501
5,900
172665217.LC.FTS.B,
15.4%,
12/04/25
...
8,416
2,963
172752552.LC.FTS.B,
16.08%,
12/10/25
..
8,124
7,877
173203429.LC.FTS.B,
15.4%,
12/23/25
...
22,877
22,113
173295643.LC.FTS.B,
19.12%,
12/28/25
..
8,323
8,087
172820246.LC.FTS.B,
15.4%,
12/30/25
...
18,850
18,339
172843470.LC.FTS.B,
16.08%,
1/06/26
...
12,458
12,129
173301532.LC.FTS.B,
17.3%,
1/06/26
...
20,960
19,942
173496629.LC.FTS.B,
16.08%,
1/14/26
...
19,189
17,706
172611713.LC.FTS.B,
19.12%,
1/14/26
...
11,435
11,023
173772624.LC.FTS.B,
14.44%,
1/15/26
...
3,416
3,248
173580706.LC.FTS.B,
17.3%,
1/15/26
...
16,422
15,841
173816609.LC.FTS.B,
19.44%,
1/15/26
...
3,550
3,476
173303101.LC.FTS.B,
19.95%,
1/15/26
...
10,879
10,488
173821408.LC.FTS.B,
21.49%,
1/19/26
...
11,241
11,086
173896730.LC.FTS.B,
23.99%,
1/19/26
...
7,332
7,274
173933933.LC.FTS.B,
13.49%,
1/20/26
...
13,560
12,680
173875674.LC.FTS.B,
14.74%,
1/20/26
...
24,655
22,557
173856403.LC.FTS.B,
14.99%,
1/20/26
...
16,469
15,011
173270899.LC.FTS.B,
15.4%,
1/20/26
...
27,888
26,351
173854798.LC.FTS.B,
21.49%,
1/20/26
...
7,242
7,119
173998821.LC.FTS.B,
21.49%,
1/20/26
...
7,206
7,109
173871807.LC.FTS.B,
21.99%,
1/20/26
...
8,733
8,660
174045948.LC.FTS.B,
17.44%,
1/22/26
...
13,289
12,949
174087634.LC.FTS.B,
23.99%,
1/22/26
...
10,998
10,928
172757520.LC.FTS.B,
19.12%,
1/24/26
...
8,196
7,943
173785381.LC.FTS.B,
16.74%,
1/25/26
...
11,193
10,907
173956639.LC.FTS.B,
18.19%,
1/25/26
...
4,666
4,513
173841383.LC.FTS.B,
21.49%,
1/25/26
...
21,779
21,503
173813936.LC.FTS.B,
19.74%,
1/27/26
...
17,077
16,881
174031108.LC.FTS.B,
21.99%,
1/27/26
...
24,695
24,576
173737758.LC.FTS.B,
9.59%,
1/28/26
...
13,837
12,948
173910442.LC.FTS.B,
17.24%,
1/28/26
...
14,051
13,695
173430770.LC.FTS.B,
13.33%,
2/01/26
...
27,882
26,272
174278232.LC.FTS.B,
23.99%,
2/01/26
...
22,298
21,990
868,621
Prosper
Funding
LLC
1484667.PS.FTS.B,
12.74%,
11/17/23
....
1,267
1,264
1478692.PS.FTS.B,
18.99%,
11/24/23
....
1,918
1,911
1475141.PS.FTS.B,
23.2%,
11/25/23
....
608
608
1501929.PS.FTS.B,
14.19%,
12/22/23
...
3,085
3,056
1491946.PS.FTS.B,
15.49%,
12/22/23
...
964
832
1579196.PS.FTS.B,
25.75%,
6/29/24
....
3,794
3,756
1602993.PS.FTS.B,
8.7%,
7/23/24
......
17,365
17,079
1609512.PS.FTS.B,
16%,
8/05/24
.......
5,283
5,086
1603345.PS.FTS.B,
12.8%,
8/06/24
.....
1,569
1,521
1603735.PS.FTS.B,
14.7%,
8/06/24
.....
6,987
6,729
1603741.PS.FTS.B,
16.6%,
8/06/24
.....
4,419
4,256
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)
Prosper
Funding
LLC
(continued)
1603033.PS.FTS.B,
24.6%,
8/07/24
.....
$
4,950
$
4,845
1611408.PS.FTS.B,
15.4%,
8/09/24
.....
5,848
5,639
1611363.PS.FTS.B,
18.24%,
8/09/24
....
7,141
6,886
1610856.PS.FTS.B,
18.3%,
8/09/24
.....
6,782
917
1602614.PS.FTS.B,
19.8%,
8/10/24
.....
7,315
–
1613184.PS.FTS.B,
15.6%,
8/11/24
.....
5,855
5,650
1604249.PS.FTS.B,
13.4%,
8/13/24
.....
3,176
3,072
1602197.PS.FTS.B,
18.41%,
8/14/24
....
2,926
2,830
1610184.PS.FTS.B,
13.4%,
8/15/24
.....
7,555
7,294
1613274.PS.FTS.B,
14.39%,
8/16/24
....
16,383
–
1618425.PS.FTS.B,
19.8%,
8/20/24
.....
12,013
11,763
1610577.PS.FTS.B,
19.8%,
8/21/24
.....
3,951
3,842
1608881.PS.FTS.B,
14.7%,
8/23/24
.....
1,747
1,693
1609535.PS.FTS.B,
26.21%,
8/24/24
....
6,234
6,174
1610579.PS.FTS.B,
15%,
8/25/24
.......
2,917
2,829
1620627.PS.FTS.B,
16.9%,
8/25/24
.....
6,494
6,300
1615387.PS.FTS.B,
15.1%,
8/27/24
.....
3,097
3,007
1622424.PS.FTS.B,
16.1%,
8/27/24
.....
2,456
2,385
1623215.PS.FTS.B,
24.81%,
9/20/24
....
4,210
4,145
1634217.PS.FTS.B,
24.51%,
9/21/24
....
7,231
1,074
1623656.PS.FTS.B,
25.71%,
9/21/24
....
6,473
6,408
1628356.PS.FTS.B,
11.6%,
9/22/24
.....
1,495
1,448
1635087.PS.FTS.B,
12.3%,
9/22/24
.....
6,004
5,818
1635063.PS.FTS.B,
14.56%,
9/22/24
....
6,952
6,731
1624643.PS.FTS.B,
15.12%,
9/22/24
....
2,309
2,238
1635060.PS.FTS.B,
16.64%,
9/22/24
....
9,238
8,953
1624631.PS.FTS.B,
17.8%,
9/22/24
.....
11,879
1,671
1624646.PS.FTS.B,
18.4%,
9/22/24
.....
1,866
1,831
1624622.PS.FTS.B,
18.41%,
9/22/24
....
9,898
9,593
1628338.PS.FTS.B,
18.41%,
9/22/24
....
6,175
5,985
1618983.PS.FTS.B,
19.8%,
9/22/24
.....
4,202
4,107
1624811.PS.FTS.B,
24.09%,
9/22/24
....
2,246
2,225
1635348.PS.FTS.B,
26.3%,
9/22/24
.....
1,299
1,286
1635768.PS.FTS.B,
14.89%,
9/23/24
....
5,977
5,795
1629058.PS.FTS.B,
15.7%,
9/23/24
.....
1,531
1,485
1635762.PS.FTS.B,
17.96%,
9/23/24
....
4,543
621
1625948.PS.FTS.B,
11.6%,
9/24/24
.....
5,979
5,797
1626509.PS.FTS.B,
12.3%,
9/24/24
.....
6,605
6,403
1636260.PS.FTS.B,
12.76%,
9/24/24
....
1,204
1,167
1636335.PS.FTS.B,
13%,
9/24/24
.......
9,044
8,768
1636458.PS.FTS.B,
13.8%,
9/24/24
.....
2,726
2,643
1636308.PS.FTS.B,
14.56%,
9/24/24
....
1,826
1,770
1626602.PS.FTS.B,
16.1%,
9/24/24
.....
2,761
2,680
1625990.PS.FTS.B,
16.28%,
9/24/24
....
21,512
20,863
1621098.PS.FTS.B,
17.5%,
9/24/24
.....
1,075
1,061
1625708.PS.FTS.B,
17.8%,
9/24/24
.....
7,440
7,307
1629244.PS.FTS.B,
17.96%,
9/24/24
....
6,019
5,838
1636317.PS.FTS.B,
18.2%,
9/24/24
.....
2,486
2,441
1636947.PS.FTS.B,
20.34%,
9/24/24
....
1,258
1,235
1630390.PS.FTS.B,
11.6%,
9/27/24
.....
6,248
6,062
1630750.PS.FTS.B,
11.7%,
9/27/24
.....
7,347
7,129
1637526.PS.FTS.B,
12.3%,
9/27/24
.....
9,410
9,129
1630264.PS.FTS.B,
13.3%,
9/27/24
.....
2,512
2,437
1626884.PS.FTS.B,
15%,
9/27/24
.......
5,093
4,945
1637235.PS.FTS.B,
15.1%,
9/27/24
.....
3,185
3,092
1630384.PS.FTS.B,
16%,
9/27/24
.......
6,396
6,210
1630447.PS.FTS.B,
16%,
9/27/24
.......
2,560
2,486
1637214.PS.FTS.B,
16.39%,
9/27/24
....
4,471
4,331
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1630396.PS.FTS.B,
16.43%,
9/27/24
....
$
12,254
$
11,898
1630414.PS.FTS.B,
16.43%,
9/27/24
....
1,283
1,246
1630381.PS.FTS.B,
20.8%,
9/27/24
.....
5,908
5,811
1630936.PS.FTS.B,
12%,
9/28/24
.......
5,260
5,104
1631188.PS.FTS.B,
13.36%,
9/28/24
....
6,625
6,429
1630918.PS.FTS.B,
13.8%,
9/28/24
.....
5,060
4,910
1630933.PS.FTS.B,
13.81%,
9/28/24
....
9,488
9,208
1627928.PS.FTS.B,
14.7%,
9/28/24
.....
3,612
3,508
1627706.PS.FTS.B,
15.1%,
9/28/24
.....
1,274
1,237
1627796.PS.FTS.B,
15.4%,
9/28/24
.....
6,380
6,197
1628048.PS.FTS.B,
15.4%,
9/28/24
.....
4,443
4,318
1630837.PS.FTS.B,
15.4%,
9/28/24
.....
3,207
3,108
1638096.PS.FTS.B,
16.1%,
9/28/24
.....
1,803
1,765
1638078.PS.FTS.B,
18.11%,
9/28/24
....
7,768
7,545
1627961.PS.FTS.B,
19.3%,
9/28/24
.....
1,303
1,282
1631467.PS.FTS.B,
20.46%,
9/28/24
....
8,792
8,650
1638306.PS.FTS.B,
21.56%,
9/28/24
....
3,659
3,598
1639245.PS.FTS.B,
11.6%,
9/29/24
.....
3,410
3,313
1639584.PS.FTS.B,
14.49%,
9/30/24
....
5,632
5,614
1635648.PS.FTS.B,
17.54%,
9/30/24
....
10,988
583
1627514.PS.FTS.B,
13.5%,
10/02/24
....
6,376
6,173
1637193.PS.FTS.B,
15.4%,
10/03/24
....
5,405
5,315
1642194.PS.FTS.B,
19.5%,
10/05/24
....
12,072
11,658
1630822.PS.FTS.B,
13.86%,
10/11/24
....
10,197
9,858
1638108.PS.FTS.B,
16.5%,
10/25/24
....
6,309
6,202
1655337.PS.FTS.B,
12%,
10/27/24
......
5,241
5,067
1655328.PS.FTS.B,
15.4%,
10/27/24
....
1,993
1,931
1648597.PS.FTS.B,
15.5%,
10/27/24
....
6,666
6,445
1655466.PS.FTS.B,
17.8%,
10/27/24
....
10,089
9,858
1648606.PS.FTS.B,
18.11%,
10/27/24
....
2,021
1,954
1656180.PS.FTS.B,
10.8%,
10/28/24
....
5,840
5,661
1656192.PS.FTS.B,
10.97%,
10/28/24
...
3,379
801
1649488.PS.FTS.B,
11.7%,
10/28/24
....
7,172
6,948
1646303.PS.FTS.B,
11.89%,
10/28/24
....
9,790
9,484
1656015.PS.FTS.B,
12.3%,
10/28/24
....
6,541
6,336
1649524.PS.FTS.B,
14.39%,
10/28/24
...
1,322
1,279
1649797.PS.FTS.B,
17.05%,
10/28/24
...
9,046
8,751
1649812.PS.FTS.B,
24.09%,
10/28/24
...
1,386
1,368
1656462.PS.FTS.B,
27.62%,
10/28/24
...
10,566
10,425
1647104.PS.FTS.B,
10.8%,
10/29/24
....
3,243
3,143
1647374.PS.FTS.B,
13.13%,
10/29/24
...
4,598
4,440
1650016.PS.FTS.B,
13.5%,
10/29/24
....
13,163
12,711
1650442.PS.FTS.B,
16.57%,
10/29/24
...
10,087
9,741
1656681.PS.FTS.B,
17%,
10/29/24
......
1,394
1,359
1650046.PS.FTS.B,
19.41%,
10/29/24
...
15,469
15,178
1657236.PS.FTS.B,
22.6%,
10/29/24
....
269
23
1628921.PS.FTS.B,
13.7%,
10/31/24
....
12,642
12,239
1657803.PS.FTS.B,
13.13%,
11/01/24
....
6,896
6,603
1648730.PS.FTS.B,
17%,
11/02/24
......
8,037
7,757
1651990.PS.FTS.B,
18.41%,
11/02/24
....
16,984
16,238
1651379.PS.FTS.B,
10.8%,
11/05/24
....
10,382
9,997
1654657.PS.FTS.B,
12.3%,
11/05/24
....
16,349
15,744
1661403.PS.FTS.B,
14.11%,
11/05/24
....
16,502
15,892
1635077.PS.FTS.B,
20.57%,
11/05/24
....
10,416
10,066
1658215.PS.FTS.B,
16%,
11/08/24
......
5,700
5,474
1653476.PS.FTS.B,
10.8%,
11/09/24
....
1,947
1,876
1665852.PS.FTS.B,
11.79%,
11/09/24
....
7,827
7,545
1652624.PS.FTS.B,
12.3%,
11/09/24
....
2,616
2,522
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1653332.PS.FTS.B,
12.79%,
11/09/24
....
$
13,113
$
12,625
1652882.PS.FTS.B,
13.4%,
11/09/24
....
3,946
3,804
1652855.PS.FTS.B,
13.41%,
11/09/24
....
6,651
6,376
1659070.PS.FTS.B,
13.7%,
11/09/24
....
6,587
6,327
1659052.PS.FTS.B,
15.29%,
11/09/24
....
2,656
2,551
1659220.PS.FTS.B,
16.6%,
11/09/24
....
6,704
6,470
1652864.PS.FTS.B,
17%,
11/09/24
......
18,143
4,462
1659274.PS.FTS.B,
19.5%,
11/09/24
....
9,492
9,195
1665651.PS.FTS.B,
19.6%,
11/09/24
....
10,175
9,856
1652858.PS.FTS.B,
20.24%,
11/09/24
....
2,041
1,977
1654004.PS.FTS.B,
15.29%,
11/10/24
....
3,320
3,190
1654961.PS.FTS.B,
11.88%,
11/12/24
....
9,788
9,442
1657065.PS.FTS.B,
15.29%,
11/12/24
....
8,200
–
1654955.PS.FTS.B,
15.5%,
11/12/24
....
6,530
6,279
1660819.PS.FTS.B,
17%,
11/12/24
......
2,009
1,950
1661158.PS.FTS.B,
17%,
11/12/24
......
1,339
1,300
1652873.PS.FTS.B,
19.6%,
11/14/24
....
7,519
1,858
1662559.PS.FTS.B,
13.1%,
11/15/24
....
7,089
1,688
1486265.PS.FTS.B,
19.99%,
11/16/24
....
7,155
7,006
1658144.PS.FTS.B,
14.49%,
11/17/24
....
19,731
19,253
1672080.PS.FTS.B,
18.41%,
11/19/24
....
7,325
7,050
1665015.PS.FTS.B,
12.15%,
11/22/24
....
18,641
2,410
1503354.PS.FTS.B,
20.74%,
11/24/24
....
3,296
2,780
1680283.PS.FTS.B,
11.07%,
12/16/24
....
3,044
2,938
1674119.PS.FTS.B,
11.6%,
12/16/24
.....
6,782
6,545
1674128.PS.FTS.B,
12.3%,
12/16/24
....
1,728
1,668
1687134.PS.FTS.B,
12.6%,
12/16/24
....
4,771
4,586
1686729.PS.FTS.B,
13.36%,
12/16/24
...
10,260
9,902
1687119.PS.FTS.B,
13.5%,
12/16/24
....
10,267
9,870
1680238.PS.FTS.B,
13.81%,
12/16/24
...
17,137
16,540
1673705.PS.FTS.B,
16%,
12/16/24
......
6,926
6,648
1686747.PS.FTS.B,
16.5%,
12/16/24
....
3,744
3,626
1686726.PS.FTS.B,
18.41%,
12/16/24
...
17,508
16,807
1674134.PS.FTS.B,
19.5%,
12/16/24
....
1,446
1,398
1680268.PS.FTS.B,
19.6%,
12/16/24
....
7,968
1,983
1680277.PS.FTS.B,
19.6%,
12/16/24
....
7,041
6,802
1680457.PS.FTS.B,
13.1%,
12/17/24
....
10,782
8,897
1674263.PS.FTS.B,
18.9%,
12/17/24
....
894
869
1675928.PS.FTS.B,
10.97%,
12/21/24
...
6,766
6,538
1689480.PS.FTS.B,
13.7%,
12/21/24
....
4,796
4,612
1689501.PS.FTS.B,
15.9%,
12/21/24
....
6,923
6,658
1676387.PS.FTS.B,
16.2%,
12/21/24
....
6,932
6,715
1674137.PS.FTS.B,
18.2%,
12/21/24
....
1,405
1,358
1689111.PS.FTS.B,
23.4%,
12/21/24
.....
5,351
1,415
1676915.PS.FTS.B,
12.3%,
12/22/24
....
6,805
6,578
1689882.PS.FTS.B,
15.29%,
12/22/24
...
3,797
3,653
1683052.PS.FTS.B,
16.2%,
12/22/24
....
1,386
1,344
1683121.PS.FTS.B,
16.8%,
12/22/24
....
17,379
16,722
1689870.PS.FTS.B,
18.09%,
12/22/24
...
4,228
4,098
1683241.PS.FTS.B,
22.6%,
12/22/24
....
2,854
2,786
1678466.PS.FTS.B,
11.4%,
12/24/24
....
5,438
5,258
1690275.PS.FTS.B,
21.5%,
12/25/24
....
6,404
6,207
1677272.PS.FTS.B,
11.6%,
12/28/24
....
8,285
8,015
1685272.PS.FTS.B,
16.7%,
12/28/24
....
16,840
16,420
1681405.PS.FTS.B,
16.9%,
12/28/24
....
11,045
10,614
1692336.PS.FTS.B,
21.8%,
12/28/24
....
7,237
7,037
1686151.PS.FTS.B,
14.6%,
12/29/24
....
1,427
1,378
1679818.PS.FTS.B,
17.8%,
12/30/24
....
11,695
11,492
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1693752.PS.FTS.B,
23.9%,
12/30/24
....
$
3,708
$
3,712
1686607.PS.FTS.B,
26.09%,
12/30/24
...
2,244
2,297
1676435.PS.FTS.B,
16.93%,
12/31/24
...
9,056
8,696
1694922.PS.FTS.B,
24.11%,
1/03/25
....
2,226
2,149
1695360.PS.FTS.B,
13.3%,
1/04/25
.....
3,548
3,413
1683092.PS.FTS.B,
24.4%,
1/04/25
.....
3,715
3,588
1695489.PS.FTS.B,
25.4%,
1/04/25
.....
7,346
4,448
1684433.PS.FTS.B,
24.4%,
1/06/25
.....
3,609
3,488
1697064.PS.FTS.B,
24.4%,
1/06/25
.....
1,457
1,409
1684775.PS.FTS.B,
24.11%,
1/07/25
....
5,195
5,028
1680806.PS.FTS.B,
24.4%,
1/08/25
.....
2,897
484
1687799.PS.FTS.B,
13.41%,
1/12/25
....
11,157
6,257
1694614.PS.FTS.B,
11.4%,
1/13/25
.....
2,814
2,713
1688987.PS.FTS.B,
12%,
1/13/25
.......
6,349
6,121
1694584.PS.FTS.B,
12.2%,
1/13/25
.....
14,122
13,615
1701780.PS.FTS.B,
12.3%,
1/13/25
.....
10,596
10,215
1688570.PS.FTS.B,
13.87%,
1/13/25
....
4,268
4,092
1701390.PS.FTS.B,
14.89%,
1/13/25
....
6,446
849
1701399.PS.FTS.B,
16%,
1/13/25
.......
5,025
4,818
1688558.PS.FTS.B,
16.43%,
1/13/25
....
2,158
2,069
1701342.PS.FTS.B,
17.7%,
1/13/25
.....
18,076
17,448
1694587.PS.FTS.B,
19.6%,
1/13/25
.....
7,288
7,034
1701789.PS.FTS.B,
22.5%,
1/13/25
.....
2,041
511
1694602.PS.FTS.B,
23.3%,
1/13/25
.....
7,873
2,041
1701807.PS.FTS.B,
24.09%,
1/13/25
....
1,484
1,442
1688981.PS.FTS.B,
24.5%,
1/13/25
.....
10,568
1,517
1689359.PS.FTS.B,
12.3%,
1/14/25
.....
3,549
3,423
1689344.PS.FTS.B,
13.9%,
1/14/25
.....
7,114
6,824
1695688.PS.FTS.B,
13.96%,
1/14/25
....
4,625
4,460
1702149.PS.FTS.B,
15%,
1/14/25
.......
7,148
6,856
1695340.PS.FTS.B,
15.7%,
1/14/25
.....
7,170
6,877
1689368.PS.FTS.B,
16.2%,
1/14/25
.....
3,733
2,206
1695364.PS.FTS.B,
16.8%,
1/14/25
.....
3,618
3,466
1695355.PS.FTS.B,
18.4%,
1/14/25
.....
3,626
3,502
1695982.PS.FTS.B,
25.4%,
1/14/25
.....
5,649
5,469
1684772.PS.FTS.B,
24.4%,
1/15/25
.....
3,755
3,619
1702809.PS.FTS.B,
14.89%,
1/18/25
....
17,861
17,159
1690361.PS.FTS.B,
18.5%,
1/18/25
.....
2,902
2,809
1696480.PS.FTS.B,
18.8%,
1/18/25
.....
3,632
3,515
1697491.PS.FTS.B,
16.7%,
1/19/25
.....
3,600
3,486
1692497.PS.FTS.B,
17.2%,
1/19/25
.....
4,637
4,489
1704390.PS.FTS.B,
17.8%,
1/19/25
.....
1,447
1,401
1692221.PS.FTS.B,
23%,
1/19/25
.......
5,161
5,034
1699183.PS.FTS.B,
13.05%,
1/20/25
....
24,807
23,850
1694027.PS.FTS.B,
13.42%,
1/24/25
....
14,198
13,726
1700809.PS.FTS.B,
22.6%,
1/24/25
.....
3,688
3,610
1696034.PS.FTS.B,
13.5%,
1/25/25
.....
1,424
1,373
1709424.PS.FTS.B,
23.4%,
1/26/25
.....
1,494
1,457
1689338.PS.FTS.B,
16.02%,
1/28/25
....
12,631
12,163
1706926.PS.FTS.B,
19.8%,
2/01/25
.....
4,522
4,325
1706807.PS.FTS.B,
17.8%,
2/11/25
.....
2,992
2,878
1715170.PS.FTS.B,
10.8%,
2/15/25
.....
2,183
2,106
1708031.PS.FTS.B,
12.9%,
2/15/25
.....
5,650
5,450
1708067.PS.FTS.B,
13%,
2/15/25
.......
7,341
7,081
1708037.PS.FTS.B,
13.36%,
2/15/25
....
2,941
2,837
1715161.PS.FTS.B,
14.11%,
2/15/25
....
1,919
1,861
1708070.PS.FTS.B,
14.2%,
2/15/25
.....
7,368
7,063
1708871.PS.FTS.B,
14.49%,
2/15/25
....
7,385
7,078
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)
Prosper
Funding
LLC
(continued)
1708448.PS.FTS.B,
15.86%,
2/15/25
....
$
11,136
$
10,674
1721421.PS.FTS.B,
16.3%,
2/15/25
.....
13,832
13,299
1715173.PS.FTS.B,
16.6%,
2/15/25
.....
3,012
2,888
1721052.PS.FTS.B,
16.8%,
2/15/25
.....
2,608
2,500
1708055.PS.FTS.B,
20.25%,
2/15/25
....
18,041
17,291
1708904.PS.FTS.B,
23.4%,
2/15/25
.....
3,818
3,702
1708478.PS.FTS.B,
24.34%,
2/15/25
....
3,626
3,512
1708040.PS.FTS.B,
26.46%,
2/15/25
....
3,087
2,993
1716160.PS.FTS.B,
11.55%,
2/16/25
....
7,298
7,042
1715854.PS.FTS.B,
13.2%,
2/16/25
.....
5,069
4,861
1716226.PS.FTS.B,
13.9%,
2/16/25
.....
6,206
5,951
1722384.PS.FTS.B,
15.1%,
2/16/25
.....
6,199
–
1716088.PS.FTS.B,
17.8%,
2/16/25
.....
3,740
3,607
1715845.PS.FTS.B,
19.83%,
2/16/25
....
7,662
6,308
1722438.PS.FTS.B,
21.5%,
2/16/25
.....
2,165
2,087
1709591.PS.FTS.B,
22.6%,
2/16/25
.....
11,772
9,958
1723593.PS.FTS.B,
22.6%,
2/18/25
.....
11,421
11,095
1723899.PS.FTS.B,
22.6%,
2/18/25
.....
5,945
874
1717273.PS.FTS.B,
10.8%,
2/20/25
.....
9,546
557
1722492.PS.FTS.B,
16.64%,
2/20/25
....
7,465
7,154
1709597.PS.FTS.B,
18.5%,
2/20/25
.....
4,510
4,338
1724859.PS.FTS.B,
11.4%,
2/22/25
.....
6,699
6,477
1724148.PS.FTS.B,
12.3%,
2/22/25
.....
6,817
6,688
1718062.PS.FTS.B,
20.4%,
2/22/25
.....
1,511
1,461
1713806.PS.FTS.B,
10.07%,
2/23/25
....
29,017
28,324
1712954.PS.FTS.B,
12.4%,
2/23/25
.....
2,929
2,831
1713725.PS.FTS.B,
13.9%,
2/23/25
.....
6,607
6,353
1721427.PS.FTS.B,
17.96%,
2/24/25
....
13,169
12,615
1715152.PS.FTS.B,
21%,
2/28/25
.......
7,888
7,619
1708484.PS.FTS.B,
22.6%,
2/28/25
.....
3,179
3,071
1710380.PS.FTS.B,
23.59%,
2/28/25
....
2,497
2,473
1730775.PS.FTS.B,
16.3%,
3/03/25
.....
1,567
1,495
1740433.PS.FTS.B,
8.6%,
3/23/25
......
1,495
1,489
1748893.PS.FTS.B,
21.5%,
4/05/25
.....
2,621
643
1683602.PS.FTS.B,
23.4%,
7/05/25
.....
1,874
1,787
1638183.PS.FTS.B,
17.71%,
8/28/25
....
9,795
9,459
1632058.PS.FTS.B,
12.9%,
8/29/25
.....
4,452
4,344
1626683.PS.FTS.B,
15.4%,
9/26/25
.....
4,043
3,917
1651787.PS.FTS.B,
14.89%,
10/08/25
...
9,105
349
1696479.PS.FTS.B,
25.4%,
11/16/25
....
6,960
1,799
1681039.PS.FTS.B,
14.49%,
11/20/25
....
6,499
3,750
1489833.PS.FTS.B,
16.99%,
11/30/25
....
6,817
6,675
1705071.PS.FTS.B,
18.7%,
12/01/25
....
3,785
3,645
1689362.PS.FTS.B,
13.77%,
12/14/25
...
30,098
29,572
1485878.PS.FTS.B,
11.99%,
12/17/25
....
10,467
10,322
1706328.PS.FTS.B,
24.4%,
12/21/25
....
2,792
2,068
1592846.PS.FTS.B,
15.9%,
7/23/26
.....
6,227
5,983
1599437.PS.FTS.B,
16.5%,
8/05/26
.....
27,806
26,502
1599440.PS.FTS.B,
26.4%,
8/05/26
.....
1,668
1,633
1599782.PS.FTS.B,
29.08%,
8/05/26
....
3,376
3,303
1603753.PS.FTS.B,
13.4%,
8/06/26
.....
1,177
1,164
1600460.PS.FTS.B,
15.2%,
8/06/26
.....
11,832
11,283
1603750.PS.FTS.B,
15.9%,
8/06/26
.....
6,335
6,040
1600466.PS.FTS.B,
18.73%,
8/06/26
....
12,059
11,496
1603759.PS.FTS.B,
20.59%,
8/06/26
....
8,116
7,807
1604551.PS.FTS.B,
13.74%,
8/09/26
....
18,373
17,696
1611384.PS.FTS.B,
13.88%,
8/09/26
....
7,830
7,529
1611387.PS.FTS.B,
19.33%,
8/09/26
....
7,258
6,994
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1611390.PS.FTS.B,
22.8%,
8/09/26
.....
$
1,641
$
1,612
1611810.PS.FTS.B,
13%,
8/10/26
.......
1,948
1,873
1606042.PS.FTS.B,
14.74%,
8/10/26
....
12,602
12,120
1611513.PS.FTS.B,
15.68%,
8/10/26
....
15,818
15,214
1611807.PS.FTS.B,
19.33%,
8/10/26
....
12,096
11,662
1612131.PS.FTS.B,
19.48%,
8/10/26
....
6,053
5,836
1602347.PS.FTS.B,
20.3%,
8/10/26
.....
1,621
1,563
1612149.PS.FTS.B,
20.7%,
8/10/26
.....
4,872
4,697
1612140.PS.FTS.B,
23.74%,
8/10/26
....
5,357
5,161
1605592.PS.FTS.B,
24%,
8/10/26
.......
1,802
–
1606183.PS.FTS.B,
12.6%,
8/11/26
.....
11,660
11,216
1606945.PS.FTS.B,
12.5%,
8/12/26
.....
6,357
783
1607296.PS.FTS.B,
13.3%,
8/12/26
.....
4,697
4,519
1606891.PS.FTS.B,
16.3%,
8/12/26
.....
6,347
6,064
1603532.PS.FTS.B,
20.5%,
8/12/26
.....
8,554
8,256
1602449.PS.FTS.B,
25%,
8/15/26
.......
1,661
1,632
1609519.PS.FTS.B,
15%,
8/17/26
.......
6,304
6,034
1611322.PS.FTS.B,
12.5%,
8/19/26
.....
27,190
26,204
1618149.PS.FTS.B,
13.7%,
8/19/26
.....
8,605
8,293
1604576.PS.FTS.B,
18.3%,
8/19/26
.....
8,050
7,776
1611805.PS.FTS.B,
16.18%,
8/20/26
....
23,396
22,420
1611804.PS.FTS.B,
18%,
8/22/26
.......
20,177
19,465
1619901.PS.FTS.B,
13.5%,
8/24/26
.....
9,376
9,047
1620930.PS.FTS.B,
15.8%,
8/25/26
.....
7,914
7,598
1615105.PS.FTS.B,
12.7%,
8/26/26
.....
14,777
14,264
1621938.PS.FTS.B,
14.39%,
8/26/26
....
6,282
6,064
1615738.PS.FTS.B,
13.3%,
8/27/26
.....
3,177
3,068
1612100.PS.FTS.B,
16.3%,
8/27/26
.....
8,069
7,752
1615246.PS.FTS.B,
16.64%,
8/27/26
....
9,700
9,318
1615636.PS.FTS.B,
12.5%,
8/30/26
.....
11,880
11,604
1612853.PS.FTS.B,
13%,
8/30/26
.......
31,723
30,998
1611798.PS.FTS.B,
25.74%,
9/01/26
....
8,362
8,216
1617610.PS.FTS.B,
15.29%,
9/11/26
....
10,923
10,467
1622321.PS.FTS.B,
19.23%,
9/17/26
....
2,456
2,368
1634619.PS.FTS.B,
19%,
9/21/26
.......
8,176
7,935
1624628.PS.FTS.B,
12.9%,
9/22/26
.....
19,815
19,109
1625300.PS.FTS.B,
11.79%,
9/23/26
....
5,515
5,319
1625246.PS.FTS.B,
12.5%,
9/23/26
.....
7,513
7,247
1626002.PS.FTS.B,
11.7%,
9/24/26
.....
19,686
18,993
1630114.PS.FTS.B,
11.7%,
9/24/26
......
7,087
6,837
1630111.PS.FTS.B,
13.03%,
9/24/26
.....
13,087
12,627
1629628.PS.FTS.B,
14.31%,
9/24/26
....
9,583
9,199
1637205.PS.FTS.B,
11.7%,
9/27/26
.....
8,416
8,126
1630660.PS.FTS.B,
11.79%,
9/27/26
....
5,619
5,487
1637199.PS.FTS.B,
12.4%,
9/27/26
.....
12,871
12,427
1637250.PS.FTS.B,
13.4%,
9/27/26
.....
5,708
5,509
1626827.PS.FTS.B,
14.2%,
9/27/26
.....
21,915
21,060
1626860.PS.FTS.B,
15%,
9/27/26
.......
5,297
5,082
1631629.PS.FTS.B,
11.7%,
9/28/26
.....
3,387
3,278
1631647.PS.FTS.B,
12.7%,
9/28/26
.....
11,969
11,560
1638105.PS.FTS.B,
13.4%,
9/28/26
.....
5,255
5,075
1628072.PS.FTS.B,
14.53%,
9/28/26
....
16,341
15,781
1627559.PS.FTS.B,
14.89%,
9/28/26
....
13,845
13,309
1638453.PS.FTS.B,
16.1%,
9/28/26
.....
12,287
11,811
1631380.PS.FTS.B,
18.13%,
9/28/26
....
28,942
27,817
1639041.PS.FTS.B,
11.7%,
9/29/26
.....
12,023
11,610
1627703.PS.FTS.B,
13.41%,
9/30/26
....
4,939
1,140
1626833.PS.FTS.B,
14.7%,
10/01/26
....
12,239
11,725
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Prosper
Funding
LLC
(continued)
1469063.PS.FTS.B,
19.24%,
10/12/26
...
$
9,468
$
9,134
1646769.PS.FTS.B,
11.79%,
10/13/26
....
10,429
10,035
1648282.PS.FTS.B,
14%,
10/26/26
......
12,169
11,658
1648288.PS.FTS.B,
14.96%,
10/26/26
...
10,189
9,761
1645235.PS.FTS.B,
9.81%,
10/27/26
....
5,342
–
1645223.PS.FTS.B,
10.5%,
10/27/26
....
7,300
7,047
1645646.PS.FTS.B,
10.8%,
10/27/26
....
12,185
11,762
1648582.PS.FTS.B,
10.9%,
10/27/26
....
8,127
7,845
1645232.PS.FTS.B,
11.2%,
10/27/26
....
9,496
9,170
1645661.PS.FTS.B,
11.7%,
10/27/26
....
43
–
1645649.PS.FTS.B,
12.7%,
10/27/26
....
5,738
5,540
1655325.PS.FTS.B,
13.08%,
10/27/26
...
16,670
16,094
1648945.PS.FTS.B,
14.29%,
10/27/26
...
28,904
27,700
1648588.PS.FTS.B,
14.39%,
10/27/26
...
12,393
11,877
1648621.PS.FTS.B,
15.29%,
10/27/26
...
29,035
27,826
1655580.PS.FTS.B,
21%,
10/27/26
......
12,231
1,880
1646309.PS.FTS.B,
9.62%,
10/28/26
....
12,539
12,106
1649809.PS.FTS.B,
11.1%,
10/28/26
....
4,912
4,743
1649791.PS.FTS.B,
15.1%,
10/28/26
....
20,722
19,866
1646312.PS.FTS.B,
15.29%,
10/28/26
...
7,466
7,158
1646066.PS.FTS.B,
16.18%,
10/28/26
...
12,493
11,977
1645916.PS.FTS.B,
16.3%,
10/28/26
....
3,002
2,910
1646072.PS.FTS.B,
28.23%,
10/28/26
...
10,463
10,346
1650307.PS.FTS.B,
10.08%,
10/29/26
...
10,523
10,161
1647161.PS.FTS.B,
10.5%,
10/29/26
....
5,678
5,483
1657278.PS.FTS.B,
10.5%,
10/29/26
....
6,396
6,176
1650655.PS.FTS.B,
10.71%,
10/29/26
...
6,745
6,530
1646819.PS.FTS.B,
11.2%,
10/29/26
....
3,255
3,144
1650901.PS.FTS.B,
11.2%,
10/29/26
....
12,614
12,181
1650547.PS.FTS.B,
13.7%,
10/29/26
....
9,718
9,329
1650847.PS.FTS.B,
13.93%,
10/29/26
...
6,596
6,370
1647071.PS.FTS.B,
14.38%,
10/29/26
...
16,523
15,957
1650865.PS.FTS.B,
15.18%,
10/29/26
...
8,291
8,008
1646828.PS.FTS.B,
15.29%,
10/29/26
...
17,421
16,682
1656183.PS.FTS.B,
14.38%,
10/31/26
...
6,206
5,992
1655343.PS.FTS.B,
16.65%,
10/31/26
...
11,175
10,798
1648990.PS.FTS.B,
18.33%,
10/31/26
...
14,322
13,787
1647098.PS.FTS.B,
11.55%,
11/01/26
....
24,434
23,588
1649806.PS.FTS.B,
12.33%,
11/01/26
....
12,295
11,774
1651774.PS.FTS.B,
11.89%,
11/02/26
....
6,940
6,661
1645652.PS.FTS.B,
12.7%,
11/02/26
....
5,340
5,154
1648793.PS.FTS.B,
26.43%,
11/02/26
....
8,676
8,404
1646054.PS.FTS.B,
15.1%,
11/03/26
....
2,711
2,602
1650023.PS.FTS.B,
14.79%,
11/04/26
....
9,104
8,836
1661388.PS.FTS.B,
11.55%,
11/05/26
....
3,261
3,132
1650968.PS.FTS.B,
16.33%,
11/05/26
....
15,000
14,263
1654723.PS.FTS.B,
18.6%,
11/05/26
....
7,153
6,835
1648496.PS.FTS.B,
19%,
11/07/26
......
4,227
4,017
1651754.PS.FTS.B,
10.5%,
11/08/26
....
16,221
15,590
1658080.PS.FTS.B,
14.63%,
11/08/26
....
12,405
11,810
1651784.PS.FTS.B,
16.18%,
11/08/26
....
20,819
19,818
1652300.PS.FTS.B,
21.18%,
11/08/26
....
12,208
11,676
1666515.PS.FTS.B,
11.2%,
11/09/26
.....
19,532
18,776
1665864.PS.FTS.B,
11.97%,
11/09/26
....
6,943
6,675
1666449.PS.FTS.B,
14.6%,
11/09/26
....
9,509
9,056
1658839.PS.FTS.B,
14.68%,
11/09/26
....
12,408
11,928
1658842.PS.FTS.B,
17%,
11/09/26
......
10,447
10,007
1659079.PS.FTS.B,
19%,
11/09/26
......
5,058
4,843
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1665660.PS.FTS.B,
27.4%,
11/09/26
....
$
6,094
$
5,928
1654196.PS.FTS.B,
11.6%,
11/10/26
.....
16,308
15,681
1667148.PS.FTS.B,
11.6%,
11/10/26
.....
7,339
7,056
1660714.PS.FTS.B,
13.6%,
11/10/26
....
8,231
7,843
1651394.PS.FTS.B,
15.29%,
11/10/26
....
16,636
15,803
1654735.PS.FTS.B,
18.25%,
11/10/26
....
21,072
20,061
1660333.PS.FTS.B,
21.18%,
11/10/26
....
3,394
3,250
1654187.PS.FTS.B,
22.5%,
11/10/26
....
12,844
12,445
1667997.PS.FTS.B,
11.79%,
11/12/26
....
7,345
7,066
1655114.PS.FTS.B,
12.32%,
11/12/26
....
9,818
9,445
1667757.PS.FTS.B,
18.25%,
11/12/26
....
10,923
10,478
1667178.PS.FTS.B,
13.3%,
11/15/26
....
8,240
7,843
1661914.PS.FTS.B,
13.5%,
11/15/26
....
20,569
19,632
1661875.PS.FTS.B,
18.33%,
11/15/26
....
12,608
12,113
1661797.PS.FTS.B,
21%,
11/15/26
......
1,700
1,662
1657538.PS.FTS.B,
21.3%,
11/16/26
....
1,724
1,678
1658339.PS.FTS.B,
16%,
11/17/26
......
6,241
6,004
1653086.PS.FTS.B,
18.2%,
11/19/26
....
10,699
10,211
1656447.PS.FTS.B,
14.38%,
11/27/26
....
18,495
17,857
1664327.PS.FTS.B,
13.5%,
11/30/26
....
3,345
3,248
1687146.PS.FTS.B,
11.43%,
12/16/26
....
9,947
9,585
1687128.PS.FTS.B,
12.3%,
12/16/26
....
8,322
8,019
1674095.PS.FTS.B,
12.5%,
12/16/26
....
18,936
18,241
1680286.PS.FTS.B,
12.5%,
12/16/26
....
8,329
8,026
1687125.PS.FTS.B,
13.4%,
12/16/26
....
8,362
8,058
1680241.PS.FTS.B,
14.38%,
12/16/26
...
21,015
20,251
1680235.PS.FTS.B,
14.41%,
12/16/26
...
29,393
28,325
1674101.PS.FTS.B,
14.53%,
12/16/26
...
15,000
14,448
1673708.PS.FTS.B,
14.7%,
12/16/26
....
7,507
7,161
1687113.PS.FTS.B,
15.18%,
12/16/26
....
13,902
13,252
1680250.PS.FTS.B,
15.84%,
12/16/26
...
634
619
1673690.PS.FTS.B,
16.1%,
12/16/26
....
29,601
28,216
1679824.PS.FTS.B,
18.2%,
12/16/26
....
8,410
8,054
1680301.PS.FTS.B,
18.5%,
12/16/26
....
4,270
4,076
1674113.PS.FTS.B,
24%,
12/16/26
......
8,823
7,492
1673699.PS.FTS.B,
26.43%,
12/16/26
...
13,183
12,758
1675265.PS.FTS.B,
10.5%,
12/20/26
....
18,985
18,310
1681297.PS.FTS.B,
13.3%,
12/20/26
....
23,999
23,137
1681006.PS.FTS.B,
15.29%,
12/20/26
...
19,387
18,507
1675340.PS.FTS.B,
16%,
12/20/26
......
11,413
10,922
1688076.PS.FTS.B,
16.4%,
12/20/26
....
12,702
12,125
1682455.PS.FTS.B,
11.43%,
12/21/26
....
24,868
23,991
1673711.PS.FTS.B,
12.6%,
12/21/26
....
3,757
3,620
1688964.PS.FTS.B,
13.93%,
12/21/26
...
12,571
12,128
1689036.PS.FTS.B,
14.6%,
12/21/26
....
16,809
16,053
1689054.PS.FTS.B,
14.89%,
12/21/26
...
12,622
12,054
1676534.PS.FTS.B,
15.29%,
12/21/26
...
12,643
12,074
1676819.PS.FTS.B,
14.68%,
12/22/26
...
26,904
25,963
1674110.PS.FTS.B,
14.7%,
12/22/26
....
29,515
28,137
1690116.PS.FTS.B,
23.11%,
12/22/26
....
13,032
12,667
1677269.PS.FTS.B,
25.9%,
12/22/26
....
5,356
5,206
1690638.PS.FTS.B,
11.1%,
12/23/26
....
7,863
7,589
1687137.PS.FTS.B,
28.08%,
12/23/26
...
13,640
7,183
1680116.PS.FTS.B,
14%,
12/29/26
......
22,989
22,010
1674146.PS.FTS.B,
18.78%,
12/31/26
...
8,748
8,331
1686735.PS.FTS.B,
25.27%,
12/31/26
...
13,477
12,946
1675466.PS.FTS.B,
19%,
1/01/27
.......
7,277
1,849
1694608.PS.FTS.B,
10.62%,
1/13/27
....
8,180
7,879
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)
Prosper
Funding
LLC
(continued)
1701387.PS.FTS.B,
11.1%,
1/13/27
.....
$
6,732
$
6,482
1694572.PS.FTS.B,
11.6%,
1/13/27
.....
18,383
17,701
1695022.PS.FTS.B,
11.7%,
1/13/27
.....
12,543
12,079
1688996.PS.FTS.B,
11.79%,
1/13/27
....
20,676
19,909
1688534.PS.FTS.B,
12.9%,
1/13/27
.....
21,193
20,406
1694605.PS.FTS.B,
15.2%,
1/13/27
.....
1,796
1,711
1695031.PS.FTS.B,
15.5%,
1/13/27
.....
8,563
8,155
1701783.PS.FTS.B,
15.5%,
1/13/27
.....
12,845
12,233
1688990.PS.FTS.B,
17.82%,
1/13/27
....
25,913
24,675
1694623.PS.FTS.B,
18.5%,
1/13/27
.....
6,061
5,781
1701375.PS.FTS.B,
21.69%,
1/13/27
....
8,757
8,474
1694593.PS.FTS.B,
23.4%,
1/13/27
.....
8,805
8,518
1701396.PS.FTS.B,
27.4%,
1/13/27
.....
4,477
4,308
1702062.PS.FTS.B,
11.79%,
1/14/27
....
7,611
7,336
1702152.PS.FTS.B,
12.87%,
1/14/27
....
5,086
4,898
1695343.PS.FTS.B,
12.9%,
1/14/27
.....
4,578
4,409
1702287.PS.FTS.B,
15.29%,
1/14/27
....
8,557
8,152
1689365.PS.FTS.B,
15.8%,
1/14/27
.....
17,146
16,335
1702137.PS.FTS.B,
16.2%,
1/14/27
.....
5,581
5,317
1702161.PS.FTS.B,
18.13%,
1/14/27
....
3,459
3,295
1689329.PS.FTS.B,
18.4%,
1/14/27
.....
8,483
8,094
1689347.PS.FTS.B,
19%,
1/14/27
.......
6,940
6,621
1695361.PS.FTS.B,
26.13%,
1/14/27
....
13,322
12,888
1690325.PS.FTS.B,
16.28%,
1/18/27
....
5,153
4,916
1690286.PS.FTS.B,
18.4%,
1/18/27
.....
20,341
19,451
1703139.PS.FTS.B,
25.9%,
1/18/27
.....
1,775
1,722
1704984.PS.FTS.B,
10.29%,
1/19/27
....
10,903
10,513
1704465.PS.FTS.B,
10.5%,
1/19/27
.....
15,110
–
1692188.PS.FTS.B,
11.2%,
1/19/27
.....
20,949
20,200
1691687.PS.FTS.B,
12.7%,
1/19/27
.....
25,411
24,502
1692281.PS.FTS.B,
16.5%,
1/19/27
.....
30,085
28,712
1704129.PS.FTS.B,
21.18%,
1/19/27
....
8,921
7,377
1692593.PS.FTS.B,
10.5%,
1/20/27
.....
16,789
16,192
1698709.PS.FTS.B,
15.2%,
1/20/27
.....
12,830
12,250
1686133.PS.FTS.B,
10.44%,
1/22/27
....
10,122
9,785
1700548.PS.FTS.B,
25.9%,
1/24/27
.....
4,875
4,747
1695725.PS.FTS.B,
16.1%,
1/25/27
.....
19,483
18,705
1606453.PS.FTS.B,
14.89%,
2/11/27
....
7,039
2,950
1708451.PS.FTS.B,
10.26%,
2/15/27
....
8,027
7,772
1715146.PS.FTS.B,
10.5%,
2/15/27
.....
21,332
20,564
1715164.PS.FTS.B,
11.1%,
2/15/27
.....
4,704
4,534
1721439.PS.FTS.B,
12%,
2/15/27
.......
2,574
2,482
1721037.PS.FTS.B,
12.24%,
2/15/27
....
9,018
8,594
1715149.PS.FTS.B,
12.62%,
2/15/27
....
21,501
20,727
1708763.PS.FTS.B,
15.62%,
2/15/27
....
19,993
19,050
1715143.PS.FTS.B,
16.33%,
2/15/27
....
17,427
16,605
1708907.PS.FTS.B,
18.13%,
2/15/27
....
13,149
12,527
1708901.PS.FTS.B,
18.33%,
2/15/27
....
17,543
16,708
1720974.PS.FTS.B,
18.4%,
2/15/27
.....
17,109
16,294
1708466.PS.FTS.B,
18.6%,
2/15/27
.....
5,707
5,435
1708103.PS.FTS.B,
18.78%,
2/15/27
....
2,017
1,917
1721007.PS.FTS.B,
22%,
2/15/27
.......
10,648
10,276
1708913.PS.FTS.B,
25.2%,
2/15/27
.....
10,641
10,255
1715353.PS.FTS.B,
25.9%,
2/15/27
.....
1,795
1,731
1709507.PS.FTS.B,
13.5%,
2/16/27
.....
6,902
6,580
1709207.PS.FTS.B,
16%,
2/16/27
.......
9,574
9,126
1722171.PS.FTS.B,
18.78%,
2/16/27
....
6,588
6,278
1709498.PS.FTS.B,
25.9%,
2/16/27
.....
8,975
8,660
Description
Principal
Amount
Value
Prosper
Funding
LLC
(continued)
1722801.PS.FTS.B,
23.31%,
2/17/27
....
$
4,009
$
3,873
1718479.PS.FTS.B,
11.1%,
2/22/27
.....
7,697
7,432
1724556.PS.FTS.B,
17.38%,
2/22/27
....
5,639
5,390
1719415.PS.FTS.B,
10.8%,
2/23/27
.....
10,165
9,818
1719667.PS.FTS.B,
12.5%,
2/23/27
.....
12,895
12,454
1739157.PS.FTS.B,
11.5%,
3/18/27
.....
34,866
33,709
1749003.PS.FTS.B,
19.3%,
3/31/27
.....
6,331
6,046
1749006.PS.FTS.B,
19.53%,
3/31/27
....
9,955
9,506
1749429.PS.FTS.B,
25.9%,
3/31/27
.....
5,517
5,304
1613553.PS.FTS.B,
19.78%,
6/15/27
....
11,953
1,649
1605754.PS.FTS.B,
28.4%,
7/10/27
.....
4,520
2,221
1636737.PS.FTS.B,
11.61%,
8/24/27
....
12,632
–
1631731.PS.FTS.B,
16.8%,
8/28/27
.....
13,125
5,858
4,277,343
Upgrade,
Inc.
23712149.UG.FTS.B,
29.69%,
11/06/24
..
13,505
14,310
24548048.UG.FTS.B,
28.99%,
11/20/24
..
23,539
24,693
24415650.UG.FTS.B,
26.77%,
11/22/24
..
8,038
8,453
24697398.UG.FTS.B,
26.77%,
11/25/24
..
9,170
9,669
24468287.UG.FTS.B,
29.69%,
11/26/24
..
20,230
2,938
24511278.UG.FTS.B,
29.69%,
12/01/24
..
21,135
1,494
24606347.UG.FTS.B,
30.17%,
12/03/24
..
11,941
12,166
24391908.UG.FTS.B,
29.69%,
12/06/24
..
8,424
8,892
24755237.UG.FTS.B,
Zero
Cpn,
12/10/24
.
7,009
540
24464775.UG.FTS.B,
26.77%,
12/19/24
..
11,924
12,512
24618663.UG.FTS.B,
29.69%,
12/21/24
..
14,484
15,382
25533971.UG.FTS.B,
29.69%,
12/26/24
..
6,605
7,027
25752944.UG.FTS.B,
26.77%,
1/03/25
...
10,043
10,438
25721348.UG.FTS.B,
28.99%,
1/06/25
...
15,089
13,126
25684301.UG.FTS.B,
29.69%,
1/06/25
...
8,291
8,579
25284171.UG.FTS.B,
27.74%,
1/14/25
...
11,712
12,269
25595802.UG.FTS.B,
28.99%,
1/22/25
...
12,984
12,898
24198170.UG.FTS.B,
23.3%,
11/07/27
...
2
2
24508053.UG.FTS.B,
22.34%,
11/20/27
..
89
89
24545726.UG.FTS.B,
24.99%,
11/23/27
..
11
11
24759733.UG.FTS.B,
22.34%,
11/26/27
..
5
5
24442762.UG.FTS.B,
25.26%,
11/30/27
..
664
52
24877097.UG.FTS.B,
25.26%,
12/02/27
..
884
136
25022405.UG.FTS.B,
25.26%,
12/06/27
..
7
7
25176694.UG.FTS.B,
22.34%,
12/16/27
..
833
62
25513053.UG.FTS.B,
24.29%,
12/24/27
..
3,719
337
25111074.UG.FTS.B,
25.26%,
12/26/27
..
3,286
536
25610435.UG.FTS.B,
21.38%,
1/06/28
...
52
21
25738288.UG.FTS.B,
24.99%,
1/08/28
...
802
7
25689167.UG.FTS.B,
25.26%,
1/08/28
...
423
250
25774309.UG.FTS.B,
Zero
Cpn,
1/21/28
..
4,588
353
25709144.UG.FTS.B,
25.26%,
2/03/28
...
378
378
177,632
Upgrade,
Inc.
-
Card
991731317.UG.FTS.B,
25.45%,
3/07/23
..
6
6
991689406.UG.FTS.B,
29.49%,
3/18/23
..
5
5
991644394.UG.FTS.B,
29.49%,
3/22/23
..
6
6
991629351.UG.FTS.B,
29.49%,
3/24/23
..
8
8
991764702.UG.FTS.B,
29.49%,
4/17/23
..
13
13
991744527.UG.FTS.B,
28.98%,
4/18/23
..
12
12
991779451.UG.FTS.B,
29.49%,
4/21/23
..
11
11
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991824971.UG.FTS.B,
29.49%,
4/22/23
..
$
11
$
11
991687443.UG.FTS.B,
29.49%,
5/04/23
..
17
16
991700308.UG.FTS.B,
28.48%,
6/06/23
..
22
4
991763034.UG.FTS.B,
29.49%,
6/20/23
..
28
29
991782255.UG.FTS.B,
29.49%,
6/24/23
..
19
19
991724225.UG.FTS.B,
28.48%,
8/06/23
..
30
30
991564235.UG.FTS.B,
29.49%,
8/17/23
..
30
30
991638998.UG.FTS.B,
19.21%,
9/23/23
..
9
9
991704902.UG.FTS.B,
28.98%,
10/18/23
.
39
40
991546368.UG.FTS.B,
28.48%,
1/18/24
..
100
102
991552729.UG.FTS.B,
28.48%,
1/18/24
..
549
555
991592691.UG.FTS.B,
28.48%,
1/18/24
..
53
54
991622139.UG.FTS.B,
28.48%,
1/18/24
..
512
510
991732331.UG.FTS.B,
28.48%,
1/18/24
..
73
56
991535064.UG.FTS.B,
29.45%,
1/18/24
..
869
630
991535077.UG.FTS.B,
29.46%,
1/18/24
..
75
77
991751743.UG.FTS.B,
29.47%,
1/18/24
..
213
216
991536585.UG.FTS.B,
29.49%,
1/18/24
..
130
133
991539593.UG.FTS.B,
29.49%,
1/18/24
..
683
531
991541856.UG.FTS.B,
29.49%,
1/18/24
..
74
6
991546280.UG.FTS.B,
29.49%,
1/18/24
..
53
53
991546337.UG.FTS.B,
29.49%,
1/18/24
..
101
104
991552817.UG.FTS.B,
29.49%,
1/18/24
..
137
136
991556797.UG.FTS.B,
29.49%,
1/18/24
..
6
6
991587612.UG.FTS.B,
29.49%,
1/18/24
..
166
169
991629208.UG.FTS.B,
29.49%,
1/18/24
..
112
115
991692863.UG.FTS.B,
29.49%,
1/18/24
..
13
13
991727329.UG.FTS.B,
29.49%,
1/18/24
..
196
198
991769780.UG.FTS.B,
29.49%,
1/18/24
..
88
90
991713760.UG.FTS.B,
Zero
Cpn,
1/19/24
.
57
4
991783894.UG.FTS.B,
Zero
Cpn,
1/19/24
.
175
–
991546995.UG.FTS.B,
19.99%,
1/19/24
..
119
121
991781416.UG.FTS.B,
20.96%,
1/19/24
..
988
990
991545922.UG.FTS.B,
25.45%,
1/19/24
..
50
50
991546826.UG.FTS.B,
28.48%,
1/19/24
..
60
62
991765474.UG.FTS.B,
28.48%,
1/19/24
..
75
77
991781301.UG.FTS.B,
28.48%,
1/19/24
..
138
138
991782715.UG.FTS.B,
28.98%,
1/19/24
..
–
–
991769837.UG.FTS.B,
29.46%,
1/19/24
..
86
12
991586601.UG.FTS.B,
29.48%,
1/19/24
..
125
(3)
991644301.UG.FTS.B,
29.48%,
1/19/24
..
73
75
991689540.UG.FTS.B,
29.48%,
1/19/24
..
139
140
991746052.UG.FTS.B,
29.48%,
1/19/24
..
276
20
991759026.UG.FTS.B,
29.48%,
1/19/24
..
141
143
991765371.UG.FTS.B,
29.48%,
1/19/24
..
60
61
991542914.UG.FTS.B,
29.49%,
1/19/24
..
125
128
991543898.UG.FTS.B,
29.49%,
1/19/24
..
–
–
991546985.UG.FTS.B,
29.49%,
1/19/24
..
75
77
991547308.UG.FTS.B,
29.49%,
1/19/24
..
–
–
991547551.UG.FTS.B,
29.49%,
1/19/24
..
441
449
991548186.UG.FTS.B,
29.49%,
1/19/24
..
149
(5)
991548469.UG.FTS.B,
29.49%,
1/19/24
..
552
(46)
991598993.UG.FTS.B,
29.49%,
1/19/24
..
67
69
991623047.UG.FTS.B,
29.49%,
1/19/24
..
181
186
991662782.UG.FTS.B,
29.49%,
1/19/24
..
–
–
991671486.UG.FTS.B,
29.49%,
1/19/24
..
199
202
991680832.UG.FTS.B,
29.49%,
1/19/24
..
104
(4)
991684437.UG.FTS.B,
29.49%,
1/19/24
..
–
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991697701.UG.FTS.B,
29.49%,
1/19/24
..
$
97
$
98
991712782.UG.FTS.B,
29.49%,
1/19/24
..
318
319
991716976.UG.FTS.B,
29.49%,
1/19/24
..
211
215
991733265.UG.FTS.B,
29.49%,
1/19/24
..
85
86
991733667.UG.FTS.B,
29.49%,
1/19/24
..
10
10
991738510.UG.FTS.B,
29.49%,
1/19/24
..
18
18
991756258.UG.FTS.B,
29.49%,
1/19/24
..
28
28
991760642.UG.FTS.B,
29.49%,
1/19/24
..
106
107
991765089.UG.FTS.B,
29.49%,
1/19/24
..
101
103
991767462.UG.FTS.B,
29.49%,
1/19/24
..
68
(3)
991768418.UG.FTS.B,
29.49%,
1/19/24
..
36
36
991769206.UG.FTS.B,
29.49%,
1/19/24
..
19
19
991776397.UG.FTS.B,
29.49%,
1/19/24
..
13
13
991782126.UG.FTS.B,
29.49%,
1/19/24
..
147
150
991544745.UG.FTS.B,
Zero
Cpn,
1/20/24
.
110
8
991544913.UG.FTS.B,
Zero
Cpn,
1/20/24
.
267
–
991546843.UG.FTS.B,
Zero
Cpn,
1/20/24
.
72
–
991548883.UG.FTS.B,
Zero
Cpn,
1/20/24
.
778
–
991550861.UG.FTS.B,
Zero
Cpn,
1/20/24
.
364
25
991552510.UG.FTS.B,
Zero
Cpn,
1/20/24
.
62
4
991560944.UG.FTS.B,
Zero
Cpn,
1/20/24
.
75
5
991569555.UG.FTS.B,
Zero
Cpn,
1/20/24
.
239
–
991600264.UG.FTS.B,
Zero
Cpn,
1/20/24
.
498
35
991615137.UG.FTS.B,
Zero
Cpn,
1/20/24
.
814
–
991631733.UG.FTS.B,
Zero
Cpn,
1/20/24
.
353
–
991638534.UG.FTS.B,
Zero
Cpn,
1/20/24
.
67
5
991698237.UG.FTS.B,
Zero
Cpn,
1/20/24
.
118
–
991753534.UG.FTS.B,
Zero
Cpn,
1/20/24
.
55
4
991775284.UG.FTS.B,
Zero
Cpn,
1/20/24
.
473
33
991784506.UG.FTS.B,
Zero
Cpn,
1/20/24
.
84
–
991782434.UG.FTS.B,
19.3%,
1/20/24
...
655
657
991546567.UG.FTS.B,
19.99%,
1/20/24
..
55
56
991556410.UG.FTS.B,
19.99%,
1/20/24
..
21
21
991558368.UG.FTS.B,
19.99%,
1/20/24
..
579
595
991572409.UG.FTS.B,
19.99%,
1/20/24
..
260
263
991583492.UG.FTS.B,
19.99%,
1/20/24
..
45
46
991591617.UG.FTS.B,
19.99%,
1/20/24
..
49
50
991597422.UG.FTS.B,
19.99%,
1/20/24
..
85
86
991563444.UG.FTS.B,
25.45%,
1/20/24
..
139
140
991582394.UG.FTS.B,
25.45%,
1/20/24
..
484
480
991663622.UG.FTS.B,
25.45%,
1/20/24
..
54
54
991734079.UG.FTS.B,
25.45%,
1/20/24
..
42
42
991754836.UG.FTS.B,
25.45%,
1/20/24
..
38
38
991573254.UG.FTS.B,
26.44%,
1/20/24
..
133
133
991739704.UG.FTS.B,
26.44%,
1/20/24
..
63
63
991610954.UG.FTS.B,
27.95%,
1/20/24
..
88
7
991544405.UG.FTS.B,
28.48%,
1/20/24
..
50
50
991546473.UG.FTS.B,
28.48%,
1/20/24
..
29
29
991549025.UG.FTS.B,
28.48%,
1/20/24
..
169
174
991554027.UG.FTS.B,
28.48%,
1/20/24
..
190
193
991554902.UG.FTS.B,
28.48%,
1/20/24
..
54
55
991559316.UG.FTS.B,
28.48%,
1/20/24
..
74
76
991568589.UG.FTS.B,
28.48%,
1/20/24
..
27
27
991569197.UG.FTS.B,
28.48%,
1/20/24
..
92
93
991583384.UG.FTS.B,
28.48%,
1/20/24
..
57
59
991589155.UG.FTS.B,
28.48%,
1/20/24
..
12
12
991590348.UG.FTS.B,
28.48%,
1/20/24
..
81
83
991596321.UG.FTS.B,
28.48%,
1/20/24
..
38
39
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)
991612639.UG.FTS.B,
28.48%,
1/20/24
..
$
110
$
112
991613294.UG.FTS.B,
28.48%,
1/20/24
..
20
20
991615418.UG.FTS.B,
28.48%,
1/20/24
..
82
83
991622252.UG.FTS.B,
28.48%,
1/20/24
..
102
103
991625056.UG.FTS.B,
28.48%,
1/20/24
..
117
17
991644127.UG.FTS.B,
28.48%,
1/20/24
..
161
166
991679918.UG.FTS.B,
28.48%,
1/20/24
..
60
60
991691451.UG.FTS.B,
28.48%,
1/20/24
..
86
88
991704363.UG.FTS.B,
28.48%,
1/20/24
..
106
107
991708292.UG.FTS.B,
28.48%,
1/20/24
..
203
159
991754575.UG.FTS.B,
28.48%,
1/20/24
..
207
210
991756843.UG.FTS.B,
28.48%,
1/20/24
..
52
53
991553626.UG.FTS.B,
29.45%,
1/20/24
..
83
84
991545055.UG.FTS.B,
29.46%,
1/20/24
..
139
142
991563815.UG.FTS.B,
29.46%,
1/20/24
..
30
30
991585330.UG.FTS.B,
29.46%,
1/20/24
..
2
2
991596840.UG.FTS.B,
29.46%,
1/20/24
..
28
29
991678744.UG.FTS.B,
29.46%,
1/20/24
..
69
(3)
991561413.UG.FTS.B,
29.47%,
1/20/24
..
39
40
991573077.UG.FTS.B,
29.47%,
1/20/24
..
16
16
991576227.UG.FTS.B,
29.47%,
1/20/24
..
99
100
991650318.UG.FTS.B,
29.47%,
1/20/24
..
25
25
991546096.UG.FTS.B,
29.48%,
1/20/24
..
152
153
991547890.UG.FTS.B,
29.48%,
1/20/24
..
354
362
991550388.UG.FTS.B,
29.48%,
1/20/24
..
963
(37)
991563118.UG.FTS.B,
29.48%,
1/20/24
..
33
33
991564117.UG.FTS.B,
29.48%,
1/20/24
..
56
58
991564976.UG.FTS.B,
29.48%,
1/20/24
..
39
39
991573314.UG.FTS.B,
29.48%,
1/20/24
..
193
197
991593773.UG.FTS.B,
29.48%,
1/20/24
..
47
48
991612779.UG.FTS.B,
29.48%,
1/20/24
..
113
115
991615405.UG.FTS.B,
29.48%,
1/20/24
..
32
32
991637112.UG.FTS.B,
29.48%,
1/20/24
..
383
391
991666791.UG.FTS.B,
29.48%,
1/20/24
..
24
24
991690864.UG.FTS.B,
29.48%,
1/20/24
..
464
473
991712564.UG.FTS.B,
29.48%,
1/20/24
..
244
248
991723500.UG.FTS.B,
29.48%,
1/20/24
..
79
81
991544517.UG.FTS.B,
29.49%,
1/20/24
..
97
99
991545295.UG.FTS.B,
29.49%,
1/20/24
..
368
30
991545502.UG.FTS.B,
29.49%,
1/20/24
..
259
267
991545628.UG.FTS.B,
29.49%,
1/20/24
..
12
12
991546518.UG.FTS.B,
29.49%,
1/20/24
..
66
68
991546552.UG.FTS.B,
29.49%,
1/20/24
..
396
305
991546601.UG.FTS.B,
29.49%,
1/20/24
..
79
80
991546665.UG.FTS.B,
29.49%,
1/20/24
..
22
22
991547068.UG.FTS.B,
29.49%,
1/20/24
..
140
(2)
991547698.UG.FTS.B,
29.49%,
1/20/24
..
20
3
991547820.UG.FTS.B,
29.49%,
1/20/24
..
–
–
991547826.UG.FTS.B,
29.49%,
1/20/24
..
171
173
991548078.UG.FTS.B,
29.49%,
1/20/24
..
11
11
991548176.UG.FTS.B,
29.49%,
1/20/24
..
40
7
991548275.UG.FTS.B,
29.49%,
1/20/24
..
178
177
991548490.UG.FTS.B,
29.49%,
1/20/24
..
183
188
991549381.UG.FTS.B,
29.49%,
1/20/24
..
200
205
991551681.UG.FTS.B,
29.49%,
1/20/24
..
29
29
991552461.UG.FTS.B,
29.49%,
1/20/24
..
120
124
991552688.UG.FTS.B,
29.49%,
1/20/24
..
36
37
991553257.UG.FTS.B,
29.49%,
1/20/24
..
685
59
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991554296.UG.FTS.B,
29.49%,
1/20/24
..
$
–
$
–
991555945.UG.FTS.B,
29.49%,
1/20/24
..
70
72
991556087.UG.FTS.B,
29.49%,
1/20/24
..
56
58
991556675.UG.FTS.B,
29.49%,
1/20/24
..
59
48
991557821.UG.FTS.B,
29.49%,
1/20/24
..
116
119
991557990.UG.FTS.B,
29.49%,
1/20/24
..
40
7
991558974.UG.FTS.B,
29.49%,
1/20/24
..
70
59
991559051.UG.FTS.B,
29.49%,
1/20/24
..
32
32
991559980.UG.FTS.B,
29.49%,
1/20/24
..
17
17
991561556.UG.FTS.B,
29.49%,
1/20/24
..
11
11
991561923.UG.FTS.B,
29.49%,
1/20/24
..
180
184
991562972.UG.FTS.B,
29.49%,
1/20/24
..
494
508
991564550.UG.FTS.B,
29.49%,
1/20/24
..
71
56
991565486.UG.FTS.B,
29.49%,
1/20/24
..
66
66
991567858.UG.FTS.B,
29.49%,
1/20/24
..
401
398
991569020.UG.FTS.B,
29.49%,
1/20/24
..
68
68
991569938.UG.FTS.B,
29.49%,
1/20/24
..
57
59
991572399.UG.FTS.B,
29.49%,
1/20/24
..
6
5
991572520.UG.FTS.B,
29.49%,
1/20/24
..
79
81
991572954.UG.FTS.B,
29.49%,
1/20/24
..
470
482
991573325.UG.FTS.B,
29.49%,
1/20/24
..
40
41
991575505.UG.FTS.B,
29.49%,
1/20/24
..
643
652
991575740.UG.FTS.B,
29.49%,
1/20/24
..
44
45
991575903.UG.FTS.B,
29.49%,
1/20/24
..
530
433
991576674.UG.FTS.B,
29.49%,
1/20/24
..
55
56
991577337.UG.FTS.B,
29.49%,
1/20/24
..
–
–
991579389.UG.FTS.B,
29.49%,
1/20/24
..
140
143
991579802.UG.FTS.B,
29.49%,
1/20/24
..
141
145
991579854.UG.FTS.B,
29.49%,
1/20/24
..
85
87
991583578.UG.FTS.B,
29.49%,
1/20/24
..
27
27
991585183.UG.FTS.B,
29.49%,
1/20/24
..
52
53
991585222.UG.FTS.B,
29.49%,
1/20/24
..
27
27
991585361.UG.FTS.B,
29.49%,
1/20/24
..
123
126
991586788.UG.FTS.B,
29.49%,
1/20/24
..
12
12
991587497.UG.FTS.B,
29.49%,
1/20/24
..
629
647
991588825.UG.FTS.B,
29.49%,
1/20/24
..
81
83
991588849.UG.FTS.B,
29.49%,
1/20/24
..
278
41
991589138.UG.FTS.B,
29.49%,
1/20/24
..
37
38
991591243.UG.FTS.B,
29.49%,
1/20/24
..
86
86
991592580.UG.FTS.B,
29.49%,
1/20/24
..
3
3
991593009.UG.FTS.B,
29.49%,
1/20/24
..
69
70
991593482.UG.FTS.B,
29.49%,
1/20/24
..
99
14
991595921.UG.FTS.B,
29.49%,
1/20/24
..
79
(1)
991597626.UG.FTS.B,
29.49%,
1/20/24
..
815
622
991597653.UG.FTS.B,
29.49%,
1/20/24
..
127
129
991598266.UG.FTS.B,
29.49%,
1/20/24
..
139
140
991598468.UG.FTS.B,
29.49%,
1/20/24
..
45
46
991598552.UG.FTS.B,
29.49%,
1/20/24
..
113
114
991601031.UG.FTS.B,
29.49%,
1/20/24
..
304
6
991601123.UG.FTS.B,
29.49%,
1/20/24
..
296
43
991601688.UG.FTS.B,
29.49%,
1/20/24
..
184
188
991603595.UG.FTS.B,
29.49%,
1/20/24
..
119
121
991604353.UG.FTS.B,
29.49%,
1/20/24
..
6
6
991608039.UG.FTS.B,
29.49%,
1/20/24
..
8
8
991608834.UG.FTS.B,
29.49%,
1/20/24
..
144
149
991610831.UG.FTS.B,
29.49%,
1/20/24
..
68
69
991611241.UG.FTS.B,
29.49%,
1/20/24
..
129
133
991612399.UG.FTS.B,
29.49%,
1/20/24
..
236
242
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)
991612448.UG.FTS.B,
29.49%,
1/20/24
..
$
101
$
104
991616120.UG.FTS.B,
29.49%,
1/20/24
..
–
–
991617558.UG.FTS.B,
29.49%,
1/20/24
..
347
355
991621373.UG.FTS.B,
29.49%,
1/20/24
..
38
38
991622812.UG.FTS.B,
29.49%,
1/20/24
..
25
25
991624921.UG.FTS.B,
29.49%,
1/20/24
..
23
23
991628891.UG.FTS.B,
29.49%,
1/20/24
..
20
21
991629452.UG.FTS.B,
29.49%,
1/20/24
..
294
302
991630097.UG.FTS.B,
29.49%,
1/20/24
..
111
114
991631740.UG.FTS.B,
29.49%,
1/20/24
..
220
222
991633536.UG.FTS.B,
29.49%,
1/20/24
..
28
28
991634055.UG.FTS.B,
29.49%,
1/20/24
..
206
211
991638936.UG.FTS.B,
29.49%,
1/20/24
..
71
73
991642104.UG.FTS.B,
29.49%,
1/20/24
..
69
70
991642333.UG.FTS.B,
29.49%,
1/20/24
..
71
56
991644578.UG.FTS.B,
29.49%,
1/20/24
..
577
52
991645038.UG.FTS.B,
29.49%,
1/20/24
..
30
(1)
991648571.UG.FTS.B,
29.49%,
1/20/24
..
72
56
991651171.UG.FTS.B,
29.49%,
1/20/24
..
54
56
991664444.UG.FTS.B,
29.49%,
1/20/24
..
60
62
991667531.UG.FTS.B,
29.49%,
1/20/24
..
253
258
991673779.UG.FTS.B,
29.49%,
1/20/24
..
105
9
991674489.UG.FTS.B,
29.49%,
1/20/24
..
308
315
991677407.UG.FTS.B,
29.49%,
1/20/24
..
95
96
991678827.UG.FTS.B,
29.49%,
1/20/24
..
202
205
991682318.UG.FTS.B,
29.49%,
1/20/24
..
126
127
991683321.UG.FTS.B,
29.49%,
1/20/24
..
574
588
991685152.UG.FTS.B,
29.49%,
1/20/24
..
26
26
991691631.UG.FTS.B,
29.49%,
1/20/24
..
419
426
991695976.UG.FTS.B,
29.49%,
1/20/24
..
70
71
991697236.UG.FTS.B,
29.49%,
1/20/24
..
246
251
991697324.UG.FTS.B,
29.49%,
1/20/24
..
19
19
991701454.UG.FTS.B,
29.49%,
1/20/24
..
43
43
991706145.UG.FTS.B,
29.49%,
1/20/24
..
89
90
991708222.UG.FTS.B,
29.49%,
1/20/24
..
20
20
991709888.UG.FTS.B,
29.49%,
1/20/24
..
102
103
991711876.UG.FTS.B,
29.49%,
1/20/24
..
30
30
991713015.UG.FTS.B,
29.49%,
1/20/24
..
7
7
991717301.UG.FTS.B,
29.49%,
1/20/24
..
209
213
991719630.UG.FTS.B,
29.49%,
1/20/24
..
142
144
991720995.UG.FTS.B,
29.49%,
1/20/24
..
45
46
991721227.UG.FTS.B,
29.49%,
1/20/24
..
57
58
991730813.UG.FTS.B,
29.49%,
1/20/24
..
114
116
991734314.UG.FTS.B,
29.49%,
1/20/24
..
259
263
991734330.UG.FTS.B,
29.49%,
1/20/24
..
52
52
991734632.UG.FTS.B,
29.49%,
1/20/24
..
27
27
991739160.UG.FTS.B,
29.49%,
1/20/24
..
25
25
991740784.UG.FTS.B,
29.49%,
1/20/24
..
182
186
991741702.UG.FTS.B,
29.49%,
1/20/24
..
118
120
991748931.UG.FTS.B,
29.49%,
1/20/24
..
90
92
991750028.UG.FTS.B,
29.49%,
1/20/24
..
114
116
991757872.UG.FTS.B,
29.49%,
1/20/24
..
43
44
991761410.UG.FTS.B,
29.49%,
1/20/24
..
27
26
991763039.UG.FTS.B,
29.49%,
1/20/24
..
220
18
991765334.UG.FTS.B,
29.49%,
1/20/24
..
62
63
991782660.UG.FTS.B,
29.49%,
1/20/24
..
57
58
991790198.UG.FTS.B,
29.49%,
1/20/24
..
99
101
991670452.UG.FTS.B,
Zero
Cpn,
1/21/24
.
231
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991672118.UG.FTS.B,
Zero
Cpn,
1/21/24
.
$
312
$
22
991683221.UG.FTS.B,
Zero
Cpn,
1/21/24
.
152
–
991702123.UG.FTS.B,
Zero
Cpn,
1/21/24
.
383
26
991733904.UG.FTS.B,
Zero
Cpn,
1/21/24
.
354
25
991742379.UG.FTS.B,
18.47%,
1/21/24
..
1
1
991692614.UG.FTS.B,
20.47%,
1/21/24
..
11
11
991729600.UG.FTS.B,
21.48%,
1/21/24
..
168
13
991767885.UG.FTS.B,
21.48%,
1/21/24
..
52
53
991741170.UG.FTS.B,
22.45%,
1/21/24
..
81
6
991709231.UG.FTS.B,
23.45%,
1/21/24
..
103
14
991669352.UG.FTS.B,
26.49%,
1/21/24
..
80
7
991677773.UG.FTS.B,
28.48%,
1/21/24
..
63
65
991693706.UG.FTS.B,
28.48%,
1/21/24
..
123
125
991693767.UG.FTS.B,
28.48%,
1/21/24
..
52
53
991711024.UG.FTS.B,
28.48%,
1/21/24
..
102
103
991723171.UG.FTS.B,
28.48%,
1/21/24
..
170
173
991723414.UG.FTS.B,
28.48%,
1/21/24
..
268
273
991730921.UG.FTS.B,
28.48%,
1/21/24
..
227
230
991731530.UG.FTS.B,
28.48%,
1/21/24
..
283
288
991784545.UG.FTS.B,
28.48%,
1/21/24
..
74
75
991702778.UG.FTS.B,
29.48%,
1/21/24
..
94
96
991703577.UG.FTS.B,
29.48%,
1/21/24
..
378
388
991738870.UG.FTS.B,
29.48%,
1/21/24
..
7
7
991756563.UG.FTS.B,
29.48%,
1/21/24
..
130
96
991633202.UG.FTS.B,
29.49%,
1/21/24
..
91
94
991663489.UG.FTS.B,
29.49%,
1/21/24
..
93
95
991664100.UG.FTS.B,
29.49%,
1/21/24
..
16
16
991668162.UG.FTS.B,
29.49%,
1/21/24
..
14
14
991669590.UG.FTS.B,
29.49%,
1/21/24
..
64
5
991670212.UG.FTS.B,
29.49%,
1/21/24
..
47
49
991672853.UG.FTS.B,
29.49%,
1/21/24
..
23
24
991673090.UG.FTS.B,
29.49%,
1/21/24
..
12
12
991677244.UG.FTS.B,
29.49%,
1/21/24
..
144
148
991680867.UG.FTS.B,
29.49%,
1/21/24
..
140
(5)
991680983.UG.FTS.B,
29.49%,
1/21/24
..
68
70
991687038.UG.FTS.B,
29.49%,
1/21/24
..
20
1
991688837.UG.FTS.B,
29.49%,
1/21/24
..
343
353
991689800.UG.FTS.B,
29.49%,
1/21/24
..
92
95
991691567.UG.FTS.B,
29.49%,
1/21/24
..
243
65
991693634.UG.FTS.B,
29.49%,
1/21/24
..
69
70
991695164.UG.FTS.B,
29.49%,
1/21/24
..
134
135
991695945.UG.FTS.B,
29.49%,
1/21/24
..
6
6
991696264.UG.FTS.B,
29.49%,
1/21/24
..
194
30
991701379.UG.FTS.B,
29.49%,
1/21/24
..
59
9
991703953.UG.FTS.B,
29.49%,
1/21/24
..
111
114
991704641.UG.FTS.B,
29.49%,
1/21/24
..
125
125
991705635.UG.FTS.B,
29.49%,
1/21/24
..
145
148
991706927.UG.FTS.B,
29.49%,
1/21/24
..
73
74
991711423.UG.FTS.B,
29.49%,
1/21/24
..
486
381
991713176.UG.FTS.B,
29.49%,
1/21/24
..
–
–
991716207.UG.FTS.B,
29.49%,
1/21/24
..
93
95
991717827.UG.FTS.B,
29.49%,
1/21/24
..
210
212
991717854.UG.FTS.B,
29.49%,
1/21/24
..
83
68
991718420.UG.FTS.B,
29.49%,
1/21/24
..
166
13
991721760.UG.FTS.B,
29.49%,
1/21/24
..
352
52
991727146.UG.FTS.B,
29.49%,
1/21/24
..
85
86
991730534.UG.FTS.B,
29.49%,
1/21/24
..
86
87
991732216.UG.FTS.B,
29.49%,
1/21/24
..
47
46
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)
991737559.UG.FTS.B,
29.49%,
1/21/24
..
$
160
$
129
991740725.UG.FTS.B,
29.49%,
1/21/24
..
257
262
991741497.UG.FTS.B,
29.49%,
1/21/24
..
173
176
991743085.UG.FTS.B,
29.49%,
1/21/24
..
79
81
991743560.UG.FTS.B,
29.49%,
1/21/24
..
48
50
991744629.UG.FTS.B,
29.49%,
1/21/24
..
57
58
991745718.UG.FTS.B,
29.49%,
1/21/24
..
63
61
991747055.UG.FTS.B,
29.49%,
1/21/24
..
170
173
991747057.UG.FTS.B,
29.49%,
1/21/24
..
21
21
991747988.UG.FTS.B,
29.49%,
1/21/24
..
23
23
991751438.UG.FTS.B,
29.49%,
1/21/24
..
10
10
991753846.UG.FTS.B,
29.49%,
1/21/24
..
127
98
991761541.UG.FTS.B,
29.49%,
1/21/24
..
113
114
991764924.UG.FTS.B,
29.49%,
1/21/24
..
194
51
991773483.UG.FTS.B,
29.49%,
1/21/24
..
71
72
991777657.UG.FTS.B,
29.49%,
1/21/24
..
29
30
991782683.UG.FTS.B,
29.49%,
1/21/24
..
455
463
991783245.UG.FTS.B,
29.49%,
1/21/24
..
40
41
991784482.UG.FTS.B,
29.49%,
1/21/24
..
91
94
991792435.UG.FTS.B,
29.49%,
1/21/24
..
853
868
991797353.UG.FTS.B,
29.49%,
1/21/24
..
12
12
991668823.UG.FTS.B,
Zero
Cpn,
1/22/24
.
211
15
991705819.UG.FTS.B,
Zero
Cpn,
1/22/24
.
288
–
991779844.UG.FTS.B,
Zero
Cpn,
1/22/24
.
48
–
991796239.UG.FTS.B,
Zero
Cpn,
1/22/24
.
401
28
991709002.UG.FTS.B,
15%,
1/22/24
.....
27
27
991651259.UG.FTS.B,
18.71%,
1/22/24
..
82
83
991651374.UG.FTS.B,
18.71%,
1/22/24
..
35
35
991739678.UG.FTS.B,
18.71%,
1/22/24
..
159
159
991660263.UG.FTS.B,
19.3%,
1/22/24
...
178
180
991635081.UG.FTS.B,
19.96%,
1/22/24
..
220
223
991712989.UG.FTS.B,
20.47%,
1/22/24
..
154
155
991775322.UG.FTS.B,
20.47%,
1/22/24
..
82
83
991783332.UG.FTS.B,
20.47%,
1/22/24
..
274
275
991663050.UG.FTS.B,
20.96%,
1/22/24
..
367
50
991774181.UG.FTS.B,
20.96%,
1/22/24
..
132
132
991780816.UG.FTS.B,
20.96%,
1/22/24
..
65
66
991651393.UG.FTS.B,
21.48%,
1/22/24
..
235
237
991654213.UG.FTS.B,
21.48%,
1/22/24
..
–
–
991765596.UG.FTS.B,
22.47%,
1/22/24
..
52
42
991699664.UG.FTS.B,
25.45%,
1/22/24
..
61
4
991631012.UG.FTS.B,
28.48%,
1/22/24
..
100
102
991642188.UG.FTS.B,
28.48%,
1/22/24
..
145
11
991645563.UG.FTS.B,
28.48%,
1/22/24
..
318
326
991662739.UG.FTS.B,
28.48%,
1/22/24
..
126
129
991672489.UG.FTS.B,
28.48%,
1/22/24
..
–
–
991684285.UG.FTS.B,
28.48%,
1/22/24
..
10
10
991725934.UG.FTS.B,
28.48%,
1/22/24
..
72
73
991637365.UG.FTS.B,
29.48%,
1/22/24
..
92
8
991639954.UG.FTS.B,
29.48%,
1/22/24
..
105
108
991649089.UG.FTS.B,
29.49%,
1/22/24
..
708
729
991650586.UG.FTS.B,
29.49%,
1/22/24
..
10
10
991660122.UG.FTS.B,
29.49%,
1/22/24
..
51
51
991660601.UG.FTS.B,
29.49%,
1/22/24
..
45
45
991672504.UG.FTS.B,
29.49%,
1/22/24
..
219
219
991684648.UG.FTS.B,
29.49%,
1/22/24
..
123
(4)
991692165.UG.FTS.B,
29.49%,
1/22/24
..
28
27
991696271.UG.FTS.B,
29.49%,
1/22/24
..
418
425
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991709431.UG.FTS.B,
29.49%,
1/22/24
..
$
–
$
–
991722363.UG.FTS.B,
29.49%,
1/22/24
..
86
88
991722481.UG.FTS.B,
29.49%,
1/22/24
..
110
80
991723437.UG.FTS.B,
29.49%,
1/22/24
..
74
75
991734177.UG.FTS.B,
29.49%,
1/22/24
..
88
90
991765647.UG.FTS.B,
29.49%,
1/22/24
..
188
190
991766286.UG.FTS.B,
29.49%,
1/22/24
..
10
10
991772721.UG.FTS.B,
29.49%,
1/22/24
..
1,155
1,172
991786828.UG.FTS.B,
29.49%,
1/22/24
..
50
51
991808260.UG.FTS.B,
29.49%,
1/22/24
..
24
24
991730828.UG.FTS.B,
Zero
Cpn,
1/23/24
.
301
–
991777333.UG.FTS.B,
Zero
Cpn,
1/23/24
.
140
–
991676903.UG.FTS.B,
18.47%,
1/23/24
..
55
55
991685683.UG.FTS.B,
18.47%,
1/23/24
..
94
94
991774569.UG.FTS.B,
18.47%,
1/23/24
..
62
63
991642674.UG.FTS.B,
19.3%,
1/23/24
...
54
55
991643208.UG.FTS.B,
19.3%,
1/23/24
...
132
133
991784139.UG.FTS.B,
19.3%,
1/23/24
...
1,315
1,321
991785256.UG.FTS.B,
19.3%,
1/23/24
...
81
82
991810762.UG.FTS.B,
19.96%,
1/23/24
..
547
550
991646006.UG.FTS.B,
20.47%,
1/23/24
..
81
7
991772621.UG.FTS.B,
20.96%,
1/23/24
..
110
110
991802095.UG.FTS.B,
20.96%,
1/23/24
..
485
486
991651727.UG.FTS.B,
21.48%,
1/23/24
..
56
57
991805841.UG.FTS.B,
24.45%,
1/23/24
..
81
81
991637815.UG.FTS.B,
26.44%,
1/23/24
..
555
553
991767100.UG.FTS.B,
27.99%,
1/23/24
..
42
43
991818118.UG.FTS.B,
27.99%,
1/23/24
..
30
29
991631116.UG.FTS.B,
28.48%,
1/23/24
..
95
97
991686637.UG.FTS.B,
28.48%,
1/23/24
..
195
198
991692289.UG.FTS.B,
28.48%,
1/23/24
..
44
44
991710024.UG.FTS.B,
28.48%,
1/23/24
..
208
212
991710331.UG.FTS.B,
28.48%,
1/23/24
..
17
17
991730901.UG.FTS.B,
28.48%,
1/23/24
..
652
664
991743333.UG.FTS.B,
28.48%,
1/23/24
..
27
28
991761044.UG.FTS.B,
28.48%,
1/23/24
..
8
8
991798676.UG.FTS.B,
28.48%,
1/23/24
..
73
74
991635388.UG.FTS.B,
29.48%,
1/23/24
..
396
404
991661160.UG.FTS.B,
29.48%,
1/23/24
..
71
11
991661629.UG.FTS.B,
29.48%,
1/23/24
..
13
–
991678696.UG.FTS.B,
29.48%,
1/23/24
..
151
154
991809474.UG.FTS.B,
29.48%,
1/23/24
..
117
118
991634459.UG.FTS.B,
29.49%,
1/23/24
..
289
295
991637143.UG.FTS.B,
29.49%,
1/23/24
..
119
123
991653477.UG.FTS.B,
29.49%,
1/23/24
..
80
82
991655971.UG.FTS.B,
29.49%,
1/23/24
..
100
103
991660994.UG.FTS.B,
29.49%,
1/23/24
..
13
13
991661636.UG.FTS.B,
29.49%,
1/23/24
..
46
47
991662802.UG.FTS.B,
29.49%,
1/23/24
..
934
949
991669440.UG.FTS.B,
29.49%,
1/23/24
..
14
14
991675288.UG.FTS.B,
29.49%,
1/23/24
..
172
176
991681725.UG.FTS.B,
29.49%,
1/23/24
..
–
–
991682766.UG.FTS.B,
29.49%,
1/23/24
..
267
271
991701176.UG.FTS.B,
29.49%,
1/23/24
..
68
70
991702141.UG.FTS.B,
29.49%,
1/23/24
..
17
17
991714113.UG.FTS.B,
29.49%,
1/23/24
..
12
12
991724292.UG.FTS.B,
29.49%,
1/23/24
..
290
224
991731683.UG.FTS.B,
29.49%,
1/23/24
..
458
472
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)
991732340.UG.FTS.B,
29.49%,
1/23/24
..
$
106
$
8
991744187.UG.FTS.B,
29.49%,
1/23/24
..
112
114
991759990.UG.FTS.B,
29.49%,
1/23/24
..
32
33
991761841.UG.FTS.B,
29.49%,
1/23/24
..
14
14
991766725.UG.FTS.B,
29.49%,
1/23/24
..
23
24
991771610.UG.FTS.B,
29.49%,
1/23/24
..
210
214
991805214.UG.FTS.B,
29.49%,
1/23/24
..
7
7
991809214.UG.FTS.B,
29.49%,
1/23/24
..
163
(7)
991628575.UG.FTS.B,
Zero
Cpn,
1/24/24
.
58
4
991664182.UG.FTS.B,
Zero
Cpn,
1/24/24
.
82
6
991677415.UG.FTS.B,
Zero
Cpn,
1/24/24
.
44
3
991812021.UG.FTS.B,
Zero
Cpn,
1/24/24
.
85
6
991633382.UG.FTS.B,
17.49%,
1/24/24
..
212
212
991697456.UG.FTS.B,
18.71%,
1/24/24
..
49
7
991719938.UG.FTS.B,
18.71%,
1/24/24
..
127
129
991671413.UG.FTS.B,
19.99%,
1/24/24
..
19
18
991758673.UG.FTS.B,
19.99%,
1/24/24
..
171
173
991678748.UG.FTS.B,
20.47%,
1/24/24
..
106
106
991675015.UG.FTS.B,
21.48%,
1/24/24
..
556
560
991693039.UG.FTS.B,
22.47%,
1/24/24
..
154
155
991676936.UG.FTS.B,
27.99%,
1/24/24
..
13
2
991655876.UG.FTS.B,
28.48%,
1/24/24
..
204
208
991679024.UG.FTS.B,
28.48%,
1/24/24
..
201
204
991804850.UG.FTS.B,
28.48%,
1/24/24
..
73
74
991595875.UG.FTS.B,
29.48%,
1/24/24
..
164
168
991636673.UG.FTS.B,
29.48%,
1/24/24
..
8
8
991795779.UG.FTS.B,
29.48%,
1/24/24
..
64
65
991575830.UG.FTS.B,
29.49%,
1/24/24
..
731
56
991576816.UG.FTS.B,
29.49%,
1/24/24
..
312
319
991578487.UG.FTS.B,
29.49%,
1/24/24
..
22
22
991591790.UG.FTS.B,
29.49%,
1/24/24
..
335
265
991591971.UG.FTS.B,
29.49%,
1/24/24
..
303
(3)
991597915.UG.FTS.B,
29.49%,
1/24/24
..
58
59
991636430.UG.FTS.B,
29.49%,
1/24/24
..
40
41
991648828.UG.FTS.B,
29.49%,
1/24/24
..
19
19
991650075.UG.FTS.B,
29.49%,
1/24/24
..
432
429
991656328.UG.FTS.B,
29.49%,
1/24/24
..
115
119
991661397.UG.FTS.B,
29.49%,
1/24/24
..
65
66
991665767.UG.FTS.B,
29.49%,
1/24/24
..
68
70
991668476.UG.FTS.B,
29.49%,
1/24/24
..
36
36
991677221.UG.FTS.B,
29.49%,
1/24/24
..
17
17
991685775.UG.FTS.B,
29.49%,
1/24/24
..
90
(3)
991686888.UG.FTS.B,
29.49%,
1/24/24
..
115
117
991688167.UG.FTS.B,
29.49%,
1/24/24
..
82
84
991697780.UG.FTS.B,
29.49%,
1/24/24
..
32
32
991719521.UG.FTS.B,
29.49%,
1/24/24
..
77
77
991720702.UG.FTS.B,
29.49%,
1/24/24
..
368
18
991729920.UG.FTS.B,
29.49%,
1/24/24
..
37
37
991739712.UG.FTS.B,
29.49%,
1/24/24
..
56
58
991746557.UG.FTS.B,
29.49%,
1/24/24
..
202
4
991762599.UG.FTS.B,
29.49%,
1/24/24
..
24
22
991764921.UG.FTS.B,
29.49%,
1/24/24
..
10
10
991767615.UG.FTS.B,
29.49%,
1/24/24
..
421
34
991768107.UG.FTS.B,
29.49%,
1/24/24
..
70
70
991775830.UG.FTS.B,
29.49%,
1/24/24
..
88
89
991790063.UG.FTS.B,
29.49%,
1/24/24
..
37
(1)
991790699.UG.FTS.B,
29.49%,
1/24/24
..
58
58
991806718.UG.FTS.B,
29.49%,
1/24/24
..
9
9
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991674159.UG.FTS.B,
Zero
Cpn,
1/25/24
.
$
162
$
11
991720724.UG.FTS.B,
Zero
Cpn,
1/25/24
.
307
–
991771821.UG.FTS.B,
Zero
Cpn,
1/25/24
.
483
33
991791507.UG.FTS.B,
Zero
Cpn,
1/25/24
.
81
–
991808090.UG.FTS.B,
Zero
Cpn,
1/25/24
.
36
3
991657024.UG.FTS.B,
15.47%,
1/25/24
..
11
11
991690086.UG.FTS.B,
16.49%,
1/25/24
..
108
109
991702421.UG.FTS.B,
16.49%,
1/25/24
..
60
61
991642537.UG.FTS.B,
18.47%,
1/25/24
..
78
79
991658713.UG.FTS.B,
18.47%,
1/25/24
..
70
70
991790759.UG.FTS.B,
18.47%,
1/25/24
..
19
19
991642255.UG.FTS.B,
18.71%,
1/25/24
..
113
114
991712687.UG.FTS.B,
19.3%,
1/25/24
...
76
76
991799549.UG.FTS.B,
19.3%,
1/25/24
...
43
–
991749971.UG.FTS.B,
19.96%,
1/25/24
..
20
20
991809710.UG.FTS.B,
19.99%,
1/25/24
..
15
15
991638927.UG.FTS.B,
20.96%,
1/25/24
..
113
114
991639306.UG.FTS.B,
21.48%,
1/25/24
..
51
51
991661968.UG.FTS.B,
21.48%,
1/25/24
..
199
201
991644518.UG.FTS.B,
22.47%,
1/25/24
..
68
68
991653049.UG.FTS.B,
22.47%,
1/25/24
..
171
173
991665257.UG.FTS.B,
22.47%,
1/25/24
..
51
52
991666345.UG.FTS.B,
22.47%,
1/25/24
..
1,025
1,020
991675457.UG.FTS.B,
22.47%,
1/25/24
..
78
79
991628803.UG.FTS.B,
25.44%,
1/25/24
..
112
112
991652053.UG.FTS.B,
26.44%,
1/25/24
..
66
66
991741033.UG.FTS.B,
26.44%,
1/25/24
..
164
164
991729257.UG.FTS.B,
27.99%,
1/25/24
..
162
165
991787523.UG.FTS.B,
27.99%,
1/25/24
..
63
(2)
991631472.UG.FTS.B,
28.48%,
1/25/24
..
115
119
991668456.UG.FTS.B,
28.48%,
1/25/24
..
65
67
991710726.UG.FTS.B,
28.48%,
1/25/24
..
79
81
991766143.UG.FTS.B,
28.48%,
1/25/24
..
215
219
991808037.UG.FTS.B,
28.48%,
1/25/24
..
129
(6)
991808857.UG.FTS.B,
28.48%,
1/25/24
..
107
109
991606137.UG.FTS.B,
29.48%,
1/25/24
..
52
54
991616807.UG.FTS.B,
29.48%,
1/25/24
..
101
104
991677136.UG.FTS.B,
29.48%,
1/25/24
..
44
46
991585669.UG.FTS.B,
29.49%,
1/25/24
..
178
179
991589305.UG.FTS.B,
29.49%,
1/25/24
..
152
24
991590828.UG.FTS.B,
29.49%,
1/25/24
..
147
151
991591385.UG.FTS.B,
29.49%,
1/25/24
..
17
3
991604373.UG.FTS.B,
29.49%,
1/25/24
..
122
101
991608552.UG.FTS.B,
29.49%,
1/25/24
..
49
49
991613759.UG.FTS.B,
29.49%,
1/25/24
..
17
17
991619556.UG.FTS.B,
29.49%,
1/25/24
..
50
52
991630323.UG.FTS.B,
29.49%,
1/25/24
..
92
14
991633345.UG.FTS.B,
29.49%,
1/25/24
..
189
29
991633451.UG.FTS.B,
29.49%,
1/25/24
..
171
177
991633646.UG.FTS.B,
29.49%,
1/25/24
..
65
67
991641518.UG.FTS.B,
29.49%,
1/25/24
..
42
42
991649590.UG.FTS.B,
29.49%,
1/25/24
..
55
56
991654938.UG.FTS.B,
29.49%,
1/25/24
..
636
653
991663576.UG.FTS.B,
29.49%,
1/25/24
..
651
663
991671286.UG.FTS.B,
29.49%,
1/25/24
..
376
377
991679898.UG.FTS.B,
29.49%,
1/25/24
..
120
124
991686544.UG.FTS.B,
29.49%,
1/25/24
..
23
23
991686636.UG.FTS.B,
29.49%,
1/25/24
..
81
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.
104
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991700265.UG.FTS.B,
29.49%,
1/25/24
..
$
47
$
48
991700798.UG.FTS.B,
29.49%,
1/25/24
..
62
63
991701563.UG.FTS.B,
29.49%,
1/25/24
..
258
21
991714482.UG.FTS.B,
29.49%,
1/25/24
..
122
125
991721326.UG.FTS.B,
29.49%,
1/25/24
..
218
222
991726761.UG.FTS.B,
29.49%,
1/25/24
..
312
319
991729432.UG.FTS.B,
29.49%,
1/25/24
..
229
234
991731430.UG.FTS.B,
29.49%,
1/25/24
..
84
86
991732382.UG.FTS.B,
29.49%,
1/25/24
..
78
80
991742074.UG.FTS.B,
29.49%,
1/25/24
..
87
88
991749150.UG.FTS.B,
29.49%,
1/25/24
..
171
177
991751813.UG.FTS.B,
29.49%,
1/25/24
..
196
194
991758703.UG.FTS.B,
29.49%,
1/25/24
..
118
120
991761336.UG.FTS.B,
29.49%,
1/25/24
..
73
75
991766815.UG.FTS.B,
29.49%,
1/25/24
..
100
101
991769017.UG.FTS.B,
29.49%,
1/25/24
..
106
108
991771771.UG.FTS.B,
29.49%,
1/25/24
..
76
(3)
991783583.UG.FTS.B,
29.49%,
1/25/24
..
114
116
991786634.UG.FTS.B,
29.49%,
1/25/24
..
205
209
991795056.UG.FTS.B,
29.49%,
1/25/24
..
100
102
991803621.UG.FTS.B,
29.49%,
1/25/24
..
146
149
991806034.UG.FTS.B,
29.49%,
1/25/24
..
44
45
991816232.UG.FTS.B,
29.49%,
1/25/24
..
58
59
991819217.UG.FTS.B,
29.49%,
1/25/24
..
6
6
991820253.UG.FTS.B,
29.49%,
1/25/24
..
55
56
991823201.UG.FTS.B,
29.49%,
1/25/24
..
157
156
991828617.UG.FTS.B,
29.49%,
1/25/24
..
50
52
991831119.UG.FTS.B,
29.49%,
1/25/24
..
32
32
991686043.UG.FTS.B,
29.99%,
1/25/24
..
–
–
991620639.UG.FTS.B,
Zero
Cpn,
1/26/24
.
599
–
991655891.UG.FTS.B,
Zero
Cpn,
1/26/24
.
58
–
991725862.UG.FTS.B,
Zero
Cpn,
1/26/24
.
121
–
991737277.UG.FTS.B,
Zero
Cpn,
1/26/24
.
121
8
991821437.UG.FTS.B,
Zero
Cpn,
1/26/24
.
188
–
991810154.UG.FTS.B,
15.47%,
1/26/24
..
209
210
991784174.UG.FTS.B,
16.49%,
1/26/24
..
142
143
991828622.UG.FTS.B,
16.49%,
1/26/24
..
115
116
991651717.UG.FTS.B,
19.3%,
1/26/24
...
436
441
991633662.UG.FTS.B,
19.96%,
1/26/24
..
90
6
991636818.UG.FTS.B,
19.96%,
1/26/24
..
45
45
991643141.UG.FTS.B,
19.96%,
1/26/24
..
273
273
991671753.UG.FTS.B,
19.96%,
1/26/24
..
146
147
991737882.UG.FTS.B,
19.96%,
1/26/24
..
10
10
991759419.UG.FTS.B,
19.96%,
1/26/24
..
89
89
991590508.UG.FTS.B,
19.99%,
1/26/24
..
72
74
991671345.UG.FTS.B,
19.99%,
1/26/24
..
257
263
991679320.UG.FTS.B,
21.48%,
1/26/24
..
138
139
991749734.UG.FTS.B,
21.48%,
1/26/24
..
52
53
991620819.UG.FTS.B,
28.48%,
1/26/24
..
22
22
991650272.UG.FTS.B,
28.48%,
1/26/24
..
63
65
991660260.UG.FTS.B,
28.48%,
1/26/24
..
327
334
991661075.UG.FTS.B,
28.48%,
1/26/24
..
404
412
991699559.UG.FTS.B,
28.48%,
1/26/24
..
93
94
991700697.UG.FTS.B,
28.48%,
1/26/24
..
116
10
991706943.UG.FTS.B,
28.48%,
1/26/24
..
238
242
991719423.UG.FTS.B,
28.48%,
1/26/24
..
228
232
991728173.UG.FTS.B,
28.48%,
1/26/24
..
62
63
991740916.UG.FTS.B,
28.48%,
1/26/24
..
317
326
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991795847.UG.FTS.B,
28.48%,
1/26/24
..
$
15
$
15
991801021.UG.FTS.B,
28.48%,
1/26/24
..
85
86
991826702.UG.FTS.B,
28.48%,
1/26/24
..
156
160
991834361.UG.FTS.B,
28.48%,
1/26/24
..
68
69
991651287.UG.FTS.B,
29.46%,
1/26/24
..
–
–
991681325.UG.FTS.B,
29.48%,
1/26/24
..
46
39
991717920.UG.FTS.B,
29.48%,
1/26/24
..
766
785
991731025.UG.FTS.B,
29.48%,
1/26/24
..
–
–
991775037.UG.FTS.B,
29.48%,
1/26/24
..
31
32
991589333.UG.FTS.B,
29.49%,
1/26/24
..
102
(3)
991591784.UG.FTS.B,
29.49%,
1/26/24
..
1,161
(103)
991592956.UG.FTS.B,
29.49%,
1/26/24
..
60
62
991598750.UG.FTS.B,
29.49%,
1/26/24
..
262
265
991599536.UG.FTS.B,
29.49%,
1/26/24
..
401
414
991606139.UG.FTS.B,
29.49%,
1/26/24
..
–
–
991618299.UG.FTS.B,
29.49%,
1/26/24
..
119
122
991622450.UG.FTS.B,
29.49%,
1/26/24
..
41
42
991629683.UG.FTS.B,
29.49%,
1/26/24
..
204
210
991633373.UG.FTS.B,
29.49%,
1/26/24
..
253
258
991633572.UG.FTS.B,
29.49%,
1/26/24
..
62
64
991633631.UG.FTS.B,
29.49%,
1/26/24
..
78
5
991636176.UG.FTS.B,
29.49%,
1/26/24
..
289
287
991636182.UG.FTS.B,
29.49%,
1/26/24
..
210
210
991638287.UG.FTS.B,
29.49%,
1/26/24
..
140
143
991640279.UG.FTS.B,
29.49%,
1/26/24
..
39
(1)
991640433.UG.FTS.B,
29.49%,
1/26/24
..
46
47
991642017.UG.FTS.B,
29.49%,
1/26/24
..
69
70
991642061.UG.FTS.B,
29.49%,
1/26/24
..
103
103
991648245.UG.FTS.B,
29.49%,
1/26/24
..
118
122
991649659.UG.FTS.B,
29.49%,
1/26/24
..
87
88
991650388.UG.FTS.B,
29.49%,
1/26/24
..
27
27
991654092.UG.FTS.B,
29.49%,
1/26/24
..
54
55
991656430.UG.FTS.B,
29.49%,
1/26/24
..
1,156
1,187
991658296.UG.FTS.B,
29.49%,
1/26/24
..
200
206
991666721.UG.FTS.B,
29.49%,
1/26/24
..
228
232
991668513.UG.FTS.B,
29.49%,
1/26/24
..
54
55
991676577.UG.FTS.B,
29.49%,
1/26/24
..
1,004
1,015
991683106.UG.FTS.B,
29.49%,
1/26/24
..
156
160
991692922.UG.FTS.B,
29.49%,
1/26/24
..
388
398
991694879.UG.FTS.B,
29.49%,
1/26/24
..
33
30
991698192.UG.FTS.B,
29.49%,
1/26/24
..
73
75
991700118.UG.FTS.B,
29.49%,
1/26/24
..
7
7
991713721.UG.FTS.B,
29.49%,
1/26/24
..
88
90
991725699.UG.FTS.B,
29.49%,
1/26/24
..
541
551
991739566.UG.FTS.B,
29.49%,
1/26/24
..
724
564
991744088.UG.FTS.B,
29.49%,
1/26/24
..
52
54
991752959.UG.FTS.B,
29.49%,
1/26/24
..
63
65
991764433.UG.FTS.B,
29.49%,
1/26/24
..
66
67
991781162.UG.FTS.B,
29.49%,
1/26/24
..
95
97
991783361.UG.FTS.B,
29.49%,
1/26/24
..
114
116
991784306.UG.FTS.B,
29.49%,
1/26/24
..
51
52
991786723.UG.FTS.B,
29.49%,
1/26/24
..
117
2
991787533.UG.FTS.B,
29.49%,
1/26/24
..
54
55
991789983.UG.FTS.B,
29.49%,
1/26/24
..
25
2
991795277.UG.FTS.B,
29.49%,
1/26/24
..
61
62
991798511.UG.FTS.B,
29.49%,
1/26/24
..
18
19
991799361.UG.FTS.B,
29.49%,
1/26/24
..
22
23
991800458.UG.FTS.B,
29.49%,
1/26/24
..
41
42
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)
991816323.UG.FTS.B,
29.49%,
1/26/24
..
$
62
$
63
991819010.UG.FTS.B,
29.49%,
1/26/24
..
87
89
991828909.UG.FTS.B,
29.49%,
1/26/24
..
25
25
991836284.UG.FTS.B,
29.49%,
1/26/24
..
455
464
991836489.UG.FTS.B,
29.49%,
1/26/24
..
143
147
991596029.UG.FTS.B,
Zero
Cpn,
1/27/24
.
749
–
991599198.UG.FTS.B,
Zero
Cpn,
1/27/24
.
648
45
991601187.UG.FTS.B,
Zero
Cpn,
1/27/24
.
1,627
115
991611712.UG.FTS.B,
Zero
Cpn,
1/27/24
.
111
8
991629975.UG.FTS.B,
Zero
Cpn,
1/27/24
.
77
–
991645179.UG.FTS.B,
Zero
Cpn,
1/27/24
.
119
8
991653611.UG.FTS.B,
Zero
Cpn,
1/27/24
.
47
–
991670004.UG.FTS.B,
Zero
Cpn,
1/27/24
.
477
–
991680852.UG.FTS.B,
Zero
Cpn,
1/27/24
.
82
6
991727581.UG.FTS.B,
Zero
Cpn,
1/27/24
.
61
–
991783452.UG.FTS.B,
Zero
Cpn,
1/27/24
.
75
–
991803320.UG.FTS.B,
Zero
Cpn,
1/27/24
.
75
5
991842241.UG.FTS.B,
15.47%,
1/27/24
..
48
49
991706691.UG.FTS.B,
17.49%,
1/27/24
..
103
104
991606775.UG.FTS.B,
18.47%,
1/27/24
..
589
(4)
991601696.UG.FTS.B,
18.71%,
1/27/24
..
87
87
991609765.UG.FTS.B,
27.99%,
1/27/24
..
208
165
991601477.UG.FTS.B,
28.48%,
1/27/24
..
56
58
991621935.UG.FTS.B,
28.48%,
1/27/24
..
104
16
991626927.UG.FTS.B,
28.48%,
1/27/24
..
42
43
991633792.UG.FTS.B,
28.48%,
1/27/24
..
204
205
991638924.UG.FTS.B,
28.48%,
1/27/24
..
–
–
991661576.UG.FTS.B,
28.48%,
1/27/24
..
145
115
991664071.UG.FTS.B,
28.48%,
1/27/24
..
250
257
991698388.UG.FTS.B,
28.48%,
1/27/24
..
62
64
991711799.UG.FTS.B,
28.48%,
1/27/24
..
160
163
991723489.UG.FTS.B,
28.48%,
1/27/24
..
127
130
991728658.UG.FTS.B,
28.48%,
1/27/24
..
120
123
991741153.UG.FTS.B,
28.48%,
1/27/24
..
429
440
991782222.UG.FTS.B,
28.48%,
1/27/24
..
28
(1)
991801395.UG.FTS.B,
28.48%,
1/27/24
..
127
129
991614264.UG.FTS.B,
29.48%,
1/27/24
..
127
128
991638057.UG.FTS.B,
29.48%,
1/27/24
..
36
37
991699163.UG.FTS.B,
29.48%,
1/27/24
..
272
280
991783483.UG.FTS.B,
29.48%,
1/27/24
..
185
36
991594915.UG.FTS.B,
29.49%,
1/27/24
..
95
98
991595594.UG.FTS.B,
29.49%,
1/27/24
..
147
150
991595863.UG.FTS.B,
29.49%,
1/27/24
..
287
293
991596373.UG.FTS.B,
29.49%,
1/27/24
..
102
106
991598172.UG.FTS.B,
29.49%,
1/27/24
..
47
49
991599797.UG.FTS.B,
29.49%,
1/27/24
..
115
98
991602939.UG.FTS.B,
29.49%,
1/27/24
..
84
87
991602960.UG.FTS.B,
29.49%,
1/27/24
..
83
86
991604657.UG.FTS.B,
29.49%,
1/27/24
..
10
10
991604986.UG.FTS.B,
29.49%,
1/27/24
..
57
59
991605049.UG.FTS.B,
29.49%,
1/27/24
..
95
77
991605352.UG.FTS.B,
29.49%,
1/27/24
..
226
226
991605361.UG.FTS.B,
29.49%,
1/27/24
..
58
60
991610027.UG.FTS.B,
29.49%,
1/27/24
..
70
57
991610884.UG.FTS.B,
29.49%,
1/27/24
..
55
56
991612751.UG.FTS.B,
29.49%,
1/27/24
..
220
228
991616984.UG.FTS.B,
29.49%,
1/27/24
..
32
32
991621387.UG.FTS.B,
29.49%,
1/27/24
..
79
82
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991627130.UG.FTS.B,
29.49%,
1/27/24
..
$
250
$
257
991630132.UG.FTS.B,
29.49%,
1/27/24
..
70
72
991630928.UG.FTS.B,
29.49%,
1/27/24
..
68
70
991630940.UG.FTS.B,
29.49%,
1/27/24
..
79
(3)
991634012.UG.FTS.B,
29.49%,
1/27/24
..
62
64
991637485.UG.FTS.B,
29.49%,
1/27/24
..
49
50
991641800.UG.FTS.B,
29.49%,
1/27/24
..
18
18
991646296.UG.FTS.B,
29.49%,
1/27/24
..
89
90
991648501.UG.FTS.B,
29.49%,
1/27/24
..
28
28
991649457.UG.FTS.B,
29.49%,
1/27/24
..
75
77
991649973.UG.FTS.B,
29.49%,
1/27/24
..
102
105
991653265.UG.FTS.B,
29.49%,
1/27/24
..
1,285
197
991658001.UG.FTS.B,
29.49%,
1/27/24
..
231
239
991659877.UG.FTS.B,
29.49%,
1/27/24
..
18
18
991662634.UG.FTS.B,
29.49%,
1/27/24
..
187
193
991664036.UG.FTS.B,
29.49%,
1/27/24
..
168
171
991668164.UG.FTS.B,
29.49%,
1/27/24
..
12
12
991670151.UG.FTS.B,
29.49%,
1/27/24
..
457
360
991671543.UG.FTS.B,
29.49%,
1/27/24
..
136
137
991674709.UG.FTS.B,
29.49%,
1/27/24
..
101
101
991680326.UG.FTS.B,
29.49%,
1/27/24
..
419
432
991681757.UG.FTS.B,
29.49%,
1/27/24
..
9
9
991682200.UG.FTS.B,
29.49%,
1/27/24
..
164
134
991683102.UG.FTS.B,
29.49%,
1/27/24
..
103
106
991685436.UG.FTS.B,
29.49%,
1/27/24
..
8
8
991687929.UG.FTS.B,
29.49%,
1/27/24
..
103
106
991688029.UG.FTS.B,
29.49%,
1/27/24
..
250
258
991688831.UG.FTS.B,
29.49%,
1/27/24
..
12
12
991691583.UG.FTS.B,
29.49%,
1/27/24
..
144
149
991695109.UG.FTS.B,
29.49%,
1/27/24
..
41
43
991695966.UG.FTS.B,
29.49%,
1/27/24
..
273
270
991698229.UG.FTS.B,
29.49%,
1/27/24
..
78
80
991701338.UG.FTS.B,
29.49%,
1/27/24
..
50
50
991704857.UG.FTS.B,
29.49%,
1/27/24
..
275
283
991711124.UG.FTS.B,
29.49%,
1/27/24
..
82
68
991715767.UG.FTS.B,
29.49%,
1/27/24
..
97
100
991718168.UG.FTS.B,
29.49%,
1/27/24
..
33
(1)
991720808.UG.FTS.B,
29.49%,
1/27/24
..
214
221
991738263.UG.FTS.B,
29.49%,
1/27/24
..
9
9
991739164.UG.FTS.B,
29.49%,
1/27/24
..
576
591
991739656.UG.FTS.B,
29.49%,
1/27/24
..
629
646
991740040.UG.FTS.B,
29.49%,
1/27/24
..
451
464
991741014.UG.FTS.B,
29.49%,
1/27/24
..
287
295
991742873.UG.FTS.B,
29.49%,
1/27/24
..
3
3
991748403.UG.FTS.B,
29.49%,
1/27/24
..
43
44
991750772.UG.FTS.B,
29.49%,
1/27/24
..
122
125
991763575.UG.FTS.B,
29.49%,
1/27/24
..
76
77
991766023.UG.FTS.B,
29.49%,
1/27/24
..
69
70
991769140.UG.FTS.B,
29.49%,
1/27/24
..
83
84
991773350.UG.FTS.B,
29.49%,
1/27/24
..
448
72
991773994.UG.FTS.B,
29.49%,
1/27/24
..
92
8
991791557.UG.FTS.B,
29.49%,
1/27/24
..
62
63
991792738.UG.FTS.B,
29.49%,
1/27/24
..
57
58
991793121.UG.FTS.B,
29.49%,
1/27/24
..
115
117
991800070.UG.FTS.B,
29.49%,
1/27/24
..
24
25
991801330.UG.FTS.B,
29.49%,
1/27/24
..
85
87
991802537.UG.FTS.B,
29.49%,
1/27/24
..
38
39
991803812.UG.FTS.B,
29.49%,
1/27/24
..
11
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.
106
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991807698.UG.FTS.B,
29.49%,
1/27/24
..
$
27
$
27
991809457.UG.FTS.B,
29.49%,
1/27/24
..
494
(16)
991811048.UG.FTS.B,
29.49%,
1/27/24
..
141
144
991815602.UG.FTS.B,
29.49%,
1/27/24
..
69
71
991821267.UG.FTS.B,
29.49%,
1/27/24
..
18
18
991831813.UG.FTS.B,
29.49%,
1/27/24
..
66
67
991617189.UG.FTS.B,
16.49%,
1/28/24
..
76
77
991681664.UG.FTS.B,
15.47%,
1/29/24
..
96
97
991827557.UG.FTS.B,
15.47%,
1/29/24
..
153
154
991638160.UG.FTS.B,
19.96%,
1/29/24
..
191
193
991851931.UG.FTS.B,
15.47%,
1/30/24
..
235
237
991677257.UG.FTS.B,
17.49%,
1/30/24
..
61
62
991754447.UG.FTS.B,
17.49%,
1/30/24
..
221
224
991633973.UG.FTS.B,
19.3%,
1/30/24
...
96
96
991695974.UG.FTS.B,
21.47%,
1/30/24
..
166
167
991688841.UG.FTS.B,
22.47%,
1/30/24
..
213
215
991668213.UG.FTS.B,
24.45%,
1/30/24
..
80
81
991655263.UG.FTS.B,
Zero
Cpn,
1/31/24
.
505
36
991759068.UG.FTS.B,
Zero
Cpn,
1/31/24
.
2,554
180
991631266.UG.FTS.B,
16.49%,
1/31/24
..
489
496
991635849.UG.FTS.B,
16.49%,
1/31/24
..
111
112
991642956.UG.FTS.B,
16.49%,
1/31/24
..
97
98
991658433.UG.FTS.B,
16.49%,
1/31/24
..
563
446
991677334.UG.FTS.B,
16.49%,
1/31/24
..
315
319
991705318.UG.FTS.B,
16.49%,
1/31/24
..
52
53
991747537.UG.FTS.B,
17.47%,
1/31/24
..
97
99
991637676.UG.FTS.B,
17.49%,
1/31/24
..
74
75
991637719.UG.FTS.B,
17.49%,
1/31/24
..
73
74
991639187.UG.FTS.B,
17.49%,
1/31/24
..
280
202
991642846.UG.FTS.B,
17.49%,
1/31/24
..
68
68
991780300.UG.FTS.B,
17.49%,
1/31/24
..
127
129
991835711.UG.FTS.B,
17.49%,
1/31/24
..
467
472
991869281.UG.FTS.B,
17.49%,
1/31/24
..
186
187
991798159.UG.FTS.B,
17.71%,
1/31/24
..
13
3
991661216.UG.FTS.B,
19.3%,
1/31/24
...
227
229
991686127.UG.FTS.B,
19.3%,
1/31/24
...
108
109
991687417.UG.FTS.B,
19.3%,
1/31/24
...
132
134
991628348.UG.FTS.B,
19.96%,
1/31/24
..
154
156
991642331.UG.FTS.B,
19.96%,
1/31/24
..
37
37
991651260.UG.FTS.B,
19.96%,
1/31/24
..
30
31
991672930.UG.FTS.B,
19.96%,
1/31/24
..
60
61
991681323.UG.FTS.B,
19.96%,
1/31/24
..
102
103
991710638.UG.FTS.B,
19.96%,
1/31/24
..
100
88
991713238.UG.FTS.B,
19.96%,
1/31/24
..
47
4
991650296.UG.FTS.B,
20.47%,
1/31/24
..
483
484
991668477.UG.FTS.B,
20.47%,
1/31/24
..
9
9
991702014.UG.FTS.B,
20.47%,
1/31/24
..
67
67
991696310.UG.FTS.B,
21.48%,
1/31/24
..
39
40
991705966.UG.FTS.B,
21.48%,
1/31/24
..
87
87
991643834.UG.FTS.B,
22.45%,
1/31/24
..
72
73
991707815.UG.FTS.B,
22.47%,
1/31/24
..
30
30
991710192.UG.FTS.B,
22.47%,
1/31/24
..
–
–
991678923.UG.FTS.B,
23.45%,
1/31/24
..
195
195
991713586.UG.FTS.B,
Zero
Cpn,
2/01/24
.
238
17
991726930.UG.FTS.B,
15%,
2/01/24
.....
69
69
991764182.UG.FTS.B,
15.47%,
2/01/24
..
199
200
991724946.UG.FTS.B,
16.49%,
2/01/24
..
1,165
1,172
991807161.UG.FTS.B,
16.49%,
2/01/24
..
66
66
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991668233.UG.FTS.B,
17.49%,
2/01/24
..
$
61
$
61
991669770.UG.FTS.B,
17.49%,
2/01/24
..
773
777
991677316.UG.FTS.B,
17.49%,
2/01/24
..
115
115
991785085.UG.FTS.B,
17.49%,
2/01/24
..
59
59
991869528.UG.FTS.B,
17.49%,
2/01/24
..
73
73
991667665.UG.FTS.B,
Zero
Cpn,
2/02/24
.
962
68
991678784.UG.FTS.B,
14.48%,
2/02/24
..
–
–
991722113.UG.FTS.B,
15.49%,
2/02/24
..
292
293
991668499.UG.FTS.B,
16.49%,
2/02/24
..
98
97
991684166.UG.FTS.B,
16.49%,
2/02/24
..
64
64
991682132.UG.FTS.B,
17.47%,
2/02/24
..
118
118
991688897.UG.FTS.B,
17.49%,
2/02/24
..
331
332
991733262.UG.FTS.B,
17.49%,
2/02/24
..
107
108
991734120.UG.FTS.B,
17.49%,
2/02/24
..
127
127
991656661.UG.FTS.B,
17.71%,
2/02/24
..
1,122
5
991836116.UG.FTS.B,
Zero
Cpn,
2/03/24
.
367
26
991681257.UG.FTS.B,
17.49%,
2/03/24
..
94
95
991729281.UG.FTS.B,
18.71%,
2/03/24
..
517
(2)
991695999.UG.FTS.B,
19.96%,
2/03/24
..
459
461
991693730.UG.FTS.B,
19.99%,
2/03/24
..
184
52
991695190.UG.FTS.B,
22.47%,
2/03/24
..
238
239
991891498.UG.FTS.B,
22.47%,
2/03/24
..
76
59
991693378.UG.FTS.B,
23.44%,
2/03/24
..
112
112
991702806.UG.FTS.B,
23.45%,
2/03/24
..
279
278
991912006.UG.FTS.B,
27.99%,
2/03/24
..
84
84
991680261.UG.FTS.B,
28.48%,
2/03/24
..
194
195
991690009.UG.FTS.B,
28.48%,
2/03/24
..
221
225
991901928.UG.FTS.B,
28.48%,
2/03/24
..
30
31
991704230.UG.FTS.B,
29.48%,
2/03/24
..
247
251
991705815.UG.FTS.B,
29.48%,
2/03/24
..
254
257
991900344.UG.FTS.B,
29.48%,
2/03/24
..
14
14
991659972.UG.FTS.B,
29.49%,
2/03/24
..
396
388
991678302.UG.FTS.B,
29.49%,
2/03/24
..
20
19
991680860.UG.FTS.B,
29.49%,
2/03/24
..
–
–
991687586.UG.FTS.B,
29.49%,
2/03/24
..
74
76
991689928.UG.FTS.B,
29.49%,
2/03/24
..
88
6
991693809.UG.FTS.B,
29.49%,
2/03/24
..
87
22
991705235.UG.FTS.B,
29.49%,
2/03/24
..
–
–
991713394.UG.FTS.B,
29.49%,
2/03/24
..
132
134
991714413.UG.FTS.B,
29.49%,
2/03/24
..
19
18
991723826.UG.FTS.B,
29.49%,
2/03/24
..
26
4
991726593.UG.FTS.B,
29.49%,
2/03/24
..
33
33
991733227.UG.FTS.B,
29.49%,
2/03/24
..
802
818
991763674.UG.FTS.B,
29.49%,
2/03/24
..
21
20
991778703.UG.FTS.B,
29.49%,
2/03/24
..
4
4
991785226.UG.FTS.B,
29.49%,
2/03/24
..
84
84
991795299.UG.FTS.B,
29.49%,
2/03/24
..
156
158
991815788.UG.FTS.B,
29.49%,
2/03/24
..
84
85
991861447.UG.FTS.B,
29.49%,
2/03/24
..
53
54
991909246.UG.FTS.B,
29.49%,
2/03/24
..
180
181
991700800.UG.FTS.B,
Zero
Cpn,
2/04/24
.
366
26
991844970.UG.FTS.B,
15%,
2/04/24
.....
789
794
991776059.UG.FTS.B,
15.47%,
2/04/24
..
56
57
991854905.UG.FTS.B,
15.47%,
2/04/24
..
232
234
991686911.UG.FTS.B,
18.47%,
2/04/24
..
68
69
991685554.UG.FTS.B,
18.71%,
2/04/24
..
74
75
991768122.UG.FTS.B,
22.47%,
2/04/24
..
7
7
991726743.UG.FTS.B,
23.45%,
2/04/24
..
46
3
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)
991856429.UG.FTS.B,
27.99%,
2/04/24
..
$
148
$
19
991702673.UG.FTS.B,
28.48%,
2/04/24
..
108
110
991742407.UG.FTS.B,
28.48%,
2/04/24
..
108
109
991875683.UG.FTS.B,
28.48%,
2/04/24
..
94
95
991688068.UG.FTS.B,
29.48%,
2/04/24
..
255
260
991711305.UG.FTS.B,
29.48%,
2/04/24
..
99
101
991842330.UG.FTS.B,
29.48%,
2/04/24
..
137
9
991702984.UG.FTS.B,
29.49%,
2/04/24
..
69
69
991706472.UG.FTS.B,
29.49%,
2/04/24
..
34
34
991715507.UG.FTS.B,
29.49%,
2/04/24
..
23
23
991726705.UG.FTS.B,
29.49%,
2/04/24
..
64
26
991728226.UG.FTS.B,
29.49%,
2/04/24
..
1,362
390
991741875.UG.FTS.B,
29.49%,
2/04/24
..
170
173
991756664.UG.FTS.B,
29.49%,
2/04/24
..
104
106
991764301.UG.FTS.B,
29.49%,
2/04/24
..
77
78
991788801.UG.FTS.B,
29.49%,
2/04/24
..
115
116
991790411.UG.FTS.B,
29.49%,
2/04/24
..
38
37
991796108.UG.FTS.B,
29.49%,
2/04/24
..
25
25
991804405.UG.FTS.B,
29.49%,
2/04/24
..
67
67
991813259.UG.FTS.B,
29.49%,
2/04/24
..
434
442
991829699.UG.FTS.B,
29.49%,
2/04/24
..
37
37
991858925.UG.FTS.B,
29.49%,
2/04/24
..
183
–
991880139.UG.FTS.B,
29.49%,
2/04/24
..
83
83
991894355.UG.FTS.B,
29.49%,
2/04/24
..
4
4
991909049.UG.FTS.B,
29.49%,
2/04/24
..
62
63
991910876.UG.FTS.B,
29.49%,
2/04/24
..
283
283
991911528.UG.FTS.B,
29.49%,
2/04/24
..
205
206
991912074.UG.FTS.B,
29.49%,
2/04/24
..
23
9
991917056.UG.FTS.B,
29.49%,
2/04/24
..
249
250
991921603.UG.FTS.B,
29.49%,
2/04/24
..
14
14
991695845.UG.FTS.B,
Zero
Cpn,
2/05/24
.
(4)
(4)
991719169.UG.FTS.B,
Zero
Cpn,
2/05/24
.
95
7
991731157.UG.FTS.B,
Zero
Cpn,
2/05/24
.
155
11
991762562.UG.FTS.B,
Zero
Cpn,
2/05/24
.
100
7
991772760.UG.FTS.B,
Zero
Cpn,
2/05/24
.
278
20
991835834.UG.FTS.B,
Zero
Cpn,
2/05/24
.
83
6
991848440.UG.FTS.B,
Zero
Cpn,
2/05/24
.
29
2
991864151.UG.FTS.B,
Zero
Cpn,
2/05/24
.
960
66
991901004.UG.FTS.B,
Zero
Cpn,
2/05/24
.
77
5
991711452.UG.FTS.B,
19.96%,
2/05/24
..
128
129
991876008.UG.FTS.B,
19.96%,
2/05/24
..
24
21
991693126.UG.FTS.B,
19.99%,
2/05/24
..
81
83
991768477.UG.FTS.B,
19.99%,
2/05/24
..
13
13
991815229.UG.FTS.B,
19.99%,
2/05/24
..
22
22
991818135.UG.FTS.B,
19.99%,
2/05/24
..
6
6
991896939.UG.FTS.B,
20.47%,
2/05/24
..
553
551
991779478.UG.FTS.B,
21.48%,
2/05/24
..
280
36
991827138.UG.FTS.B,
21.48%,
2/05/24
..
66
66
991854090.UG.FTS.B,
21.48%,
2/05/24
..
137
137
991776899.UG.FTS.B,
22.47%,
2/05/24
..
64
64
991698945.UG.FTS.B,
23.45%,
2/05/24
..
163
163
991725398.UG.FTS.B,
23.45%,
2/05/24
..
50
50
991938019.UG.FTS.B,
23.45%,
2/05/24
..
119
118
991700243.UG.FTS.B,
25.45%,
2/05/24
..
164
123
991866679.UG.FTS.B,
26.44%,
2/05/24
..
64
64
991712635.UG.FTS.B,
28.48%,
2/05/24
..
232
235
991735405.UG.FTS.B,
28.48%,
2/05/24
..
39
34
991738161.UG.FTS.B,
28.48%,
2/05/24
..
164
168
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991739512.UG.FTS.B,
28.48%,
2/05/24
..
$
96
$
97
991744316.UG.FTS.B,
28.48%,
2/05/24
..
169
173
991751198.UG.FTS.B,
28.48%,
2/05/24
..
212
216
991756833.UG.FTS.B,
28.48%,
2/05/24
..
57
45
991766340.UG.FTS.B,
28.48%,
2/05/24
..
394
401
991785400.UG.FTS.B,
28.48%,
2/05/24
..
82
83
991818664.UG.FTS.B,
28.48%,
2/05/24
..
774
599
991835745.UG.FTS.B,
28.48%,
2/05/24
..
107
109
991837209.UG.FTS.B,
28.48%,
2/05/24
..
79
4
991845532.UG.FTS.B,
28.48%,
2/05/24
..
85
47
991852618.UG.FTS.B,
28.48%,
2/05/24
..
48
48
991886671.UG.FTS.B,
28.48%,
2/05/24
..
34
34
991898117.UG.FTS.B,
28.48%,
2/05/24
..
105
106
991916369.UG.FTS.B,
28.48%,
2/05/24
..
120
121
991919905.UG.FTS.B,
28.48%,
2/05/24
..
515
(33)
991805200.UG.FTS.B,
29.46%,
2/05/24
..
76
78
991697955.UG.FTS.B,
29.48%,
2/05/24
..
280
284
991700432.UG.FTS.B,
29.48%,
2/05/24
..
13
13
991701867.UG.FTS.B,
29.48%,
2/05/24
..
59
60
991702648.UG.FTS.B,
29.48%,
2/05/24
..
10
10
991714933.UG.FTS.B,
29.48%,
2/05/24
..
80
81
991716572.UG.FTS.B,
29.48%,
2/05/24
..
60
61
991768220.UG.FTS.B,
29.48%,
2/05/24
..
14
14
991779730.UG.FTS.B,
29.48%,
2/05/24
..
30
30
991781448.UG.FTS.B,
29.48%,
2/05/24
..
82
84
991797219.UG.FTS.B,
29.48%,
2/05/24
..
490
498
991833863.UG.FTS.B,
29.48%,
2/05/24
..
123
125
991838320.UG.FTS.B,
29.48%,
2/05/24
..
49
50
991854737.UG.FTS.B,
29.48%,
2/05/24
..
657
42
991898289.UG.FTS.B,
29.48%,
2/05/24
..
60
61
991914626.UG.FTS.B,
29.48%,
2/05/24
..
20
20
991679707.UG.FTS.B,
29.49%,
2/05/24
..
214
216
991681844.UG.FTS.B,
29.49%,
2/05/24
..
624
634
991692055.UG.FTS.B,
29.49%,
2/05/24
..
212
208
991693089.UG.FTS.B,
29.49%,
2/05/24
..
98
98
991693783.UG.FTS.B,
29.49%,
2/05/24
..
46
46
991696162.UG.FTS.B,
29.49%,
2/05/24
..
77
79
991696616.UG.FTS.B,
29.49%,
2/05/24
..
225
32
991696879.UG.FTS.B,
29.49%,
2/05/24
..
382
388
991697144.UG.FTS.B,
29.49%,
2/05/24
..
65
66
991701473.UG.FTS.B,
29.49%,
2/05/24
..
202
206
991704518.UG.FTS.B,
29.49%,
2/05/24
..
40
41
991705344.UG.FTS.B,
29.49%,
2/05/24
..
43
43
991705462.UG.FTS.B,
29.49%,
2/05/24
..
175
173
991705465.UG.FTS.B,
29.49%,
2/05/24
..
67
68
991706846.UG.FTS.B,
29.49%,
2/05/24
..
125
128
991708749.UG.FTS.B,
29.49%,
2/05/24
..
3
3
991709555.UG.FTS.B,
29.49%,
2/05/24
..
4
4
991711063.UG.FTS.B,
29.49%,
2/05/24
..
79
29
991711397.UG.FTS.B,
29.49%,
2/05/24
..
309
316
991712546.UG.FTS.B,
29.49%,
2/05/24
..
64
66
991713288.UG.FTS.B,
29.49%,
2/05/24
..
46
15
991713498.UG.FTS.B,
29.49%,
2/05/24
..
58
59
991714141.UG.FTS.B,
29.49%,
2/05/24
..
–
–
991716267.UG.FTS.B,
29.49%,
2/05/24
..
77
11
991716734.UG.FTS.B,
29.49%,
2/05/24
..
93
93
991718017.UG.FTS.B,
29.49%,
2/05/24
..
78
79
991723083.UG.FTS.B,
29.49%,
2/05/24
..
124
126
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)
991723420.UG.FTS.B,
29.49%,
2/05/24
..
$
61
$
62
991724092.UG.FTS.B,
29.49%,
2/05/24
..
35
35
991726322.UG.FTS.B,
29.49%,
2/05/24
..
25
25
991729272.UG.FTS.B,
29.49%,
2/05/24
..
35
34
991729702.UG.FTS.B,
29.49%,
2/05/24
..
–
–
991730567.UG.FTS.B,
29.49%,
2/05/24
..
5
5
991730878.UG.FTS.B,
29.49%,
2/05/24
..
223
31
991737989.UG.FTS.B,
29.49%,
2/05/24
..
40
41
991739387.UG.FTS.B,
29.49%,
2/05/24
..
465
473
991741149.UG.FTS.B,
29.49%,
2/05/24
..
89
89
991741214.UG.FTS.B,
29.49%,
2/05/24
..
18
18
991741933.UG.FTS.B,
29.49%,
2/05/24
..
32
31
991744990.UG.FTS.B,
29.49%,
2/05/24
..
58
60
991751346.UG.FTS.B,
29.49%,
2/05/24
..
109
7
991752632.UG.FTS.B,
29.49%,
2/05/24
..
92
92
991757885.UG.FTS.B,
29.49%,
2/05/24
..
375
377
991760937.UG.FTS.B,
29.49%,
2/05/24
..
–
–
991762619.UG.FTS.B,
29.49%,
2/05/24
..
4
4
991763866.UG.FTS.B,
29.49%,
2/05/24
..
60
4
991773526.UG.FTS.B,
29.49%,
2/05/24
..
247
252
991777302.UG.FTS.B,
29.49%,
2/05/24
..
54
54
991779496.UG.FTS.B,
29.49%,
2/05/24
..
223
225
991779729.UG.FTS.B,
29.49%,
2/05/24
..
69
69
991783484.UG.FTS.B,
29.49%,
2/05/24
..
164
167
991785049.UG.FTS.B,
29.49%,
2/05/24
..
81
83
991786506.UG.FTS.B,
29.49%,
2/05/24
..
153
156
991787648.UG.FTS.B,
29.49%,
2/05/24
..
364
369
991788922.UG.FTS.B,
29.49%,
2/05/24
..
312
315
991791302.UG.FTS.B,
29.49%,
2/05/24
..
15
14
991795706.UG.FTS.B,
29.49%,
2/05/24
..
22
22
991796027.UG.FTS.B,
29.49%,
2/05/24
..
116
118
991799165.UG.FTS.B,
29.49%,
2/05/24
..
65
67
991801405.UG.FTS.B,
29.49%,
2/05/24
..
270
274
991805403.UG.FTS.B,
29.49%,
2/05/24
..
5
5
991807322.UG.FTS.B,
29.49%,
2/05/24
..
9
9
991810461.UG.FTS.B,
29.49%,
2/05/24
..
99
101
991816327.UG.FTS.B,
29.49%,
2/05/24
..
579
580
991825274.UG.FTS.B,
29.49%,
2/05/24
..
22
3
991827164.UG.FTS.B,
29.49%,
2/05/24
..
24
25
991827302.UG.FTS.B,
29.49%,
2/05/24
..
98
99
991831270.UG.FTS.B,
29.49%,
2/05/24
..
150
151
991833796.UG.FTS.B,
29.49%,
2/05/24
..
92
94
991847475.UG.FTS.B,
29.49%,
2/05/24
..
23
23
991852272.UG.FTS.B,
29.49%,
2/05/24
..
34
34
991858745.UG.FTS.B,
29.49%,
2/05/24
..
193
196
991858849.UG.FTS.B,
29.49%,
2/05/24
..
22
22
991858897.UG.FTS.B,
29.49%,
2/05/24
..
29
29
991862959.UG.FTS.B,
29.49%,
2/05/24
..
307
312
991875810.UG.FTS.B,
29.49%,
2/05/24
..
103
104
991879388.UG.FTS.B,
29.49%,
2/05/24
..
56
56
991889487.UG.FTS.B,
29.49%,
2/05/24
..
62
61
991898184.UG.FTS.B,
29.49%,
2/05/24
..
26
26
991900410.UG.FTS.B,
29.49%,
2/05/24
..
14
7
991901626.UG.FTS.B,
29.49%,
2/05/24
..
137
136
991905879.UG.FTS.B,
29.49%,
2/05/24
..
75
76
991908519.UG.FTS.B,
29.49%,
2/05/24
..
73
10
991912151.UG.FTS.B,
29.49%,
2/05/24
..
216
66
991932864.UG.FTS.B,
29.49%,
2/05/24
..
44
45
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991932898.UG.FTS.B,
29.49%,
2/05/24
..
$
440
$
442
991936900.UG.FTS.B,
29.49%,
2/05/24
..
61
61
991702860.UG.FTS.B,
Zero
Cpn,
2/06/24
.
151
11
991722299.UG.FTS.B,
Zero
Cpn,
2/06/24
.
120
8
991770409.UG.FTS.B,
Zero
Cpn,
2/06/24
.
196
14
991772431.UG.FTS.B,
Zero
Cpn,
2/06/24
.
1,279
89
991818161.UG.FTS.B,
Zero
Cpn,
2/06/24
.
572
40
991834896.UG.FTS.B,
Zero
Cpn,
2/06/24
.
78
6
991847495.UG.FTS.B,
Zero
Cpn,
2/06/24
.
45
3
991858801.UG.FTS.B,
Zero
Cpn,
2/06/24
.
91
6
991879983.UG.FTS.B,
Zero
Cpn,
2/06/24
.
29
2
991922749.UG.FTS.B,
Zero
Cpn,
2/06/24
.
33
2
991766242.UG.FTS.B,
18.47%,
2/06/24
..
103
103
991894070.UG.FTS.B,
19.96%,
2/06/24
..
164
164
991928651.UG.FTS.B,
19.96%,
2/06/24
..
442
441
991750813.UG.FTS.B,
19.99%,
2/06/24
..
80
82
991911467.UG.FTS.B,
19.99%,
2/06/24
..
38
39
991719716.UG.FTS.B,
20.47%,
2/06/24
..
254
255
991740030.UG.FTS.B,
20.47%,
2/06/24
..
26
26
991718257.UG.FTS.B,
20.96%,
2/06/24
..
105
105
991809389.UG.FTS.B,
20.96%,
2/06/24
..
251
252
991714545.UG.FTS.B,
21.48%,
2/06/24
..
97
97
991747919.UG.FTS.B,
21.48%,
2/06/24
..
62
61
991764160.UG.FTS.B,
21.48%,
2/06/24
..
104
105
991896635.UG.FTS.B,
21.48%,
2/06/24
..
301
300
991713027.UG.FTS.B,
23.45%,
2/06/24
..
139
138
991734865.UG.FTS.B,
25.45%,
2/06/24
..
94
94
991690169.UG.FTS.B,
28.48%,
2/06/24
..
792
804
991702392.UG.FTS.B,
28.48%,
2/06/24
..
118
120
991709748.UG.FTS.B,
28.48%,
2/06/24
..
9
9
991711318.UG.FTS.B,
28.48%,
2/06/24
..
109
8
991716848.UG.FTS.B,
28.48%,
2/06/24
..
134
9
991730449.UG.FTS.B,
28.48%,
2/06/24
..
124
126
991738872.UG.FTS.B,
28.48%,
2/06/24
..
27
28
991740055.UG.FTS.B,
28.48%,
2/06/24
..
433
440
991741244.UG.FTS.B,
28.48%,
2/06/24
..
134
(3)
991766960.UG.FTS.B,
28.48%,
2/06/24
..
12
12
991780645.UG.FTS.B,
28.48%,
2/06/24
..
229
234
991785489.UG.FTS.B,
28.48%,
2/06/24
..
410
419
991803786.UG.FTS.B,
28.48%,
2/06/24
..
87
89
991827686.UG.FTS.B,
28.48%,
2/06/24
..
150
152
991831344.UG.FTS.B,
28.48%,
2/06/24
..
24
24
991833476.UG.FTS.B,
28.48%,
2/06/24
..
920
936
991853055.UG.FTS.B,
28.48%,
2/06/24
..
144
147
991853534.UG.FTS.B,
28.48%,
2/06/24
..
122
124
991896815.UG.FTS.B,
28.48%,
2/06/24
..
140
139
991704767.UG.FTS.B,
29.48%,
2/06/24
..
266
271
991711309.UG.FTS.B,
29.48%,
2/06/24
..
25
25
991725659.UG.FTS.B,
29.48%,
2/06/24
..
50
(1)
991781765.UG.FTS.B,
29.48%,
2/06/24
..
13
13
991819053.UG.FTS.B,
29.48%,
2/06/24
..
60
62
991832143.UG.FTS.B,
29.48%,
2/06/24
..
80
80
991835222.UG.FTS.B,
29.48%,
2/06/24
..
492
500
991894999.UG.FTS.B,
29.48%,
2/06/24
..
428
432
991914678.UG.FTS.B,
29.48%,
2/06/24
..
156
158
991928677.UG.FTS.B,
29.48%,
2/06/24
..
122
123
991698911.UG.FTS.B,
29.49%,
2/06/24
..
112
91
991700169.UG.FTS.B,
29.49%,
2/06/24
..
142
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
109
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991700219.UG.FTS.B,
29.49%,
2/06/24
..
$
20
$
20
991700772.UG.FTS.B,
29.49%,
2/06/24
..
196
29
991701271.UG.FTS.B,
29.49%,
2/06/24
..
145
10
991702835.UG.FTS.B,
29.49%,
2/06/24
..
145
148
991703003.UG.FTS.B,
29.49%,
2/06/24
..
37
6
991703043.UG.FTS.B,
29.49%,
2/06/24
..
46
47
991703094.UG.FTS.B,
29.49%,
2/06/24
..
36
36
991703613.UG.FTS.B,
29.49%,
2/06/24
..
13
12
991704372.UG.FTS.B,
29.49%,
2/06/24
..
79
80
991705673.UG.FTS.B,
29.49%,
2/06/24
..
29
2
991706376.UG.FTS.B,
29.49%,
2/06/24
..
104
31
991706434.UG.FTS.B,
29.49%,
2/06/24
..
215
220
991706794.UG.FTS.B,
29.49%,
2/06/24
..
64
65
991707306.UG.FTS.B,
29.49%,
2/06/24
..
376
378
991709169.UG.FTS.B,
29.49%,
2/06/24
..
69
69
991711265.UG.FTS.B,
29.49%,
2/06/24
..
136
139
991711897.UG.FTS.B,
29.49%,
2/06/24
..
68
5
991713731.UG.FTS.B,
29.49%,
2/06/24
..
63
18
991714822.UG.FTS.B,
29.49%,
2/06/24
..
43
43
991717524.UG.FTS.B,
29.49%,
2/06/24
..
145
148
991718539.UG.FTS.B,
29.49%,
2/06/24
..
57
58
991723140.UG.FTS.B,
29.49%,
2/06/24
..
222
62
991723907.UG.FTS.B,
29.49%,
2/06/24
..
203
203
991725101.UG.FTS.B,
29.49%,
2/06/24
..
27
27
991726361.UG.FTS.B,
29.49%,
2/06/24
..
589
451
991727080.UG.FTS.B,
29.49%,
2/06/24
..
25
24
991730343.UG.FTS.B,
29.49%,
2/06/24
..
154
157
991731423.UG.FTS.B,
29.49%,
2/06/24
..
83
83
991734953.UG.FTS.B,
29.49%,
2/06/24
..
157
157
991735402.UG.FTS.B,
29.49%,
2/06/24
..
63
64
991735997.UG.FTS.B,
29.49%,
2/06/24
..
30
29
991736969.UG.FTS.B,
29.49%,
2/06/24
..
116
118
991738288.UG.FTS.B,
29.49%,
2/06/24
..
110
111
991738514.UG.FTS.B,
29.49%,
2/06/24
..
130
132
991739473.UG.FTS.B,
29.49%,
2/06/24
..
75
76
991741909.UG.FTS.B,
29.49%,
2/06/24
..
–
–
991743596.UG.FTS.B,
29.49%,
2/06/24
..
32
11
991750749.UG.FTS.B,
29.49%,
2/06/24
..
214
213
991754554.UG.FTS.B,
29.49%,
2/06/24
..
76
74
991756004.UG.FTS.B,
29.49%,
2/06/24
..
167
23
991756713.UG.FTS.B,
29.49%,
2/06/24
..
591
603
991760581.UG.FTS.B,
29.49%,
2/06/24
..
275
280
991762718.UG.FTS.B,
29.49%,
2/06/24
..
108
111
991766178.UG.FTS.B,
29.49%,
2/06/24
..
23
23
991766882.UG.FTS.B,
29.49%,
2/06/24
..
138
141
991767912.UG.FTS.B,
29.49%,
2/06/24
..
113
116
991769363.UG.FTS.B,
29.49%,
2/06/24
..
57
58
991775218.UG.FTS.B,
29.49%,
2/06/24
..
185
189
991780601.UG.FTS.B,
29.49%,
2/06/24
..
85
86
991791590.UG.FTS.B,
29.49%,
2/06/24
..
95
75
991792802.UG.FTS.B,
29.49%,
2/06/24
..
494
505
991797851.UG.FTS.B,
29.49%,
2/06/24
..
31
31
991802395.UG.FTS.B,
29.49%,
2/06/24
..
150
118
991802450.UG.FTS.B,
29.49%,
2/06/24
..
119
121
991803366.UG.FTS.B,
29.49%,
2/06/24
..
105
104
991804272.UG.FTS.B,
29.49%,
2/06/24
..
48
49
991807744.UG.FTS.B,
29.49%,
2/06/24
..
65
(3)
991811603.UG.FTS.B,
29.49%,
2/06/24
..
65
66
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991812453.UG.FTS.B,
29.49%,
2/06/24
..
$
89
$
91
991815771.UG.FTS.B,
29.49%,
2/06/24
..
25
25
991824369.UG.FTS.B,
29.49%,
2/06/24
..
58
59
991845179.UG.FTS.B,
29.49%,
2/06/24
..
123
125
991847730.UG.FTS.B,
29.49%,
2/06/24
..
11
11
991848888.UG.FTS.B,
29.49%,
2/06/24
..
96
98
991854055.UG.FTS.B,
29.49%,
2/06/24
..
614
624
991854221.UG.FTS.B,
29.49%,
2/06/24
..
614
625
991863148.UG.FTS.B,
29.49%,
2/06/24
..
126
128
991863263.UG.FTS.B,
29.49%,
2/06/24
..
1,427
196
991863348.UG.FTS.B,
29.49%,
2/06/24
..
184
187
991864157.UG.FTS.B,
29.49%,
2/06/24
..
143
144
991865672.UG.FTS.B,
29.49%,
2/06/24
..
215
219
991867936.UG.FTS.B,
29.49%,
2/06/24
..
36
3
991876619.UG.FTS.B,
29.49%,
2/06/24
..
–
–
991877592.UG.FTS.B,
29.49%,
2/06/24
..
655
89
991879365.UG.FTS.B,
29.49%,
2/06/24
..
147
148
991894974.UG.FTS.B,
29.49%,
2/06/24
..
363
365
991902326.UG.FTS.B,
29.49%,
2/06/24
..
34
2
991903049.UG.FTS.B,
29.49%,
2/06/24
..
43
43
991903768.UG.FTS.B,
29.49%,
2/06/24
..
1,356
1,360
991908232.UG.FTS.B,
29.49%,
2/06/24
..
61
62
991908563.UG.FTS.B,
29.49%,
2/06/24
..
45
44
991913163.UG.FTS.B,
29.49%,
2/06/24
..
71
71
991916003.UG.FTS.B,
29.49%,
2/06/24
..
220
221
991917005.UG.FTS.B,
29.49%,
2/06/24
..
96
14
991919051.UG.FTS.B,
29.49%,
2/06/24
..
29
12
991925585.UG.FTS.B,
29.49%,
2/06/24
..
182
183
991932100.UG.FTS.B,
29.49%,
2/06/24
..
13
13
991933341.UG.FTS.B,
29.49%,
2/06/24
..
45
45
991722386.UG.FTS.B,
Zero
Cpn,
2/07/24
.
133
9
991731457.UG.FTS.B,
Zero
Cpn,
2/07/24
.
405
28
991742699.UG.FTS.B,
Zero
Cpn,
2/07/24
.
309
21
991766296.UG.FTS.B,
Zero
Cpn,
2/07/24
.
225
16
991840368.UG.FTS.B,
Zero
Cpn,
2/07/24
.
153
11
991895535.UG.FTS.B,
Zero
Cpn,
2/07/24
.
237
17
991897674.UG.FTS.B,
Zero
Cpn,
2/07/24
.
44
3
991952896.UG.FTS.B,
17.49%,
2/07/24
..
581
582
991726829.UG.FTS.B,
18.47%,
2/07/24
..
144
144
991908299.UG.FTS.B,
18.47%,
2/07/24
..
59
59
991747268.UG.FTS.B,
19.96%,
2/07/24
..
101
101
991753959.UG.FTS.B,
19.99%,
2/07/24
..
19
19
991759455.UG.FTS.B,
19.99%,
2/07/24
..
232
72
991746536.UG.FTS.B,
20.47%,
2/07/24
..
263
263
991722216.UG.FTS.B,
20.96%,
2/07/24
..
124
97
991749666.UG.FTS.B,
20.96%,
2/07/24
..
43
43
991810606.UG.FTS.B,
20.96%,
2/07/24
..
1,430
1,435
991728476.UG.FTS.B,
22.45%,
2/07/24
..
168
166
991788399.UG.FTS.B,
22.45%,
2/07/24
..
74
74
991705944.UG.FTS.B,
22.47%,
2/07/24
..
305
303
991765791.UG.FTS.B,
22.47%,
2/07/24
..
133
17
991805714.UG.FTS.B,
22.47%,
2/07/24
..
73
5
991731634.UG.FTS.B,
23.45%,
2/07/24
..
84
84
991937198.UG.FTS.B,
24.45%,
2/07/24
..
294
231
991742610.UG.FTS.B,
26.44%,
2/07/24
..
7
7
991706634.UG.FTS.B,
28.48%,
2/07/24
..
447
148
991710705.UG.FTS.B,
28.48%,
2/07/24
..
7
7
991714808.UG.FTS.B,
28.48%,
2/07/24
..
63
2
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991741108.UG.FTS.B,
28.48%,
2/07/24
..
$
443
$
138
991758069.UG.FTS.B,
28.48%,
2/07/24
..
325
328
991764700.UG.FTS.B,
28.48%,
2/07/24
..
68
69
991778355.UG.FTS.B,
28.48%,
2/07/24
..
14
14
991799124.UG.FTS.B,
28.48%,
2/07/24
..
17
17
991803011.UG.FTS.B,
28.48%,
2/07/24
..
92
94
991815918.UG.FTS.B,
28.48%,
2/07/24
..
132
132
991818712.UG.FTS.B,
28.48%,
2/07/24
..
263
265
991850407.UG.FTS.B,
28.48%,
2/07/24
..
39
39
991860532.UG.FTS.B,
28.48%,
2/07/24
..
77
78
991917220.UG.FTS.B,
28.48%,
2/07/24
..
128
128
991930736.UG.FTS.B,
28.48%,
2/07/24
..
12
12
991709711.UG.FTS.B,
29.48%,
2/07/24
..
226
230
991711547.UG.FTS.B,
29.48%,
2/07/24
..
74
76
991715983.UG.FTS.B,
29.48%,
2/07/24
..
50
50
991717577.UG.FTS.B,
29.48%,
2/07/24
..
53
8
991728869.UG.FTS.B,
29.48%,
2/07/24
..
70
72
991731888.UG.FTS.B,
29.48%,
2/07/24
..
21
21
991734282.UG.FTS.B,
29.48%,
2/07/24
..
13
13
991736572.UG.FTS.B,
29.48%,
2/07/24
..
160
46
991760237.UG.FTS.B,
29.48%,
2/07/24
..
193
197
991761553.UG.FTS.B,
29.48%,
2/07/24
..
43
44
991797551.UG.FTS.B,
29.48%,
2/07/24
..
170
173
991803460.UG.FTS.B,
29.48%,
2/07/24
..
174
178
991810928.UG.FTS.B,
29.48%,
2/07/24
..
617
626
991813154.UG.FTS.B,
29.48%,
2/07/24
..
219
223
991705242.UG.FTS.B,
29.49%,
2/07/24
..
360
51
991705840.UG.FTS.B,
29.49%,
2/07/24
..
143
145
991707631.UG.FTS.B,
29.49%,
2/07/24
..
89
91
991709347.UG.FTS.B,
29.49%,
2/07/24
..
16
16
991709436.UG.FTS.B,
29.49%,
2/07/24
..
8
7
991711441.UG.FTS.B,
29.49%,
2/07/24
..
35
35
991711765.UG.FTS.B,
29.49%,
2/07/24
..
323
329
991712265.UG.FTS.B,
29.49%,
2/07/24
..
87
89
991712289.UG.FTS.B,
29.49%,
2/07/24
..
92
94
991712442.UG.FTS.B,
29.49%,
2/07/24
..
135
136
991712942.UG.FTS.B,
29.49%,
2/07/24
..
95
96
991714110.UG.FTS.B,
29.49%,
2/07/24
..
111
113
991714530.UG.FTS.B,
29.49%,
2/07/24
..
100
102
991717559.UG.FTS.B,
29.49%,
2/07/24
..
5
5
991720763.UG.FTS.B,
29.49%,
2/07/24
..
156
158
991721981.UG.FTS.B,
29.49%,
2/07/24
..
93
95
991724940.UG.FTS.B,
29.49%,
2/07/24
..
307
43
991726634.UG.FTS.B,
29.49%,
2/07/24
..
235
16
991729154.UG.FTS.B,
29.49%,
2/07/24
..
456
31
991729259.UG.FTS.B,
29.49%,
2/07/24
..
187
190
991729859.UG.FTS.B,
29.49%,
2/07/24
..
282
284
991731671.UG.FTS.B,
29.49%,
2/07/24
..
17
17
991732502.UG.FTS.B,
29.49%,
2/07/24
..
153
(7)
991734419.UG.FTS.B,
29.49%,
2/07/24
..
86
88
991736007.UG.FTS.B,
29.49%,
2/07/24
..
146
(11)
991736257.UG.FTS.B,
29.49%,
2/07/24
..
100
102
991742022.UG.FTS.B,
29.49%,
2/07/24
..
135
138
991745483.UG.FTS.B,
29.49%,
2/07/24
..
513
(30)
991747730.UG.FTS.B,
29.49%,
2/07/24
..
–
–
991756174.UG.FTS.B,
29.49%,
2/07/24
..
265
200
991758864.UG.FTS.B,
29.49%,
2/07/24
..
88
87
991760583.UG.FTS.B,
29.49%,
2/07/24
..
52
52
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991762212.UG.FTS.B,
29.49%,
2/07/24
..
$
408
$
407
991767246.UG.FTS.B,
29.49%,
2/07/24
..
90
92
991768735.UG.FTS.B,
29.49%,
2/07/24
..
779
781
991772407.UG.FTS.B,
29.49%,
2/07/24
..
55
56
991780524.UG.FTS.B,
29.49%,
2/07/24
..
97
99
991781431.UG.FTS.B,
29.49%,
2/07/24
..
14
14
991781548.UG.FTS.B,
29.49%,
2/07/24
..
562
570
991782258.UG.FTS.B,
29.49%,
2/07/24
..
934
309
991786276.UG.FTS.B,
29.49%,
2/07/24
..
203
203
991787046.UG.FTS.B,
29.49%,
2/07/24
..
39
39
991794751.UG.FTS.B,
29.49%,
2/07/24
..
204
17
991795789.UG.FTS.B,
29.49%,
2/07/24
..
113
115
991804746.UG.FTS.B,
29.49%,
2/07/24
..
49
7
991814041.UG.FTS.B,
29.49%,
2/07/24
..
27
27
991814879.UG.FTS.B,
29.49%,
2/07/24
..
7
7
991817194.UG.FTS.B,
29.49%,
2/07/24
..
69
71
991817987.UG.FTS.B,
29.49%,
2/07/24
..
61
62
991822013.UG.FTS.B,
29.49%,
2/07/24
..
98
100
991833748.UG.FTS.B,
29.49%,
2/07/24
..
1,302
(79)
991835130.UG.FTS.B,
29.49%,
2/07/24
..
92
94
991838231.UG.FTS.B,
29.49%,
2/07/24
..
42
42
991838362.UG.FTS.B,
29.49%,
2/07/24
..
115
117
991840310.UG.FTS.B,
29.49%,
2/07/24
..
123
124
991842041.UG.FTS.B,
29.49%,
2/07/24
..
67
67
991844653.UG.FTS.B,
29.49%,
2/07/24
..
313
319
991845454.UG.FTS.B,
29.49%,
2/07/24
..
449
456
991846751.UG.FTS.B,
29.49%,
2/07/24
..
11
11
991847296.UG.FTS.B,
29.49%,
2/07/24
..
304
306
991849970.UG.FTS.B,
29.49%,
2/07/24
..
58
5
991852247.UG.FTS.B,
29.49%,
2/07/24
..
501
504
991852683.UG.FTS.B,
29.49%,
2/07/24
..
107
110
991858699.UG.FTS.B,
29.49%,
2/07/24
..
43
38
991860170.UG.FTS.B,
29.49%,
2/07/24
..
280
39
991860524.UG.FTS.B,
29.49%,
2/07/24
..
232
232
991874547.UG.FTS.B,
29.49%,
2/07/24
..
53
8
991881568.UG.FTS.B,
29.49%,
2/07/24
..
189
193
991883582.UG.FTS.B,
29.49%,
2/07/24
..
8
8
991889120.UG.FTS.B,
29.49%,
2/07/24
..
191
193
991895135.UG.FTS.B,
29.49%,
2/07/24
..
101
79
991897062.UG.FTS.B,
29.49%,
2/07/24
..
28
28
991916558.UG.FTS.B,
29.49%,
2/07/24
..
8
8
991918742.UG.FTS.B,
29.49%,
2/07/24
..
92
93
991918817.UG.FTS.B,
29.49%,
2/07/24
..
98
14
991920447.UG.FTS.B,
29.49%,
2/07/24
..
47
48
991920714.UG.FTS.B,
29.49%,
2/07/24
..
90
91
991888412.UG.FTS.B,
14.48%,
2/09/24
..
84
1
991734323.UG.FTS.B,
16.49%,
2/09/24
..
121
122
991550358.UG.FTS.B,
29.49%,
3/17/24
..
740
(28)
991817049.UG.FTS.B,
29.49%,
3/24/24
..
495
380
991773707.UG.FTS.B,
29.49%,
4/05/24
..
260
263
991826545.UG.FTS.B,
28.98%,
8/23/24
..
17
17
991654240.UG.FTS.B,
29.49%,
8/24/24
..
75
79
991762808.UG.FTS.B,
29.49%,
11/07/24
.
91
95
991487037.UG.FTS.B,
14.98%,
1/13/25
..
1,314
1,339
991499314.UG.FTS.B,
16.99%,
1/14/25
..
313
319
991508732.UG.FTS.B,
16.99%,
1/15/25
..
1,270
1,294
991512643.UG.FTS.B,
16.99%,
1/15/25
..
1,584
1,074
991514741.UG.FTS.B,
17.99%,
1/15/25
..
811
810
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991515511.UG.FTS.B,
16.99%,
1/16/25
..
$
138
$
141
991578090.UG.FTS.B,
Zero
Cpn,
1/18/25
.
–
–
991770051.UG.FTS.B,
Zero
Cpn,
1/18/25
.
41
3
991534259.UG.FTS.B,
19.99%,
1/18/25
..
2,052
2,117
991540248.UG.FTS.B,
19.99%,
1/18/25
..
37
37
991542919.UG.FTS.B,
19.99%,
1/18/25
..
410
430
991543349.UG.FTS.B,
19.99%,
1/18/25
..
964
1,009
991569157.UG.FTS.B,
19.99%,
1/18/25
..
150
18
991596625.UG.FTS.B,
19.99%,
1/18/25
..
285
23
991613831.UG.FTS.B,
19.99%,
1/18/25
..
298
312
991738583.UG.FTS.B,
19.99%,
1/18/25
..
142
18
991741235.UG.FTS.B,
19.99%,
1/18/25
..
45
46
991535930.UG.FTS.B,
27.95%,
1/18/25
..
1,597
1,668
991541397.UG.FTS.B,
27.95%,
1/18/25
..
235
240
991553396.UG.FTS.B,
27.99%,
1/18/25
..
142
144
991537321.UG.FTS.B,
28.98%,
1/18/25
..
81
81
991541578.UG.FTS.B,
28.98%,
1/18/25
..
61
63
991541730.UG.FTS.B,
28.98%,
1/18/25
..
914
935
991547864.UG.FTS.B,
28.98%,
1/18/25
..
598
626
991548072.UG.FTS.B,
28.98%,
1/18/25
..
882
655
991563160.UG.FTS.B,
28.98%,
1/18/25
..
94
65
991564531.UG.FTS.B,
28.98%,
1/18/25
..
293
294
991571658.UG.FTS.B,
28.98%,
1/18/25
..
165
108
991586801.UG.FTS.B,
28.98%,
1/18/25
..
195
201
991605601.UG.FTS.B,
28.98%,
1/18/25
..
46
46
991625562.UG.FTS.B,
28.98%,
1/18/25
..
8
8
991633024.UG.FTS.B,
28.98%,
1/18/25
..
72
71
991643127.UG.FTS.B,
28.98%,
1/18/25
..
153
158
991643598.UG.FTS.B,
28.98%,
1/18/25
..
135
136
991644065.UG.FTS.B,
28.98%,
1/18/25
..
619
440
991646974.UG.FTS.B,
28.98%,
1/18/25
..
170
176
991662279.UG.FTS.B,
28.98%,
1/18/25
..
101
104
991669237.UG.FTS.B,
28.98%,
1/18/25
..
68
70
991734107.UG.FTS.B,
28.98%,
1/18/25
..
49
50
991767339.UG.FTS.B,
28.98%,
1/18/25
..
26
27
991770623.UG.FTS.B,
28.98%,
1/18/25
..
668
689
991640372.UG.FTS.B,
29.45%,
1/18/25
..
503
520
991766780.UG.FTS.B,
29.45%,
1/18/25
..
131
135
991554221.UG.FTS.B,
29.46%,
1/18/25
..
2,408
1,783
991670069.UG.FTS.B,
29.46%,
1/18/25
..
475
498
991567035.UG.FTS.B,
29.48%,
1/18/25
..
491
516
991535459.UG.FTS.B,
29.49%,
1/18/25
..
207
218
991535708.UG.FTS.B,
29.49%,
1/18/25
..
104
107
991536072.UG.FTS.B,
29.49%,
1/18/25
..
385
382
991536876.UG.FTS.B,
29.49%,
1/18/25
..
241
249
991536929.UG.FTS.B,
29.49%,
1/18/25
..
1,150
1,183
991537021.UG.FTS.B,
29.49%,
1/18/25
..
153
159
991540546.UG.FTS.B,
29.49%,
1/18/25
..
89
93
991540582.UG.FTS.B,
29.49%,
1/18/25
..
1,218
1,231
991541260.UG.FTS.B,
29.49%,
1/18/25
..
81
85
991542221.UG.FTS.B,
29.49%,
1/18/25
..
229
30
991542253.UG.FTS.B,
29.49%,
1/18/25
..
322
231
991543638.UG.FTS.B,
29.49%,
1/18/25
..
121
125
991543705.UG.FTS.B,
29.49%,
1/18/25
..
21
3
991544799.UG.FTS.B,
29.49%,
1/18/25
..
210
218
991545277.UG.FTS.B,
29.49%,
1/18/25
..
316
331
991545704.UG.FTS.B,
29.49%,
1/18/25
..
151
10
991560367.UG.FTS.B,
29.49%,
1/18/25
..
436
453
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991563278.UG.FTS.B,
29.49%,
1/18/25
..
$
181
$
191
991575618.UG.FTS.B,
29.49%,
1/18/25
..
53
8
991576670.UG.FTS.B,
29.49%,
1/18/25
..
–
–
991577286.UG.FTS.B,
29.49%,
1/18/25
..
497
523
991580004.UG.FTS.B,
29.49%,
1/18/25
..
100
105
991584589.UG.FTS.B,
29.49%,
1/18/25
..
192
195
991608770.UG.FTS.B,
29.49%,
1/18/25
..
183
190
991624817.UG.FTS.B,
29.49%,
1/18/25
..
30
30
991637270.UG.FTS.B,
29.49%,
1/18/25
..
66
68
991641889.UG.FTS.B,
29.49%,
1/18/25
..
186
195
991692788.UG.FTS.B,
29.49%,
1/18/25
..
57
59
991705157.UG.FTS.B,
29.49%,
1/18/25
..
92
93
991757664.UG.FTS.B,
29.49%,
1/18/25
..
29
29
991765962.UG.FTS.B,
29.49%,
1/18/25
..
77
81
991766828.UG.FTS.B,
29.49%,
1/18/25
..
146
150
991768700.UG.FTS.B,
29.49%,
1/18/25
..
198
203
991768927.UG.FTS.B,
29.49%,
1/18/25
..
21
21
991771306.UG.FTS.B,
29.49%,
1/18/25
..
351
24
991613322.UG.FTS.B,
29.99%,
1/18/25
..
195
203
991655625.UG.FTS.B,
Zero
Cpn,
1/19/25
.
241
–
991664635.UG.FTS.B,
18.97%,
1/19/25
..
–
–
991713909.UG.FTS.B,
18.97%,
1/19/25
..
227
229
991547598.UG.FTS.B,
19.99%,
1/19/25
..
130
136
991553350.UG.FTS.B,
19.99%,
1/19/25
..
63
65
991556775.UG.FTS.B,
19.99%,
1/19/25
..
105
109
991593524.UG.FTS.B,
19.99%,
1/19/25
..
116
121
991610154.UG.FTS.B,
19.99%,
1/19/25
..
646
81
991617879.UG.FTS.B,
19.99%,
1/19/25
..
1,157
1,210
991640553.UG.FTS.B,
19.99%,
1/19/25
..
157
157
991650417.UG.FTS.B,
19.99%,
1/19/25
..
218
226
991706987.UG.FTS.B,
19.99%,
1/19/25
..
719
89
991713026.UG.FTS.B,
19.99%,
1/19/25
..
250
–
991720021.UG.FTS.B,
19.99%,
1/19/25
..
1,103
1,141
991729446.UG.FTS.B,
19.99%,
1/19/25
..
67
68
991764139.UG.FTS.B,
19.99%,
1/19/25
..
49
50
991766471.UG.FTS.B,
19.99%,
1/19/25
..
211
214
991698886.UG.FTS.B,
21.46%,
1/19/25
..
189
186
991690575.UG.FTS.B,
25.95%,
1/19/25
..
434
303
991777867.UG.FTS.B,
25.95%,
1/19/25
..
76
(2)
991570838.UG.FTS.B,
27.99%,
1/19/25
..
235
16
991779529.UG.FTS.B,
27.99%,
1/19/25
..
308
319
991544331.UG.FTS.B,
28.98%,
1/19/25
..
543
560
991547565.UG.FTS.B,
28.98%,
1/19/25
..
137
138
991556346.UG.FTS.B,
28.98%,
1/19/25
..
192
201
991580652.UG.FTS.B,
28.98%,
1/19/25
..
92
96
991652010.UG.FTS.B,
28.98%,
1/19/25
..
290
298
991669072.UG.FTS.B,
28.98%,
1/19/25
..
199
206
991669843.UG.FTS.B,
28.98%,
1/19/25
..
119
122
991680250.UG.FTS.B,
28.98%,
1/19/25
..
376
378
991681134.UG.FTS.B,
28.98%,
1/19/25
..
138
(5)
991684419.UG.FTS.B,
28.98%,
1/19/25
..
638
435
991688747.UG.FTS.B,
28.98%,
1/19/25
..
94
97
991689404.UG.FTS.B,
28.98%,
1/19/25
..
155
160
991694508.UG.FTS.B,
28.98%,
1/19/25
..
252
261
991698089.UG.FTS.B,
28.98%,
1/19/25
..
133
131
991729327.UG.FTS.B,
28.98%,
1/19/25
..
109
113
991734745.UG.FTS.B,
28.98%,
1/19/25
..
375
387
991738232.UG.FTS.B,
28.98%,
1/19/25
..
27
27
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991746200.UG.FTS.B,
28.98%,
1/19/25
..
$
409
$
423
991746728.UG.FTS.B,
28.98%,
1/19/25
..
88
92
991747421.UG.FTS.B,
28.98%,
1/19/25
..
52
54
991747495.UG.FTS.B,
28.98%,
1/19/25
..
7
7
991748030.UG.FTS.B,
28.98%,
1/19/25
..
121
125
991750526.UG.FTS.B,
28.98%,
1/19/25
..
528
546
991760907.UG.FTS.B,
28.98%,
1/19/25
..
260
21
991770244.UG.FTS.B,
28.98%,
1/19/25
..
526
542
991771984.UG.FTS.B,
28.98%,
1/19/25
..
601
621
991775019.UG.FTS.B,
28.98%,
1/19/25
..
420
(16)
991778450.UG.FTS.B,
28.98%,
1/19/25
..
62
64
991783038.UG.FTS.B,
28.98%,
1/19/25
..
424
437
991783620.UG.FTS.B,
28.98%,
1/19/25
..
300
311
991784176.UG.FTS.B,
28.98%,
1/19/25
..
275
283
991616379.UG.FTS.B,
29.45%,
1/19/25
..
177
178
991541493.UG.FTS.B,
29.46%,
1/19/25
..
14
13
991547157.UG.FTS.B,
29.46%,
1/19/25
..
590
596
991550875.UG.FTS.B,
29.47%,
1/19/25
..
1,539
1,616
991767247.UG.FTS.B,
29.47%,
1/19/25
..
472
489
991551878.UG.FTS.B,
29.48%,
1/19/25
..
728
737
991681269.UG.FTS.B,
29.48%,
1/19/25
..
176
182
991542015.UG.FTS.B,
29.49%,
1/19/25
..
330
348
991543258.UG.FTS.B,
29.49%,
1/19/25
..
561
39
991545568.UG.FTS.B,
29.49%,
1/19/25
..
1,240
904
991547832.UG.FTS.B,
29.49%,
1/19/25
..
203
209
991556769.UG.FTS.B,
29.49%,
1/19/25
..
135
140
991557306.UG.FTS.B,
29.49%,
1/19/25
..
754
56
991559196.UG.FTS.B,
29.49%,
1/19/25
..
2,336
2,229
991563658.UG.FTS.B,
29.49%,
1/19/25
..
883
911
991567374.UG.FTS.B,
29.49%,
1/19/25
..
65
9
991567620.UG.FTS.B,
29.49%,
1/19/25
..
268
274
991569855.UG.FTS.B,
29.49%,
1/19/25
..
38
38
991571908.UG.FTS.B,
29.49%,
1/19/25
..
133
137
991572593.UG.FTS.B,
29.49%,
1/19/25
..
516
353
991575387.UG.FTS.B,
29.49%,
1/19/25
..
195
205
991579317.UG.FTS.B,
29.49%,
1/19/25
..
119
121
991587154.UG.FTS.B,
29.49%,
1/19/25
..
195
201
991587244.UG.FTS.B,
29.49%,
1/19/25
..
150
158
991589283.UG.FTS.B,
29.49%,
1/19/25
..
606
635
991589395.UG.FTS.B,
29.49%,
1/19/25
..
422
429
991590614.UG.FTS.B,
29.49%,
1/19/25
..
217
227
991616062.UG.FTS.B,
29.49%,
1/19/25
..
308
28
991647737.UG.FTS.B,
29.49%,
1/19/25
..
116
120
991663931.UG.FTS.B,
29.49%,
1/19/25
..
12
12
991666296.UG.FTS.B,
29.49%,
1/19/25
..
165
171
991668851.UG.FTS.B,
29.49%,
1/19/25
..
95
99
991676239.UG.FTS.B,
29.49%,
1/19/25
..
809
837
991684554.UG.FTS.B,
29.49%,
1/19/25
..
18
18
991688411.UG.FTS.B,
29.49%,
1/19/25
..
141
92
991698039.UG.FTS.B,
29.49%,
1/19/25
..
197
27
991700162.UG.FTS.B,
29.49%,
1/19/25
..
93
93
991710813.UG.FTS.B,
29.49%,
1/19/25
..
65
68
991719174.UG.FTS.B,
29.49%,
1/19/25
..
1,292
1,341
991721177.UG.FTS.B,
29.49%,
1/19/25
..
–
–
991721350.UG.FTS.B,
29.49%,
1/19/25
..
1,885
1,954
991732729.UG.FTS.B,
29.49%,
1/19/25
..
276
279
991741346.UG.FTS.B,
29.49%,
1/19/25
..
69
72
991755764.UG.FTS.B,
29.49%,
1/19/25
..
44
3
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991764318.UG.FTS.B,
29.49%,
1/19/25
..
$
66
$
69
991766229.UG.FTS.B,
29.49%,
1/19/25
..
178
119
991767220.UG.FTS.B,
29.49%,
1/19/25
..
30
31
991769796.UG.FTS.B,
29.49%,
1/19/25
..
117
120
991771466.UG.FTS.B,
29.49%,
1/19/25
..
150
155
991771666.UG.FTS.B,
29.49%,
1/19/25
..
420
281
991772043.UG.FTS.B,
29.49%,
1/19/25
..
85
89
991773161.UG.FTS.B,
29.49%,
1/19/25
..
376
389
991773734.UG.FTS.B,
29.49%,
1/19/25
..
37
37
991773773.UG.FTS.B,
29.49%,
1/19/25
..
301
311
991782580.UG.FTS.B,
29.49%,
1/19/25
..
90
93
991783428.UG.FTS.B,
29.49%,
1/19/25
..
1,681
224
991783464.UG.FTS.B,
29.49%,
1/19/25
..
1,575
(65)
991544296.UG.FTS.B,
Zero
Cpn,
1/20/25
.
279
19
991545907.UG.FTS.B,
Zero
Cpn,
1/20/25
.
224
15
991551322.UG.FTS.B,
Zero
Cpn,
1/20/25
.
48
3
991551896.UG.FTS.B,
Zero
Cpn,
1/20/25
.
173
12
991552851.UG.FTS.B,
Zero
Cpn,
1/20/25
.
84
–
991552919.UG.FTS.B,
Zero
Cpn,
1/20/25
.
140
10
991553377.UG.FTS.B,
Zero
Cpn,
1/20/25
.
277
19
991556459.UG.FTS.B,
Zero
Cpn,
1/20/25
.
491
35
991557467.UG.FTS.B,
Zero
Cpn,
1/20/25
.
105
–
991560412.UG.FTS.B,
Zero
Cpn,
1/20/25
.
980
67
991563493.UG.FTS.B,
Zero
Cpn,
1/20/25
.
185
–
991567188.UG.FTS.B,
Zero
Cpn,
1/20/25
.
102
7
991567575.UG.FTS.B,
Zero
Cpn,
1/20/25
.
101
7
991567953.UG.FTS.B,
Zero
Cpn,
1/20/25
.
142
10
991574790.UG.FTS.B,
Zero
Cpn,
1/20/25
.
879
–
991576385.UG.FTS.B,
Zero
Cpn,
1/20/25
.
224
–
991577119.UG.FTS.B,
Zero
Cpn,
1/20/25
.
139
–
991588365.UG.FTS.B,
Zero
Cpn,
1/20/25
.
966
68
991598067.UG.FTS.B,
Zero
Cpn,
1/20/25
.
67
5
991599195.UG.FTS.B,
Zero
Cpn,
1/20/25
.
981
67
991604556.UG.FTS.B,
Zero
Cpn,
1/20/25
.
324
23
991604598.UG.FTS.B,
Zero
Cpn,
1/20/25
.
45
3
991608556.UG.FTS.B,
Zero
Cpn,
1/20/25
.
69
5
991625976.UG.FTS.B,
Zero
Cpn,
1/20/25
.
172
–
991626627.UG.FTS.B,
Zero
Cpn,
1/20/25
.
186
13
991630278.UG.FTS.B,
Zero
Cpn,
1/20/25
.
249
17
991633379.UG.FTS.B,
Zero
Cpn,
1/20/25
.
60
–
991646775.UG.FTS.B,
Zero
Cpn,
1/20/25
.
96
7
991668579.UG.FTS.B,
Zero
Cpn,
1/20/25
.
167
11
991715745.UG.FTS.B,
Zero
Cpn,
1/20/25
.
165
–
991720466.UG.FTS.B,
Zero
Cpn,
1/20/25
.
213
–
991729282.UG.FTS.B,
Zero
Cpn,
1/20/25
.
405
28
991729967.UG.FTS.B,
Zero
Cpn,
1/20/25
.
401
28
991735905.UG.FTS.B,
Zero
Cpn,
1/20/25
.
124
9
991740285.UG.FTS.B,
Zero
Cpn,
1/20/25
.
510
36
991772216.UG.FTS.B,
Zero
Cpn,
1/20/25
.
172
–
991787423.UG.FTS.B,
14.98%,
1/20/25
..
420
421
991564814.UG.FTS.B,
16.99%,
1/20/25
..
–
–
991546373.UG.FTS.B,
19.99%,
1/20/25
..
38
39
991550110.UG.FTS.B,
19.99%,
1/20/25
..
295
309
991550463.UG.FTS.B,
19.99%,
1/20/25
..
1,476
1,538
991551168.UG.FTS.B,
19.99%,
1/20/25
..
1,736
1,810
991553870.UG.FTS.B,
19.99%,
1/20/25
..
29
29
991558664.UG.FTS.B,
19.99%,
1/20/25
..
343
355
991560098.UG.FTS.B,
19.99%,
1/20/25
..
164
170
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991561880.UG.FTS.B,
19.99%,
1/20/25
..
$
8
$
8
991563863.UG.FTS.B,
19.99%,
1/20/25
..
304
314
991567021.UG.FTS.B,
19.99%,
1/20/25
..
403
422
991569516.UG.FTS.B,
19.99%,
1/20/25
..
842
881
991571519.UG.FTS.B,
19.99%,
1/20/25
..
20
20
991575551.UG.FTS.B,
19.99%,
1/20/25
..
995
1,036
991575610.UG.FTS.B,
19.99%,
1/20/25
..
1,967
1,932
991575708.UG.FTS.B,
19.99%,
1/20/25
..
147
149
991579043.UG.FTS.B,
19.99%,
1/20/25
..
1,441
1,128
991579154.UG.FTS.B,
19.99%,
1/20/25
..
149
156
991579762.UG.FTS.B,
19.99%,
1/20/25
..
252
263
991580041.UG.FTS.B,
19.99%,
1/20/25
..
319
323
991580804.UG.FTS.B,
19.99%,
1/20/25
..
56
56
991580969.UG.FTS.B,
19.99%,
1/20/25
..
1,021
1,059
991586791.UG.FTS.B,
19.99%,
1/20/25
..
246
256
991589726.UG.FTS.B,
19.99%,
1/20/25
..
44
44
991591112.UG.FTS.B,
19.99%,
1/20/25
..
286
296
991592818.UG.FTS.B,
19.99%,
1/20/25
..
16
16
991601962.UG.FTS.B,
19.99%,
1/20/25
..
957
971
991611311.UG.FTS.B,
19.99%,
1/20/25
..
37
38
991612039.UG.FTS.B,
19.99%,
1/20/25
..
126
129
991613122.UG.FTS.B,
19.99%,
1/20/25
..
200
209
991615000.UG.FTS.B,
19.99%,
1/20/25
..
400
417
991626332.UG.FTS.B,
19.99%,
1/20/25
..
446
465
991627626.UG.FTS.B,
19.99%,
1/20/25
..
30
30
991635746.UG.FTS.B,
19.99%,
1/20/25
..
340
342
991642370.UG.FTS.B,
19.99%,
1/20/25
..
243
255
991646361.UG.FTS.B,
19.99%,
1/20/25
..
226
234
991648690.UG.FTS.B,
19.99%,
1/20/25
..
99
103
991650312.UG.FTS.B,
19.99%,
1/20/25
..
254
261
991666023.UG.FTS.B,
19.99%,
1/20/25
..
183
190
991676336.UG.FTS.B,
19.99%,
1/20/25
..
127
131
991699684.UG.FTS.B,
19.99%,
1/20/25
..
127
132
991737545.UG.FTS.B,
19.99%,
1/20/25
..
351
(1)
991751909.UG.FTS.B,
19.99%,
1/20/25
..
145
150
991756492.UG.FTS.B,
19.99%,
1/20/25
..
40
41
991700996.UG.FTS.B,
23.95%,
1/20/25
..
306
13
991674160.UG.FTS.B,
25.95%,
1/20/25
..
219
(5)
991717340.UG.FTS.B,
25.95%,
1/20/25
..
167
168
991545216.UG.FTS.B,
26.94%,
1/20/25
..
88
88
991552205.UG.FTS.B,
26.94%,
1/20/25
..
89
91
991696729.UG.FTS.B,
26.94%,
1/20/25
..
257
254
991693406.UG.FTS.B,
27.95%,
1/20/25
..
1,058
1,060
991743185.UG.FTS.B,
27.95%,
1/20/25
..
6
6
991552965.UG.FTS.B,
27.99%,
1/20/25
..
168
176
991567052.UG.FTS.B,
27.99%,
1/20/25
..
83
86
991653855.UG.FTS.B,
27.99%,
1/20/25
..
239
249
991682363.UG.FTS.B,
27.99%,
1/20/25
..
1,733
1,803
991723012.UG.FTS.B,
27.99%,
1/20/25
..
376
389
991544408.UG.FTS.B,
28.98%,
1/20/25
..
103
108
991544778.UG.FTS.B,
28.98%,
1/20/25
..
59
17
991545880.UG.FTS.B,
28.98%,
1/20/25
..
76
79
991545892.UG.FTS.B,
28.98%,
1/20/25
..
78
78
991546136.UG.FTS.B,
28.98%,
1/20/25
..
77
78
991546636.UG.FTS.B,
28.98%,
1/20/25
..
96
100
991547409.UG.FTS.B,
28.98%,
1/20/25
..
85
89
991547592.UG.FTS.B,
28.98%,
1/20/25
..
5,159
354
991547593.UG.FTS.B,
28.98%,
1/20/25
..
270
282
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991547777.UG.FTS.B,
28.98%,
1/20/25
..
$
182
$
185
991552067.UG.FTS.B,
28.98%,
1/20/25
..
58
59
991552315.UG.FTS.B,
28.98%,
1/20/25
..
1,148
1,196
991552893.UG.FTS.B,
28.98%,
1/20/25
..
447
465
991553649.UG.FTS.B,
28.98%,
1/20/25
..
1,154
1,203
991554237.UG.FTS.B,
28.98%,
1/20/25
..
–
–
991554385.UG.FTS.B,
28.98%,
1/20/25
..
65
65
991555984.UG.FTS.B,
28.98%,
1/20/25
..
18
18
991556261.UG.FTS.B,
28.98%,
1/20/25
..
858
887
991556547.UG.FTS.B,
28.98%,
1/20/25
..
124
130
991557051.UG.FTS.B,
28.98%,
1/20/25
..
191
14
991557666.UG.FTS.B,
28.98%,
1/20/25
..
1,153
1,185
991557793.UG.FTS.B,
28.98%,
1/20/25
..
401
52
991557809.UG.FTS.B,
28.98%,
1/20/25
..
100
105
991558124.UG.FTS.B,
28.98%,
1/20/25
..
12
12
991558482.UG.FTS.B,
28.98%,
1/20/25
..
1,519
1,589
991558522.UG.FTS.B,
28.98%,
1/20/25
..
154
161
991559055.UG.FTS.B,
28.98%,
1/20/25
..
3,269
3,319
991559725.UG.FTS.B,
28.98%,
1/20/25
..
653
680
991560150.UG.FTS.B,
28.98%,
1/20/25
..
96
101
991561334.UG.FTS.B,
28.98%,
1/20/25
..
409
427
991561686.UG.FTS.B,
28.98%,
1/20/25
..
194
192
991562380.UG.FTS.B,
28.98%,
1/20/25
..
192
201
991563837.UG.FTS.B,
28.98%,
1/20/25
..
611
639
991563880.UG.FTS.B,
28.98%,
1/20/25
..
83
85
991564330.UG.FTS.B,
28.98%,
1/20/25
..
110
115
991564566.UG.FTS.B,
28.98%,
1/20/25
..
65
67
991565562.UG.FTS.B,
28.98%,
1/20/25
..
846
876
991566285.UG.FTS.B,
28.98%,
1/20/25
..
226
237
991568378.UG.FTS.B,
28.98%,
1/20/25
..
302
206
991568849.UG.FTS.B,
28.98%,
1/20/25
..
142
149
991568936.UG.FTS.B,
28.98%,
1/20/25
..
269
282
991569159.UG.FTS.B,
28.98%,
1/20/25
..
52
53
991570565.UG.FTS.B,
28.98%,
1/20/25
..
121
16
991571433.UG.FTS.B,
28.98%,
1/20/25
..
156
164
991572088.UG.FTS.B,
28.98%,
1/20/25
..
478
501
991572223.UG.FTS.B,
28.98%,
1/20/25
..
1,078
1,128
991572292.UG.FTS.B,
28.98%,
1/20/25
..
57
58
991572818.UG.FTS.B,
28.98%,
1/20/25
..
17
17
991575019.UG.FTS.B,
28.98%,
1/20/25
..
460
479
991575102.UG.FTS.B,
28.98%,
1/20/25
..
1,131
1,179
991575747.UG.FTS.B,
28.98%,
1/20/25
..
54
55
991576855.UG.FTS.B,
28.98%,
1/20/25
..
1,959
1,334
991578462.UG.FTS.B,
28.98%,
1/20/25
..
42
43
991579033.UG.FTS.B,
28.98%,
1/20/25
..
171
178
991580751.UG.FTS.B,
28.98%,
1/20/25
..
298
301
991581464.UG.FTS.B,
28.98%,
1/20/25
..
572
597
991581893.UG.FTS.B,
28.98%,
1/20/25
..
307
321
991582316.UG.FTS.B,
28.98%,
1/20/25
..
205
207
991583116.UG.FTS.B,
28.98%,
1/20/25
..
302
315
991583574.UG.FTS.B,
28.98%,
1/20/25
..
150
152
991584117.UG.FTS.B,
28.98%,
1/20/25
..
590
607
991586736.UG.FTS.B,
28.98%,
1/20/25
..
102
102
991588111.UG.FTS.B,
28.98%,
1/20/25
..
139
142
991589534.UG.FTS.B,
28.98%,
1/20/25
..
457
479
991589805.UG.FTS.B,
28.98%,
1/20/25
..
48
49
991590552.UG.FTS.B,
28.98%,
1/20/25
..
347
363
991591207.UG.FTS.B,
28.98%,
1/20/25
..
74
77
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991591623.UG.FTS.B,
28.98%,
1/20/25
..
$
90
$
93
991592663.UG.FTS.B,
28.98%,
1/20/25
..
143
149
991593515.UG.FTS.B,
28.98%,
1/20/25
..
488
493
991593668.UG.FTS.B,
28.98%,
1/20/25
..
220
226
991593747.UG.FTS.B,
28.98%,
1/20/25
..
12
12
991594115.UG.FTS.B,
28.98%,
1/20/25
..
808
841
991594754.UG.FTS.B,
28.98%,
1/20/25
..
525
364
991594803.UG.FTS.B,
28.98%,
1/20/25
..
177
180
991601320.UG.FTS.B,
28.98%,
1/20/25
..
764
797
991602419.UG.FTS.B,
28.98%,
1/20/25
..
119
120
991602891.UG.FTS.B,
28.98%,
1/20/25
..
93
97
991603854.UG.FTS.B,
28.98%,
1/20/25
..
314
329
991604383.UG.FTS.B,
28.98%,
1/20/25
..
9
9
991604545.UG.FTS.B,
28.98%,
1/20/25
..
211
219
991604665.UG.FTS.B,
28.98%,
1/20/25
..
182
190
991606337.UG.FTS.B,
28.98%,
1/20/25
..
108
108
991608131.UG.FTS.B,
28.98%,
1/20/25
..
171
179
991608902.UG.FTS.B,
28.98%,
1/20/25
..
764
788
991609515.UG.FTS.B,
28.98%,
1/20/25
..
382
398
991609600.UG.FTS.B,
28.98%,
1/20/25
..
1,153
91
991613998.UG.FTS.B,
28.98%,
1/20/25
..
459
481
991616232.UG.FTS.B,
28.98%,
1/20/25
..
133
138
991617276.UG.FTS.B,
28.98%,
1/20/25
..
4,995
5,201
991617883.UG.FTS.B,
28.98%,
1/20/25
..
1,144
1,197
991621078.UG.FTS.B,
28.98%,
1/20/25
..
217
220
991624075.UG.FTS.B,
28.98%,
1/20/25
..
–
–
991625260.UG.FTS.B,
28.98%,
1/20/25
..
113
117
991628122.UG.FTS.B,
28.98%,
1/20/25
..
93
97
991628873.UG.FTS.B,
28.98%,
1/20/25
..
267
19
991629144.UG.FTS.B,
28.98%,
1/20/25
..
533
558
991631399.UG.FTS.B,
28.98%,
1/20/25
..
1,053
1,077
991631946.UG.FTS.B,
28.98%,
1/20/25
..
165
22
991632637.UG.FTS.B,
28.98%,
1/20/25
..
38
38
991634045.UG.FTS.B,
28.98%,
1/20/25
..
135
142
991634258.UG.FTS.B,
28.98%,
1/20/25
..
606
634
991636177.UG.FTS.B,
28.98%,
1/20/25
..
32
33
991636848.UG.FTS.B,
28.98%,
1/20/25
..
60
59
991638060.UG.FTS.B,
28.98%,
1/20/25
..
22
22
991639978.UG.FTS.B,
28.98%,
1/20/25
..
153
158
991643294.UG.FTS.B,
28.98%,
1/20/25
..
153
158
991644226.UG.FTS.B,
28.98%,
1/20/25
..
28
28
991645700.UG.FTS.B,
28.98%,
1/20/25
..
950
969
991652664.UG.FTS.B,
28.98%,
1/20/25
..
24
24
991652792.UG.FTS.B,
28.98%,
1/20/25
..
61
62
991653273.UG.FTS.B,
28.98%,
1/20/25
..
135
139
991655177.UG.FTS.B,
28.98%,
1/20/25
..
597
622
991655284.UG.FTS.B,
28.98%,
1/20/25
..
64
66
991657177.UG.FTS.B,
28.98%,
1/20/25
..
2,320
2,394
991657299.UG.FTS.B,
28.98%,
1/20/25
..
3,041
3,168
991658226.UG.FTS.B,
28.98%,
1/20/25
..
760
784
991661646.UG.FTS.B,
28.98%,
1/20/25
..
330
337
991662576.UG.FTS.B,
28.98%,
1/20/25
..
367
379
991664351.UG.FTS.B,
28.98%,
1/20/25
..
222
221
991665002.UG.FTS.B,
28.98%,
1/20/25
..
952
992
991666441.UG.FTS.B,
28.98%,
1/20/25
..
380
397
991668194.UG.FTS.B,
28.98%,
1/20/25
..
458
477
991672473.UG.FTS.B,
28.98%,
1/20/25
..
253
262
991678497.UG.FTS.B,
28.98%,
1/20/25
..
89
93
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991681420.UG.FTS.B,
28.98%,
1/20/25
..
$
40
$
39
991683543.UG.FTS.B,
28.98%,
1/20/25
..
149
148
991683658.UG.FTS.B,
28.98%,
1/20/25
..
60
62
991684690.UG.FTS.B,
28.98%,
1/20/25
..
308
321
991685455.UG.FTS.B,
28.98%,
1/20/25
..
187
195
991686339.UG.FTS.B,
28.98%,
1/20/25
..
183
190
991688152.UG.FTS.B,
28.98%,
1/20/25
..
150
157
991688819.UG.FTS.B,
28.98%,
1/20/25
..
325
336
991691824.UG.FTS.B,
28.98%,
1/20/25
..
114
119
991695244.UG.FTS.B,
28.98%,
1/20/25
..
51
52
991699863.UG.FTS.B,
28.98%,
1/20/25
..
8
8
991703498.UG.FTS.B,
28.98%,
1/20/25
..
224
232
991704987.UG.FTS.B,
28.98%,
1/20/25
..
74
77
991708940.UG.FTS.B,
28.98%,
1/20/25
..
55
57
991709725.UG.FTS.B,
28.98%,
1/20/25
..
72
74
991711174.UG.FTS.B,
28.98%,
1/20/25
..
76
79
991714721.UG.FTS.B,
28.98%,
1/20/25
..
14
14
991715023.UG.FTS.B,
28.98%,
1/20/25
..
105
109
991719591.UG.FTS.B,
28.98%,
1/20/25
..
378
391
991720648.UG.FTS.B,
28.98%,
1/20/25
..
604
625
991721888.UG.FTS.B,
28.98%,
1/20/25
..
955
125
991727362.UG.FTS.B,
28.98%,
1/20/25
..
180
186
991731657.UG.FTS.B,
28.98%,
1/20/25
..
451
467
991731747.UG.FTS.B,
28.98%,
1/20/25
..
604
625
991736469.UG.FTS.B,
28.98%,
1/20/25
..
56
47
991737941.UG.FTS.B,
28.98%,
1/20/25
..
71
73
991740124.UG.FTS.B,
28.98%,
1/20/25
..
113
117
991743913.UG.FTS.B,
28.98%,
1/20/25
..
56
58
991745775.UG.FTS.B,
28.98%,
1/20/25
..
139
140
991746760.UG.FTS.B,
28.98%,
1/20/25
..
38
38
991750085.UG.FTS.B,
28.98%,
1/20/25
..
88
92
991752117.UG.FTS.B,
28.98%,
1/20/25
..
194
200
991760438.UG.FTS.B,
28.98%,
1/20/25
..
82
86
991764409.UG.FTS.B,
28.98%,
1/20/25
..
–
–
991766308.UG.FTS.B,
28.98%,
1/20/25
..
24
25
991772528.UG.FTS.B,
28.98%,
1/20/25
..
203
210
991773470.UG.FTS.B,
28.98%,
1/20/25
..
88
92
991773598.UG.FTS.B,
28.98%,
1/20/25
..
58
58
991773610.UG.FTS.B,
28.98%,
1/20/25
..
1,128
1,166
991773912.UG.FTS.B,
28.98%,
1/20/25
..
172
178
991775579.UG.FTS.B,
28.98%,
1/20/25
..
150
155
991775768.UG.FTS.B,
28.98%,
1/20/25
..
114
117
991784171.UG.FTS.B,
28.98%,
1/20/25
..
380
392
991544384.UG.FTS.B,
29.45%,
1/20/25
..
15
15
991544892.UG.FTS.B,
29.45%,
1/20/25
..
733
768
991546469.UG.FTS.B,
29.45%,
1/20/25
..
274
286
991590390.UG.FTS.B,
29.45%,
1/20/25
..
120
126
991658510.UG.FTS.B,
29.45%,
1/20/25
..
78
78
991703938.UG.FTS.B,
29.45%,
1/20/25
..
11
11
991708297.UG.FTS.B,
29.45%,
1/20/25
..
26
26
991749201.UG.FTS.B,
29.45%,
1/20/25
..
689
712
991760144.UG.FTS.B,
29.45%,
1/20/25
..
30
30
991546140.UG.FTS.B,
29.46%,
1/20/25
..
377
389
991552999.UG.FTS.B,
29.46%,
1/20/25
..
83
85
991554451.UG.FTS.B,
29.46%,
1/20/25
..
614
644
991556638.UG.FTS.B,
29.46%,
1/20/25
..
7
7
991556833.UG.FTS.B,
29.46%,
1/20/25
..
337
344
991558641.UG.FTS.B,
29.46%,
1/20/25
..
1,286
1,343
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)
Upgrade,
Inc.
-
Card
(continued)
991572725.UG.FTS.B,
29.46%,
1/20/25
..
$
97
$
100
991588559.UG.FTS.B,
29.46%,
1/20/25
..
59
61
991607542.UG.FTS.B,
29.46%,
1/20/25
..
798
835
991638849.UG.FTS.B,
29.46%,
1/20/25
..
256
267
991649368.UG.FTS.B,
29.46%,
1/20/25
..
69
71
991666110.UG.FTS.B,
29.46%,
1/20/25
..
97
98
991559050.UG.FTS.B,
29.47%,
1/20/25
..
783
57
991561124.UG.FTS.B,
29.47%,
1/20/25
..
871
874
991570910.UG.FTS.B,
29.47%,
1/20/25
..
117
121
991584353.UG.FTS.B,
29.47%,
1/20/25
..
240
248
991584440.UG.FTS.B,
29.47%,
1/20/25
..
208
213
991658968.UG.FTS.B,
29.47%,
1/20/25
..
155
163
991544991.UG.FTS.B,
29.48%,
1/20/25
..
276
267
991545016.UG.FTS.B,
29.48%,
1/20/25
..
585
615
991545229.UG.FTS.B,
29.48%,
1/20/25
..
102
100
991546168.UG.FTS.B,
29.48%,
1/20/25
..
221
231
991551664.UG.FTS.B,
29.48%,
1/20/25
..
49
49
991555928.UG.FTS.B,
29.48%,
1/20/25
..
223
230
991556918.UG.FTS.B,
29.48%,
1/20/25
..
19
19
991620084.UG.FTS.B,
29.48%,
1/20/25
..
209
210
991622988.UG.FTS.B,
29.48%,
1/20/25
..
111
116
991638325.UG.FTS.B,
29.48%,
1/20/25
..
2,726
(38)
991674255.UG.FTS.B,
29.48%,
1/20/25
..
1,213
1,275
991723769.UG.FTS.B,
29.48%,
1/20/25
..
52
53
991768186.UG.FTS.B,
29.48%,
1/20/25
..
251
252
991544466.UG.FTS.B,
29.49%,
1/20/25
..
54
54
991544749.UG.FTS.B,
29.49%,
1/20/25
..
652
673
991544865.UG.FTS.B,
29.49%,
1/20/25
..
242
244
991544945.UG.FTS.B,
29.49%,
1/20/25
..
338
356
991545269.UG.FTS.B,
29.49%,
1/20/25
..
1,696
1,768
991545817.UG.FTS.B,
29.49%,
1/20/25
..
56
56
991546174.UG.FTS.B,
29.49%,
1/20/25
..
1,377
1,431
991546669.UG.FTS.B,
29.49%,
1/20/25
..
109
109
991547049.UG.FTS.B,
29.49%,
1/20/25
..
150
158
991547329.UG.FTS.B,
29.49%,
1/20/25
..
111
116
991547440.UG.FTS.B,
29.49%,
1/20/25
..
148
153
991547641.UG.FTS.B,
29.49%,
1/20/25
..
98
100
991547872.UG.FTS.B,
29.49%,
1/20/25
..
549
569
991547930.UG.FTS.B,
29.49%,
1/20/25
..
52
53
991548160.UG.FTS.B,
29.49%,
1/20/25
..
29
29
991549454.UG.FTS.B,
29.49%,
1/20/25
..
539
563
991549497.UG.FTS.B,
29.49%,
1/20/25
..
13
13
991551039.UG.FTS.B,
29.49%,
1/20/25
..
2,241
304
991552397.UG.FTS.B,
29.49%,
1/20/25
..
153
160
991553132.UG.FTS.B,
29.49%,
1/20/25
..
168
12
991553841.UG.FTS.B,
29.49%,
1/20/25
..
115
119
991554242.UG.FTS.B,
29.49%,
1/20/25
..
151
158
991554925.UG.FTS.B,
29.49%,
1/20/25
..
20
1
991555165.UG.FTS.B,
29.49%,
1/20/25
..
167
175
991555378.UG.FTS.B,
29.49%,
1/20/25
..
114
76
991556119.UG.FTS.B,
29.49%,
1/20/25
..
98
8
991556819.UG.FTS.B,
29.49%,
1/20/25
..
183
189
991556896.UG.FTS.B,
29.49%,
1/20/25
..
366
372
991557327.UG.FTS.B,
29.49%,
1/20/25
..
770
804
991557621.UG.FTS.B,
29.49%,
1/20/25
..
842
838
991557786.UG.FTS.B,
29.49%,
1/20/25
..
1,367
1,425
991559618.UG.FTS.B,
29.49%,
1/20/25
..
39
40
991559863.UG.FTS.B,
29.49%,
1/20/25
..
269
282
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991561412.UG.FTS.B,
29.49%,
1/20/25
..
$
960
$
1,005
991561854.UG.FTS.B,
29.49%,
1/20/25
..
44
45
991562352.UG.FTS.B,
29.49%,
1/20/25
..
59
60
991562399.UG.FTS.B,
29.49%,
1/20/25
..
99
102
991562787.UG.FTS.B,
29.49%,
1/20/25
..
1,366
1,399
991562985.UG.FTS.B,
29.49%,
1/20/25
..
263
276
991563323.UG.FTS.B,
29.49%,
1/20/25
..
14
14
991563554.UG.FTS.B,
29.49%,
1/20/25
..
55
55
991564043.UG.FTS.B,
29.49%,
1/20/25
..
16
16
991564059.UG.FTS.B,
29.49%,
1/20/25
..
602
625
991565422.UG.FTS.B,
29.49%,
1/20/25
..
105
109
991565868.UG.FTS.B,
29.49%,
1/20/25
..
436
459
991567540.UG.FTS.B,
29.49%,
1/20/25
..
148
156
991568535.UG.FTS.B,
29.49%,
1/20/25
..
561
76
991568891.UG.FTS.B,
29.49%,
1/20/25
..
23
23
991569010.UG.FTS.B,
29.49%,
1/20/25
..
32
32
991569026.UG.FTS.B,
29.49%,
1/20/25
..
45
47
991570228.UG.FTS.B,
29.49%,
1/20/25
..
136
142
991570854.UG.FTS.B,
29.49%,
1/20/25
..
165
169
991571176.UG.FTS.B,
29.49%,
1/20/25
..
123
129
991572440.UG.FTS.B,
29.49%,
1/20/25
..
108
106
991573331.UG.FTS.B,
29.49%,
1/20/25
..
94
95
991573625.UG.FTS.B,
29.49%,
1/20/25
..
422
31
991575006.UG.FTS.B,
29.49%,
1/20/25
..
103
74
991575963.UG.FTS.B,
29.49%,
1/20/25
..
135
140
991576324.UG.FTS.B,
29.49%,
1/20/25
..
2,328
2,443
991577211.UG.FTS.B,
29.49%,
1/20/25
..
191
199
991577516.UG.FTS.B,
29.49%,
1/20/25
..
164
166
991577542.UG.FTS.B,
29.49%,
1/20/25
..
59
61
991578455.UG.FTS.B,
29.49%,
1/20/25
..
445
467
991578944.UG.FTS.B,
29.49%,
1/20/25
..
163
171
991579988.UG.FTS.B,
29.49%,
1/20/25
..
152
102
991581013.UG.FTS.B,
29.49%,
1/20/25
..
30
27
991581619.UG.FTS.B,
29.49%,
1/20/25
..
91
7
991581659.UG.FTS.B,
29.49%,
1/20/25
..
767
810
991582174.UG.FTS.B,
29.49%,
1/20/25
..
126
130
991582980.UG.FTS.B,
29.49%,
1/20/25
..
181
189
991583081.UG.FTS.B,
29.49%,
1/20/25
..
115
120
991583340.UG.FTS.B,
29.49%,
1/20/25
..
123
129
991583430.UG.FTS.B,
29.49%,
1/20/25
..
295
310
991583502.UG.FTS.B,
29.49%,
1/20/25
..
30
30
991584191.UG.FTS.B,
29.49%,
1/20/25
..
1,009
1,056
991584247.UG.FTS.B,
29.49%,
1/20/25
..
597
631
991584881.UG.FTS.B,
29.49%,
1/20/25
..
156
163
991585152.UG.FTS.B,
29.49%,
1/20/25
..
108
25
991585266.UG.FTS.B,
29.49%,
1/20/25
..
22
23
991585812.UG.FTS.B,
29.49%,
1/20/25
..
77
81
991586560.UG.FTS.B,
29.49%,
1/20/25
..
151
103
991586964.UG.FTS.B,
29.49%,
1/20/25
..
157
112
991587665.UG.FTS.B,
29.49%,
1/20/25
..
87
85
991587677.UG.FTS.B,
29.49%,
1/20/25
..
683
695
991588325.UG.FTS.B,
29.49%,
1/20/25
..
178
184
991590941.UG.FTS.B,
29.49%,
1/20/25
..
35
35
991591834.UG.FTS.B,
29.49%,
1/20/25
..
165
173
991592214.UG.FTS.B,
29.49%,
1/20/25
..
199
204
991592285.UG.FTS.B,
29.49%,
1/20/25
..
157
164
991592560.UG.FTS.B,
29.49%,
1/20/25
..
193
202
991593701.UG.FTS.B,
29.49%,
1/20/25
..
29
2
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)
Upgrade,
Inc.
-
Card
(continued)
991593970.UG.FTS.B,
29.49%,
1/20/25
..
$
936
$
976
991595841.UG.FTS.B,
29.49%,
1/20/25
..
146
104
991596754.UG.FTS.B,
29.49%,
1/20/25
..
154
155
991596930.UG.FTS.B,
29.49%,
1/20/25
..
117
118
991598360.UG.FTS.B,
29.49%,
1/20/25
..
187
25
991598583.UG.FTS.B,
29.49%,
1/20/25
..
93
97
991598790.UG.FTS.B,
29.49%,
1/20/25
..
216
218
991600631.UG.FTS.B,
29.49%,
1/20/25
..
257
35
991601559.UG.FTS.B,
29.49%,
1/20/25
..
383
400
991601943.UG.FTS.B,
29.49%,
1/20/25
..
20
20
991603035.UG.FTS.B,
29.49%,
1/20/25
..
280
37
991605866.UG.FTS.B,
29.49%,
1/20/25
..
339
356
991606376.UG.FTS.B,
29.49%,
1/20/25
..
5
5
991606975.UG.FTS.B,
29.49%,
1/20/25
..
115
117
991607008.UG.FTS.B,
29.49%,
1/20/25
..
203
202
991610063.UG.FTS.B,
29.49%,
1/20/25
..
459
483
991612642.UG.FTS.B,
29.49%,
1/20/25
..
61
49
991612971.UG.FTS.B,
29.49%,
1/20/25
..
130
31
991614076.UG.FTS.B,
29.49%,
1/20/25
..
990
1,032
991615755.UG.FTS.B,
29.49%,
1/20/25
..
152
159
991616553.UG.FTS.B,
29.49%,
1/20/25
..
108
112
991617017.UG.FTS.B,
29.49%,
1/20/25
..
11
11
991617166.UG.FTS.B,
29.49%,
1/20/25
..
422
427
991617238.UG.FTS.B,
29.49%,
1/20/25
..
367
386
991617328.UG.FTS.B,
29.49%,
1/20/25
..
1,910
2,004
991617793.UG.FTS.B,
29.49%,
1/20/25
..
174
182
991619887.UG.FTS.B,
29.49%,
1/20/25
..
163
23
991620217.UG.FTS.B,
29.49%,
1/20/25
..
83
87
991620842.UG.FTS.B,
29.49%,
1/20/25
..
492
339
991621352.UG.FTS.B,
29.49%,
1/20/25
..
338
355
991624810.UG.FTS.B,
29.49%,
1/20/25
..
298
22
991626310.UG.FTS.B,
29.49%,
1/20/25
..
218
219
991628720.UG.FTS.B,
29.49%,
1/20/25
..
65
67
991629054.UG.FTS.B,
29.49%,
1/20/25
..
127
133
991631113.UG.FTS.B,
29.49%,
1/20/25
..
140
99
991632522.UG.FTS.B,
29.49%,
1/20/25
..
43
44
991633281.UG.FTS.B,
29.49%,
1/20/25
..
143
149
991639454.UG.FTS.B,
29.49%,
1/20/25
..
36
36
991644250.UG.FTS.B,
29.49%,
1/20/25
..
63
65
991648065.UG.FTS.B,
29.49%,
1/20/25
..
181
190
991654187.UG.FTS.B,
29.49%,
1/20/25
..
199
(6)
991654619.UG.FTS.B,
29.49%,
1/20/25
..
851
597
991654755.UG.FTS.B,
29.49%,
1/20/25
..
231
17
991655092.UG.FTS.B,
29.49%,
1/20/25
..
675
702
991655877.UG.FTS.B,
29.49%,
1/20/25
..
99
103
991656048.UG.FTS.B,
29.49%,
1/20/25
..
281
(11)
991656357.UG.FTS.B,
29.49%,
1/20/25
..
517
534
991656434.UG.FTS.B,
29.49%,
1/20/25
..
383
395
991657357.UG.FTS.B,
29.49%,
1/20/25
..
1,447
1,517
991658873.UG.FTS.B,
29.49%,
1/20/25
..
5
5
991659587.UG.FTS.B,
29.49%,
1/20/25
..
172
25
991660055.UG.FTS.B,
29.49%,
1/20/25
..
20
20
991660718.UG.FTS.B,
29.49%,
1/20/25
..
354
365
991662133.UG.FTS.B,
29.49%,
1/20/25
..
18
18
991663176.UG.FTS.B,
29.49%,
1/20/25
..
55
55
991666604.UG.FTS.B,
29.49%,
1/20/25
..
761
793
991668949.UG.FTS.B,
29.49%,
1/20/25
..
64
66
991670103.UG.FTS.B,
29.49%,
1/20/25
..
766
803
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991672222.UG.FTS.B,
29.49%,
1/20/25
..
$
328
$
340
991672277.UG.FTS.B,
29.49%,
1/20/25
..
45
46
991676079.UG.FTS.B,
29.49%,
1/20/25
..
311
326
991678111.UG.FTS.B,
29.49%,
1/20/25
..
391
398
991679088.UG.FTS.B,
29.49%,
1/20/25
..
536
553
991681019.UG.FTS.B,
29.49%,
1/20/25
..
1,134
1,187
991682846.UG.FTS.B,
29.49%,
1/20/25
..
150
158
991686039.UG.FTS.B,
29.49%,
1/20/25
..
291
303
991689785.UG.FTS.B,
29.49%,
1/20/25
..
122
106
991690090.UG.FTS.B,
29.49%,
1/20/25
..
206
213
991691908.UG.FTS.B,
29.49%,
1/20/25
..
644
87
991692295.UG.FTS.B,
29.49%,
1/20/25
..
103
102
991692468.UG.FTS.B,
29.49%,
1/20/25
..
170
120
991692717.UG.FTS.B,
29.49%,
1/20/25
..
96
100
991693352.UG.FTS.B,
29.49%,
1/20/25
..
51
53
991693696.UG.FTS.B,
29.49%,
1/20/25
..
255
261
991696161.UG.FTS.B,
29.49%,
1/20/25
..
231
242
991698984.UG.FTS.B,
29.49%,
1/20/25
..
14
14
991702622.UG.FTS.B,
29.49%,
1/20/25
..
104
109
991704174.UG.FTS.B,
29.49%,
1/20/25
..
92
96
991704331.UG.FTS.B,
29.49%,
1/20/25
..
93
98
991704554.UG.FTS.B,
29.49%,
1/20/25
..
115
85
991705000.UG.FTS.B,
29.49%,
1/20/25
..
28
28
991706369.UG.FTS.B,
29.49%,
1/20/25
..
100
105
991706803.UG.FTS.B,
29.49%,
1/20/25
..
66
65
991708117.UG.FTS.B,
29.49%,
1/20/25
..
1,454
1,021
991709703.UG.FTS.B,
29.49%,
1/20/25
..
117
121
991710790.UG.FTS.B,
29.49%,
1/20/25
..
324
229
991712356.UG.FTS.B,
29.49%,
1/20/25
..
667
686
991714458.UG.FTS.B,
29.49%,
1/20/25
..
269
278
991716502.UG.FTS.B,
29.49%,
1/20/25
..
890
920
991716698.UG.FTS.B,
29.49%,
1/20/25
..
218
226
991717405.UG.FTS.B,
29.49%,
1/20/25
..
343
355
991718671.UG.FTS.B,
29.49%,
1/20/25
..
229
238
991718693.UG.FTS.B,
29.49%,
1/20/25
..
151
157
991718755.UG.FTS.B,
29.49%,
1/20/25
..
113
117
991724082.UG.FTS.B,
29.49%,
1/20/25
..
130
135
991724668.UG.FTS.B,
29.49%,
1/20/25
..
96
13
991724684.UG.FTS.B,
29.49%,
1/20/25
..
81
85
991726588.UG.FTS.B,
29.49%,
1/20/25
..
18
18
991726589.UG.FTS.B,
29.49%,
1/20/25
..
94
96
991729024.UG.FTS.B,
29.49%,
1/20/25
..
161
167
991731119.UG.FTS.B,
29.49%,
1/20/25
..
2,116
283
991731378.UG.FTS.B,
29.49%,
1/20/25
..
90
94
991731411.UG.FTS.B,
29.49%,
1/20/25
..
578
606
991731675.UG.FTS.B,
29.49%,
1/20/25
..
85
89
991733097.UG.FTS.B,
29.49%,
1/20/25
..
91
95
991733527.UG.FTS.B,
29.49%,
1/20/25
..
128
(7)
991734979.UG.FTS.B,
29.49%,
1/20/25
..
116
119
991736419.UG.FTS.B,
29.49%,
1/20/25
..
94
97
991737012.UG.FTS.B,
29.49%,
1/20/25
..
180
187
991740302.UG.FTS.B,
29.49%,
1/20/25
..
139
142
991740432.UG.FTS.B,
29.49%,
1/20/25
..
302
(6)
991742409.UG.FTS.B,
29.49%,
1/20/25
..
36
37
991742496.UG.FTS.B,
29.49%,
1/20/25
..
81
85
991744616.UG.FTS.B,
29.49%,
1/20/25
..
59
61
991745338.UG.FTS.B,
29.49%,
1/20/25
..
113
117
991746498.UG.FTS.B,
29.49%,
1/20/25
..
106
(5)
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)
Upgrade,
Inc.
-
Card
(continued)
991749746.UG.FTS.B,
29.49%,
1/20/25
..
$
756
$
774
991753458.UG.FTS.B,
29.49%,
1/20/25
..
180
186
991758540.UG.FTS.B,
29.49%,
1/20/25
..
124
128
991760132.UG.FTS.B,
29.49%,
1/20/25
..
44
45
991766510.UG.FTS.B,
29.49%,
1/20/25
..
96
100
991766938.UG.FTS.B,
29.49%,
1/20/25
..
203
210
991769449.UG.FTS.B,
29.49%,
1/20/25
..
–
–
991771215.UG.FTS.B,
29.49%,
1/20/25
..
160
166
991771844.UG.FTS.B,
29.49%,
1/20/25
..
105
109
991772146.UG.FTS.B,
29.49%,
1/20/25
..
92
96
991772908.UG.FTS.B,
29.49%,
1/20/25
..
603
623
991775501.UG.FTS.B,
29.49%,
1/20/25
..
281
289
991779911.UG.FTS.B,
29.49%,
1/20/25
..
2
2
991782254.UG.FTS.B,
29.49%,
1/20/25
..
1,261
880
991783396.UG.FTS.B,
29.49%,
1/20/25
..
376
390
991783888.UG.FTS.B,
29.49%,
1/20/25
..
77
5
991664305.UG.FTS.B,
Zero
Cpn,
1/21/25
.
256
18
991665964.UG.FTS.B,
Zero
Cpn,
1/21/25
.
117
8
991670187.UG.FTS.B,
Zero
Cpn,
1/21/25
.
192
13
991676203.UG.FTS.B,
Zero
Cpn,
1/21/25
.
235
16
991681529.UG.FTS.B,
Zero
Cpn,
1/21/25
.
58
–
991698321.UG.FTS.B,
Zero
Cpn,
1/21/25
.
36
2
991719757.UG.FTS.B,
Zero
Cpn,
1/21/25
.
133
9
991728056.UG.FTS.B,
Zero
Cpn,
1/21/25
.
205
14
991728328.UG.FTS.B,
Zero
Cpn,
1/21/25
.
164
11
991738714.UG.FTS.B,
Zero
Cpn,
1/21/25
.
348
–
991743923.UG.FTS.B,
Zero
Cpn,
1/21/25
.
599
–
991743959.UG.FTS.B,
Zero
Cpn,
1/21/25
.
356
–
991771877.UG.FTS.B,
Zero
Cpn,
1/21/25
.
1,147
79
991779204.UG.FTS.B,
Zero
Cpn,
1/21/25
.
117
8
991679126.UG.FTS.B,
14.98%,
1/21/25
..
229
232
991713284.UG.FTS.B,
15.97%,
1/21/25
..
104
104
991771238.UG.FTS.B,
16.99%,
1/21/25
..
313
315
991655053.UG.FTS.B,
17.99%,
1/21/25
..
6,168
6,294
991793260.UG.FTS.B,
17.99%,
1/21/25
..
7,212
7,325
991749616.UG.FTS.B,
18.97%,
1/21/25
..
1,992
147
991764938.UG.FTS.B,
18.97%,
1/21/25
..
196
199
991749978.UG.FTS.B,
19.8%,
1/21/25
...
252
255
991780817.UG.FTS.B,
19.8%,
1/21/25
...
261
265
991699882.UG.FTS.B,
19.99%,
1/21/25
..
117
121
991716662.UG.FTS.B,
19.99%,
1/21/25
..
302
313
991722265.UG.FTS.B,
19.99%,
1/21/25
..
1,213
1,242
991757989.UG.FTS.B,
19.99%,
1/21/25
..
170
176
991761939.UG.FTS.B,
19.99%,
1/21/25
..
10
10
991700316.UG.FTS.B,
20.46%,
1/21/25
..
91
92
991762170.UG.FTS.B,
20.46%,
1/21/25
..
793
797
991653165.UG.FTS.B,
20.97%,
1/21/25
..
3,665
275
991697508.UG.FTS.B,
21.46%,
1/21/25
..
59
60
991700341.UG.FTS.B,
21.46%,
1/21/25
..
227
230
991756734.UG.FTS.B,
21.46%,
1/21/25
..
59
59
991757729.UG.FTS.B,
21.46%,
1/21/25
..
11
11
991739544.UG.FTS.B,
21.97%,
1/21/25
..
368
371
991658893.UG.FTS.B,
21.98%,
1/21/25
..
506
511
991707819.UG.FTS.B,
21.98%,
1/21/25
..
1
–
991720329.UG.FTS.B,
21.98%,
1/21/25
..
2
–
991737499.UG.FTS.B,
21.98%,
1/21/25
..
302
305
991673663.UG.FTS.B,
22.97%,
1/21/25
..
739
740
991703323.UG.FTS.B,
27.99%,
1/21/25
..
1,259
(40)
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991728532.UG.FTS.B,
27.99%,
1/21/25
..
$
636
$
46
991741785.UG.FTS.B,
27.99%,
1/21/25
..
183
189
991642567.UG.FTS.B,
28.98%,
1/21/25
..
353
365
991662823.UG.FTS.B,
28.98%,
1/21/25
..
259
264
991664049.UG.FTS.B,
28.98%,
1/21/25
..
43
43
991665576.UG.FTS.B,
28.98%,
1/21/25
..
532
557
991665938.UG.FTS.B,
28.98%,
1/21/25
..
227
235
991670622.UG.FTS.B,
28.98%,
1/21/25
..
393
403
991671300.UG.FTS.B,
28.98%,
1/21/25
..
298
308
991675079.UG.FTS.B,
28.98%,
1/21/25
..
681
705
991678858.UG.FTS.B,
28.98%,
1/21/25
..
147
154
991680977.UG.FTS.B,
28.98%,
1/21/25
..
918
944
991681791.UG.FTS.B,
28.98%,
1/21/25
..
757
793
991682680.UG.FTS.B,
28.98%,
1/21/25
..
265
277
991683019.UG.FTS.B,
28.98%,
1/21/25
..
322
43
991684086.UG.FTS.B,
28.98%,
1/21/25
..
14
14
991686463.UG.FTS.B,
28.98%,
1/21/25
..
483
506
991687816.UG.FTS.B,
28.98%,
1/21/25
..
455
477
991694207.UG.FTS.B,
28.98%,
1/21/25
..
165
170
991694819.UG.FTS.B,
28.98%,
1/21/25
..
694
718
991695760.UG.FTS.B,
28.98%,
1/21/25
..
–
–
991698062.UG.FTS.B,
28.98%,
1/21/25
..
151
158
991700702.UG.FTS.B,
28.98%,
1/21/25
..
1,497
121
991700940.UG.FTS.B,
28.98%,
1/21/25
..
133
135
991701470.UG.FTS.B,
28.98%,
1/21/25
..
347
359
991705041.UG.FTS.B,
28.98%,
1/21/25
..
151
157
991705300.UG.FTS.B,
28.98%,
1/21/25
..
414
424
991705981.UG.FTS.B,
28.98%,
1/21/25
..
21
22
991706808.UG.FTS.B,
28.98%,
1/21/25
..
523
519
991708246.UG.FTS.B,
28.98%,
1/21/25
..
151
152
991715240.UG.FTS.B,
28.98%,
1/21/25
..
135
139
991716289.UG.FTS.B,
28.98%,
1/21/25
..
919
951
991720924.UG.FTS.B,
28.98%,
1/21/25
..
99
100
991725073.UG.FTS.B,
28.98%,
1/21/25
..
104
107
991733515.UG.FTS.B,
28.98%,
1/21/25
..
107
111
991736947.UG.FTS.B,
28.98%,
1/21/25
..
21
3
991737585.UG.FTS.B,
28.98%,
1/21/25
..
290
299
991740862.UG.FTS.B,
28.98%,
1/21/25
..
189
195
991741623.UG.FTS.B,
28.98%,
1/21/25
..
7
7
991749837.UG.FTS.B,
28.98%,
1/21/25
..
3,185
3,293
991761552.UG.FTS.B,
28.98%,
1/21/25
..
92
95
991761801.UG.FTS.B,
28.98%,
1/21/25
..
161
166
991767899.UG.FTS.B,
28.98%,
1/21/25
..
176
179
991770039.UG.FTS.B,
28.98%,
1/21/25
..
360
26
991784133.UG.FTS.B,
28.98%,
1/21/25
..
465
480
991788631.UG.FTS.B,
28.98%,
1/21/25
..
76
22
991638900.UG.FTS.B,
29.47%,
1/21/25
..
48
49
991642900.UG.FTS.B,
29.49%,
1/21/25
..
22
22
991663912.UG.FTS.B,
29.49%,
1/21/25
..
37
–
991664093.UG.FTS.B,
29.49%,
1/21/25
..
642
674
991665122.UG.FTS.B,
29.49%,
1/21/25
..
839
877
991666036.UG.FTS.B,
29.49%,
1/21/25
..
584
604
991666720.UG.FTS.B,
29.49%,
1/21/25
..
121
9
991669205.UG.FTS.B,
29.49%,
1/21/25
..
154
162
991670006.UG.FTS.B,
29.49%,
1/21/25
..
85
7
991672196.UG.FTS.B,
29.49%,
1/21/25
..
86
90
991674869.UG.FTS.B,
29.49%,
1/21/25
..
33
33
991678184.UG.FTS.B,
29.49%,
1/21/25
..
44
45
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)
Upgrade,
Inc.
-
Card
(continued)
991678591.UG.FTS.B,
29.49%,
1/21/25
..
$
163
$
166
991681470.UG.FTS.B,
29.49%,
1/21/25
..
42
43
991683560.UG.FTS.B,
29.49%,
1/21/25
..
119
84
991684294.UG.FTS.B,
29.49%,
1/21/25
..
248
18
991685142.UG.FTS.B,
29.49%,
1/21/25
..
35
36
991687042.UG.FTS.B,
29.49%,
1/21/25
..
267
271
991688094.UG.FTS.B,
29.49%,
1/21/25
..
1,028
1,086
991689751.UG.FTS.B,
29.49%,
1/21/25
..
243
254
991690832.UG.FTS.B,
29.49%,
1/21/25
..
114
120
991691552.UG.FTS.B,
29.49%,
1/21/25
..
140
147
991691912.UG.FTS.B,
29.49%,
1/21/25
..
202
210
991693012.UG.FTS.B,
29.49%,
1/21/25
..
209
209
991694190.UG.FTS.B,
29.49%,
1/21/25
..
212
223
991695921.UG.FTS.B,
29.49%,
1/21/25
..
805
109
991699877.UG.FTS.B,
29.49%,
1/21/25
..
211
219
991700813.UG.FTS.B,
29.49%,
1/21/25
..
302
312
991706026.UG.FTS.B,
29.49%,
1/21/25
..
117
118
991709042.UG.FTS.B,
29.49%,
1/21/25
..
249
255
991710343.UG.FTS.B,
29.49%,
1/21/25
..
473
489
991711411.UG.FTS.B,
29.49%,
1/21/25
..
46
47
991712669.UG.FTS.B,
29.49%,
1/21/25
..
109
111
991713287.UG.FTS.B,
29.49%,
1/21/25
..
332
249
991714196.UG.FTS.B,
29.49%,
1/21/25
..
50
50
991716170.UG.FTS.B,
29.49%,
1/21/25
..
60
62
991717859.UG.FTS.B,
29.49%,
1/21/25
..
379
392
991717914.UG.FTS.B,
29.49%,
1/21/25
..
410
424
991718350.UG.FTS.B,
29.49%,
1/21/25
..
227
235
991719451.UG.FTS.B,
29.49%,
1/21/25
..
330
24
991720068.UG.FTS.B,
29.49%,
1/21/25
..
1,840
1,901
991721576.UG.FTS.B,
29.49%,
1/21/25
..
65
67
991721973.UG.FTS.B,
29.49%,
1/21/25
..
116
(2)
991722825.UG.FTS.B,
29.49%,
1/21/25
..
530
549
991723176.UG.FTS.B,
29.49%,
1/21/25
..
227
235
991731609.UG.FTS.B,
29.49%,
1/21/25
..
96
13
991731739.UG.FTS.B,
29.49%,
1/21/25
..
192
194
991732982.UG.FTS.B,
29.49%,
1/21/25
..
36
36
991736128.UG.FTS.B,
29.49%,
1/21/25
..
61
63
991738527.UG.FTS.B,
29.49%,
1/21/25
..
64
50
991740248.UG.FTS.B,
29.49%,
1/21/25
..
265
274
991740528.UG.FTS.B,
29.49%,
1/21/25
..
2,032
2,089
991740944.UG.FTS.B,
29.49%,
1/21/25
..
204
210
991741010.UG.FTS.B,
29.49%,
1/21/25
..
132
137
991746026.UG.FTS.B,
29.49%,
1/21/25
..
185
192
991749631.UG.FTS.B,
29.49%,
1/21/25
..
156
(7)
991750973.UG.FTS.B,
29.49%,
1/21/25
..
8
8
991751558.UG.FTS.B,
29.49%,
1/21/25
..
2,787
2,882
991755790.UG.FTS.B,
29.49%,
1/21/25
..
65
67
991757964.UG.FTS.B,
29.49%,
1/21/25
..
220
228
991758421.UG.FTS.B,
29.49%,
1/21/25
..
140
145
991759963.UG.FTS.B,
29.49%,
1/21/25
..
31
5
991761177.UG.FTS.B,
29.49%,
1/21/25
..
96
99
991761241.UG.FTS.B,
29.49%,
1/21/25
..
50
51
991763850.UG.FTS.B,
29.49%,
1/21/25
..
15
15
991765747.UG.FTS.B,
29.49%,
1/21/25
..
44
45
991773308.UG.FTS.B,
29.49%,
1/21/25
..
80
80
991773655.UG.FTS.B,
29.49%,
1/21/25
..
226
234
991774166.UG.FTS.B,
29.49%,
1/21/25
..
63
65
991774631.UG.FTS.B,
29.49%,
1/21/25
..
283
293
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991776264.UG.FTS.B,
29.49%,
1/21/25
..
$
209
$
210
991777444.UG.FTS.B,
29.49%,
1/21/25
..
110
113
991777636.UG.FTS.B,
29.49%,
1/21/25
..
129
133
991784118.UG.FTS.B,
29.49%,
1/21/25
..
500
(19)
991784986.UG.FTS.B,
29.49%,
1/21/25
..
150
156
991785876.UG.FTS.B,
29.49%,
1/21/25
..
309
321
991786017.UG.FTS.B,
29.49%,
1/21/25
..
490
507
991671050.UG.FTS.B,
Zero
Cpn,
1/22/25
.
118
–
991752883.UG.FTS.B,
Zero
Cpn,
1/22/25
.
44
–
991801345.UG.FTS.B,
Zero
Cpn,
1/22/25
.
841
–
991683198.UG.FTS.B,
14.98%,
1/22/25
..
25
25
991718275.UG.FTS.B,
14.98%,
1/22/25
..
1,430
1,460
991737948.UG.FTS.B,
14.98%,
1/22/25
..
475
482
991790203.UG.FTS.B,
14.98%,
1/22/25
..
134
136
991756518.UG.FTS.B,
15%,
1/22/25
.....
192
195
991690554.UG.FTS.B,
15.97%,
1/22/25
..
1,451
1,479
991754215.UG.FTS.B,
15.97%,
1/22/25
..
168
171
991775455.UG.FTS.B,
16.99%,
1/22/25
..
1,007
1,024
991802447.UG.FTS.B,
16.99%,
1/22/25
..
3,694
3,757
991698551.UG.FTS.B,
17.99%,
1/22/25
..
468
478
991737115.UG.FTS.B,
17.99%,
1/22/25
..
506
514
991634646.UG.FTS.B,
18.97%,
1/22/25
..
366
374
991687893.UG.FTS.B,
18.97%,
1/22/25
..
626
637
991707935.UG.FTS.B,
18.97%,
1/22/25
..
301
306
991718040.UG.FTS.B,
18.97%,
1/22/25
..
235
158
991685413.UG.FTS.B,
19.21%,
1/22/25
..
154
158
991691716.UG.FTS.B,
19.21%,
1/22/25
..
1,822
1,858
991705742.UG.FTS.B,
19.21%,
1/22/25
..
1,268
1,293
991719610.UG.FTS.B,
19.21%,
1/22/25
..
1,539
1,569
991789966.UG.FTS.B,
19.8%,
1/22/25
...
207
210
991643928.UG.FTS.B,
19.97%,
1/22/25
..
115
117
991683557.UG.FTS.B,
19.99%,
1/22/25
..
2,197
2,293
991699543.UG.FTS.B,
19.99%,
1/22/25
..
17
17
991756568.UG.FTS.B,
19.99%,
1/22/25
..
187
193
991788027.UG.FTS.B,
19.99%,
1/22/25
..
203
140
991798308.UG.FTS.B,
19.99%,
1/22/25
..
23
23
991662768.UG.FTS.B,
20.97%,
1/22/25
..
100
99
991725447.UG.FTS.B,
20.97%,
1/22/25
..
49
49
991656133.UG.FTS.B,
21.46%,
1/22/25
..
365
372
991695092.UG.FTS.B,
21.46%,
1/22/25
..
306
302
991754484.UG.FTS.B,
21.46%,
1/22/25
..
131
133
991637211.UG.FTS.B,
21.97%,
1/22/25
..
165
168
991678173.UG.FTS.B,
21.98%,
1/22/25
..
92
91
991710476.UG.FTS.B,
21.98%,
1/22/25
..
6
6
991801534.UG.FTS.B,
22.97%,
1/22/25
..
110
111
991672498.UG.FTS.B,
23.95%,
1/22/25
..
126
128
991676913.UG.FTS.B,
23.95%,
1/22/25
..
1,489
1,512
991629369.UG.FTS.B,
26.94%,
1/22/25
..
90
92
991652030.UG.FTS.B,
26.94%,
1/22/25
..
131
134
991664671.UG.FTS.B,
26.94%,
1/22/25
..
133
134
991629638.UG.FTS.B,
28.98%,
1/22/25
..
211
(8)
991632809.UG.FTS.B,
28.98%,
1/22/25
..
108
109
991653648.UG.FTS.B,
28.98%,
1/22/25
..
57
46
991654067.UG.FTS.B,
28.98%,
1/22/25
..
875
858
991655233.UG.FTS.B,
28.98%,
1/22/25
..
209
219
991655297.UG.FTS.B,
28.98%,
1/22/25
..
115
116
991655916.UG.FTS.B,
28.98%,
1/22/25
..
189
(5)
991657460.UG.FTS.B,
28.98%,
1/22/25
..
382
401
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)
Upgrade,
Inc.
-
Card
(continued)
991662231.UG.FTS.B,
28.98%,
1/22/25
..
$
98
$
102
991662724.UG.FTS.B,
28.98%,
1/22/25
..
25
25
991678788.UG.FTS.B,
28.98%,
1/22/25
..
161
162
991683610.UG.FTS.B,
28.98%,
1/22/25
..
109
114
991694072.UG.FTS.B,
28.98%,
1/22/25
..
632
659
991698065.UG.FTS.B,
28.98%,
1/22/25
..
353
264
991711153.UG.FTS.B,
28.98%,
1/22/25
..
38
39
991718046.UG.FTS.B,
28.98%,
1/22/25
..
71
70
991722351.UG.FTS.B,
28.98%,
1/22/25
..
756
793
991723958.UG.FTS.B,
28.98%,
1/22/25
..
22
22
991763204.UG.FTS.B,
28.98%,
1/22/25
..
580
601
991783308.UG.FTS.B,
28.98%,
1/22/25
..
156
156
991802680.UG.FTS.B,
28.98%,
1/22/25
..
144
148
991628550.UG.FTS.B,
29.49%,
1/22/25
..
74
77
991634061.UG.FTS.B,
29.49%,
1/22/25
..
211
148
991634393.UG.FTS.B,
29.49%,
1/22/25
..
2,798
1,903
991636661.UG.FTS.B,
29.49%,
1/22/25
..
2,066
2,182
991642874.UG.FTS.B,
29.49%,
1/22/25
..
80
84
991644808.UG.FTS.B,
29.49%,
1/22/25
..
63
65
991646259.UG.FTS.B,
29.49%,
1/22/25
..
544
573
991650009.UG.FTS.B,
29.49%,
1/22/25
..
21
21
991653804.UG.FTS.B,
29.49%,
1/22/25
..
400
420
991658593.UG.FTS.B,
29.49%,
1/22/25
..
140
145
991663564.UG.FTS.B,
29.49%,
1/22/25
..
305
306
991671251.UG.FTS.B,
29.49%,
1/22/25
..
–
–
991672394.UG.FTS.B,
29.49%,
1/22/25
..
81
85
991679933.UG.FTS.B,
29.49%,
1/22/25
..
29
2
991682094.UG.FTS.B,
29.49%,
1/22/25
..
607
642
991688247.UG.FTS.B,
29.49%,
1/22/25
..
114
120
991710294.UG.FTS.B,
29.49%,
1/22/25
..
68
71
991713706.UG.FTS.B,
29.49%,
1/22/25
..
108
112
991718289.UG.FTS.B,
29.49%,
1/22/25
..
919
962
991718290.UG.FTS.B,
29.49%,
1/22/25
..
141
146
991720578.UG.FTS.B,
29.49%,
1/22/25
..
217
227
991736296.UG.FTS.B,
29.49%,
1/22/25
..
106
15
991746532.UG.FTS.B,
29.49%,
1/22/25
..
1,112
1,154
991747337.UG.FTS.B,
29.49%,
1/22/25
..
26
26
991749787.UG.FTS.B,
29.49%,
1/22/25
..
265
273
991751645.UG.FTS.B,
29.49%,
1/22/25
..
90
93
991758788.UG.FTS.B,
29.49%,
1/22/25
..
246
255
991765455.UG.FTS.B,
29.49%,
1/22/25
..
263
272
991773156.UG.FTS.B,
29.49%,
1/22/25
..
467
(18)
991779420.UG.FTS.B,
29.49%,
1/22/25
..
249
253
991787661.UG.FTS.B,
29.49%,
1/22/25
..
24
24
991792431.UG.FTS.B,
29.49%,
1/22/25
..
794
807
991794136.UG.FTS.B,
29.49%,
1/22/25
..
48
48
991798587.UG.FTS.B,
29.49%,
1/22/25
..
10
10
991802876.UG.FTS.B,
29.49%,
1/22/25
..
376
391
991635734.UG.FTS.B,
Zero
Cpn,
1/23/25
.
320
–
991638426.UG.FTS.B,
Zero
Cpn,
1/23/25
.
1,280
89
991661446.UG.FTS.B,
Zero
Cpn,
1/23/25
.
107
7
991666003.UG.FTS.B,
Zero
Cpn,
1/23/25
.
150
10
991680942.UG.FTS.B,
Zero
Cpn,
1/23/25
.
440
–
991693269.UG.FTS.B,
Zero
Cpn,
1/23/25
.
118
8
991718098.UG.FTS.B,
Zero
Cpn,
1/23/25
.
212
15
991725624.UG.FTS.B,
Zero
Cpn,
1/23/25
.
118
8
991749836.UG.FTS.B,
Zero
Cpn,
1/23/25
.
1,721
–
991773008.UG.FTS.B,
Zero
Cpn,
1/23/25
.
133
9
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991792267.UG.FTS.B,
Zero
Cpn,
1/23/25
.
$
1,885
$
131
991792570.UG.FTS.B,
Zero
Cpn,
1/23/25
.
431
–
991798404.UG.FTS.B,
Zero
Cpn,
1/23/25
.
51
4
991807581.UG.FTS.B,
Zero
Cpn,
1/23/25
.
89
6
991636779.UG.FTS.B,
14.98%,
1/23/25
..
113
114
991673294.UG.FTS.B,
14.98%,
1/23/25
..
4,038
4,048
991685301.UG.FTS.B,
14.98%,
1/23/25
..
1,006
1,029
991810697.UG.FTS.B,
14.98%,
1/23/25
..
1,068
1,085
991640768.UG.FTS.B,
15%,
1/23/25
.....
291
22
991669666.UG.FTS.B,
15.97%,
1/23/25
..
183
123
991720270.UG.FTS.B,
16.99%,
1/23/25
..
625
638
991724639.UG.FTS.B,
17.99%,
1/23/25
..
9
9
991806652.UG.FTS.B,
17.99%,
1/23/25
..
289
293
991713762.UG.FTS.B,
18.21%,
1/23/25
..
134
135
991807503.UG.FTS.B,
18.21%,
1/23/25
..
11
11
991629464.UG.FTS.B,
18.97%,
1/23/25
..
82
82
991634874.UG.FTS.B,
18.97%,
1/23/25
..
1,429
1,459
991637138.UG.FTS.B,
18.97%,
1/23/25
..
494
505
991652563.UG.FTS.B,
18.97%,
1/23/25
..
1,350
1,380
991654901.UG.FTS.B,
18.97%,
1/23/25
..
7,307
7,454
991665228.UG.FTS.B,
18.97%,
1/23/25
..
328
26
991732049.UG.FTS.B,
18.97%,
1/23/25
..
1,194
1,212
991655628.UG.FTS.B,
19.21%,
1/23/25
..
354
361
991700455.UG.FTS.B,
19.21%,
1/23/25
..
317
314
991720395.UG.FTS.B,
19.21%,
1/23/25
..
466
57
991801084.UG.FTS.B,
19.21%,
1/23/25
..
770
532
991658233.UG.FTS.B,
19.8%,
1/23/25
...
733
747
991772614.UG.FTS.B,
19.8%,
1/23/25
...
2,621
2,656
991793572.UG.FTS.B,
19.8%,
1/23/25
...
1,454
1,474
991632705.UG.FTS.B,
19.99%,
1/23/25
..
712
718
991655150.UG.FTS.B,
19.99%,
1/23/25
..
416
424
991671970.UG.FTS.B,
19.99%,
1/23/25
..
265
277
991679224.UG.FTS.B,
19.99%,
1/23/25
..
200
205
991811950.UG.FTS.B,
19.99%,
1/23/25
..
126
128
991665786.UG.FTS.B,
20.46%,
1/23/25
..
216
221
991701667.UG.FTS.B,
20.46%,
1/23/25
..
141
144
991718868.UG.FTS.B,
20.46%,
1/23/25
..
244
249
991722899.UG.FTS.B,
20.46%,
1/23/25
..
219
224
991705904.UG.FTS.B,
20.98%,
1/23/25
..
77
78
991677495.UG.FTS.B,
21.46%,
1/23/25
..
135
137
991700214.UG.FTS.B,
21.46%,
1/23/25
..
238
243
991710233.UG.FTS.B,
21.46%,
1/23/25
..
478
487
991745840.UG.FTS.B,
21.46%,
1/23/25
..
469
473
991760990.UG.FTS.B,
21.46%,
1/23/25
..
3
3
991666562.UG.FTS.B,
21.97%,
1/23/25
..
296
301
991639095.UG.FTS.B,
21.98%,
1/23/25
..
185
14
991641726.UG.FTS.B,
21.98%,
1/23/25
..
818
818
991759715.UG.FTS.B,
21.98%,
1/23/25
..
442
447
991786528.UG.FTS.B,
21.98%,
1/23/25
..
134
135
991644696.UG.FTS.B,
23.95%,
1/23/25
..
114
114
991784495.UG.FTS.B,
25.98%,
1/23/25
..
142
146
991693097.UG.FTS.B,
26.94%,
1/23/25
..
408
411
991629548.UG.FTS.B,
28.98%,
1/23/25
..
334
343
991635693.UG.FTS.B,
28.98%,
1/23/25
..
170
114
991636074.UG.FTS.B,
28.98%,
1/23/25
..
638
666
991636843.UG.FTS.B,
28.98%,
1/23/25
..
392
404
991644625.UG.FTS.B,
28.98%,
1/23/25
..
155
155
991644719.UG.FTS.B,
28.98%,
1/23/25
..
704
729
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)
Upgrade,
Inc.
-
Card
(continued)
991656845.UG.FTS.B,
28.98%,
1/23/25
..
$
152
$
160
991662149.UG.FTS.B,
28.98%,
1/23/25
..
348
26
991665357.UG.FTS.B,
28.98%,
1/23/25
..
1,776
237
991665490.UG.FTS.B,
28.98%,
1/23/25
..
381
399
991667605.UG.FTS.B,
28.98%,
1/23/25
..
511
533
991667998.UG.FTS.B,
28.98%,
1/23/25
..
1,097
1,109
991671248.UG.FTS.B,
28.98%,
1/23/25
..
152
159
991671791.UG.FTS.B,
28.98%,
1/23/25
..
240
243
991675411.UG.FTS.B,
28.98%,
1/23/25
..
650
670
991679075.UG.FTS.B,
28.98%,
1/23/25
..
44
45
991693174.UG.FTS.B,
28.98%,
1/23/25
..
189
198
991693333.UG.FTS.B,
28.98%,
1/23/25
..
217
225
991695544.UG.FTS.B,
28.98%,
1/23/25
..
179
187
991700691.UG.FTS.B,
28.98%,
1/23/25
..
40
41
991714226.UG.FTS.B,
28.98%,
1/23/25
..
125
128
991719766.UG.FTS.B,
28.98%,
1/23/25
..
379
396
991720618.UG.FTS.B,
28.98%,
1/23/25
..
94
99
991734227.UG.FTS.B,
28.98%,
1/23/25
..
208
151
991736765.UG.FTS.B,
28.98%,
1/23/25
..
126
127
991739642.UG.FTS.B,
28.98%,
1/23/25
..
80
(3)
991740876.UG.FTS.B,
28.98%,
1/23/25
..
3,405
3,503
991743895.UG.FTS.B,
28.98%,
1/23/25
..
236
244
991755793.UG.FTS.B,
28.98%,
1/23/25
..
188
191
991764530.UG.FTS.B,
28.98%,
1/23/25
..
100
98
991768579.UG.FTS.B,
28.98%,
1/23/25
..
22
22
991768584.UG.FTS.B,
28.98%,
1/23/25
..
32
32
991772947.UG.FTS.B,
28.98%,
1/23/25
..
747
772
991774877.UG.FTS.B,
28.98%,
1/23/25
..
143
148
991779183.UG.FTS.B,
28.98%,
1/23/25
..
538
539
991782023.UG.FTS.B,
28.98%,
1/23/25
..
368
381
991782508.UG.FTS.B,
28.98%,
1/23/25
..
226
234
991785616.UG.FTS.B,
28.98%,
1/23/25
..
34
35
991807448.UG.FTS.B,
28.98%,
1/23/25
..
279
288
991787803.UG.FTS.B,
29.46%,
1/23/25
..
67
67
991632479.UG.FTS.B,
29.49%,
1/23/25
..
664
91
991635514.UG.FTS.B,
29.49%,
1/23/25
..
2,258
2,324
991640354.UG.FTS.B,
29.49%,
1/23/25
..
314
330
991640844.UG.FTS.B,
29.49%,
1/23/25
..
60
63
991643437.UG.FTS.B,
29.49%,
1/23/25
..
133
140
991648051.UG.FTS.B,
29.49%,
1/23/25
..
388
408
991649488.UG.FTS.B,
29.49%,
1/23/25
..
234
32
991650076.UG.FTS.B,
29.49%,
1/23/25
..
52
54
991651099.UG.FTS.B,
29.49%,
1/23/25
..
101
105
991655169.UG.FTS.B,
29.49%,
1/23/25
..
153
162
991659040.UG.FTS.B,
29.49%,
1/23/25
..
52
53
991661550.UG.FTS.B,
29.49%,
1/23/25
..
79
80
991662010.UG.FTS.B,
29.49%,
1/23/25
..
180
189
991662703.UG.FTS.B,
29.49%,
1/23/25
..
44
44
991664752.UG.FTS.B,
29.49%,
1/23/25
..
1,136
1,178
991664791.UG.FTS.B,
29.49%,
1/23/25
..
175
184
991669828.UG.FTS.B,
29.49%,
1/23/25
..
232
244
991670618.UG.FTS.B,
29.49%,
1/23/25
..
130
132
991672381.UG.FTS.B,
29.49%,
1/23/25
..
436
302
991672472.UG.FTS.B,
29.49%,
1/23/25
..
140
147
991674428.UG.FTS.B,
29.49%,
1/23/25
..
1,062
1,110
991678185.UG.FTS.B,
29.49%,
1/23/25
..
77
81
991678811.UG.FTS.B,
29.49%,
1/23/25
..
476
500
991682804.UG.FTS.B,
29.49%,
1/23/25
..
–
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991684286.UG.FTS.B,
29.49%,
1/23/25
..
$
–
$
–
991684319.UG.FTS.B,
29.49%,
1/23/25
..
70
73
991685294.UG.FTS.B,
29.49%,
1/23/25
..
220
221
991685999.UG.FTS.B,
29.49%,
1/23/25
..
51
53
991688415.UG.FTS.B,
29.49%,
1/23/25
..
449
465
991688858.UG.FTS.B,
29.49%,
1/23/25
..
150
154
991693141.UG.FTS.B,
29.49%,
1/23/25
..
62
10
991694241.UG.FTS.B,
29.49%,
1/23/25
..
110
112
991700061.UG.FTS.B,
29.49%,
1/23/25
..
14
14
991705948.UG.FTS.B,
29.49%,
1/23/25
..
79
82
991710464.UG.FTS.B,
29.49%,
1/23/25
..
111
115
991727898.UG.FTS.B,
29.49%,
1/23/25
..
121
125
991731138.UG.FTS.B,
29.49%,
1/23/25
..
46
46
991740952.UG.FTS.B,
29.49%,
1/23/25
..
166
172
991758368.UG.FTS.B,
29.49%,
1/23/25
..
306
213
991759014.UG.FTS.B,
29.49%,
1/23/25
..
117
120
991762640.UG.FTS.B,
29.49%,
1/23/25
..
120
124
991762816.UG.FTS.B,
29.49%,
1/23/25
..
96
100
991763398.UG.FTS.B,
29.49%,
1/23/25
..
98
101
991764778.UG.FTS.B,
29.49%,
1/23/25
..
127
131
991764948.UG.FTS.B,
29.49%,
1/23/25
..
50
51
991768574.UG.FTS.B,
29.49%,
1/23/25
..
22
22
991781870.UG.FTS.B,
29.49%,
1/23/25
..
280
289
991782329.UG.FTS.B,
29.49%,
1/23/25
..
117
118
991787630.UG.FTS.B,
29.49%,
1/23/25
..
84
6
991791018.UG.FTS.B,
29.49%,
1/23/25
..
53
53
991792329.UG.FTS.B,
29.49%,
1/23/25
..
330
342
991792684.UG.FTS.B,
29.49%,
1/23/25
..
747
758
991795103.UG.FTS.B,
29.49%,
1/23/25
..
47
49
991798958.UG.FTS.B,
29.49%,
1/23/25
..
496
501
991816343.UG.FTS.B,
29.49%,
1/23/25
..
127
131
991816545.UG.FTS.B,
29.49%,
1/23/25
..
142
(5)
991817291.UG.FTS.B,
29.49%,
1/23/25
..
291
299
991578086.UG.FTS.B,
Zero
Cpn,
1/24/25
.
160
11
991630195.UG.FTS.B,
Zero
Cpn,
1/24/25
.
151
10
991662614.UG.FTS.B,
Zero
Cpn,
1/24/25
.
69
–
991675138.UG.FTS.B,
Zero
Cpn,
1/24/25
.
200
–
991682018.UG.FTS.B,
Zero
Cpn,
1/24/25
.
46
–
991682353.UG.FTS.B,
Zero
Cpn,
1/24/25
.
981
68
991738430.UG.FTS.B,
Zero
Cpn,
1/24/25
.
326
–
991795762.UG.FTS.B,
Zero
Cpn,
1/24/25
.
125
–
991803911.UG.FTS.B,
Zero
Cpn,
1/24/25
.
229
–
991806310.UG.FTS.B,
Zero
Cpn,
1/24/25
.
462
32
991656882.UG.FTS.B,
14.98%,
1/24/25
..
335
6
991755553.UG.FTS.B,
14.98%,
1/24/25
..
276
281
991648853.UG.FTS.B,
15%,
1/24/25
.....
3,595
3,648
991708919.UG.FTS.B,
15%,
1/24/25
.....
4
4
991800979.UG.FTS.B,
15.97%,
1/24/25
..
5,012
5,097
991636992.UG.FTS.B,
16.99%,
1/24/25
..
72
72
991638528.UG.FTS.B,
16.99%,
1/24/25
..
381
30
991642911.UG.FTS.B,
16.99%,
1/24/25
..
314
22
991708759.UG.FTS.B,
17.99%,
1/24/25
..
1,626
1,660
991734778.UG.FTS.B,
17.99%,
1/24/25
..
115
14
991746840.UG.FTS.B,
17.99%,
1/24/25
..
1,249
1,268
991799064.UG.FTS.B,
17.99%,
1/24/25
..
783
498
991690303.UG.FTS.B,
18.97%,
1/24/25
..
603
616
991699954.UG.FTS.B,
18.97%,
1/24/25
..
101
103
991702242.UG.FTS.B,
18.97%,
1/24/25
..
39
40
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)
Upgrade,
Inc.
-
Card
(continued)
991708811.UG.FTS.B,
18.97%,
1/24/25
..
$
708
$
713
991704768.UG.FTS.B,
19.21%,
1/24/25
..
591
596
991656757.UG.FTS.B,
19.46%,
1/24/25
..
3,063
3,036
991632438.UG.FTS.B,
19.8%,
1/24/25
...
1,298
1,297
991697824.UG.FTS.B,
19.8%,
1/24/25
...
86
7
991576025.UG.FTS.B,
19.99%,
1/24/25
..
139
144
991598140.UG.FTS.B,
19.99%,
1/24/25
..
86
88
991608248.UG.FTS.B,
19.99%,
1/24/25
..
72
10
991629457.UG.FTS.B,
19.99%,
1/24/25
..
495
514
991642292.UG.FTS.B,
19.99%,
1/24/25
..
151
156
991650113.UG.FTS.B,
19.99%,
1/24/25
..
1,918
1,958
991651074.UG.FTS.B,
19.99%,
1/24/25
..
43
44
991653352.UG.FTS.B,
19.99%,
1/24/25
..
119
125
991799920.UG.FTS.B,
19.99%,
1/24/25
..
1,557
1,610
991805172.UG.FTS.B,
19.99%,
1/24/25
..
86
90
991805637.UG.FTS.B,
19.99%,
1/24/25
..
192
199
991807354.UG.FTS.B,
19.99%,
1/24/25
..
75
76
991813869.UG.FTS.B,
19.99%,
1/24/25
..
66
67
991722377.UG.FTS.B,
20.46%,
1/24/25
..
2,198
2,239
991745755.UG.FTS.B,
20.46%,
1/24/25
..
338
343
991786433.UG.FTS.B,
20.46%,
1/24/25
..
131
132
991699313.UG.FTS.B,
20.97%,
1/24/25
..
519
(2)
991631506.UG.FTS.B,
21.46%,
1/24/25
..
251
256
991749758.UG.FTS.B,
21.46%,
1/24/25
..
4,370
4,414
991786125.UG.FTS.B,
21.46%,
1/24/25
..
156
(1)
991806077.UG.FTS.B,
21.97%,
1/24/25
..
104
8
991691604.UG.FTS.B,
21.98%,
1/24/25
..
405
31
991722423.UG.FTS.B,
21.98%,
1/24/25
..
3,318
3,374
991748280.UG.FTS.B,
21.98%,
1/24/25
..
78
80
991801295.UG.FTS.B,
21.98%,
1/24/25
..
804
61
991717329.UG.FTS.B,
22.97%,
1/24/25
..
1,815
1,851
991706518.UG.FTS.B,
24.95%,
1/24/25
..
1,006
1,024
991644078.UG.FTS.B,
25.95%,
1/24/25
..
611
618
991700887.UG.FTS.B,
25.95%,
1/24/25
..
163
(4)
991780248.UG.FTS.B,
27.95%,
1/24/25
..
80
84
991680442.UG.FTS.B,
27.99%,
1/24/25
..
25
25
991575802.UG.FTS.B,
28.98%,
1/24/25
..
649
652
991577230.UG.FTS.B,
28.98%,
1/24/25
..
153
161
991577662.UG.FTS.B,
28.98%,
1/24/25
..
260
269
991578656.UG.FTS.B,
28.98%,
1/24/25
..
751
769
991583017.UG.FTS.B,
28.98%,
1/24/25
..
358
(12)
991586355.UG.FTS.B,
28.98%,
1/24/25
..
31
31
991595786.UG.FTS.B,
28.98%,
1/24/25
..
69
71
991628863.UG.FTS.B,
28.98%,
1/24/25
..
656
685
991634826.UG.FTS.B,
28.98%,
1/24/25
..
573
599
991639159.UG.FTS.B,
28.98%,
1/24/25
..
87
91
991640485.UG.FTS.B,
28.98%,
1/24/25
..
1,146
1,184
991644552.UG.FTS.B,
28.98%,
1/24/25
..
7
7
991645339.UG.FTS.B,
28.98%,
1/24/25
..
435
436
991651901.UG.FTS.B,
28.98%,
1/24/25
..
631
661
991659856.UG.FTS.B,
28.98%,
1/24/25
..
111
116
991664144.UG.FTS.B,
28.98%,
1/24/25
..
40
40
991665878.UG.FTS.B,
28.98%,
1/24/25
..
335
350
991667154.UG.FTS.B,
28.98%,
1/24/25
..
385
388
991670648.UG.FTS.B,
28.98%,
1/24/25
..
106
109
991673929.UG.FTS.B,
28.98%,
1/24/25
..
305
318
991681258.UG.FTS.B,
28.98%,
1/24/25
..
1,044
1,075
991685641.UG.FTS.B,
28.98%,
1/24/25
..
288
293
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991688160.UG.FTS.B,
28.98%,
1/24/25
..
$
2,418
$
325
991689399.UG.FTS.B,
28.98%,
1/24/25
..
131
136
991692103.UG.FTS.B,
28.98%,
1/24/25
..
456
478
991713017.UG.FTS.B,
28.98%,
1/24/25
..
169
177
991724136.UG.FTS.B,
28.98%,
1/24/25
..
121
126
991725698.UG.FTS.B,
28.98%,
1/24/25
..
254
259
991733516.UG.FTS.B,
28.98%,
1/24/25
..
308
319
991754851.UG.FTS.B,
28.98%,
1/24/25
..
96
100
991762575.UG.FTS.B,
28.98%,
1/24/25
..
605
626
991777910.UG.FTS.B,
28.98%,
1/24/25
..
226
(8)
991780022.UG.FTS.B,
28.98%,
1/24/25
..
249
(8)
991780591.UG.FTS.B,
28.98%,
1/24/25
..
181
178
991781585.UG.FTS.B,
28.98%,
1/24/25
..
59
61
991781826.UG.FTS.B,
28.98%,
1/24/25
..
442
449
991783185.UG.FTS.B,
28.98%,
1/24/25
..
115
8
991783742.UG.FTS.B,
28.98%,
1/24/25
..
734
758
991785319.UG.FTS.B,
28.98%,
1/24/25
..
501
519
991789793.UG.FTS.B,
28.98%,
1/24/25
..
1,040
1,081
991789906.UG.FTS.B,
28.98%,
1/24/25
..
187
194
991791199.UG.FTS.B,
28.98%,
1/24/25
..
233
240
991791520.UG.FTS.B,
28.98%,
1/24/25
..
78
81
991808380.UG.FTS.B,
28.98%,
1/24/25
..
108
112
991814864.UG.FTS.B,
28.98%,
1/24/25
..
60
62
991821037.UG.FTS.B,
28.98%,
1/24/25
..
296
306
991576301.UG.FTS.B,
29.49%,
1/24/25
..
2,237
2,353
991577400.UG.FTS.B,
29.49%,
1/24/25
..
444
456
991579123.UG.FTS.B,
29.49%,
1/24/25
..
174
184
991580987.UG.FTS.B,
29.49%,
1/24/25
..
742
774
991581435.UG.FTS.B,
29.49%,
1/24/25
..
251
262
991585851.UG.FTS.B,
29.49%,
1/24/25
..
269
37
991589214.UG.FTS.B,
29.49%,
1/24/25
..
646
675
991598092.UG.FTS.B,
29.49%,
1/24/25
..
125
130
991598173.UG.FTS.B,
29.49%,
1/24/25
..
337
354
991612456.UG.FTS.B,
29.49%,
1/24/25
..
214
214
991623495.UG.FTS.B,
29.49%,
1/24/25
..
42
43
991633359.UG.FTS.B,
29.49%,
1/24/25
..
589
610
991635775.UG.FTS.B,
29.49%,
1/24/25
..
248
262
991637080.UG.FTS.B,
29.49%,
1/24/25
..
102
108
991638944.UG.FTS.B,
29.49%,
1/24/25
..
28
28
991644916.UG.FTS.B,
29.49%,
1/24/25
..
233
(8)
991645022.UG.FTS.B,
29.49%,
1/24/25
..
94
98
991646526.UG.FTS.B,
29.49%,
1/24/25
..
530
373
991648884.UG.FTS.B,
29.49%,
1/24/25
..
125
128
991650579.UG.FTS.B,
29.49%,
1/24/25
..
483
508
991654006.UG.FTS.B,
29.49%,
1/24/25
..
130
135
991654015.UG.FTS.B,
29.49%,
1/24/25
..
37
3
991658417.UG.FTS.B,
29.49%,
1/24/25
..
120
17
991658664.UG.FTS.B,
29.49%,
1/24/25
..
177
185
991658973.UG.FTS.B,
29.49%,
1/24/25
..
321
338
991660665.UG.FTS.B,
29.49%,
1/24/25
..
397
415
991661860.UG.FTS.B,
29.49%,
1/24/25
..
31
31
991662002.UG.FTS.B,
29.49%,
1/24/25
..
456
479
991670699.UG.FTS.B,
29.49%,
1/24/25
..
43
43
991671992.UG.FTS.B,
29.49%,
1/24/25
..
684
720
991679445.UG.FTS.B,
29.49%,
1/24/25
..
117
123
991680577.UG.FTS.B,
29.49%,
1/24/25
..
31
31
991684181.UG.FTS.B,
29.49%,
1/24/25
..
657
690
991685612.UG.FTS.B,
29.49%,
1/24/25
..
64
64
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)
Upgrade,
Inc.
-
Card
(continued)
991692375.UG.FTS.B,
29.49%,
1/24/25
..
$
11
$
11
991692536.UG.FTS.B,
29.49%,
1/24/25
..
292
307
991694080.UG.FTS.B,
29.49%,
1/24/25
..
70
73
991697044.UG.FTS.B,
29.49%,
1/24/25
..
240
252
991700205.UG.FTS.B,
29.49%,
1/24/25
..
360
373
991706610.UG.FTS.B,
29.49%,
1/24/25
..
–
–
991709442.UG.FTS.B,
29.49%,
1/24/25
..
155
39
991714607.UG.FTS.B,
29.49%,
1/24/25
..
261
254
991714756.UG.FTS.B,
29.49%,
1/24/25
..
47
48
991714762.UG.FTS.B,
29.49%,
1/24/25
..
110
116
991715066.UG.FTS.B,
29.49%,
1/24/25
..
110
109
991723894.UG.FTS.B,
29.49%,
1/24/25
..
254
267
991727546.UG.FTS.B,
29.49%,
1/24/25
..
55
56
991736234.UG.FTS.B,
29.49%,
1/24/25
..
331
334
991736519.UG.FTS.B,
29.49%,
1/24/25
..
149
155
991738330.UG.FTS.B,
29.49%,
1/24/25
..
96
100
991741387.UG.FTS.B,
29.49%,
1/24/25
..
182
188
991742301.UG.FTS.B,
29.49%,
1/24/25
..
18
18
991742865.UG.FTS.B,
29.49%,
1/24/25
..
540
560
991746950.UG.FTS.B,
29.49%,
1/24/25
..
165
171
991758058.UG.FTS.B,
29.49%,
1/24/25
..
750
777
991759873.UG.FTS.B,
29.49%,
1/24/25
..
16
16
991768368.UG.FTS.B,
29.49%,
1/24/25
..
70
54
991774946.UG.FTS.B,
29.49%,
1/24/25
..
756
784
991776695.UG.FTS.B,
29.49%,
1/24/25
..
146
153
991781667.UG.FTS.B,
29.49%,
1/24/25
..
81
84
991782230.UG.FTS.B,
29.49%,
1/24/25
..
126
131
991784434.UG.FTS.B,
29.49%,
1/24/25
..
28
29
991788566.UG.FTS.B,
29.49%,
1/24/25
..
97
101
991799040.UG.FTS.B,
29.49%,
1/24/25
..
173
180
991804599.UG.FTS.B,
29.49%,
1/24/25
..
21
22
991807220.UG.FTS.B,
29.49%,
1/24/25
..
42
43
991818233.UG.FTS.B,
29.49%,
1/24/25
..
107
16
991823070.UG.FTS.B,
29.49%,
1/24/25
..
858
884
991584971.UG.FTS.B,
Zero
Cpn,
1/25/25
.
165
11
991591035.UG.FTS.B,
Zero
Cpn,
1/25/25
.
688
48
991598825.UG.FTS.B,
Zero
Cpn,
1/25/25
.
831
57
991610850.UG.FTS.B,
Zero
Cpn,
1/25/25
.
298
20
991642638.UG.FTS.B,
Zero
Cpn,
1/25/25
.
170
12
991643813.UG.FTS.B,
Zero
Cpn,
1/25/25
.
300
–
991649479.UG.FTS.B,
Zero
Cpn,
1/25/25
.
957
66
991650195.UG.FTS.B,
Zero
Cpn,
1/25/25
.
216
15
991659953.UG.FTS.B,
Zero
Cpn,
1/25/25
.
82
6
991660509.UG.FTS.B,
Zero
Cpn,
1/25/25
.
188
13
991663336.UG.FTS.B,
Zero
Cpn,
1/25/25
.
910
–
991675825.UG.FTS.B,
Zero
Cpn,
1/25/25
.
62
4
991691761.UG.FTS.B,
Zero
Cpn,
1/25/25
.
865
–
991694763.UG.FTS.B,
Zero
Cpn,
1/25/25
.
902
63
991703126.UG.FTS.B,
Zero
Cpn,
1/25/25
.
324
22
991735215.UG.FTS.B,
Zero
Cpn,
1/25/25
.
147
–
991744587.UG.FTS.B,
Zero
Cpn,
1/25/25
.
195
13
991783334.UG.FTS.B,
Zero
Cpn,
1/25/25
.
81
6
991795623.UG.FTS.B,
Zero
Cpn,
1/25/25
.
36
–
991801570.UG.FTS.B,
Zero
Cpn,
1/25/25
.
906
62
991831947.UG.FTS.B,
Zero
Cpn,
1/25/25
.
92
6
991722200.UG.FTS.B,
14.98%,
1/25/25
..
286
292
991685938.UG.FTS.B,
15.97%,
1/25/25
..
115
118
991691336.UG.FTS.B,
15.97%,
1/25/25
..
13,376
13,663
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991719427.UG.FTS.B,
15.97%,
1/25/25
..
$
270
$
276
991706579.UG.FTS.B,
16.99%,
1/25/25
..
97
98
991708991.UG.FTS.B,
17.99%,
1/25/25
..
784
787
991730945.UG.FTS.B,
17.99%,
1/25/25
..
25
25
991658411.UG.FTS.B,
18.97%,
1/25/25
..
617
627
991749481.UG.FTS.B,
18.97%,
1/25/25
..
569
577
991639650.UG.FTS.B,
19.21%,
1/25/25
..
2,335
2,319
991667139.UG.FTS.B,
19.21%,
1/25/25
..
357
365
991690379.UG.FTS.B,
19.21%,
1/25/25
..
291
293
991783060.UG.FTS.B,
19.21%,
1/25/25
..
363
369
991811906.UG.FTS.B,
19.46%,
1/25/25
..
125
126
991583020.UG.FTS.B,
19.99%,
1/25/25
..
199
(1)
991596563.UG.FTS.B,
19.99%,
1/25/25
..
232
241
991598409.UG.FTS.B,
19.99%,
1/25/25
..
687
718
991639145.UG.FTS.B,
19.99%,
1/25/25
..
188
16
991639253.UG.FTS.B,
19.99%,
1/25/25
..
58
59
991647962.UG.FTS.B,
19.99%,
1/25/25
..
259
268
991655538.UG.FTS.B,
19.99%,
1/25/25
..
271
273
991671306.UG.FTS.B,
19.99%,
1/25/25
..
114
119
991730145.UG.FTS.B,
19.99%,
1/25/25
..
884
70
991733405.UG.FTS.B,
19.99%,
1/25/25
..
126
11
991751611.UG.FTS.B,
19.99%,
1/25/25
..
167
173
991754276.UG.FTS.B,
19.99%,
1/25/25
..
314
324
991768443.UG.FTS.B,
19.99%,
1/25/25
..
21
2
991810011.UG.FTS.B,
19.99%,
1/25/25
..
582
603
991647666.UG.FTS.B,
20.46%,
1/25/25
..
5,684
5,759
991701511.UG.FTS.B,
20.46%,
1/25/25
..
1,165
1,180
991735068.UG.FTS.B,
20.97%,
1/25/25
..
412
417
991659246.UG.FTS.B,
21.46%,
1/25/25
..
114
115
991693560.UG.FTS.B,
21.46%,
1/25/25
..
218
218
991697266.UG.FTS.B,
21.46%,
1/25/25
..
228
231
991702030.UG.FTS.B,
21.46%,
1/25/25
..
1,625
1,657
991709381.UG.FTS.B,
21.46%,
1/25/25
..
81
81
991667459.UG.FTS.B,
21.98%,
1/25/25
..
–
–
991699663.UG.FTS.B,
21.98%,
1/25/25
..
117
79
991721907.UG.FTS.B,
21.98%,
1/25/25
..
885
900
991773306.UG.FTS.B,
21.98%,
1/25/25
..
510
35
991781998.UG.FTS.B,
21.98%,
1/25/25
..
151
153
991643275.UG.FTS.B,
22.97%,
1/25/25
..
1,751
1,786
991728109.UG.FTS.B,
22.97%,
1/25/25
..
18
18
991696083.UG.FTS.B,
23.95%,
1/25/25
..
408
416
991589474.UG.FTS.B,
27.99%,
1/25/25
..
345
347
991676736.UG.FTS.B,
27.99%,
1/25/25
..
64
66
991824491.UG.FTS.B,
27.99%,
1/25/25
..
1,494
1,544
991585948.UG.FTS.B,
28.98%,
1/25/25
..
896
926
991585964.UG.FTS.B,
28.98%,
1/25/25
..
558
583
991586398.UG.FTS.B,
28.98%,
1/25/25
..
2,263
157
991588444.UG.FTS.B,
28.98%,
1/25/25
..
233
243
991590950.UG.FTS.B,
28.98%,
1/25/25
..
621
644
991591061.UG.FTS.B,
28.98%,
1/25/25
..
50
52
991596420.UG.FTS.B,
28.98%,
1/25/25
..
508
(17)
991597262.UG.FTS.B,
28.98%,
1/25/25
..
266
276
991606681.UG.FTS.B,
28.98%,
1/25/25
..
–
–
991628889.UG.FTS.B,
28.98%,
1/25/25
..
11
11
991629093.UG.FTS.B,
28.98%,
1/25/25
..
95
95
991630315.UG.FTS.B,
28.98%,
1/25/25
..
325
338
991632477.UG.FTS.B,
28.98%,
1/25/25
..
115
120
991636211.UG.FTS.B,
28.98%,
1/25/25
..
896
904
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)
Upgrade,
Inc.
-
Card
(continued)
991639961.UG.FTS.B,
28.98%,
1/25/25
..
$
6
$
6
991645264.UG.FTS.B,
28.98%,
1/25/25
..
122
128
991646347.UG.FTS.B,
28.98%,
1/25/25
..
380
247
991652825.UG.FTS.B,
28.98%,
1/25/25
..
40
41
991654157.UG.FTS.B,
28.98%,
1/25/25
..
72
75
991655910.UG.FTS.B,
28.98%,
1/25/25
..
161
166
991662696.UG.FTS.B,
28.98%,
1/25/25
..
54
56
991663409.UG.FTS.B,
28.98%,
1/25/25
..
18
18
991664838.UG.FTS.B,
28.98%,
1/25/25
..
114
120
991665672.UG.FTS.B,
28.98%,
1/25/25
..
751
774
991666507.UG.FTS.B,
28.98%,
1/25/25
..
185
193
991674166.UG.FTS.B,
28.98%,
1/25/25
..
428
280
991680531.UG.FTS.B,
28.98%,
1/25/25
..
11
2
991680544.UG.FTS.B,
28.98%,
1/25/25
..
–
–
991681316.UG.FTS.B,
28.98%,
1/25/25
..
35
35
991684431.UG.FTS.B,
28.98%,
1/25/25
..
322
338
991687378.UG.FTS.B,
28.98%,
1/25/25
..
173
179
991700250.UG.FTS.B,
28.98%,
1/25/25
..
295
305
991702318.UG.FTS.B,
28.98%,
1/25/25
..
123
(1)
991707057.UG.FTS.B,
28.98%,
1/25/25
..
1
1
991708850.UG.FTS.B,
28.98%,
1/25/25
..
250
250
991711013.UG.FTS.B,
28.98%,
1/25/25
..
364
302
991711440.UG.FTS.B,
28.98%,
1/25/25
..
61
63
991713337.UG.FTS.B,
28.98%,
1/25/25
..
39
39
991717265.UG.FTS.B,
28.98%,
1/25/25
..
97
97
991739770.UG.FTS.B,
28.98%,
1/25/25
..
133
134
991751144.UG.FTS.B,
28.98%,
1/25/25
..
246
252
991759069.UG.FTS.B,
28.98%,
1/25/25
..
200
28
991762497.UG.FTS.B,
28.98%,
1/25/25
..
79
82
991764057.UG.FTS.B,
28.98%,
1/25/25
..
63
65
991767844.UG.FTS.B,
28.98%,
1/25/25
..
128
133
991782171.UG.FTS.B,
28.98%,
1/25/25
..
29
12
991782809.UG.FTS.B,
28.98%,
1/25/25
..
217
225
991783323.UG.FTS.B,
28.98%,
1/25/25
..
389
397
991789094.UG.FTS.B,
28.98%,
1/25/25
..
113
117
991790856.UG.FTS.B,
28.98%,
1/25/25
..
697
723
991801847.UG.FTS.B,
28.98%,
1/25/25
..
155
160
991804347.UG.FTS.B,
28.98%,
1/25/25
..
70
70
991804771.UG.FTS.B,
28.98%,
1/25/25
..
450
463
991805979.UG.FTS.B,
28.98%,
1/25/25
..
9
9
991811893.UG.FTS.B,
28.98%,
1/25/25
..
24
24
991813711.UG.FTS.B,
28.98%,
1/25/25
..
1,116
1,155
991816486.UG.FTS.B,
28.98%,
1/25/25
..
324
336
991826324.UG.FTS.B,
28.98%,
1/25/25
..
234
234
991832332.UG.FTS.B,
28.98%,
1/25/25
..
188
194
991583030.UG.FTS.B,
29.49%,
1/25/25
..
554
567
991583154.UG.FTS.B,
29.49%,
1/25/25
..
564
594
991583347.UG.FTS.B,
29.49%,
1/25/25
..
201
213
991584343.UG.FTS.B,
29.49%,
1/25/25
..
1,767
1,836
991584718.UG.FTS.B,
29.49%,
1/25/25
..
1,127
1,167
991584908.UG.FTS.B,
29.49%,
1/25/25
..
2,169
(77)
991586667.UG.FTS.B,
29.49%,
1/25/25
..
168
118
991586992.UG.FTS.B,
29.49%,
1/25/25
..
91
97
991588166.UG.FTS.B,
29.49%,
1/25/25
..
271
284
991588873.UG.FTS.B,
29.49%,
1/25/25
..
341
354
991591360.UG.FTS.B,
29.49%,
1/25/25
..
611
642
991592156.UG.FTS.B,
29.49%,
1/25/25
..
90
91
991592411.UG.FTS.B,
29.49%,
1/25/25
..
24
24
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991595877.UG.FTS.B,
29.49%,
1/25/25
..
$
188
$
134
991595953.UG.FTS.B,
29.49%,
1/25/25
..
766
806
991597092.UG.FTS.B,
29.49%,
1/25/25
..
178
183
991598369.UG.FTS.B,
29.49%,
1/25/25
..
170
176
991604309.UG.FTS.B,
29.49%,
1/25/25
..
95
98
991611906.UG.FTS.B,
29.49%,
1/25/25
..
336
353
991617012.UG.FTS.B,
29.49%,
1/25/25
..
247
260
991625116.UG.FTS.B,
29.49%,
1/25/25
..
894
935
991633564.UG.FTS.B,
29.49%,
1/25/25
..
18
18
991634734.UG.FTS.B,
29.49%,
1/25/25
..
106
112
991635396.UG.FTS.B,
29.49%,
1/25/25
..
171
(6)
991637663.UG.FTS.B,
29.49%,
1/25/25
..
66
67
991638246.UG.FTS.B,
29.49%,
1/25/25
..
130
136
991638937.UG.FTS.B,
29.49%,
1/25/25
..
57
58
991639720.UG.FTS.B,
29.49%,
1/25/25
..
1,029
1,064
991640031.UG.FTS.B,
29.49%,
1/25/25
..
12
12
991640216.UG.FTS.B,
29.49%,
1/25/25
..
547
557
991640235.UG.FTS.B,
29.49%,
1/25/25
..
2,271
2,350
991640515.UG.FTS.B,
29.49%,
1/25/25
..
31
31
991641283.UG.FTS.B,
29.49%,
1/25/25
..
35
35
991641385.UG.FTS.B,
29.49%,
1/25/25
..
933
975
991641968.UG.FTS.B,
29.49%,
1/25/25
..
142
150
991642393.UG.FTS.B,
29.49%,
1/25/25
..
36
32
991642788.UG.FTS.B,
29.49%,
1/25/25
..
110
116
991643136.UG.FTS.B,
29.49%,
1/25/25
..
380
372
991645077.UG.FTS.B,
29.49%,
1/25/25
..
44
45
991645432.UG.FTS.B,
29.49%,
1/25/25
..
90
94
991647792.UG.FTS.B,
29.49%,
1/25/25
..
98
104
991653933.UG.FTS.B,
29.49%,
1/25/25
..
13
13
991655935.UG.FTS.B,
29.49%,
1/25/25
..
940
928
991656796.UG.FTS.B,
29.49%,
1/25/25
..
367
246
991659437.UG.FTS.B,
29.49%,
1/25/25
..
127
133
991660574.UG.FTS.B,
29.49%,
1/25/25
..
44
45
991663552.UG.FTS.B,
29.49%,
1/25/25
..
156
165
991666619.UG.FTS.B,
29.49%,
1/25/25
..
6
6
991670639.UG.FTS.B,
29.49%,
1/25/25
..
489
507
991670995.UG.FTS.B,
29.49%,
1/25/25
..
131
138
991676449.UG.FTS.B,
29.49%,
1/25/25
..
383
403
991679229.UG.FTS.B,
29.49%,
1/25/25
..
109
114
991679419.UG.FTS.B,
29.49%,
1/25/25
..
439
458
991681203.UG.FTS.B,
29.49%,
1/25/25
..
888
66
991684401.UG.FTS.B,
29.49%,
1/25/25
..
35
36
991684610.UG.FTS.B,
29.49%,
1/25/25
..
212
218
991686520.UG.FTS.B,
29.49%,
1/25/25
..
376
393
991693307.UG.FTS.B,
29.49%,
1/25/25
..
235
247
991695356.UG.FTS.B,
29.49%,
1/25/25
..
101
101
991697889.UG.FTS.B,
29.49%,
1/25/25
..
224
235
991699956.UG.FTS.B,
29.49%,
1/25/25
..
102
106
991700008.UG.FTS.B,
29.49%,
1/25/25
..
10
1
991703545.UG.FTS.B,
29.49%,
1/25/25
..
262
269
991705543.UG.FTS.B,
29.49%,
1/25/25
..
–
–
991706117.UG.FTS.B,
29.49%,
1/25/25
..
133
(4)
991706527.UG.FTS.B,
29.49%,
1/25/25
..
58
58
991714470.UG.FTS.B,
29.49%,
1/25/25
..
347
360
991716801.UG.FTS.B,
29.49%,
1/25/25
..
146
149
991717980.UG.FTS.B,
29.49%,
1/25/25
..
29
29
991718230.UG.FTS.B,
29.49%,
1/25/25
..
22
21
991719114.UG.FTS.B,
29.49%,
1/25/25
..
59
59
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)
Upgrade,
Inc.
-
Card
(continued)
991719643.UG.FTS.B,
29.49%,
1/25/25
..
$
150
$
101
991721073.UG.FTS.B,
29.49%,
1/25/25
..
273
286
991722230.UG.FTS.B,
29.49%,
1/25/25
..
42
42
991727305.UG.FTS.B,
29.49%,
1/25/25
..
759
793
991727344.UG.FTS.B,
29.49%,
1/25/25
..
130
131
991729230.UG.FTS.B,
29.49%,
1/25/25
..
876
882
991730081.UG.FTS.B,
29.49%,
1/25/25
..
456
478
991730401.UG.FTS.B,
29.49%,
1/25/25
..
53
55
991732943.UG.FTS.B,
29.49%,
1/25/25
..
159
165
991733186.UG.FTS.B,
29.49%,
1/25/25
..
473
461
991734934.UG.FTS.B,
29.49%,
1/25/25
..
169
170
991737501.UG.FTS.B,
29.49%,
1/25/25
..
191
201
991742587.UG.FTS.B,
29.49%,
1/25/25
..
59
61
991742823.UG.FTS.B,
29.49%,
1/25/25
..
351
363
991750890.UG.FTS.B,
29.49%,
1/25/25
..
205
213
991756609.UG.FTS.B,
29.49%,
1/25/25
..
539
560
991758553.UG.FTS.B,
29.49%,
1/25/25
..
174
182
991759900.UG.FTS.B,
29.49%,
1/25/25
..
229
238
991762455.UG.FTS.B,
29.49%,
1/25/25
..
1,367
1,417
991768411.UG.FTS.B,
29.49%,
1/25/25
..
15
16
991772741.UG.FTS.B,
29.49%,
1/25/25
..
31
32
991773006.UG.FTS.B,
29.49%,
1/25/25
..
449
461
991777926.UG.FTS.B,
29.49%,
1/25/25
..
94
98
991779723.UG.FTS.B,
29.49%,
1/25/25
..
58
9
991781861.UG.FTS.B,
29.49%,
1/25/25
..
679
704
991783087.UG.FTS.B,
29.49%,
1/25/25
..
333
345
991783420.UG.FTS.B,
29.49%,
1/25/25
..
111
8
991783815.UG.FTS.B,
29.49%,
1/25/25
..
151
157
991787734.UG.FTS.B,
29.49%,
1/25/25
..
491
509
991788573.UG.FTS.B,
29.49%,
1/25/25
..
189
196
991789248.UG.FTS.B,
29.49%,
1/25/25
..
143
147
991789795.UG.FTS.B,
29.49%,
1/25/25
..
319
330
991790746.UG.FTS.B,
29.49%,
1/25/25
..
104
107
991792282.UG.FTS.B,
29.49%,
1/25/25
..
422
(2)
991798150.UG.FTS.B,
29.49%,
1/25/25
..
648
667
991798152.UG.FTS.B,
29.49%,
1/25/25
..
40
41
991803714.UG.FTS.B,
29.49%,
1/25/25
..
143
149
991809008.UG.FTS.B,
29.49%,
1/25/25
..
35
35
991812847.UG.FTS.B,
29.49%,
1/25/25
..
72
75
991813221.UG.FTS.B,
29.49%,
1/25/25
..
134
131
991814046.UG.FTS.B,
29.49%,
1/25/25
..
18
18
991819908.UG.FTS.B,
29.49%,
1/25/25
..
153
156
991822276.UG.FTS.B,
29.49%,
1/25/25
..
210
29
991764505.UG.FTS.B,
29.99%,
1/25/25
..
8
8
991588896.UG.FTS.B,
Zero
Cpn,
1/26/25
.
532
–
991591083.UG.FTS.B,
Zero
Cpn,
1/26/25
.
336
–
991629066.UG.FTS.B,
Zero
Cpn,
1/26/25
.
35
2
991629685.UG.FTS.B,
Zero
Cpn,
1/26/25
.
65
5
991644850.UG.FTS.B,
Zero
Cpn,
1/26/25
.
349
–
991662668.UG.FTS.B,
Zero
Cpn,
1/26/25
.
315
–
991716060.UG.FTS.B,
Zero
Cpn,
1/26/25
.
1,013
69
991718057.UG.FTS.B,
Zero
Cpn,
1/26/25
.
989
68
991748382.UG.FTS.B,
Zero
Cpn,
1/26/25
.
608
–
991791869.UG.FTS.B,
Zero
Cpn,
1/26/25
.
254
–
991799474.UG.FTS.B,
Zero
Cpn,
1/26/25
.
472
32
991833990.UG.FTS.B,
Zero
Cpn,
1/26/25
.
440
30
991705574.UG.FTS.B,
14.98%,
1/26/25
..
560
573
991763100.UG.FTS.B,
15%,
1/26/25
.....
7
7
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991588990.UG.FTS.B,
16.99%,
1/26/25
..
$
1,687
$
1,721
991739565.UG.FTS.B,
16.99%,
1/26/25
..
5,572
429
991631242.UG.FTS.B,
17.99%,
1/26/25
..
479
490
991635395.UG.FTS.B,
17.99%,
1/26/25
..
582
596
991806807.UG.FTS.B,
17.99%,
1/26/25
..
458
465
991630337.UG.FTS.B,
18.97%,
1/26/25
..
95
97
991639126.UG.FTS.B,
18.97%,
1/26/25
..
152
154
991792817.UG.FTS.B,
18.97%,
1/26/25
..
808
819
991629418.UG.FTS.B,
19.21%,
1/26/25
..
808
65
991706919.UG.FTS.B,
19.21%,
1/26/25
..
109
2
991693301.UG.FTS.B,
19.8%,
1/26/25
...
178
181
991623713.UG.FTS.B,
19.99%,
1/26/25
..
641
649
991664112.UG.FTS.B,
19.99%,
1/26/25
..
783
810
991666842.UG.FTS.B,
19.99%,
1/26/25
..
627
11
991684874.UG.FTS.B,
19.99%,
1/26/25
..
111
114
991687274.UG.FTS.B,
19.99%,
1/26/25
..
213
221
991725855.UG.FTS.B,
19.99%,
1/26/25
..
289
295
991726295.UG.FTS.B,
19.99%,
1/26/25
..
358
360
991747371.UG.FTS.B,
19.99%,
1/26/25
..
222
232
991753153.UG.FTS.B,
19.99%,
1/26/25
..
54
55
991815429.UG.FTS.B,
19.99%,
1/26/25
..
823
541
991818136.UG.FTS.B,
19.99%,
1/26/25
..
145
150
991722451.UG.FTS.B,
20.46%,
1/26/25
..
697
712
991691649.UG.FTS.B,
20.97%,
1/26/25
..
553
551
991689234.UG.FTS.B,
21.46%,
1/26/25
..
174
178
991683377.UG.FTS.B,
21.97%,
1/26/25
..
182
185
991690970.UG.FTS.B,
21.98%,
1/26/25
..
1,093
1,115
991718023.UG.FTS.B,
22.97%,
1/26/25
..
355
354
991792398.UG.FTS.B,
22.97%,
1/26/25
..
144
146
991634009.UG.FTS.B,
23.95%,
1/26/25
..
126
84
991661911.UG.FTS.B,
23.95%,
1/26/25
..
658
656
991719060.UG.FTS.B,
23.95%,
1/26/25
..
2,603
2,652
991812444.UG.FTS.B,
23.95%,
1/26/25
..
679
4
991662693.UG.FTS.B,
24.95%,
1/26/25
..
65
66
991655277.UG.FTS.B,
25.95%,
1/26/25
..
170
172
991702170.UG.FTS.B,
26.94%,
1/26/25
..
185
179
991637426.UG.FTS.B,
27.99%,
1/26/25
..
29
30
991644445.UG.FTS.B,
27.99%,
1/26/25
..
102
107
991665705.UG.FTS.B,
27.99%,
1/26/25
..
125
131
991589081.UG.FTS.B,
28.98%,
1/26/25
..
278
289
991592909.UG.FTS.B,
28.98%,
1/26/25
..
188
193
991593236.UG.FTS.B,
28.98%,
1/26/25
..
265
273
991593526.UG.FTS.B,
28.98%,
1/26/25
..
238
250
991593781.UG.FTS.B,
28.98%,
1/26/25
..
139
96
991594391.UG.FTS.B,
28.98%,
1/26/25
..
198
208
991602284.UG.FTS.B,
28.98%,
1/26/25
..
1,668
1,710
991604950.UG.FTS.B,
28.98%,
1/26/25
..
117
123
991611008.UG.FTS.B,
28.98%,
1/26/25
..
538
33
991611456.UG.FTS.B,
28.98%,
1/26/25
..
32
32
991618996.UG.FTS.B,
28.98%,
1/26/25
..
–
–
991629035.UG.FTS.B,
28.98%,
1/26/25
..
190
199
991634636.UG.FTS.B,
28.98%,
1/26/25
..
401
421
991636455.UG.FTS.B,
28.98%,
1/26/25
..
83
85
991638710.UG.FTS.B,
28.98%,
1/26/25
..
210
213
991638977.UG.FTS.B,
28.98%,
1/26/25
..
270
280
991641894.UG.FTS.B,
28.98%,
1/26/25
..
131
136
991653899.UG.FTS.B,
28.98%,
1/26/25
..
102
107
991656180.UG.FTS.B,
28.98%,
1/26/25
..
249
19
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)
Upgrade,
Inc.
-
Card
(continued)
991658925.UG.FTS.B,
28.98%,
1/26/25
..
$
122
$
125
991661348.UG.FTS.B,
28.98%,
1/26/25
..
1,120
1,174
991661921.UG.FTS.B,
28.98%,
1/26/25
..
79
79
991662390.UG.FTS.B,
28.98%,
1/26/25
..
180
188
991664416.UG.FTS.B,
28.98%,
1/26/25
..
298
307
991668688.UG.FTS.B,
28.98%,
1/26/25
..
512
537
991678461.UG.FTS.B,
28.98%,
1/26/25
..
151
157
991682612.UG.FTS.B,
28.98%,
1/26/25
..
33
33
991685049.UG.FTS.B,
28.98%,
1/26/25
..
75
78
991686492.UG.FTS.B,
28.98%,
1/26/25
..
27
(1)
991688671.UG.FTS.B,
28.98%,
1/26/25
..
220
228
991698131.UG.FTS.B,
28.98%,
1/26/25
..
383
386
991701435.UG.FTS.B,
28.98%,
1/26/25
..
254
266
991702578.UG.FTS.B,
28.98%,
1/26/25
..
32
3
991703821.UG.FTS.B,
28.98%,
1/26/25
..
188
197
991711212.UG.FTS.B,
28.98%,
1/26/25
..
78
81
991743995.UG.FTS.B,
28.98%,
1/26/25
..
193
200
991745922.UG.FTS.B,
28.98%,
1/26/25
..
95
97
991747643.UG.FTS.B,
28.98%,
1/26/25
..
101
14
991748077.UG.FTS.B,
28.98%,
1/26/25
..
72
1
991750713.UG.FTS.B,
28.98%,
1/26/25
..
59
5
991753802.UG.FTS.B,
28.98%,
1/26/25
..
147
151
991759756.UG.FTS.B,
28.98%,
1/26/25
..
73
75
991764630.UG.FTS.B,
28.98%,
1/26/25
..
61
63
991778410.UG.FTS.B,
28.98%,
1/26/25
..
18
19
991781688.UG.FTS.B,
28.98%,
1/26/25
..
16
16
991788301.UG.FTS.B,
28.98%,
1/26/25
..
264
273
991788973.UG.FTS.B,
28.98%,
1/26/25
..
384
398
991804080.UG.FTS.B,
28.98%,
1/26/25
..
102
105
991808600.UG.FTS.B,
28.98%,
1/26/25
..
203
204
991808749.UG.FTS.B,
28.98%,
1/26/25
..
37
38
991817075.UG.FTS.B,
28.98%,
1/26/25
..
191
197
991818761.UG.FTS.B,
28.98%,
1/26/25
..
121
125
991820446.UG.FTS.B,
28.98%,
1/26/25
..
119
123
991822639.UG.FTS.B,
28.98%,
1/26/25
..
9
9
991823991.UG.FTS.B,
28.98%,
1/26/25
..
59
3
991826236.UG.FTS.B,
28.98%,
1/26/25
..
622
645
991828591.UG.FTS.B,
28.98%,
1/26/25
..
19
19
991831863.UG.FTS.B,
28.98%,
1/26/25
..
158
159
991834362.UG.FTS.B,
28.98%,
1/26/25
..
329
340
991834597.UG.FTS.B,
28.98%,
1/26/25
..
3,269
3,388
991712881.UG.FTS.B,
29.46%,
1/26/25
..
592
622
991589080.UG.FTS.B,
29.49%,
1/26/25
..
463
462
991589676.UG.FTS.B,
29.49%,
1/26/25
..
928
971
991589741.UG.FTS.B,
29.49%,
1/26/25
..
82
86
991589757.UG.FTS.B,
29.49%,
1/26/25
..
256
258
991589763.UG.FTS.B,
29.49%,
1/26/25
..
173
181
991591418.UG.FTS.B,
29.49%,
1/26/25
..
354
27
991592122.UG.FTS.B,
29.49%,
1/26/25
..
347
365
991592192.UG.FTS.B,
29.49%,
1/26/25
..
188
14
991594647.UG.FTS.B,
29.49%,
1/26/25
..
128
133
991596813.UG.FTS.B,
29.49%,
1/26/25
..
13
13
991598816.UG.FTS.B,
29.49%,
1/26/25
..
159
22
991606181.UG.FTS.B,
29.49%,
1/26/25
..
267
283
991612147.UG.FTS.B,
29.49%,
1/26/25
..
99
104
991613744.UG.FTS.B,
29.49%,
1/26/25
..
179
186
991614201.UG.FTS.B,
29.49%,
1/26/25
..
22
22
991616010.UG.FTS.B,
29.49%,
1/26/25
..
1,328
1,391
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991616526.UG.FTS.B,
29.49%,
1/26/25
..
$
185
$
195
991616810.UG.FTS.B,
29.49%,
1/26/25
..
406
420
991622618.UG.FTS.B,
29.49%,
1/26/25
..
178
184
991630176.UG.FTS.B,
29.49%,
1/26/25
..
65
65
991635627.UG.FTS.B,
29.49%,
1/26/25
..
190
196
991637203.UG.FTS.B,
29.49%,
1/26/25
..
206
218
991637588.UG.FTS.B,
29.49%,
1/26/25
..
380
380
991637756.UG.FTS.B,
29.49%,
1/26/25
..
1,240
1,230
991638709.UG.FTS.B,
29.49%,
1/26/25
..
160
167
991640409.UG.FTS.B,
29.49%,
1/26/25
..
117
121
991640808.UG.FTS.B,
29.49%,
1/26/25
..
381
398
991641553.UG.FTS.B,
29.49%,
1/26/25
..
140
147
991645076.UG.FTS.B,
29.49%,
1/26/25
..
16
16
991645315.UG.FTS.B,
29.49%,
1/26/25
..
90
93
991645424.UG.FTS.B,
29.49%,
1/26/25
..
141
148
991647827.UG.FTS.B,
29.49%,
1/26/25
..
142
145
991650260.UG.FTS.B,
29.49%,
1/26/25
..
932
975
991656366.UG.FTS.B,
29.49%,
1/26/25
..
353
366
991656936.UG.FTS.B,
29.49%,
1/26/25
..
69
69
991657417.UG.FTS.B,
29.49%,
1/26/25
..
2,182
2,202
991659414.UG.FTS.B,
29.49%,
1/26/25
..
112
17
991662234.UG.FTS.B,
29.49%,
1/26/25
..
125
132
991663167.UG.FTS.B,
29.49%,
1/26/25
..
21
21
991663623.UG.FTS.B,
29.49%,
1/26/25
..
132
140
991664371.UG.FTS.B,
29.49%,
1/26/25
..
357
366
991665870.UG.FTS.B,
29.49%,
1/26/25
..
112
(1)
991668133.UG.FTS.B,
29.49%,
1/26/25
..
126
(4)
991668328.UG.FTS.B,
29.49%,
1/26/25
..
112
117
991669892.UG.FTS.B,
29.49%,
1/26/25
..
90
91
991670459.UG.FTS.B,
29.49%,
1/26/25
..
402
424
991673737.UG.FTS.B,
29.49%,
1/26/25
..
3,666
3,850
991674552.UG.FTS.B,
29.49%,
1/26/25
..
217
229
991677158.UG.FTS.B,
29.49%,
1/26/25
..
213
226
991678960.UG.FTS.B,
29.49%,
1/26/25
..
21
21
991679458.UG.FTS.B,
29.49%,
1/26/25
..
257
20
991680335.UG.FTS.B,
29.49%,
1/26/25
..
1,392
1,438
991682957.UG.FTS.B,
29.49%,
1/26/25
..
993
1,040
991683869.UG.FTS.B,
29.49%,
1/26/25
..
20
2
991686193.UG.FTS.B,
29.49%,
1/26/25
..
52
54
991686518.UG.FTS.B,
29.49%,
1/26/25
..
221
230
991686747.UG.FTS.B,
29.49%,
1/26/25
..
6
6
991686882.UG.FTS.B,
29.49%,
1/26/25
..
277
288
991688387.UG.FTS.B,
29.49%,
1/26/25
..
871
909
991695029.UG.FTS.B,
29.49%,
1/26/25
..
36
37
991695946.UG.FTS.B,
29.49%,
1/26/25
..
490
508
991698577.UG.FTS.B,
29.49%,
1/26/25
..
422
438
991703021.UG.FTS.B,
29.49%,
1/26/25
..
1
–
991710350.UG.FTS.B,
29.49%,
1/26/25
..
60
62
991710670.UG.FTS.B,
29.49%,
1/26/25
..
510
40
991711068.UG.FTS.B,
29.49%,
1/26/25
..
69
72
991714720.UG.FTS.B,
29.49%,
1/26/25
..
554
574
991722546.UG.FTS.B,
29.49%,
1/26/25
..
27
27
991727832.UG.FTS.B,
29.49%,
1/26/25
..
260
273
991731015.UG.FTS.B,
29.49%,
1/26/25
..
71
55
991742808.UG.FTS.B,
29.49%,
1/26/25
..
430
431
991744262.UG.FTS.B,
29.49%,
1/26/25
..
52
54
991749224.UG.FTS.B,
29.49%,
1/26/25
..
103
8
991756106.UG.FTS.B,
29.49%,
1/26/25
..
178
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.
126
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991772896.UG.FTS.B,
29.49%,
1/26/25
..
$
2,275
$
2,361
991775324.UG.FTS.B,
29.49%,
1/26/25
..
514
370
991777453.UG.FTS.B,
29.49%,
1/26/25
..
25
26
991779497.UG.FTS.B,
29.49%,
1/26/25
..
295
306
991782801.UG.FTS.B,
29.49%,
1/26/25
..
2,203
2,280
991783902.UG.FTS.B,
29.49%,
1/26/25
..
257
266
991784518.UG.FTS.B,
29.49%,
1/26/25
..
835
865
991791204.UG.FTS.B,
29.49%,
1/26/25
..
22
21
991793797.UG.FTS.B,
29.49%,
1/26/25
..
227
234
991801746.UG.FTS.B,
29.49%,
1/26/25
..
241
246
991804476.UG.FTS.B,
29.49%,
1/26/25
..
96
100
991806530.UG.FTS.B,
29.49%,
1/26/25
..
150
155
991820442.UG.FTS.B,
29.49%,
1/26/25
..
125
130
991825508.UG.FTS.B,
29.49%,
1/26/25
..
9
9
991826343.UG.FTS.B,
29.49%,
1/26/25
..
561
583
991827132.UG.FTS.B,
29.49%,
1/26/25
..
114
118
991829394.UG.FTS.B,
29.49%,
1/26/25
..
625
629
991832099.UG.FTS.B,
29.49%,
1/26/25
..
54
56
991835725.UG.FTS.B,
29.49%,
1/26/25
..
1,279
1,327
991835985.UG.FTS.B,
29.49%,
1/26/25
..
1,205
1,251
991836743.UG.FTS.B,
29.49%,
1/26/25
..
88
6
991596267.UG.FTS.B,
Zero
Cpn,
1/27/25
.
50
–
991597854.UG.FTS.B,
Zero
Cpn,
1/27/25
.
427
–
991598870.UG.FTS.B,
Zero
Cpn,
1/27/25
.
47
3
991599071.UG.FTS.B,
Zero
Cpn,
1/27/25
.
341
24
991607077.UG.FTS.B,
Zero
Cpn,
1/27/25
.
1,088
75
991615077.UG.FTS.B,
Zero
Cpn,
1/27/25
.
54
–
991615331.UG.FTS.B,
Zero
Cpn,
1/27/25
.
172
–
991629277.UG.FTS.B,
Zero
Cpn,
1/27/25
.
59
4
991633884.UG.FTS.B,
Zero
Cpn,
1/27/25
.
567
40
991643359.UG.FTS.B,
Zero
Cpn,
1/27/25
.
309
21
991649491.UG.FTS.B,
Zero
Cpn,
1/27/25
.
224
–
991659123.UG.FTS.B,
Zero
Cpn,
1/27/25
.
117
–
991668002.UG.FTS.B,
Zero
Cpn,
1/27/25
.
195
14
991688605.UG.FTS.B,
Zero
Cpn,
1/27/25
.
166
11
991699849.UG.FTS.B,
Zero
Cpn,
1/27/25
.
43
–
991727056.UG.FTS.B,
Zero
Cpn,
1/27/25
.
936
–
991731267.UG.FTS.B,
Zero
Cpn,
1/27/25
.
139
–
991752832.UG.FTS.B,
Zero
Cpn,
1/27/25
.
200
14
991753884.UG.FTS.B,
Zero
Cpn,
1/27/25
.
46
3
991798281.UG.FTS.B,
Zero
Cpn,
1/27/25
.
66
–
991802009.UG.FTS.B,
Zero
Cpn,
1/27/25
.
325
–
991814953.UG.FTS.B,
Zero
Cpn,
1/27/25
.
90
–
991831848.UG.FTS.B,
Zero
Cpn,
1/27/25
.
59
–
991649409.UG.FTS.B,
14.98%,
1/27/25
..
–
–
991681455.UG.FTS.B,
15%,
1/27/25
.....
602
612
991594447.UG.FTS.B,
16.99%,
1/27/25
..
3,367
3,412
991653768.UG.FTS.B,
16.99%,
1/27/25
..
153
153
991594369.UG.FTS.B,
19.99%,
1/27/25
..
128
130
991595612.UG.FTS.B,
19.99%,
1/27/25
..
15
14
991603461.UG.FTS.B,
19.99%,
1/27/25
..
610
637
991604490.UG.FTS.B,
19.99%,
1/27/25
..
140
147
991604987.UG.FTS.B,
19.99%,
1/27/25
..
294
308
991606626.UG.FTS.B,
19.99%,
1/27/25
..
294
308
991606748.UG.FTS.B,
19.99%,
1/27/25
..
209
216
991610646.UG.FTS.B,
19.99%,
1/27/25
..
152
160
991613039.UG.FTS.B,
19.99%,
1/27/25
..
648
676
991613609.UG.FTS.B,
19.99%,
1/27/25
..
148
153
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991616276.UG.FTS.B,
19.99%,
1/27/25
..
$
79
$
80
991622510.UG.FTS.B,
19.99%,
1/27/25
..
38
39
991634123.UG.FTS.B,
19.99%,
1/27/25
..
1,473
972
991639649.UG.FTS.B,
19.99%,
1/27/25
..
1,604
1,101
991653534.UG.FTS.B,
19.99%,
1/27/25
..
148
155
991656462.UG.FTS.B,
19.99%,
1/27/25
..
124
130
991665857.UG.FTS.B,
19.99%,
1/27/25
..
178
187
991670504.UG.FTS.B,
19.99%,
1/27/25
..
82
83
991679362.UG.FTS.B,
19.99%,
1/27/25
..
61
63
991687385.UG.FTS.B,
19.99%,
1/27/25
..
227
238
991734391.UG.FTS.B,
19.99%,
1/27/25
..
31
32
991740576.UG.FTS.B,
19.99%,
1/27/25
..
366
384
991742004.UG.FTS.B,
19.99%,
1/27/25
..
68
70
991787817.UG.FTS.B,
19.99%,
1/27/25
..
116
120
991790958.UG.FTS.B,
19.99%,
1/27/25
..
14
2
991836470.UG.FTS.B,
19.99%,
1/27/25
..
3
3
991611207.UG.FTS.B,
22.95%,
1/27/25
..
705
546
991666052.UG.FTS.B,
25.98%,
1/27/25
..
100
66
991593388.UG.FTS.B,
27.99%,
1/27/25
..
72
75
991598032.UG.FTS.B,
27.99%,
1/27/25
..
194
202
991612981.UG.FTS.B,
27.99%,
1/27/25
..
10
10
991629247.UG.FTS.B,
27.99%,
1/27/25
..
170
175
991784579.UG.FTS.B,
27.99%,
1/27/25
..
47
48
991593724.UG.FTS.B,
28.98%,
1/27/25
..
216
217
991594281.UG.FTS.B,
28.98%,
1/27/25
..
267
268
991594298.UG.FTS.B,
28.98%,
1/27/25
..
144
145
991594312.UG.FTS.B,
28.98%,
1/27/25
..
507
513
991594933.UG.FTS.B,
28.98%,
1/27/25
..
1,215
1,262
991594966.UG.FTS.B,
28.98%,
1/27/25
..
37
37
991595331.UG.FTS.B,
28.98%,
1/27/25
..
55
56
991595661.UG.FTS.B,
28.98%,
1/27/25
..
24
25
991595696.UG.FTS.B,
28.98%,
1/27/25
..
65
67
991596135.UG.FTS.B,
28.98%,
1/27/25
..
46
48
991596423.UG.FTS.B,
28.98%,
1/27/25
..
1,060
81
991596472.UG.FTS.B,
28.98%,
1/27/25
..
322
337
991596874.UG.FTS.B,
28.98%,
1/27/25
..
207
(6)
991596979.UG.FTS.B,
28.98%,
1/27/25
..
719
747
991597253.UG.FTS.B,
28.98%,
1/27/25
..
42
43
991597711.UG.FTS.B,
28.98%,
1/27/25
..
157
108
991597724.UG.FTS.B,
28.98%,
1/27/25
..
24
24
991598054.UG.FTS.B,
28.98%,
1/27/25
..
197
198
991598602.UG.FTS.B,
28.98%,
1/27/25
..
158
166
991598783.UG.FTS.B,
28.98%,
1/27/25
..
983
998
991599313.UG.FTS.B,
28.98%,
1/27/25
..
405
423
991600295.UG.FTS.B,
28.98%,
1/27/25
..
154
161
991601203.UG.FTS.B,
28.98%,
1/27/25
..
1,977
2,065
991602821.UG.FTS.B,
28.98%,
1/27/25
..
1,393
1,368
991602932.UG.FTS.B,
28.98%,
1/27/25
..
289
291
991603572.UG.FTS.B,
28.98%,
1/27/25
..
895
917
991604001.UG.FTS.B,
28.98%,
1/27/25
..
200
210
991605311.UG.FTS.B,
28.98%,
1/27/25
..
84
88
991605868.UG.FTS.B,
28.98%,
1/27/25
..
283
297
991606158.UG.FTS.B,
28.98%,
1/27/25
..
137
142
991607306.UG.FTS.B,
28.98%,
1/27/25
..
88
92
991608665.UG.FTS.B,
28.98%,
1/27/25
..
494
516
991609616.UG.FTS.B,
28.98%,
1/27/25
..
296
311
991611663.UG.FTS.B,
28.98%,
1/27/25
..
315
325
991613097.UG.FTS.B,
28.98%,
1/27/25
..
161
169
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991614181.UG.FTS.B,
28.98%,
1/27/25
..
$
218
$
219
991615144.UG.FTS.B,
28.98%,
1/27/25
..
159
167
991615892.UG.FTS.B,
28.98%,
1/27/25
..
562
588
991617077.UG.FTS.B,
28.98%,
1/27/25
..
215
223
991617118.UG.FTS.B,
28.98%,
1/27/25
..
270
276
991617463.UG.FTS.B,
28.98%,
1/27/25
..
115
115
991618978.UG.FTS.B,
28.98%,
1/27/25
..
226
31
991620210.UG.FTS.B,
28.98%,
1/27/25
..
154
(5)
991620222.UG.FTS.B,
28.98%,
1/27/25
..
94
97
991620928.UG.FTS.B,
28.98%,
1/27/25
..
84
87
991621129.UG.FTS.B,
28.98%,
1/27/25
..
424
440
991623327.UG.FTS.B,
28.98%,
1/27/25
..
31
32
991623357.UG.FTS.B,
28.98%,
1/27/25
..
226
237
991623437.UG.FTS.B,
28.98%,
1/27/25
..
326
342
991624157.UG.FTS.B,
28.98%,
1/27/25
..
134
140
991627111.UG.FTS.B,
28.98%,
1/27/25
..
3,834
4,008
991630700.UG.FTS.B,
28.98%,
1/27/25
..
311
326
991631171.UG.FTS.B,
28.98%,
1/27/25
..
263
272
991631807.UG.FTS.B,
28.98%,
1/27/25
..
225
227
991632093.UG.FTS.B,
28.98%,
1/27/25
..
348
365
991632344.UG.FTS.B,
28.98%,
1/27/25
..
102
107
991633929.UG.FTS.B,
28.98%,
1/27/25
..
520
546
991634644.UG.FTS.B,
28.98%,
1/27/25
..
106
106
991635049.UG.FTS.B,
28.98%,
1/27/25
..
498
514
991635121.UG.FTS.B,
28.98%,
1/27/25
..
766
801
991635670.UG.FTS.B,
28.98%,
1/27/25
..
765
803
991636408.UG.FTS.B,
28.98%,
1/27/25
..
398
401
991637847.UG.FTS.B,
28.98%,
1/27/25
..
44
44
991639732.UG.FTS.B,
28.98%,
1/27/25
..
38
39
991643120.UG.FTS.B,
28.98%,
1/27/25
..
437
453
991643233.UG.FTS.B,
28.98%,
1/27/25
..
22
22
991644066.UG.FTS.B,
28.98%,
1/27/25
..
41
41
991645234.UG.FTS.B,
28.98%,
1/27/25
..
99
104
991645498.UG.FTS.B,
28.98%,
1/27/25
..
257
267
991645642.UG.FTS.B,
28.98%,
1/27/25
..
117
10
991646436.UG.FTS.B,
28.98%,
1/27/25
..
309
323
991651616.UG.FTS.B,
28.98%,
1/27/25
..
80
83
991652055.UG.FTS.B,
28.98%,
1/27/25
..
21
21
991653209.UG.FTS.B,
28.98%,
1/27/25
..
2,443
2,552
991653220.UG.FTS.B,
28.98%,
1/27/25
..
143
145
991654533.UG.FTS.B,
28.98%,
1/27/25
..
197
205
991654856.UG.FTS.B,
28.98%,
1/27/25
..
495
520
991657182.UG.FTS.B,
28.98%,
1/27/25
..
1,529
1,598
991658220.UG.FTS.B,
28.98%,
1/27/25
..
799
838
991659335.UG.FTS.B,
28.98%,
1/27/25
..
337
354
991660335.UG.FTS.B,
28.98%,
1/27/25
..
198
205
991663420.UG.FTS.B,
28.98%,
1/27/25
..
1,738
1,816
991664621.UG.FTS.B,
28.98%,
1/27/25
..
168
176
991664680.UG.FTS.B,
28.98%,
1/27/25
..
402
55
991666634.UG.FTS.B,
28.98%,
1/27/25
..
133
139
991670133.UG.FTS.B,
28.98%,
1/27/25
..
186
193
991671149.UG.FTS.B,
28.98%,
1/27/25
..
96
101
991672421.UG.FTS.B,
28.98%,
1/27/25
..
305
311
991672456.UG.FTS.B,
28.98%,
1/27/25
..
179
175
991672656.UG.FTS.B,
28.98%,
1/27/25
..
111
116
991679811.UG.FTS.B,
28.98%,
1/27/25
..
87
91
991681733.UG.FTS.B,
28.98%,
1/27/25
..
199
209
991684060.UG.FTS.B,
28.98%,
1/27/25
..
786
798
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991684799.UG.FTS.B,
28.98%,
1/27/25
..
$
141
$
148
991684873.UG.FTS.B,
28.98%,
1/27/25
..
89
91
991686238.UG.FTS.B,
28.98%,
1/27/25
..
23
23
991687681.UG.FTS.B,
28.98%,
1/27/25
..
105
108
991688929.UG.FTS.B,
28.98%,
1/27/25
..
11
11
991693260.UG.FTS.B,
28.98%,
1/27/25
..
154
156
991693305.UG.FTS.B,
28.98%,
1/27/25
..
1,009
1,046
991693530.UG.FTS.B,
28.98%,
1/27/25
..
145
152
991697703.UG.FTS.B,
28.98%,
1/27/25
..
5
5
991699112.UG.FTS.B,
28.98%,
1/27/25
..
114
120
991699852.UG.FTS.B,
28.98%,
1/27/25
..
252
264
991703924.UG.FTS.B,
28.98%,
1/27/25
..
13
14
991707195.UG.FTS.B,
28.98%,
1/27/25
..
62
63
991711538.UG.FTS.B,
28.98%,
1/27/25
..
37
38
991714759.UG.FTS.B,
28.98%,
1/27/25
..
128
134
991716555.UG.FTS.B,
28.98%,
1/27/25
..
56
58
991719023.UG.FTS.B,
28.98%,
1/27/25
..
433
292
991721854.UG.FTS.B,
28.98%,
1/27/25
..
373
388
991722576.UG.FTS.B,
28.98%,
1/27/25
..
61
63
991725390.UG.FTS.B,
28.98%,
1/27/25
..
61
62
991730761.UG.FTS.B,
28.98%,
1/27/25
..
137
98
991732352.UG.FTS.B,
28.98%,
1/27/25
..
42
43
991732810.UG.FTS.B,
28.98%,
1/27/25
..
44
45
991733750.UG.FTS.B,
28.98%,
1/27/25
..
12
1
991740609.UG.FTS.B,
28.98%,
1/27/25
..
212
32
991746915.UG.FTS.B,
28.98%,
1/27/25
..
344
357
991747891.UG.FTS.B,
28.98%,
1/27/25
..
126
133
991749644.UG.FTS.B,
28.98%,
1/27/25
..
13
13
991751444.UG.FTS.B,
28.98%,
1/27/25
..
21
21
991757043.UG.FTS.B,
28.98%,
1/27/25
..
202
205
991761556.UG.FTS.B,
28.98%,
1/27/25
..
68
70
991771149.UG.FTS.B,
28.98%,
1/27/25
..
11
11
991772210.UG.FTS.B,
28.98%,
1/27/25
..
3,027
3,138
991772279.UG.FTS.B,
28.98%,
1/27/25
..
800
829
991772315.UG.FTS.B,
28.98%,
1/27/25
..
758
786
991776277.UG.FTS.B,
28.98%,
1/27/25
..
23
4
991785235.UG.FTS.B,
28.98%,
1/27/25
..
361
374
991790040.UG.FTS.B,
28.98%,
1/27/25
..
107
107
991792181.UG.FTS.B,
28.98%,
1/27/25
..
2,163
(19)
991792500.UG.FTS.B,
28.98%,
1/27/25
..
189
196
991796141.UG.FTS.B,
28.98%,
1/27/25
..
64
66
991797980.UG.FTS.B,
28.98%,
1/27/25
..
40
7
991811211.UG.FTS.B,
28.98%,
1/27/25
..
217
225
991812993.UG.FTS.B,
28.98%,
1/27/25
..
421
63
991820015.UG.FTS.B,
28.98%,
1/27/25
..
352
365
991822961.UG.FTS.B,
28.98%,
1/27/25
..
285
293
991832201.UG.FTS.B,
28.98%,
1/27/25
..
2,006
2,067
991832387.UG.FTS.B,
28.98%,
1/27/25
..
751
779
991662323.UG.FTS.B,
29.47%,
1/27/25
..
28
28
991593828.UG.FTS.B,
29.49%,
1/27/25
..
262
271
991594192.UG.FTS.B,
29.49%,
1/27/25
..
276
291
991594952.UG.FTS.B,
29.49%,
1/27/25
..
1,068
1,122
991596209.UG.FTS.B,
29.49%,
1/27/25
..
1,010
1,070
991596228.UG.FTS.B,
29.49%,
1/27/25
..
191
202
991596346.UG.FTS.B,
29.49%,
1/27/25
..
37
38
991596886.UG.FTS.B,
29.49%,
1/27/25
..
184
132
991596983.UG.FTS.B,
29.49%,
1/27/25
..
110
116
991597441.UG.FTS.B,
29.49%,
1/27/25
..
372
389
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991597657.UG.FTS.B,
29.49%,
1/27/25
..
$
145
$
(5)
991598580.UG.FTS.B,
29.49%,
1/27/25
..
125
131
991598640.UG.FTS.B,
29.49%,
1/27/25
..
45
4
991598931.UG.FTS.B,
29.49%,
1/27/25
..
190
198
991600353.UG.FTS.B,
29.49%,
1/27/25
..
213
217
991600440.UG.FTS.B,
29.49%,
1/27/25
..
456
479
991600674.UG.FTS.B,
29.49%,
1/27/25
..
92
97
991601393.UG.FTS.B,
29.49%,
1/27/25
..
2,194
(61)
991602782.UG.FTS.B,
29.49%,
1/27/25
..
71
11
991602892.UG.FTS.B,
29.49%,
1/27/25
..
74
56
991603339.UG.FTS.B,
29.49%,
1/27/25
..
138
95
991604512.UG.FTS.B,
29.49%,
1/27/25
..
143
21
991604744.UG.FTS.B,
29.49%,
1/27/25
..
61
63
991604802.UG.FTS.B,
29.49%,
1/27/25
..
62
64
991605074.UG.FTS.B,
29.49%,
1/27/25
..
115
115
991605178.UG.FTS.B,
29.49%,
1/27/25
..
279
293
991605218.UG.FTS.B,
29.49%,
1/27/25
..
21
21
991605251.UG.FTS.B,
29.49%,
1/27/25
..
44
45
991605906.UG.FTS.B,
29.49%,
1/27/25
..
261
262
991606270.UG.FTS.B,
29.49%,
1/27/25
..
709
741
991606487.UG.FTS.B,
29.49%,
1/27/25
..
396
416
991606996.UG.FTS.B,
29.49%,
1/27/25
..
68
6
991607258.UG.FTS.B,
29.49%,
1/27/25
..
348
366
991608429.UG.FTS.B,
29.49%,
1/27/25
..
171
179
991608526.UG.FTS.B,
29.49%,
1/27/25
..
305
321
991609046.UG.FTS.B,
29.49%,
1/27/25
..
256
(9)
991609085.UG.FTS.B,
29.49%,
1/27/25
..
84
12
991609299.UG.FTS.B,
29.49%,
1/27/25
..
1,565
1,646
991609655.UG.FTS.B,
29.49%,
1/27/25
..
232
243
991611049.UG.FTS.B,
29.49%,
1/27/25
..
232
244
991611862.UG.FTS.B,
29.49%,
1/27/25
..
152
160
991613226.UG.FTS.B,
29.49%,
1/27/25
..
283
(9)
991613342.UG.FTS.B,
29.49%,
1/27/25
..
202
–
991613792.UG.FTS.B,
29.49%,
1/27/25
..
–
–
991613806.UG.FTS.B,
29.49%,
1/27/25
..
2,906
3,011
991613940.UG.FTS.B,
29.49%,
1/27/25
..
86
90
991614453.UG.FTS.B,
29.49%,
1/27/25
..
322
326
991614668.UG.FTS.B,
29.49%,
1/27/25
..
92
96
991614714.UG.FTS.B,
29.49%,
1/27/25
..
43
43
991615133.UG.FTS.B,
29.49%,
1/27/25
..
8
8
991615454.UG.FTS.B,
29.49%,
1/27/25
..
261
20
991615614.UG.FTS.B,
29.49%,
1/27/25
..
20
19
991616915.UG.FTS.B,
29.49%,
1/27/25
..
196
204
991617119.UG.FTS.B,
29.49%,
1/27/25
..
797
835
991617295.UG.FTS.B,
29.49%,
1/27/25
..
847
887
991618276.UG.FTS.B,
29.49%,
1/27/25
..
828
569
991619030.UG.FTS.B,
29.49%,
1/27/25
..
151
150
991619817.UG.FTS.B,
29.49%,
1/27/25
..
586
615
991620641.UG.FTS.B,
29.49%,
1/27/25
..
165
116
991621900.UG.FTS.B,
29.49%,
1/27/25
..
291
25
991624512.UG.FTS.B,
29.49%,
1/27/25
..
126
132
991624910.UG.FTS.B,
29.49%,
1/27/25
..
89
93
991626868.UG.FTS.B,
29.49%,
1/27/25
..
110
114
991627621.UG.FTS.B,
29.49%,
1/27/25
..
107
112
991628233.UG.FTS.B,
29.49%,
1/27/25
..
51
52
991628707.UG.FTS.B,
29.49%,
1/27/25
..
196
197
991630944.UG.FTS.B,
29.49%,
1/27/25
..
74
72
991633038.UG.FTS.B,
29.49%,
1/27/25
..
952
986
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991635104.UG.FTS.B,
29.49%,
1/27/25
..
$
121
$
119
991636506.UG.FTS.B,
29.49%,
1/27/25
..
979
1,018
991637168.UG.FTS.B,
29.49%,
1/27/25
..
127
134
991637328.UG.FTS.B,
29.49%,
1/27/25
..
183
191
991639078.UG.FTS.B,
29.49%,
1/27/25
..
–
–
991639949.UG.FTS.B,
29.49%,
1/27/25
..
–
–
991643691.UG.FTS.B,
29.49%,
1/27/25
..
216
220
991643995.UG.FTS.B,
29.49%,
1/27/25
..
353
374
991645667.UG.FTS.B,
29.49%,
1/27/25
..
151
13
991647854.UG.FTS.B,
29.49%,
1/27/25
..
118
124
991648775.UG.FTS.B,
29.49%,
1/27/25
..
2,238
2,344
991648967.UG.FTS.B,
29.49%,
1/27/25
..
115
119
991649572.UG.FTS.B,
29.49%,
1/27/25
..
66
68
991650190.UG.FTS.B,
29.49%,
1/27/25
..
300
308
991653371.UG.FTS.B,
29.49%,
1/27/25
..
238
251
991654331.UG.FTS.B,
29.49%,
1/27/25
..
295
310
991658758.UG.FTS.B,
29.49%,
1/27/25
..
88
65
991659287.UG.FTS.B,
29.49%,
1/27/25
..
237
160
991659586.UG.FTS.B,
29.49%,
1/27/25
..
13
13
991660024.UG.FTS.B,
29.49%,
1/27/25
..
56
58
991668359.UG.FTS.B,
29.49%,
1/27/25
..
374
381
991669942.UG.FTS.B,
29.49%,
1/27/25
..
50
52
991670220.UG.FTS.B,
29.49%,
1/27/25
..
50
51
991670891.UG.FTS.B,
29.49%,
1/27/25
..
21
3
991672322.UG.FTS.B,
29.49%,
1/27/25
..
156
160
991678623.UG.FTS.B,
29.49%,
1/27/25
..
72
75
991680945.UG.FTS.B,
29.49%,
1/27/25
..
264
274
991682834.UG.FTS.B,
29.49%,
1/27/25
..
220
231
991683132.UG.FTS.B,
29.49%,
1/27/25
..
1,023
1,076
991683393.UG.FTS.B,
29.49%,
1/27/25
..
914
606
991688414.UG.FTS.B,
29.49%,
1/27/25
..
11
11
991689965.UG.FTS.B,
29.49%,
1/27/25
..
196
206
991690240.UG.FTS.B,
29.49%,
1/27/25
..
19
19
991691306.UG.FTS.B,
29.49%,
1/27/25
..
170
177
991691664.UG.FTS.B,
29.49%,
1/27/25
..
954
991
991692639.UG.FTS.B,
29.49%,
1/27/25
..
5
5
991695728.UG.FTS.B,
29.49%,
1/27/25
..
546
573
991696481.UG.FTS.B,
29.49%,
1/27/25
..
473
499
991696793.UG.FTS.B,
29.49%,
1/27/25
..
119
119
991698282.UG.FTS.B,
29.49%,
1/27/25
..
46
47
991698507.UG.FTS.B,
29.49%,
1/27/25
..
116
83
991701480.UG.FTS.B,
29.49%,
1/27/25
..
548
577
991702188.UG.FTS.B,
29.49%,
1/27/25
..
118
116
991703342.UG.FTS.B,
29.49%,
1/27/25
..
152
160
991705606.UG.FTS.B,
29.49%,
1/27/25
..
30
30
991705617.UG.FTS.B,
29.49%,
1/27/25
..
215
218
991709075.UG.FTS.B,
29.49%,
1/27/25
..
307
315
991709652.UG.FTS.B,
29.49%,
1/27/25
..
184
192
991710104.UG.FTS.B,
29.49%,
1/27/25
..
56
57
991710576.UG.FTS.B,
29.49%,
1/27/25
..
146
149
991712616.UG.FTS.B,
29.49%,
1/27/25
..
978
136
991715908.UG.FTS.B,
29.49%,
1/27/25
..
454
63
991716296.UG.FTS.B,
29.49%,
1/27/25
..
141
141
991717015.UG.FTS.B,
29.49%,
1/27/25
..
114
119
991717964.UG.FTS.B,
29.49%,
1/27/25
..
77
80
991718575.UG.FTS.B,
29.49%,
1/27/25
..
137
144
991718785.UG.FTS.B,
29.49%,
1/27/25
..
235
247
991720299.UG.FTS.B,
29.49%,
1/27/25
..
686
719
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991726868.UG.FTS.B,
29.49%,
1/27/25
..
$
506
$
521
991728566.UG.FTS.B,
29.49%,
1/27/25
..
194
203
991729561.UG.FTS.B,
29.49%,
1/27/25
..
217
166
991730240.UG.FTS.B,
29.49%,
1/27/25
..
219
227
991731570.UG.FTS.B,
29.49%,
1/27/25
..
72
74
991731887.UG.FTS.B,
29.49%,
1/27/25
..
3
3
991732661.UG.FTS.B,
29.49%,
1/27/25
..
91
96
991737584.UG.FTS.B,
29.49%,
1/27/25
..
96
101
991740591.UG.FTS.B,
29.49%,
1/27/25
..
795
580
991742966.UG.FTS.B,
29.49%,
1/27/25
..
227
227
991743785.UG.FTS.B,
29.49%,
1/27/25
..
136
92
991747094.UG.FTS.B,
29.49%,
1/27/25
..
8
8
991747252.UG.FTS.B,
29.49%,
1/27/25
..
229
237
991749269.UG.FTS.B,
29.49%,
1/27/25
..
288
303
991749414.UG.FTS.B,
29.49%,
1/27/25
..
154
22
991749510.UG.FTS.B,
29.49%,
1/27/25
..
224
233
991750553.UG.FTS.B,
29.49%,
1/27/25
..
63
63
991752239.UG.FTS.B,
29.49%,
1/27/25
..
363
382
991753656.UG.FTS.B,
29.49%,
1/27/25
..
22
22
991754719.UG.FTS.B,
29.49%,
1/27/25
..
192
201
991754815.UG.FTS.B,
29.49%,
1/27/25
..
81
60
991756435.UG.FTS.B,
29.49%,
1/27/25
..
411
433
991759684.UG.FTS.B,
29.49%,
1/27/25
..
1,112
1,153
991770465.UG.FTS.B,
29.49%,
1/27/25
..
95
100
991774020.UG.FTS.B,
29.49%,
1/27/25
..
379
393
991775557.UG.FTS.B,
29.49%,
1/27/25
..
527
(22)
991777410.UG.FTS.B,
29.49%,
1/27/25
..
47
48
991780499.UG.FTS.B,
29.49%,
1/27/25
..
372
386
991781410.UG.FTS.B,
29.49%,
1/27/25
..
98
101
991783368.UG.FTS.B,
29.49%,
1/27/25
..
8
8
991783887.UG.FTS.B,
29.49%,
1/27/25
..
145
149
991784000.UG.FTS.B,
29.49%,
1/27/25
..
174
181
991788344.UG.FTS.B,
29.49%,
1/27/25
..
83
(5)
991792296.UG.FTS.B,
29.49%,
1/27/25
..
756
784
991793218.UG.FTS.B,
29.49%,
1/27/25
..
68
68
991793271.UG.FTS.B,
29.49%,
1/27/25
..
227
235
991793324.UG.FTS.B,
29.49%,
1/27/25
..
147
153
991793360.UG.FTS.B,
29.49%,
1/27/25
..
421
(13)
991798454.UG.FTS.B,
29.49%,
1/27/25
..
31
32
991800672.UG.FTS.B,
29.49%,
1/27/25
..
108
112
991802443.UG.FTS.B,
29.49%,
1/27/25
..
301
313
991803603.UG.FTS.B,
29.49%,
1/27/25
..
619
628
991807085.UG.FTS.B,
29.49%,
1/27/25
..
51
8
991812381.UG.FTS.B,
29.49%,
1/27/25
..
121
124
991814678.UG.FTS.B,
29.49%,
1/27/25
..
105
109
991828600.UG.FTS.B,
29.49%,
1/27/25
..
87
90
991832224.UG.FTS.B,
29.49%,
1/27/25
..
54
55
991833226.UG.FTS.B,
29.49%,
1/27/25
..
2,260
2,343
991836282.UG.FTS.B,
29.49%,
1/27/25
..
3,937
4,031
991638172.UG.FTS.B,
Zero
Cpn,
1/28/25
.
219
15
991748718.UG.FTS.B,
Zero
Cpn,
1/28/25
.
1,733
121
991689747.UG.FTS.B,
14%,
1/28/25
.....
304
308
991603028.UG.FTS.B,
15%,
1/28/25
.....
164
164
991606397.UG.FTS.B,
15.97%,
1/28/25
..
452
463
991800530.UG.FTS.B,
15.97%,
1/28/25
..
547
557
991838313.UG.FTS.B,
15.97%,
1/28/25
..
1,370
1,394
991610101.UG.FTS.B,
16.99%,
1/28/25
..
1,624
1,660
991617374.UG.FTS.B,
16.99%,
1/28/25
..
2,547
2,603
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991799999.UG.FTS.B,
16.99%,
1/28/25
..
$
38
$
38
991854471.UG.FTS.B,
16.99%,
1/28/25
..
6,092
6,200
991613370.UG.FTS.B,
17.99%,
1/28/25
..
257
263
991621866.UG.FTS.B,
17.99%,
1/28/25
..
115
117
991716911.UG.FTS.B,
17.99%,
1/28/25
..
388
394
991720766.UG.FTS.B,
17.99%,
1/28/25
..
726
744
991727531.UG.FTS.B,
17.99%,
1/28/25
..
135
137
991809155.UG.FTS.B,
17.99%,
1/28/25
..
735
748
991843689.UG.FTS.B,
17.99%,
1/28/25
..
5,051
5,138
991692051.UG.FTS.B,
20.46%,
1/28/25
..
386
392
991653436.UG.FTS.B,
20.97%,
1/28/25
..
496
499
991622578.UG.FTS.B,
22.97%,
1/28/25
..
171
169
991733949.UG.FTS.B,
Zero
Cpn,
1/29/25
.
194
–
991811428.UG.FTS.B,
Zero
Cpn,
1/29/25
.
259
–
991614133.UG.FTS.B,
14.98%,
1/29/25
..
578
579
991621915.UG.FTS.B,
14.98%,
1/29/25
..
309
314
991647560.UG.FTS.B,
14.98%,
1/29/25
..
1,260
1,291
991864236.UG.FTS.B,
14.98%,
1/29/25
..
7,119
7,245
991669610.UG.FTS.B,
15.97%,
1/29/25
..
506
40
991716164.UG.FTS.B,
15.97%,
1/29/25
..
378
387
991670873.UG.FTS.B,
16.99%,
1/29/25
..
200
205
991748418.UG.FTS.B,
16.99%,
1/29/25
..
2,349
2,398
991669723.UG.FTS.B,
17.99%,
1/29/25
..
197
201
991688664.UG.FTS.B,
17.99%,
1/29/25
..
420
431
991842042.UG.FTS.B,
17.99%,
1/29/25
..
1,586
1,608
991619308.UG.FTS.B,
18.97%,
1/29/25
..
1,520
1,553
991667776.UG.FTS.B,
18.97%,
1/29/25
..
1,315
1,347
991623640.UG.FTS.B,
19.21%,
1/29/25
..
482
37
991628531.UG.FTS.B,
19.21%,
1/29/25
..
37
37
991667796.UG.FTS.B,
19.21%,
1/29/25
..
280
284
991612495.UG.FTS.B,
19.8%,
1/29/25
...
325
332
991629575.UG.FTS.B,
20.46%,
1/29/25
..
508
518
991612595.UG.FTS.B,
21.98%,
1/29/25
..
1,183
83
991631756.UG.FTS.B,
21.98%,
1/29/25
..
25
25
991666414.UG.FTS.B,
14.98%,
1/30/25
..
1,435
1,470
991681003.UG.FTS.B,
14.98%,
1/30/25
..
652
668
991748200.UG.FTS.B,
14.98%,
1/30/25
..
139
142
991633765.UG.FTS.B,
15%,
1/30/25
.....
1,111
88
991871721.UG.FTS.B,
16.99%,
1/30/25
..
168
171
991624393.UG.FTS.B,
17.99%,
1/30/25
..
324
330
991710060.UG.FTS.B,
17.99%,
1/30/25
..
3
3
991783304.UG.FTS.B,
17.99%,
1/30/25
..
725
742
991788920.UG.FTS.B,
17.99%,
1/30/25
..
284
291
991627597.UG.FTS.B,
18.97%,
1/30/25
..
276
279
991673375.UG.FTS.B,
18.97%,
1/30/25
..
166
1
991651806.UG.FTS.B,
19.8%,
1/30/25
...
148
151
991685892.UG.FTS.B,
20.46%,
1/30/25
..
239
240
991659919.UG.FTS.B,
20.97%,
1/30/25
..
118
120
991706022.UG.FTS.B,
20.97%,
1/30/25
..
109
108
991619303.UG.FTS.B,
21.46%,
1/30/25
..
143
146
991666898.UG.FTS.B,
21.98%,
1/30/25
..
54
54
991620571.UG.FTS.B,
22.97%,
1/30/25
..
337
337
991684639.UG.FTS.B,
14.97%,
1/31/25
..
245
48
991832705.UG.FTS.B,
14.97%,
1/31/25
..
230
45
991685973.UG.FTS.B,
14.98%,
1/31/25
..
1,128
1,142
991718191.UG.FTS.B,
14.98%,
1/31/25
..
372
377
991726744.UG.FTS.B,
14.98%,
1/31/25
..
257
262
991831913.UG.FTS.B,
14.98%,
1/31/25
..
70
71
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991851449.UG.FTS.B,
14.98%,
1/31/25
..
$
53
$
54
991646701.UG.FTS.B,
15%,
1/31/25
.....
612
623
991659852.UG.FTS.B,
15%,
1/31/25
.....
721
732
991692599.UG.FTS.B,
15%,
1/31/25
.....
1,438
1,443
991805365.UG.FTS.B,
15%,
1/31/25
.....
272
274
991853717.UG.FTS.B,
15%,
1/31/25
.....
1,070
1,089
991863517.UG.FTS.B,
15%,
1/31/25
.....
17
17
991638888.UG.FTS.B,
15.97%,
1/31/25
..
105
107
991649795.UG.FTS.B,
15.97%,
1/31/25
..
–
–
991653361.UG.FTS.B,
15.97%,
1/31/25
..
24
24
991666372.UG.FTS.B,
15.97%,
1/31/25
..
7,652
1,715
991746713.UG.FTS.B,
15.97%,
1/31/25
..
180
182
991754483.UG.FTS.B,
15.97%,
1/31/25
..
219
221
991757099.UG.FTS.B,
15.97%,
1/31/25
..
108
111
991809317.UG.FTS.B,
15.97%,
1/31/25
..
1,072
1,080
991815664.UG.FTS.B,
15.97%,
1/31/25
..
477
485
991711633.UG.FTS.B,
15.99%,
1/31/25
..
–
–
991740681.UG.FTS.B,
15.99%,
1/31/25
..
47
47
991638718.UG.FTS.B,
16.99%,
1/31/25
..
253
257
991642283.UG.FTS.B,
16.99%,
1/31/25
..
168
21
991662857.UG.FTS.B,
16.99%,
1/31/25
..
230
230
991704534.UG.FTS.B,
16.99%,
1/31/25
..
921
943
991753549.UG.FTS.B,
16.99%,
1/31/25
..
235
32
991757606.UG.FTS.B,
16.99%,
1/31/25
..
348
356
991762445.UG.FTS.B,
16.99%,
1/31/25
..
41
41
991836242.UG.FTS.B,
16.99%,
1/31/25
..
3,600
3,665
991856848.UG.FTS.B,
16.99%,
1/31/25
..
159
161
991675482.UG.FTS.B,
17.97%,
1/31/25
..
449
458
991636165.UG.FTS.B,
17.99%,
1/31/25
..
505
517
991640620.UG.FTS.B,
17.99%,
1/31/25
..
569
583
991642242.UG.FTS.B,
17.99%,
1/31/25
..
153
157
991646047.UG.FTS.B,
17.99%,
1/31/25
..
1,110
1,137
991659616.UG.FTS.B,
17.99%,
1/31/25
..
69
69
991664214.UG.FTS.B,
17.99%,
1/31/25
..
107
108
991682270.UG.FTS.B,
17.99%,
1/31/25
..
200
201
991696738.UG.FTS.B,
17.99%,
1/31/25
..
111
114
991698361.UG.FTS.B,
17.99%,
1/31/25
..
117
119
991709244.UG.FTS.B,
17.99%,
1/31/25
..
109
112
991712841.UG.FTS.B,
17.99%,
1/31/25
..
465
474
991713828.UG.FTS.B,
17.99%,
1/31/25
..
4,549
4,651
991743801.UG.FTS.B,
17.99%,
1/31/25
..
636
651
991748611.UG.FTS.B,
17.99%,
1/31/25
..
362
371
991754758.UG.FTS.B,
17.99%,
1/31/25
..
1,050
1,077
991759257.UG.FTS.B,
17.99%,
1/31/25
..
124
16
991772768.UG.FTS.B,
17.99%,
1/31/25
..
111
113
991822192.UG.FTS.B,
17.99%,
1/31/25
..
936
951
991635799.UG.FTS.B,
18.97%,
1/31/25
..
846
865
991641148.UG.FTS.B,
18.97%,
1/31/25
..
43
3
991646069.UG.FTS.B,
18.97%,
1/31/25
..
222
227
991702370.UG.FTS.B,
18.97%,
1/31/25
..
154
155
991705454.UG.FTS.B,
18.97%,
1/31/25
..
4
4
991639577.UG.FTS.B,
19.21%,
1/31/25
..
228
233
991642378.UG.FTS.B,
19.21%,
1/31/25
..
17
17
991654842.UG.FTS.B,
19.21%,
1/31/25
..
221
1
991684344.UG.FTS.B,
19.21%,
1/31/25
..
314
321
991696599.UG.FTS.B,
19.21%,
1/31/25
..
176
1
991663410.UG.FTS.B,
19.8%,
1/31/25
...
2,963
2,986
991666877.UG.FTS.B,
19.8%,
1/31/25
...
71
73
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991708296.UG.FTS.B,
19.8%,
1/31/25
...
$
289
$
294
991648537.UG.FTS.B,
20.97%,
1/31/25
..
172
173
991653526.UG.FTS.B,
20.97%,
1/31/25
..
349
357
991661887.UG.FTS.B,
20.97%,
1/31/25
..
194
196
991683502.UG.FTS.B,
20.97%,
1/31/25
..
396
405
991630777.UG.FTS.B,
21.46%,
1/31/25
..
396
392
991656715.UG.FTS.B,
21.46%,
1/31/25
..
2,302
2,320
991693835.UG.FTS.B,
21.46%,
1/31/25
..
688
693
991672382.UG.FTS.B,
21.97%,
1/31/25
..
5,442
5,506
991704918.UG.FTS.B,
21.98%,
1/31/25
..
339
24
991661661.UG.FTS.B,
23.95%,
1/31/25
..
215
220
991799359.UG.FTS.B,
14%,
2/01/25
.....
27
26
991883831.UG.FTS.B,
14%,
2/01/25
.....
144
143
991745640.UG.FTS.B,
14.97%,
2/01/25
..
424
431
991833353.UG.FTS.B,
14.98%,
2/01/25
..
589
389
991836618.UG.FTS.B,
15%,
2/01/25
.....
991
664
991680366.UG.FTS.B,
15.97%,
2/01/25
..
3,350
367
991656115.UG.FTS.B,
15.99%,
2/01/25
..
750
762
991666265.UG.FTS.B,
16.99%,
2/01/25
..
559
566
991722252.UG.FTS.B,
16.99%,
2/01/25
..
597
607
991668427.UG.FTS.B,
17.97%,
2/01/25
..
129
128
991761791.UG.FTS.B,
17.99%,
2/01/25
..
852
60
991657231.UG.FTS.B,
13.97%,
2/02/25
..
4,462
4,535
991655483.UG.FTS.B,
14%,
2/02/25
.....
9,788
6,391
991693291.UG.FTS.B,
14%,
2/02/25
.....
177
180
991724492.UG.FTS.B,
14%,
2/02/25
.....
101
103
991725692.UG.FTS.B,
14%,
2/02/25
.....
250
249
991771266.UG.FTS.B,
14%,
2/02/25
.....
160
163
991834440.UG.FTS.B,
14%,
2/02/25
.....
250
254
991687949.UG.FTS.B,
14.98%,
2/02/25
..
262
267
991658184.UG.FTS.B,
15%,
2/02/25
.....
3,538
3,593
991681442.UG.FTS.B,
15%,
2/02/25
.....
50
49
991670102.UG.FTS.B,
15.97%,
2/02/25
..
450
455
991670480.UG.FTS.B,
15.97%,
2/02/25
..
33
33
991712581.UG.FTS.B,
15.97%,
2/02/25
..
103
7
991760625.UG.FTS.B,
15.97%,
2/02/25
..
294
299
991783832.UG.FTS.B,
15.97%,
2/02/25
..
255
3
991848002.UG.FTS.B,
15.97%,
2/02/25
..
73
74
991655255.UG.FTS.B,
15.99%,
2/02/25
..
5,253
5,335
991849575.UG.FTS.B,
15.99%,
2/02/25
..
66
66
991650925.UG.FTS.B,
16.99%,
2/02/25
..
307
308
991676165.UG.FTS.B,
16.99%,
2/02/25
..
246
250
991679270.UG.FTS.B,
16.99%,
2/02/25
..
287
291
991689542.UG.FTS.B,
16.99%,
2/02/25
..
551
559
991781369.UG.FTS.B,
16.99%,
2/02/25
..
724
736
991803768.UG.FTS.B,
16.99%,
2/02/25
..
327
329
991844255.UG.FTS.B,
16.99%,
2/02/25
..
34
34
991867793.UG.FTS.B,
16.99%,
2/02/25
..
11
11
991868233.UG.FTS.B,
16.99%,
2/02/25
..
2,879
2,910
991871017.UG.FTS.B,
16.99%,
2/02/25
..
1,190
1,202
991667408.UG.FTS.B,
17.97%,
2/02/25
..
152
154
991689544.UG.FTS.B,
17.97%,
2/02/25
..
127
129
991657130.UG.FTS.B,
17.99%,
2/02/25
..
88
–
991671206.UG.FTS.B,
17.99%,
2/02/25
..
787
(1)
991683457.UG.FTS.B,
17.99%,
2/02/25
..
1
1
991731323.UG.FTS.B,
17.99%,
2/02/25
..
311
316
991880297.UG.FTS.B,
17.99%,
2/02/25
..
368
372
991679875.UG.FTS.B,
Zero
Cpn,
2/03/25
.
142
10
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991715244.UG.FTS.B,
Zero
Cpn,
2/03/25
.
$
189
$
13
991763055.UG.FTS.B,
Zero
Cpn,
2/03/25
.
182
13
991769654.UG.FTS.B,
Zero
Cpn,
2/03/25
.
73
5
991878726.UG.FTS.B,
14.98%,
2/03/25
..
481
485
991676136.UG.FTS.B,
16.99%,
2/03/25
..
–
–
991886549.UG.FTS.B,
16.99%,
2/03/25
..
69
70
991907914.UG.FTS.B,
17.99%,
2/03/25
..
149
151
991861030.UG.FTS.B,
19.21%,
2/03/25
..
6
6
991689885.UG.FTS.B,
19.99%,
2/03/25
..
640
665
991714434.UG.FTS.B,
19.99%,
2/03/25
..
382
396
991747696.UG.FTS.B,
19.99%,
2/03/25
..
447
(3)
991826636.UG.FTS.B,
19.99%,
2/03/25
..
687
492
991859515.UG.FTS.B,
19.99%,
2/03/25
..
285
192
991913936.UG.FTS.B,
21.46%,
2/03/25
..
23
22
991914992.UG.FTS.B,
21.97%,
2/03/25
..
55
55
991702146.UG.FTS.B,
21.98%,
2/03/25
..
281
282
991885990.UG.FTS.B,
21.98%,
2/03/25
..
147
29
991705607.UG.FTS.B,
23.95%,
2/03/25
..
31
31
991684537.UG.FTS.B,
27.99%,
2/03/25
..
161
168
991709780.UG.FTS.B,
27.99%,
2/03/25
..
217
149
991744807.UG.FTS.B,
27.99%,
2/03/25
..
194
202
991680701.UG.FTS.B,
28.98%,
2/03/25
..
254
252
991686623.UG.FTS.B,
28.98%,
2/03/25
..
2,628
2,720
991688155.UG.FTS.B,
28.98%,
2/03/25
..
371
385
991694975.UG.FTS.B,
28.98%,
2/03/25
..
1,846
1,298
991699673.UG.FTS.B,
28.98%,
2/03/25
..
199
204
991700745.UG.FTS.B,
28.98%,
2/03/25
..
4,025
4,119
991704352.UG.FTS.B,
28.98%,
2/03/25
..
410
25
991708472.UG.FTS.B,
28.98%,
2/03/25
..
74
77
991712501.UG.FTS.B,
28.98%,
2/03/25
..
152
19
991713626.UG.FTS.B,
28.98%,
2/03/25
..
196
204
991716236.UG.FTS.B,
28.98%,
2/03/25
..
122
127
991716314.UG.FTS.B,
28.98%,
2/03/25
..
149
147
991717783.UG.FTS.B,
28.98%,
2/03/25
..
33
33
991720594.UG.FTS.B,
28.98%,
2/03/25
..
441
454
991726591.UG.FTS.B,
28.98%,
2/03/25
..
205
210
991743871.UG.FTS.B,
28.98%,
2/03/25
..
255
264
991771151.UG.FTS.B,
28.98%,
2/03/25
..
504
517
991777700.UG.FTS.B,
28.98%,
2/03/25
..
829
849
991827774.UG.FTS.B,
28.98%,
2/03/25
..
57
58
991882827.UG.FTS.B,
28.98%,
2/03/25
..
182
186
991910619.UG.FTS.B,
28.98%,
2/03/25
..
443
454
991911258.UG.FTS.B,
28.98%,
2/03/25
..
97
22
991911288.UG.FTS.B,
28.98%,
2/03/25
..
79
19
991915303.UG.FTS.B,
28.98%,
2/03/25
..
19
19
991916599.UG.FTS.B,
28.98%,
2/03/25
..
94
97
991676586.UG.FTS.B,
29.49%,
2/03/25
..
190
43
991678160.UG.FTS.B,
29.49%,
2/03/25
..
35
–
991678637.UG.FTS.B,
29.49%,
2/03/25
..
176
184
991689327.UG.FTS.B,
29.49%,
2/03/25
..
614
640
991703345.UG.FTS.B,
29.49%,
2/03/25
..
400
25
991722488.UG.FTS.B,
29.49%,
2/03/25
..
191
199
991742223.UG.FTS.B,
29.49%,
2/03/25
..
–
–
991747483.UG.FTS.B,
29.49%,
2/03/25
..
372
372
991756506.UG.FTS.B,
29.49%,
2/03/25
..
145
151
991770245.UG.FTS.B,
29.49%,
2/03/25
..
428
447
991795655.UG.FTS.B,
29.49%,
2/03/25
..
25
25
991803788.UG.FTS.B,
29.49%,
2/03/25
..
16
16
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991805657.UG.FTS.B,
29.49%,
2/03/25
..
$
438
$
449
991852488.UG.FTS.B,
29.49%,
2/03/25
..
143
32
991864584.UG.FTS.B,
29.49%,
2/03/25
..
128
129
991883418.UG.FTS.B,
29.49%,
2/03/25
..
146
32
991902227.UG.FTS.B,
29.49%,
2/03/25
..
381
26
991909211.UG.FTS.B,
29.49%,
2/03/25
..
14
13
991909621.UG.FTS.B,
29.49%,
2/03/25
..
–
–
991912447.UG.FTS.B,
29.49%,
2/03/25
..
220
218
991912585.UG.FTS.B,
29.49%,
2/03/25
..
29
29
991916903.UG.FTS.B,
29.49%,
2/03/25
..
210
213
991917239.UG.FTS.B,
29.49%,
2/03/25
..
247
253
991917590.UG.FTS.B,
29.49%,
2/03/25
..
43
38
991685240.UG.FTS.B,
Zero
Cpn,
2/04/25
.
1,477
102
991735164.UG.FTS.B,
Zero
Cpn,
2/04/25
.
1,429
98
991788127.UG.FTS.B,
Zero
Cpn,
2/04/25
.
3,149
219
991800894.UG.FTS.B,
Zero
Cpn,
2/04/25
.
824
58
991901138.UG.FTS.B,
Zero
Cpn,
2/04/25
.
287
20
991694525.UG.FTS.B,
14.98%,
2/04/25
..
800
56
991775705.UG.FTS.B,
14.98%,
2/04/25
..
166
169
991871765.UG.FTS.B,
14.98%,
2/04/25
..
259
264
991692937.UG.FTS.B,
15%,
2/04/25
.....
94
94
991717885.UG.FTS.B,
15.97%,
2/04/25
..
1,111
77
991809306.UG.FTS.B,
15.97%,
2/04/25
..
258
263
991700340.UG.FTS.B,
16.99%,
2/04/25
..
203
204
991741062.UG.FTS.B,
16.99%,
2/04/25
..
279
281
991803848.UG.FTS.B,
16.99%,
2/04/25
..
524
533
991809198.UG.FTS.B,
16.99%,
2/04/25
..
482
490
991816473.UG.FTS.B,
16.99%,
2/04/25
..
992
988
991834171.UG.FTS.B,
16.99%,
2/04/25
..
7,468
7,591
991761530.UG.FTS.B,
17.99%,
2/04/25
..
366
372
991752793.UG.FTS.B,
18.97%,
2/04/25
..
369
367
991729245.UG.FTS.B,
19.8%,
2/04/25
...
122
124
991685630.UG.FTS.B,
19.99%,
2/04/25
..
387
396
991732723.UG.FTS.B,
19.99%,
2/04/25
..
990
70
991744504.UG.FTS.B,
19.99%,
2/04/25
..
133
135
991889300.UG.FTS.B,
19.99%,
2/04/25
..
135
138
991913677.UG.FTS.B,
19.99%,
2/04/25
..
169
173
991919104.UG.FTS.B,
19.99%,
2/04/25
..
362
25
991915319.UG.FTS.B,
20.46%,
2/04/25
..
160
161
991697789.UG.FTS.B,
20.97%,
2/04/25
..
750
761
991925637.UG.FTS.B,
21.46%,
2/04/25
..
33
33
991712275.UG.FTS.B,
22.97%,
2/04/25
..
404
404
991918054.UG.FTS.B,
22.97%,
2/04/25
..
1,521
1,523
991695448.UG.FTS.B,
25.95%,
2/04/25
..
296
191
991724012.UG.FTS.B,
27.99%,
2/04/25
..
202
209
991911625.UG.FTS.B,
27.99%,
2/04/25
..
1,482
99
991689281.UG.FTS.B,
28.98%,
2/04/25
..
–
–
991696574.UG.FTS.B,
28.98%,
2/04/25
..
135
141
991697057.UG.FTS.B,
28.98%,
2/04/25
..
149
148
991700907.UG.FTS.B,
28.98%,
2/04/25
..
192
200
991714817.UG.FTS.B,
28.98%,
2/04/25
..
140
145
991714934.UG.FTS.B,
28.98%,
2/04/25
..
222
221
991736129.UG.FTS.B,
28.98%,
2/04/25
..
93
95
991738402.UG.FTS.B,
28.98%,
2/04/25
..
89
21
991738710.UG.FTS.B,
28.98%,
2/04/25
..
204
212
991765630.UG.FTS.B,
28.98%,
2/04/25
..
58
59
991786787.UG.FTS.B,
28.98%,
2/04/25
..
157
161
991805373.UG.FTS.B,
28.98%,
2/04/25
..
104
106
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991808487.UG.FTS.B,
28.98%,
2/04/25
..
$
12
$
12
991812064.UG.FTS.B,
28.98%,
2/04/25
..
–
–
991824710.UG.FTS.B,
28.98%,
2/04/25
..
673
690
991836806.UG.FTS.B,
28.98%,
2/04/25
..
117
120
991867830.UG.FTS.B,
28.98%,
2/04/25
..
27
27
991876641.UG.FTS.B,
28.98%,
2/04/25
..
39
39
991900572.UG.FTS.B,
28.98%,
2/04/25
..
101
103
991911859.UG.FTS.B,
28.98%,
2/04/25
..
100
102
991922928.UG.FTS.B,
28.98%,
2/04/25
..
186
191
991926669.UG.FTS.B,
28.98%,
2/04/25
..
67
69
991684601.UG.FTS.B,
29.49%,
2/04/25
..
19
19
991686694.UG.FTS.B,
29.49%,
2/04/25
..
189
132
991686783.UG.FTS.B,
29.49%,
2/04/25
..
85
88
991686979.UG.FTS.B,
29.49%,
2/04/25
..
695
490
991687371.UG.FTS.B,
29.49%,
2/04/25
..
124
125
991693725.UG.FTS.B,
29.49%,
2/04/25
..
349
363
991694653.UG.FTS.B,
29.49%,
2/04/25
..
527
547
991700247.UG.FTS.B,
29.49%,
2/04/25
..
214
48
991700295.UG.FTS.B,
29.49%,
2/04/25
..
423
441
991700897.UG.FTS.B,
29.49%,
2/04/25
..
38
38
991707526.UG.FTS.B,
29.49%,
2/04/25
..
409
407
991708261.UG.FTS.B,
29.49%,
2/04/25
..
668
474
991708603.UG.FTS.B,
29.49%,
2/04/25
..
268
279
991709190.UG.FTS.B,
29.49%,
2/04/25
..
80
83
991713833.UG.FTS.B,
29.49%,
2/04/25
..
654
670
991717127.UG.FTS.B,
29.49%,
2/04/25
..
167
174
991717208.UG.FTS.B,
29.49%,
2/04/25
..
230
233
991737055.UG.FTS.B,
29.49%,
2/04/25
..
681
698
991746074.UG.FTS.B,
29.49%,
2/04/25
..
1,171
73
991756930.UG.FTS.B,
29.49%,
2/04/25
..
393
(18)
991758431.UG.FTS.B,
29.49%,
2/04/25
..
108
80
991758842.UG.FTS.B,
29.49%,
2/04/25
..
440
451
991763796.UG.FTS.B,
29.49%,
2/04/25
..
114
114
991767029.UG.FTS.B,
29.49%,
2/04/25
..
59
(3)
991769405.UG.FTS.B,
29.49%,
2/04/25
..
26
27
991774935.UG.FTS.B,
29.49%,
2/04/25
..
1,083
1,128
991786330.UG.FTS.B,
29.49%,
2/04/25
..
997
1,024
991786752.UG.FTS.B,
29.49%,
2/04/25
..
114
15
991807327.UG.FTS.B,
29.49%,
2/04/25
..
200
203
991808732.UG.FTS.B,
29.49%,
2/04/25
..
117
122
991813794.UG.FTS.B,
29.49%,
2/04/25
..
–
–
991839430.UG.FTS.B,
29.49%,
2/04/25
..
194
12
991847043.UG.FTS.B,
29.49%,
2/04/25
..
660
667
991848466.UG.FTS.B,
29.49%,
2/04/25
..
77
80
991849560.UG.FTS.B,
29.49%,
2/04/25
..
87
90
991867247.UG.FTS.B,
29.49%,
2/04/25
..
114
112
991876144.UG.FTS.B,
29.49%,
2/04/25
..
123
86
991878368.UG.FTS.B,
29.49%,
2/04/25
..
183
186
991879607.UG.FTS.B,
29.49%,
2/04/25
..
212
217
991884671.UG.FTS.B,
29.49%,
2/04/25
..
78
(4)
991915193.UG.FTS.B,
29.49%,
2/04/25
..
92
95
991915888.UG.FTS.B,
29.49%,
2/04/25
..
225
230
991916695.UG.FTS.B,
29.49%,
2/04/25
..
98
12
991916727.UG.FTS.B,
29.49%,
2/04/25
..
53
54
991917180.UG.FTS.B,
29.49%,
2/04/25
..
186
191
991918511.UG.FTS.B,
29.49%,
2/04/25
..
1,916
1,957
991919432.UG.FTS.B,
29.49%,
2/04/25
..
18
2
991923655.UG.FTS.B,
29.49%,
2/04/25
..
25
11
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991692513.UG.FTS.B,
Zero
Cpn,
2/05/25
.
$
2,038
$
141
991693898.UG.FTS.B,
Zero
Cpn,
2/05/25
.
58
4
991696026.UG.FTS.B,
Zero
Cpn,
2/05/25
.
19
1
991696534.UG.FTS.B,
Zero
Cpn,
2/05/25
.
287
20
991702659.UG.FTS.B,
Zero
Cpn,
2/05/25
.
609
42
991702693.UG.FTS.B,
Zero
Cpn,
2/05/25
.
150
10
991702826.UG.FTS.B,
Zero
Cpn,
2/05/25
.
149
10
991704721.UG.FTS.B,
Zero
Cpn,
2/05/25
.
89
6
991707576.UG.FTS.B,
Zero
Cpn,
2/05/25
.
109
8
991710420.UG.FTS.B,
Zero
Cpn,
2/05/25
.
522
36
991710514.UG.FTS.B,
Zero
Cpn,
2/05/25
.
55
4
991718026.UG.FTS.B,
Zero
Cpn,
2/05/25
.
638
44
991720302.UG.FTS.B,
Zero
Cpn,
2/05/25
.
1,842
128
991725533.UG.FTS.B,
Zero
Cpn,
2/05/25
.
231
16
991733966.UG.FTS.B,
Zero
Cpn,
2/05/25
.
92
6
991749552.UG.FTS.B,
Zero
Cpn,
2/05/25
.
310
21
991756003.UG.FTS.B,
Zero
Cpn,
2/05/25
.
282
19
991798321.UG.FTS.B,
Zero
Cpn,
2/05/25
.
936
64
991800020.UG.FTS.B,
Zero
Cpn,
2/05/25
.
184
13
991804301.UG.FTS.B,
Zero
Cpn,
2/05/25
.
221
15
991810934.UG.FTS.B,
Zero
Cpn,
2/05/25
.
2,277
157
991815686.UG.FTS.B,
Zero
Cpn,
2/05/25
.
141
10
991827783.UG.FTS.B,
Zero
Cpn,
2/05/25
.
111
8
991837760.UG.FTS.B,
Zero
Cpn,
2/05/25
.
559
39
991857557.UG.FTS.B,
Zero
Cpn,
2/05/25
.
71
5
991865740.UG.FTS.B,
Zero
Cpn,
2/05/25
.
122
8
991872591.UG.FTS.B,
Zero
Cpn,
2/05/25
.
9
1
991917308.UG.FTS.B,
Zero
Cpn,
2/05/25
.
272
19
991925421.UG.FTS.B,
Zero
Cpn,
2/05/25
.
79
5
991720650.UG.FTS.B,
18.97%,
2/05/25
..
1,620
334
991717423.UG.FTS.B,
19.21%,
2/05/25
..
56
7
991788298.UG.FTS.B,
19.21%,
2/05/25
..
211
212
991861184.UG.FTS.B,
19.21%,
2/05/25
..
180
183
991682958.UG.FTS.B,
19.99%,
2/05/25
..
1,107
1,114
991693229.UG.FTS.B,
19.99%,
2/05/25
..
86
20
991693967.UG.FTS.B,
19.99%,
2/05/25
..
217
225
991693994.UG.FTS.B,
19.99%,
2/05/25
..
115
24
991700959.UG.FTS.B,
19.99%,
2/05/25
..
29
12
991709370.UG.FTS.B,
19.99%,
2/05/25
..
67
67
991710161.UG.FTS.B,
19.99%,
2/05/25
..
80
82
991719379.UG.FTS.B,
19.99%,
2/05/25
..
218
221
991725525.UG.FTS.B,
19.99%,
2/05/25
..
282
287
991726938.UG.FTS.B,
19.99%,
2/05/25
..
108
112
991735635.UG.FTS.B,
19.99%,
2/05/25
..
109
113
991739604.UG.FTS.B,
19.99%,
2/05/25
..
1,240
1,289
991754294.UG.FTS.B,
19.99%,
2/05/25
..
767
786
991772904.UG.FTS.B,
19.99%,
2/05/25
..
157
163
991817784.UG.FTS.B,
19.99%,
2/05/25
..
144
148
991831360.UG.FTS.B,
19.99%,
2/05/25
..
726
751
991832671.UG.FTS.B,
19.99%,
2/05/25
..
211
61
991895791.UG.FTS.B,
19.99%,
2/05/25
..
54
55
991915152.UG.FTS.B,
19.99%,
2/05/25
..
291
291
991915773.UG.FTS.B,
19.99%,
2/05/25
..
25
26
991918916.UG.FTS.B,
19.99%,
2/05/25
..
39
39
991930448.UG.FTS.B,
19.99%,
2/05/25
..
6
6
991713079.UG.FTS.B,
20.46%,
2/05/25
..
476
484
991841527.UG.FTS.B,
20.46%,
2/05/25
..
476
474
991707903.UG.FTS.B,
20.97%,
2/05/25
..
119
120
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991715134.UG.FTS.B,
20.97%,
2/05/25
..
$
248
$
251
991715412.UG.FTS.B,
20.97%,
2/05/25
..
255
259
991832676.UG.FTS.B,
20.97%,
2/05/25
..
9,491
9,608
991835755.UG.FTS.B,
20.97%,
2/05/25
..
454
457
991872851.UG.FTS.B,
20.98%,
2/05/25
..
338
39
991798372.UG.FTS.B,
21.46%,
2/05/25
..
475
(10)
991834692.UG.FTS.B,
21.46%,
2/05/25
..
914
924
991840414.UG.FTS.B,
21.46%,
2/05/25
..
372
367
991869250.UG.FTS.B,
21.46%,
2/05/25
..
1,507
1,508
991909294.UG.FTS.B,
21.46%,
2/05/25
..
17
17
991910043.UG.FTS.B,
21.46%,
2/05/25
..
1,367
1,368
991721018.UG.FTS.B,
21.98%,
2/05/25
..
761
(10)
991911356.UG.FTS.B,
21.98%,
2/05/25
..
171
171
991708641.UG.FTS.B,
22.97%,
2/05/25
..
75
74
991713571.UG.FTS.B,
22.97%,
2/05/25
..
810
805
991743501.UG.FTS.B,
22.97%,
2/05/25
..
501
507
991783388.UG.FTS.B,
22.97%,
2/05/25
..
397
83
991794589.UG.FTS.B,
22.97%,
2/05/25
..
141
143
991924883.UG.FTS.B,
23.95%,
2/05/25
..
74
18
991703789.UG.FTS.B,
24.95%,
2/05/25
..
173
171
991707914.UG.FTS.B,
25.95%,
2/05/25
..
51
50
991743591.UG.FTS.B,
25.95%,
2/05/25
..
130
129
991755942.UG.FTS.B,
26.94%,
2/05/25
..
739
734
991737282.UG.FTS.B,
27.95%,
2/05/25
..
116
120
991696029.UG.FTS.B,
27.99%,
2/05/25
..
249
259
991705622.UG.FTS.B,
27.99%,
2/05/25
..
221
230
991706774.UG.FTS.B,
27.99%,
2/05/25
..
8
8
991717022.UG.FTS.B,
27.99%,
2/05/25
..
216
225
991747914.UG.FTS.B,
27.99%,
2/05/25
..
2,534
2,637
991806478.UG.FTS.B,
27.99%,
2/05/25
..
44
13
991936016.UG.FTS.B,
27.99%,
2/05/25
..
1
–
991675164.UG.FTS.B,
28.98%,
2/05/25
..
1,473
184
991677817.UG.FTS.B,
28.98%,
2/05/25
..
1,322
1,343
991680083.UG.FTS.B,
28.98%,
2/05/25
..
53
54
991683489.UG.FTS.B,
28.98%,
2/05/25
..
2,344
526
991695593.UG.FTS.B,
28.98%,
2/05/25
..
16
16
991700269.UG.FTS.B,
28.98%,
2/05/25
..
157
163
991702789.UG.FTS.B,
28.98%,
2/05/25
..
519
518
991704666.UG.FTS.B,
28.98%,
2/05/25
..
368
381
991705698.UG.FTS.B,
28.98%,
2/05/25
..
74
76
991705736.UG.FTS.B,
28.98%,
2/05/25
..
139
30
991706202.UG.FTS.B,
28.98%,
2/05/25
..
350
365
991706300.UG.FTS.B,
28.98%,
2/05/25
..
294
302
991706343.UG.FTS.B,
28.98%,
2/05/25
..
84
85
991706382.UG.FTS.B,
28.98%,
2/05/25
..
149
155
991707064.UG.FTS.B,
28.98%,
2/05/25
..
754
1
991708055.UG.FTS.B,
28.98%,
2/05/25
..
187
195
991708168.UG.FTS.B,
28.98%,
2/05/25
..
290
67
991708239.UG.FTS.B,
28.98%,
2/05/25
..
175
181
991708288.UG.FTS.B,
28.98%,
2/05/25
..
–
–
991708354.UG.FTS.B,
28.98%,
2/05/25
..
133
134
991709411.UG.FTS.B,
28.98%,
2/05/25
..
168
169
991710032.UG.FTS.B,
28.98%,
2/05/25
..
50
50
991710560.UG.FTS.B,
28.98%,
2/05/25
..
554
569
991711890.UG.FTS.B,
28.98%,
2/05/25
..
400
407
991712219.UG.FTS.B,
28.98%,
2/05/25
..
833
570
991712458.UG.FTS.B,
28.98%,
2/05/25
..
104
105
991714493.UG.FTS.B,
28.98%,
2/05/25
..
123
128
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991715735.UG.FTS.B,
28.98%,
2/05/25
..
$
82
$
84
991716179.UG.FTS.B,
28.98%,
2/05/25
..
197
204
991717401.UG.FTS.B,
28.98%,
2/05/25
..
250
(11)
991718944.UG.FTS.B,
28.98%,
2/05/25
..
780
811
991721024.UG.FTS.B,
28.98%,
2/05/25
..
703
731
991724571.UG.FTS.B,
28.98%,
2/05/25
..
174
181
991724730.UG.FTS.B,
28.98%,
2/05/25
..
751
778
991726806.UG.FTS.B,
28.98%,
2/05/25
..
139
98
991728132.UG.FTS.B,
28.98%,
2/05/25
..
752
776
991729522.UG.FTS.B,
28.98%,
2/05/25
..
48
48
991730611.UG.FTS.B,
28.98%,
2/05/25
..
786
818
991732989.UG.FTS.B,
28.98%,
2/05/25
..
318
331
991734130.UG.FTS.B,
28.98%,
2/05/25
..
64
66
991734853.UG.FTS.B,
28.98%,
2/05/25
..
114
118
991735560.UG.FTS.B,
28.98%,
2/05/25
..
103
108
991736771.UG.FTS.B,
28.98%,
2/05/25
..
213
218
991737214.UG.FTS.B,
28.98%,
2/05/25
..
181
189
991739073.UG.FTS.B,
28.98%,
2/05/25
..
222
224
991739154.UG.FTS.B,
28.98%,
2/05/25
..
2,602
2,695
991739980.UG.FTS.B,
28.98%,
2/05/25
..
315
328
991742979.UG.FTS.B,
28.98%,
2/05/25
..
91
95
991743526.UG.FTS.B,
28.98%,
2/05/25
..
105
106
991744726.UG.FTS.B,
28.98%,
2/05/25
..
227
226
991745601.UG.FTS.B,
28.98%,
2/05/25
..
302
313
991746873.UG.FTS.B,
28.98%,
2/05/25
..
175
180
991747299.UG.FTS.B,
28.98%,
2/05/25
..
83
85
991753087.UG.FTS.B,
28.98%,
2/05/25
..
32
32
991755981.UG.FTS.B,
28.98%,
2/05/25
..
253
263
991759228.UG.FTS.B,
28.98%,
2/05/25
..
63
(2)
991759687.UG.FTS.B,
28.98%,
2/05/25
..
270
280
991761917.UG.FTS.B,
28.98%,
2/05/25
..
178
185
991762144.UG.FTS.B,
28.98%,
2/05/25
..
166
169
991762262.UG.FTS.B,
28.98%,
2/05/25
..
135
136
991764086.UG.FTS.B,
28.98%,
2/05/25
..
72
74
991764922.UG.FTS.B,
28.98%,
2/05/25
..
142
147
991769018.UG.FTS.B,
28.98%,
2/05/25
..
297
309
991769429.UG.FTS.B,
28.98%,
2/05/25
..
91
95
991772451.UG.FTS.B,
28.98%,
2/05/25
..
942
976
991776821.UG.FTS.B,
28.98%,
2/05/25
..
103
107
991776933.UG.FTS.B,
28.98%,
2/05/25
..
287
295
991783771.UG.FTS.B,
28.98%,
2/05/25
..
1,012
697
991784786.UG.FTS.B,
28.98%,
2/05/25
..
49
49
991788735.UG.FTS.B,
28.98%,
2/05/25
..
431
95
991789109.UG.FTS.B,
28.98%,
2/05/25
..
282
282
991790367.UG.FTS.B,
28.98%,
2/05/25
..
1,223
1,258
991796763.UG.FTS.B,
28.98%,
2/05/25
..
55
53
991802238.UG.FTS.B,
28.98%,
2/05/25
..
79
78
991805668.UG.FTS.B,
28.98%,
2/05/25
..
112
115
991807068.UG.FTS.B,
28.98%,
2/05/25
..
337
350
991808450.UG.FTS.B,
28.98%,
2/05/25
..
133
138
991811477.UG.FTS.B,
28.98%,
2/05/25
..
784
812
991813874.UG.FTS.B,
28.98%,
2/05/25
..
133
138
991819745.UG.FTS.B,
28.98%,
2/05/25
..
59
60
991819751.UG.FTS.B,
28.98%,
2/05/25
..
648
667
991820191.UG.FTS.B,
28.98%,
2/05/25
..
81
84
991829108.UG.FTS.B,
28.98%,
2/05/25
..
653
676
991833444.UG.FTS.B,
28.98%,
2/05/25
..
274
282
991836188.UG.FTS.B,
28.98%,
2/05/25
..
179
183
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991836325.UG.FTS.B,
28.98%,
2/05/25
..
$
313
$
313
991836344.UG.FTS.B,
28.98%,
2/05/25
..
113
113
991842297.UG.FTS.B,
28.98%,
2/05/25
..
101
105
991842364.UG.FTS.B,
28.98%,
2/05/25
..
1,210
1,248
991844958.UG.FTS.B,
28.98%,
2/05/25
..
889
187
991851738.UG.FTS.B,
28.98%,
2/05/25
..
13
13
991853185.UG.FTS.B,
28.98%,
2/05/25
..
2
2
991853573.UG.FTS.B,
28.98%,
2/05/25
..
823
101
991853603.UG.FTS.B,
28.98%,
2/05/25
..
315
219
991855938.UG.FTS.B,
28.98%,
2/05/25
..
276
287
991857568.UG.FTS.B,
28.98%,
2/05/25
..
427
444
991857619.UG.FTS.B,
28.98%,
2/05/25
..
182
186
991863657.UG.FTS.B,
28.98%,
2/05/25
..
117
121
991868870.UG.FTS.B,
28.98%,
2/05/25
..
33
33
991884917.UG.FTS.B,
28.98%,
2/05/25
..
439
450
991886335.UG.FTS.B,
28.98%,
2/05/25
..
309
317
991889830.UG.FTS.B,
28.98%,
2/05/25
..
347
356
991893126.UG.FTS.B,
28.98%,
2/05/25
..
33
33
991894894.UG.FTS.B,
28.98%,
2/05/25
..
1,400
1,436
991897007.UG.FTS.B,
28.98%,
2/05/25
..
114
117
991900228.UG.FTS.B,
28.98%,
2/05/25
..
41
17
991900834.UG.FTS.B,
28.98%,
2/05/25
..
9
9
991901365.UG.FTS.B,
28.98%,
2/05/25
..
770
788
991903733.UG.FTS.B,
28.98%,
2/05/25
..
28
28
991908584.UG.FTS.B,
28.98%,
2/05/25
..
105
6
991911562.UG.FTS.B,
28.98%,
2/05/25
..
313
318
991914304.UG.FTS.B,
28.98%,
2/05/25
..
124
127
991916809.UG.FTS.B,
28.98%,
2/05/25
..
63
64
991918327.UG.FTS.B,
28.98%,
2/05/25
..
80
(4)
991921265.UG.FTS.B,
28.98%,
2/05/25
..
102
104
991922743.UG.FTS.B,
28.98%,
2/05/25
..
82
84
991937493.UG.FTS.B,
28.98%,
2/05/25
..
694
711
991937565.UG.FTS.B,
28.98%,
2/05/25
..
73
72
991938119.UG.FTS.B,
28.98%,
2/05/25
..
1,395
1,430
991681542.UG.FTS.B,
29.45%,
2/05/25
..
81
72
991857451.UG.FTS.B,
29.45%,
2/05/25
..
26
23
991692669.UG.FTS.B,
29.48%,
2/05/25
..
589
74
991680433.UG.FTS.B,
29.49%,
2/05/25
..
215
218
991693084.UG.FTS.B,
29.49%,
2/05/25
..
99
103
991694063.UG.FTS.B,
29.49%,
2/05/25
..
5
5
991694154.UG.FTS.B,
29.49%,
2/05/25
..
941
937
991694848.UG.FTS.B,
29.49%,
2/05/25
..
1,212
1,240
991695320.UG.FTS.B,
29.49%,
2/05/25
..
97
71
991695684.UG.FTS.B,
29.49%,
2/05/25
..
256
259
991696008.UG.FTS.B,
29.49%,
2/05/25
..
17
17
991696109.UG.FTS.B,
29.49%,
2/05/25
..
52
7
991697402.UG.FTS.B,
29.49%,
2/05/25
..
218
227
991700073.UG.FTS.B,
29.49%,
2/05/25
..
216
48
991700153.UG.FTS.B,
29.49%,
2/05/25
..
330
337
991700408.UG.FTS.B,
29.49%,
2/05/25
..
7
6
991700758.UG.FTS.B,
29.49%,
2/05/25
..
379
388
991701975.UG.FTS.B,
29.49%,
2/05/25
..
115
113
991702103.UG.FTS.B,
29.49%,
2/05/25
..
206
214
991702149.UG.FTS.B,
29.49%,
2/05/25
..
288
297
991703134.UG.FTS.B,
29.49%,
2/05/25
..
2
2
991703611.UG.FTS.B,
29.49%,
2/05/25
..
95
97
991704269.UG.FTS.B,
29.49%,
2/05/25
..
123
17
991704974.UG.FTS.B,
29.49%,
2/05/25
..
148
148
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991705010.UG.FTS.B,
29.49%,
2/05/25
..
$
1,294
$
(94)
991705084.UG.FTS.B,
29.49%,
2/05/25
..
81
11
991705304.UG.FTS.B,
29.49%,
2/05/25
..
242
237
991706770.UG.FTS.B,
29.49%,
2/05/25
..
5
5
991708918.UG.FTS.B,
29.49%,
2/05/25
..
514
516
991709219.UG.FTS.B,
29.49%,
2/05/25
..
77
79
991709454.UG.FTS.B,
29.49%,
2/05/25
..
193
198
991710089.UG.FTS.B,
29.49%,
2/05/25
..
227
231
991710338.UG.FTS.B,
29.49%,
2/05/25
..
55
54
991710782.UG.FTS.B,
29.49%,
2/05/25
..
1,011
1,048
991711354.UG.FTS.B,
29.49%,
2/05/25
..
22
9
991711446.UG.FTS.B,
29.49%,
2/05/25
..
46
47
991713293.UG.FTS.B,
29.49%,
2/05/25
..
127
132
991713639.UG.FTS.B,
29.49%,
2/05/25
..
226
230
991713769.UG.FTS.B,
29.49%,
2/05/25
..
17
17
991714180.UG.FTS.B,
29.49%,
2/05/25
..
288
299
991714380.UG.FTS.B,
29.49%,
2/05/25
..
1,187
1,216
991714508.UG.FTS.B,
29.49%,
2/05/25
..
20
20
991714617.UG.FTS.B,
29.49%,
2/05/25
..
112
31
991715331.UG.FTS.B,
29.49%,
2/05/25
..
230
163
991715444.UG.FTS.B,
29.49%,
2/05/25
..
943
957
991715800.UG.FTS.B,
29.49%,
2/05/25
..
40
40
991716657.UG.FTS.B,
29.49%,
2/05/25
..
41
42
991717220.UG.FTS.B,
29.49%,
2/05/25
..
11
11
991718850.UG.FTS.B,
29.49%,
2/05/25
..
687
690
991719235.UG.FTS.B,
29.49%,
2/05/25
..
284
275
991719551.UG.FTS.B,
29.49%,
2/05/25
..
236
246
991722607.UG.FTS.B,
29.49%,
2/05/25
..
33
34
991722812.UG.FTS.B,
29.49%,
2/05/25
..
229
239
991723913.UG.FTS.B,
29.49%,
2/05/25
..
63
65
991723921.UG.FTS.B,
29.49%,
2/05/25
..
115
(4)
991725800.UG.FTS.B,
29.49%,
2/05/25
..
247
255
991727032.UG.FTS.B,
29.49%,
2/05/25
..
153
160
991727200.UG.FTS.B,
29.49%,
2/05/25
..
88
87
991727290.UG.FTS.B,
29.49%,
2/05/25
..
21
21
991728298.UG.FTS.B,
29.49%,
2/05/25
..
95
99
991728509.UG.FTS.B,
29.49%,
2/05/25
..
74
77
991731697.UG.FTS.B,
29.49%,
2/05/25
..
222
228
991732282.UG.FTS.B,
29.49%,
2/05/25
..
137
143
991732719.UG.FTS.B,
29.49%,
2/05/25
..
241
249
991733824.UG.FTS.B,
29.49%,
2/05/25
..
1,552
1,616
991734685.UG.FTS.B,
29.49%,
2/05/25
..
70
69
991737308.UG.FTS.B,
29.49%,
2/05/25
..
412
423
991738913.UG.FTS.B,
29.49%,
2/05/25
..
38
6
991741465.UG.FTS.B,
29.49%,
2/05/25
..
109
109
991741813.UG.FTS.B,
29.49%,
2/05/25
..
101
7
991741984.UG.FTS.B,
29.49%,
2/05/25
..
287
298
991743811.UG.FTS.B,
29.49%,
2/05/25
..
103
(7)
991744524.UG.FTS.B,
29.49%,
2/05/25
..
193
43
991745068.UG.FTS.B,
29.49%,
2/05/25
..
5,548
5,748
991745294.UG.FTS.B,
29.49%,
2/05/25
..
137
143
991745434.UG.FTS.B,
29.49%,
2/05/25
..
48
48
991745495.UG.FTS.B,
29.49%,
2/05/25
..
68
70
991745604.UG.FTS.B,
29.49%,
2/05/25
..
68
67
991746165.UG.FTS.B,
29.49%,
2/05/25
..
231
241
991747447.UG.FTS.B,
29.49%,
2/05/25
..
607
632
991747772.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991748176.UG.FTS.B,
29.49%,
2/05/25
..
104
106
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991748448.UG.FTS.B,
29.49%,
2/05/25
..
$
1,121
$
1,151
991750763.UG.FTS.B,
29.49%,
2/05/25
..
102
102
991751122.UG.FTS.B,
29.49%,
2/05/25
..
290
301
991751856.UG.FTS.B,
29.49%,
2/05/25
..
50
51
991752282.UG.FTS.B,
29.49%,
2/05/25
..
302
212
991752383.UG.FTS.B,
29.49%,
2/05/25
..
156
163
991753004.UG.FTS.B,
29.49%,
2/05/25
..
285
192
991753604.UG.FTS.B,
29.49%,
2/05/25
..
264
275
991754108.UG.FTS.B,
29.49%,
2/05/25
..
134
140
991755735.UG.FTS.B,
29.49%,
2/05/25
..
567
561
991756132.UG.FTS.B,
29.49%,
2/05/25
..
148
154
991756904.UG.FTS.B,
29.49%,
2/05/25
..
40
40
991757074.UG.FTS.B,
29.49%,
2/05/25
..
119
122
991757533.UG.FTS.B,
29.49%,
2/05/25
..
130
134
991761533.UG.FTS.B,
29.49%,
2/05/25
..
382
384
991767013.UG.FTS.B,
29.49%,
2/05/25
..
142
148
991768291.UG.FTS.B,
29.49%,
2/05/25
..
110
115
991769834.UG.FTS.B,
29.49%,
2/05/25
..
139
138
991770008.UG.FTS.B,
29.49%,
2/05/25
..
113
112
991770185.UG.FTS.B,
29.49%,
2/05/25
..
122
125
991770513.UG.FTS.B,
29.49%,
2/05/25
..
94
98
991770583.UG.FTS.B,
29.49%,
2/05/25
..
528
543
991775351.UG.FTS.B,
29.49%,
2/05/25
..
841
50
991777615.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991779678.UG.FTS.B,
29.49%,
2/05/25
..
147
154
991781231.UG.FTS.B,
29.49%,
2/05/25
..
24
24
991781254.UG.FTS.B,
29.49%,
2/05/25
..
71
10
991781338.UG.FTS.B,
29.49%,
2/05/25
..
913
952
991781343.UG.FTS.B,
29.49%,
2/05/25
..
36
36
991783476.UG.FTS.B,
29.49%,
2/05/25
..
1,273
167
991783713.UG.FTS.B,
29.49%,
2/05/25
..
394
408
991786645.UG.FTS.B,
29.49%,
2/05/25
..
897
930
991788833.UG.FTS.B,
29.49%,
2/05/25
..
367
382
991790182.UG.FTS.B,
29.49%,
2/05/25
..
115
119
991792046.UG.FTS.B,
29.49%,
2/05/25
..
76
78
991792427.UG.FTS.B,
29.49%,
2/05/25
..
236
244
991794941.UG.FTS.B,
29.49%,
2/05/25
..
15
8
991795791.UG.FTS.B,
29.49%,
2/05/25
..
59
8
991796894.UG.FTS.B,
29.49%,
2/05/25
..
662
689
991805106.UG.FTS.B,
29.49%,
2/05/25
..
411
50
991811197.UG.FTS.B,
29.49%,
2/05/25
..
266
275
991811424.UG.FTS.B,
29.49%,
2/05/25
..
709
500
991812577.UG.FTS.B,
29.49%,
2/05/25
..
140
18
991812942.UG.FTS.B,
29.49%,
2/05/25
..
41
42
991814320.UG.FTS.B,
29.49%,
2/05/25
..
401
411
991814652.UG.FTS.B,
29.49%,
2/05/25
..
91
66
991814933.UG.FTS.B,
29.49%,
2/05/25
..
176
131
991815312.UG.FTS.B,
29.49%,
2/05/25
..
266
275
991816202.UG.FTS.B,
29.49%,
2/05/25
..
12
12
991819334.UG.FTS.B,
29.49%,
2/05/25
..
462
470
991819739.UG.FTS.B,
29.49%,
2/05/25
..
960
995
991819909.UG.FTS.B,
29.49%,
2/05/25
..
46
46
991820737.UG.FTS.B,
29.49%,
2/05/25
..
201
206
991820976.UG.FTS.B,
29.49%,
2/05/25
..
453
473
991822456.UG.FTS.B,
29.49%,
2/05/25
..
105
23
991823481.UG.FTS.B,
29.49%,
2/05/25
..
165
116
991831731.UG.FTS.B,
29.49%,
2/05/25
..
172
176
991834388.UG.FTS.B,
29.49%,
2/05/25
..
242
31
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991834538.UG.FTS.B,
29.49%,
2/05/25
..
$
268
$
20
991839936.UG.FTS.B,
29.49%,
2/05/25
..
213
211
991841623.UG.FTS.B,
29.49%,
2/05/25
..
755
782
991842723.UG.FTS.B,
29.49%,
2/05/25
..
146
151
991844850.UG.FTS.B,
29.49%,
2/05/25
..
117
121
991847860.UG.FTS.B,
29.49%,
2/05/25
..
161
166
991850751.UG.FTS.B,
29.49%,
2/05/25
..
223
232
991853314.UG.FTS.B,
29.49%,
2/05/25
..
133
136
991857355.UG.FTS.B,
29.49%,
2/05/25
..
110
114
991857915.UG.FTS.B,
29.49%,
2/05/25
..
420
434
991860099.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991862214.UG.FTS.B,
29.49%,
2/05/25
..
46
46
991871757.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991872236.UG.FTS.B,
29.49%,
2/05/25
..
228
224
991872516.UG.FTS.B,
29.49%,
2/05/25
..
17
17
991875302.UG.FTS.B,
29.49%,
2/05/25
..
115
118
991883714.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991884966.UG.FTS.B,
29.49%,
2/05/25
..
240
244
991887195.UG.FTS.B,
29.49%,
2/05/25
..
94
12
991891596.UG.FTS.B,
29.49%,
2/05/25
..
40
40
991896775.UG.FTS.B,
29.49%,
2/05/25
..
104
107
991898315.UG.FTS.B,
29.49%,
2/05/25
..
260
(13)
991900261.UG.FTS.B,
29.49%,
2/05/25
..
175
179
991902380.UG.FTS.B,
29.49%,
2/05/25
..
28
28
991902591.UG.FTS.B,
29.49%,
2/05/25
..
299
305
991908115.UG.FTS.B,
29.49%,
2/05/25
..
68
70
991908155.UG.FTS.B,
29.49%,
2/05/25
..
272
195
991908665.UG.FTS.B,
29.49%,
2/05/25
..
272
279
991917746.UG.FTS.B,
29.49%,
2/05/25
..
135
101
991919187.UG.FTS.B,
29.49%,
2/05/25
..
206
210
991920123.UG.FTS.B,
29.49%,
2/05/25
..
22
22
991921228.UG.FTS.B,
29.49%,
2/05/25
..
68
70
991925238.UG.FTS.B,
29.49%,
2/05/25
..
–
–
991934337.UG.FTS.B,
29.49%,
2/05/25
..
54
55
991937053.UG.FTS.B,
29.49%,
2/05/25
..
369
377
991938113.UG.FTS.B,
29.49%,
2/05/25
..
376
385
991699172.UG.FTS.B,
Zero
Cpn,
2/06/25
.
675
47
991702911.UG.FTS.B,
Zero
Cpn,
2/06/25
.
438
30
991707890.UG.FTS.B,
Zero
Cpn,
2/06/25
.
98
7
991710953.UG.FTS.B,
Zero
Cpn,
2/06/25
.
170
12
991711919.UG.FTS.B,
Zero
Cpn,
2/06/25
.
190
13
991713234.UG.FTS.B,
Zero
Cpn,
2/06/25
.
32
2
991716208.UG.FTS.B,
Zero
Cpn,
2/06/25
.
341
24
991719310.UG.FTS.B,
Zero
Cpn,
2/06/25
.
522
36
991720196.UG.FTS.B,
Zero
Cpn,
2/06/25
.
138
10
991721799.UG.FTS.B,
Zero
Cpn,
2/06/25
.
1,258
88
991721909.UG.FTS.B,
Zero
Cpn,
2/06/25
.
95
6
991724397.UG.FTS.B,
Zero
Cpn,
2/06/25
.
130
9
991724717.UG.FTS.B,
Zero
Cpn,
2/06/25
.
213
15
991739099.UG.FTS.B,
Zero
Cpn,
2/06/25
.
89
6
991746825.UG.FTS.B,
Zero
Cpn,
2/06/25
.
117
8
991750900.UG.FTS.B,
Zero
Cpn,
2/06/25
.
49
3
991765175.UG.FTS.B,
Zero
Cpn,
2/06/25
.
191
13
991805892.UG.FTS.B,
Zero
Cpn,
2/06/25
.
281
19
991811061.UG.FTS.B,
Zero
Cpn,
2/06/25
.
1,365
94
991822957.UG.FTS.B,
Zero
Cpn,
2/06/25
.
574
41
991848970.UG.FTS.B,
Zero
Cpn,
2/06/25
.
228
16
991874981.UG.FTS.B,
Zero
Cpn,
2/06/25
.
341
24
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991899452.UG.FTS.B,
Zero
Cpn,
2/06/25
.
$
104
$
7
991907617.UG.FTS.B,
Zero
Cpn,
2/06/25
.
72
5
991907835.UG.FTS.B,
Zero
Cpn,
2/06/25
.
393
27
991908329.UG.FTS.B,
Zero
Cpn,
2/06/25
.
292
20
991914850.UG.FTS.B,
Zero
Cpn,
2/06/25
.
235
16
991945741.UG.FTS.B,
15.97%,
2/06/25
..
434
439
991941061.UG.FTS.B,
17.99%,
2/06/25
..
372
376
991700171.UG.FTS.B,
18.97%,
2/06/25
..
545
554
991705387.UG.FTS.B,
18.97%,
2/06/25
..
3,610
72
991710536.UG.FTS.B,
18.97%,
2/06/25
..
671
683
991810503.UG.FTS.B,
18.97%,
2/06/25
..
1,275
245
991873192.UG.FTS.B,
18.97%,
2/06/25
..
121
123
991699734.UG.FTS.B,
19.21%,
2/06/25
..
270
274
991716319.UG.FTS.B,
19.21%,
2/06/25
..
519
528
991786750.UG.FTS.B,
19.21%,
2/06/25
..
198
201
991883800.UG.FTS.B,
19.21%,
2/06/25
..
1,086
1,096
991701533.UG.FTS.B,
19.8%,
2/06/25
...
303
307
991710752.UG.FTS.B,
19.8%,
2/06/25
...
411
418
991723663.UG.FTS.B,
19.8%,
2/06/25
...
965
64
991724990.UG.FTS.B,
19.8%,
2/06/25
...
137
137
991725148.UG.FTS.B,
19.8%,
2/06/25
...
71
71
991689655.UG.FTS.B,
19.99%,
2/06/25
..
242
241
991698898.UG.FTS.B,
19.99%,
2/06/25
..
1,411
1,416
991701760.UG.FTS.B,
19.99%,
2/06/25
..
61
63
991711306.UG.FTS.B,
19.99%,
2/06/25
..
86
89
991725114.UG.FTS.B,
19.99%,
2/06/25
..
424
13
991725688.UG.FTS.B,
19.99%,
2/06/25
..
39
39
991748014.UG.FTS.B,
19.99%,
2/06/25
..
43
43
991752021.UG.FTS.B,
19.99%,
2/06/25
..
328
341
991755348.UG.FTS.B,
19.99%,
2/06/25
..
113
118
991767533.UG.FTS.B,
19.99%,
2/06/25
..
89
93
991802156.UG.FTS.B,
19.99%,
2/06/25
..
760
787
991853035.UG.FTS.B,
19.99%,
2/06/25
..
377
100
991919722.UG.FTS.B,
19.99%,
2/06/25
..
35
35
991714002.UG.FTS.B,
20.46%,
2/06/25
..
791
803
991721249.UG.FTS.B,
20.46%,
2/06/25
..
209
14
991754233.UG.FTS.B,
20.46%,
2/06/25
..
187
189
991801256.UG.FTS.B,
20.46%,
2/06/25
..
455
462
991829259.UG.FTS.B,
20.46%,
2/06/25
..
196
199
991863415.UG.FTS.B,
20.46%,
2/06/25
..
832
845
991718934.UG.FTS.B,
20.97%,
2/06/25
..
209
209
991699332.UG.FTS.B,
21.46%,
2/06/25
..
1,016
1,028
991714495.UG.FTS.B,
21.46%,
2/06/25
..
119
24
991751167.UG.FTS.B,
21.46%,
2/06/25
..
23
23
991860678.UG.FTS.B,
21.46%,
2/06/25
..
16
15
991907895.UG.FTS.B,
21.97%,
2/06/25
..
5,432
5,433
991726288.UG.FTS.B,
21.98%,
2/06/25
..
196
199
991741410.UG.FTS.B,
21.98%,
2/06/25
..
309
311
991792953.UG.FTS.B,
21.98%,
2/06/25
..
3,830
3,870
991807809.UG.FTS.B,
21.98%,
2/06/25
..
2,568
2,541
991845918.UG.FTS.B,
21.98%,
2/06/25
..
333
332
991869067.UG.FTS.B,
21.98%,
2/06/25
..
776
786
991922957.UG.FTS.B,
21.98%,
2/06/25
..
214
208
991713412.UG.FTS.B,
22.97%,
2/06/25
..
46
15
991730286.UG.FTS.B,
22.97%,
2/06/25
..
3,851
3,889
991768595.UG.FTS.B,
22.97%,
2/06/25
..
69
69
991871370.UG.FTS.B,
22.97%,
2/06/25
..
6,300
6,360
991927310.UG.FTS.B,
22.97%,
2/06/25
..
62
49
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991740335.UG.FTS.B,
23.95%,
2/06/25
..
$
1,032
$
220
991769602.UG.FTS.B,
23.95%,
2/06/25
..
1,100
1,110
991773651.UG.FTS.B,
23.95%,
2/06/25
..
648
(16)
991793223.UG.FTS.B,
23.95%,
2/06/25
..
617
621
991916415.UG.FTS.B,
23.95%,
2/06/25
..
32
28
991936216.UG.FTS.B,
23.95%,
2/06/25
..
48
48
991892879.UG.FTS.B,
25.94%,
2/06/25
..
41
41
991733615.UG.FTS.B,
27.95%,
2/06/25
..
1,137
1,163
991690190.UG.FTS.B,
27.99%,
2/06/25
..
2,640
(110)
991759445.UG.FTS.B,
27.99%,
2/06/25
..
259
270
991851167.UG.FTS.B,
27.99%,
2/06/25
..
67
69
991691439.UG.FTS.B,
28.98%,
2/06/25
..
966
979
991691947.UG.FTS.B,
28.98%,
2/06/25
..
1,798
1,847
991699864.UG.FTS.B,
28.98%,
2/06/25
..
2,027
2,109
991700105.UG.FTS.B,
28.98%,
2/06/25
..
109
113
991700313.UG.FTS.B,
28.98%,
2/06/25
..
109
112
991701200.UG.FTS.B,
28.98%,
2/06/25
..
101
105
991701698.UG.FTS.B,
28.98%,
2/06/25
..
181
184
991702178.UG.FTS.B,
28.98%,
2/06/25
..
106
111
991703127.UG.FTS.B,
28.98%,
2/06/25
..
599
413
991703634.UG.FTS.B,
28.98%,
2/06/25
..
270
278
991704099.UG.FTS.B,
28.98%,
2/06/25
..
280
(13)
991706049.UG.FTS.B,
28.98%,
2/06/25
..
150
151
991706891.UG.FTS.B,
28.98%,
2/06/25
..
91
94
991707488.UG.FTS.B,
28.98%,
2/06/25
..
215
213
991707490.UG.FTS.B,
28.98%,
2/06/25
..
113
114
991708571.UG.FTS.B,
28.98%,
2/06/25
..
253
263
991709000.UG.FTS.B,
28.98%,
2/06/25
..
134
135
991709010.UG.FTS.B,
28.98%,
2/06/25
..
526
546
991709238.UG.FTS.B,
28.98%,
2/06/25
..
175
183
991710098.UG.FTS.B,
28.98%,
2/06/25
..
122
125
991710180.UG.FTS.B,
28.98%,
2/06/25
..
19
19
991711651.UG.FTS.B,
28.98%,
2/06/25
..
129
135
991711745.UG.FTS.B,
28.98%,
2/06/25
..
166
173
991712375.UG.FTS.B,
28.98%,
2/06/25
..
242
246
991712875.UG.FTS.B,
28.98%,
2/06/25
..
82
84
991713622.UG.FTS.B,
28.98%,
2/06/25
..
285
1
991715031.UG.FTS.B,
28.98%,
2/06/25
..
47
14
991716099.UG.FTS.B,
28.98%,
2/06/25
..
–
–
991716198.UG.FTS.B,
28.98%,
2/06/25
..
29
29
991716238.UG.FTS.B,
28.98%,
2/06/25
..
211
142
991717052.UG.FTS.B,
28.98%,
2/06/25
..
482
500
991718507.UG.FTS.B,
28.98%,
2/06/25
..
233
241
991718999.UG.FTS.B,
28.98%,
2/06/25
..
203
63
991720359.UG.FTS.B,
28.98%,
2/06/25
..
118
15
991724096.UG.FTS.B,
28.98%,
2/06/25
..
187
195
991725784.UG.FTS.B,
28.98%,
2/06/25
..
166
173
991725860.UG.FTS.B,
28.98%,
2/06/25
..
89
92
991726688.UG.FTS.B,
28.98%,
2/06/25
..
98
102
991728916.UG.FTS.B,
28.98%,
2/06/25
..
161
162
991729192.UG.FTS.B,
28.98%,
2/06/25
..
654
680
991729721.UG.FTS.B,
28.98%,
2/06/25
..
384
394
991731064.UG.FTS.B,
28.98%,
2/06/25
..
51
51
991731987.UG.FTS.B,
28.98%,
2/06/25
..
314
318
991732224.UG.FTS.B,
28.98%,
2/06/25
..
258
256
991733686.UG.FTS.B,
28.98%,
2/06/25
..
186
191
991734751.UG.FTS.B,
28.98%,
2/06/25
..
988
1,011
991734815.UG.FTS.B,
28.98%,
2/06/25
..
232
242
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991735985.UG.FTS.B,
28.98%,
2/06/25
..
$
1,793
$
1,865
991736387.UG.FTS.B,
28.98%,
2/06/25
..
84
84
991737546.UG.FTS.B,
28.98%,
2/06/25
..
456
470
991739880.UG.FTS.B,
28.98%,
2/06/25
..
159
165
991743323.UG.FTS.B,
28.98%,
2/06/25
..
136
141
991743445.UG.FTS.B,
28.98%,
2/06/25
..
246
(1)
991746697.UG.FTS.B,
28.98%,
2/06/25
..
1,074
1,113
991748713.UG.FTS.B,
28.98%,
2/06/25
..
1,097
1,104
991749171.UG.FTS.B,
28.98%,
2/06/25
..
1,239
1,275
991750190.UG.FTS.B,
28.98%,
2/06/25
..
343
340
991751750.UG.FTS.B,
28.98%,
2/06/25
..
216
219
991752424.UG.FTS.B,
28.98%,
2/06/25
..
131
136
991753935.UG.FTS.B,
28.98%,
2/06/25
..
569
586
991755479.UG.FTS.B,
28.98%,
2/06/25
..
329
342
991756671.UG.FTS.B,
28.98%,
2/06/25
..
1,476
997
991756884.UG.FTS.B,
28.98%,
2/06/25
..
277
288
991757545.UG.FTS.B,
28.98%,
2/06/25
..
195
41
991758045.UG.FTS.B,
28.98%,
2/06/25
..
654
680
991762162.UG.FTS.B,
28.98%,
2/06/25
..
256
265
991765700.UG.FTS.B,
28.98%,
2/06/25
..
143
3
991766105.UG.FTS.B,
28.98%,
2/06/25
..
440
457
991766305.UG.FTS.B,
28.98%,
2/06/25
..
427
444
991766721.UG.FTS.B,
28.98%,
2/06/25
..
1,044
1,081
991770800.UG.FTS.B,
28.98%,
2/06/25
..
126
132
991773209.UG.FTS.B,
28.98%,
2/06/25
..
234
244
991773450.UG.FTS.B,
28.98%,
2/06/25
..
423
424
991776146.UG.FTS.B,
28.98%,
2/06/25
..
215
224
991777528.UG.FTS.B,
28.98%,
2/06/25
..
1,082
1,120
991779405.UG.FTS.B,
28.98%,
2/06/25
..
121
8
991787293.UG.FTS.B,
28.98%,
2/06/25
..
125
128
991790950.UG.FTS.B,
28.98%,
2/06/25
..
853
871
991794977.UG.FTS.B,
28.98%,
2/06/25
..
88
91
991795976.UG.FTS.B,
28.98%,
2/06/25
..
114
(13)
991813823.UG.FTS.B,
28.98%,
2/06/25
..
160
166
991815125.UG.FTS.B,
28.98%,
2/06/25
..
489
486
991815323.UG.FTS.B,
28.98%,
2/06/25
..
97
101
991817047.UG.FTS.B,
28.98%,
2/06/25
..
720
749
991817713.UG.FTS.B,
28.98%,
2/06/25
..
759
784
991820156.UG.FTS.B,
28.98%,
2/06/25
..
802
834
991823294.UG.FTS.B,
28.98%,
2/06/25
..
265
272
991823324.UG.FTS.B,
28.98%,
2/06/25
..
1,425
1,446
991826493.UG.FTS.B,
28.98%,
2/06/25
..
103
106
991826871.UG.FTS.B,
28.98%,
2/06/25
..
13
12
991832318.UG.FTS.B,
28.98%,
2/06/25
..
105
109
991832752.UG.FTS.B,
28.98%,
2/06/25
..
587
608
991834196.UG.FTS.B,
28.98%,
2/06/25
..
159
164
991836050.UG.FTS.B,
28.98%,
2/06/25
..
235
244
991836125.UG.FTS.B,
28.98%,
2/06/25
..
747
773
991837625.UG.FTS.B,
28.98%,
2/06/25
..
143
143
991842664.UG.FTS.B,
28.98%,
2/06/25
..
153
159
991850883.UG.FTS.B,
28.98%,
2/06/25
..
411
51
991851940.UG.FTS.B,
28.98%,
2/06/25
..
8
8
991852569.UG.FTS.B,
28.98%,
2/06/25
..
72
74
991854897.UG.FTS.B,
28.98%,
2/06/25
..
628
47
991855239.UG.FTS.B,
28.98%,
2/06/25
..
634
475
991861556.UG.FTS.B,
28.98%,
2/06/25
..
166
171
991862866.UG.FTS.B,
28.98%,
2/06/25
..
3,095
3,174
991863321.UG.FTS.B,
28.98%,
2/06/25
..
234
244
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991867036.UG.FTS.B,
28.98%,
2/06/25
..
$
45
$
46
991868227.UG.FTS.B,
28.98%,
2/06/25
..
671
698
991868577.UG.FTS.B,
28.98%,
2/06/25
..
217
226
991871855.UG.FTS.B,
28.98%,
2/06/25
..
108
112
991878519.UG.FTS.B,
28.98%,
2/06/25
..
58
59
991896380.UG.FTS.B,
28.98%,
2/06/25
..
5,830
5,921
991908332.UG.FTS.B,
28.98%,
2/06/25
..
29
29
991912584.UG.FTS.B,
28.98%,
2/06/25
..
387
397
991917174.UG.FTS.B,
28.98%,
2/06/25
..
194
199
991917185.UG.FTS.B,
28.98%,
2/06/25
..
179
182
991919417.UG.FTS.B,
28.98%,
2/06/25
..
123
124
991926157.UG.FTS.B,
28.98%,
2/06/25
..
209
214
991930551.UG.FTS.B,
28.98%,
2/06/25
..
348
357
991934063.UG.FTS.B,
28.98%,
2/06/25
..
79
81
991704035.UG.FTS.B,
29.45%,
2/06/25
..
260
267
991848757.UG.FTS.B,
29.45%,
2/06/25
..
2,594
2,660
991712510.UG.FTS.B,
29.47%,
2/06/25
..
280
292
991830702.UG.FTS.B,
29.48%,
2/06/25
..
142
148
991690486.UG.FTS.B,
29.49%,
2/06/25
..
1,001
1,015
991690939.UG.FTS.B,
29.49%,
2/06/25
..
1,189
1,239
991699796.UG.FTS.B,
29.49%,
2/06/25
..
109
24
991700095.UG.FTS.B,
29.49%,
2/06/25
..
189
192
991700916.UG.FTS.B,
29.49%,
2/06/25
..
1,311
1,361
991700980.UG.FTS.B,
29.49%,
2/06/25
..
481
488
991701070.UG.FTS.B,
29.49%,
2/06/25
..
89
92
991701366.UG.FTS.B,
29.49%,
2/06/25
..
609
634
991702235.UG.FTS.B,
29.49%,
2/06/25
..
35
35
991704096.UG.FTS.B,
29.49%,
2/06/25
..
254
175
991704419.UG.FTS.B,
29.49%,
2/06/25
..
268
279
991704708.UG.FTS.B,
29.49%,
2/06/25
..
278
289
991705352.UG.FTS.B,
29.49%,
2/06/25
..
120
125
991706683.UG.FTS.B,
29.49%,
2/06/25
..
81
82
991707381.UG.FTS.B,
29.49%,
2/06/25
..
236
239
991707856.UG.FTS.B,
29.49%,
2/06/25
..
162
162
991708109.UG.FTS.B,
29.49%,
2/06/25
..
166
173
991708283.UG.FTS.B,
29.49%,
2/06/25
..
92
96
991708927.UG.FTS.B,
29.49%,
2/06/25
..
148
151
991709014.UG.FTS.B,
29.49%,
2/06/25
..
212
15
991709403.UG.FTS.B,
29.49%,
2/06/25
..
250
56
991709656.UG.FTS.B,
29.49%,
2/06/25
..
510
522
991712333.UG.FTS.B,
29.49%,
2/06/25
..
135
136
991712745.UG.FTS.B,
29.49%,
2/06/25
..
122
127
991713273.UG.FTS.B,
29.49%,
2/06/25
..
1,632
1,662
991715228.UG.FTS.B,
29.49%,
2/06/25
..
224
50
991715596.UG.FTS.B,
29.49%,
2/06/25
..
1,288
1,321
991717099.UG.FTS.B,
29.49%,
2/06/25
..
61
62
991717494.UG.FTS.B,
29.49%,
2/06/25
..
43
43
991718002.UG.FTS.B,
29.49%,
2/06/25
..
158
165
991719419.UG.FTS.B,
29.49%,
2/06/25
..
317
330
991721139.UG.FTS.B,
29.49%,
2/06/25
..
237
247
991721483.UG.FTS.B,
29.49%,
2/06/25
..
70
72
991723599.UG.FTS.B,
29.49%,
2/06/25
..
99
73
991725507.UG.FTS.B,
29.49%,
2/06/25
..
305
318
991725736.UG.FTS.B,
29.49%,
2/06/25
..
87
90
991725769.UG.FTS.B,
29.49%,
2/06/25
..
17
17
991728380.UG.FTS.B,
29.49%,
2/06/25
..
218
227
991728473.UG.FTS.B,
29.49%,
2/06/25
..
1,374
919
991729831.UG.FTS.B,
29.49%,
2/06/25
..
225
229
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991730113.UG.FTS.B,
29.49%,
2/06/25
..
$
233
$
242
991730563.UG.FTS.B,
29.49%,
2/06/25
..
418
289
991731325.UG.FTS.B,
29.49%,
2/06/25
..
655
(41)
991734435.UG.FTS.B,
29.49%,
2/06/25
..
129
135
991735284.UG.FTS.B,
29.49%,
2/06/25
..
181
188
991735384.UG.FTS.B,
29.49%,
2/06/25
..
360
375
991737002.UG.FTS.B,
29.49%,
2/06/25
..
77
80
991737780.UG.FTS.B,
29.49%,
2/06/25
..
64
64
991738035.UG.FTS.B,
29.49%,
2/06/25
..
98
102
991738990.UG.FTS.B,
29.49%,
2/06/25
..
709
696
991742896.UG.FTS.B,
29.49%,
2/06/25
..
446
57
991743460.UG.FTS.B,
29.49%,
2/06/25
..
22
22
991744630.UG.FTS.B,
29.49%,
2/06/25
..
68
5
991746112.UG.FTS.B,
29.49%,
2/06/25
..
567
587
991746952.UG.FTS.B,
29.49%,
2/06/25
..
314
325
991747607.UG.FTS.B,
29.49%,
2/06/25
..
163
170
991749942.UG.FTS.B,
29.49%,
2/06/25
..
394
411
991752731.UG.FTS.B,
29.49%,
2/06/25
..
102
13
991753304.UG.FTS.B,
29.49%,
2/06/25
..
119
118
991754744.UG.FTS.B,
29.49%,
2/06/25
..
250
177
991755326.UG.FTS.B,
29.49%,
2/06/25
..
57
58
991755928.UG.FTS.B,
29.49%,
2/06/25
..
231
237
991757142.UG.FTS.B,
29.49%,
2/06/25
..
151
150
991757240.UG.FTS.B,
29.49%,
2/06/25
..
12
12
991757332.UG.FTS.B,
29.49%,
2/06/25
..
90
89
991759741.UG.FTS.B,
29.49%,
2/06/25
..
312
325
991764353.UG.FTS.B,
29.49%,
2/06/25
..
30
31
991766972.UG.FTS.B,
29.49%,
2/06/25
..
80
83
991766995.UG.FTS.B,
29.49%,
2/06/25
..
16
16
991767120.UG.FTS.B,
29.49%,
2/06/25
..
89
89
991767625.UG.FTS.B,
29.49%,
2/06/25
..
46
(2)
991767728.UG.FTS.B,
29.49%,
2/06/25
..
181
188
991769688.UG.FTS.B,
29.49%,
2/06/25
..
354
369
991769928.UG.FTS.B,
29.49%,
2/06/25
..
313
321
991771068.UG.FTS.B,
29.49%,
2/06/25
..
108
112
991774875.UG.FTS.B,
29.49%,
2/06/25
..
78
10
991784966.UG.FTS.B,
29.49%,
2/06/25
..
37
38
991791088.UG.FTS.B,
29.49%,
2/06/25
..
45
16
991791167.UG.FTS.B,
29.49%,
2/06/25
..
92
(3)
991796673.UG.FTS.B,
29.49%,
2/06/25
..
257
260
991797405.UG.FTS.B,
29.49%,
2/06/25
..
116
120
991798596.UG.FTS.B,
29.49%,
2/06/25
..
165
169
991800849.UG.FTS.B,
29.49%,
2/06/25
..
74
18
991801191.UG.FTS.B,
29.49%,
2/06/25
..
1,162
74
991803989.UG.FTS.B,
29.49%,
2/06/25
..
9
9
991804605.UG.FTS.B,
29.49%,
2/06/25
..
46
45
991806859.UG.FTS.B,
29.49%,
2/06/25
..
33
33
991812212.UG.FTS.B,
29.49%,
2/06/25
..
148
148
991812264.UG.FTS.B,
29.49%,
2/06/25
..
15
15
991812301.UG.FTS.B,
29.49%,
2/06/25
..
101
23
991812574.UG.FTS.B,
29.49%,
2/06/25
..
121
126
991815396.UG.FTS.B,
29.49%,
2/06/25
..
138
144
991815674.UG.FTS.B,
29.49%,
2/06/25
..
407
411
991816101.UG.FTS.B,
29.49%,
2/06/25
..
176
184
991818985.UG.FTS.B,
29.49%,
2/06/25
..
61
62
991821554.UG.FTS.B,
29.49%,
2/06/25
..
112
116
991825654.UG.FTS.B,
29.49%,
2/06/25
..
187
195
991826190.UG.FTS.B,
29.49%,
2/06/25
..
83
86
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991826917.UG.FTS.B,
29.49%,
2/06/25
..
$
487
$
506
991830903.UG.FTS.B,
29.49%,
2/06/25
..
5
5
991834402.UG.FTS.B,
29.49%,
2/06/25
..
106
110
991834986.UG.FTS.B,
29.49%,
2/06/25
..
392
407
991835940.UG.FTS.B,
29.49%,
2/06/25
..
153
158
991836161.UG.FTS.B,
29.49%,
2/06/25
..
125
27
991836634.UG.FTS.B,
29.49%,
2/06/25
..
219
224
991838708.UG.FTS.B,
29.49%,
2/06/25
..
65
9
991844028.UG.FTS.B,
29.49%,
2/06/25
..
2,190
2,271
991848072.UG.FTS.B,
29.49%,
2/06/25
..
149
155
991850107.UG.FTS.B,
29.49%,
2/06/25
..
46
46
991852176.UG.FTS.B,
29.49%,
2/06/25
..
117
122
991854157.UG.FTS.B,
29.49%,
2/06/25
..
391
407
991855511.UG.FTS.B,
29.49%,
2/06/25
..
50
50
991860077.UG.FTS.B,
29.49%,
2/06/25
..
46
46
991862203.UG.FTS.B,
29.49%,
2/06/25
..
39
39
991862795.UG.FTS.B,
29.49%,
2/06/25
..
1,173
1,203
991863987.UG.FTS.B,
29.49%,
2/06/25
..
878
670
991865117.UG.FTS.B,
29.49%,
2/06/25
..
346
359
991865504.UG.FTS.B,
29.49%,
2/06/25
..
26
26
991869807.UG.FTS.B,
29.49%,
2/06/25
..
138
144
991870451.UG.FTS.B,
29.49%,
2/06/25
..
114
116
991871207.UG.FTS.B,
29.49%,
2/06/25
..
–
–
991873395.UG.FTS.B,
29.49%,
2/06/25
..
49
49
991873746.UG.FTS.B,
29.49%,
2/06/25
..
65
17
991875332.UG.FTS.B,
29.49%,
2/06/25
..
–
–
991877935.UG.FTS.B,
29.49%,
2/06/25
..
43
15
991886716.UG.FTS.B,
29.49%,
2/06/25
..
112
114
991887900.UG.FTS.B,
29.49%,
2/06/25
..
27
4
991896068.UG.FTS.B,
29.49%,
2/06/25
..
68
70
991904775.UG.FTS.B,
29.49%,
2/06/25
..
86
89
991908415.UG.FTS.B,
29.49%,
2/06/25
..
68
70
991914065.UG.FTS.B,
29.49%,
2/06/25
..
152
156
991919465.UG.FTS.B,
29.49%,
2/06/25
..
45
46
991921869.UG.FTS.B,
29.49%,
2/06/25
..
7
7
991922466.UG.FTS.B,
29.49%,
2/06/25
..
81
11
991928851.UG.FTS.B,
29.49%,
2/06/25
..
1,956
2,007
991933771.UG.FTS.B,
29.49%,
2/06/25
..
231
236
991934546.UG.FTS.B,
29.49%,
2/06/25
..
122
123
991938491.UG.FTS.B,
29.49%,
2/06/25
..
543
557
991706407.UG.FTS.B,
Zero
Cpn,
2/07/25
.
306
21
991708832.UG.FTS.B,
Zero
Cpn,
2/07/25
.
152
10
991709327.UG.FTS.B,
Zero
Cpn,
2/07/25
.
385
27
991710655.UG.FTS.B,
Zero
Cpn,
2/07/25
.
1,795
124
991716025.UG.FTS.B,
Zero
Cpn,
2/07/25
.
517
36
991723502.UG.FTS.B,
Zero
Cpn,
2/07/25
.
58
4
991731024.UG.FTS.B,
Zero
Cpn,
2/07/25
.
151
10
991747662.UG.FTS.B,
Zero
Cpn,
2/07/25
.
372
26
991758513.UG.FTS.B,
Zero
Cpn,
2/07/25
.
556
38
991758807.UG.FTS.B,
Zero
Cpn,
2/07/25
.
125
9
991764432.UG.FTS.B,
Zero
Cpn,
2/07/25
.
78
5
991770508.UG.FTS.B,
Zero
Cpn,
2/07/25
.
351
24
991771123.UG.FTS.B,
Zero
Cpn,
2/07/25
.
242
17
991773370.UG.FTS.B,
Zero
Cpn,
2/07/25
.
230
16
991791504.UG.FTS.B,
Zero
Cpn,
2/07/25
.
108
8
991793298.UG.FTS.B,
Zero
Cpn,
2/07/25
.
135
9
991796624.UG.FTS.B,
Zero
Cpn,
2/07/25
.
664
46
991801935.UG.FTS.B,
Zero
Cpn,
2/07/25
.
4,734
327
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991810854.UG.FTS.B,
Zero
Cpn,
2/07/25
.
$
837
$
58
991836017.UG.FTS.B,
Zero
Cpn,
2/07/25
.
120
8
991841270.UG.FTS.B,
Zero
Cpn,
2/07/25
.
44
3
991872197.UG.FTS.B,
Zero
Cpn,
2/07/25
.
167
12
991906662.UG.FTS.B,
Zero
Cpn,
2/07/25
.
36
3
991736213.UG.FTS.B,
14.98%,
2/07/25
..
380
385
991738550.UG.FTS.B,
17.99%,
2/07/25
..
256
256
991860327.UG.FTS.B,
17.99%,
2/07/25
..
925
926
991933227.UG.FTS.B,
17.99%,
2/07/25
..
58
59
991827281.UG.FTS.B,
18.97%,
2/07/25
..
112
113
991905123.UG.FTS.B,
18.97%,
2/07/25
..
128
129
991748413.UG.FTS.B,
19.21%,
2/07/25
..
530
531
991783290.UG.FTS.B,
19.21%,
2/07/25
..
297
301
991818350.UG.FTS.B,
19.21%,
2/07/25
..
–
–
991874943.UG.FTS.B,
19.21%,
2/07/25
..
221
223
991924115.UG.FTS.B,
19.21%,
2/07/25
..
92
93
991834369.UG.FTS.B,
19.8%,
2/07/25
...
378
384
991733738.UG.FTS.B,
19.99%,
2/07/25
..
43
43
991744988.UG.FTS.B,
19.99%,
2/07/25
..
21
21
991808111.UG.FTS.B,
19.99%,
2/07/25
..
36
13
991810153.UG.FTS.B,
19.99%,
2/07/25
..
157
33
991856601.UG.FTS.B,
19.99%,
2/07/25
..
344
358
991929262.UG.FTS.B,
19.99%,
2/07/25
..
109
112
991929766.UG.FTS.B,
19.99%,
2/07/25
..
163
167
991770272.UG.FTS.B,
20.46%,
2/07/25
..
531
540
991868003.UG.FTS.B,
20.46%,
2/07/25
..
260
264
991714732.UG.FTS.B,
21.46%,
2/07/25
..
28
28
991922854.UG.FTS.B,
21.46%,
2/07/25
..
49
49
991711288.UG.FTS.B,
21.98%,
2/07/25
..
175
177
991715117.UG.FTS.B,
21.98%,
2/07/25
..
599
71
991794656.UG.FTS.B,
21.98%,
2/07/25
..
217
215
991802598.UG.FTS.B,
21.98%,
2/07/25
..
2,166
1,424
991843735.UG.FTS.B,
21.98%,
2/07/25
..
458
462
991736467.UG.FTS.B,
22.97%,
2/07/25
..
375
380
991772252.UG.FTS.B,
23.95%,
2/07/25
..
1,545
1,557
991762975.UG.FTS.B,
25.95%,
2/07/25
..
378
381
991772013.UG.FTS.B,
26.94%,
2/07/25
..
234
236
991709714.UG.FTS.B,
27.99%,
2/07/25
..
72
75
991748191.UG.FTS.B,
27.99%,
2/07/25
..
230
158
991785599.UG.FTS.B,
27.99%,
2/07/25
..
373
372
991797259.UG.FTS.B,
27.99%,
2/07/25
..
–
–
991800353.UG.FTS.B,
27.99%,
2/07/25
..
90
94
991828120.UG.FTS.B,
27.99%,
2/07/25
..
14
14
991880949.UG.FTS.B,
27.99%,
2/07/25
..
70
72
991901076.UG.FTS.B,
27.99%,
2/07/25
..
326
330
991697103.UG.FTS.B,
28.98%,
2/07/25
..
389
399
991697441.UG.FTS.B,
28.98%,
2/07/25
..
114
112
991705668.UG.FTS.B,
28.98%,
2/07/25
..
17
2
991705793.UG.FTS.B,
28.98%,
2/07/25
..
429
439
991705973.UG.FTS.B,
28.98%,
2/07/25
..
189
196
991706644.UG.FTS.B,
28.98%,
2/07/25
..
5
5
991706813.UG.FTS.B,
28.98%,
2/07/25
..
430
448
991707358.UG.FTS.B,
28.98%,
2/07/25
..
112
116
991708677.UG.FTS.B,
28.98%,
2/07/25
..
967
61
991708937.UG.FTS.B,
28.98%,
2/07/25
..
205
210
991708989.UG.FTS.B,
28.98%,
2/07/25
..
259
265
991709240.UG.FTS.B,
28.98%,
2/07/25
..
45
15
991710256.UG.FTS.B,
28.98%,
2/07/25
..
68
17
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991710379.UG.FTS.B,
28.98%,
2/07/25
..
$
255
$
265
991710718.UG.FTS.B,
28.98%,
2/07/25
..
112
116
991710868.UG.FTS.B,
28.98%,
2/07/25
..
127
128
991712303.UG.FTS.B,
28.98%,
2/07/25
..
172
179
991712542.UG.FTS.B,
28.98%,
2/07/25
..
79
82
991712781.UG.FTS.B,
28.98%,
2/07/25
..
153
159
991712922.UG.FTS.B,
28.98%,
2/07/25
..
129
134
991712958.UG.FTS.B,
28.98%,
2/07/25
..
204
(12)
991716650.UG.FTS.B,
28.98%,
2/07/25
..
78
58
991717771.UG.FTS.B,
28.98%,
2/07/25
..
282
289
991720672.UG.FTS.B,
28.98%,
2/07/25
..
2,614
2,657
991722674.UG.FTS.B,
28.98%,
2/07/25
..
149
100
991722877.UG.FTS.B,
28.98%,
2/07/25
..
167
21
991724076.UG.FTS.B,
28.98%,
2/07/25
..
95
99
991724273.UG.FTS.B,
28.98%,
2/07/25
..
1,307
1,359
991724529.UG.FTS.B,
28.98%,
2/07/25
..
1,474
1,532
991725039.UG.FTS.B,
28.98%,
2/07/25
..
374
29
991727635.UG.FTS.B,
28.98%,
2/07/25
..
249
259
991728955.UG.FTS.B,
28.98%,
2/07/25
..
363
369
991731435.UG.FTS.B,
28.98%,
2/07/25
..
198
205
991733369.UG.FTS.B,
28.98%,
2/07/25
..
12
12
991735485.UG.FTS.B,
28.98%,
2/07/25
..
142
148
991739386.UG.FTS.B,
28.98%,
2/07/25
..
314
327
991740286.UG.FTS.B,
28.98%,
2/07/25
..
790
822
991740991.UG.FTS.B,
28.98%,
2/07/25
..
563
574
991743968.UG.FTS.B,
28.98%,
2/07/25
..
451
468
991744414.UG.FTS.B,
28.98%,
2/07/25
..
146
152
991747615.UG.FTS.B,
28.98%,
2/07/25
..
552
572
991747846.UG.FTS.B,
28.98%,
2/07/25
..
36
–
991751480.UG.FTS.B,
28.98%,
2/07/25
..
62
63
991753200.UG.FTS.B,
28.98%,
2/07/25
..
7
7
991755398.UG.FTS.B,
28.98%,
2/07/25
..
106
110
991755903.UG.FTS.B,
28.98%,
2/07/25
..
201
208
991755938.UG.FTS.B,
28.98%,
2/07/25
..
311
321
991757521.UG.FTS.B,
28.98%,
2/07/25
..
15
2
991760350.UG.FTS.B,
28.98%,
2/07/25
..
251
252
991762771.UG.FTS.B,
28.98%,
2/07/25
..
32
32
991772287.UG.FTS.B,
28.98%,
2/07/25
..
394
410
991773314.UG.FTS.B,
28.98%,
2/07/25
..
624
137
991774768.UG.FTS.B,
28.98%,
2/07/25
..
2,315
2,374
991782506.UG.FTS.B,
28.98%,
2/07/25
..
3,934
4,075
991783617.UG.FTS.B,
28.98%,
2/07/25
..
338
350
991784791.UG.FTS.B,
28.98%,
2/07/25
..
220
225
991792456.UG.FTS.B,
28.98%,
2/07/25
..
61
16
991794634.UG.FTS.B,
28.98%,
2/07/25
..
1,597
103
991796956.UG.FTS.B,
28.98%,
2/07/25
..
102
106
991799326.UG.FTS.B,
28.98%,
2/07/25
..
570
588
991799442.UG.FTS.B,
28.98%,
2/07/25
..
992
1,018
991800973.UG.FTS.B,
28.98%,
2/07/25
..
34
34
991801184.UG.FTS.B,
28.98%,
2/07/25
..
2,200
2,278
991803039.UG.FTS.B,
28.98%,
2/07/25
..
756
786
991805595.UG.FTS.B,
28.98%,
2/07/25
..
64
66
991806653.UG.FTS.B,
28.98%,
2/07/25
..
261
261
991807039.UG.FTS.B,
28.98%,
2/07/25
..
311
322
991807123.UG.FTS.B,
28.98%,
2/07/25
..
510
505
991809459.UG.FTS.B,
28.98%,
2/07/25
..
61
62
991810591.UG.FTS.B,
28.98%,
2/07/25
..
67
66
991811191.UG.FTS.B,
28.98%,
2/07/25
..
1,336
1,364
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991814223.UG.FTS.B,
28.98%,
2/07/25
..
$
142
$
147
991830675.UG.FTS.B,
28.98%,
2/07/25
..
179
186
991835648.UG.FTS.B,
28.98%,
2/07/25
..
157
163
991836592.UG.FTS.B,
28.98%,
2/07/25
..
923
921
991838148.UG.FTS.B,
28.98%,
2/07/25
..
494
497
991838996.UG.FTS.B,
28.98%,
2/07/25
..
200
200
991840095.UG.FTS.B,
28.98%,
2/07/25
..
60
48
991843451.UG.FTS.B,
28.98%,
2/07/25
..
36
37
991847936.UG.FTS.B,
28.98%,
2/07/25
..
18
18
991849419.UG.FTS.B,
28.98%,
2/07/25
..
485
504
991852115.UG.FTS.B,
28.98%,
2/07/25
..
1
1
991852363.UG.FTS.B,
28.98%,
2/07/25
..
75
78
991854042.UG.FTS.B,
28.98%,
2/07/25
..
200
44
991854543.UG.FTS.B,
28.98%,
2/07/25
..
180
126
991875987.UG.FTS.B,
28.98%,
2/07/25
..
335
334
991876954.UG.FTS.B,
28.98%,
2/07/25
..
12
12
991882872.UG.FTS.B,
28.98%,
2/07/25
..
296
303
991884000.UG.FTS.B,
28.98%,
2/07/25
..
1,001
990
991891982.UG.FTS.B,
28.98%,
2/07/25
..
–
–
991892302.UG.FTS.B,
28.98%,
2/07/25
..
65
67
991897778.UG.FTS.B,
28.98%,
2/07/25
..
561
345
991905767.UG.FTS.B,
28.98%,
2/07/25
..
121
123
991907273.UG.FTS.B,
28.98%,
2/07/25
..
389
399
991920069.UG.FTS.B,
28.98%,
2/07/25
..
133
137
991922608.UG.FTS.B,
28.98%,
2/07/25
..
241
242
991927729.UG.FTS.B,
28.98%,
2/07/25
..
777
797
991935487.UG.FTS.B,
28.98%,
2/07/25
..
114
117
991937488.UG.FTS.B,
28.98%,
2/07/25
..
737
47
991727371.UG.FTS.B,
29.46%,
2/07/25
..
126
131
991709575.UG.FTS.B,
29.48%,
2/07/25
..
279
291
991745671.UG.FTS.B,
29.48%,
2/07/25
..
28
29
991693038.UG.FTS.B,
29.49%,
2/07/25
..
2,149
497
991695755.UG.FTS.B,
29.49%,
2/07/25
..
160
162
991705451.UG.FTS.B,
29.49%,
2/07/25
..
271
211
991705974.UG.FTS.B,
29.49%,
2/07/25
..
635
640
991705983.UG.FTS.B,
29.49%,
2/07/25
..
131
30
991707049.UG.FTS.B,
29.49%,
2/07/25
..
184
192
991707186.UG.FTS.B,
29.49%,
2/07/25
..
308
313
991707394.UG.FTS.B,
29.49%,
2/07/25
..
712
522
991707574.UG.FTS.B,
29.49%,
2/07/25
..
105
104
991708039.UG.FTS.B,
29.49%,
2/07/25
..
414
429
991709591.UG.FTS.B,
29.49%,
2/07/25
..
23
9
991709608.UG.FTS.B,
29.49%,
2/07/25
..
261
267
991709722.UG.FTS.B,
29.49%,
2/07/25
..
573
585
991710141.UG.FTS.B,
29.49%,
2/07/25
..
27
27
991710253.UG.FTS.B,
29.49%,
2/07/25
..
37
13
991710674.UG.FTS.B,
29.49%,
2/07/25
..
64
(3)
991710835.UG.FTS.B,
29.49%,
2/07/25
..
169
174
991711259.UG.FTS.B,
29.49%,
2/07/25
..
140
144
991711386.UG.FTS.B,
29.49%,
2/07/25
..
130
136
991712449.UG.FTS.B,
29.49%,
2/07/25
..
165
172
991712587.UG.FTS.B,
29.49%,
2/07/25
..
559
572
991712867.UG.FTS.B,
29.49%,
2/07/25
..
161
158
991712892.UG.FTS.B,
29.49%,
2/07/25
..
286
288
991713180.UG.FTS.B,
29.49%,
2/07/25
..
1,730
1,794
991713198.UG.FTS.B,
29.49%,
2/07/25
..
53
55
991713851.UG.FTS.B,
29.49%,
2/07/25
..
102
104
991714825.UG.FTS.B,
29.49%,
2/07/25
..
71
74
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991715086.UG.FTS.B,
29.49%,
2/07/25
..
$
132
$
137
991716358.UG.FTS.B,
29.49%,
2/07/25
..
1
1
991717217.UG.FTS.B,
29.49%,
2/07/25
..
20
20
991717543.UG.FTS.B,
29.49%,
2/07/25
..
165
172
991717657.UG.FTS.B,
29.49%,
2/07/25
..
2,040
111
991718167.UG.FTS.B,
29.49%,
2/07/25
..
119
123
991718456.UG.FTS.B,
29.49%,
2/07/25
..
357
25
991719583.UG.FTS.B,
29.49%,
2/07/25
..
634
657
991720150.UG.FTS.B,
29.49%,
2/07/25
..
426
430
991720898.UG.FTS.B,
29.49%,
2/07/25
..
224
16
991721040.UG.FTS.B,
29.49%,
2/07/25
..
118
124
991721496.UG.FTS.B,
29.49%,
2/07/25
..
107
112
991723604.UG.FTS.B,
29.49%,
2/07/25
..
368
287
991726856.UG.FTS.B,
29.49%,
2/07/25
..
55
56
991728336.UG.FTS.B,
29.49%,
2/07/25
..
65
66
991729210.UG.FTS.B,
29.49%,
2/07/25
..
707
694
991729366.UG.FTS.B,
29.49%,
2/07/25
..
60
61
991729425.UG.FTS.B,
29.49%,
2/07/25
..
10
10
991729445.UG.FTS.B,
29.49%,
2/07/25
..
85
89
991729754.UG.FTS.B,
29.49%,
2/07/25
..
1,158
1,187
991729898.UG.FTS.B,
29.49%,
2/07/25
..
80
83
991730072.UG.FTS.B,
29.49%,
2/07/25
..
1,133
1,181
991730418.UG.FTS.B,
29.49%,
2/07/25
..
1,353
1,406
991733135.UG.FTS.B,
29.49%,
2/07/25
..
3,356
3,453
991733378.UG.FTS.B,
29.49%,
2/07/25
..
583
591
991734115.UG.FTS.B,
29.49%,
2/07/25
..
183
(8)
991734242.UG.FTS.B,
29.49%,
2/07/25
..
216
221
991734487.UG.FTS.B,
29.49%,
2/07/25
..
288
300
991734975.UG.FTS.B,
29.49%,
2/07/25
..
83
86
991735633.UG.FTS.B,
29.49%,
2/07/25
..
3
1
991735751.UG.FTS.B,
29.49%,
2/07/25
..
130
135
991735777.UG.FTS.B,
29.49%,
2/07/25
..
42
43
991735915.UG.FTS.B,
29.49%,
2/07/25
..
302
315
991736815.UG.FTS.B,
29.49%,
2/07/25
..
1,319
1,373
991736857.UG.FTS.B,
29.49%,
2/07/25
..
1,332
1,380
991737147.UG.FTS.B,
29.49%,
2/07/25
..
92
6
991737666.UG.FTS.B,
29.49%,
2/07/25
..
235
235
991738244.UG.FTS.B,
29.49%,
2/07/25
..
449
453
991738742.UG.FTS.B,
29.49%,
2/07/25
..
65
67
991741355.UG.FTS.B,
29.49%,
2/07/25
..
69
71
991744573.UG.FTS.B,
29.49%,
2/07/25
..
4
4
991745513.UG.FTS.B,
29.49%,
2/07/25
..
278
268
991745593.UG.FTS.B,
29.49%,
2/07/25
..
529
520
991745877.UG.FTS.B,
29.49%,
2/07/25
..
289
301
991747860.UG.FTS.B,
29.49%,
2/07/25
..
52
53
991749700.UG.FTS.B,
29.49%,
2/07/25
..
64
66
991751851.UG.FTS.B,
29.49%,
2/07/25
..
62
63
991754591.UG.FTS.B,
29.49%,
2/07/25
..
129
30
991755174.UG.FTS.B,
29.49%,
2/07/25
..
169
176
991759359.UG.FTS.B,
29.49%,
2/07/25
..
583
607
991759641.UG.FTS.B,
29.49%,
2/07/25
..
160
167
991759993.UG.FTS.B,
29.49%,
2/07/25
..
231
239
991760081.UG.FTS.B,
29.49%,
2/07/25
..
152
159
991761633.UG.FTS.B,
29.49%,
2/07/25
..
129
135
991762218.UG.FTS.B,
29.49%,
2/07/25
..
161
163
991763762.UG.FTS.B,
29.49%,
2/07/25
..
79
60
991765277.UG.FTS.B,
29.49%,
2/07/25
..
31
2
991765430.UG.FTS.B,
29.49%,
2/07/25
..
6
6
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991766156.UG.FTS.B,
29.49%,
2/07/25
..
$
31
$
31
991766666.UG.FTS.B,
29.49%,
2/07/25
..
10
10
991767771.UG.FTS.B,
29.49%,
2/07/25
..
531
554
991770714.UG.FTS.B,
29.49%,
2/07/25
..
153
160
991770778.UG.FTS.B,
29.49%,
2/07/25
..
70
72
991771328.UG.FTS.B,
29.49%,
2/07/25
..
199
143
991771961.UG.FTS.B,
29.49%,
2/07/25
..
159
165
991774019.UG.FTS.B,
29.49%,
2/07/25
..
32
32
991777257.UG.FTS.B,
29.49%,
2/07/25
..
118
121
991778724.UG.FTS.B,
29.49%,
2/07/25
..
186
190
991778729.UG.FTS.B,
29.49%,
2/07/25
..
80
83
991778741.UG.FTS.B,
29.49%,
2/07/25
..
364
362
991782212.UG.FTS.B,
29.49%,
2/07/25
..
359
370
991783819.UG.FTS.B,
29.49%,
2/07/25
..
343
44
991784501.UG.FTS.B,
29.49%,
2/07/25
..
89
92
991787156.UG.FTS.B,
29.49%,
2/07/25
..
20
20
991787510.UG.FTS.B,
29.49%,
2/07/25
..
184
23
991787617.UG.FTS.B,
29.49%,
2/07/25
..
91
96
991788685.UG.FTS.B,
29.49%,
2/07/25
..
756
771
991790908.UG.FTS.B,
29.49%,
2/07/25
..
664
695
991791306.UG.FTS.B,
29.49%,
2/07/25
..
134
137
991792553.UG.FTS.B,
29.49%,
2/07/25
..
294
301
991794594.UG.FTS.B,
29.49%,
2/07/25
..
64
65
991795473.UG.FTS.B,
29.49%,
2/07/25
..
565
401
991799844.UG.FTS.B,
29.49%,
2/07/25
..
73
75
991805572.UG.FTS.B,
29.49%,
2/07/25
..
16
16
991807111.UG.FTS.B,
29.49%,
2/07/25
..
137
133
991808521.UG.FTS.B,
29.49%,
2/07/25
..
532
554
991809177.UG.FTS.B,
29.49%,
2/07/25
..
287
292
991809318.UG.FTS.B,
29.49%,
2/07/25
..
140
31
991809911.UG.FTS.B,
29.49%,
2/07/25
..
9
9
991813864.UG.FTS.B,
29.49%,
2/07/25
..
64
17
991815263.UG.FTS.B,
29.49%,
2/07/25
..
307
319
991815974.UG.FTS.B,
29.49%,
2/07/25
..
109
113
991818057.UG.FTS.B,
29.49%,
2/07/25
..
165
167
991819733.UG.FTS.B,
29.49%,
2/07/25
..
43
43
991822050.UG.FTS.B,
29.49%,
2/07/25
..
9
9
991826734.UG.FTS.B,
29.49%,
2/07/25
..
17
17
991827340.UG.FTS.B,
29.49%,
2/07/25
..
1,103
1,143
991832087.UG.FTS.B,
29.49%,
2/07/25
..
125
131
991834751.UG.FTS.B,
29.49%,
2/07/25
..
56
57
991835670.UG.FTS.B,
29.49%,
2/07/25
..
158
164
991836016.UG.FTS.B,
29.49%,
2/07/25
..
3,719
263
991837440.UG.FTS.B,
29.49%,
2/07/25
..
729
750
991842138.UG.FTS.B,
29.49%,
2/07/25
..
204
211
991842816.UG.FTS.B,
29.49%,
2/07/25
..
194
201
991843151.UG.FTS.B,
29.49%,
2/07/25
..
752
779
991843726.UG.FTS.B,
29.49%,
2/07/25
..
587
611
991843750.UG.FTS.B,
29.49%,
2/07/25
..
62
63
991846574.UG.FTS.B,
29.49%,
2/07/25
..
22
22
991848358.UG.FTS.B,
29.49%,
2/07/25
..
275
285
991848794.UG.FTS.B,
29.49%,
2/07/25
..
59
60
991852183.UG.FTS.B,
29.49%,
2/07/25
..
23
23
991852313.UG.FTS.B,
29.49%,
2/07/25
..
–
–
991852346.UG.FTS.B,
29.49%,
2/07/25
..
196
204
991853938.UG.FTS.B,
29.49%,
2/07/25
..
2,350
2,437
991857024.UG.FTS.B,
29.49%,
2/07/25
..
174
176
991858094.UG.FTS.B,
29.49%,
2/07/25
..
234
245
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991860322.UG.FTS.B,
29.49%,
2/07/25
..
$
145
$
152
991868612.UG.FTS.B,
29.49%,
2/07/25
..
203
208
991880489.UG.FTS.B,
29.49%,
2/07/25
..
115
118
991883200.UG.FTS.B,
29.49%,
2/07/25
..
566
126
991885580.UG.FTS.B,
29.49%,
2/07/25
..
16
16
991887494.UG.FTS.B,
29.49%,
2/07/25
..
105
108
991887497.UG.FTS.B,
29.49%,
2/07/25
..
862
884
991889105.UG.FTS.B,
29.49%,
2/07/25
..
10
10
991889654.UG.FTS.B,
29.49%,
2/07/25
..
20
20
991895165.UG.FTS.B,
29.49%,
2/07/25
..
–
–
991895721.UG.FTS.B,
29.49%,
2/07/25
..
213
207
991905008.UG.FTS.B,
29.49%,
2/07/25
..
7
7
991908268.UG.FTS.B,
29.49%,
2/07/25
..
156
158
991910701.UG.FTS.B,
29.49%,
2/07/25
..
6
6
991912493.UG.FTS.B,
29.49%,
2/07/25
..
901
114
991913870.UG.FTS.B,
29.49%,
2/07/25
..
1,478
1,493
991914240.UG.FTS.B,
29.49%,
2/07/25
..
351
357
991918574.UG.FTS.B,
29.49%,
2/07/25
..
335
344
991918743.UG.FTS.B,
29.49%,
2/07/25
..
697
691
991921344.UG.FTS.B,
29.49%,
2/07/25
..
10
10
991924576.UG.FTS.B,
29.49%,
2/07/25
..
231
15
991924888.UG.FTS.B,
29.49%,
2/07/25
..
148
33
991927085.UG.FTS.B,
29.49%,
2/07/25
..
170
11
991928759.UG.FTS.B,
29.49%,
2/07/25
..
50
50
991930808.UG.FTS.B,
29.49%,
2/07/25
..
717
740
991740615.UG.FTS.B,
29.99%,
2/07/25
..
146
10
991723142.UG.FTS.B,
Zero
Cpn,
2/08/25
.
449
31
991752542.UG.FTS.B,
Zero
Cpn,
2/08/25
.
544
38
991783643.UG.FTS.B,
14.98%,
2/08/25
..
1,485
1,513
991895441.UG.FTS.B,
14.98%,
2/08/25
..
911
575
991946691.UG.FTS.B,
14.98%,
2/08/25
..
60
60
991802379.UG.FTS.B,
15.97%,
2/08/25
..
373
381
991834646.UG.FTS.B,
15.97%,
2/08/25
..
2,011
2,050
991855467.UG.FTS.B,
15.97%,
2/08/25
..
9
9
991904951.UG.FTS.B,
15.97%,
2/08/25
..
256
259
991908489.UG.FTS.B,
15.97%,
2/08/25
..
371
378
991917251.UG.FTS.B,
15.97%,
2/08/25
..
296
299
991771363.UG.FTS.B,
16.99%,
2/08/25
..
1,878
1,910
991784207.UG.FTS.B,
16.99%,
2/08/25
..
225
229
991894055.UG.FTS.B,
16.99%,
2/08/25
..
225
229
991905481.UG.FTS.B,
16.99%,
2/08/25
..
153
154
991721411.UG.FTS.B,
17.99%,
2/08/25
..
753
767
991731306.UG.FTS.B,
17.99%,
2/08/25
..
11,699
11,897
991746485.UG.FTS.B,
17.99%,
2/08/25
..
49
50
991868983.UG.FTS.B,
17.99%,
2/08/25
..
307
312
991717470.UG.FTS.B,
19.21%,
2/08/25
..
278
279
991723395.UG.FTS.B,
19.21%,
2/08/25
..
152
155
991715823.UG.FTS.B,
19.8%,
2/08/25
...
91
91
991729717.UG.FTS.B,
19.8%,
2/08/25
...
34
34
991716580.UG.FTS.B,
20.46%,
2/08/25
..
484
491
991726248.UG.FTS.B,
21.46%,
2/08/25
..
165
113
991716805.UG.FTS.B,
22.97%,
2/08/25
..
365
369
991809543.UG.FTS.B,
14.98%,
2/09/25
..
260
29
991724869.UG.FTS.B,
15%,
2/09/25
.....
954
972
991746108.UG.FTS.B,
15%,
2/09/25
.....
295
299
991746306.UG.FTS.B,
15%,
2/09/25
.....
1,022
1,026
991862382.UG.FTS.B,
15%,
2/09/25
.....
112
114
991908452.UG.FTS.B,
15%,
2/09/25
.....
2,218
2,260
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991929779.UG.FTS.B,
15%,
2/09/25
.....
$
57
$
57
991749134.UG.FTS.B,
15.97%,
2/09/25
..
3,745
3,813
991755733.UG.FTS.B,
15.97%,
2/09/25
..
6
6
991781627.UG.FTS.B,
15.97%,
2/09/25
..
410
418
991719973.UG.FTS.B,
16.99%,
2/09/25
..
226
230
991721989.UG.FTS.B,
16.99%,
2/09/25
..
452
461
991778289.UG.FTS.B,
16.99%,
2/09/25
..
862
878
991783787.UG.FTS.B,
16.99%,
2/09/25
..
751
766
991784826.UG.FTS.B,
16.99%,
2/09/25
..
786
796
991863273.UG.FTS.B,
16.99%,
2/09/25
..
1,122
1,143
991741247.UG.FTS.B,
17.97%,
2/09/25
..
759
773
991724932.UG.FTS.B,
17.99%,
2/09/25
..
50
51
991732999.UG.FTS.B,
17.99%,
2/09/25
..
40
40
991764270.UG.FTS.B,
17.99%,
2/09/25
..
387
395
991785523.UG.FTS.B,
17.99%,
2/09/25
..
164
12
991806884.UG.FTS.B,
17.99%,
2/09/25
..
168
171
991830380.UG.FTS.B,
17.99%,
2/09/25
..
203
127
991867276.UG.FTS.B,
17.99%,
2/09/25
..
207
210
991547229.UG.FTS.B,
29.49%,
3/15/25
..
422
438
991720895.UG.FTS.B,
16.99%,
3/19/25
..
4,022
4,104
991692427.UG.FTS.B,
29.49%,
3/21/25
..
372
377
991693195.UG.FTS.B,
29.49%,
3/22/25
..
–
–
991654581.UG.FTS.B,
18.97%,
3/26/25
..
314
65
991762048.UG.FTS.B,
18.97%,
4/06/25
..
170
107
991789710.UG.FTS.B,
29.49%,
4/06/25
..
372
101
991658250.UG.FTS.B,
16.99%,
1/20/27
..
1,952
1,985
991607046.UG.FTS.B,
21.99%,
1/20/27
..
3,982
4,087
991630410.UG.FTS.B,
22.36%,
1/26/27
..
993
560
991784156.UG.FTS.B,
22.36%,
1/26/27
..
773
423
991611832.UG.FTS.B,
16.99%,
1/29/27
..
1,281
738
991624113.UG.FTS.B,
17.99%,
1/29/27
..
501
502
991610886.UG.FTS.B,
18.98%,
1/29/27
..
2,142
2,228
991664785.UG.FTS.B,
18.98%,
1/29/27
..
288
300
991859032.UG.FTS.B,
16.99%,
1/31/27
..
12
12
991678457.UG.FTS.B,
19.99%,
1/31/27
..
486
66
991663324.UG.FTS.B,
22.36%,
1/31/27
..
164
170
991676761.UG.FTS.B,
16.99%,
2/02/27
..
1,136
1,131
991721939.UG.FTS.B,
16.99%,
2/02/27
..
1,232
1,267
991734117.UG.FTS.B,
17.99%,
2/02/27
..
431
439
991734377.UG.FTS.B,
17.99%,
2/02/27
..
67
68
991684567.UG.FTS.B,
15.99%,
2/03/27
..
429
422
991894965.UG.FTS.B,
16.99%,
2/03/27
..
5,231
5,344
991596716.UG.FTS.B,
29.49%,
2/22/27
..
66
(4)
991701716.UG.FTS.B,
29.49%,
3/05/27
..
7
2
991715282.UG.FTS.B,
29.49%,
3/06/27
..
4
4
991763220.UG.FTS.B,
29.49%,
3/07/27
..
16
16
991915368.UG.FTS.B,
29.49%,
4/04/27
..
1
–
991870524.UG.FTS.B,
Zero
Cpn,
4/06/27
.
–
–
991793748.UG.FTS.B,
Zero
Cpn,
5/05/27
.
–
–
991779626.UG.FTS.B,
Zero
Cpn,
5/07/27
.
–
–
991703738.UG.FTS.B,
Zero
Cpn,
6/06/27
.
–
–
991909030.UG.FTS.B,
Zero
Cpn,
6/06/27
.
–
–
991885330.UG.FTS.B,
Zero
Cpn,
7/05/27
.
(4)
(4)
991924009.UG.FTS.B,
29.49%,
7/06/27
..
–
–
991707047.UG.FTS.B,
Zero
Cpn,
7/07/27
.
–
–
991763730.UG.FTS.B,
Zero
Cpn,
8/05/27
.
1
–
991702425.UG.FTS.B,
Zero
Cpn,
8/06/27
.
3
–
991738948.UG.FTS.B,
29.49%,
8/07/27
..
1
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991580712.UG.FTS.B,
Zero
Cpn,
8/17/27
.
$
–
$
–
991796436.UG.FTS.B,
Zero
Cpn,
8/20/27
.
8
1
991807699.UG.FTS.B,
Zero
Cpn,
8/20/27
.
4
–
991637645.UG.FTS.B,
21.98%,
8/23/27
..
–
–
991700115.UG.FTS.B,
29.49%,
8/23/27
..
7
7
991753799.UG.FTS.B,
29.49%,
9/05/27
..
–
–
991715996.UG.FTS.B,
28.98%,
9/06/27
..
–
–
991742233.UG.FTS.B,
28.98%,
9/06/27
..
8
1
991751600.UG.FTS.B,
Zero
Cpn,
9/07/27
.
–
–
991554000.UG.FTS.B,
Zero
Cpn,
9/17/27
.
4
–
991629535.UG.FTS.B,
Zero
Cpn,
9/23/27
.
18
1
991653296.UG.FTS.B,
Zero
Cpn,
9/23/27
.
8
1
991632886.UG.FTS.B,
28.48%,
9/24/27
..
–
–
991814988.UG.FTS.B,
29.49%,
9/24/27
..
–
–
991717555.UG.FTS.B,
Zero
Cpn,
10/05/27
11
1
991713761.UG.FTS.B,
28.48%,
10/05/27
.
7
–
991732445.UG.FTS.B,
28.98%,
10/05/27
.
5
5
991716404.UG.FTS.B,
Zero
Cpn,
10/06/27
12
1
991833886.UG.FTS.B,
Zero
Cpn,
10/06/27
9
1
991709462.UG.FTS.B,
19.99%,
10/06/27
.
13
2
991867288.UG.FTS.B,
Zero
Cpn,
10/07/27
8
1
991545668.UG.FTS.B,
Zero
Cpn,
10/17/27
4
–
991681230.UG.FTS.B,
Zero
Cpn,
10/17/27
5
–
991648817.UG.FTS.B,
19.99%,
10/17/27
.
–
–
991594819.UG.FTS.B,
28.48%,
10/17/27
.
–
–
991643179.UG.FTS.B,
29.48%,
10/17/27
.
–
–
991668118.UG.FTS.B,
29.49%,
10/17/27
.
1
–
991689993.UG.FTS.B,
Zero
Cpn,
10/18/27
11
1
991812772.UG.FTS.B,
25.94%,
10/21/27
.
20
–
991741365.UG.FTS.B,
28.98%,
10/24/27
.
2
–
991713871.UG.FTS.B,
16.99%,
11/04/27
.
5
–
991915604.UG.FTS.B,
19.99%,
11/05/27
.
–
–
991830029.UG.FTS.B,
28.98%,
11/06/27
.
–
–
991717801.UG.FTS.B,
29.49%,
11/06/27
.
2
–
991724007.UG.FTS.B,
Zero
Cpn,
11/07/27
12
1
991760619.UG.FTS.B,
Zero
Cpn,
11/07/27
15
1
991651773.UG.FTS.B,
29.49%,
11/16/27
.
6
–
991647202.UG.FTS.B,
Zero
Cpn,
11/17/27
17
1
991741386.UG.FTS.B,
28.98%,
11/17/27
.
1
–
991619508.UG.FTS.B,
29.49%,
11/17/27
.
–
–
991636984.UG.FTS.B,
29.49%,
11/17/27
.
1
–
991664280.UG.FTS.B,
29.49%,
11/17/27
.
5
–
991822948.UG.FTS.B,
29.49%,
11/21/27
.
18
(1)
991650331.UG.FTS.B,
19.21%,
11/23/27
.
16
1
991629950.UG.FTS.B,
Zero
Cpn,
11/24/27
33
2
991761383.UG.FTS.B,
28.98%,
11/24/27
.
5
–
991595187.UG.FTS.B,
29.49%,
11/24/27
.
–
–
991810373.UG.FTS.B,
Zero
Cpn,
11/27/27
29
2
991733288.UG.FTS.B,
29.49%,
12/05/27
.
–
–
991757963.UG.FTS.B,
29.49%,
12/05/27
.
–
–
991884438.UG.FTS.B,
29.49%,
12/05/27
.
–
–
991705248.UG.FTS.B,
28.48%,
12/06/27
.
–
–
991800876.UG.FTS.B,
29.49%,
12/06/27
.
8
–
991705149.UG.FTS.B,
Zero
Cpn,
12/07/27
22
2
991803197.UG.FTS.B,
28.98%,
12/07/27
.
–
–
991925769.UG.FTS.B,
29.49%,
12/07/27
.
–
–
991607820.UG.FTS.B,
29.48%,
12/15/27
.
–
–
991764374.UG.FTS.B,
28.98%,
12/16/27
.
18
1
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991758585.UG.FTS.B,
Zero
Cpn,
12/17/27
$
16
$
–
991598888.UG.FTS.B,
28.98%,
12/17/27
.
4
4
991568266.UG.FTS.B,
29.46%,
12/17/27
.
–
–
991668483.UG.FTS.B,
29.49%,
12/18/27
.
18
16
991741282.UG.FTS.B,
29.49%,
12/18/27
.
17
1
991751329.UG.FTS.B,
29.49%,
12/18/27
.
13
–
991686992.UG.FTS.B,
29.49%,
12/20/27
.
5
–
991762468.UG.FTS.B,
29.49%,
12/20/27
.
10
10
991677444.UG.FTS.B,
28.98%,
12/21/27
.
4
1
991651364.UG.FTS.B,
Zero
Cpn,
12/22/27
22
2
991785847.UG.FTS.B,
Zero
Cpn,
12/23/27
13
1
991606053.UG.FTS.B,
Zero
Cpn,
12/24/27
25
–
991595329.UG.FTS.B,
29.49%,
12/24/27
.
16
3
991646515.UG.FTS.B,
29.49%,
12/24/27
.
16
3
991891229.UG.FTS.B,
Zero
Cpn,
1/03/28
.
21
1
991909011.UG.FTS.B,
Zero
Cpn,
1/03/28
.
2
–
991911379.UG.FTS.B,
28.98%,
1/03/28
..
2
2
991911662.UG.FTS.B,
29.49%,
1/04/28
..
17
(1)
991773527.UG.FTS.B,
28.48%,
1/05/28
..
–
–
991816825.UG.FTS.B,
29.49%,
1/05/28
..
–
–
991699874.UG.FTS.B,
28.98%,
1/06/28
..
14
2
991902084.UG.FTS.B,
29.49%,
1/07/28
..
12
1
991776470.UG.FTS.B,
29.49%,
1/16/28
..
2
2
991683859.UG.FTS.B,
Zero
Cpn,
1/17/28
.
21
–
991553203.UG.FTS.B,
29.49%,
1/17/28
..
–
–
991556192.UG.FTS.B,
29.49%,
1/17/28
..
–
–
991590187.UG.FTS.B,
29.49%,
1/17/28
..
–
–
991592314.UG.FTS.B,
29.49%,
1/17/28
..
5
5
991630651.UG.FTS.B,
29.49%,
1/17/28
..
4
4
991734917.UG.FTS.B,
29.49%,
1/17/28
..
4
4
991697530.UG.FTS.B,
18.97%,
1/18/28
..
5
1
991646401.UG.FTS.B,
29.49%,
1/20/28
..
44
38
991768207.UG.FTS.B,
29.49%,
1/20/28
..
3
3
991683577.UG.FTS.B,
28.48%,
1/21/28
..
–
–
991592816.UG.FTS.B,
28.98%,
1/21/28
..
4
1
991788656.UG.FTS.B,
29.49%,
1/21/28
..
30
2
991797472.UG.FTS.B,
29.49%,
1/21/28
..
6
1
991824433.UG.FTS.B,
29.49%,
1/21/28
..
2
2
991814291.UG.FTS.B,
Zero
Cpn,
1/22/28
.
23
–
991794499.UG.FTS.B,
20.96%,
1/22/28
..
1
1
991706986.UG.FTS.B,
29.49%,
1/22/28
..
3
3
991774958.UG.FTS.B,
28.98%,
1/23/28
..
3
3
991766090.UG.FTS.B,
29.49%,
1/23/28
..
8
2
991783352.UG.FTS.B,
29.49%,
1/23/28
..
4
4
991621529.UG.FTS.B,
Zero
Cpn,
1/24/28
.
28
2
991637194.UG.FTS.B,
29.49%,
1/24/28
..
14
–
991717234.UG.FTS.B,
29.49%,
1/24/28
..
142
144
991870576.UG.FTS.B,
15%,
1/31/28
.....
2
2
991755429.UG.FTS.B,
15.97%,
1/31/28
..
4
4
991924972.UG.FTS.B,
28.48%,
2/04/28
..
–
–
991892456.UG.FTS.B,
29.48%,
2/04/28
..
3
3
991922017.UG.FTS.B,
29.49%,
2/04/28
..
2
–
991709106.UG.FTS.B,
Zero
Cpn,
2/05/28
.
27
2
991748087.UG.FTS.B,
22.97%,
2/05/28
..
2
2
991796983.UG.FTS.B,
28.98%,
2/05/28
..
5
5
991815656.UG.FTS.B,
28.98%,
2/05/28
..
3
3
991799948.UG.FTS.B,
29.48%,
2/05/28
..
2
2
991693368.UG.FTS.B,
29.49%,
2/05/28
..
–
–
Description
Principal
Amount
Value
Upgrade,
Inc.
-
Card
(continued)
991695683.UG.FTS.B,
29.49%,
2/05/28
..
$
–
$
–
991697214.UG.FTS.B,
29.49%,
2/05/28
..
2
2
991714061.UG.FTS.B,
29.49%,
2/05/28
..
5
5
991719314.UG.FTS.B,
29.49%,
2/05/28
..
2
2
991724744.UG.FTS.B,
29.49%,
2/05/28
..
4
4
991733469.UG.FTS.B,
29.49%,
2/05/28
..
4
4
991790437.UG.FTS.B,
29.49%,
2/05/28
..
3
3
991837619.UG.FTS.B,
29.49%,
2/05/28
..
3
1
991839857.UG.FTS.B,
29.49%,
2/05/28
..
–
–
991923888.UG.FTS.B,
29.49%,
2/05/28
..
14
1
991927325.UG.FTS.B,
29.49%,
2/05/28
..
14
14
991936527.UG.FTS.B,
29.49%,
2/05/28
..
17
16
991746397.UG.FTS.B,
21.46%,
2/06/28
..
2
2
991705947.UG.FTS.B,
28.98%,
2/06/28
..
47
14
991893183.UG.FTS.B,
28.98%,
2/06/28
..
21
(1)
991699505.UG.FTS.B,
29.48%,
2/06/28
..
4
4
991708729.UG.FTS.B,
29.49%,
2/06/28
..
–
–
991763838.UG.FTS.B,
29.49%,
2/06/28
..
3
3
991800867.UG.FTS.B,
29.49%,
2/06/28
..
1
1
991802472.UG.FTS.B,
29.49%,
2/06/28
..
8
4
991849574.UG.FTS.B,
29.49%,
2/06/28
..
3
3
991864872.UG.FTS.B,
29.49%,
2/06/28
..
3
3
991865882.UG.FTS.B,
29.49%,
2/06/28
..
3
3
991822357.UG.FTS.B,
28.48%,
2/07/28
..
2
2
991818819.UG.FTS.B,
28.98%,
2/07/28
..
4
4
991714291.UG.FTS.B,
29.49%,
2/07/28
..
3
3
991732638.UG.FTS.B,
29.49%,
2/07/28
..
1
1
991735394.UG.FTS.B,
29.49%,
2/07/28
..
4
4
991750279.UG.FTS.B,
29.49%,
2/07/28
..
3
3
991792140.UG.FTS.B,
29.49%,
2/07/28
..
4
4
991795942.UG.FTS.B,
29.49%,
2/07/28
..
2
2
991799311.UG.FTS.B,
29.49%,
2/07/28
..
–
–
991878603.UG.FTS.B,
29.49%,
2/07/28
..
10
1
991726915.UG.FTS.B,
Zero
Cpn,
2/08/28
.
39
3
991786830.UG.FTS.B,
15.47%,
2/09/28
..
2
2
991538752.UG.FTS.B,
29.49%,
2/15/28
..
7
7
991612123.UG.FTS.B,
29.49%,
2/15/28
..
14
1
991767003.UG.FTS.B,
29.49%,
2/15/28
..
–
–
991553195.UG.FTS.B,
29.49%,
2/16/28
..
32
6
991669943.UG.FTS.B,
29.49%,
2/16/28
..
2
2
991742324.UG.FTS.B,
29.49%,
2/16/28
..
3
3
991775481.UG.FTS.B,
29.49%,
2/16/28
..
22
22
991715260.UG.FTS.B,
Zero
Cpn,
2/17/28
.
29
2
991546444.UG.FTS.B,
19.99%,
2/17/28
..
–
–
991555516.UG.FTS.B,
19.99%,
2/17/28
..
3
3
991574011.UG.FTS.B,
19.99%,
2/17/28
..
2
2
991674508.UG.FTS.B,
19.99%,
2/17/28
..
4
4
991561971.UG.FTS.B,
28.48%,
2/17/28
..
14
1
991610945.UG.FTS.B,
28.98%,
2/17/28
..
6
6
991734822.UG.FTS.B,
28.98%,
2/17/28
..
3
3
991630832.UG.FTS.B,
29.48%,
2/17/28
..
–
–
991760060.UG.FTS.B,
29.48%,
2/17/28
..
–
–
991545540.UG.FTS.B,
29.49%,
2/17/28
..
–
–
991545797.UG.FTS.B,
29.49%,
2/17/28
..
1
1
991551861.UG.FTS.B,
29.49%,
2/17/28
..
5
5
991553040.UG.FTS.B,
29.49%,
2/17/28
..
2
2
991553440.UG.FTS.B,
29.49%,
2/17/28
..
17
17
991588116.UG.FTS.B,
29.49%,
2/17/28
..
3
3
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upgrade,
Inc.
-
Card
(continued)
991605838.UG.FTS.B,
29.49%,
2/17/28
..
$
5
$
5
991621428.UG.FTS.B,
29.49%,
2/17/28
..
1
1
991629958.UG.FTS.B,
29.49%,
2/17/28
..
2
2
991717440.UG.FTS.B,
29.49%,
2/17/28
..
22
20
991776759.UG.FTS.B,
Zero
Cpn,
2/18/28
.
30
2
991680869.UG.FTS.B,
28.98%,
2/18/28
..
5
5
991663276.UG.FTS.B,
29.49%,
2/18/28
..
34
30
991695343.UG.FTS.B,
29.49%,
2/18/28
..
8
8
991727684.UG.FTS.B,
29.49%,
2/18/28
..
3
3
991742356.UG.FTS.B,
29.49%,
2/18/28
..
15
1
991755245.UG.FTS.B,
29.49%,
2/18/28
..
22
21
991786882.UG.FTS.B,
Zero
Cpn,
2/19/28
.
28
2
991678636.UG.FTS.B,
29.49%,
2/19/28
..
4
4
991709501.UG.FTS.B,
29.49%,
2/19/28
..
20
1
991758600.UG.FTS.B,
29.49%,
2/19/28
..
–
–
991808836.UG.FTS.B,
29.49%,
2/19/28
..
2
2
991778465.UG.FTS.B,
29.99%,
2/19/28
..
4
4
991696216.UG.FTS.B,
28.98%,
2/20/28
..
20
18
991789898.UG.FTS.B,
29.48%,
2/20/28
..
16
16
991659984.UG.FTS.B,
29.49%,
2/20/28
..
1
1
991762601.UG.FTS.B,
29.49%,
2/20/28
..
9
9
991679391.UG.FTS.B,
29.49%,
2/21/28
..
6
6
991732404.UG.FTS.B,
29.49%,
2/21/28
..
7
7
991654044.UG.FTS.B,
Zero
Cpn,
2/22/28
.
30
2
991629183.UG.FTS.B,
21.48%,
2/22/28
..
–
–
991629059.UG.FTS.B,
28.98%,
2/22/28
..
2
2
991586459.UG.FTS.B,
29.49%,
2/22/28
..
4
4
991630215.UG.FTS.B,
29.49%,
2/22/28
..
3
3
991644473.UG.FTS.B,
29.49%,
2/22/28
..
1
1
991645478.UG.FTS.B,
29.49%,
2/22/28
..
–
–
991679977.UG.FTS.B,
29.49%,
2/22/28
..
1
1
991732138.UG.FTS.B,
19.3%,
2/23/28
...
4
4
991663523.UG.FTS.B,
28.98%,
2/23/28
..
–
–
991664323.UG.FTS.B,
29.49%,
2/23/28
..
1
1
991816344.UG.FTS.B,
29.49%,
2/23/28
..
2
2
991687025.UG.FTS.B,
29.49%,
2/24/28
..
1
1
991729760.UG.FTS.B,
29.49%,
2/24/28
..
3
3
991800781.UG.FTS.B,
29.49%,
2/24/28
..
2
2
991856913.UG.FTS.B,
17.49%,
2/28/28
..
4
4
991676080.UG.FTS.B,
18.47%,
2/28/28
..
–
–
991704685.UG.FTS.B,
18.97%,
2/28/28
..
1
1
1,430,075
Upstart
Network,
Inc.
L1668275.UP.FTS.B,
5.93%,
9/14/24
....
1,848
1,828
L1708965.UP.FTS.B,
6.03%,
9/14/24
....
982
972
L1711338.UP.FTS.B,
7.31%,
9/14/24
.....
4,396
4,360
FW1711179.UP.FTS.B,
8.08%,
9/14/24
...
4,975
4,930
L1710504.UP.FTS.B,
8.16%,
9/14/24
....
3,481
247
L1710349.UP.FTS.B,
8.75%,
9/14/24
....
2,938
2,912
L1709609.UP.FTS.B,
9.38%,
9/14/24
....
3,529
3,503
L1710286.UP.FTS.B,
10.59%,
9/14/24
....
8,413
508
L1709911.UP.FTS.B,
11.09%,
9/14/24
....
3,558
3,532
L1709151.UP.FTS.B,
12.24%,
9/14/24
....
10,804
10,730
L1709495.UP.FTS.B,
12.77%,
9/14/24
....
1,437
1,427
L1711024.UP.FTS.B,
12.98%,
9/14/24
....
1,869
1,853
L1708601.UP.FTS.B,
13.04%,
9/14/24
....
4,222
4,185
L1709421.UP.FTS.B,
13.37%,
9/14/24
....
2,395
2,378
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1709684.UP.FTS.B,
13.76%,
9/14/24
....
$
1,214
$
1,204
FW1710146.UP.FTS.B,
13.91%,
9/14/24
..
1,829
1,818
L1709615.UP.FTS.B,
14.35%,
9/14/24
....
811
799
L1709128.UP.FTS.B,
16.69%,
9/14/24
....
616
612
L1710058.UP.FTS.B,
17.29%,
9/14/24
....
2,373
2,359
FW1708870.UP.FTS.B,
17.81%,
9/14/24
..
2,492
2,477
L1710277.UP.FTS.B,
18.02%,
9/14/24
....
9,390
9,337
L1711489.UP.FTS.B,
18.07%,
9/14/24
....
3,130
3,112
L1693265.UP.FTS.B,
18.16%,
9/14/24
....
932
929
L1708735.UP.FTS.B,
18.16%,
9/14/24
....
3,109
3,090
L1710205.UP.FTS.B,
18.33%,
9/14/24
....
3,109
3,100
L1712571.UP.FTS.B,
19.22%,
9/14/24
....
937
932
L1710755.UP.FTS.B,
19.46%,
9/14/24
....
3,130
3,111
L1711631.UP.FTS.B,
20.05%,
9/14/24
....
1,318
1,308
L1710054.UP.FTS.B,
20.94%,
9/14/24
....
18,928
18,816
L1701584.UP.FTS.B,
21.4%,
9/14/24
....
1,499
1,487
L1709086.UP.FTS.B,
21.87%,
9/14/24
....
4,426
4,391
L1709006.UP.FTS.B,
22.7%,
9/14/24
....
1,909
1,893
L1712071.UP.FTS.B,
22.99%,
9/14/24
....
1,404
1,389
L1711537.UP.FTS.B,
23.1%,
9/14/24
.....
1,149
1,146
L1711075.UP.FTS.B,
23.16%,
9/14/24
....
958
950
L1709547.UP.FTS.B,
23.36%,
9/14/24
....
4,535
1,306
L1706779.UP.FTS.B,
23.41%,
9/14/24
....
1,151
1,138
L1711142.UP.FTS.B,
23.72%,
9/14/24
....
725
438
L1709631.UP.FTS.B,
24.23%,
9/14/24
....
3,853
3,823
FW1709769.UP.FTS.B,
24.54%,
9/14/24
..
3,226
233
FW1710815.UP.FTS.B,
26.35%,
9/14/24
..
636
631
FW1710161.UP.FTS.B,
26.64%,
9/14/24
..
2,652
2,607
FW1709118.UP.FTS.B,
27.71%,
9/14/24
..
1,308
1,298
FW1709444.UP.FTS.B,
27.86%,
9/14/24
..
2,116
612
FW1710922.UP.FTS.B,
28.53%,
9/14/24
..
657
652
FW1710694.UP.FTS.B,
29.46%,
9/14/24
..
13,198
13,097
FW1710062.UP.FTS.B,
30.06%,
9/14/24
..
1,192
1,179
FW1711508.UP.FTS.B,
30.59%,
9/14/24
..
5,104
357
L1874342.UP.FTS.B,
5.92%,
10/18/24
....
9,329
9,238
L1873274.UP.FTS.B,
6.44%,
10/18/24
....
4,247
4,203
L1873054.UP.FTS.B,
6.73%,
10/18/24
....
10,635
10,526
L1874011.UP.FTS.B,
6.93%,
10/18/24
....
6,085
6,022
FW1874507.UP.FTS.B,
7.36%,
10/18/24
..
1,830
1,813
L1873016.UP.FTS.B,
8.3%,
10/18/24
....
2,453
2,431
L1873058.UP.FTS.B,
8.3%,
10/18/24
....
3,051
3,027
L1873371.UP.FTS.B,
8.48%,
10/18/24
....
7,368
7,301
L1873862.UP.FTS.B,
8.52%,
10/18/24
....
1,228
1,217
L1873876.UP.FTS.B,
8.87%,
10/18/24
....
9,279
9,196
FW1874503.UP.FTS.B,
9.4%,
10/18/24
...
5,330
5,283
L1873457.UP.FTS.B,
9.58%,
10/18/24
....
618
612
L1873276.UP.FTS.B,
10.26%,
10/18/24
...
4,963
4,919
L1873969.UP.FTS.B,
10.92%,
10/18/24
...
623
617
L1873212.UP.FTS.B,
11.39%,
10/18/24
...
10,124
10,051
L1872565.UP.FTS.B,
13.63%,
10/18/24
...
3,161
3,135
FW1873666.UP.FTS.B,
14.61%,
10/18/24
.
1,031
1,022
L1873890.UP.FTS.B,
14.95%,
10/18/24
...
1,401
1,392
L1873908.UP.FTS.B,
15.55%,
10/18/24
...
958
952
L1874133.UP.FTS.B,
16.04%,
10/18/24
...
3,221
3,200
L1873474.UP.FTS.B,
16.06%,
10/18/24
...
1,794
1,782
L1873316.UP.FTS.B,
16.33%,
10/18/24
...
2,115
2,108
L1873998.UP.FTS.B,
16.56%,
10/18/24
...
3,855
3,829
L1873175.UP.FTS.B,
17.39%,
10/18/24
...
1,344
1,274
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1873590.UP.FTS.B,
17.67%,
10/18/24
.
$
5,810
$
5,790
FW1874334.UP.FTS.B,
18.25%,
10/18/24
.
5,510
5,475
L1873935.UP.FTS.B,
18.25%,
10/18/24
...
1,935
1,929
L1873189.UP.FTS.B,
18.36%,
10/18/24
...
3,892
3,867
L1869487.UP.FTS.B,
18.66%,
10/18/24
...
3,899
3,874
L1874319.UP.FTS.B,
19.26%,
10/18/24
...
3,914
3,890
L1873329.UP.FTS.B,
19.32%,
10/18/24
...
1,956
1,943
L1874232.UP.FTS.B,
19.37%,
10/18/24
...
7,362
7,288
FW1859012.UP.FTS.B,
19.54%,
10/18/24
.
9,790
9,680
L1873964.UP.FTS.B,
20.13%,
10/18/24
...
2,750
2,733
L1873264.UP.FTS.B,
20.49%,
10/18/24
...
1,181
1,168
L1873242.UP.FTS.B,
21.35%,
10/18/24
...
1,945
1,927
L1873872.UP.FTS.B,
21.59%,
10/18/24
...
1,129
314
L1872932.UP.FTS.B,
21.9%,
10/18/24
....
12,692
12,578
L1871398.UP.FTS.B,
22.03%,
10/18/24
...
1,376
1,300
L1873912.UP.FTS.B,
22.05%,
10/18/24
...
3,529
255
L1873367.UP.FTS.B,
22.09%,
10/18/24
...
922
914
L1873736.UP.FTS.B,
22.12%,
10/18/24
...
6,615
6,541
L1873171.UP.FTS.B,
22.25%,
10/18/24
...
1,324
1,309
FW1873087.UP.FTS.B,
22.36%,
10/18/24
.
1,325
1,316
L1873179.UP.FTS.B,
22.76%,
10/18/24
...
1,329
1,315
L1874384.UP.FTS.B,
23.32%,
10/18/24
...
1,265
1,251
FW1873765.UP.FTS.B,
23.44%,
10/18/24
.
3,914
3,880
L1874136.UP.FTS.B,
23.45%,
10/18/24
...
1,964
1,945
L1874372.UP.FTS.B,
23.49%,
10/18/24
...
1,232
1,212
FW1873053.UP.FTS.B,
23.65%,
10/18/24
.
1,466
1,450
L1872590.UP.FTS.B,
23.91%,
10/18/24
...
1,961
1,944
FW1874061.UP.FTS.B,
24.44%,
10/18/24
.
629
622
L1873402.UP.FTS.B,
25.1%,
10/18/24
....
4,441
4,199
FW1874479.UP.FTS.B,
26.04%,
10/18/24
.
2,884
207
FW1873991.UP.FTS.B,
27.32%,
10/18/24
.
2,459
176
FW1866558.UP.FTS.B,
27.33%,
10/18/24
.
3,394
3,357
FW1873960.UP.FTS.B,
28.04%,
10/18/24
.
2,793
2,749
FW1873200.UP.FTS.B,
28.1%,
10/18/24
..
1,703
1,685
FW1870326.UP.FTS.B,
28.36%,
10/18/24
.
6,822
6,749
FW1874036.UP.FTS.B,
28.84%,
10/18/24
.
1,641
1,624
FW1873386.UP.FTS.B,
29.18%,
10/18/24
.
685
677
L2009164.UP.FTS.B,
7.47%,
11/09/24
....
6,374
6,309
L2007742.UP.FTS.B,
8.31%,
11/09/24
....
1,601
1,586
L2009147.UP.FTS.B,
8.62%,
11/09/24
....
1,283
1,271
FW2006255.UP.FTS.B,
8.72%,
11/09/24
..
1,668
1,653
L2006429.UP.FTS.B,
9.93%,
11/09/24
....
32,292
32,009
L2006357.UP.FTS.B,
10.1%,
11/09/24
....
778
768
FW2005536.UP.FTS.B,
10.27%,
11/09/24
.
2,588
2,566
L2009057.UP.FTS.B,
10.3%,
11/09/24
....
7,653
7,584
L2007334.UP.FTS.B,
10.62%,
11/09/24
...
3,242
3,209
FW2006816.UP.FTS.B,
10.79%,
11/09/24
.
5,313
5,262
L2007501.UP.FTS.B,
10.81%,
11/09/24
...
4,734
346
FW2008742.UP.FTS.B,
11.03%,
11/09/24
.
6,497
6,429
L2009390.UP.FTS.B,
11.11%,
11/09/24
...
4,419
4,380
L2007022.UP.FTS.B,
11.29%,
11/09/24
...
1,301
1,290
FW1975632.UP.FTS.B,
11.37%,
11/09/24
.
2,018
2,000
L1980258.UP.FTS.B,
12.16%,
11/09/24
...
14,246
14,125
L2008566.UP.FTS.B,
13.59%,
11/09/24
...
658
653
L2008572.UP.FTS.B,
13.72%,
11/09/24
...
3,736
3,701
L2000304.UP.FTS.B,
13.97%,
11/09/24
...
2,704
2,681
L2008598.UP.FTS.B,
14.12%,
11/09/24
...
1,981
1,961
L2009600.UP.FTS.B,
14.49%,
11/09/24
...
3,308
3,275
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2007591.UP.FTS.B,
14.78%,
11/09/24
...
$
460
$
453
FW2004099.UP.FTS.B,
15.18%,
11/09/24
.
1,991
1,977
L2009870.UP.FTS.B,
15.75%,
11/09/24
...
1,997
1,980
L2005874.UP.FTS.B,
15.93%,
11/09/24
...
11,326
11,247
L1964575.UP.FTS.B,
16.42%,
11/09/24
...
1,336
1,323
L2006407.UP.FTS.B,
16.56%,
11/09/24
...
5,348
5,295
L2009557.UP.FTS.B,
16.56%,
11/09/24
...
4,010
3,982
FW2006915.UP.FTS.B,
17.05%,
11/09/24
.
1,340
1,331
L2008387.UP.FTS.B,
17.08%,
11/09/24
...
3,507
498
FW2008245.UP.FTS.B,
17.41%,
11/09/24
.
3,356
3,333
L2009227.UP.FTS.B,
17.41%,
11/09/24
...
2,349
2,333
L2007287.UP.FTS.B,
17.58%,
11/09/24
...
8,970
1,272
FW2006977.UP.FTS.B,
17.62%,
11/09/24
.
3,359
3,336
FW2008456.UP.FTS.B,
17.88%,
11/09/24
.
5,223
5,157
L2006019.UP.FTS.B,
18.67%,
11/09/24
...
2,022
2,008
L2006884.UP.FTS.B,
18.86%,
11/09/24
...
5,793
5,746
FW2008385.UP.FTS.B,
19.08%,
11/09/24
.
1,707
1,691
L2008991.UP.FTS.B,
19.31%,
11/09/24
...
6,823
6,760
FW2009194.UP.FTS.B,
19.65%,
11/09/24
.
2,036
2,022
L2007944.UP.FTS.B,
19.85%,
11/09/24
...
2,635
741
L2004937.UP.FTS.B,
19.9%,
11/09/24
....
4,451
4,413
L2007765.UP.FTS.B,
19.9%,
11/09/24
....
4,632
4,589
L2005921.UP.FTS.B,
19.92%,
11/09/24
...
3,322
135
L2009435.UP.FTS.B,
20.15%,
11/09/24
...
11,223
11,086
L2004417.UP.FTS.B,
20.16%,
11/09/24
...
2,042
2,023
L2008874.UP.FTS.B,
20.27%,
11/09/24
...
6,779
6,695
L2007505.UP.FTS.B,
20.32%,
11/09/24
...
2,178
2,164
L2006510.UP.FTS.B,
20.49%,
11/09/24
...
3,580
3,552
L2005439.UP.FTS.B,
20.7%,
11/09/24
....
1,367
199
L2010279.UP.FTS.B,
20.87%,
11/09/24
...
2,766
2,725
L2008398.UP.FTS.B,
20.91%,
11/09/24
...
2,048
2,023
L2004915.UP.FTS.B,
21%,
11/09/24
.....
6,832
6,730
L2009328.UP.FTS.B,
21.06%,
11/09/24
...
1,161
1,154
FW2010100.UP.FTS.B,
21.34%,
11/09/24
.
3,770
546
L2009663.UP.FTS.B,
21.46%,
11/09/24
...
3,438
3,387
L2008515.UP.FTS.B,
21.79%,
11/09/24
...
6,170
6,096
L2006419.UP.FTS.B,
22.06%,
11/09/24
...
731
201
L2008922.UP.FTS.B,
22.21%,
11/09/24
...
1,374
1,357
L2009367.UP.FTS.B,
22.33%,
11/09/24
...
6,185
6,111
L2009655.UP.FTS.B,
22.54%,
11/09/24
...
2,742
2,709
L2010143.UP.FTS.B,
22.58%,
11/09/24
...
1,507
1,489
L2009735.UP.FTS.B,
22.61%,
11/09/24
...
3,667
3,620
FW2003014.UP.FTS.B,
22.75%,
11/09/24
.
12,051
11,907
L2009465.UP.FTS.B,
22.87%,
11/09/24
...
4,199
305
L2007564.UP.FTS.B,
23.08%,
11/09/24
...
4,224
4,164
L2008674.UP.FTS.B,
23.54%,
11/09/24
...
4,153
301
FW2008479.UP.FTS.B,
24.13%,
11/09/24
.
3,487
3,430
FW2009937.UP.FTS.B,
26.34%,
11/09/24
.
3,057
3,010
FW2005316.UP.FTS.B,
26.93%,
11/09/24
.
702
694
FW2008048.UP.FTS.B,
28.27%,
11/09/24
.
706
698
FW2008337.UP.FTS.B,
28.31%,
11/09/24
.
2,827
2,786
FW2009522.UP.FTS.B,
28.31%,
11/09/24
.
7,600
545
FW2008565.UP.FTS.B,
28.92%,
11/09/24
.
2,855
2,816
L2079356.UP.FTS.B,
6.34%,
11/19/24
....
12,635
12,514
L2077512.UP.FTS.B,
6.51%,
11/19/24
....
3,170
3,140
L2077314.UP.FTS.B,
7.63%,
11/19/24
....
3,828
3,789
L2079482.UP.FTS.B,
7.7%,
11/19/24
.....
4,148
4,110
FW2078418.UP.FTS.B,
7.82%,
11/19/24
..
31,909
31,656
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2077413.UP.FTS.B,
8.09%,
11/19/24
....
$
2,723
$
2,700
L2077593.UP.FTS.B,
8.69%,
11/19/24
....
3,208
3,179
L2077781.UP.FTS.B,
10.54%,
11/19/24
...
1,416
1,405
L2078215.UP.FTS.B,
10.8%,
11/19/24
....
4,801
4,765
L2077816.UP.FTS.B,
11%,
11/19/24
.....
779
773
L2077041.UP.FTS.B,
11.38%,
11/19/24
...
3,238
3,215
L2080776.UP.FTS.B,
11.71%,
11/19/24
...
6,173
6,014
FW2077955.UP.FTS.B,
11.92%,
11/19/24
.
1,649
1,633
L2078813.UP.FTS.B,
13.69%,
11/19/24
...
5,467
5,416
L2076941.UP.FTS.B,
13.71%,
11/19/24
...
6,860
6,493
L2078440.UP.FTS.B,
13.79%,
11/19/24
...
2,643
2,620
L2072646.UP.FTS.B,
15.11%,
11/19/24
...
1,991
1,976
L2077920.UP.FTS.B,
15.31%,
11/19/24
...
3,321
3,306
L2076486.UP.FTS.B,
15.67%,
11/19/24
...
1,796
1,789
L2076313.UP.FTS.B,
15.86%,
11/19/24
...
866
860
L2079064.UP.FTS.B,
15.95%,
11/19/24
...
3,342
3,318
FW2076817.UP.FTS.B,
16.69%,
11/19/24
.
1,003
999
L2077340.UP.FTS.B,
17.78%,
11/19/24
...
5,379
5,357
L2077616.UP.FTS.B,
18.56%,
11/19/24
...
4,630
683
FW2078600.UP.FTS.B,
18.83%,
11/19/24
.
676
673
L2080023.UP.FTS.B,
19.49%,
11/19/24
...
7,402
536
L2077669.UP.FTS.B,
19.72%,
11/19/24
...
632
629
FW2076493.UP.FTS.B,
20.14%,
11/19/24
.
1,700
1,694
L2070757.UP.FTS.B,
20.15%,
11/19/24
...
1,224
1,219
L2077506.UP.FTS.B,
20.58%,
11/19/24
...
4,035
3,997
L2077765.UP.FTS.B,
21.13%,
11/19/24
...
688
684
L2080270.UP.FTS.B,
21.47%,
11/19/24
...
2,738
2,727
FW2078088.UP.FTS.B,
22.1%,
11/19/24
..
1,373
1,361
FW2079771.UP.FTS.B,
22.21%,
11/19/24
.
3,434
3,421
L2068552.UP.FTS.B,
22.21%,
11/19/24
...
1,861
282
L2079118.UP.FTS.B,
22.29%,
11/19/24
...
7,120
6,742
L2077140.UP.FTS.B,
22.69%,
11/19/24
...
4,180
4,144
L2077284.UP.FTS.B,
22.9%,
11/19/24
....
5,723
862
L2077715.UP.FTS.B,
23.03%,
11/19/24
...
1,174
175
L2074944.UP.FTS.B,
23.05%,
11/19/24
...
3,053
3,020
FW2076824.UP.FTS.B,
23.23%,
11/19/24
.
2,208
2,200
L2077061.UP.FTS.B,
23.44%,
11/19/24
...
2,763
198
FW2078990.UP.FTS.B,
23.53%,
11/19/24
.
3,356
974
FW2078899.UP.FTS.B,
24.04%,
11/19/24
.
4,689
4,638
FW2080736.UP.FTS.B,
25.04%,
11/19/24
.
1,290
1,272
L2076355.UP.FTS.B,
25.17%,
11/19/24
...
4,723
4,683
FW2080449.UP.FTS.B,
25.53%,
11/19/24
.
5,708
407
FW2073639.UP.FTS.B,
25.65%,
11/19/24
.
2,271
341
FW2077958.UP.FTS.B,
27.77%,
11/19/24
.
7,046
6,989
FW2077222.UP.FTS.B,
28.34%,
11/19/24
.
4,663
702
FW2080054.UP.FTS.B,
30.2%,
11/19/24
..
2,205
328
L2197817.UP.FTS.B,
6.54%,
12/07/24
....
3,968
3,923
L2197814.UP.FTS.B,
6.94%,
12/07/24
....
1,325
1,310
L2192487.UP.FTS.B,
8.02%,
12/07/24
....
13,326
13,175
FW2196231.UP.FTS.B,
11.5%,
12/07/24
..
8,134
8,039
L2196723.UP.FTS.B,
12.12%,
12/07/24
...
4,420
4,368
L2196919.UP.FTS.B,
12.98%,
12/07/24
...
2,382
1,351
L2199259.UP.FTS.B,
13.19%,
12/07/24
...
3,075
3,040
FW2199236.UP.FTS.B,
13.4%,
12/07/24
..
1,026
1,014
L2152837.UP.FTS.B,
14.7%,
12/07/24
....
6,104
447
FW2196253.UP.FTS.B,
15.31%,
12/07/24
.
1,223
89
L2199973.UP.FTS.B,
16.17%,
12/07/24
...
2,079
2,053
L2196295.UP.FTS.B,
16.26%,
12/07/24
...
3,739
3,702
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2197093.UP.FTS.B,
16.43%,
12/07/24
...
$
4,045
$
1,092
L2198109.UP.FTS.B,
16.63%,
12/07/24
...
695
686
L2197668.UP.FTS.B,
17.17%,
12/07/24
...
1,741
1,719
FW2197769.UP.FTS.B,
17.83%,
12/07/24
.
1,762
1,741
L2196102.UP.FTS.B,
17.88%,
12/07/24
...
7,631
7,540
L2199581.UP.FTS.B,
19.33%,
12/07/24
...
1,266
1,250
FW2200254.UP.FTS.B,
19.34%,
12/07/24
.
1,407
1,389
FW2199717.UP.FTS.B,
20.13%,
12/07/24
.
3,529
3,466
L2195358.UP.FTS.B,
20.15%,
12/07/24
...
706
697
L2198118.UP.FTS.B,
20.43%,
12/07/24
...
1,413
1,396
L2198032.UP.FTS.B,
20.55%,
12/07/24
...
2,829
2,778
L2196647.UP.FTS.B,
21.51%,
12/07/24
...
4,298
4,247
L2199295.UP.FTS.B,
21.7%,
12/07/24
....
1,777
1,745
L2199073.UP.FTS.B,
21.87%,
12/07/24
...
1,778
1,756
L2195775.UP.FTS.B,
22.71%,
12/07/24
...
1,071
1,052
L2197271.UP.FTS.B,
22.76%,
12/07/24
...
6,530
6,418
FW2198017.UP.FTS.B,
23.08%,
12/07/24
.
2,145
2,107
L2196613.UP.FTS.B,
23.35%,
12/07/24
...
4,774
4,701
FW2195695.UP.FTS.B,
24.83%,
12/07/24
.
3,579
3,524
FW2195888.UP.FTS.B,
24.84%,
12/07/24
.
629
618
FW2199208.UP.FTS.B,
25.58%,
12/07/24
.
2,970
1,786
FW2198393.UP.FTS.B,
27.56%,
12/07/24
.
2,623
2,577
L2201298.UP.FTS.B,
6.04%,
12/08/24
....
1,213
1,200
L2203520.UP.FTS.B,
6.61%,
12/08/24
....
12,172
12,045
FW2201265.UP.FTS.B,
7.44%,
12/08/24
..
4,650
4,599
L2200896.UP.FTS.B,
7.68%,
12/08/24
....
4,656
4,605
L2150213.UP.FTS.B,
8.58%,
12/08/24
....
4,019
3,977
L2200163.UP.FTS.B,
8.73%,
12/08/24
....
5,015
4,961
L2204262.UP.FTS.B,
8.78%,
12/08/24
....
1,338
1,323
L2202574.UP.FTS.B,
9.1%,
12/08/24
....
5,024
4,970
FW2206887.UP.FTS.B,
9.22%,
12/08/24
..
6,720
6,647
L2202371.UP.FTS.B,
9.29%,
12/08/24
....
1,006
995
L2202647.UP.FTS.B,
9.47%,
12/08/24
....
2,236
2,213
L2206982.UP.FTS.B,
9.5%,
12/08/24
....
688
384
L2201633.UP.FTS.B,
10.05%,
12/08/24
...
6,529
6,459
L2202275.UP.FTS.B,
10.28%,
12/08/24
...
13,476
13,333
L2206909.UP.FTS.B,
11.8%,
12/08/24
....
2,036
2,016
L2205399.UP.FTS.B,
11.81%,
12/08/24
...
677
671
L2201373.UP.FTS.B,
12.48%,
12/08/24
...
2,043
2,021
L2201983.UP.FTS.B,
12.68%,
12/08/24
...
5,466
5,406
L2206888.UP.FTS.B,
12.72%,
12/08/24
...
5,455
5,395
L2202614.UP.FTS.B,
12.88%,
12/08/24
...
5,460
5,400
L2200458.UP.FTS.B,
12.89%,
12/08/24
...
4,411
4,369
L2200431.UP.FTS.B,
13.28%,
12/08/24
...
3,769
3,728
L2205143.UP.FTS.B,
13.35%,
12/08/24
...
2,052
2,029
L2202863.UP.FTS.B,
13.37%,
12/08/24
...
4,092
4,052
L2204453.UP.FTS.B,
13.74%,
12/08/24
...
2,056
2,033
L2204038.UP.FTS.B,
14.23%,
12/08/24
...
6,837
6,772
FW2200839.UP.FTS.B,
14.26%,
12/08/24
.
4,398
4,350
L2201794.UP.FTS.B,
14.37%,
12/08/24
...
5,842
5,773
L2204310.UP.FTS.B,
14.38%,
12/08/24
...
687
680
L2203131.UP.FTS.B,
15.07%,
12/08/24
...
2,576
2,543
FW2198905.UP.FTS.B,
15.38%,
12/08/24
.
3,453
3,412
L2192030.UP.FTS.B,
15.79%,
12/08/24
...
5,258
5,197
L2202823.UP.FTS.B,
16.25%,
12/08/24
...
1,541
1,522
L2199002.UP.FTS.B,
16.29%,
12/08/24
...
1,664
1,645
L2201862.UP.FTS.B,
17%,
12/08/24
.....
3,480
3,439
L2204481.UP.FTS.B,
17.12%,
12/08/24
...
3,185
3,130
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2200703.UP.FTS.B,
17.76%,
12/08/24
...
$
477
$
470
L2202850.UP.FTS.B,
17.99%,
12/08/24
...
1,311
1,297
L2202296.UP.FTS.B,
18.33%,
12/08/24
...
1,322
1,308
FW2201612.UP.FTS.B,
18.99%,
12/08/24
.
1,404
1,388
L2206681.UP.FTS.B,
19.32%,
12/08/24
...
2,513
2,483
L2204182.UP.FTS.B,
19.36%,
12/08/24
...
6,330
6,258
L2203811.UP.FTS.B,
19.85%,
12/08/24
...
2,128
2,105
L2201390.UP.FTS.B,
19.92%,
12/08/24
...
8,464
8,367
L2201524.UP.FTS.B,
19.94%,
12/08/24
...
4,225
4,164
FW2206245.UP.FTS.B,
20.03%,
12/08/24
.
1,173
166
L2203066.UP.FTS.B,
20.07%,
12/08/24
...
12,271
12,134
FW2201021.UP.FTS.B,
20.28%,
12/08/24
.
770
56
FW2201750.UP.FTS.B,
20.37%,
12/08/24
.
1,413
1,397
L2201072.UP.FTS.B,
20.37%,
12/08/24
...
2,473
2,445
L2202128.UP.FTS.B,
20.41%,
12/08/24
...
2,895
799
FW2205926.UP.FTS.B,
21.09%,
12/08/24
.
2,006
98
FW2203151.UP.FTS.B,
21.13%,
12/08/24
.
2,978
2,927
L2202392.UP.FTS.B,
21.41%,
12/08/24
...
3,194
3,141
L2206735.UP.FTS.B,
21.46%,
12/08/24
...
3,550
3,510
L2180897.UP.FTS.B,
21.81%,
12/08/24
...
5,684
5,603
FW2201886.UP.FTS.B,
21.86%,
12/08/24
.
1,262
1,247
FW2206827.UP.FTS.B,
22.71%,
12/08/24
.
3,570
3,510
L2202398.UP.FTS.B,
23.19%,
12/08/24
...
5,008
4,924
FW2206155.UP.FTS.B,
23.2%,
12/08/24
..
1,399
1,378
L2201277.UP.FTS.B,
23.37%,
12/08/24
...
2,381
2,342
FW2206719.UP.FTS.B,
24.2%,
12/08/24
..
8,600
8,479
L2202471.UP.FTS.B,
24.95%,
12/08/24
...
10,382
744
FW2176932.UP.FTS.B,
25.88%,
12/08/24
.
1,814
1,785
FW2202124.UP.FTS.B,
26.35%,
12/08/24
.
3,782
270
FW2203707.UP.FTS.B,
26.53%,
12/08/24
.
2,884
2,844
FW2201104.UP.FTS.B,
26.62%,
12/08/24
.
726
714
FW2201792.UP.FTS.B,
27.21%,
12/08/24
.
2,547
2,505
FW2201560.UP.FTS.B,
28.51%,
12/08/24
.
1,536
1,511
FW2204026.UP.FTS.B,
28.52%,
12/08/24
.
5,853
5,758
FW2205860.UP.FTS.B,
28.57%,
12/08/24
.
1,625
983
FW2201579.UP.FTS.B,
28.82%,
12/08/24
.
2,271
2,234
FW2201851.UP.FTS.B,
28.82%,
12/08/24
.
1,403
400
FW2205439.UP.FTS.B,
29.01%,
12/08/24
.
2,360
2,322
L2382768.UP.FTS.B,
5.08%,
1/11/25
.....
781
772
L2413126.UP.FTS.B,
5.21%,
1/11/25
.....
2,735
2,706
L2411924.UP.FTS.B,
5.26%,
1/11/25
.....
4,104
4,060
L2411777.UP.FTS.B,
5.56%,
1/11/25
.....
6,164
6,099
L2411090.UP.FTS.B,
5.74%,
1/11/25
.....
4,799
4,748
L2412107.UP.FTS.B,
6.11%,
1/11/25
.....
2,065
2,042
L2413813.UP.FTS.B,
6.18%,
1/11/25
.....
2,061
2,039
L2413053.UP.FTS.B,
6.21%,
1/11/25
.....
4,122
4,079
L2408176.UP.FTS.B,
6.75%,
1/11/25
.....
628
621
L2412917.UP.FTS.B,
6.87%,
1/11/25
.....
2,067
2,046
L2411645.UP.FTS.B,
6.95%,
1/11/25
.....
2,972
2,940
L2412167.UP.FTS.B,
7.12%,
1/11/25
.....
2,760
2,730
L2410776.UP.FTS.B,
7.38%,
1/11/25
.....
4,145
4,103
FW2411155.UP.FTS.B,
7.59%,
1/11/25
...
2,627
2,600
L2413637.UP.FTS.B,
7.76%,
1/11/25
.....
1,963
1,942
L2402281.UP.FTS.B,
7.89%,
1/11/25
.....
13,006
12,867
FW2408203.UP.FTS.B,
8.04%,
1/11/25
...
2,076
2,055
L2407274.UP.FTS.B,
8.11%,
1/11/25
.....
1,491
1,475
FW2413171.UP.FTS.B,
8.15%,
1/11/25
...
2,080
2,059
L2402983.UP.FTS.B,
8.56%,
1/11/25
.....
1,876
1,855
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2412008.UP.FTS.B,
8.58%,
1/11/25
.....
$
6,947
$
6,870
FW2408763.UP.FTS.B,
8.69%,
1/11/25
...
4,464
4,414
L2407827.UP.FTS.B,
8.84%,
1/11/25
.....
2,500
2,475
L2410161.UP.FTS.B,
9.06%,
1/11/25
.....
1,392
1,377
L2407027.UP.FTS.B,
9.18%,
1/11/25
.....
3,135
3,103
L2411609.UP.FTS.B,
9.19%,
1/11/25
.....
1,393
1,379
L2408028.UP.FTS.B,
9.2%,
1/11/25
......
2,429
2,404
L2405780.UP.FTS.B,
9.56%,
1/11/25
.....
1,764
109
FW2412135.UP.FTS.B,
10.19%,
1/11/25
..
1,397
1,383
L2413510.UP.FTS.B,
10.29%,
1/11/25
....
11,552
11,437
L2411555.UP.FTS.B,
10.32%,
1/11/25
....
3,151
3,120
L2408096.UP.FTS.B,
10.52%,
1/11/25
....
2,873
2,843
FW2412813.UP.FTS.B,
10.67%,
1/11/25
..
701
694
L2411669.UP.FTS.B,
10.84%,
1/11/25
....
1,404
1,388
FW2410432.UP.FTS.B,
10.89%,
1/11/25
..
3,510
3,474
L2411242.UP.FTS.B,
10.89%,
1/11/25
....
2,177
2,153
L2413320.UP.FTS.B,
11.28%,
1/11/25
....
14,064
13,925
L2405109.UP.FTS.B,
11.47%,
1/11/25
....
1,104
625
FW2412630.UP.FTS.B,
12.03%,
1/11/25
..
2,570
189
FW2409055.UP.FTS.B,
12.38%,
1/11/25
..
773
765
L2412366.UP.FTS.B,
12.6%,
1/11/25
.....
707
700
L2408103.UP.FTS.B,
12.61%,
1/11/25
....
1,768
1,751
FW2412082.UP.FTS.B,
12.62%,
1/11/25
..
3,693
3,653
L2410850.UP.FTS.B,
13.07%,
1/11/25
....
1,063
1,053
L2412558.UP.FTS.B,
13.17%,
1/11/25
....
1,064
1,053
L2410120.UP.FTS.B,
14.05%,
1/11/25
....
1,424
1,410
FW2412033.UP.FTS.B,
14.09%,
1/11/25
..
2,384
2,359
L2410413.UP.FTS.B,
14.16%,
1/11/25
....
10,683
10,574
L2409499.UP.FTS.B,
14.28%,
1/11/25
....
4,988
4,939
L2397480.UP.FTS.B,
15.09%,
1/11/25
....
6,168
6,098
L2408428.UP.FTS.B,
15.76%,
1/11/25
....
7,170
7,098
L2410798.UP.FTS.B,
15.99%,
1/11/25
....
7,179
7,106
FW2413230.UP.FTS.B,
16.04%,
1/11/25
..
5,230
747
FW2413492.UP.FTS.B,
16.11%,
1/11/25
..
1,072
1,061
FW2411395.UP.FTS.B,
16.37%,
1/11/25
..
2,155
2,134
L2407096.UP.FTS.B,
16.55%,
1/11/25
....
16,909
16,739
L2409614.UP.FTS.B,
17.29%,
1/11/25
....
4,220
4,173
L2411442.UP.FTS.B,
17.42%,
1/11/25
....
13,722
13,584
L2409234.UP.FTS.B,
17.51%,
1/11/25
....
2,167
2,146
L2407062.UP.FTS.B,
17.52%,
1/11/25
....
1,228
1,216
L2411946.UP.FTS.B,
17.59%,
1/11/25
....
6,288
6,225
L2405533.UP.FTS.B,
18.22%,
1/11/25
....
8,354
394
L2412453.UP.FTS.B,
19.73%,
1/11/25
....
22,912
22,646
L2412506.UP.FTS.B,
19.8%,
1/11/25
.....
6,856
6,788
L2407256.UP.FTS.B,
20.21%,
1/11/25
....
5,114
5,036
L2411253.UP.FTS.B,
20.46%,
1/11/25
....
1,463
1,448
FW2410096.UP.FTS.B,
20.55%,
1/11/25
..
868
63
L2413715.UP.FTS.B,
20.58%,
1/11/25
....
693
685
FW2407665.UP.FTS.B,
20.61%,
1/11/25
..
18,295
18,018
FW2388641.UP.FTS.B,
21.09%,
1/11/25
..
733
726
FW2411559.UP.FTS.B,
21.14%,
1/11/25
..
1,833
1,815
L2401534.UP.FTS.B,
21.34%,
1/11/25
....
8,791
8,703
L2413329.UP.FTS.B,
21.38%,
1/11/25
....
11,833
3,368
FW2410280.UP.FTS.B,
22.2%,
1/11/25
...
1,535
111
L2410058.UP.FTS.B,
22.27%,
1/11/25
....
7,823
7,743
L2413428.UP.FTS.B,
23.28%,
1/11/25
....
962
947
L2407636.UP.FTS.B,
23.33%,
1/11/25
....
888
873
FW2411472.UP.FTS.B,
24.01%,
1/11/25
..
6,769
6,656
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2408676.UP.FTS.B,
24.16%,
1/11/25
..
$
3,268
$
3,211
FW2411482.UP.FTS.B,
24.41%,
1/11/25
..
5,592
5,505
FW2410949.UP.FTS.B,
25.16%,
1/11/25
..
1,118
1,101
FW2408865.UP.FTS.B,
25.5%,
1/11/25
...
1,504
1,471
L2410557.UP.FTS.B,
26.28%,
1/11/25
....
1,871
1,843
FW2409120.UP.FTS.B,
26.65%,
1/11/25
..
3,747
3,691
FW2412539.UP.FTS.B,
27.71%,
1/11/25
..
3,762
3,706
FW2411088.UP.FTS.B,
28.45%,
1/11/25
..
1,509
1,487
FW2412560.UP.FTS.B,
28.48%,
1/11/25
..
4,075
4,014
FW2412871.UP.FTS.B,
28.66%,
1/11/25
..
1,510
1,488
FW2410693.UP.FTS.B,
28.78%,
1/11/25
..
6,555
6,446
FW2413084.UP.FTS.B,
29.03%,
1/11/25
..
1,970
141
FW2412449.UP.FTS.B,
29.08%,
1/11/25
..
21,640
21,286
FW2408892.UP.FTS.B,
33.73%,
1/11/25
..
3,637
3,576
L2415563.UP.FTS.B,
5.17%,
1/12/25
....
5,128
5,072
L2415408.UP.FTS.B,
5.38%,
1/12/25
....
6,533
6,465
L2398487.UP.FTS.B,
5.43%,
1/12/25
....
23,930
23,685
L2418369.UP.FTS.B,
5.69%,
1/12/25
....
1,028
1,017
L2414426.UP.FTS.B,
5.8%,
1/12/25
.....
1,029
1,018
FW2419630.UP.FTS.B,
6.3%,
1/12/25
....
688
680
L2420304.UP.FTS.B,
6.48%,
1/12/25
....
1,726
1,708
L2419347.UP.FTS.B,
6.78%,
1/12/25
....
5,857
5,795
L2416428.UP.FTS.B,
6.81%,
1/12/25
....
1,378
1,364
FW2414692.UP.FTS.B,
6.84%,
1/12/25
...
1,382
1,368
L2418759.UP.FTS.B,
6.94%,
1/12/25
....
6,032
5,970
L2419328.UP.FTS.B,
7.52%,
1/12/25
....
4,839
4,790
L2415914.UP.FTS.B,
7.64%,
1/12/25
....
2,421
2,395
L2419517.UP.FTS.B,
7.68%,
1/12/25
....
5,105
376
FW2418816.UP.FTS.B,
7.73%,
1/12/25
...
4,166
4,122
L2419589.UP.FTS.B,
7.74%,
1/12/25
....
10,379
10,280
L2416890.UP.FTS.B,
7.78%,
1/12/25
....
4,360
4,318
L2419183.UP.FTS.B,
8%,
1/12/25
.......
2,217
2,194
FW2416518.UP.FTS.B,
8.11%,
1/12/25
...
3,466
3,433
L2417943.UP.FTS.B,
8.11%,
1/12/25
.....
3,466
3,433
L2414073.UP.FTS.B,
8.79%,
1/12/25
....
1,523
1,509
L2415019.UP.FTS.B,
8.85%,
1/12/25
....
1,391
1,378
L2416430.UP.FTS.B,
9.01%,
1/12/25
....
3,480
3,444
L2414074.UP.FTS.B,
9.04%,
1/12/25
....
10,442
10,344
FW2416507.UP.FTS.B,
9.11%,
1/12/25
...
3,540
951
L2417145.UP.FTS.B,
9.34%,
1/12/25
....
767
759
L2415812.UP.FTS.B,
9.44%,
1/12/25
....
3,754
3,718
L2417726.UP.FTS.B,
9.57%,
1/12/25
....
3,490
3,457
L2414740.UP.FTS.B,
9.6%,
1/12/25
.....
1,241
91
FW2413836.UP.FTS.B,
10.39%,
1/12/25
..
1,743
1,727
L2396686.UP.FTS.B,
10.42%,
1/12/25
....
3,503
3,470
FW2419415.UP.FTS.B,
10.5%,
1/12/25
...
1,335
1,321
FW2416931.UP.FTS.B,
10.8%,
1/12/25
...
7,719
7,646
L2414847.UP.FTS.B,
11.02%,
1/12/25
....
7,726
7,654
L2414221.UP.FTS.B,
11.17%,
1/12/25
....
3,514
3,481
FW2416547.UP.FTS.B,
11.39%,
1/12/25
..
2,040
2,021
L2420369.UP.FTS.B,
11.76%,
1/12/25
....
12,923
12,785
L2413961.UP.FTS.B,
13.69%,
1/12/25
....
2,694
2,667
L2411232.UP.FTS.B,
15.21%,
1/12/25
....
20,748
20,564
L2419075.UP.FTS.B,
17.01%,
1/12/25
....
1,492
871
L2418199.UP.FTS.B,
17.24%,
1/12/25
....
297
292
L2417700.UP.FTS.B,
17.92%,
1/12/25
....
2,917
2,885
FW2417716.UP.FTS.B,
18.03%,
1/12/25
..
1,807
1,791
FW2416853.UP.FTS.B,
18.35%,
1/12/25
..
5,067
5,022
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2418715.UP.FTS.B,
19.25%,
1/12/25
....
$
3,667
$
3,628
L2419498.UP.FTS.B,
19.45%,
1/12/25
....
8,247
242
L2417349.UP.FTS.B,
20.05%,
1/12/25
....
1,446
1,433
FW2416638.UP.FTS.B,
22.19%,
1/12/25
..
7,604
4,571
L2417218.UP.FTS.B,
22.21%,
1/12/25
....
2,798
2,770
L2414519.UP.FTS.B,
22.88%,
1/12/25
....
2,437
2,404
L2418909.UP.FTS.B,
22.9%,
1/12/25
....
676
663
L2414032.UP.FTS.B,
23.21%,
1/12/25
....
2,046
2,028
L2352635.UP.FTS.B,
23.27%,
1/12/25
....
5,519
5,443
L2412538.UP.FTS.B,
23.48%,
1/12/25
....
2,985
2,939
FW2417500.UP.FTS.B,
23.65%,
1/12/25
..
1,602
235
FW2414957.UP.FTS.B,
23.71%,
1/12/25
..
8,818
8,742
FW2414041.UP.FTS.B,
23.78%,
1/12/25
..
2,965
2,925
FW2416686.UP.FTS.B,
24.84%,
1/12/25
..
1,800
1,773
FW2418415.UP.FTS.B,
26.15%,
1/12/25
..
10,624
10,466
FW2415083.UP.FTS.B,
27.47%,
1/12/25
..
4,903
1,414
FW2414437.UP.FTS.B,
27.76%,
1/12/25
..
2,258
2,228
FW2415206.UP.FTS.B,
28.53%,
1/12/25
..
8,928
631
FW2635737.UP.FTS.B,
5.82%,
2/15/25
...
2,599
2,444
L2636718.UP.FTS.B,
6.51%,
2/15/25
....
673
666
L2631679.UP.FTS.B,
6.61%,
2/15/25
....
3,570
3,534
L2632890.UP.FTS.B,
6.77%,
2/15/25
....
7,147
7,074
L2634175.UP.FTS.B,
6.95%,
2/15/25
....
6,446
6,378
L2634671.UP.FTS.B,
8.48%,
2/15/25
....
25,223
24,974
L2634533.UP.FTS.B,
8.5%,
2/15/25
.....
14,415
14,272
L2634613.UP.FTS.B,
8.55%,
2/15/25
....
5,043
4,993
L2633581.UP.FTS.B,
9.23%,
2/15/25
....
1,515
1,500
FW2634377.UP.FTS.B,
10%,
2/15/25
....
725
718
L2634177.UP.FTS.B,
15.21%,
2/15/25
....
1,629
1,612
L2636760.UP.FTS.B,
15.98%,
2/15/25
....
10,153
9,568
FW2634284.UP.FTS.B,
16.22%,
2/15/25
..
7,434
7,358
L2634751.UP.FTS.B,
16.31%,
2/15/25
....
1,413
1,400
L2631912.UP.FTS.B,
16.39%,
2/15/25
....
4,464
4,418
L2636882.UP.FTS.B,
16.54%,
2/15/25
....
4,094
4,052
L2632664.UP.FTS.B,
17.32%,
2/15/25
....
747
739
L2635618.UP.FTS.B,
17.92%,
2/15/25
....
3,114
227
L2633074.UP.FTS.B,
18.31%,
2/15/25
....
3,014
2,960
L2634161.UP.FTS.B,
18.39%,
2/15/25
....
3,148
3,116
L2631294.UP.FTS.B,
19.11%,
2/15/25
....
752
744
L2632627.UP.FTS.B,
20.79%,
2/15/25
....
7,564
7,451
L2634669.UP.FTS.B,
20.85%,
2/15/25
....
7,868
7,751
L2631763.UP.FTS.B,
20.93%,
2/15/25
....
6,601
6,519
FW2636107.UP.FTS.B,
21.14%,
2/15/25
..
7,334
7,202
FW2631365.UP.FTS.B,
21.86%,
2/15/25
..
4,936
4,863
FW2637244.UP.FTS.B,
22.65%,
2/15/25
..
761
750
FW2633708.UP.FTS.B,
25.99%,
2/15/25
..
5,009
4,935
FW2631136.UP.FTS.B,
27.13%,
2/15/25
..
1,317
1,292
FW2631651.UP.FTS.B,
27.52%,
2/15/25
..
5,035
4,961
FW2635191.UP.FTS.B,
29%,
2/15/25
....
3,275
959
FW2631826.UP.FTS.B,
31.23%,
2/15/25
..
4,157
4,093
L2639657.UP.FTS.B,
5.92%,
2/16/25
....
1,069
1,059
L2639334.UP.FTS.B,
6.42%,
2/16/25
....
5,044
4,989
FW2638680.UP.FTS.B,
7.01%,
2/16/25
...
1,576
1,560
L2639360.UP.FTS.B,
7.14%,
2/16/25
....
7,768
7,684
L2643179.UP.FTS.B,
7.28%,
2/16/25
....
3,475
3,441
L2639542.UP.FTS.B,
8.21%,
2/16/25
....
1,772
1,755
L2638987.UP.FTS.B,
9.25%,
2/16/25
....
1,668
1,651
L2642308.UP.FTS.B,
10.18%,
2/16/25
....
7,257
7,191
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2644636.UP.FTS.B,
10.31%,
2/16/25
..
$
724
$
717
L2640736.UP.FTS.B,
10.49%,
2/16/25
....
1,090
1,080
FW2639791.UP.FTS.B,
11.24%,
2/16/25
..
3,645
3,612
FW2644605.UP.FTS.B,
13.5%,
2/16/25
...
7,356
7,291
FW2640049.UP.FTS.B,
13.66%,
2/16/25
..
7,877
7,809
FW2641858.UP.FTS.B,
14.06%,
2/16/25
..
4,021
3,982
FW2640344.UP.FTS.B,
14.17%,
2/16/25
..
1,816
1,800
L2644835.UP.FTS.B,
14.27%,
2/16/25
....
9,579
9,496
L2639914.UP.FTS.B,
14.3%,
2/16/25
....
5,165
5,117
L2573704.UP.FTS.B,
14.5%,
2/16/25
....
2,954
2,927
FW2642814.UP.FTS.B,
15.64%,
2/16/25
..
4,093
4,047
L2644825.UP.FTS.B,
15.86%,
2/16/25
....
1,141
1,121
L2640305.UP.FTS.B,
16.68%,
2/16/25
....
4,842
4,799
FW2644294.UP.FTS.B,
16.92%,
2/16/25
..
2,465
2,437
FW2639338.UP.FTS.B,
17.66%,
2/16/25
..
7,460
7,393
FW2639899.UP.FTS.B,
18.71%,
2/16/25
..
7,515
7,431
L2641019.UP.FTS.B,
18.97%,
2/16/25
....
11,269
11,169
L2639930.UP.FTS.B,
19.1%,
2/16/25
....
1,654
1,639
L2644145.UP.FTS.B,
19.28%,
2/16/25
....
1,897
1,876
L2637891.UP.FTS.B,
19.29%,
2/16/25
....
5,680
5,621
FW2639706.UP.FTS.B,
19.94%,
2/16/25
..
4,825
4,761
L2641952.UP.FTS.B,
19.98%,
2/16/25
....
3,318
3,289
L2641810.UP.FTS.B,
22.34%,
2/16/25
....
871
857
FW2643292.UP.FTS.B,
23.05%,
2/16/25
..
3,737
3,688
L2639553.UP.FTS.B,
23.86%,
2/16/25
....
8,647
8,520
FW2639697.UP.FTS.B,
24.32%,
2/16/25
..
1,303
1,286
FW2638912.UP.FTS.B,
24.71%,
2/16/25
..
2,005
299
FW2643827.UP.FTS.B,
25.41%,
2/16/25
..
3,845
3,795
FW2643384.UP.FTS.B,
26.02%,
2/16/25
..
3,159
3,111
L2627901.UP.FTS.B,
28.31%,
2/16/25
....
10,952
10,813
L2644671.UP.FTS.B,
5.08%,
2/17/25
....
7,100
7,030
L2645028.UP.FTS.B,
11.5%,
2/17/25
.....
2,554
2,531
FW2645054.UP.FTS.B,
11.7%,
2/17/25
...
5,546
5,492
L2604120.UP.FTS.B,
17.7%,
2/17/25
....
7,495
7,413
FW1873354.UP.FTS.B,
20.69%,
3/18/25
..
1,275
92
L1869314.UP.FTS.B,
21.8%,
3/18/25
....
4,261
81
FW1872890.UP.FTS.B,
24.47%,
3/18/25
..
825
240
L2006292.UP.FTS.B,
11.48%,
4/09/25
....
1,064
1,051
L2007212.UP.FTS.B,
15.12%,
4/09/25
....
5,326
190
L2006010.UP.FTS.B,
18.05%,
4/09/25
....
1,008
993
FW2007173.UP.FTS.B,
24.62%,
4/09/25
..
792
782
FW2008582.UP.FTS.B,
28.77%,
4/09/25
..
883
868
FW2078328.UP.FTS.B,
19.87%,
4/19/25
..
3,848
3,792
L2078933.UP.FTS.B,
22.16%,
4/19/25
....
9,466
8,920
FW2077645.UP.FTS.B,
27.94%,
4/19/25
..
1,880
1,857
L2197032.UP.FTS.B,
22.34%,
5/07/25
....
1,822
510
L2205597.UP.FTS.B,
19.53%,
5/08/25
....
1,864
94
L2204817.UP.FTS.B,
21.24%,
5/08/25
....
4,473
11
L2200082.UP.FTS.B,
23.29%,
5/08/25
....
2,373
2,330
FW2202263.UP.FTS.B,
23.94%,
5/08/25
..
1,171
1,149
FW2201445.UP.FTS.B,
27.41%,
5/08/25
..
4,242
2,541
FW2202524.UP.FTS.B,
28.64%,
5/08/25
..
1,495
1,465
FW2408831.UP.FTS.B,
10.24%,
6/11/25
..
3,719
949
FW2412930.UP.FTS.B,
12.99%,
6/11/25
..
3,860
3,812
FW2410127.UP.FTS.B,
20.85%,
6/11/25
..
802
785
L2415625.UP.FTS.B,
8.97%,
6/12/25
....
2,520
2,490
L2414544.UP.FTS.B,
14.43%,
6/12/25
....
1,972
1,948
FW2414761.UP.FTS.B,
23.39%,
6/12/25
..
809
483
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2417137.UP.FTS.B,
28.46%,
6/12/25
..
$
8,436
$
8,279
FW2631536.UP.FTS.B,
18.63%,
7/15/25
..
1,073
1,058
FW2639247.UP.FTS.B,
27.74%,
7/16/25
..
6,673
6,566
FW1873996.UP.FTS.B,
28.24%,
8/18/25
..
4,403
1,297
FW1872459.UP.FTS.B,
28.31%,
8/18/25
..
606
600
L2007014.UP.FTS.B,
20.64%,
9/09/25
....
3,449
3,418
FW2009505.UP.FTS.B,
26.53%,
9/09/25
..
2,426
692
FW2005459.UP.FTS.B,
26.79%,
9/09/25
..
787
773
L2195122.UP.FTS.B,
20.26%,
10/07/25
...
4,158
4,097
FW2418164.UP.FTS.B,
9.41%,
11/12/25
..
1,953
500
FW2414944.UP.FTS.B,
29.31%,
11/12/25
.
2,147
2,108
L1709252.UP.FTS.B,
8.33%,
9/14/26
....
7,916
4,074
L1711804.UP.FTS.B,
9.08%,
9/14/26
.....
7,759
7,697
L1709773.UP.FTS.B,
9.1%,
9/14/26
.....
1,552
1,540
L1709466.UP.FTS.B,
9.12%,
9/14/26
....
8,531
8,463
L1711063.UP.FTS.B,
9.57%,
9/14/26
.....
10,893
10,803
L1711325.UP.FTS.B,
9.58%,
9/14/26
.....
13,228
13,123
L1710250.UP.FTS.B,
9.72%,
9/14/26
....
6,230
6,167
L1710722.UP.FTS.B,
9.73%,
9/14/26
....
15,576
15,447
L1709358.UP.FTS.B,
10.97%,
9/14/26
....
33,004
32,683
L1711260.UP.FTS.B,
11.26%,
9/14/26
....
1,574
1,558
L1709982.UP.FTS.B,
11.59%,
9/14/26
....
9,444
9,349
FW1711975.UP.FTS.B,
11.76%,
9/14/26
..
21,268
21,055
L1711112.UP.FTS.B,
12.03%,
9/14/26
....
15,779
15,621
FW1709227.UP.FTS.B,
12.04%,
9/14/26
..
1,318
1,303
L1711960.UP.FTS.B,
12.48%,
9/14/26
....
2,372
2,349
L1708544.UP.FTS.B,
12.57%,
9/14/26
....
3,154
3,124
L1709990.UP.FTS.B,
12.82%,
9/14/26
....
1,898
1,880
FW1709162.UP.FTS.B,
13.06%,
9/14/26
..
7,139
7,068
L1709442.UP.FTS.B,
13.19%,
9/14/26
....
39,691
39,324
L1712219.UP.FTS.B,
13.34%,
9/14/26
....
2,795
2,764
L1711120.UP.FTS.B,
13.48%,
9/14/26
....
5,089
5,038
L1711626.UP.FTS.B,
13.98%,
9/14/26
....
15,944
15,786
L1712525.UP.FTS.B,
14.32%,
9/14/26
....
3,387
244
L1705354.UP.FTS.B,
14.33%,
9/14/26
....
19,168
18,980
L1709686.UP.FTS.B,
14.5%,
9/14/26
....
15,990
15,833
L1712030.UP.FTS.B,
15.05%,
9/14/26
....
2,405
2,374
L1709833.UP.FTS.B,
15.27%,
9/14/26
....
9,631
9,508
FW1711888.UP.FTS.B,
15.29%,
9/14/26
..
8,027
7,925
L1711759.UP.FTS.B,
15.35%,
9/14/26
....
8,011
7,918
FW1710596.UP.FTS.B,
15.85%,
9/14/26
..
4,025
3,974
L1710000.UP.FTS.B,
16.05%,
9/14/26
....
16,116
15,912
FW1711241.UP.FTS.B,
16.08%,
9/14/26
..
3,224
3,183
L1707201.UP.FTS.B,
16.24%,
9/14/26
....
12,099
11,945
L1708577.UP.FTS.B,
16.66%,
9/14/26
....
5,772
5,699
L1711658.UP.FTS.B,
16.72%,
9/14/26
....
2,574
186
L1710867.UP.FTS.B,
16.91%,
9/14/26
....
3,392
481
FW1709135.UP.FTS.B,
16.99%,
9/14/26
..
4,048
3,997
L1709613.UP.FTS.B,
17.03%,
9/14/26
....
2,429
2,399
L1711610.UP.FTS.B,
17.32%,
9/14/26
....
20,272
19,999
L1708807.UP.FTS.B,
17.72%,
9/14/26
....
8,125
8,032
L1711190.UP.FTS.B,
17.79%,
9/14/26
....
5,284
5,205
L1710981.UP.FTS.B,
17.81%,
9/14/26
....
8,188
8,069
L1710421.UP.FTS.B,
18.12%,
9/14/26
....
12,128
11,938
L1710484.UP.FTS.B,
18.16%,
9/14/26
....
7,015
508
FW1712049.UP.FTS.B,
18.25%,
9/14/26
..
4,399
4,334
FW1709424.UP.FTS.B,
18.79%,
9/14/26
..
12,252
12,099
FW1709134.UP.FTS.B,
18.89%,
9/14/26
..
8,427
2,338
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1710731.UP.FTS.B,
18.91%,
9/14/26
....
$
2,452
$
2,419
L1712201.UP.FTS.B,
18.94%,
9/14/26
....
2,041
2,013
L1709877.UP.FTS.B,
19.26%,
9/14/26
....
4,025
3,969
FW1711268.UP.FTS.B,
19.32%,
9/14/26
..
6,602
476
L1711904.UP.FTS.B,
19.49%,
9/14/26
....
16,309
16,233
L1711008.UP.FTS.B,
19.81%,
9/14/26
....
8,208
8,157
L1711215.UP.FTS.B,
19.91%,
9/14/26
....
4,937
4,907
L1709643.UP.FTS.B,
20.04%,
9/14/26
....
3,287
3,243
L1708842.UP.FTS.B,
20.24%,
9/14/26
....
6,415
6,378
L1712297.UP.FTS.B,
20.36%,
9/14/26
....
8,230
8,108
L1708429.UP.FTS.B,
20.63%,
9/14/26
....
2,472
2,457
L1710126.UP.FTS.B,
20.84%,
9/14/26
....
5,770
5,745
L1708585.UP.FTS.B,
20.86%,
9/14/26
....
24,807
24,657
L1711983.UP.FTS.B,
20.92%,
9/14/26
....
4,139
4,078
FW1711817.UP.FTS.B,
20.95%,
9/14/26
..
3,961
3,944
L1711180.UP.FTS.B,
21%,
9/14/26
......
19,826
19,703
L1711790.UP.FTS.B,
21.29%,
9/14/26
....
1,054
1,043
FW1708681.UP.FTS.B,
21.58%,
9/14/26
..
619
607
FW1712143.UP.FTS.B,
21.68%,
9/14/26
..
4,140
4,114
FW1704691.UP.FTS.B,
21.96%,
9/14/26
..
8,221
8,107
L1709159.UP.FTS.B,
22.01%,
9/14/26
....
12,595
12,416
L1707499.UP.FTS.B,
22.03%,
9/14/26
....
8,273
8,236
L1710829.UP.FTS.B,
22.11%,
9/14/26
....
4,148
4,097
L1709427.UP.FTS.B,
22.21%,
9/14/26
....
3,320
3,306
L1710706.UP.FTS.B,
22.62%,
9/14/26
....
2,561
2,548
FW1708581.UP.FTS.B,
23.53%,
9/14/26
..
11,310
11,214
L1712099.UP.FTS.B,
23.67%,
9/14/26
....
1,914
552
L1704673.UP.FTS.B,
23.71%,
9/14/26
....
9,211
9,156
L1710184.UP.FTS.B,
24.03%,
9/14/26
....
1,501
1,481
L1709189.UP.FTS.B,
24.05%,
9/14/26
....
29,688
17,535
FW1709337.UP.FTS.B,
24.31%,
9/14/26
..
21,257
12,564
L1712413.UP.FTS.B,
24.71%,
9/14/26
....
1,121
306
L1709924.UP.FTS.B,
24.74%,
9/14/26
....
1,266
1,259
L1710379.UP.FTS.B,
24.83%,
9/14/26
....
1,091
1,087
L1710592.UP.FTS.B,
25.03%,
9/14/26
....
1,092
1,086
L1706788.UP.FTS.B,
25.12%,
9/14/26
....
1,513
1,504
FW1712236.UP.FTS.B,
25.24%,
9/14/26
..
7,219
1,086
L1710759.UP.FTS.B,
25.29%,
9/14/26
....
925
920
L1712021.UP.FTS.B,
25.29%,
9/14/26
....
2,692
2,676
L1712197.UP.FTS.B,
25.34%,
9/14/26
....
204
150
L1709050.UP.FTS.B,
25.44%,
9/14/26
....
2,525
2,510
L1712014.UP.FTS.B,
25.46%,
9/14/26
....
1,431
1,423
L1710375.UP.FTS.B,
25.49%,
9/14/26
....
1,682
1,675
L1707815.UP.FTS.B,
25.5%,
9/14/26
....
5,991
3,565
FW1712366.UP.FTS.B,
25.67%,
9/14/26
..
2,720
193
L1709036.UP.FTS.B,
25.69%,
9/14/26
....
6,169
443
L1711582.UP.FTS.B,
25.87%,
9/14/26
....
22,264
22,113
L1709668.UP.FTS.B,
25.91%,
9/14/26
....
1,265
1,247
L1708800.UP.FTS.B,
25.93%,
9/14/26
....
4,103
2,428
L1711668.UP.FTS.B,
26.18%,
9/14/26
....
3,969
3,952
L1704675.UP.FTS.B,
26.55%,
9/14/26
....
5,511
5,479
FW1711990.UP.FTS.B,
26.83%,
9/14/26
..
7,790
7,743
FW1711419.UP.FTS.B,
27.05%,
9/14/26
..
3,333
235
FW1712397.UP.FTS.B,
27.52%,
9/14/26
..
2,613
1,552
FW1711280.UP.FTS.B,
28.58%,
9/14/26
..
18,072
17,976
FW1712164.UP.FTS.B,
28.97%,
9/14/26
..
2,984
2,971
FW1712431.UP.FTS.B,
29.12%,
9/14/26
..
2,574
2,559
FW1711078.UP.FTS.B,
29.28%,
9/14/26
..
3,664
260
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1701558.UP.FTS.B,
29.38%,
9/14/26
..
$
10,251
$
10,207
FW1711953.UP.FTS.B,
29.73%,
9/14/26
..
1,013
997
FW1709270.UP.FTS.B,
29.95%,
9/14/26
..
4,631
4,604
FW1711943.UP.FTS.B,
30.23%,
9/14/26
..
4,356
4,327
FW1708159.UP.FTS.B,
30.6%,
9/14/26
...
1,616
1,605
FW1710725.UP.FTS.B,
30.72%,
9/14/26
..
2,732
2,712
FW1712184.UP.FTS.B,
30.77%,
9/14/26
..
4,857
4,836
FW1708283.UP.FTS.B,
30.95%,
9/14/26
..
3,443
3,422
FW1709045.UP.FTS.B,
31.04%,
9/14/26
..
2,583
2,572
FW1711778.UP.FTS.B,
31.18%,
9/14/26
..
2,843
2,826
FW1709334.UP.FTS.B,
31.22%,
9/14/26
..
1,548
108
FW1709206.UP.FTS.B,
31.24%,
9/14/26
..
1,206
1,201
FW1709237.UP.FTS.B,
31.24%,
9/14/26
..
4,308
4,282
FW1712567.UP.FTS.B,
31.44%,
9/14/26
..
2,500
2,490
FW1711131.UP.FTS.B,
31.51%,
9/14/26
..
1,950
1,939
FW1708209.UP.FTS.B,
31.55%,
9/14/26
..
5,037
4,982
FW1708897.UP.FTS.B,
32.27%,
9/14/26
..
2,611
767
FW1705277.UP.FTS.B,
32.78%,
9/14/26
..
38,663
2,677
FW1707590.UP.FTS.B,
32.85%,
9/14/26
..
4,312
623
L1873953.UP.FTS.B,
6.89%,
10/18/26
....
39,020
38,716
FW1872946.UP.FTS.B,
7.02%,
10/18/26
..
5,083
5,041
L1873658.UP.FTS.B,
8.56%,
10/18/26
....
28,783
28,554
FW1873694.UP.FTS.B,
8.87%,
10/18/26
..
1,580
1,567
L1873576.UP.FTS.B,
10.5%,
10/18/26
....
8,563
8,045
L1871496.UP.FTS.B,
10.72%,
10/18/26
...
14,759
14,645
L1873797.UP.FTS.B,
10.87%,
10/18/26
...
3,980
3,944
L1874550.UP.FTS.B,
10.94%,
10/18/26
...
6,380
6,322
L1873178.UP.FTS.B,
11.12%,
10/18/26
...
6,316
6,255
L1873001.UP.FTS.B,
11.14%,
10/18/26
...
5,996
5,939
L1872155.UP.FTS.B,
11.36%,
10/18/26
...
1,567
1,552
L1873842.UP.FTS.B,
11.7%,
10/18/26
....
13,952
13,819
L1873090.UP.FTS.B,
11.9%,
10/18/26
....
1,204
1,193
L1873798.UP.FTS.B,
12.44%,
10/18/26
...
3,220
3,189
L1873392.UP.FTS.B,
12.58%,
10/18/26
...
10,310
10,212
L1874099.UP.FTS.B,
12.59%,
10/18/26
...
14,507
14,369
L1873896.UP.FTS.B,
12.61%,
10/18/26
...
4,507
4,234
L1873977.UP.FTS.B,
12.66%,
10/18/26
...
10,211
10,120
L1872876.UP.FTS.B,
13.07%,
10/18/26
...
2,019
2,000
L1874284.UP.FTS.B,
13.39%,
10/18/26
...
6,470
6,409
L1873391.UP.FTS.B,
13.44%,
10/18/26
...
8,090
8,014
L1873434.UP.FTS.B,
13.54%,
10/18/26
...
2,412
2,390
FW1873975.UP.FTS.B,
13.55%,
10/18/26
.
5,261
5,212
L1862693.UP.FTS.B,
13.59%,
10/18/26
...
6,933
365
FW1874302.UP.FTS.B,
13.81%,
10/18/26
.
40,300
39,940
L1873174.UP.FTS.B,
13.86%,
10/18/26
...
13,011
12,877
L1874369.UP.FTS.B,
14.32%,
10/18/26
...
6,499
6,426
L1874287.UP.FTS.B,
14.37%,
10/18/26
...
13,005
12,884
FW1874328.UP.FTS.B,
14.8%,
10/18/26
..
8,145
8,045
L1860167.UP.FTS.B,
14.86%,
10/18/26
...
1,385
1,368
L1873885.UP.FTS.B,
15.48%,
10/18/26
...
15,526
15,382
L1874280.UP.FTS.B,
15.62%,
10/18/26
...
24,981
23,478
L1873194.UP.FTS.B,
15.66%,
10/18/26
...
2,070
2,051
L1873835.UP.FTS.B,
15.93%,
10/18/26
...
8,189
8,090
L1873166.UP.FTS.B,
16.01%,
10/18/26
...
16,385
16,186
L1872550.UP.FTS.B,
16.04%,
10/18/26
...
4,097
4,047
L1872814.UP.FTS.B,
16.38%,
10/18/26
...
12,226
12,087
L1874290.UP.FTS.B,
16.39%,
10/18/26
...
2,895
2,723
L1873320.UP.FTS.B,
16.64%,
10/18/26
...
1,643
1,624
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1873808.UP.FTS.B,
16.88%,
10/18/26
...
$
4,524
$
4,459
L1874262.UP.FTS.B,
17.04%,
10/18/26
...
5,320
5,253
L1873419.UP.FTS.B,
17.21%,
10/18/26
...
4,120
4,070
L1873707.UP.FTS.B,
17.21%,
10/18/26
...
9,943
9,825
L1874383.UP.FTS.B,
17.27%,
10/18/26
...
7,582
7,473
L1873745.UP.FTS.B,
17.46%,
10/18/26
...
8,376
7,869
FW1869707.UP.FTS.B,
17.52%,
10/18/26
.
12,376
12,199
FW1874259.UP.FTS.B,
17.55%,
10/18/26
.
26,986
26,661
FW1873390.UP.FTS.B,
17.6%,
10/18/26
..
9,904
9,762
L1873345.UP.FTS.B,
17.63%,
10/18/26
...
4,928
4,864
FW1874335.UP.FTS.B,
17.64%,
10/18/26
.
33,128
32,842
L1874163.UP.FTS.B,
17.64%,
10/18/26
...
5,776
5,700
FW1874438.UP.FTS.B,
18.01%,
10/18/26
.
5,050
4,952
L1868602.UP.FTS.B,
18.18%,
10/18/26
...
2,896
2,855
L1872889.UP.FTS.B,
18.38%,
10/18/26
...
16,660
16,426
FW1873109.UP.FTS.B,
18.49%,
10/18/26
.
7,873
7,761
L1872957.UP.FTS.B,
18.56%,
10/18/26
...
10,671
10,528
L1874018.UP.FTS.B,
18.78%,
10/18/26
...
4,900
356
L1874471.UP.FTS.B,
18.86%,
10/18/26
...
1,098
1,081
L1872626.UP.FTS.B,
19.06%,
10/18/26
...
5,984
5,898
L1873648.UP.FTS.B,
19.32%,
10/18/26
...
3,770
3,718
L1873350.UP.FTS.B,
19.42%,
10/18/26
...
9,671
9,537
FW1874119.UP.FTS.B,
19.46%,
10/18/26
.
12,487
12,309
L1873155.UP.FTS.B,
19.56%,
10/18/26
...
2,751
2,712
L1873356.UP.FTS.B,
19.63%,
10/18/26
...
1,416
1,408
L1873176.UP.FTS.B,
19.77%,
10/18/26
...
12,504
12,434
FW1873722.UP.FTS.B,
19.81%,
10/18/26
.
5,875
5,793
L1872983.UP.FTS.B,
19.88%,
10/18/26
...
5,218
1,463
FW1873856.UP.FTS.B,
20.15%,
10/18/26
.
5,010
4,939
L1874118.UP.FTS.B,
20.23%,
10/18/26
...
30,309
2,206
L1873825.UP.FTS.B,
20.43%,
10/18/26
...
41,801
41,566
L1873221.UP.FTS.B,
20.79%,
10/18/26
...
1,675
1,651
L1873225.UP.FTS.B,
21.05%,
10/18/26
...
6,370
463
L1872967.UP.FTS.B,
21.07%,
10/18/26
...
5,458
5,428
L1866820.UP.FTS.B,
21.37%,
10/18/26
...
20,987
20,870
L1874536.UP.FTS.B,
21.47%,
10/18/26
...
4,536
4,482
L1870017.UP.FTS.B,
21.59%,
10/18/26
...
5,432
391
L1873820.UP.FTS.B,
21.93%,
10/18/26
...
2,861
2,845
L1872738.UP.FTS.B,
21.97%,
10/18/26
...
1,263
1,256
L1872849.UP.FTS.B,
21.97%,
10/18/26
...
1,986
1,957
L1873278.UP.FTS.B,
21.98%,
10/18/26
...
4,966
4,938
L1873489.UP.FTS.B,
22.12%,
10/18/26
...
12,633
12,563
L1872778.UP.FTS.B,
22.26%,
10/18/26
...
3,492
527
L1872381.UP.FTS.B,
22.4%,
10/18/26
....
2,108
2,096
L1872881.UP.FTS.B,
22.46%,
10/18/26
...
31,561
31,350
L1872904.UP.FTS.B,
22.48%,
10/18/26
...
4,217
4,194
L1873504.UP.FTS.B,
22.55%,
10/18/26
...
1,117
1,110
L1874352.UP.FTS.B,
22.6%,
10/18/26
....
27,594
27,442
L1874034.UP.FTS.B,
22.67%,
10/18/26
...
1,857
1,847
L1873496.UP.FTS.B,
22.72%,
10/18/26
...
13,880
13,812
FW1873464.UP.FTS.B,
22.91%,
10/18/26
.
2,535
2,521
L1873741.UP.FTS.B,
22.96%,
10/18/26
...
1,427
1,421
FW1873716.UP.FTS.B,
23.2%,
10/18/26
..
5,252
5,223
L1874467.UP.FTS.B,
23.73%,
10/18/26
...
15,985
1,152
L1873651.UP.FTS.B,
23.74%,
10/18/26
...
6,528
6,466
L1873307.UP.FTS.B,
23.79%,
10/18/26
...
1,272
1,265
L1873349.UP.FTS.B,
23.8%,
10/18/26
....
1,638
1,629
L1872931.UP.FTS.B,
23.85%,
10/18/26
...
4,241
4,218
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L1873492.UP.FTS.B,
23.95%,
10/18/26
...
$
14,705
$
14,640
L1874063.UP.FTS.B,
24.01%,
10/18/26
...
5,942
5,909
L1873180.UP.FTS.B,
24.02%,
10/18/26
...
849
844
L1872601.UP.FTS.B,
24.04%,
10/18/26
...
4,248
4,225
L1873408.UP.FTS.B,
24.34%,
10/18/26
...
2,550
2,536
L1874373.UP.FTS.B,
24.41%,
10/18/26
...
1,304
94
FW1873441.UP.FTS.B,
24.5%,
10/18/26
..
9,776
1,471
L1873696.UP.FTS.B,
24.62%,
10/18/26
...
4,046
1,182
L1870381.UP.FTS.B,
24.72%,
10/18/26
...
5,899
5,874
L1873373.UP.FTS.B,
24.83%,
10/18/26
...
4,262
4,239
L1868887.UP.FTS.B,
24.97%,
10/18/26
...
12,577
12,517
L1872882.UP.FTS.B,
24.99%,
10/18/26
...
2,149
2,138
L1872784.UP.FTS.B,
25.04%,
10/18/26
...
5,541
5,511
L1874475.UP.FTS.B,
25.04%,
10/18/26
...
1,961
1,950
L1873877.UP.FTS.B,
25.05%,
10/18/26
...
3,840
3,819
L1874065.UP.FTS.B,
25.09%,
10/18/26
...
8,376
7,950
L1872998.UP.FTS.B,
25.1%,
10/18/26
....
859
848
FW1874269.UP.FTS.B,
25.11%,
10/18/26
.
4,263
4,240
L1873308.UP.FTS.B,
25.11%,
10/18/26
...
1,315
1,295
L1872896.UP.FTS.B,
25.12%,
10/18/26
...
13,823
2,107
L1873304.UP.FTS.B,
25.15%,
10/18/26
...
1,402
1,394
L1873657.UP.FTS.B,
25.16%,
10/18/26
...
7,251
218
FW1873516.UP.FTS.B,
25.23%,
10/18/26
.
12,865
12,800
L1872941.UP.FTS.B,
25.23%,
10/18/26
...
1,365
1,357
FW1872050.UP.FTS.B,
25.29%,
10/18/26
.
3,499
1,016
FW1873077.UP.FTS.B,
25.29%,
10/18/26
.
2,560
2,546
L1870436.UP.FTS.B,
25.29%,
10/18/26
...
2,389
2,376
L1872920.UP.FTS.B,
25.29%,
10/18/26
...
2,805
199
L1874211.UP.FTS.B,
25.29%,
10/18/26
...
917
66
L1873438.UP.FTS.B,
25.33%,
10/18/26
...
1,131
328
L1873627.UP.FTS.B,
25.33%,
10/18/26
...
815
811
L1805232.UP.FTS.B,
25.36%,
10/18/26
...
4,694
4,669
L1872764.UP.FTS.B,
25.4%,
10/18/26
....
1,281
1,274
L1869327.UP.FTS.B,
25.42%,
10/18/26
...
2,562
2,548
L1872094.UP.FTS.B,
25.42%,
10/18/26
...
3,545
1,035
L1873079.UP.FTS.B,
25.43%,
10/18/26
...
1,203
1,195
L1873235.UP.FTS.B,
25.45%,
10/18/26
...
5,616
5,594
L1874416.UP.FTS.B,
25.46%,
10/18/26
...
25,306
25,192
L1873049.UP.FTS.B,
25.47%,
10/18/26
...
4,221
4,201
L1874151.UP.FTS.B,
25.48%,
10/18/26
...
939
934
L1874395.UP.FTS.B,
25.5%,
10/18/26
....
7,106
2,076
FW1874455.UP.FTS.B,
25.58%,
10/18/26
.
13,763
987
L1873528.UP.FTS.B,
25.71%,
10/18/26
...
6,325
6,290
L1874370.UP.FTS.B,
25.71%,
10/18/26
...
4,584
4,565
L1873151.UP.FTS.B,
25.86%,
10/18/26
...
1,863
1,848
L1874250.UP.FTS.B,
25.87%,
10/18/26
...
9,031
8,981
L1874041.UP.FTS.B,
26.01%,
10/18/26
...
6,394
6,363
FW1874338.UP.FTS.B,
26.12%,
10/18/26
.
8,518
8,484
L1870887.UP.FTS.B,
26.18%,
10/18/26
...
1,456
1,448
L1872603.UP.FTS.B,
26.26%,
10/18/26
...
5,637
399
L1874047.UP.FTS.B,
26.3%,
10/18/26
....
857
852
FW1874080.UP.FTS.B,
26.63%,
10/18/26
.
1,682
1,673
FW1873253.UP.FTS.B,
26.73%,
10/18/26
.
4,568
326
FW1874049.UP.FTS.B,
26.74%,
10/18/26
.
8,661
8,620
FW1874429.UP.FTS.B,
27.19%,
10/18/26
.
3,268
3,250
FW1873145.UP.FTS.B,
27.24%,
10/18/26
.
8,537
8,502
L1873149.UP.FTS.B,
27.32%,
10/18/26
...
5,575
398
FW1874152.UP.FTS.B,
27.49%,
10/18/26
.
9,116
642
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW1873640.UP.FTS.B,
27.67%,
10/18/26
.
$
30,154
$
29,994
FW1873344.UP.FTS.B,
27.72%,
10/18/26
.
12,059
11,995
FW1873866.UP.FTS.B,
28.25%,
10/18/26
.
849
845
FW1872622.UP.FTS.B,
28.59%,
10/18/26
.
2,583
2,573
FW1873950.UP.FTS.B,
28.68%,
10/18/26
.
1,906
1,896
FW1874321.UP.FTS.B,
28.99%,
10/18/26
.
1,385
1,378
FW1874251.UP.FTS.B,
29.26%,
10/18/26
.
4,333
4,310
FW1874208.UP.FTS.B,
29.47%,
10/18/26
.
3,035
3,019
FW1873452.UP.FTS.B,
29.54%,
10/18/26
.
5,325
5,247
FW1873160.UP.FTS.B,
30.04%,
10/18/26
.
1,931
1,921
FW1874215.UP.FTS.B,
30.05%,
10/18/26
.
15,466
14,686
FW1874445.UP.FTS.B,
30.14%,
10/18/26
.
3,596
539
FW1873788.UP.FTS.B,
30.2%,
10/18/26
..
4,589
20
FW1873268.UP.FTS.B,
30.52%,
10/18/26
.
1,567
1,558
FW1872558.UP.FTS.B,
30.55%,
10/18/26
.
1,132
1,126
FW1872779.UP.FTS.B,
30.59%,
10/18/26
.
1,657
1,647
FW1873577.UP.FTS.B,
30.59%,
10/18/26
.
5,223
5,196
FW1872937.UP.FTS.B,
30.6%,
10/18/26
..
3,468
3,454
FW1872183.UP.FTS.B,
30.61%,
10/18/26
.
910
(5)
FW1873256.UP.FTS.B,
30.68%,
10/18/26
.
1,669
118
FW1873917.UP.FTS.B,
30.73%,
10/18/26
.
1,170
175
FW1873110.UP.FTS.B,
30.82%,
10/18/26
.
3,659
3,640
FW1873983.UP.FTS.B,
30.83%,
10/18/26
.
2,006
1,995
FW1873543.UP.FTS.B,
30.85%,
10/18/26
.
5,628
5,594
FW1873168.UP.FTS.B,
30.88%,
10/18/26
.
3,224
3,208
FW1865333.UP.FTS.B,
31%,
10/18/26
...
2,759
192
FW1873018.UP.FTS.B,
31%,
10/18/26
...
950
945
FW1874190.UP.FTS.B,
31.02%,
10/18/26
.
16,550
16,481
FW1873583.UP.FTS.B,
31.05%,
10/18/26
.
1,172
175
FW1874435.UP.FTS.B,
31.05%,
10/18/26
.
1,570
1,561
FW1873245.UP.FTS.B,
31.06%,
10/18/26
.
1,221
1,214
FW1873234.UP.FTS.B,
31.11%,
10/18/26
.
3,823
3,808
FW1873980.UP.FTS.B,
31.12%,
10/18/26
.
2,117
2,107
FW1873675.UP.FTS.B,
31.14%,
10/18/26
.
18,958
18,806
FW1873932.UP.FTS.B,
31.15%,
10/18/26
.
3,132
928
FW1860483.UP.FTS.B,
31.16%,
10/18/26
.
5,292
373
FW1874112.UP.FTS.B,
31.18%,
10/18/26
.
4,275
4,253
FW1873036.UP.FTS.B,
31.2%,
10/18/26
..
2,824
2,807
FW1872966.UP.FTS.B,
31.83%,
10/18/26
.
4,022
4,001
FW1872975.UP.FTS.B,
32.03%,
10/18/26
.
2,712
2,698
FW2008579.UP.FTS.B,
5.93%,
11/09/26
..
39,602
39,353
L2010047.UP.FTS.B,
7.23%,
11/09/26
....
7,968
7,903
L2005604.UP.FTS.B,
7.24%,
11/09/26
....
19,148
18,994
L1947969.UP.FTS.B,
8.25%,
11/09/26
....
2,486
2,466
L2004931.UP.FTS.B,
8.92%,
11/09/26
....
15,290
15,165
FW2005584.UP.FTS.B,
8.98%,
11/09/26
..
12,880
12,775
L2009940.UP.FTS.B,
9.06%,
11/09/26
....
27,379
27,165
L2009771.UP.FTS.B,
9.73%,
11/09/26
....
4,040
3,997
L2010120.UP.FTS.B,
9.74%,
11/09/26
....
16,160
16,035
L1982018.UP.FTS.B,
9.85%,
11/09/26
....
4,042
4,011
L2005005.UP.FTS.B,
9.85%,
11/09/26
....
16,128
15,966
L2007402.UP.FTS.B,
10.3%,
11/09/26
....
8,093
8,031
L2008329.UP.FTS.B,
10.3%,
11/09/26
....
4,862
4,824
L2008701.UP.FTS.B,
10.48%,
11/09/26
...
5,632
5,576
L2009188.UP.FTS.B,
10.68%,
11/09/26
...
21,311
21,092
L2008677.UP.FTS.B,
10.77%,
11/09/26
...
8,102
8,021
L2009665.UP.FTS.B,
10.88%,
11/09/26
...
6,907
6,839
L2008105.UP.FTS.B,
10.89%,
11/09/26
...
20,502
20,230
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2006261.UP.FTS.B,
10.9%,
11/09/26
....
$
4,470
$
4,425
L2008894.UP.FTS.B,
11.02%,
11/09/26
...
4,879
4,828
L2009417.UP.FTS.B,
11.04%,
11/09/26
...
3,954
3,914
L2004983.UP.FTS.B,
11.09%,
11/09/26
...
19,782
19,627
L2009190.UP.FTS.B,
11.31%,
11/09/26
...
16,214
16,054
FW2004999.UP.FTS.B,
11.35%,
11/09/26
.
6,961
382
L2006518.UP.FTS.B,
11.38%,
11/09/26
...
2,766
2,738
L1977043.UP.FTS.B,
11.43%,
11/09/26
...
4,399
4,356
FW2006974.UP.FTS.B,
11.44%,
11/09/26
.
10,185
10,085
FW2007489.UP.FTS.B,
11.63%,
11/09/26
.
5,745
5,687
L2005122.UP.FTS.B,
12.01%,
11/09/26
...
6,734
6,666
L2008088.UP.FTS.B,
12.1%,
11/09/26
....
8,582
8,499
L2007707.UP.FTS.B,
12.19%,
11/09/26
...
11,939
11,819
L2005904.UP.FTS.B,
12.3%,
11/09/26
....
2,127
2,111
L2006131.UP.FTS.B,
12.37%,
11/09/26
...
16,778
16,606
L1991534.UP.FTS.B,
12.48%,
11/09/26
...
5,418
5,361
L2005066.UP.FTS.B,
12.51%,
11/09/26
...
12,284
12,165
L2007649.UP.FTS.B,
12.88%,
11/09/26
...
8,204
8,121
FW2009636.UP.FTS.B,
13.06%,
11/09/26
.
4,926
4,879
L2009536.UP.FTS.B,
13.07%,
11/09/26
...
4,927
4,877
L2009639.UP.FTS.B,
13.58%,
11/09/26
...
12,346
12,221
L2009960.UP.FTS.B,
13.6%,
11/09/26
....
2,470
2,446
FW2004957.UP.FTS.B,
13.66%,
11/09/26
.
2,058
2,039
L2006397.UP.FTS.B,
13.66%,
11/09/26
...
8,233
8,155
L2008524.UP.FTS.B,
14.03%,
11/09/26
...
16,423
16,265
L2008113.UP.FTS.B,
14.06%,
11/09/26
...
17,735
17,567
L2009683.UP.FTS.B,
14.08%,
11/09/26
...
4,941
4,894
L2009362.UP.FTS.B,
14.1%,
11/09/26
....
4,125
4,084
FW2007197.UP.FTS.B,
14.12%,
11/09/26
.
1,650
1,634
L2008435.UP.FTS.B,
14.4%,
11/09/26
....
6,193
6,135
L2009234.UP.FTS.B,
14.43%,
11/09/26
...
12,394
12,277
L2008618.UP.FTS.B,
14.73%,
11/09/26
...
4,964
4,918
L2009287.UP.FTS.B,
14.91%,
11/09/26
...
4,803
4,758
FW2009310.UP.FTS.B,
15.19%,
11/09/26
.
4,010
3,971
L2009277.UP.FTS.B,
15.37%,
11/09/26
...
7,962
7,851
L2008691.UP.FTS.B,
15.38%,
11/09/26
...
4,149
4,110
L2008772.UP.FTS.B,
15.55%,
11/09/26
...
8,305
8,198
L2008089.UP.FTS.B,
15.65%,
11/09/26
...
4,219
2,339
L2007900.UP.FTS.B,
15.91%,
11/09/26
...
2,495
2,463
L2009243.UP.FTS.B,
15.94%,
11/09/26
...
8,319
8,205
FW2006940.UP.FTS.B,
15.96%,
11/09/26
.
2,547
2,503
FW1985810.UP.FTS.B,
16.01%,
11/09/26
.
8,452
4,687
FW2006699.UP.FTS.B,
16.1%,
11/09/26
..
8,709
1,176
L2005019.UP.FTS.B,
16.29%,
11/09/26
...
9,168
9,043
L2009814.UP.FTS.B,
16.29%,
11/09/26
...
8,332
8,255
L2006713.UP.FTS.B,
16.47%,
11/09/26
...
10,006
9,914
L2009219.UP.FTS.B,
16.5%,
11/09/26
....
20,613
20,344
FW2010280.UP.FTS.B,
16.52%,
11/09/26
.
13,345
13,162
L2009783.UP.FTS.B,
16.53%,
11/09/26
...
1,174
1,162
FW2010216.UP.FTS.B,
16.55%,
11/09/26
.
7,518
7,445
L2009879.UP.FTS.B,
16.56%,
11/09/26
...
8,291
8,213
L2008001.UP.FTS.B,
16.67%,
11/09/26
...
12,519
12,397
L2009464.UP.FTS.B,
16.7%,
11/09/26
....
17,548
2,478
L2006903.UP.FTS.B,
16.71%,
11/09/26
...
6,977
976
FW2009372.UP.FTS.B,
16.77%,
11/09/26
.
12,524
12,365
L2010173.UP.FTS.B,
16.8%,
11/09/26
....
6,681
6,589
L2009631.UP.FTS.B,
16.91%,
11/09/26
...
5,817
5,742
L2008272.UP.FTS.B,
17.06%,
11/09/26
...
16,721
16,493
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2008918.UP.FTS.B,
17.09%,
11/09/26
...
$
6,187
$
6,103
FW2008938.UP.FTS.B,
17.12%,
11/09/26
.
6,505
6,418
L2005207.UP.FTS.B,
17.16%,
11/09/26
...
10,036
9,909
L2007404.UP.FTS.B,
17.35%,
11/09/26
...
3,767
3,732
L2006868.UP.FTS.B,
17.53%,
11/09/26
...
14,937
1,085
FW2003971.UP.FTS.B,
17.71%,
11/09/26
.
23,055
22,742
L2005978.UP.FTS.B,
17.84%,
11/09/26
...
3,363
1,873
L2006918.UP.FTS.B,
18.03%,
11/09/26
...
28,206
27,775
L2008937.UP.FTS.B,
18.22%,
11/09/26
...
5,041
4,973
L2008467.UP.FTS.B,
18.23%,
11/09/26
...
8,405
8,292
L2009319.UP.FTS.B,
18.37%,
11/09/26
...
1,429
1,410
FW2005538.UP.FTS.B,
18.4%,
11/09/26
..
5,037
4,960
L2009332.UP.FTS.B,
18.58%,
11/09/26
...
2,114
2,080
FW2005908.UP.FTS.B,
18.71%,
11/09/26
.
3,788
3,731
L2006524.UP.FTS.B,
18.79%,
11/09/26
...
4,212
4,143
FW2009511.UP.FTS.B,
18.82%,
11/09/26
.
5,054
4,971
L2007568.UP.FTS.B,
18.85%,
11/09/26
...
2,672
78
L2006460.UP.FTS.B,
18.86%,
11/09/26
...
2,970
2,931
FW2002309.UP.FTS.B,
18.9%,
11/09/26
..
1,854
1,829
L2006384.UP.FTS.B,
18.95%,
11/09/26
...
9,165
9,044
L2004618.UP.FTS.B,
18.96%,
11/09/26
...
5,057
4,974
L2007966.UP.FTS.B,
18.98%,
11/09/26
...
1,686
1,660
L2007377.UP.FTS.B,
19.06%,
11/09/26
...
14,334
14,141
FW2009189.UP.FTS.B,
19.33%,
11/09/26
.
5,548
5,495
L2009757.UP.FTS.B,
19.37%,
11/09/26
...
35,962
20,534
L2005634.UP.FTS.B,
19.48%,
11/09/26
...
4,432
633
L2010300.UP.FTS.B,
19.58%,
11/09/26
...
845
832
L2003306.UP.FTS.B,
19.59%,
11/09/26
...
19,524
19,263
FW2008197.UP.FTS.B,
19.77%,
11/09/26
.
17,865
507
L2008422.UP.FTS.B,
19.84%,
11/09/26
...
4,652
4,582
FW2006347.UP.FTS.B,
19.88%,
11/09/26
.
5,852
828
L2006201.UP.FTS.B,
20.05%,
11/09/26
...
21,249
20,908
L2007782.UP.FTS.B,
20.17%,
11/09/26
...
10,164
10,011
L2007099.UP.FTS.B,
20.26%,
11/09/26
...
28,259
28,061
L2009922.UP.FTS.B,
20.26%,
11/09/26
...
3,443
490
L2008551.UP.FTS.B,
20.27%,
11/09/26
...
18,303
18,179
FW2008378.UP.FTS.B,
20.35%,
11/09/26
.
307
302
L2008219.UP.FTS.B,
20.5%,
11/09/26
....
1,442
1,415
L2009017.UP.FTS.B,
20.52%,
11/09/26
...
5,962
1,610
L2009434.UP.FTS.B,
20.62%,
11/09/26
...
1,768
252
L2006982.UP.FTS.B,
20.66%,
11/09/26
...
4,363
1,237
L2009697.UP.FTS.B,
20.69%,
11/09/26
...
4,244
4,180
FW2004995.UP.FTS.B,
21%,
11/09/26
...
4,929
4,855
FW2007433.UP.FTS.B,
21.02%,
11/09/26
.
6,375
6,332
FW2009325.UP.FTS.B,
21.04%,
11/09/26
.
5,592
1,543
FW2006513.UP.FTS.B,
21.09%,
11/09/26
.
1,703
1,676
FW2008076.UP.FTS.B,
21.13%,
11/09/26
.
2,126
2,094
L2005679.UP.FTS.B,
21.2%,
11/09/26
....
21,264
20,984
L2009584.UP.FTS.B,
21.3%,
11/09/26
....
9,676
9,609
L2006375.UP.FTS.B,
21.38%,
11/09/26
...
3,207
3,178
L2008251.UP.FTS.B,
21.4%,
11/09/26
....
4,256
4,192
FW2004906.UP.FTS.B,
21.42%,
11/09/26
.
10,908
10,738
FW2008069.UP.FTS.B,
21.82%,
11/09/26
.
9,294
9,217
L2009406.UP.FTS.B,
21.82%,
11/09/26
...
4,007
2,365
L2009250.UP.FTS.B,
21.88%,
11/09/26
...
3,857
278
L2007361.UP.FTS.B,
21.89%,
11/09/26
...
3,602
3,565
L2008476.UP.FTS.B,
21.9%,
11/09/26
....
12,879
12,686
L2008942.UP.FTS.B,
21.92%,
11/09/26
...
2,988
854
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2004302.UP.FTS.B,
21.93%,
11/09/26
...
$
2,730
$
2,712
L2008042.UP.FTS.B,
22%,
11/09/26
.....
8,959
8,825
L2009653.UP.FTS.B,
22.08%,
11/09/26
...
849
836
L2005261.UP.FTS.B,
22.11%,
11/09/26
...
8,250
8,183
L2009041.UP.FTS.B,
22.15%,
11/09/26
...
8,836
1,300
FW2009886.UP.FTS.B,
22.16%,
11/09/26
.
3,415
3,364
L2009468.UP.FTS.B,
22.18%,
11/09/26
...
11,100
11,026
L2009034.UP.FTS.B,
22.22%,
11/09/26
...
5,835
5,789
FW2009198.UP.FTS.B,
22.28%,
11/09/26
.
900
17
L2005434.UP.FTS.B,
22.32%,
11/09/26
...
1,777
507
L2008599.UP.FTS.B,
22.35%,
11/09/26
...
1,709
1,682
L2004674.UP.FTS.B,
22.44%,
11/09/26
...
7,365
7,304
L2007307.UP.FTS.B,
22.83%,
11/09/26
...
4,091
4,056
L2008480.UP.FTS.B,
22.94%,
11/09/26
...
12,846
12,762
L2009304.UP.FTS.B,
23.03%,
11/09/26
...
3,166
858
L2007937.UP.FTS.B,
23.09%,
11/09/26
...
12,853
12,662
L2007252.UP.FTS.B,
23.46%,
11/09/26
...
7,265
7,210
L2005478.UP.FTS.B,
23.62%,
11/09/26
...
15,455
15,355
L2004813.UP.FTS.B,
23.68%,
11/09/26
...
5,153
5,120
L2009454.UP.FTS.B,
23.92%,
11/09/26
...
6,502
6,453
FW2009613.UP.FTS.B,
23.97%,
11/09/26
.
11,143
11,069
L2007056.UP.FTS.B,
24.37%,
11/09/26
...
2,079
2,063
FW2009608.UP.FTS.B,
24.41%,
11/09/26
.
18,084
17,968
L2008806.UP.FTS.B,
24.53%,
11/09/26
...
6,582
6,532
L2008130.UP.FTS.B,
24.71%,
11/09/26
...
1,143
318
L2008990.UP.FTS.B,
24.79%,
11/09/26
...
247
242
L2007154.UP.FTS.B,
24.83%,
11/09/26
...
3,725
3,696
L2009932.UP.FTS.B,
24.83%,
11/09/26
...
2,944
2,922
L2009896.UP.FTS.B,
24.89%,
11/09/26
...
2,588
2,571
L2010117.UP.FTS.B,
24.96%,
11/09/26
...
3,452
3,430
FW2006718.UP.FTS.B,
24.97%,
11/09/26
.
4,315
4,287
FW2008266.UP.FTS.B,
25.01%,
11/09/26
.
5,178
5,145
L2008356.UP.FTS.B,
25.02%,
11/09/26
...
3,056
3,006
L2007001.UP.FTS.B,
25.04%,
11/09/26
...
1,295
1,276
L2009387.UP.FTS.B,
25.09%,
11/09/26
...
4,319
1,237
L2006100.UP.FTS.B,
25.1%,
11/09/26
....
3,194
3,147
L2009837.UP.FTS.B,
25.1%,
11/09/26
....
1,295
1,285
L2006519.UP.FTS.B,
25.11%,
11/09/26
...
1,900
1,884
L1992164.UP.FTS.B,
25.12%,
11/09/26
...
2,936
2,917
L2008646.UP.FTS.B,
25.12%,
11/09/26
...
1,122
1,115
L2008062.UP.FTS.B,
25.15%,
11/09/26
...
1,209
1,191
L2005357.UP.FTS.B,
25.2%,
11/09/26
....
4,319
4,291
L2008993.UP.FTS.B,
25.21%,
11/09/26
...
8,206
8,154
FW2006444.UP.FTS.B,
25.24%,
11/09/26
.
5,194
5,153
L2005412.UP.FTS.B,
25.25%,
11/09/26
...
2,313
165
L2009909.UP.FTS.B,
25.28%,
11/09/26
...
3,798
273
L2009998.UP.FTS.B,
25.28%,
11/09/26
...
1,037
1,030
L2009595.UP.FTS.B,
25.31%,
11/09/26
...
3,721
3,663
L2006252.UP.FTS.B,
25.33%,
11/09/26
...
6,779
6,730
L2007046.UP.FTS.B,
25.34%,
11/09/26
...
1,556
1,546
FW2009941.UP.FTS.B,
25.35%,
11/09/26
.
7,213
7,164
L2009460.UP.FTS.B,
25.35%,
11/09/26
...
2,679
2,662
L2005437.UP.FTS.B,
25.37%,
11/09/26
...
864
859
L2007369.UP.FTS.B,
25.4%,
11/09/26
....
1,443
1,432
L2009364.UP.FTS.B,
25.41%,
11/09/26
...
4,350
4,317
L2009802.UP.FTS.B,
25.42%,
11/09/26
...
6,580
6,528
L2007026.UP.FTS.B,
25.44%,
11/09/26
...
1,556
1,544
L2008862.UP.FTS.B,
25.44%,
11/09/26
...
2,939
2,921
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L1976857.UP.FTS.B,
25.45%,
11/09/26
...
$
6,916
$
6,872
L2008185.UP.FTS.B,
25.45%,
11/09/26
...
3,458
3,436
L2008393.UP.FTS.B,
25.47%,
11/09/26
...
9,610
1,392
L2005075.UP.FTS.B,
25.48%,
11/09/26
...
1,939
1,918
L2009842.UP.FTS.B,
25.48%,
11/09/26
...
2,635
2,612
L2007493.UP.FTS.B,
25.49%,
11/09/26
...
4,541
323
FW2005949.UP.FTS.B,
25.57%,
11/09/26
.
6,741
6,660
FW2009730.UP.FTS.B,
25.57%,
11/09/26
.
13,445
3,869
L2004971.UP.FTS.B,
25.6%,
11/09/26
....
8,442
8,381
L2005577.UP.FTS.B,
25.63%,
11/09/26
...
5,191
5,158
L2007383.UP.FTS.B,
25.64%,
11/09/26
...
3,374
3,347
L2009541.UP.FTS.B,
25.69%,
11/09/26
...
3,853
274
FW2007372.UP.FTS.B,
25.7%,
11/09/26
..
3,631
102
L2009877.UP.FTS.B,
25.76%,
11/09/26
...
6,600
6,546
FW2006387.UP.FTS.B,
25.89%,
11/09/26
.
3,262
483
L2008285.UP.FTS.B,
25.92%,
11/09/26
...
4,850
4,819
FW2007502.UP.FTS.B,
25.93%,
11/09/26
.
9,297
668
L2006111.UP.FTS.B,
26.01%,
11/09/26
...
9,062
403
L2008078.UP.FTS.B,
26.04%,
11/09/26
...
4,197
4,164
L2007533.UP.FTS.B,
26.06%,
11/09/26
...
12,464
6,649
FW2007576.UP.FTS.B,
26.1%,
11/09/26
..
6,066
6,028
L2009167.UP.FTS.B,
26.14%,
11/09/26
...
8,667
8,612
L2005548.UP.FTS.B,
26.19%,
11/09/26
...
5,721
5,685
FW1993820.UP.FTS.B,
26.38%,
11/09/26
.
5,205
5,172
FW2006658.UP.FTS.B,
26.38%,
11/09/26
.
5,205
5,129
FW2006782.UP.FTS.B,
26.4%,
11/09/26
..
17,351
17,242
L2008324.UP.FTS.B,
26.43%,
11/09/26
...
4,981
358
L2008169.UP.FTS.B,
26.64%,
11/09/26
...
17,181
1,233
L1999796.UP.FTS.B,
26.73%,
11/09/26
...
3,837
3,775
L2007687.UP.FTS.B,
26.89%,
11/09/26
...
17,760
1,258
FW2008915.UP.FTS.B,
27.18%,
11/09/26
.
1,305
1,295
FW2008080.UP.FTS.B,
27.3%,
11/09/26
..
1,305
1,297
FW2009450.UP.FTS.B,
27.39%,
11/09/26
.
7,418
7,367
FW2008423.UP.FTS.B,
27.57%,
11/09/26
.
5,877
3,475
FW2007457.UP.FTS.B,
27.58%,
11/09/26
.
2,706
780
FW2007274.UP.FTS.B,
27.62%,
11/09/26
.
2,152
2,137
FW2007864.UP.FTS.B,
27.83%,
11/09/26
.
4,360
4,333
FW2006870.UP.FTS.B,
27.89%,
11/09/26
.
5,638
5,601
FW2005768.UP.FTS.B,
27.98%,
11/09/26
.
1,310
1,299
FW2008745.UP.FTS.B,
28.05%,
11/09/26
.
5,312
1,523
FW2009329.UP.FTS.B,
28.05%,
11/09/26
.
3,911
280
FW2005435.UP.FTS.B,
28.32%,
11/09/26
.
13,101
13,020
FW2006392.UP.FTS.B,
28.34%,
11/09/26
.
1,844
1,821
FW2008944.UP.FTS.B,
28.36%,
11/09/26
.
3,846
1,104
FW2005859.UP.FTS.B,
28.42%,
11/09/26
.
11,425
11,342
FW2009975.UP.FTS.B,
28.52%,
11/09/26
.
895
884
FW2006618.UP.FTS.B,
28.54%,
11/09/26
.
3,989
3,955
FW2009953.UP.FTS.B,
28.59%,
11/09/26
.
3,934
3,910
FW2007255.UP.FTS.B,
28.65%,
11/09/26
.
5,238
5,205
FW2006396.UP.FTS.B,
28.95%,
11/09/26
.
875
870
FW2009473.UP.FTS.B,
29.09%,
11/09/26
.
5,254
5,222
FW2005194.UP.FTS.B,
29.14%,
11/09/26
.
5,295
5,257
FW2008122.UP.FTS.B,
29.26%,
11/09/26
.
770
757
FW2006599.UP.FTS.B,
29.3%,
11/09/26
..
5,037
1,461
FW2007779.UP.FTS.B,
29.31%,
11/09/26
.
4,357
4,329
FW2006841.UP.FTS.B,
29.42%,
11/09/26
.
3,682
3,660
FW2009538.UP.FTS.B,
29.42%,
11/09/26
.
2,718
2,697
FW2009687.UP.FTS.B,
29.61%,
11/09/26
.
5,263
5,231
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2007420.UP.FTS.B,
29.73%,
11/09/26
.
$
1,708
$
1,016
FW2009107.UP.FTS.B,
29.81%,
11/09/26
.
3,183
3,160
FW2009414.UP.FTS.B,
30.01%,
11/09/26
.
10,716
10,652
FW2006892.UP.FTS.B,
30.2%,
11/09/26
..
7,413
519
FW2005344.UP.FTS.B,
30.24%,
11/09/26
.
3,856
274
FW2006342.UP.FTS.B,
30.28%,
11/09/26
.
2,803
402
FW2005675.UP.FTS.B,
30.41%,
11/09/26
.
1,457
1,439
FW2007884.UP.FTS.B,
30.51%,
11/09/26
.
2,640
2,624
FW2006157.UP.FTS.B,
30.64%,
11/09/26
.
2,054
(25)
FW2009221.UP.FTS.B,
30.79%,
11/09/26
.
11,866
11,782
FW2008923.UP.FTS.B,
30.84%,
11/09/26
.
2,554
2,539
FW2009706.UP.FTS.B,
30.84%,
11/09/26
.
1,381
1,372
FW2006156.UP.FTS.B,
30.87%,
11/09/26
.
1,321
1,313
FW2007936.UP.FTS.B,
30.89%,
11/09/26
.
3,612
3,591
FW2006359.UP.FTS.B,
30.96%,
11/09/26
.
1,750
1,735
FW2007277.UP.FTS.B,
30.98%,
11/09/26
.
939
932
FW1996714.UP.FTS.B,
30.99%,
11/09/26
.
911
132
FW1985263.UP.FTS.B,
31.02%,
11/09/26
.
1,410
1,402
FW2008799.UP.FTS.B,
31.02%,
11/09/26
.
1,081
312
FW2005025.UP.FTS.B,
31.15%,
11/09/26
.
6,534
6,486
FW2007426.UP.FTS.B,
31.18%,
11/09/26
.
2,201
1,314
FW2009028.UP.FTS.B,
31.18%,
11/09/26
.
2,248
159
FW2009431.UP.FTS.B,
31.19%,
11/09/26
.
1,730
501
FW2008461.UP.FTS.B,
31.23%,
11/09/26
.
1,699
1,685
FW2008432.UP.FTS.B,
31.3%,
11/09/26
..
3,885
3,856
FW2008400.UP.FTS.B,
31.31%,
11/09/26
.
3,063
883
FW2005541.UP.FTS.B,
31.38%,
11/09/26
.
6,992
6,946
FW2009323.UP.FTS.B,
31.47%,
11/09/26
.
5,280
5,248
FW2009592.UP.FTS.B,
31.5%,
11/09/26
..
2,740
2,710
FW2007089.UP.FTS.B,
31.52%,
11/09/26
.
6,690
6,646
FW2009331.UP.FTS.B,
31.54%,
11/09/26
.
4,624
(55)
L2077746.UP.FTS.B,
6%,
11/19/26
......
3,117
3,069
L2076380.UP.FTS.B,
7.8%,
11/19/26
.....
12,002
11,915
L2076555.UP.FTS.B,
9.38%,
11/19/26
....
5,646
5,604
FW2075880.UP.FTS.B,
9.48%,
11/19/26
..
11,702
11,615
FW2079511.UP.FTS.B,
9.94%,
11/19/26
..
5,261
5,222
L2077362.UP.FTS.B,
10.03%,
11/19/26
...
16,184
16,065
L2077278.UP.FTS.B,
10.24%,
11/19/26
...
1,725
1,712
L2079683.UP.FTS.B,
10.46%,
11/19/26
...
3,623
3,591
L2078817.UP.FTS.B,
10.96%,
11/19/26
...
37,394
37,050
L2077229.UP.FTS.B,
11.22%,
11/19/26
...
16,278
16,138
L2079790.UP.FTS.B,
11.54%,
11/19/26
...
6,929
6,870
L2078831.UP.FTS.B,
11.67%,
11/19/26
...
1,581
1,567
L2075431.UP.FTS.B,
11.87%,
11/19/26
...
18,778
18,618
L2077619.UP.FTS.B,
12.17%,
11/19/26
...
900
892
L2077342.UP.FTS.B,
12.81%,
11/19/26
...
3,280
3,253
L2069545.UP.FTS.B,
12.88%,
11/19/26
...
4,922
4,881
FW2076618.UP.FTS.B,
13.72%,
11/19/26
.
18,943
18,775
L2077586.UP.FTS.B,
13.74%,
11/19/26
...
4,513
4,475
L2079340.UP.FTS.B,
14.05%,
11/19/26
...
2,392
2,372
L2078387.UP.FTS.B,
14.26%,
11/19/26
...
2,316
2,295
L2080759.UP.FTS.B,
14.39%,
11/19/26
...
12,295
12,191
FW2078825.UP.FTS.B,
14.72%,
11/19/26
.
17,375
17,222
L2079956.UP.FTS.B,
14.89%,
11/19/26
...
5,796
5,728
L2077934.UP.FTS.B,
15.05%,
11/19/26
...
6,215
6,160
L2079762.UP.FTS.B,
15.07%,
11/19/26
...
4,143
4,098
L2078364.UP.FTS.B,
15.16%,
11/19/26
...
4,974
4,916
L2080377.UP.FTS.B,
15.37%,
11/19/26
...
7,468
7,387
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2078013.UP.FTS.B,
15.44%,
11/19/26
...
$
11,035
$
10,943
L2078145.UP.FTS.B,
15.54%,
11/19/26
...
2,004
1,987
L2076773.UP.FTS.B,
15.83%,
11/19/26
...
4,493
4,441
L2078858.UP.FTS.B,
16.1%,
11/19/26
....
14,893
14,724
L2076549.UP.FTS.B,
16.3%,
11/19/26
....
2,014
1,997
L2077446.UP.FTS.B,
16.31%,
11/19/26
...
5,416
5,358
L2080949.UP.FTS.B,
16.51%,
11/19/26
...
5,932
5,853
L2077345.UP.FTS.B,
16.52%,
11/19/26
...
2,252
2,233
L2078556.UP.FTS.B,
16.55%,
11/19/26
...
3,972
3,925
L2077624.UP.FTS.B,
16.62%,
11/19/26
...
37,560
37,124
L2078462.UP.FTS.B,
16.62%,
11/19/26
...
3,935
3,894
L2077136.UP.FTS.B,
16.73%,
11/19/26
...
8,348
8,259
FW2080998.UP.FTS.B,
16.87%,
11/19/26
.
808
799
FW2078513.UP.FTS.B,
16.88%,
11/19/26
.
15,037
14,862
L2079147.UP.FTS.B,
16.93%,
11/19/26
...
14,174
14,022
L2076368.UP.FTS.B,
16.96%,
11/19/26
...
12,535
12,389
L2080899.UP.FTS.B,
17.22%,
11/19/26
...
5,020
4,977
L2073789.UP.FTS.B,
17.39%,
11/19/26
...
2,512
2,483
L2078117.UP.FTS.B,
17.47%,
11/19/26
...
2,597
2,567
L2078785.UP.FTS.B,
17.53%,
11/19/26
...
8,377
8,270
L2079161.UP.FTS.B,
17.64%,
11/19/26
...
5,016
4,804
FW2077194.UP.FTS.B,
17.96%,
11/19/26
.
8,297
8,205
L2079526.UP.FTS.B,
17.98%,
11/19/26
...
3,189
3,163
FW2077428.UP.FTS.B,
18.23%,
11/19/26
.
8,402
8,295
L2078320.UP.FTS.B,
18.26%,
11/19/26
...
3,262
3,231
L2077316.UP.FTS.B,
18.51%,
11/19/26
...
5,889
5,807
L2078541.UP.FTS.B,
18.53%,
11/19/26
...
2,944
2,907
L2078767.UP.FTS.B,
18.54%,
11/19/26
...
841
832
FW2080677.UP.FTS.B,
18.72%,
11/19/26
.
14,313
14,150
L2080184.UP.FTS.B,
19.05%,
11/19/26
...
4,605
4,586
FW2078252.UP.FTS.B,
19.1%,
11/19/26
..
1,537
1,514
L2079089.UP.FTS.B,
19.11%,
11/19/26
...
5,062
5,004
L2077889.UP.FTS.B,
19.41%,
11/19/26
...
6,248
6,169
L1966479.UP.FTS.B,
19.7%,
11/19/26
....
9,866
9,276
L2079136.UP.FTS.B,
19.7%,
11/19/26
....
13,949
13,897
FW2078808.UP.FTS.B,
19.87%,
11/19/26
.
21,148
20,882
L2077834.UP.FTS.B,
19.87%,
11/19/26
...
12,759
12,587
FW2076082.UP.FTS.B,
20.04%,
11/19/26
.
16,932
16,699
L2078706.UP.FTS.B,
20.11%,
11/19/26
...
6,774
6,689
L2080653.UP.FTS.B,
20.24%,
11/19/26
...
3,813
3,765
L2077864.UP.FTS.B,
20.33%,
11/19/26
...
18,647
18,412
L2076267.UP.FTS.B,
20.73%,
11/19/26
...
12,706
12,546
L2077767.UP.FTS.B,
20.73%,
11/19/26
...
8,489
8,458
FW2079399.UP.FTS.B,
20.8%,
11/19/26
..
15,260
15,202
L2051484.UP.FTS.B,
21.26%,
11/19/26
...
1,701
1,680
L2078669.UP.FTS.B,
21.32%,
11/19/26
...
8,510
8,422
L2077511.UP.FTS.B,
21.66%,
11/19/26
...
4,023
1,171
FW2080860.UP.FTS.B,
21.93%,
11/19/26
.
16,847
16,773
FW2076510.UP.FTS.B,
22.17%,
11/19/26
.
34,153
33,728
L2080597.UP.FTS.B,
22.59%,
11/19/26
...
1,882
1,875
L2078089.UP.FTS.B,
22.76%,
11/19/26
...
17,120
16,888
FW2080574.UP.FTS.B,
23.09%,
11/19/26
.
4,891
1,417
L2077002.UP.FTS.B,
23.1%,
11/19/26
....
9,048
647
FW2078029.UP.FTS.B,
23.15%,
11/19/26
.
4,028
4,014
FW2077484.UP.FTS.B,
23.29%,
11/19/26
.
12,864
12,798
L2078079.UP.FTS.B,
23.52%,
11/19/26
...
4,292
4,238
L2078431.UP.FTS.B,
23.7%,
11/19/26
....
2,585
2,573
L2076582.UP.FTS.B,
24.04%,
11/19/26
...
18,448
2,651
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2079001.UP.FTS.B,
24.08%,
11/19/26
...
$
13,221
$
13,151
L2077380.UP.FTS.B,
24.14%,
11/19/26
...
4,137
4,117
FW2076263.UP.FTS.B,
24.18%,
11/19/26
.
2,667
2,638
FW2047900.UP.FTS.B,
24.6%,
11/19/26
..
6,188
5,825
FW2079138.UP.FTS.B,
24.71%,
11/19/26
.
12,610
12,439
L2051923.UP.FTS.B,
24.73%,
11/19/26
...
1,595
1,584
L2077667.UP.FTS.B,
24.74%,
11/19/26
...
1,656
1,647
FW2078855.UP.FTS.B,
25.07%,
11/19/26
.
4,426
1,289
L2075615.UP.FTS.B,
25.09%,
11/19/26
...
2,072
2,065
FW2078837.UP.FTS.B,
25.18%,
11/19/26
.
2,246
2,218
L2077756.UP.FTS.B,
25.18%,
11/19/26
...
1,036
1,033
L2080819.UP.FTS.B,
25.23%,
11/19/26
...
1,469
1,461
L2080514.UP.FTS.B,
25.27%,
11/19/26
...
1,901
1,895
L2075929.UP.FTS.B,
25.33%,
11/19/26
...
2,328
2,300
L2055608.UP.FTS.B,
25.35%,
11/19/26
...
1,383
1,378
L2078857.UP.FTS.B,
25.44%,
11/19/26
...
1,470
1,465
L2079168.UP.FTS.B,
25.49%,
11/19/26
...
9,424
9,393
L2079636.UP.FTS.B,
25.5%,
11/19/26
....
2,162
2,154
L2080879.UP.FTS.B,
25.51%,
11/19/26
...
3,632
3,620
FW2080532.UP.FTS.B,
25.55%,
11/19/26
.
17,775
16,724
FW2076607.UP.FTS.B,
25.56%,
11/19/26
.
18,149
242
FW2076520.UP.FTS.B,
25.58%,
11/19/26
.
874
860
L2080301.UP.FTS.B,
25.61%,
11/19/26
...
3,443
3,430
FW2077257.UP.FTS.B,
25.78%,
11/19/26
.
5,193
5,176
L2076428.UP.FTS.B,
25.82%,
11/19/26
...
7,259
7,234
L2076758.UP.FTS.B,
25.84%,
11/19/26
...
3,984
3,964
L2077747.UP.FTS.B,
25.84%,
11/19/26
...
6,234
6,203
FW2075811.UP.FTS.B,
25.85%,
11/19/26
.
952
940
L2076862.UP.FTS.B,
25.93%,
11/19/26
...
5,414
5,391
L2080433.UP.FTS.B,
25.97%,
11/19/26
...
2,079
2,054
FW2076721.UP.FTS.B,
26.13%,
11/19/26
.
6,889
488
FW2080275.UP.FTS.B,
26.15%,
11/19/26
.
3,033
3,023
L2076228.UP.FTS.B,
26.28%,
11/19/26
...
3,042
3,028
FW2078057.UP.FTS.B,
26.47%,
11/19/26
.
1,824
1,816
FW2079458.UP.FTS.B,
26.51%,
11/19/26
.
3,147
3,106
L2080156.UP.FTS.B,
26.56%,
11/19/26
...
2,604
2,592
L2077173.UP.FTS.B,
26.59%,
11/19/26
...
10,342
10,303
FW2076617.UP.FTS.B,
26.67%,
11/19/26
.
25,356
25,273
L2076223.UP.FTS.B,
26.74%,
11/19/26
...
9,068
9,027
FW2070515.UP.FTS.B,
26.89%,
11/19/26
.
3,911
3,898
L2075827.UP.FTS.B,
27%,
11/19/26
.....
8,085
8,059
FW2073062.UP.FTS.B,
27.11%,
11/19/26
.
13,046
13,003
FW2076319.UP.FTS.B,
27.45%,
11/19/26
.
3,483
3,472
FW2077691.UP.FTS.B,
28%,
11/19/26
...
6,979
6,957
FW2078778.UP.FTS.B,
28.26%,
11/19/26
.
8,732
8,704
FW2079210.UP.FTS.B,
28.66%,
11/19/26
.
4,564
1,339
FW2079921.UP.FTS.B,
29.67%,
11/19/26
.
2,624
2,615
FW2072591.UP.FTS.B,
29.87%,
11/19/26
.
2,812
829
FW2076316.UP.FTS.B,
29.92%,
11/19/26
.
4,444
310
FW2077221.UP.FTS.B,
29.97%,
11/19/26
.
858
(13)
FW2077632.UP.FTS.B,
30.15%,
11/19/26
.
9,079
1,368
FW2077700.UP.FTS.B,
30.18%,
11/19/26
.
7,261
1,094
FW2078856.UP.FTS.B,
30.22%,
11/19/26
.
1,827
(11)
FW2077874.UP.FTS.B,
30.42%,
11/19/26
.
6,333
6,314
FW2078643.UP.FTS.B,
30.58%,
11/19/26
.
1,250
1,193
FW2078839.UP.FTS.B,
30.61%,
11/19/26
.
919
139
FW2077363.UP.FTS.B,
30.77%,
11/19/26
.
4,599
320
FW2075779.UP.FTS.B,
30.81%,
11/19/26
.
1,012
998
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
156
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2076598.UP.FTS.B,
31.11%,
11/19/26
.
$
864
$
861
FW2074352.UP.FTS.B,
31.13%,
11/19/26
.
970
966
FW2075287.UP.FTS.B,
31.46%,
11/19/26
.
7,305
7,247
FW2076836.UP.FTS.B,
31.47%,
11/19/26
.
6,633
6,610
FW2076209.UP.FTS.B,
31.48%,
11/19/26
.
2,831
2,819
FW2200360.UP.FTS.B,
6%,
12/07/26
....
564
557
L2198358.UP.FTS.B,
7.09%,
12/07/26
....
2,996
2,965
L2196810.UP.FTS.B,
7.42%,
12/07/26
....
4,882
4,839
L2198501.UP.FTS.B,
8.94%,
12/07/26
....
3,278
3,250
L2195995.UP.FTS.B,
9.12%,
12/07/26
....
3,527
3,496
L2199695.UP.FTS.B,
9.66%,
12/07/26
....
4,934
4,891
L2199924.UP.FTS.B,
9.76%,
12/07/26
....
5,759
5,709
L2198890.UP.FTS.B,
10.21%,
12/07/26
...
1,237
1,226
FW2200013.UP.FTS.B,
10.26%,
12/07/26
.
11,544
11,413
L2199199.UP.FTS.B,
10.28%,
12/07/26
...
7,916
7,830
L2198751.UP.FTS.B,
10.42%,
12/07/26
...
6,602
6,526
L2199240.UP.FTS.B,
10.7%,
12/07/26
....
6,775
6,717
L2196100.UP.FTS.B,
10.99%,
12/07/26
...
1,324
1,312
FW2198003.UP.FTS.B,
11.06%,
12/07/26
.
7,647
4,033
L2193649.UP.FTS.B,
11.13%,
12/07/26
...
2,692
196
L2197856.UP.FTS.B,
11.23%,
12/07/26
...
4,472
4,422
L2197172.UP.FTS.B,
11.42%,
12/07/26
...
8,224
8,134
L2196592.UP.FTS.B,
11.62%,
12/07/26
...
4,480
4,431
L2197038.UP.FTS.B,
12.26%,
12/07/26
...
3,328
3,291
FW2199260.UP.FTS.B,
12.51%,
12/07/26
.
20,406
20,176
L2199654.UP.FTS.B,
12.66%,
12/07/26
...
4,867
4,813
L2200204.UP.FTS.B,
12.79%,
12/07/26
...
10,842
10,720
FW2198067.UP.FTS.B,
12.9%,
12/07/26
..
5,169
1,302
L2200250.UP.FTS.B,
13.28%,
12/07/26
...
4,179
4,132
L2197068.UP.FTS.B,
13.32%,
12/07/26
...
8,359
8,265
L2197658.UP.FTS.B,
13.72%,
12/07/26
...
4,187
4,140
L2196150.UP.FTS.B,
13.9%,
12/07/26
....
10,391
10,275
FW2198165.UP.FTS.B,
14.07%,
12/07/26
.
1,174
1,161
FW2198593.UP.FTS.B,
14.12%,
12/07/26
.
5,033
4,977
L2197131.UP.FTS.B,
14.14%,
12/07/26
...
923
913
L2199997.UP.FTS.B,
14.15%,
12/07/26
...
3,104
3,069
L2196035.UP.FTS.B,
14.38%,
12/07/26
...
4,561
4,512
L2196588.UP.FTS.B,
14.6%,
12/07/26
....
9,389
1,259
L2196864.UP.FTS.B,
14.96%,
12/07/26
...
5,892
5,827
L2198350.UP.FTS.B,
15.19%,
12/07/26
...
817
808
L2196739.UP.FTS.B,
15.37%,
12/07/26
...
12,948
3,280
L2197260.UP.FTS.B,
15.37%,
12/07/26
...
2,311
1,218
L2197650.UP.FTS.B,
15.41%,
12/07/26
...
6,325
6,255
L2196913.UP.FTS.B,
15.42%,
12/07/26
...
44,192
11,217
FW2198673.UP.FTS.B,
15.71%,
12/07/26
.
17,376
9,633
L2199860.UP.FTS.B,
16.1%,
12/07/26
....
12,672
12,487
L2197234.UP.FTS.B,
16.24%,
12/07/26
...
17,012
8,988
L2199879.UP.FTS.B,
16.31%,
12/07/26
...
12,595
12,462
FW2197646.UP.FTS.B,
16.34%,
12/07/26
.
7,723
7,631
L2198446.UP.FTS.B,
16.58%,
12/07/26
...
42,060
41,446
L2199625.UP.FTS.B,
16.62%,
12/07/26
...
8,530
8,401
L2199675.UP.FTS.B,
16.72%,
12/07/26
...
13,476
498
L2198880.UP.FTS.B,
16.74%,
12/07/26
...
3,145
3,094
L2198467.UP.FTS.B,
16.99%,
12/07/26
...
16,976
16,662
L2197174.UP.FTS.B,
17.08%,
12/07/26
...
12,767
12,572
L2195329.UP.FTS.B,
17.11%,
12/07/26
...
4,411
4,347
FW2197380.UP.FTS.B,
17.12%,
12/07/26
.
2,548
2,509
L2198345.UP.FTS.B,
17.18%,
12/07/26
...
20,216
19,906
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2195192.UP.FTS.B,
17.22%,
12/07/26
...
$
2,804
$
2,761
L2199351.UP.FTS.B,
17.39%,
12/07/26
...
1,822
131
L2198376.UP.FTS.B,
17.42%,
12/07/26
...
18,712
18,366
L2194879.UP.FTS.B,
17.51%,
12/07/26
...
16,636
16,386
L2192178.UP.FTS.B,
17.53%,
12/07/26
...
6,380
6,282
FW2196193.UP.FTS.B,
17.59%,
12/07/26
.
21,314
20,989
L2199819.UP.FTS.B,
17.72%,
12/07/26
...
15,328
15,161
L2198685.UP.FTS.B,
17.77%,
12/07/26
...
2,555
1,417
L2199007.UP.FTS.B,
17.87%,
12/07/26
...
5,111
5,016
L2200255.UP.FTS.B,
17.89%,
12/07/26
...
6,822
6,696
L2200130.UP.FTS.B,
18.09%,
12/07/26
...
20,072
1,429
L2199726.UP.FTS.B,
18.1%,
12/07/26
....
5,115
5,037
L2195959.UP.FTS.B,
18.12%,
12/07/26
...
9,970
9,826
L2196210.UP.FTS.B,
18.42%,
12/07/26
...
14,304
8,155
L2200083.UP.FTS.B,
18.51%,
12/07/26
...
4,566
331
FW2198541.UP.FTS.B,
18.65%,
12/07/26
.
21,362
20,968
L2197391.UP.FTS.B,
18.77%,
12/07/26
...
1,854
494
L2196412.UP.FTS.B,
18.83%,
12/07/26
...
1,539
1,515
L2200053.UP.FTS.B,
18.87%,
12/07/26
...
8,552
8,394
L2199248.UP.FTS.B,
19.04%,
12/07/26
...
12,835
12,640
FW2199060.UP.FTS.B,
19.27%,
12/07/26
.
2,141
2,108
L2196672.UP.FTS.B,
19.58%,
12/07/26
...
7,449
4,250
L2196821.UP.FTS.B,
19.59%,
12/07/26
...
5,806
1,595
L2199663.UP.FTS.B,
19.69%,
12/07/26
...
5,147
5,052
L2169437.UP.FTS.B,
19.73%,
12/07/26
...
8,844
5,057
FW2198520.UP.FTS.B,
20.07%,
12/07/26
.
8,540
8,389
L2199129.UP.FTS.B,
20.12%,
12/07/26
...
1,890
1,862
L2198874.UP.FTS.B,
20.19%,
12/07/26
...
3,438
3,386
L2199523.UP.FTS.B,
20.46%,
12/07/26
...
4,733
4,681
L2196447.UP.FTS.B,
20.62%,
12/07/26
...
5,590
5,510
L2196710.UP.FTS.B,
20.66%,
12/07/26
...
16,711
1,218
L2189118.UP.FTS.B,
20.67%,
12/07/26
...
2,458
2,411
L2197655.UP.FTS.B,
20.75%,
12/07/26
...
4,307
4,259
FW2197381.UP.FTS.B,
20.8%,
12/07/26
..
2,778
402
L2197561.UP.FTS.B,
20.81%,
12/07/26
...
4,307
4,260
FW2199633.UP.FTS.B,
20.94%,
12/07/26
.
6,955
6,881
L2196680.UP.FTS.B,
21.47%,
12/07/26
...
5,224
5,130
L2195675.UP.FTS.B,
21.55%,
12/07/26
...
1,429
846
L2197631.UP.FTS.B,
21.55%,
12/07/26
...
3,890
3,819
L2196825.UP.FTS.B,
21.8%,
12/07/26
....
5,626
5,564
FW2198237.UP.FTS.B,
21.87%,
12/07/26
.
4,325
4,277
L2196775.UP.FTS.B,
22.04%,
12/07/26
...
865
850
FW2199825.UP.FTS.B,
22.12%,
12/07/26
.
1,731
1,712
L2196730.UP.FTS.B,
22.21%,
12/07/26
...
15,155
14,989
L2191085.UP.FTS.B,
22.33%,
12/07/26
...
2,834
2,807
L2199874.UP.FTS.B,
22.34%,
12/07/26
...
7,106
7,028
L2192706.UP.FTS.B,
22.47%,
12/07/26
...
8,663
8,581
L2197670.UP.FTS.B,
22.54%,
12/07/26
...
3,333
3,296
L2196119.UP.FTS.B,
22.75%,
12/07/26
...
4,505
649
L2185222.UP.FTS.B,
23.13%,
12/07/26
...
5,104
5,050
FW2200346.UP.FTS.B,
23.2%,
12/07/26
..
8,691
8,596
FW2196522.UP.FTS.B,
23.26%,
12/07/26
.
5,215
5,158
FW2199888.UP.FTS.B,
23.27%,
12/07/26
.
12,616
905
L2195799.UP.FTS.B,
23.37%,
12/07/26
...
9,447
9,305
FW2199894.UP.FTS.B,
23.38%,
12/07/26
.
6,957
6,881
L2198106.UP.FTS.B,
23.42%,
12/07/26
...
5,529
5,472
L2197006.UP.FTS.B,
23.53%,
12/07/26
...
4,816
395
FW2192438.UP.FTS.B,
23.66%,
12/07/26
.
10,446
10,332
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2197891.UP.FTS.B,
23.8%,
12/07/26
....
$
3,484
$
3,446
L2199092.UP.FTS.B,
23.9%,
12/07/26
....
5,489
393
L2198616.UP.FTS.B,
24.08%,
12/07/26
...
2,602
2,577
FW2195703.UP.FTS.B,
24.25%,
12/07/26
.
1,570
1,553
FW2196745.UP.FTS.B,
24.4%,
12/07/26
..
5,210
5,160
FW2200190.UP.FTS.B,
24.4%,
12/07/26
..
2,182
2,158
L2196637.UP.FTS.B,
24.42%,
12/07/26
...
13,005
12,863
L2200210.UP.FTS.B,
24.56%,
12/07/26
...
17,466
17,147
L2196899.UP.FTS.B,
24.65%,
12/07/26
...
5,067
5,011
L2197090.UP.FTS.B,
24.84%,
12/07/26
...
4,498
4,446
L2200145.UP.FTS.B,
24.91%,
12/07/26
...
874
865
L2197252.UP.FTS.B,
24.97%,
12/07/26
...
924
914
L2196714.UP.FTS.B,
25.02%,
12/07/26
...
2,800
2,769
L2199551.UP.FTS.B,
25.05%,
12/07/26
...
1,882
521
L2195912.UP.FTS.B,
25.21%,
12/07/26
...
7,177
7,099
L2198146.UP.FTS.B,
25.25%,
12/07/26
...
1,838
1,818
L2196219.UP.FTS.B,
25.27%,
12/07/26
...
8,229
8,139
L2198546.UP.FTS.B,
25.32%,
12/07/26
...
1,313
1,299
L2199586.UP.FTS.B,
25.33%,
12/07/26
...
965
954
L2199876.UP.FTS.B,
25.33%,
12/07/26
...
1,149
1,132
L2195664.UP.FTS.B,
25.4%,
12/07/26
....
567
556
L2199661.UP.FTS.B,
25.4%,
12/07/26
....
2,452
2,426
FW2200017.UP.FTS.B,
25.41%,
12/07/26
.
4,679
333
L2196685.UP.FTS.B,
25.41%,
12/07/26
...
5,607
804
L2198050.UP.FTS.B,
25.44%,
12/07/26
...
4,559
4,510
L2197183.UP.FTS.B,
25.46%,
12/07/26
...
1,489
1,473
L2197844.UP.FTS.B,
25.47%,
12/07/26
...
4,797
4,751
L2198441.UP.FTS.B,
25.48%,
12/07/26
...
12,449
12,320
FW2197368.UP.FTS.B,
25.58%,
12/07/26
.
8,763
8,668
L2199767.UP.FTS.B,
25.65%,
12/07/26
...
5,165
3,039
L2199814.UP.FTS.B,
25.68%,
12/07/26
...
5,260
5,203
FW2199624.UP.FTS.B,
25.75%,
12/07/26
.
8,984
5,310
L2193871.UP.FTS.B,
25.78%,
12/07/26
...
2,561
2,510
FW2199793.UP.FTS.B,
25.9%,
12/07/26
..
7,018
6,942
FW2199186.UP.FTS.B,
25.95%,
12/07/26
.
2,194
2,170
FW2196103.UP.FTS.B,
26.48%,
12/07/26
.
1,129
1,107
L2200350.UP.FTS.B,
26.67%,
12/07/26
...
5,222
1,494
FW2199332.UP.FTS.B,
26.82%,
12/07/26
.
2,192
2,172
FW2195998.UP.FTS.B,
26.86%,
12/07/26
.
15,670
15,492
FW2195253.UP.FTS.B,
27.11%,
12/07/26
.
5,880
3,474
FW2195958.UP.FTS.B,
27.48%,
12/07/26
.
2,944
1,740
FW2200008.UP.FTS.B,
27.66%,
12/07/26
.
6,162
3,637
FW2198590.UP.FTS.B,
27.74%,
12/07/26
.
4,470
320
FW2199488.UP.FTS.B,
27.83%,
12/07/26
.
2,009
574
FW2198564.UP.FTS.B,
27.96%,
12/07/26
.
4,009
3,968
FW2195741.UP.FTS.B,
28.07%,
12/07/26
.
1,325
1,311
FW2198474.UP.FTS.B,
28.07%,
12/07/26
.
3,129
(13)
FW2200076.UP.FTS.B,
28.24%,
12/07/26
.
44,205
43,728
FW2200069.UP.FTS.B,
28.54%,
12/07/26
.
3,783
3,739
FW2200188.UP.FTS.B,
28.66%,
12/07/26
.
4,935
4,880
FW2126302.UP.FTS.B,
28.84%,
12/07/26
.
15,216
9,006
FW2198203.UP.FTS.B,
29.09%,
12/07/26
.
3,420
2,036
FW2198176.UP.FTS.B,
29.22%,
12/07/26
.
3,574
3,538
FW2196176.UP.FTS.B,
29.32%,
12/07/26
.
6,976
497
FW2195399.UP.FTS.B,
29.81%,
12/07/26
.
2,044
2,022
FW2198433.UP.FTS.B,
29.92%,
12/07/26
.
2,845
405
FW2198601.UP.FTS.B,
30.14%,
12/07/26
.
4,447
4,400
FW2199215.UP.FTS.B,
30.27%,
12/07/26
.
2,847
2,817
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2195876.UP.FTS.B,
30.32%,
12/07/26
.
$
1,397
$
98
FW2198672.UP.FTS.B,
30.42%,
12/07/26
.
5,341
5,284
FW2196744.UP.FTS.B,
30.45%,
12/07/26
.
44,521
44,045
FW2198825.UP.FTS.B,
30.6%,
12/07/26
..
3,117
3,084
FW2197604.UP.FTS.B,
30.64%,
12/07/26
.
2,939
2,908
FW2198515.UP.FTS.B,
30.77%,
12/07/26
.
2,858
407
FW2199805.UP.FTS.B,
30.82%,
12/07/26
.
7,923
554
FW2198089.UP.FTS.B,
30.83%,
12/07/26
.
1,872
1,852
FW2195222.UP.FTS.B,
30.96%,
12/07/26
.
733
718
FW2197663.UP.FTS.B,
30.97%,
12/07/26
.
2,387
2,364
FW2198098.UP.FTS.B,
31%,
12/07/26
...
5,263
5,207
FW2196279.UP.FTS.B,
31.01%,
12/07/26
.
3,121
3,088
FW2198232.UP.FTS.B,
31.01%,
12/07/26
.
937
66
FW2197407.UP.FTS.B,
31.19%,
12/07/26
.
5,264
5,208
FW2196852.UP.FTS.B,
31.22%,
12/07/26
.
7,380
2,111
FW2198390.UP.FTS.B,
31.22%,
12/07/26
.
2,410
2,385
FW2200225.UP.FTS.B,
31.22%,
12/07/26
.
1,040
74
FW2197133.UP.FTS.B,
31.45%,
12/07/26
.
3,929
3,887
FW2200182.UP.FTS.B,
31.77%,
12/07/26
.
3,028
215
FW2198397.UP.FTS.B,
32.23%,
12/07/26
.
5,191
5,136
FW2199153.UP.FTS.B,
32.29%,
12/07/26
.
4,297
4,251
FW2199632.UP.FTS.B,
32.42%,
12/07/26
.
4,404
4,358
L2201511.UP.FTS.B,
5.03%,
12/08/26
....
9,466
9,404
L2201100.UP.FTS.B,
5.82%,
12/08/26
....
8,074
8,023
FW2201687.UP.FTS.B,
5.98%,
12/08/26
..
3,759
3,735
L2203382.UP.FTS.B,
6.5%,
12/08/26
....
8,100
8,051
L2203741.UP.FTS.B,
7.33%,
12/08/26
....
16,265
16,132
L2206413.UP.FTS.B,
7.44%,
12/08/26
....
7,324
7,262
L2201126.UP.FTS.B,
7.87%,
12/08/26
....
17,939
17,789
L2200918.UP.FTS.B,
8.74%,
12/08/26
....
3,521
3,492
L2203118.UP.FTS.B,
8.78%,
12/08/26
....
6,385
6,332
L2201288.UP.FTS.B,
9.13%,
12/08/26
....
2,707
2,685
L2203530.UP.FTS.B,
9.65%,
12/08/26
....
16,951
16,811
L2197657.UP.FTS.B,
9.74%,
12/08/26
....
3,537
3,508
FW2202215.UP.FTS.B,
9.76%,
12/08/26
..
36,349
35,960
L2202140.UP.FTS.B,
10.05%,
12/08/26
...
3,125
3,092
L2202043.UP.FTS.B,
10.08%,
12/08/26
...
16,477
16,344
L2206922.UP.FTS.B,
10.23%,
12/08/26
...
15,132
14,981
L2205692.UP.FTS.B,
10.33%,
12/08/26
...
13,610
13,500
L2205203.UP.FTS.B,
10.54%,
12/08/26
...
15,794
15,621
L2203887.UP.FTS.B,
10.82%,
12/08/26
...
6,613
6,542
L2202359.UP.FTS.B,
10.96%,
12/08/26
...
2,978
2,954
L2205258.UP.FTS.B,
10.97%,
12/08/26
...
3,143
3,110
L2206221.UP.FTS.B,
10.99%,
12/08/26
...
2,688
196
L2202707.UP.FTS.B,
11.01%,
12/08/26
...
8,274
8,185
L2200873.UP.FTS.B,
11.09%,
12/08/26
...
7,449
7,369
L2205661.UP.FTS.B,
11.13%,
12/08/26
...
9,934
9,827
L2201926.UP.FTS.B,
11.2%,
12/08/26
....
1,656
1,643
FW2202691.UP.FTS.B,
11.21%,
12/08/26
.
2,484
2,465
L2204932.UP.FTS.B,
11.21%,
12/08/26
...
13,250
13,108
L2201522.UP.FTS.B,
11.25%,
12/08/26
...
16,565
16,387
L2200600.UP.FTS.B,
11.71%,
12/08/26
...
4,150
4,106
L2200051.UP.FTS.B,
11.78%,
12/08/26
...
8,800
8,707
L2204302.UP.FTS.B,
11.78%,
12/08/26
...
2,483
2,458
L2205067.UP.FTS.B,
11.79%,
12/08/26
...
9,963
9,857
FW2201210.UP.FTS.B,
12.48%,
12/08/26
.
1,666
1,648
L2201401.UP.FTS.B,
12.51%,
12/08/26
...
5,830
5,769
L2201130.UP.FTS.B,
12.56%,
12/08/26
...
4,325
4,277
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2201683.UP.FTS.B,
13.05%,
12/08/26
...
$
2,505
$
2,478
L2201222.UP.FTS.B,
13.13%,
12/08/26
...
41,760
41,321
L2203910.UP.FTS.B,
13.18%,
12/08/26
...
9,607
9,506
L2202867.UP.FTS.B,
13.27%,
12/08/26
...
3,819
3,776
FW2206272.UP.FTS.B,
13.35%,
12/08/26
.
2,508
2,482
L2206693.UP.FTS.B,
13.43%,
12/08/26
...
3,070
414
L2206744.UP.FTS.B,
13.51%,
12/08/26
...
25,096
24,833
L2202159.UP.FTS.B,
13.54%,
12/08/26
...
20,917
20,757
L2206366.UP.FTS.B,
13.56%,
12/08/26
...
2,706
196
FW2201344.UP.FTS.B,
13.64%,
12/08/26
.
5,343
5,289
L2202534.UP.FTS.B,
13.68%,
12/08/26
...
12,558
12,426
L2203497.UP.FTS.B,
13.78%,
12/08/26
...
5,025
4,973
L2203117.UP.FTS.B,
13.79%,
12/08/26
...
7,203
7,128
FW2199867.UP.FTS.B,
13.82%,
12/08/26
.
12,654
12,525
L2203856.UP.FTS.B,
13.82%,
12/08/26
...
25,216
24,956
L2206839.UP.FTS.B,
13.97%,
12/08/26
...
8,925
414
L2200884.UP.FTS.B,
13.99%,
12/08/26
...
6,203
6,139
L2204734.UP.FTS.B,
13.99%,
12/08/26
...
3,089
3,057
L2189789.UP.FTS.B,
14.09%,
12/08/26
...
3,853
3,810
L2200815.UP.FTS.B,
14.17%,
12/08/26
...
2,092
2,071
L2201701.UP.FTS.B,
14.19%,
12/08/26
...
5,873
5,812
L2200543.UP.FTS.B,
14.23%,
12/08/26
...
4,196
4,152
FW2206534.UP.FTS.B,
14.38%,
12/08/26
.
2,686
2,659
FW2201365.UP.FTS.B,
14.41%,
12/08/26
.
12,176
12,050
L2200506.UP.FTS.B,
14.67%,
12/08/26
...
5,044
4,992
L2205095.UP.FTS.B,
14.72%,
12/08/26
...
2,111
2,082
L2205970.UP.FTS.B,
14.78%,
12/08/26
...
2,264
2,241
L2203172.UP.FTS.B,
14.86%,
12/08/26
...
8,414
8,327
FW2203636.UP.FTS.B,
14.99%,
12/08/26
.
4,376
1,114
L2206751.UP.FTS.B,
15.19%,
12/08/26
...
11,584
11,470
L2201429.UP.FTS.B,
15.27%,
12/08/26
...
10,073
9,973
L2201509.UP.FTS.B,
15.29%,
12/08/26
...
5,476
5,412
L2203888.UP.FTS.B,
15.35%,
12/08/26
...
2,529
2,503
L2196904.UP.FTS.B,
15.38%,
12/08/26
...
5,088
5,036
L2202058.UP.FTS.B,
15.4%,
12/08/26
....
2,530
2,493
L2201650.UP.FTS.B,
15.45%,
12/08/26
...
3,393
3,359
L2205307.UP.FTS.B,
15.66%,
12/08/26
...
1,695
1,671
L2193881.UP.FTS.B,
15.75%,
12/08/26
...
3,716
3,662
L2200487.UP.FTS.B,
15.87%,
12/08/26
...
5,408
5,352
L2205432.UP.FTS.B,
15.94%,
12/08/26
...
20,972
20,684
L2205206.UP.FTS.B,
15.97%,
12/08/26
...
25,447
25,081
L2206448.UP.FTS.B,
16%,
12/08/26
.....
8,877
8,786
L2205436.UP.FTS.B,
16.02%,
12/08/26
...
23,958
23,612
L2195672.UP.FTS.B,
16.2%,
12/08/26
....
10,829
10,673
L2205672.UP.FTS.B,
16.4%,
12/08/26
....
21,207
20,993
L2201272.UP.FTS.B,
16.5%,
12/08/26
....
4,217
4,176
L2202979.UP.FTS.B,
16.63%,
12/08/26
...
1,695
1,678
L2203269.UP.FTS.B,
16.66%,
12/08/26
...
3,815
3,760
L2203656.UP.FTS.B,
16.77%,
12/08/26
...
2,375
2,351
L2205448.UP.FTS.B,
16.81%,
12/08/26
...
8,906
8,750
L2205367.UP.FTS.B,
16.83%,
12/08/26
...
2,646
2,608
L2205691.UP.FTS.B,
16.93%,
12/08/26
...
40,734
40,147
L2206760.UP.FTS.B,
17.01%,
12/08/26
...
38,523
37,981
FW2204874.UP.FTS.B,
17.03%,
12/08/26
.
8,489
8,341
L2200739.UP.FTS.B,
17.06%,
12/08/26
...
2,292
2,259
L2200406.UP.FTS.B,
17.28%,
12/08/26
...
3,739
3,685
L2202818.UP.FTS.B,
17.33%,
12/08/26
...
8,134
1,093
L2201984.UP.FTS.B,
17.35%,
12/08/26
...
5,534
5,455
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2204275.UP.FTS.B,
17.48%,
12/08/26
...
$
4,747
$
4,682
L2203876.UP.FTS.B,
17.53%,
12/08/26
...
18,720
18,452
L2202653.UP.FTS.B,
17.59%,
12/08/26
...
10,551
10,399
L2203323.UP.FTS.B,
17.63%,
12/08/26
...
3,829
3,791
L2200437.UP.FTS.B,
17.72%,
12/08/26
...
2,128
2,091
L2202435.UP.FTS.B,
17.87%,
12/08/26
...
4,259
4,185
L2206114.UP.FTS.B,
17.92%,
12/08/26
...
1,704
1,680
L2201870.UP.FTS.B,
17.98%,
12/08/26
...
2,556
2,512
L2201314.UP.FTS.B,
18.04%,
12/08/26
...
4,262
4,201
L2203381.UP.FTS.B,
18.04%,
12/08/26
...
8,950
8,822
L2202238.UP.FTS.B,
18.11%,
12/08/26
...
11,084
10,925
L2198222.UP.FTS.B,
18.15%,
12/08/26
...
3,070
3,017
FW2200514.UP.FTS.B,
18.68%,
12/08/26
.
8,510
8,370
L2202316.UP.FTS.B,
18.78%,
12/08/26
...
2,137
2,100
FW2201324.UP.FTS.B,
18.84%,
12/08/26
.
4,146
4,074
L2203614.UP.FTS.B,
18.9%,
12/08/26
....
12,866
12,645
FW2203630.UP.FTS.B,
18.91%,
12/08/26
.
8,543
8,403
L2201012.UP.FTS.B,
19.03%,
12/08/26
...
42,783
42,041
L2202526.UP.FTS.B,
19.03%,
12/08/26
...
8,557
8,473
FW2204149.UP.FTS.B,
19.13%,
12/08/26
.
4,286
4,212
FW2201703.UP.FTS.B,
19.15%,
12/08/26
.
2,985
2,936
L2171699.UP.FTS.B,
19.26%,
12/08/26
...
8,568
8,483
FW2201480.UP.FTS.B,
19.28%,
12/08/26
.
5,996
5,911
L2198227.UP.FTS.B,
19.34%,
12/08/26
...
1,756
975
FW2206855.UP.FTS.B,
19.38%,
12/08/26
.
4,284
4,242
L2204805.UP.FTS.B,
19.42%,
12/08/26
...
9,169
9,011
L2203740.UP.FTS.B,
19.62%,
12/08/26
...
2,109
1,209
L2204012.UP.FTS.B,
19.62%,
12/08/26
...
2,769
1,542
L2200814.UP.FTS.B,
19.64%,
12/08/26
...
4,720
4,639
L2201833.UP.FTS.B,
19.78%,
12/08/26
...
4,287
4,217
L2200534.UP.FTS.B,
19.8%,
12/08/26
....
6,867
6,748
L2203346.UP.FTS.B,
19.86%,
12/08/26
...
5,494
5,417
L2203970.UP.FTS.B,
19.89%,
12/08/26
...
1,889
1,857
L2203336.UP.FTS.B,
19.94%,
12/08/26
...
2,818
2,772
FW2185665.UP.FTS.B,
20.17%,
12/08/26
.
12,857
12,684
L2200446.UP.FTS.B,
20.19%,
12/08/26
...
945
930
FW2202220.UP.FTS.B,
20.45%,
12/08/26
.
17,207
17,039
L2198053.UP.FTS.B,
20.47%,
12/08/26
...
3,281
3,225
L2200528.UP.FTS.B,
20.47%,
12/08/26
...
3,012
2,960
L2201790.UP.FTS.B,
20.6%,
12/08/26
....
2,411
2,369
L2204504.UP.FTS.B,
20.62%,
12/08/26
...
8,673
5,104
FW2201941.UP.FTS.B,
20.91%,
12/08/26
.
3,540
950
FW2201844.UP.FTS.B,
20.97%,
12/08/26
.
2,859
2,796
L2202584.UP.FTS.B,
20.98%,
12/08/26
...
6,444
6,339
FW2205623.UP.FTS.B,
21.01%,
12/08/26
.
9,484
9,391
FW2203254.UP.FTS.B,
21.1%,
12/08/26
..
6,357
279
L2203340.UP.FTS.B,
21.11%,
12/08/26
...
4,304
4,268
L2202911.UP.FTS.B,
21.13%,
12/08/26
...
5,548
5,455
L2201499.UP.FTS.B,
21.34%,
12/08/26
...
9,495
9,403
L2203266.UP.FTS.B,
21.37%,
12/08/26
...
4,397
2,592
L2203685.UP.FTS.B,
21.52%,
12/08/26
...
3,023
2,994
L2207000.UP.FTS.B,
21.53%,
12/08/26
...
17,276
16,980
L2206634.UP.FTS.B,
21.58%,
12/08/26
...
1,901
1,882
FW2206963.UP.FTS.B,
21.68%,
12/08/26
.
4,318
4,248
L2206461.UP.FTS.B,
21.8%,
12/08/26
....
3,257
237
FW2200309.UP.FTS.B,
21.86%,
12/08/26
.
3,105
3,079
FW2204080.UP.FTS.B,
22.08%,
12/08/26
.
6,424
6,363
L2200826.UP.FTS.B,
22.16%,
12/08/26
...
8,660
8,577
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
159
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2205781.UP.FTS.B,
22.27%,
12/08/26
.
$
43,464
$
43,055
L2204816.UP.FTS.B,
22.27%,
12/08/26
...
8,317
8,173
FW2202543.UP.FTS.B,
22.46%,
12/08/26
.
1,647
1,619
L2200624.UP.FTS.B,
22.5%,
12/08/26
....
1,734
1,704
L2204327.UP.FTS.B,
22.78%,
12/08/26
...
2,954
2,896
L2201275.UP.FTS.B,
22.92%,
12/08/26
...
3,332
3,299
L2203293.UP.FTS.B,
22.93%,
12/08/26
...
1,476
1,451
FW2203667.UP.FTS.B,
23.01%,
12/08/26
.
13,028
12,903
L2204605.UP.FTS.B,
23.02%,
12/08/26
...
4,345
4,303
L2202315.UP.FTS.B,
23.12%,
12/08/26
...
3,371
3,339
FW2201818.UP.FTS.B,
23.31%,
12/08/26
.
2,736
198
L2201018.UP.FTS.B,
23.52%,
12/08/26
...
4,351
4,309
L2204624.UP.FTS.B,
23.54%,
12/08/26
...
17,596
17,441
L2203557.UP.FTS.B,
23.55%,
12/08/26
...
1,457
1,441
L2204118.UP.FTS.B,
23.56%,
12/08/26
...
14,882
14,746
L2200929.UP.FTS.B,
23.61%,
12/08/26
...
2,176
2,156
L2205223.UP.FTS.B,
23.62%,
12/08/26
...
4,388
4,349
L2200784.UP.FTS.B,
23.63%,
12/08/26
...
8,655
8,582
L2197277.UP.FTS.B,
23.68%,
12/08/26
...
5,659
5,605
L2197979.UP.FTS.B,
23.7%,
12/08/26
....
3,462
3,433
L2205882.UP.FTS.B,
23.83%,
12/08/26
...
2,613
2,577
L2204897.UP.FTS.B,
23.87%,
12/08/26
...
23,217
22,909
FW2200085.UP.FTS.B,
23.88%,
12/08/26
.
2,614
2,589
L2169986.UP.FTS.B,
24.03%,
12/08/26
...
13,074
12,950
FW2202739.UP.FTS.B,
24.09%,
12/08/26
.
2,092
2,072
L2205789.UP.FTS.B,
24.11%,
12/08/26
...
5,231
5,182
L2200886.UP.FTS.B,
24.19%,
12/08/26
...
4,388
4,315
FW2200940.UP.FTS.B,
24.2%,
12/08/26
..
1,150
162
L2203589.UP.FTS.B,
24.35%,
12/08/26
...
4,305
4,268
L2201603.UP.FTS.B,
24.38%,
12/08/26
...
4,365
4,323
L2199578.UP.FTS.B,
24.39%,
12/08/26
...
1,448
832
L2204440.UP.FTS.B,
24.51%,
12/08/26
...
1,048
1,038
L2203333.UP.FTS.B,
24.53%,
12/08/26
...
2,506
714
L2200752.UP.FTS.B,
24.63%,
12/08/26
...
874
865
FW2202542.UP.FTS.B,
24.64%,
12/08/26
.
3,946
3,910
FW2200668.UP.FTS.B,
24.66%,
12/08/26
.
10,920
10,817
L2201796.UP.FTS.B,
24.67%,
12/08/26
...
9,453
675
L2205328.UP.FTS.B,
24.68%,
12/08/26
...
1,743
1,729
FW2198942.UP.FTS.B,
24.77%,
12/08/26
.
16,843
16,676
L2200911.UP.FTS.B,
24.82%,
12/08/26
...
4,141
4,098
L2205953.UP.FTS.B,
24.83%,
12/08/26
...
2,148
2,106
FW2200947.UP.FTS.B,
24.84%,
12/08/26
.
3,981
2,352
L2201876.UP.FTS.B,
24.84%,
12/08/26
...
962
953
L2198801.UP.FTS.B,
24.91%,
12/08/26
...
2,623
2,598
L2200418.UP.FTS.B,
24.91%,
12/08/26
...
6,683
6,574
L2201388.UP.FTS.B,
24.93%,
12/08/26
...
2,584
2,562
L2201658.UP.FTS.B,
24.93%,
12/08/26
...
1,137
1,118
L2200868.UP.FTS.B,
24.96%,
12/08/26
...
2,315
2,291
L2205812.UP.FTS.B,
24.97%,
12/08/26
...
3,093
3,066
L2206379.UP.FTS.B,
24.97%,
12/08/26
...
5,684
3,344
L2201301.UP.FTS.B,
25.03%,
12/08/26
...
3,830
3,798
L2203217.UP.FTS.B,
25.16%,
12/08/26
...
963
954
L2202329.UP.FTS.B,
25.17%,
12/08/26
...
2,138
2,110
L2198735.UP.FTS.B,
25.18%,
12/08/26
...
6,257
6,201
L2205039.UP.FTS.B,
25.2%,
12/08/26
....
3,098
862
L2202422.UP.FTS.B,
25.21%,
12/08/26
...
3,211
3,185
L2201763.UP.FTS.B,
25.22%,
12/08/26
...
6,056
5,975
L2203014.UP.FTS.B,
25.25%,
12/08/26
...
4,377
4,335
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2203187.UP.FTS.B,
25.25%,
12/08/26
...
$
3,455
$
2,042
L2203545.UP.FTS.B,
25.27%,
12/08/26
...
1,577
1,562
L2201547.UP.FTS.B,
25.28%,
12/08/26
...
2,189
2,168
L2204236.UP.FTS.B,
25.3%,
12/08/26
....
5,309
5,257
L2205000.UP.FTS.B,
25.31%,
12/08/26
...
905
245
L2203159.UP.FTS.B,
25.32%,
12/08/26
...
12,764
12,589
L2202447.UP.FTS.B,
25.34%,
12/08/26
...
1,769
1,753
L2201267.UP.FTS.B,
25.35%,
12/08/26
...
1,040
1,031
L2207019.UP.FTS.B,
25.36%,
12/08/26
...
1,455
1,438
L2203473.UP.FTS.B,
25.37%,
12/08/26
...
1,928
1,896
L2206798.UP.FTS.B,
25.37%,
12/08/26
...
2,037
2,001
L2204385.UP.FTS.B,
25.38%,
12/08/26
...
1,051
1,041
L2204638.UP.FTS.B,
25.39%,
12/08/26
...
2,998
216
L2203646.UP.FTS.B,
25.41%,
12/08/26
...
1,030
74
L2204272.UP.FTS.B,
25.42%,
12/08/26
...
1,410
1,396
L2201606.UP.FTS.B,
25.43%,
12/08/26
...
2,365
2,343
L2200684.UP.FTS.B,
25.47%,
12/08/26
...
4,358
310
L2200539.UP.FTS.B,
25.48%,
12/08/26
...
4,774
4,732
L2200596.UP.FTS.B,
25.49%,
12/08/26
...
9,111
9,025
L2202382.UP.FTS.B,
25.5%,
12/08/26
....
1,577
1,562
L2204469.UP.FTS.B,
25.55%,
12/08/26
...
2,729
2,704
FW2205017.UP.FTS.B,
25.6%,
12/08/26
..
8,317
592
L2206619.UP.FTS.B,
25.63%,
12/08/26
...
6,574
6,512
FW2202148.UP.FTS.B,
25.64%,
12/08/26
.
2,296
659
L2201626.UP.FTS.B,
25.65%,
12/08/26
...
5,610
5,557
FW2202207.UP.FTS.B,
25.82%,
12/08/26
.
9,374
9,300
L2200110.UP.FTS.B,
25.93%,
12/08/26
...
6,582
6,521
L2205529.UP.FTS.B,
25.96%,
12/08/26
...
6,142
6,085
FW2202648.UP.FTS.B,
26.05%,
12/08/26
.
7,044
6,980
L2200501.UP.FTS.B,
26.06%,
12/08/26
...
1,931
1,913
FW2201661.UP.FTS.B,
26.35%,
12/08/26
.
13,179
13,056
FW2204619.UP.FTS.B,
26.36%,
12/08/26
.
2,197
2,176
L2200760.UP.FTS.B,
26.49%,
12/08/26
...
9,670
9,580
L2203179.UP.FTS.B,
26.54%,
12/08/26
...
3,550
3,520
L2200890.UP.FTS.B,
26.66%,
12/08/26
...
4,247
301
L2203211.UP.FTS.B,
26.69%,
12/08/26
...
10,106
725
FW2205293.UP.FTS.B,
26.73%,
12/08/26
.
3,519
3,486
FW2205905.UP.FTS.B,
26.96%,
12/08/26
.
1,893
76
FW2205802.UP.FTS.B,
27%,
12/08/26
...
3,119
3,088
FW2205878.UP.FTS.B,
27.25%,
12/08/26
.
1,763
1,747
FW2200840.UP.FTS.B,
27.39%,
12/08/26
.
7,406
7,337
FW2205131.UP.FTS.B,
27.64%,
12/08/26
.
2,735
2,710
FW2202637.UP.FTS.B,
27.67%,
12/08/26
.
9,709
9,620
FW2204516.UP.FTS.B,
27.99%,
12/08/26
.
4,441
2,632
FW2205704.UP.FTS.B,
28.05%,
12/08/26
.
4,418
4,377
FW2206331.UP.FTS.B,
28.09%,
12/08/26
.
9,278
9,193
FW2206860.UP.FTS.B,
28.2%,
12/08/26
..
3,085
3,060
FW2205370.UP.FTS.B,
28.26%,
12/08/26
.
6,003
864
FW2200263.UP.FTS.B,
28.29%,
12/08/26
.
15,916
15,770
FW2202084.UP.FTS.B,
28.33%,
12/08/26
.
1,327
1,315
FW2206080.UP.FTS.B,
28.43%,
12/08/26
.
3,098
3,070
FW2205751.UP.FTS.B,
28.59%,
12/08/26
.
1,098
157
FW2199479.UP.FTS.B,
28.66%,
12/08/26
.
13,279
13,158
FW2202420.UP.FTS.B,
28.72%,
12/08/26
.
4,261
4,219
FW2203128.UP.FTS.B,
28.72%,
12/08/26
.
888
880
FW2200463.UP.FTS.B,
28.91%,
12/08/26
.
1,063
1,054
FW2206016.UP.FTS.B,
28.92%,
12/08/26
.
1,828
1,793
FW2201925.UP.FTS.B,
29.05%,
12/08/26
.
1,152
1,140
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2200712.UP.FTS.B,
29.25%,
12/08/26
.
$
2,711
$
1,616
FW2195267.UP.FTS.B,
29.27%,
12/08/26
.
6,564
6,504
FW2205727.UP.FTS.B,
29.33%,
12/08/26
.
9,997
2,870
FW2204212.UP.FTS.B,
29.48%,
12/08/26
.
14,467
14,336
FW2203404.UP.FTS.B,
29.65%,
12/08/26
.
1,602
1,582
FW2201641.UP.FTS.B,
29.67%,
12/08/26
.
7,282
7,216
FW2206862.UP.FTS.B,
29.87%,
12/08/26
.
4,266
4,227
FW2200914.UP.FTS.B,
29.96%,
12/08/26
.
15,370
15,155
FW2201513.UP.FTS.B,
30.22%,
12/08/26
.
1,528
908
FW2204427.UP.FTS.B,
30.34%,
12/08/26
.
7,119
7,055
FW2203423.UP.FTS.B,
30.49%,
12/08/26
.
890
882
FW2201341.UP.FTS.B,
30.5%,
12/08/26
..
9,505
676
FW2204255.UP.FTS.B,
30.54%,
12/08/26
.
1,425
1,412
FW2202866.UP.FTS.B,
30.6%,
12/08/26
..
1,001
596
FW2205951.UP.FTS.B,
30.74%,
12/08/26
.
47,339
3,362
FW2200422.UP.FTS.B,
30.75%,
12/08/26
.
6,303
6,251
FW2205386.UP.FTS.B,
30.87%,
12/08/26
.
8,691
8,614
FW2197539.UP.FTS.B,
30.89%,
12/08/26
.
5,572
(78)
FW2201735.UP.FTS.B,
30.95%,
12/08/26
.
1,081
1,072
FW2201142.UP.FTS.B,
31.05%,
12/08/26
.
892
884
FW2202624.UP.FTS.B,
31.06%,
12/08/26
.
2,174
154
FW2203290.UP.FTS.B,
31.07%,
12/08/26
.
1,249
1,237
FW2206683.UP.FTS.B,
31.07%,
12/08/26
.
1,856
1,841
FW2201843.UP.FTS.B,
31.08%,
12/08/26
.
1,549
445
FW2205002.UP.FTS.B,
31.08%,
12/08/26
.
2,765
2,740
FW2200524.UP.FTS.B,
31.14%,
12/08/26
.
6,279
6,229
FW2201347.UP.FTS.B,
31.17%,
12/08/26
.
2,351
680
FW2199311.UP.FTS.B,
31.18%,
12/08/26
.
1,249
1,238
FW2205181.UP.FTS.B,
31.19%,
12/08/26
.
1,913
551
FW2201772.UP.FTS.B,
31.27%,
12/08/26
.
4,909
4,865
FW2203252.UP.FTS.B,
31.37%,
12/08/26
.
3,420
243
FW2203711.UP.FTS.B,
31.37%,
12/08/26
.
8,570
8,493
FW2202425.UP.FTS.B,
31.38%,
12/08/26
.
3,125
3,097
FW2200697.UP.FTS.B,
31.46%,
12/08/26
.
3,135
1,864
FW2201710.UP.FTS.B,
31.5%,
12/08/26
..
4,731
335
FW2199126.UP.FTS.B,
31.54%,
12/08/26
.
5,538
5,488
FW2201498.UP.FTS.B,
31.9%,
12/08/26
..
5,634
5,583
FW2203562.UP.FTS.B,
32.34%,
12/08/26
.
5,372
5,324
FW2411209.UP.FTS.B,
5.24%,
1/11/27
...
16,406
16,305
L2411009.UP.FTS.B,
5.26%,
1/11/27
.....
28,714
28,537
FW2412321.UP.FTS.B,
5.36%,
1/11/27
...
41,040
40,787
L2408655.UP.FTS.B,
5.7%,
1/11/27
......
17,346
17,239
L2409091.UP.FTS.B,
5.78%,
1/11/27
.....
1,846
921
L2402399.UP.FTS.B,
6.09%,
1/11/27
.....
22,317
22,181
FW2408524.UP.FTS.B,
6.18%,
1/11/27
...
8,898
8,843
L2413519.UP.FTS.B,
6.19%,
1/11/27
.....
20,631
20,505
FW2411884.UP.FTS.B,
6.2%,
1/11/27
....
20,598
20,472
L2411685.UP.FTS.B,
7.25%,
1/11/27
.....
12,643
6,445
L2411160.UP.FTS.B,
7.26%,
1/11/27
.....
12,417
12,343
FW2406810.UP.FTS.B,
7.3%,
1/11/27
....
5,237
5,205
L2410292.UP.FTS.B,
7.3%,
1/11/27
......
3,470
3,442
L2411745.UP.FTS.B,
7.47%,
1/11/27
.....
5,911
3,014
L2408660.UP.FTS.B,
7.61%,
1/11/27
.....
5,721
5,674
L2412785.UP.FTS.B,
7.81%,
1/11/27
.....
1,660
1,646
L2412559.UP.FTS.B,
7.83%,
1/11/27
.....
3,954
3,918
L2408557.UP.FTS.B,
7.86%,
1/11/27
.....
4,150
4,116
L2407811.UP.FTS.B,
7.94%,
1/11/27
.....
6,643
6,588
L2412462.UP.FTS.B,
7.99%,
1/11/27
.....
2,907
2,883
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2412874.UP.FTS.B,
8.03%,
1/11/27
.....
$
5,815
$
5,767
L2413039.UP.FTS.B,
8.03%,
1/11/27
.....
12,459
12,358
L2412920.UP.FTS.B,
8.25%,
1/11/27
.....
13,120
1,742
L2410004.UP.FTS.B,
8.45%,
1/11/27
.....
7,989
7,924
L2410102.UP.FTS.B,
8.56%,
1/11/27
.....
3,015
731
L2410384.UP.FTS.B,
8.56%,
1/11/27
.....
18,426
9,409
FW2413850.UP.FTS.B,
8.58%,
1/11/27
...
8,910
8,836
L2413727.UP.FTS.B,
8.61%,
1/11/27
.....
3,581
3,552
L2409419.UP.FTS.B,
8.66%,
1/11/27
.....
8,329
8,261
L2412142.UP.FTS.B,
8.74%,
1/11/27
.....
14,080
13,967
FW2410081.UP.FTS.B,
8.78%,
1/11/27
...
15,000
14,877
L2413256.UP.FTS.B,
8.78%,
1/11/27
.....
15,000
14,879
FW2413835.UP.FTS.B,
8.81%,
1/11/27
...
9,948
725
FW2409381.UP.FTS.B,
8.85%,
1/11/27
...
3,751
3,721
L2407187.UP.FTS.B,
8.85%,
1/11/27
.....
4,161
4,127
L2413316.UP.FTS.B,
8.98%,
1/11/27
.....
10,014
9,931
FW2411415.UP.FTS.B,
9.04%,
1/11/27
...
5,722
5,674
FW2413111.UP.FTS.B,
9.07%,
1/11/27
...
6,653
6,599
FW2411385.UP.FTS.B,
9.23%,
1/11/27
...
7,514
7,454
L2405469.UP.FTS.B,
9.26%,
1/11/27
.....
6,757
3,459
FW2413046.UP.FTS.B,
9.47%,
1/11/27
...
5,976
5,925
L2408994.UP.FTS.B,
9.47%,
1/11/27
.....
6,427
3,283
L2410685.UP.FTS.B,
9.48%,
1/11/27
.....
7,525
7,463
L2408154.UP.FTS.B,
9.67%,
1/11/27
.....
13,365
977
L2412775.UP.FTS.B,
9.82%,
1/11/27
.....
20,551
20,330
FW2406985.UP.FTS.B,
9.83%,
1/11/27
...
2,511
2,491
L2412433.UP.FTS.B,
9.93%,
1/11/27
.....
7,118
7,041
L2404630.UP.FTS.B,
10.03%,
1/11/27
....
41,890
41,548
L2411759.UP.FTS.B,
10.11%,
1/11/27
....
18,370
18,222
L2411458.UP.FTS.B,
10.12%,
1/11/27
....
1,844
1,829
L2411928.UP.FTS.B,
10.18%,
1/11/27
....
4,191
4,148
L2408600.UP.FTS.B,
10.21%,
1/11/27
....
3,594
3,557
L2408318.UP.FTS.B,
10.27%,
1/11/27
....
3,354
3,319
L2413945.UP.FTS.B,
10.53%,
1/11/27
....
18,469
18,276
L2411092.UP.FTS.B,
10.65%,
1/11/27
....
8,144
4,292
L2411539.UP.FTS.B,
10.75%,
1/11/27
....
5,141
2,708
L2411021.UP.FTS.B,
10.83%,
1/11/27
....
6,711
6,657
FW2412113.UP.FTS.B,
10.85%,
1/11/27
..
21,016
20,797
L2411297.UP.FTS.B,
10.9%,
1/11/27
.....
7,483
7,405
L2413322.UP.FTS.B,
10.93%,
1/11/27
....
8,914
8,818
L2409346.UP.FTS.B,
10.95%,
1/11/27
....
13,233
1,798
L2413229.UP.FTS.B,
11.26%,
1/11/27
....
15,124
14,966
L2407799.UP.FTS.B,
11.35%,
1/11/27
....
10,919
795
FW2413104.UP.FTS.B,
11.4%,
1/11/27
...
10,418
2,624
FW2409223.UP.FTS.B,
11.43%,
1/11/27
..
1,939
142
L2411571.UP.FTS.B,
11.47%,
1/11/27
....
6,560
6,490
L2413044.UP.FTS.B,
11.78%,
1/11/27
....
6,751
6,681
L2410361.UP.FTS.B,
11.82%,
1/11/27
....
9,284
9,188
FW2408471.UP.FTS.B,
11.94%,
1/11/27
..
5,075
5,021
L2405206.UP.FTS.B,
12.1%,
1/11/27
.....
20,341
20,124
L2413627.UP.FTS.B,
12.33%,
1/11/27
....
27,497
1,893
L2370107.UP.FTS.B,
12.85%,
1/11/27
....
4,153
4,110
L2412100.UP.FTS.B,
13.07%,
1/11/27
....
5,640
2,975
L2409206.UP.FTS.B,
13.1%,
1/11/27
.....
3,389
3,354
L2411596.UP.FTS.B,
13.42%,
1/11/27
....
4,242
4,198
L2411372.UP.FTS.B,
13.45%,
1/11/27
....
5,121
5,067
FW2412293.UP.FTS.B,
13.57%,
1/11/27
..
4,481
4,434
FW2411936.UP.FTS.B,
13.61%,
1/11/27
..
6,495
6,428
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
161
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2412839.UP.FTS.B,
13.8%,
1/11/27
...
$
9,118
$
9,022
FW2407206.UP.FTS.B,
13.82%,
1/11/27
..
5,105
5,052
FW2410061.UP.FTS.B,
13.89%,
1/11/27
..
17,020
16,845
L2409821.UP.FTS.B,
14.42%,
1/11/27
....
4,605
4,558
L2410324.UP.FTS.B,
14.46%,
1/11/27
....
16,402
16,228
L2405215.UP.FTS.B,
14.48%,
1/11/27
....
24,378
24,110
L2408774.UP.FTS.B,
14.55%,
1/11/27
....
3,413
3,365
FW2412832.UP.FTS.B,
14.73%,
1/11/27
..
5,575
404
L2410681.UP.FTS.B,
14.74%,
1/11/27
....
2,135
2,113
L2408843.UP.FTS.B,
14.84%,
1/11/27
....
2,595
2,566
L2407539.UP.FTS.B,
14.97%,
1/11/27
....
10,808
403
L2412759.UP.FTS.B,
15.38%,
1/11/27
....
5,136
5,064
L2412202.UP.FTS.B,
15.67%,
1/11/27
....
5,168
5,114
FW2409433.UP.FTS.B,
15.77%,
1/11/27
..
21,431
21,213
L2410725.UP.FTS.B,
15.84%,
1/11/27
....
16,887
16,711
L2413295.UP.FTS.B,
15.96%,
1/11/27
....
5,601
5,519
L2408436.UP.FTS.B,
15.99%,
1/11/27
....
34,317
33,836
FW2412862.UP.FTS.B,
16.01%,
1/11/27
..
8,752
8,663
L2379748.UP.FTS.B,
16.06%,
1/11/27
....
3,776
3,723
L2410414.UP.FTS.B,
16.07%,
1/11/27
....
4,453
626
L2413878.UP.FTS.B,
16.28%,
1/11/27
....
9,873
1,340
L2413797.UP.FTS.B,
16.41%,
1/11/27
....
8,556
8,435
L2406986.UP.FTS.B,
16.62%,
1/11/27
....
4,300
4,240
L2412621.UP.FTS.B,
16.62%,
1/11/27
....
3,440
3,392
L2407022.UP.FTS.B,
16.96%,
1/11/27
....
4,305
4,245
L2409264.UP.FTS.B,
16.99%,
1/11/27
....
8,612
8,491
FW2411635.UP.FTS.B,
17.05%,
1/11/27
..
4,393
4,319
FW2412497.UP.FTS.B,
17.05%,
1/11/27
..
8,846
4,915
FW2407072.UP.FTS.B,
17.38%,
1/11/27
..
4,312
4,268
L2411840.UP.FTS.B,
17.48%,
1/11/27
....
24,908
24,652
FW2410259.UP.FTS.B,
17.51%,
1/11/27
..
8,275
8,176
L2406982.UP.FTS.B,
17.53%,
1/11/27
....
7,852
7,720
L2412808.UP.FTS.B,
17.54%,
1/11/27
....
8,629
8,508
L2410494.UP.FTS.B,
17.56%,
1/11/27
....
17,259
17,018
FW2411466.UP.FTS.B,
17.75%,
1/11/27
..
1,727
1,703
L2407285.UP.FTS.B,
17.96%,
1/11/27
....
4,321
4,248
FW2407640.UP.FTS.B,
18.05%,
1/11/27
..
9,509
9,414
FW2407472.UP.FTS.B,
18.08%,
1/11/27
..
22,482
22,256
L2410765.UP.FTS.B,
18.19%,
1/11/27
....
6,443
6,351
L2410306.UP.FTS.B,
18.23%,
1/11/27
....
6,071
6,008
FW2413451.UP.FTS.B,
18.29%,
1/11/27
..
2,163
2,127
L2412214.UP.FTS.B,
18.34%,
1/11/27
....
2,599
2,572
L2407240.UP.FTS.B,
18.45%,
1/11/27
....
9,242
669
L2413233.UP.FTS.B,
18.45%,
1/11/27
....
2,164
2,134
L2412345.UP.FTS.B,
18.51%,
1/11/27
....
2,945
2,894
L2413035.UP.FTS.B,
18.66%,
1/11/27
....
2,510
2,465
FW2406958.UP.FTS.B,
18.83%,
1/11/27
..
2,119
2,088
L2407160.UP.FTS.B,
18.83%,
1/11/27
....
15,171
14,959
FW2406995.UP.FTS.B,
18.92%,
1/11/27
..
10,790
10,630
L2409397.UP.FTS.B,
18.93%,
1/11/27
....
7,195
1,940
L2413429.UP.FTS.B,
19.09%,
1/11/27
....
741
732
L2407535.UP.FTS.B,
19.16%,
1/11/27
....
4,717
4,649
L2412374.UP.FTS.B,
19.25%,
1/11/27
....
10,453
10,346
L2413002.UP.FTS.B,
19.57%,
1/11/27
....
3,824
3,760
L2407259.UP.FTS.B,
19.81%,
1/11/27
....
8,278
596
FW2410395.UP.FTS.B,
20.34%,
1/11/27
..
4,358
4,284
FW2412607.UP.FTS.B,
20.39%,
1/11/27
..
4,067
4,026
FW2410858.UP.FTS.B,
20.48%,
1/11/27
..
1,928
1,901
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2395966.UP.FTS.B,
20.59%,
1/11/27
....
$
14,683
$
4,178
FW2412890.UP.FTS.B,
20.68%,
1/11/27
..
8,725
8,647
FW2410350.UP.FTS.B,
20.75%,
1/11/27
..
8,728
8,649
L2406944.UP.FTS.B,
20.79%,
1/11/27
....
9,347
9,256
FW2411255.UP.FTS.B,
20.89%,
1/11/27
..
4,280
311
L2402977.UP.FTS.B,
20.95%,
1/11/27
....
1,832
270
L2407644.UP.FTS.B,
21.08%,
1/11/27
....
3,495
3,464
FW2409292.UP.FTS.B,
21.09%,
1/11/27
..
23,483
1,698
L2406830.UP.FTS.B,
21.4%,
1/11/27
.....
16,690
1,206
L2410708.UP.FTS.B,
21.43%,
1/11/27
....
2,105
2,073
L2410907.UP.FTS.B,
21.6%,
1/11/27
.....
3,064
3,036
FW2411595.UP.FTS.B,
21.83%,
1/11/27
..
4,545
651
FW2413140.UP.FTS.B,
22.12%,
1/11/27
..
4,384
4,345
L2413585.UP.FTS.B,
22.13%,
1/11/27
....
7,055
6,984
FW2413038.UP.FTS.B,
22.18%,
1/11/27
..
1,754
1,738
L2413170.UP.FTS.B,
22.26%,
1/11/27
....
6,553
6,461
L2413345.UP.FTS.B,
22.45%,
1/11/27
....
5,266
5,219
L2410843.UP.FTS.B,
22.81%,
1/11/27
....
3,955
3,919
FW2412276.UP.FTS.B,
22.84%,
1/11/27
..
3,430
3,397
L2410433.UP.FTS.B,
22.92%,
1/11/27
....
1,758
1,729
FW2409793.UP.FTS.B,
22.96%,
1/11/27
..
9,014
2,585
L2410796.UP.FTS.B,
23%,
1/11/27
......
6,186
6,126
L2410622.UP.FTS.B,
23.11%,
1/11/27
....
4,222
4,185
L2413027.UP.FTS.B,
23.16%,
1/11/27
....
7,038
6,975
L2399356.UP.FTS.B,
23.25%,
1/11/27
....
5,280
5,233
FW2412083.UP.FTS.B,
23.34%,
1/11/27
..
4,049
4,013
FW2411494.UP.FTS.B,
23.55%,
1/11/27
..
3,341
498
L2411082.UP.FTS.B,
23.57%,
1/11/27
....
10,228
10,129
L2408703.UP.FTS.B,
23.63%,
1/11/27
....
5,194
5,143
L2411227.UP.FTS.B,
23.8%,
1/11/27
.....
3,821
276
FW2413529.UP.FTS.B,
23.86%,
1/11/27
..
1,764
1,748
L2411288.UP.FTS.B,
23.94%,
1/11/27
....
10,807
780
L2409471.UP.FTS.B,
23.96%,
1/11/27
....
5,292
5,245
L2412292.UP.FTS.B,
24.03%,
1/11/27
....
16,473
16,313
L2413379.UP.FTS.B,
24.03%,
1/11/27
....
17,646
17,488
L2413360.UP.FTS.B,
24.07%,
1/11/27
....
1,765
1,749
FW2412786.UP.FTS.B,
24.26%,
1/11/27
..
7,505
7,438
L2412474.UP.FTS.B,
24.3%,
1/11/27
.....
6,185
6,077
L2406745.UP.FTS.B,
24.41%,
1/11/27
....
1,994
96
FW2409686.UP.FTS.B,
24.48%,
1/11/27
..
6,188
6,124
FW2412331.UP.FTS.B,
24.55%,
1/11/27
..
18,701
1,334
FW2411158.UP.FTS.B,
24.56%,
1/11/27
..
2,856
206
L2411714.UP.FTS.B,
24.56%,
1/11/27
....
2,379
2,357
L2407599.UP.FTS.B,
24.69%,
1/11/27
....
10,422
10,323
L2402374.UP.FTS.B,
24.82%,
1/11/27
....
866
61
L2412557.UP.FTS.B,
24.83%,
1/11/27
....
6,614
476
L2407837.UP.FTS.B,
24.89%,
1/11/27
....
2,693
392
FW2411057.UP.FTS.B,
24.91%,
1/11/27
..
3,136
3,102
FW2407461.UP.FTS.B,
25.01%,
1/11/27
..
4,425
4,386
L2410747.UP.FTS.B,
25.02%,
1/11/27
....
1,328
1,316
L2413166.UP.FTS.B,
25.02%,
1/11/27
....
2,620
757
L2413478.UP.FTS.B,
25.02%,
1/11/27
....
3,174
226
L2407824.UP.FTS.B,
25.08%,
1/11/27
....
3,629
3,597
L2389901.UP.FTS.B,
25.09%,
1/11/27
....
908
891
L2412701.UP.FTS.B,
25.09%,
1/11/27
....
1,116
1,101
L2412420.UP.FTS.B,
25.12%,
1/11/27
....
1,344
796
L2402682.UP.FTS.B,
25.13%,
1/11/27
....
974
965
L2410276.UP.FTS.B,
25.16%,
1/11/27
....
840
830
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
162
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2412631.UP.FTS.B,
25.16%,
1/11/27
....
$
1,151
$
1,141
FW2412505.UP.FTS.B,
25.22%,
1/11/27
..
4,162
4,125
L2406959.UP.FTS.B,
25.22%,
1/11/27
....
9,987
9,870
L2413584.UP.FTS.B,
25.24%,
1/11/27
....
1,063
1,045
L2413218.UP.FTS.B,
25.25%,
1/11/27
....
1,124
79
L2406872.UP.FTS.B,
25.29%,
1/11/27
....
4,697
4,649
L2413560.UP.FTS.B,
25.29%,
1/11/27
....
3,113
3,081
L2410164.UP.FTS.B,
25.3%,
1/11/27
.....
1,073
1,063
L2412052.UP.FTS.B,
25.3%,
1/11/27
.....
11,606
11,445
L2406611.UP.FTS.B,
25.32%,
1/11/27
....
20,952
12,402
FW2411982.UP.FTS.B,
25.34%,
1/11/27
..
4,434
4,389
L2409213.UP.FTS.B,
25.34%,
1/11/27
....
4,908
46
L2411780.UP.FTS.B,
25.37%,
1/11/27
....
3,167
3,121
L2413809.UP.FTS.B,
25.37%,
1/11/27
....
7,001
6,929
L2393106.UP.FTS.B,
25.38%,
1/11/27
....
8,809
288
L2409900.UP.FTS.B,
25.4%,
1/11/27
.....
887
878
L2411491.UP.FTS.B,
25.4%,
1/11/27
.....
2,168
2,131
L2407550.UP.FTS.B,
25.46%,
1/11/27
....
1,040
75
L2412889.UP.FTS.B,
25.46%,
1/11/27
....
1,688
1,671
L2406911.UP.FTS.B,
25.47%,
1/11/27
....
1,865
1,837
L2411973.UP.FTS.B,
25.47%,
1/11/27
....
1,152
1,142
L2411979.UP.FTS.B,
25.48%,
1/11/27
....
974
965
L2412081.UP.FTS.B,
25.48%,
1/11/27
....
5,584
5,534
L2411173.UP.FTS.B,
25.49%,
1/11/27
....
1,242
1,229
L2413595.UP.FTS.B,
25.51%,
1/11/27
....
2,925
2,899
L2412805.UP.FTS.B,
25.53%,
1/11/27
....
6,145
897
FW2412928.UP.FTS.B,
25.61%,
1/11/27
..
1,774
1,758
FW2407809.UP.FTS.B,
25.64%,
1/11/27
..
10,643
10,522
L2410766.UP.FTS.B,
25.7%,
1/11/27
.....
6,241
74
FW2410664.UP.FTS.B,
25.72%,
1/11/27
..
1,855
40
L2406866.UP.FTS.B,
25.98%,
1/11/27
....
1,557
1,542
L2413661.UP.FTS.B,
25.98%,
1/11/27
....
2,324
2,301
L2408715.UP.FTS.B,
26.2%,
1/11/27
.....
12,625
12,507
L2412410.UP.FTS.B,
26.21%,
1/11/27
....
6,702
6,636
FW2412377.UP.FTS.B,
26.3%,
1/11/27
...
5,529
5,474
FW2411046.UP.FTS.B,
26.47%,
1/11/27
..
7,939
7,865
L2409231.UP.FTS.B,
26.66%,
1/11/27
....
4,290
4,245
L2410155.UP.FTS.B,
26.8%,
1/11/27
.....
7,119
7,056
FW2410552.UP.FTS.B,
27%,
1/11/27
....
1,326
1,303
FW2410687.UP.FTS.B,
27.05%,
1/11/27
..
13,358
13,239
FW2408955.UP.FTS.B,
27.26%,
1/11/27
..
2,231
2,209
FW2407003.UP.FTS.B,
27.4%,
1/11/27
...
6,316
452
FW2413526.UP.FTS.B,
27.48%,
1/11/27
..
8,930
8,839
FW2410353.UP.FTS.B,
27.55%,
1/11/27
..
8,062
7,982
FW2410176.UP.FTS.B,
27.65%,
1/11/27
..
5,509
1,589
FW2412354.UP.FTS.B,
27.69%,
1/11/27
..
893
884
FW2412160.UP.FTS.B,
27.76%,
1/11/27
..
3,570
3,538
FW2406988.UP.FTS.B,
27.86%,
1/11/27
..
4,464
4,424
FW2408818.UP.FTS.B,
27.86%,
1/11/27
..
9,961
9,841
FW2410159.UP.FTS.B,
27.94%,
1/11/27
..
3,977
3,939
FW2413704.UP.FTS.B,
28.34%,
1/11/27
..
21,810
552
FW2406115.UP.FTS.B,
28.41%,
1/11/27
..
4,918
4,874
FW2410714.UP.FTS.B,
28.59%,
1/11/27
..
1,119
(4)
FW2405234.UP.FTS.B,
28.71%,
1/11/27
..
1,044
1,033
FW2413762.UP.FTS.B,
28.85%,
1/11/27
..
3,598
3,563
FW2410593.UP.FTS.B,
28.88%,
1/11/27
..
8,136
8,059
FW2412229.UP.FTS.B,
28.91%,
1/11/27
..
3,848
(67)
FW2411293.UP.FTS.B,
29.42%,
1/11/27
..
1,435
1,422
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2407567.UP.FTS.B,
29.43%,
1/11/27
..
$
3,588
$
3,556
FW2412515.UP.FTS.B,
29.43%,
1/11/27
..
1,869
19
FW2407055.UP.FTS.B,
29.46%,
1/11/27
..
4,306
4,259
FW2408568.UP.FTS.B,
29.5%,
1/11/27
...
4,036
4,000
FW2403902.UP.FTS.B,
29.51%,
1/11/27
..
1,985
1,180
FW2410442.UP.FTS.B,
29.53%,
1/11/27
..
1,736
1,718
FW2407473.UP.FTS.B,
30.14%,
1/11/27
..
2,833
2,787
FW2412942.UP.FTS.B,
30.18%,
1/11/27
..
3,415
3,385
FW2400724.UP.FTS.B,
30.27%,
1/11/27
..
6,704
66
FW2413192.UP.FTS.B,
30.3%,
1/11/27
...
5,755
5,704
FW2413390.UP.FTS.B,
30.33%,
1/11/27
..
3,927
3,890
FW2407748.UP.FTS.B,
30.43%,
1/11/27
..
2,159
2,140
FW2395496.UP.FTS.B,
30.49%,
1/11/27
..
5,122
5,072
FW2413147.UP.FTS.B,
30.55%,
1/11/27
..
3,652
3,618
FW2390839.UP.FTS.B,
30.58%,
1/11/27
..
486
478
FW2410881.UP.FTS.B,
30.59%,
1/11/27
..
918
(6)
FW2413484.UP.FTS.B,
30.59%,
1/11/27
..
936
(10)
FW2413018.UP.FTS.B,
30.69%,
1/11/27
..
951
933
FW2408341.UP.FTS.B,
30.72%,
1/11/27
..
780
767
FW2413509.UP.FTS.B,
30.72%,
1/11/27
..
1,118
1,106
FW2410308.UP.FTS.B,
30.74%,
1/11/27
..
1,008
292
FW2412502.UP.FTS.B,
30.76%,
1/11/27
..
13,502
13,382
FW2410401.UP.FTS.B,
30.79%,
1/11/27
..
1,183
1,172
FW2408824.UP.FTS.B,
30.81%,
1/11/27
..
1,530
1,517
FW2411299.UP.FTS.B,
30.92%,
1/11/27
..
1,534
1,519
FW2392367.UP.FTS.B,
30.94%,
1/11/27
..
2,086
2,066
FW2411172.UP.FTS.B,
30.96%,
1/11/27
..
5,224
5,178
FW2413017.UP.FTS.B,
30.97%,
1/11/27
..
2,343
340
FW2411010.UP.FTS.B,
31.02%,
1/11/27
..
4,055
4,019
FW2409966.UP.FTS.B,
31.03%,
1/11/27
..
2,973
2,946
FW2412503.UP.FTS.B,
31.04%,
1/11/27
..
1,720
253
FW2407947.UP.FTS.B,
31.05%,
1/11/27
..
3,243
3,214
FW2412394.UP.FTS.B,
31.05%,
1/11/27
..
1,931
559
FW2411701.UP.FTS.B,
31.06%,
1/11/27
..
2,038
2,012
FW2411738.UP.FTS.B,
31.08%,
1/11/27
..
1,622
1,607
FW2412486.UP.FTS.B,
31.11%,
1/11/27
..
4,311
(54)
FW2413942.UP.FTS.B,
31.15%,
1/11/27
..
1,081
1,072
FW2409027.UP.FTS.B,
31.16%,
1/11/27
..
1,442
1,429
FW2407226.UP.FTS.B,
31.18%,
1/11/27
..
2,979
2,949
FW2410271.UP.FTS.B,
31.19%,
1/11/27
..
1,723
1,707
FW2412133.UP.FTS.B,
31.2%,
1/11/27
...
1,168
336
FW2413443.UP.FTS.B,
31.32%,
1/11/27
..
4,034
(54)
FW2409156.UP.FTS.B,
31.35%,
1/11/27
..
3,801
265
FW2410499.UP.FTS.B,
31.67%,
1/11/27
..
1,545
1,520
FW2410407.UP.FTS.B,
31.96%,
1/11/27
..
2,892
201
FW2411062.UP.FTS.B,
32.46%,
1/11/27
..
6,330
6,274
FW2413772.UP.FTS.B,
32.47%,
1/11/27
..
1,545
1,517
FW2412816.UP.FTS.B,
33.43%,
1/11/27
..
1,486
103
FW2410751.UP.FTS.B,
34.47%,
1/11/27
..
4,455
4,415
L2419418.UP.FTS.B,
5.42%,
1/12/27
....
14,079
13,994
L2415328.UP.FTS.B,
5.83%,
1/12/27
....
40,038
39,803
L2418737.UP.FTS.B,
5.93%,
1/12/27
....
3,292
3,273
L2414458.UP.FTS.B,
5.96%,
1/12/27
....
24,690
24,550
L2393298.UP.FTS.B,
5.98%,
1/12/27
....
932
925
L2414801.UP.FTS.B,
6.11%,
1/12/27
.....
9,057
9,006
L2419934.UP.FTS.B,
6.15%,
1/12/27
....
8,538
2,025
L2418198.UP.FTS.B,
6.19%,
1/12/27
....
14,609
1,073
L2419361.UP.FTS.B,
6.41%,
1/12/27
....
1,237
1,230
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
163
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2402757.UP.FTS.B,
6.51%,
1/12/27
....
$
5,775
$
5,743
L2416784.UP.FTS.B,
6.53%,
1/12/27
....
1,650
1,641
L2418799.UP.FTS.B,
6.56%,
1/12/27
....
9,917
9,862
L2417049.UP.FTS.B,
6.6%,
1/12/27
.....
4,749
4,717
FW2414856.UP.FTS.B,
6.64%,
1/12/27
...
826
821
L2415375.UP.FTS.B,
6.85%,
1/12/27
....
4,958
4,930
L2416695.UP.FTS.B,
6.86%,
1/12/27
....
3,719
3,698
L2414595.UP.FTS.B,
7.05%,
1/12/27
....
6,203
6,154
L2419333.UP.FTS.B,
7.27%,
1/12/27
....
11,570
11,481
FW2415988.UP.FTS.B,
7.29%,
1/12/27
...
16,559
16,432
L2417990.UP.FTS.B,
7.34%,
1/12/27
....
41,405
41,089
L2419307.UP.FTS.B,
7.34%,
1/12/27
....
33,704
33,520
L2417199.UP.FTS.B,
7.43%,
1/12/27
....
37,606
37,315
FW2415894.UP.FTS.B,
7.44%,
1/12/27
...
12,439
12,371
FW2419541.UP.FTS.B,
7.5%,
1/12/27
....
12,430
12,336
L2414153.UP.FTS.B,
7.51%,
1/12/27
....
2,072
2,060
L2419299.UP.FTS.B,
7.55%,
1/12/27
....
9,924
9,848
L2417691.UP.FTS.B,
7.69%,
1/12/27
....
18,853
18,750
L2414031.UP.FTS.B,
7.78%,
1/12/27
....
13,275
13,175
L2417969.UP.FTS.B,
8.13%,
1/12/27
....
6,149
6,103
FW2416734.UP.FTS.B,
8.22%,
1/12/27
...
3,946
3,915
L2416137.UP.FTS.B,
8.26%,
1/12/27
....
8,647
8,582
L2417948.UP.FTS.B,
8.36%,
1/12/27
....
916
909
FW2415662.UP.FTS.B,
8.6%,
1/12/27
....
5,829
5,785
L2418166.UP.FTS.B,
8.62%,
1/12/27
....
4,172
4,141
L2414318.UP.FTS.B,
8.81%,
1/12/27
....
14,151
7,239
FW2416458.UP.FTS.B,
9.06%,
1/12/27
...
2,671
2,651
FW2419066.UP.FTS.B,
9.06%,
1/12/27
...
1,562
1,549
L2414012.UP.FTS.B,
9.06%,
1/12/27
....
8,343
8,299
L2416545.UP.FTS.B,
9.07%,
1/12/27
....
12,080
11,986
L2418009.UP.FTS.B,
9.08%,
1/12/27
....
10,013
9,939
L2414474.UP.FTS.B,
9.1%,
1/12/27
.....
5,123
2,617
L2414926.UP.FTS.B,
9.43%,
1/12/27
....
25,993
25,799
L2413887.UP.FTS.B,
9.49%,
1/12/27
....
5,004
4,955
FW2419389.UP.FTS.B,
9.58%,
1/12/27
...
1,827
1,811
L2418929.UP.FTS.B,
9.6%,
1/12/27
.....
12,595
12,502
FW2415990.UP.FTS.B,
9.9%,
1/12/27
....
25,128
24,874
L2414275.UP.FTS.B,
9.91%,
1/12/27
....
33,493
33,249
L2417012.UP.FTS.B,
10.17%,
1/12/27
....
1,677
1,664
L2415942.UP.FTS.B,
10.21%,
1/12/27
....
12,576
12,485
FW2417548.UP.FTS.B,
10.24%,
1/12/27
..
12,578
12,486
FW2418007.UP.FTS.B,
10.28%,
1/12/27
..
2,132
1,123
FW2418613.UP.FTS.B,
10.3%,
1/12/27
...
3,321
3,297
FW2417403.UP.FTS.B,
10.31%,
1/12/27
..
5,873
5,814
L2417034.UP.FTS.B,
10.34%,
1/12/27
....
22,402
22,237
L2415901.UP.FTS.B,
10.41%,
1/12/27
....
13,426
13,291
L2414981.UP.FTS.B,
10.47%,
1/12/27
....
10,660
10,557
L2417379.UP.FTS.B,
10.69%,
1/12/27
....
1,510
414
L2414718.UP.FTS.B,
10.85%,
1/12/27
....
3,363
3,330
L2418788.UP.FTS.B,
10.88%,
1/12/27
....
6,034
5,958
L2414601.UP.FTS.B,
11.39%,
1/12/27
....
3,370
3,338
L2416866.UP.FTS.B,
11.39%,
1/12/27
....
2,769
2,743
FW2415761.UP.FTS.B,
11.51%,
1/12/27
..
4,216
4,174
FW2419104.UP.FTS.B,
11.58%,
1/12/27
..
6,745
6,681
L2415315.UP.FTS.B,
11.71%,
1/12/27
....
12,611
12,491
L2414779.UP.FTS.B,
11.77%,
1/12/27
....
3,375
3,343
L2414313.UP.FTS.B,
12.04%,
1/12/27
....
8,448
8,368
L2419136.UP.FTS.B,
12.23%,
1/12/27
....
6,289
459
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2415035.UP.FTS.B,
12.36%,
1/12/27
....
$
10,204
$
10,106
L2415490.UP.FTS.B,
12.71%,
1/12/27
....
13,677
7,223
L2418046.UP.FTS.B,
12.84%,
1/12/27
....
3,390
3,358
L2419353.UP.FTS.B,
12.95%,
1/12/27
....
27,641
27,382
L2416405.UP.FTS.B,
13.12%,
1/12/27
....
574
567
L2418973.UP.FTS.B,
13.17%,
1/12/27
....
17,821
17,655
L2419419.UP.FTS.B,
13.25%,
1/12/27
....
5,942
5,887
L2419424.UP.FTS.B,
13.54%,
1/12/27
....
7,970
7,866
L2414757.UP.FTS.B,
13.72%,
1/12/27
....
9,314
9,223
L2419716.UP.FTS.B,
13.82%,
1/12/27
....
8,083
8,005
L2418679.UP.FTS.B,
13.97%,
1/12/27
....
9,165
9,068
FW2417958.UP.FTS.B,
14.2%,
1/12/27
...
7,720
1,966
L2414553.UP.FTS.B,
14.38%,
1/12/27
....
17,413
17,252
L2416143.UP.FTS.B,
14.39%,
1/12/27
....
1,705
1,690
L2417256.UP.FTS.B,
14.46%,
1/12/27
....
27,131
26,872
L2418826.UP.FTS.B,
14.49%,
1/12/27
....
5,139
5,079
L2416103.UP.FTS.B,
14.61%,
1/12/27
....
8,534
8,456
L2419563.UP.FTS.B,
14.64%,
1/12/27
....
25,544
25,309
L2419336.UP.FTS.B,
14.72%,
1/12/27
....
18,784
18,612
L2420324.UP.FTS.B,
14.82%,
1/12/27
....
6,387
879
FW2417528.UP.FTS.B,
14.86%,
1/12/27
..
4,400
1,125
L2407266.UP.FTS.B,
14.91%,
1/12/27
....
30,991
7,902
L2419366.UP.FTS.B,
14.95%,
1/12/27
....
5,576
404
FW2414824.UP.FTS.B,
15.13%,
1/12/27
..
29,954
29,672
L2418818.UP.FTS.B,
15.34%,
1/12/27
....
5,954
5,899
FW2420218.UP.FTS.B,
15.49%,
1/12/27
..
5,106
5,058
L2418960.UP.FTS.B,
15.54%,
1/12/27
....
17,129
16,910
FW2417751.UP.FTS.B,
15.65%,
1/12/27
..
3,427
3,396
L2416354.UP.FTS.B,
15.71%,
1/12/27
....
4,302
4,262
L2417088.UP.FTS.B,
15.78%,
1/12/27
....
6,514
6,430
FW2418121.UP.FTS.B,
15.9%,
1/12/27
...
34,345
33,884
L2414253.UP.FTS.B,
16.15%,
1/12/27
....
6,868
6,776
L2416434.UP.FTS.B,
16.25%,
1/12/27
....
9,258
9,140
L2414062.UP.FTS.B,
16.39%,
1/12/27
....
4,554
4,496
L2414473.UP.FTS.B,
16.4%,
1/12/27
....
859
848
L2415142.UP.FTS.B,
16.59%,
1/12/27
....
1,904
1,869
L2420474.UP.FTS.B,
16.75%,
1/12/27
....
12,905
12,790
L2420206.UP.FTS.B,
16.98%,
1/12/27
....
9,472
9,352
L2416327.UP.FTS.B,
17.17%,
1/12/27
....
21,542
21,352
L2417581.UP.FTS.B,
17.27%,
1/12/27
....
3,793
3,745
L2415513.UP.FTS.B,
17.29%,
1/12/27
....
3,351
3,296
FW2414008.UP.FTS.B,
17.55%,
1/12/27
..
2,779
2,754
FW2394068.UP.FTS.B,
18.18%,
1/12/27
..
6,919
6,813
L2416524.UP.FTS.B,
18.36%,
1/12/27
....
4,322
4,284
L2415786.UP.FTS.B,
18.43%,
1/12/27
....
3,722
3,665
L2415190.UP.FTS.B,
18.58%,
1/12/27
....
4,331
4,264
L2415554.UP.FTS.B,
19.01%,
1/12/27
....
499
490
FW2420321.UP.FTS.B,
19.58%,
1/12/27
..
2,061
149
L2415184.UP.FTS.B,
19.76%,
1/12/27
....
13,047
12,885
FW2415024.UP.FTS.B,
19.94%,
1/12/27
..
7,572
7,517
L2414022.UP.FTS.B,
20.3%,
1/12/27
....
35,157
34,871
FW2414368.UP.FTS.B,
20.45%,
1/12/27
..
2,210
2,192
L2418100.UP.FTS.B,
20.74%,
1/12/27
....
15,797
15,558
L2416916.UP.FTS.B,
21.22%,
1/12/27
....
4,373
4,336
L2416598.UP.FTS.B,
21.42%,
1/12/27
....
6,512
6,464
L2404728.UP.FTS.B,
21.56%,
1/12/27
....
1,313
1,302
L2414877.UP.FTS.B,
21.7%,
1/12/27
....
4,840
4,800
L2414359.UP.FTS.B,
21.93%,
1/12/27
....
1,599
116
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
164
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2389418.UP.FTS.B,
22.12%,
1/12/27
....
$
5,435
$
5,396
L2415810.UP.FTS.B,
22.13%,
1/12/27
....
4,419
4,384
L2415799.UP.FTS.B,
22.22%,
1/12/27
....
4,303
4,268
FW2408502.UP.FTS.B,
22.28%,
1/12/27
..
5,621
5,574
L2418697.UP.FTS.B,
22.86%,
1/12/27
....
3,955
3,896
L2416737.UP.FTS.B,
23.4%,
1/12/27
....
2,377
2,360
FW2416362.UP.FTS.B,
23.42%,
1/12/27
..
4,404
4,373
L2409743.UP.FTS.B,
23.49%,
1/12/27
....
9,679
5,152
L2418647.UP.FTS.B,
23.67%,
1/12/27
....
10,218
738
FW2418430.UP.FTS.B,
23.78%,
1/12/27
..
2,155
2,119
FW2414282.UP.FTS.B,
23.79%,
1/12/27
..
1,763
1,751
FW2415097.UP.FTS.B,
23.87%,
1/12/27
..
2,451
2,426
L2410860.UP.FTS.B,
23.88%,
1/12/27
....
5,669
3,350
L2415306.UP.FTS.B,
24.21%,
1/12/27
....
9,534
9,467
L2414849.UP.FTS.B,
24.57%,
1/12/27
....
3,028
1,795
L2417607.UP.FTS.B,
24.68%,
1/12/27
....
5,261
5,205
FW2415034.UP.FTS.B,
24.95%,
1/12/27
..
4,816
4,780
L2416370.UP.FTS.B,
25.03%,
1/12/27
....
13,897
149
L2415025.UP.FTS.B,
25.05%,
1/12/27
....
3,206
228
L2416425.UP.FTS.B,
25.07%,
1/12/27
....
1,086
1,068
L2415797.UP.FTS.B,
25.15%,
1/12/27
....
1,668
17
FW2415852.UP.FTS.B,
25.19%,
1/12/27
..
8,344
2,423
L2415512.UP.FTS.B,
25.19%,
1/12/27
....
3,659
3,589
L2420285.UP.FTS.B,
25.25%,
1/12/27
....
2,059
2,027
L2418700.UP.FTS.B,
25.3%,
1/12/27
....
1,875
1,860
FW2414825.UP.FTS.B,
25.31%,
1/12/27
..
4,429
4,399
L2414994.UP.FTS.B,
25.32%,
1/12/27
....
2,629
2,609
L2411740.UP.FTS.B,
25.36%,
1/12/27
....
1,418
1,408
L2419040.UP.FTS.B,
25.37%,
1/12/27
....
1,153
1,139
FW2416291.UP.FTS.B,
25.38%,
1/12/27
..
12,874
1,876
L2418717.UP.FTS.B,
25.38%,
1/12/27
....
3,013
2,989
FW2414842.UP.FTS.B,
25.41%,
1/12/27
..
886
879
L2414777.UP.FTS.B,
25.43%,
1/12/27
....
1,231
1,222
L2416664.UP.FTS.B,
25.43%,
1/12/27
....
1,330
1,309
L2417967.UP.FTS.B,
25.45%,
1/12/27
....
5,318
5,281
L2417114.UP.FTS.B,
25.49%,
1/12/27
....
1,684
1,672
L2418684.UP.FTS.B,
25.49%,
1/12/27
....
2,403
2,384
FW2419476.UP.FTS.B,
25.59%,
1/12/27
..
3,225
229
FW2415078.UP.FTS.B,
25.67%,
1/12/27
..
3,520
3,495
FW2418617.UP.FTS.B,
25.69%,
1/12/27
..
11,400
11,313
L2418539.UP.FTS.B,
25.72%,
1/12/27
....
4,724
339
FW2416204.UP.FTS.B,
25.74%,
1/12/27
..
10,984
3,170
FW2418174.UP.FTS.B,
25.89%,
1/12/27
..
8,821
8,757
L2413654.UP.FTS.B,
25.91%,
1/12/27
....
4,970
4,897
L2414249.UP.FTS.B,
26.35%,
1/12/27
....
3,555
3,531
FW2414970.UP.FTS.B,
26.42%,
1/12/27
..
8,898
8,826
FW2419574.UP.FTS.B,
26.43%,
1/12/27
..
17,137
17,007
FW2415609.UP.FTS.B,
26.58%,
1/12/27
..
1,690
1,678
FW2415999.UP.FTS.B,
26.93%,
1/12/27
..
8,191
8,135
L2414422.UP.FTS.B,
27.95%,
1/12/27
....
2,590
2,572
FW2416040.UP.FTS.B,
27.97%,
1/12/27
..
6,818
1,984
FW2411493.UP.FTS.B,
28.18%,
1/12/27
..
12,821
12,709
FW2418131.UP.FTS.B,
28.24%,
1/12/27
..
13,550
13,453
FW2417708.UP.FTS.B,
28.27%,
1/12/27
..
8,938
8,879
FW2414646.UP.FTS.B,
28.47%,
1/12/27
..
506
497
FW2418727.UP.FTS.B,
28.6%,
1/12/27
...
5,699
406
FW2415920.UP.FTS.B,
28.81%,
1/12/27
..
10,882
10,793
FW2418008.UP.FTS.B,
28.88%,
1/12/27
..
1,522
1,512
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2417123.UP.FTS.B,
29.19%,
1/12/27
..
$
15,192
$
(156)
FW2415652.UP.FTS.B,
29.37%,
1/12/27
..
12,553
12,470
FW2419252.UP.FTS.B,
29.51%,
1/12/27
..
2,220
324
FW2416858.UP.FTS.B,
29.58%,
1/12/27
..
4,934
1,447
FW2418306.UP.FTS.B,
29.61%,
1/12/27
..
6,281
6,240
FW2416828.UP.FTS.B,
29.67%,
1/12/27
..
232
228
FW2412114.UP.FTS.B,
30.39%,
1/12/27
..
4,236
2,534
FW2415348.UP.FTS.B,
30.45%,
1/12/27
..
19,019
18,872
FW2419466.UP.FTS.B,
30.59%,
1/12/27
..
4,859
4,827
FW2414026.UP.FTS.B,
30.61%,
1/12/27
..
1,001
993
FW2415122.UP.FTS.B,
30.76%,
1/12/27
..
2,071
2,057
FW2417562.UP.FTS.B,
30.84%,
1/12/27
..
900
895
FW2418392.UP.FTS.B,
30.87%,
1/12/27
..
1,964
1,950
FW2418950.UP.FTS.B,
30.94%,
1/12/27
..
1,882
1,858
FW2413630.UP.FTS.B,
30.97%,
1/12/27
..
1,281
1,271
FW2416140.UP.FTS.B,
30.99%,
1/12/27
..
1,982
1,969
FW2415090.UP.FTS.B,
31%,
1/12/27
....
17,630
2,569
FW2417415.UP.FTS.B,
31.03%,
1/12/27
..
1,622
1,611
FW2415567.UP.FTS.B,
31.06%,
1/12/27
..
1,239
88
FW2420487.UP.FTS.B,
31.06%,
1/12/27
..
1,685
1,669
FW2415692.UP.FTS.B,
31.1%,
1/12/27
...
7,742
7,680
FW2415518.UP.FTS.B,
31.11%,
1/12/27
..
5,316
5,282
FW2417950.UP.FTS.B,
31.11%,
1/12/27
..
865
858
FW2414984.UP.FTS.B,
31.12%,
1/12/27
..
3,425
3,399
FW2418991.UP.FTS.B,
31.12%,
1/12/27
..
4,532
4,499
FW2415964.UP.FTS.B,
31.16%,
1/12/27
..
1,157
1,148
FW2417489.UP.FTS.B,
31.18%,
1/12/27
..
1,406
208
FW2416377.UP.FTS.B,
31.22%,
1/12/27
..
4,416
4,388
FW2402573.UP.FTS.B,
32.37%,
1/12/27
..
10,567
10,492
FW2416032.UP.FTS.B,
32.75%,
1/12/27
..
18,017
17,881
FW2414360.UP.FTS.B,
33.08%,
1/12/27
..
2,083
2,070
FW2419527.UP.FTS.B,
33.12%,
1/12/27
..
1,232
1,223
FW2414624.UP.FTS.B,
33.41%,
1/12/27
..
2,590
2,571
L1710099.UP.FTS.B,
16.39%,
2/14/27
....
11,332
11,207
FW1709115.UP.FTS.B,
20.14%,
2/14/27
..
4,292
4,222
FW1711645.UP.FTS.B,
20.26%,
2/14/27
..
23,822
23,465
L1711058.UP.FTS.B,
22.48%,
2/14/27
....
7,696
4,553
FW1710506.UP.FTS.B,
24.97%,
2/14/27
..
5,109
1,465
L1709217.UP.FTS.B,
25.78%,
2/14/27
....
22,199
13,193
L1710004.UP.FTS.B,
26.05%,
2/14/27
....
9,183
9,060
FW1711816.UP.FTS.B,
27.5%,
2/14/27
...
1,357
1,347
FW1712574.UP.FTS.B,
28.34%,
2/14/27
..
4,561
4,516
FW1712038.UP.FTS.B,
31.06%,
2/14/27
..
2,986
211
FW1710082.UP.FTS.B,
31.29%,
2/14/27
..
938
135
FW1687516.UP.FTS.B,
31.34%,
2/14/27
..
26,772
26,515
FW1711329.UP.FTS.B,
32.12%,
2/14/27
..
3,326
231
FW1709995.UP.FTS.B,
32.33%,
2/14/27
..
13,146
12,983
L2632551.UP.FTS.B,
5.37%,
2/15/27
....
10,032
9,975
L2632779.UP.FTS.B,
5.63%,
2/15/27
....
5,858
5,825
L2633842.UP.FTS.B,
6.31%,
2/15/27
....
7,394
7,337
L2633588.UP.FTS.B,
6.56%,
2/15/27
....
27,724
27,567
L2631314.UP.FTS.B,
6.7%,
2/15/27
.....
17,653
17,553
L2633374.UP.FTS.B,
7.21%,
2/15/27
....
16,004
15,914
L2633603.UP.FTS.B,
8.38%,
2/15/27
....
14,720
13,827
FW2631935.UP.FTS.B,
8.55%,
2/15/27
...
32,338
30,373
L2630774.UP.FTS.B,
8.69%,
2/15/27
....
3,389
3,371
L2635638.UP.FTS.B,
9.41%,
2/15/27
....
7,977
7,911
L2631278.UP.FTS.B,
9.42%,
2/15/27
....
4,249
4,216
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
165
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2633029.UP.FTS.B,
9.57%,
2/15/27
...
$
1,275
$
1,266
FW2636440.UP.FTS.B,
9.62%,
2/15/27
...
5,743
1,402
FW2633295.UP.FTS.B,
9.71%,
2/15/27
...
15,738
15,618
FW2635362.UP.FTS.B,
9.75%,
2/15/27
...
10,210
10,132
L2633022.UP.FTS.B,
9.86%,
2/15/27
....
12,755
12,658
FW2635247.UP.FTS.B,
10.37%,
2/15/27
..
7,305
7,232
L2632143.UP.FTS.B,
10.83%,
2/15/27
....
5,026
4,983
FW2637614.UP.FTS.B,
11.51%,
2/15/27
..
11,387
11,272
L2589493.UP.FTS.B,
11.56%,
2/15/27
....
13,711
13,575
L2637309.UP.FTS.B,
11.72%,
2/15/27
....
42,860
42,436
L2632232.UP.FTS.B,
11.83%,
2/15/27
....
7,796
7,708
L2633836.UP.FTS.B,
12%,
2/15/27
......
9,110
9,018
FW2636201.UP.FTS.B,
12.12%,
2/15/27
..
6,009
5,950
L2630147.UP.FTS.B,
12.15%,
2/15/27
....
34,342
34,003
L2635861.UP.FTS.B,
12.41%,
2/15/27
....
7,304
7,232
L2636245.UP.FTS.B,
12.68%,
2/15/27
....
34,408
34,069
L2628202.UP.FTS.B,
13.1%,
2/15/27
....
5,563
5,507
L2637042.UP.FTS.B,
13.14%,
2/15/27
....
6,894
6,826
L2631332.UP.FTS.B,
13.22%,
2/15/27
....
4,310
4,267
FW2633237.UP.FTS.B,
13.24%,
2/15/27
..
3,448
3,414
L2631964.UP.FTS.B,
14%,
2/15/27
......
6,492
6,426
L2632724.UP.FTS.B,
14.48%,
2/15/27
....
4,589
4,545
FW2634262.UP.FTS.B,
14.51%,
2/15/27
..
13,854
13,718
FW2635512.UP.FTS.B,
14.58%,
2/15/27
..
15,598
15,441
L2637603.UP.FTS.B,
14.83%,
2/15/27
....
5,522
5,467
FW2631558.UP.FTS.B,
15.18%,
2/15/27
..
13,018
12,891
L2635221.UP.FTS.B,
15.45%,
2/15/27
....
6,429
6,366
FW2633986.UP.FTS.B,
15.46%,
2/15/27
..
21,911
20,583
FW2631951.UP.FTS.B,
15.91%,
2/15/27
..
7,600
7,495
FW2634727.UP.FTS.B,
16.18%,
2/15/27
..
5,748
5,671
L2635424.UP.FTS.B,
16.37%,
2/15/27
....
34,859
34,393
FW2633906.UP.FTS.B,
16.65%,
2/15/27
..
2,076
151
L2610013.UP.FTS.B,
16.95%,
2/15/27
....
3,592
3,373
L2630011.UP.FTS.B,
16.96%,
2/15/27
....
4,366
4,324
L2631718.UP.FTS.B,
16.99%,
2/15/27
....
4,367
4,309
L2636076.UP.FTS.B,
17.15%,
2/15/27
....
6,540
6,452
FW2635945.UP.FTS.B,
17.32%,
2/15/27
..
4,808
4,731
L2633537.UP.FTS.B,
17.39%,
2/15/27
....
8,744
8,628
FW2635975.UP.FTS.B,
18.14%,
2/15/27
..
13,331
13,153
FW2635531.UP.FTS.B,
18.53%,
2/15/27
..
10,357
10,219
FW2632933.UP.FTS.B,
18.59%,
2/15/27
..
8,779
8,662
FW2632544.UP.FTS.B,
18.69%,
2/15/27
..
21,955
21,603
L2610892.UP.FTS.B,
18.7%,
2/15/27
....
13,248
13,030
L2634353.UP.FTS.B,
19.06%,
2/15/27
....
8,699
8,556
FW2634297.UP.FTS.B,
19.29%,
2/15/27
..
11,614
11,460
FW2629363.UP.FTS.B,
19.37%,
2/15/27
..
5,228
5,142
L2635892.UP.FTS.B,
19.39%,
2/15/27
....
696
684
L2633453.UP.FTS.B,
19.72%,
2/15/27
....
13,572
12,743
L2632256.UP.FTS.B,
19.82%,
2/15/27
....
881
870
L2634883.UP.FTS.B,
19.98%,
2/15/27
....
7,091
6,974
L2637386.UP.FTS.B,
20.16%,
2/15/27
....
6,735
6,317
L2635013.UP.FTS.B,
20.25%,
2/15/27
....
5,338
5,251
L2633648.UP.FTS.B,
20.29%,
2/15/27
....
9,017
8,895
L2636615.UP.FTS.B,
20.46%,
2/15/27
....
2,003
144
FW2632574.UP.FTS.B,
20.97%,
2/15/27
..
12,676
12,434
L2632212.UP.FTS.B,
21.09%,
2/15/27
....
3,556
3,498
FW2637242.UP.FTS.B,
21.26%,
2/15/27
..
7,968
7,863
L2630116.UP.FTS.B,
21.26%,
2/15/27
....
5,312
5,227
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2637476.UP.FTS.B,
21.48%,
2/15/27
....
$
9,654
$
9,497
L2626721.UP.FTS.B,
21.64%,
2/15/27
....
4,266
4,193
L2633936.UP.FTS.B,
21.75%,
2/15/27
....
2,952
2,926
FW2631142.UP.FTS.B,
21.84%,
2/15/27
..
2,814
2,789
FW2634641.UP.FTS.B,
22.06%,
2/15/27
..
12,426
12,322
L2636740.UP.FTS.B,
22.15%,
2/15/27
....
888
880
L2633500.UP.FTS.B,
22.28%,
2/15/27
....
4,438
4,401
FW2635428.UP.FTS.B,
22.3%,
2/15/27
...
14,566
14,444
L2631928.UP.FTS.B,
22.74%,
2/15/27
....
6,659
6,602
L2636620.UP.FTS.B,
22.94%,
2/15/27
....
7,445
1,111
FW2632848.UP.FTS.B,
22.95%,
2/15/27
..
5,057
752
L2635474.UP.FTS.B,
23.01%,
2/15/27
....
7,184
7,119
FW2636073.UP.FTS.B,
23.1%,
2/15/27
...
4,468
4,426
L2632041.UP.FTS.B,
23.26%,
2/15/27
....
10,785
10,611
L2631781.UP.FTS.B,
23.47%,
2/15/27
....
2,605
2,507
FW2633249.UP.FTS.B,
23.49%,
2/15/27
..
4,902
4,861
FW2634082.UP.FTS.B,
24.01%,
2/15/27
..
5,356
5,311
L2635262.UP.FTS.B,
24.04%,
2/15/27
....
8,034
7,967
L2633254.UP.FTS.B,
24.29%,
2/15/27
....
19,476
19,164
FW2632068.UP.FTS.B,
24.31%,
2/15/27
..
43
43
L2632195.UP.FTS.B,
24.38%,
2/15/27
....
1,698
1,623
FW2632915.UP.FTS.B,
24.46%,
2/15/27
..
13,586
13,473
L2629665.UP.FTS.B,
24.47%,
2/15/27
....
6,314
6,257
FW2634252.UP.FTS.B,
24.49%,
2/15/27
..
5,722
5,674
L2633167.UP.FTS.B,
24.54%,
2/15/27
....
4,944
4,863
L2636078.UP.FTS.B,
24.6%,
2/15/27
....
13,504
13,391
FW2632893.UP.FTS.B,
24.67%,
2/15/27
..
19,497
19,333
FW2636783.UP.FTS.B,
24.67%,
2/15/27
..
10,082
1,498
FW2632707.UP.FTS.B,
24.74%,
2/15/27
..
4,920
4,879
L2631848.UP.FTS.B,
24.9%,
2/15/27
....
5,393
5,343
L2634268.UP.FTS.B,
25.05%,
2/15/27
....
2,150
2,132
FW2635941.UP.FTS.B,
25.09%,
2/15/27
..
4,925
4,883
L2637318.UP.FTS.B,
25.13%,
2/15/27
....
2,955
2,908
L2631220.UP.FTS.B,
25.21%,
2/15/27
....
2,687
2,665
L2635044.UP.FTS.B,
25.22%,
2/15/27
....
1,123
15
L2634635.UP.FTS.B,
25.23%,
2/15/27
....
7,037
6,973
L2632822.UP.FTS.B,
25.28%,
2/15/27
....
1,407
100
L2634539.UP.FTS.B,
25.3%,
2/15/27
....
1,702
1,688
L2630368.UP.FTS.B,
25.31%,
2/15/27
....
2,598
2,577
L2632154.UP.FTS.B,
25.31%,
2/15/27
....
21,056
20,880
L2633915.UP.FTS.B,
25.37%,
2/15/27
....
1,523
1,499
L2633587.UP.FTS.B,
25.38%,
2/15/27
....
1,523
1,511
L2635003.UP.FTS.B,
25.4%,
2/15/27
....
9,958
715
L2636370.UP.FTS.B,
25.4%,
2/15/27
....
2,689
2,666
L2631133.UP.FTS.B,
25.41%,
2/15/27
....
1,344
1,323
L2631893.UP.FTS.B,
25.41%,
2/15/27
....
3,236
3,206
L2636222.UP.FTS.B,
25.41%,
2/15/27
....
17,924
17,775
L2605748.UP.FTS.B,
25.45%,
2/15/27
....
1,613
1,600
L2634591.UP.FTS.B,
25.45%,
2/15/27
....
986
978
L2632552.UP.FTS.B,
25.56%,
2/15/27
....
2,960
2,935
L2633900.UP.FTS.B,
25.57%,
2/15/27
....
4,049
144
FW2631141.UP.FTS.B,
25.72%,
2/15/27
..
11,751
11,652
FW2632953.UP.FTS.B,
25.74%,
2/15/27
..
5,207
374
L2634677.UP.FTS.B,
25.78%,
2/15/27
....
3,589
3,559
FW2635210.UP.FTS.B,
25.81%,
2/15/27
..
5,383
5,338
L2636195.UP.FTS.B,
25.92%,
2/15/27
....
13,463
13,350
FW2634765.UP.FTS.B,
26.22%,
2/15/27
..
16,168
16,033
L2635199.UP.FTS.B,
26.23%,
2/15/27
....
5,659
5,612
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
166
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2635628.UP.FTS.B,
26.36%,
2/15/27
..
$
2,507
$
2,466
FW2634760.UP.FTS.B,
26.38%,
2/15/27
..
5,302
5,257
L2634070.UP.FTS.B,
26.45%,
2/15/27
....
22,419
22,207
L2635219.UP.FTS.B,
26.59%,
2/15/27
....
3,777
3,745
FW2637086.UP.FTS.B,
26.68%,
2/15/27
..
2,968
2,943
FW2632673.UP.FTS.B,
27.01%,
2/15/27
..
1,960
1,943
FW2631843.UP.FTS.B,
27.26%,
2/15/27
..
4,461
4,421
FW2637044.UP.FTS.B,
27.28%,
2/15/27
..
1,726
1,656
FW2633233.UP.FTS.B,
27.31%,
2/15/27
..
7,917
2,299
L2631102.UP.FTS.B,
27.44%,
2/15/27
....
3,110
(53)
FW2634310.UP.FTS.B,
27.59%,
2/15/27
..
6,672
6,616
FW2632183.UP.FTS.B,
27.72%,
2/15/27
..
6,314
6,261
FW2636178.UP.FTS.B,
28%,
2/15/27
....
5,417
5,372
FW2632116.UP.FTS.B,
28.1%,
2/15/27
...
9,311
1,380
FW2634627.UP.FTS.B,
28.11%,
2/15/27
..
5,417
5,372
FW2635226.UP.FTS.B,
28.22%,
2/15/27
..
2,107
319
FW2634686.UP.FTS.B,
28.47%,
2/15/27
..
5,429
5,378
FW2587827.UP.FTS.B,
28.49%,
2/15/27
..
10,818
10,726
FW2635435.UP.FTS.B,
28.75%,
2/15/27
..
1,783
1,721
FW2634423.UP.FTS.B,
28.99%,
2/15/27
..
18,103
17,951
FW2632227.UP.FTS.B,
29.31%,
2/15/27
..
18,114
17,962
FW2634087.UP.FTS.B,
29.37%,
2/15/27
..
5,109
5,052
FW2636066.UP.FTS.B,
29.41%,
2/15/27
..
3,029
882
FW2633754.UP.FTS.B,
29.46%,
2/15/27
..
26,984
26,745
FW2635622.UP.FTS.B,
29.54%,
2/15/27
..
4,433
4,376
FW2632506.UP.FTS.B,
29.8%,
2/15/27
...
5,207
5,160
FW2636841.UP.FTS.B,
30.04%,
2/15/27
..
24,679
24,473
FW2633450.UP.FTS.B,
30.19%,
2/15/27
..
1,604
(10)
FW2632167.UP.FTS.B,
30.21%,
2/15/27
..
917
909
FW2631008.UP.FTS.B,
30.31%,
2/15/27
..
873
863
FW2636372.UP.FTS.B,
30.35%,
2/15/27
..
5,448
5,403
FW2632070.UP.FTS.B,
30.58%,
2/15/27
..
2,905
2,881
FW2631994.UP.FTS.B,
30.71%,
2/15/27
..
4,742
4,698
FW2631249.UP.FTS.B,
30.81%,
2/15/27
..
1,177
83
FW2631494.UP.FTS.B,
30.85%,
2/15/27
..
4,091
4,057
FW2635126.UP.FTS.B,
30.85%,
2/15/27
..
1,637
1,623
FW2629864.UP.FTS.B,
30.9%,
2/15/27
...
2,091
2,074
FW2633675.UP.FTS.B,
30.91%,
2/15/27
..
1,001
992
FW2634617.UP.FTS.B,
30.93%,
2/15/27
..
3,382
3,351
FW2631125.UP.FTS.B,
30.96%,
2/15/27
..
885
856
FW2631968.UP.FTS.B,
30.98%,
2/15/27
..
6,340
6,267
FW2636445.UP.FTS.B,
31%,
2/15/27
....
1,637
1,624
FW2635952.UP.FTS.B,
31.06%,
2/15/27
..
1,498
221
FW2633314.UP.FTS.B,
31.08%,
2/15/27
..
1,009
150
FW2635281.UP.FTS.B,
31.1%,
2/15/27
...
5,203
(44)
FW2637419.UP.FTS.B,
31.1%,
2/15/27
...
2,980
2,950
FW2633604.UP.FTS.B,
31.13%,
2/15/27
..
2,366
2,346
FW2637089.UP.FTS.B,
31.23%,
2/15/27
..
7,644
7,580
FW2633883.UP.FTS.B,
31.33%,
2/15/27
..
3,171
224
FW2632904.UP.FTS.B,
31.38%,
2/15/27
..
3,371
3,343
FW2636781.UP.FTS.B,
31.59%,
2/15/27
..
2,568
2,527
FW2634910.UP.FTS.B,
32.02%,
2/15/27
..
3,312
(42)
FW2635681.UP.FTS.B,
32.24%,
2/15/27
..
3,769
266
L2640422.UP.FTS.B,
7.19%,
2/16/27
....
5,038
5,001
FW2639217.UP.FTS.B,
7.48%,
2/16/27
...
11,384
11,303
L2638196.UP.FTS.B,
7.54%,
2/16/27
....
15,655
15,574
L2642691.UP.FTS.B,
8.69%,
2/16/27
....
27,848
27,651
L2644170.UP.FTS.B,
8.74%,
2/16/27
....
23,305
23,142
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2644467.UP.FTS.B,
8.99%,
2/16/27
....
$
1,803
$
1,787
L2641249.UP.FTS.B,
9.09%,
2/16/27
....
12,475
12,388
L2643996.UP.FTS.B,
9.54%,
2/16/27
....
12,752
12,664
FW2640044.UP.FTS.B,
9.77%,
2/16/27
...
4,966
4,932
FW2639996.UP.FTS.B,
9.85%,
2/16/27
...
6,491
6,427
L2644692.UP.FTS.B,
10.37%,
2/16/27
....
3,407
3,384
L2628258.UP.FTS.B,
10.4%,
2/16/27
....
13,904
13,777
L2639939.UP.FTS.B,
10.73%,
2/16/27
....
12,360
12,247
L2642767.UP.FTS.B,
10.84%,
2/16/27
....
11,022
10,922
L2642462.UP.FTS.B,
10.86%,
2/16/27
....
5,981
5,927
FW2639271.UP.FTS.B,
10.98%,
2/16/27
..
43,572
40,944
FW2636951.UP.FTS.B,
11.21%,
2/16/27
..
13,946
13,820
L2643884.UP.FTS.B,
11.41%,
2/16/27
....
6,421
6,364
L2640107.UP.FTS.B,
11.57%,
2/16/27
....
9,167
9,084
L2642580.UP.FTS.B,
11.66%,
2/16/27
....
2,999
2,973
FW2644262.UP.FTS.B,
11.83%,
2/16/27
..
8,612
8,533
L2642829.UP.FTS.B,
11.96%,
2/16/27
....
18,360
18,196
L2643133.UP.FTS.B,
12.13%,
2/16/27
....
9,389
9,305
L2640589.UP.FTS.B,
12.31%,
2/16/27
....
42,952
42,569
L2637999.UP.FTS.B,
12.45%,
2/16/27
....
9,625
9,540
L2644043.UP.FTS.B,
12.51%,
2/16/27
....
4,522
4,480
FW2642297.UP.FTS.B,
12.63%,
2/16/27
..
8,257
8,184
FW2641042.UP.FTS.B,
12.73%,
2/16/27
..
1,032
1,023
FW2644450.UP.FTS.B,
13.29%,
2/16/27
..
1,287
1,276
L2641626.UP.FTS.B,
13.94%,
2/16/27
....
864
857
L2639543.UP.FTS.B,
14.06%,
2/16/27
....
8,645
8,570
FW2641444.UP.FTS.B,
14.17%,
2/16/27
..
5,622
5,573
L2643434.UP.FTS.B,
14.29%,
2/16/27
....
8,639
8,563
FW2639288.UP.FTS.B,
14.3%,
2/16/27
...
13,989
13,867
L2640031.UP.FTS.B,
14.45%,
2/16/27
....
8,657
8,582
FW2637881.UP.FTS.B,
14.54%,
2/16/27
..
5,191
5,146
L2637807.UP.FTS.B,
14.59%,
2/16/27
....
12,922
12,809
L2643572.UP.FTS.B,
14.72%,
2/16/27
....
1,733
1,718
L2641778.UP.FTS.B,
14.87%,
2/16/27
....
38,672
38,339
FW2640160.UP.FTS.B,
14.88%,
2/16/27
..
19,941
19,769
L2641628.UP.FTS.B,
14.9%,
2/16/27
....
10,159
10,068
FW2644643.UP.FTS.B,
15%,
2/16/27
....
3,817
3,784
L2644502.UP.FTS.B,
15.74%,
2/16/27
....
18,699
18,539
L2643245.UP.FTS.B,
15.83%,
2/16/27
....
18,876
18,715
L2642945.UP.FTS.B,
15.91%,
2/16/27
....
1,305
1,294
FW2643582.UP.FTS.B,
16.21%,
2/16/27
..
17,222
17,010
FW2637690.UP.FTS.B,
16.3%,
2/16/27
...
5,655
5,607
FW2643607.UP.FTS.B,
16.31%,
2/16/27
..
43,563
43,038
FW2638305.UP.FTS.B,
16.48%,
2/16/27
..
9,361
9,245
L2641861.UP.FTS.B,
16.53%,
2/16/27
....
18,011
17,767
L2639711.UP.FTS.B,
16.7%,
2/16/27
.....
1,396
1,379
L2639647.UP.FTS.B,
17.04%,
2/16/27
....
8,734
8,629
L2640734.UP.FTS.B,
17.15%,
2/16/27
....
45,469
6,496
FW2641664.UP.FTS.B,
17.29%,
2/16/27
..
5,118
5,055
L2643228.UP.FTS.B,
17.64%,
2/16/27
....
4,376
4,324
L2641429.UP.FTS.B,
17.81%,
2/16/27
....
11,384
11,248
FW2643031.UP.FTS.B,
17.82%,
2/16/27
..
33,276
32,999
L2641792.UP.FTS.B,
17.85%,
2/16/27
....
4,471
4,205
FW2641155.UP.FTS.B,
18.14%,
2/16/27
..
4,822
4,751
L2638277.UP.FTS.B,
18.32%,
2/16/27
....
4,388
4,334
L2643141.UP.FTS.B,
18.53%,
2/16/27
....
19,115
18,880
FW2642517.UP.FTS.B,
18.63%,
2/16/27
..
9,482
9,370
L2640308.UP.FTS.B,
18.76%,
2/16/27
....
30,749
30,303
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
167
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2640157.UP.FTS.B,
18.91%,
2/16/27
..
$
9,326
$
9,212
L2639156.UP.FTS.B,
18.92%,
2/16/27
....
21,972
21,712
L2607183.UP.FTS.B,
19.09%,
2/16/27
....
17,468
17,261
FW2643386.UP.FTS.B,
19.11%,
2/16/27
..
3,331
3,289
L2640102.UP.FTS.B,
19.59%,
2/16/27
....
22,867
22,599
L2642912.UP.FTS.B,
19.59%,
2/16/27
....
17,489
17,281
L2642762.UP.FTS.B,
19.61%,
2/16/27
....
2,129
2,098
L2637788.UP.FTS.B,
19.66%,
2/16/27
....
2,907
2,865
L2644725.UP.FTS.B,
19.78%,
2/16/27
....
8,782
8,654
L2643324.UP.FTS.B,
19.84%,
2/16/27
....
41,459
40,930
L2639353.UP.FTS.B,
19.93%,
2/16/27
....
27,252
7,406
L2639587.UP.FTS.B,
20.1%,
2/16/27
....
3,529
3,478
FW2640938.UP.FTS.B,
20.16%,
2/16/27
..
9,619
9,555
L2644661.UP.FTS.B,
20.31%,
2/16/27
....
2,095
2,064
L2644267.UP.FTS.B,
20.32%,
2/16/27
....
883
876
L2643431.UP.FTS.B,
20.38%,
2/16/27
....
12,456
12,273
L2631654.UP.FTS.B,
20.62%,
2/16/27
....
19,793
19,661
FW2644103.UP.FTS.B,
20.8%,
2/16/27
...
6,634
6,556
FW2639130.UP.FTS.B,
21.01%,
2/16/27
..
3,539
3,515
FW2640179.UP.FTS.B,
21.11%,
2/16/27
..
3,901
3,871
FW2642916.UP.FTS.B,
21.2%,
2/16/27
...
13,143
12,948
FW2638739.UP.FTS.B,
21.34%,
2/16/27
..
2,849
207
L2640498.UP.FTS.B,
21.39%,
2/16/27
....
8,857
8,799
L2638952.UP.FTS.B,
21.6%,
2/16/27
....
25,060
24,692
FW2640087.UP.FTS.B,
21.67%,
2/16/27
..
18,808
5,422
FW2638136.UP.FTS.B,
21.78%,
2/16/27
..
7,094
7,047
FW2643646.UP.FTS.B,
21.86%,
2/16/27
..
14,280
14,187
FW2644820.UP.FTS.B,
21.87%,
2/16/27
..
6,363
1,835
L2641584.UP.FTS.B,
21.92%,
2/16/27
....
45,657
42,945
L2637535.UP.FTS.B,
21.95%,
2/16/27
....
26,084
25,913
L2641532.UP.FTS.B,
22.02%,
2/16/27
....
6,123
6,083
FW2641686.UP.FTS.B,
22.07%,
2/16/27
..
2,857
2,815
L2631819.UP.FTS.B,
22.11%,
2/16/27
....
24,965
24,736
L2637903.UP.FTS.B,
22.13%,
2/16/27
....
10,548
10,393
L2640343.UP.FTS.B,
22.15%,
2/16/27
....
2,779
200
FW2640578.UP.FTS.B,
22.42%,
2/16/27
..
826
818
L2640051.UP.FTS.B,
22.42%,
2/16/27
....
8,031
7,971
L2640329.UP.FTS.B,
22.77%,
2/16/27
....
3,913
3,888
L2639752.UP.FTS.B,
22.85%,
2/16/27
....
44,480
43,849
FW2643850.UP.FTS.B,
23.05%,
2/16/27
..
13,473
12,778
L2644478.UP.FTS.B,
23.24%,
2/16/27
....
17,817
17,703
FW2641930.UP.FTS.B,
23.25%,
2/16/27
..
9,266
9,135
FW2640017.UP.FTS.B,
23.28%,
2/16/27
..
44,510
44,222
L2633805.UP.FTS.B,
23.55%,
2/16/27
....
5,711
412
L2636952.UP.FTS.B,
23.58%,
2/16/27
....
8,915
8,858
FW2639691.UP.FTS.B,
23.69%,
2/16/27
..
16,231
16,127
FW2643737.UP.FTS.B,
23.79%,
2/16/27
..
14,184
14,081
L2643173.UP.FTS.B,
23.83%,
2/16/27
....
4,433
4,369
FW2639280.UP.FTS.B,
23.91%,
2/16/27
..
1,963
1,951
L2641033.UP.FTS.B,
24.08%,
2/16/27
....
1,429
103
L2644184.UP.FTS.B,
24.14%,
2/16/27
....
8,158
7,678
FW2638182.UP.FTS.B,
24.2%,
2/16/27
...
4,703
331
FW2641835.UP.FTS.B,
24.33%,
2/16/27
..
9,533
682
L2638762.UP.FTS.B,
24.36%,
2/16/27
....
3,026
3,007
L2638731.UP.FTS.B,
24.44%,
2/16/27
....
3,575
3,552
FW2641976.UP.FTS.B,
24.71%,
2/16/27
..
11,807
11,732
L2638887.UP.FTS.B,
24.84%,
2/16/27
....
1,790
1,778
L2643360.UP.FTS.B,
24.93%,
2/16/27
....
2,954
2,935
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
L2642235.UP.FTS.B,
24.97%,
2/16/27
....
$
1,343
$
1,334
L2640445.UP.FTS.B,
25.03%,
2/16/27
....
3,054
219
FW2642257.UP.FTS.B,
25.15%,
2/16/27
..
8,940
8,883
FW2640811.UP.FTS.B,
25.17%,
2/16/27
..
26,868
26,699
L2638208.UP.FTS.B,
25.18%,
2/16/27
....
2,239
2,225
L2644708.UP.FTS.B,
25.19%,
2/16/27
....
4,120
4,094
L2639167.UP.FTS.B,
25.24%,
2/16/27
....
4,300
4,273
L2629944.UP.FTS.B,
25.26%,
2/16/27
....
1,075
1,068
L2639868.UP.FTS.B,
25.27%,
2/16/27
....
1,019
152
L2639974.UP.FTS.B,
25.28%,
2/16/27
....
2,440
2,316
L2644756.UP.FTS.B,
25.29%,
2/16/27
....
2,409
2,285
FW2644569.UP.FTS.B,
25.34%,
2/16/27
..
9,328
2,729
L2640772.UP.FTS.B,
25.34%,
2/16/27
....
1,451
1,377
L2640475.UP.FTS.B,
25.37%,
2/16/27
....
3,047
3,028
L2641882.UP.FTS.B,
25.38%,
2/16/27
....
2,344
2,252
L2642246.UP.FTS.B,
25.42%,
2/16/27
....
1,971
1,959
L2637328.UP.FTS.B,
25.43%,
2/16/27
....
5,467
5,433
L2643718.UP.FTS.B,
25.45%,
2/16/27
....
1,255
1,247
L2638486.UP.FTS.B,
25.48%,
2/16/27
....
9,233
9,175
L2644251.UP.FTS.B,
25.49%,
2/16/27
....
1,079
1,072
L2643938.UP.FTS.B,
25.5%,
2/16/27
....
1,345
1,337
L2643974.UP.FTS.B,
25.5%,
2/16/27
....
3,256
3,233
L2644656.UP.FTS.B,
25.52%,
2/16/27
....
3,496
3,474
L2638794.UP.FTS.B,
25.6%,
2/16/27
....
11,657
11,584
L2638678.UP.FTS.B,
25.84%,
2/16/27
....
8,973
8,917
FW2639725.UP.FTS.B,
25.86%,
2/16/27
..
10,017
1,496
FW2642963.UP.FTS.B,
25.88%,
2/16/27
..
4,308
4,281
FW2634599.UP.FTS.B,
26.05%,
2/16/27
..
15,280
2,290
L2640846.UP.FTS.B,
26.29%,
2/16/27
....
22,466
22,326
FW2639867.UP.FTS.B,
26.3%,
2/16/27
...
1,797
1,786
FW2642879.UP.FTS.B,
26.39%,
2/16/27
..
7,503
64
FW2640075.UP.FTS.B,
26.63%,
2/16/27
..
1,947
296
L2640994.UP.FTS.B,
27.05%,
2/16/27
....
18,006
17,895
FW2641067.UP.FTS.B,
27.08%,
2/16/27
..
6,277
6,236
FW2638017.UP.FTS.B,
27.09%,
2/16/27
..
7,744
7,696
FW2640323.UP.FTS.B,
27.2%,
2/16/27
...
6,215
6,177
L2644222.UP.FTS.B,
27.35%,
2/16/27
....
6,037
6,000
FW2636711.UP.FTS.B,
27.4%,
2/16/27
...
9,012
8,956
FW2641807.UP.FTS.B,
27.73%,
2/16/27
..
10,909
769
FW2639797.UP.FTS.B,
28.19%,
2/16/27
..
2,529
2,513
FW2644724.UP.FTS.B,
28.24%,
2/16/27
..
45,559
45,259
FW2643525.UP.FTS.B,
28.34%,
2/16/27
..
10,299
10,236
FW2644630.UP.FTS.B,
28.55%,
2/16/27
..
9,052
8,987
FW2642505.UP.FTS.B,
29.14%,
2/16/27
..
1,879
1,866
FW2644598.UP.FTS.B,
29.38%,
2/16/27
..
9,973
9,910
FW2638694.UP.FTS.B,
29.47%,
2/16/27
..
3,291
967
FW2638733.UP.FTS.B,
29.69%,
2/16/27
..
3,898
3,875
FW2637102.UP.FTS.B,
30%,
2/16/27
....
9,999
2,929
FW2641230.UP.FTS.B,
30.11%,
2/16/27
..
2,149
2,131
FW2639696.UP.FTS.B,
30.14%,
2/16/27
..
908
902
FW2640894.UP.FTS.B,
30.14%,
2/16/27
..
24,687
24,541
FW2644440.UP.FTS.B,
30.21%,
2/16/27
..
1,192
1,131
FW2641475.UP.FTS.B,
30.33%,
2/16/27
..
1,574
1,495
FW2642574.UP.FTS.B,
30.52%,
2/16/27
..
17,095
16,895
FW2639097.UP.FTS.B,
30.54%,
2/16/27
..
909
903
FW2632545.UP.FTS.B,
30.71%,
2/16/27
..
1,877
1,848
FW2644847.UP.FTS.B,
30.77%,
2/16/27
..
1,299
1,285
FW2641207.UP.FTS.B,
30.9%,
2/16/27
...
3,092
3,074
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
168
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2642662.UP.FTS.B,
30.94%,
2/16/27
..
$
4,917
$
4,882
FW2641385.UP.FTS.B,
30.96%,
2/16/27
..
998
983
FW2643800.UP.FTS.B,
31.1%,
2/16/27
...
1,338
1,328
FW2638255.UP.FTS.B,
31.12%,
2/16/27
..
1,755
1,734
FW2641109.UP.FTS.B,
31.12%,
2/16/27
..
40,067
38,032
FW2610188.UP.FTS.B,
31.13%,
2/16/27
..
9,145
9,084
FW2641269.UP.FTS.B,
31.13%,
2/16/27
..
10,374
10,313
FW2644572.UP.FTS.B,
31.14%,
2/16/27
..
18,365
17,439
FW2642792.UP.FTS.B,
31.15%,
2/16/27
..
1,085
1,079
FW2639361.UP.FTS.B,
31.17%,
2/16/27
..
1,274
1,266
FW2638060.UP.FTS.B,
31.21%,
2/16/27
..
2,366
2,352
FW2643874.UP.FTS.B,
31.23%,
2/16/27
..
4,270
4,244
FW2623499.UP.FTS.B,
31.32%,
2/16/27
..
13,599
22
FW2635345.UP.FTS.B,
31.4%,
2/16/27
...
2,288
159
FW2638691.UP.FTS.B,
31.42%,
2/16/27
..
8,650
8,599
FW2641390.UP.FTS.B,
31.53%,
2/16/27
..
15,906
15,806
FW2643082.UP.FTS.B,
31.96%,
2/16/27
..
1,614
1,566
FW2641809.UP.FTS.B,
33.83%,
2/16/27
..
1,924
1,913
L2645179.UP.FTS.B,
6.87%,
2/17/27
....
11,126
11,061
FW2645630.UP.FTS.B,
12.87%,
2/17/27
..
11,107
11,009
L2644980.UP.FTS.B,
12.95%,
2/17/27
....
1,668
1,653
L2645342.UP.FTS.B,
13.93%,
2/17/27
....
25,866
25,643
FW2645588.UP.FTS.B,
15.61%,
2/17/27
..
3,457
3,415
FW2645675.UP.FTS.B,
15.8%,
2/17/27
...
23,658
23,377
FW2645832.UP.FTS.B,
18.88%,
2/17/27
..
13,181
13,029
L2645909.UP.FTS.B,
19.06%,
2/17/27
....
4,428
4,376
L2645010.UP.FTS.B,
20.52%,
2/17/27
....
9,717
9,580
FW2642053.UP.FTS.B,
21.61%,
2/17/27
..
3,717
3,693
L2645135.UP.FTS.B,
21.7%,
2/17/27
....
1,950
1,938
L2645558.UP.FTS.B,
22.43%,
2/17/27
....
2,564
2,527
L2645378.UP.FTS.B,
22.72%,
2/17/27
....
4,662
4,631
L2645573.UP.FTS.B,
22.94%,
2/17/27
....
1,784
1,677
FW2645248.UP.FTS.B,
23.66%,
2/17/27
..
5,048
364
FW2645101.UP.FTS.B,
24.46%,
2/17/27
..
4,116
1,196
L2644940.UP.FTS.B,
25.36%,
2/17/27
....
2,718
2,580
L2645037.UP.FTS.B,
25.41%,
2/17/27
....
2,062
2,050
L2645131.UP.FTS.B,
25.45%,
2/17/27
....
1,238
1,230
L2645504.UP.FTS.B,
26.01%,
2/17/27
....
10,324
10,263
FW2644444.UP.FTS.B,
26.02%,
2/17/27
..
7,708
552
L2645397.UP.FTS.B,
26.19%,
2/17/27
....
2,258
2,243
FW2645900.UP.FTS.B,
26.25%,
2/17/27
..
1,797
1,786
FW2645472.UP.FTS.B,
26.31%,
2/17/27
..
15,274
15,185
FW2645571.UP.FTS.B,
26.48%,
2/17/27
..
3,596
3,575
FW2645165.UP.FTS.B,
26.81%,
2/17/27
..
956
941
FW2644978.UP.FTS.B,
28.18%,
2/17/27
..
9,694
9,634
FW2644973.UP.FTS.B,
28.39%,
2/17/27
..
7,801
7,752
FW2645842.UP.FTS.B,
30.86%,
2/17/27
..
2,861
2,841
FW2645763.UP.FTS.B,
30.98%,
2/17/27
..
1,441
102
FW2645290.UP.FTS.B,
31.68%,
2/17/27
..
7,926
7,883
L1874015.UP.FTS.B,
15.07%,
3/18/27
....
13,944
13,781
L1874238.UP.FTS.B,
17.32%,
3/18/27
....
4,370
4,300
L1873293.UP.FTS.B,
23.76%,
3/18/27
....
1,696
121
FW1873439.UP.FTS.B,
25.66%,
3/18/27
..
1,336
1,330
L1874548.UP.FTS.B,
26.04%,
3/18/27
....
5,937
5,916
L1873838.UP.FTS.B,
26.46%,
3/18/27
....
3,814
3,789
FW1874126.UP.FTS.B,
27.94%,
3/18/27
..
4,042
4,015
FW1872134.UP.FTS.B,
29.12%,
3/18/27
..
4,758
333
FW1860558.UP.FTS.B,
29.76%,
3/18/27
..
5,260
5,219
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW1873137.UP.FTS.B,
30.77%,
3/18/27
..
$
1,543
$
1,537
FW1874317.UP.FTS.B,
30.79%,
3/18/27
..
4,599
(468)
FW1868928.UP.FTS.B,
30.91%,
3/18/27
..
9,930
(153)
FW1867639.UP.FTS.B,
31%,
3/18/27
....
2,977
860
FW1872958.UP.FTS.B,
31.09%,
3/18/27
..
4,073
284
FW1874385.UP.FTS.B,
31.32%,
3/18/27
..
2,954
(230)
L2004642.UP.FTS.B,
15.31%,
4/09/27
....
9,199
4,826
L2005313.UP.FTS.B,
17.04%,
4/09/27
....
42,675
42,079
L2006933.UP.FTS.B,
23.7%,
4/09/27
....
4,767
4,728
FW2009403.UP.FTS.B,
24.22%,
4/09/27
..
6,208
1,764
L2006560.UP.FTS.B,
24.67%,
4/09/27
....
6,108
6,051
L2009664.UP.FTS.B,
25.29%,
4/09/27
....
1,345
794
L2004832.UP.FTS.B,
25.91%,
4/09/27
....
3,580
3,534
L2004842.UP.FTS.B,
26.33%,
4/09/27
....
6,567
6,516
FW1997017.UP.FTS.B,
26.42%,
4/09/27
..
3,215
3,178
FW2009180.UP.FTS.B,
27.72%,
4/09/27
..
15,343
15,228
FW2009830.UP.FTS.B,
28.06%,
4/09/27
..
24,797
14,597
FW2008777.UP.FTS.B,
28.16%,
4/09/27
..
2,713
2,692
FW2009466.UP.FTS.B,
29.96%,
4/09/27
..
1,612
1,603
FW2009848.UP.FTS.B,
31.08%,
4/09/27
..
19,177
1,340
FW2008914.UP.FTS.B,
31.18%,
4/09/27
..
3,256
3,233
FW2008689.UP.FTS.B,
31.62%,
4/09/27
..
2,179
(97)
L2079809.UP.FTS.B,
11.68%,
4/19/27
....
5,959
5,899
FW2080454.UP.FTS.B,
15.49%,
4/19/27
..
9,424
(3)
L2076923.UP.FTS.B,
15.84%,
4/19/27
....
15,662
15,523
L2080104.UP.FTS.B,
16.97%,
4/19/27
....
43,404
42,841
L2077275.UP.FTS.B,
17.44%,
4/19/27
....
5,946
5,875
L2080091.UP.FTS.B,
20.35%,
4/19/27
....
2,265
2,237
L2075161.UP.FTS.B,
20.64%,
4/19/27
....
30,115
29,780
FW2077930.UP.FTS.B,
20.81%,
4/19/27
..
9,175
8,686
L2076557.UP.FTS.B,
21.86%,
4/19/27
....
22,111
21,007
L2071630.UP.FTS.B,
22.65%,
4/19/27
....
6,254
6,200
L2073677.UP.FTS.B,
24.99%,
4/19/27
....
13,641
13,545
L2078594.UP.FTS.B,
25.45%,
4/19/27
....
20,248
20,184
L2078465.UP.FTS.B,
25.48%,
4/19/27
....
4,403
4,376
FW2079109.UP.FTS.B,
25.53%,
4/19/27
..
5,319
5,281
L2075052.UP.FTS.B,
25.99%,
4/19/27
....
4,400
4,379
FW2075118.UP.FTS.B,
26.16%,
4/19/27
..
2,272
2,263
FW2076494.UP.FTS.B,
27.89%,
4/19/27
..
5,288
5,273
FW2079292.UP.FTS.B,
28.03%,
4/19/27
..
1,862
133
FW2077308.UP.FTS.B,
28.64%,
4/19/27
..
2,835
(40)
FW2079282.UP.FTS.B,
30.4%,
4/19/27
...
1,121
1,113
FW2077993.UP.FTS.B,
30.84%,
4/19/27
..
2,463
2,455
FW2195774.UP.FTS.B,
11.53%,
5/07/27
..
27,113
26,795
L2198086.UP.FTS.B,
13.28%,
5/07/27
....
8,727
4,580
L2196990.UP.FTS.B,
14.16%,
5/07/27
....
14,196
7,398
L2196542.UP.FTS.B,
14.21%,
5/07/27
....
6,182
6,111
L2197143.UP.FTS.B,
15.39%,
5/07/27
....
8,855
8,710
L2199844.UP.FTS.B,
16.94%,
5/07/27
....
8,749
8,650
L2195638.UP.FTS.B,
17.49%,
5/07/27
....
8,754
8,612
L2200243.UP.FTS.B,
17.54%,
5/07/27
....
915
901
L2196814.UP.FTS.B,
17.8%,
5/07/27
....
14,195
14,059
L2200120.UP.FTS.B,
19.52%,
5/07/27
....
9,697
9,511
FW2197884.UP.FTS.B,
20.55%,
5/07/27
..
8,708
4,958
L2197644.UP.FTS.B,
20.86%,
5/07/27
....
1,939
1,919
L2196726.UP.FTS.B,
21.07%,
5/07/27
....
20,267
19,956
L2187878.UP.FTS.B,
21.23%,
5/07/27
....
48,428
6,445
L2197009.UP.FTS.B,
22.01%,
5/07/27
....
5,747
5,704
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
169
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
FW2197402.UP.FTS.B,
23.87%,
5/07/27
..
$
2,801
$
2,760
FW2199514.UP.FTS.B,
25.91%,
5/07/27
..
2,353
2,329
FW2197220.UP.FTS.B,
29.81%,
5/07/27
..
2,135
2,108
FW2199905.UP.FTS.B,
30.79%,
5/07/27
..
1,673
235
FW2197058.UP.FTS.B,
31%,
5/07/27
....
4,328
2,573
FW2199111.UP.FTS.B,
31.05%,
5/07/27
..
1,668
1,651
L2200530.UP.FTS.B,
18.44%,
5/08/27
....
7,792
4,316
L2194438.UP.FTS.B,
19.48%,
5/08/27
....
5,751
5,657
L2203837.UP.FTS.B,
20.89%,
5/08/27
....
10,754
10,634
L2202018.UP.FTS.B,
21.02%,
5/08/27
....
6,766
6,705
L2203189.UP.FTS.B,
21.23%,
5/08/27
....
17,043
(131)
L2201398.UP.FTS.B,
22.49%,
5/08/27
....
10,339
10,170
L2169853.UP.FTS.B,
22.52%,
5/08/27
....
4,582
4,529
L2201738.UP.FTS.B,
22.82%,
5/08/27
....
14,565
4,102
FW2205649.UP.FTS.B,
23.84%,
5/08/27
..
3,513
3,477
L2200698.UP.FTS.B,
24.01%,
5/08/27
....
4,302
311
L2205964.UP.FTS.B,
24.11%,
5/08/27
....
2,503
1,477
FW2201153.UP.FTS.B,
24.4%,
5/08/27
...
13,678
978
L2204697.UP.FTS.B,
24.89%,
5/08/27
....
18,118
17,919
FW2201944.UP.FTS.B,
25.52%,
5/08/27
..
4,672
4,622
L2204916.UP.FTS.B,
25.63%,
5/08/27
....
9,344
9,268
L2204844.UP.FTS.B,
25.75%,
5/08/27
....
2,970
211
L2206165.UP.FTS.B,
26.19%,
5/08/27
....
7,401
7,345
FW2201816.UP.FTS.B,
26.65%,
5/08/27
..
4,264
2,531
FW2199020.UP.FTS.B,
29.97%,
5/08/27
..
8,984
8,916
FW2206271.UP.FTS.B,
30.18%,
5/08/27
..
7,685
539
FW2199475.UP.FTS.B,
30.86%,
5/08/27
..
3,946
1,136
FW2200744.UP.FTS.B,
30.97%,
5/08/27
..
4,787
665
FW2202450.UP.FTS.B,
31.05%,
5/08/27
..
2,664
2,643
FW2201216.UP.FTS.B,
31.06%,
5/08/27
..
2,395
1,427
FW2200444.UP.FTS.B,
31.21%,
5/08/27
..
3,538
3,512
FW2203796.UP.FTS.B,
31.21%,
5/08/27
..
6,033
1,727
L2412468.UP.FTS.B,
7.67%,
6/11/27
.....
38,987
38,686
L2412901.UP.FTS.B,
8.44%,
6/11/27
.....
13,194
13,089
FW2411320.UP.FTS.B,
10.63%,
6/11/27
..
4,185
4,142
L2412970.UP.FTS.B,
14.15%,
6/11/27
....
26,284
26,008
FW2407061.UP.FTS.B,
16.61%,
6/11/27
..
14,926
14,717
L2412421.UP.FTS.B,
21.23%,
6/11/27
....
2,408
2,381
L2408543.UP.FTS.B,
21.71%,
6/11/27
....
4,417
321
FW2406392.UP.FTS.B,
23.41%,
6/11/27
..
8,471
5,026
L2413373.UP.FTS.B,
23.72%,
6/11/27
....
27,303
26,982
FW2407476.UP.FTS.B,
24.28%,
6/11/27
..
4,376
1,251
FW2409812.UP.FTS.B,
24.81%,
6/11/27
..
2,700
2,667
L2412285.UP.FTS.B,
25.08%,
6/11/27
....
11,597
11,487
FW2410079.UP.FTS.B,
25.81%,
6/11/27
..
2,810
2,779
FW2411228.UP.FTS.B,
26.37%,
6/11/27
..
3,757
3,711
FW2409497.UP.FTS.B,
26.87%,
6/11/27
..
1,838
1,815
L2407955.UP.FTS.B,
27%,
6/11/27
......
7,657
7,591
FW2412851.UP.FTS.B,
28.09%,
6/11/27
..
4,423
4,379
FW2410113.UP.FTS.B,
29.34%,
6/11/27
..
2,989
2,963
FW2409559.UP.FTS.B,
30.37%,
6/11/27
..
1,020
1,008
FW2413380.UP.FTS.B,
30.45%,
6/11/27
..
3,783
541
FW2412683.UP.FTS.B,
30.78%,
6/11/27
..
38,075
22,737
FW2407168.UP.FTS.B,
30.95%,
6/11/27
..
1,158
81
FW2410302.UP.FTS.B,
30.97%,
6/11/27
..
1,730
1,716
FW2408288.UP.FTS.B,
31.13%,
6/11/27
..
2,070
2,043
FW2411563.UP.FTS.B,
31.19%,
6/11/27
..
4,100
290
FW2412681.UP.FTS.B,
31.21%,
6/11/27
..
1,679
1,662
Description
Principal
Amount
Value
Upstart
Network,
Inc.
(continued)
FW2411177.UP.FTS.B,
31.23%,
6/11/27
..
$
2,908
$
1,734
FW2408291.UP.FTS.B,
31.44%,
6/11/27
..
7,289
(268)
FW2408747.UP.FTS.B,
31.68%,
6/11/27
..
11,206
11,072
FW2418154.UP.FTS.B,
10.71%,
6/12/27
..
2,892
391
L2418555.UP.FTS.B,
15.62%,
6/12/27
....
14,569
14,436
L2419121.UP.FTS.B,
17.04%,
6/12/27
....
6,353
6,267
FW2417755.UP.FTS.B,
18.05%,
6/12/27
..
15,200
14,987
L2415568.UP.FTS.B,
19.57%,
6/12/27
....
3,224
3,192
L2416765.UP.FTS.B,
21.01%,
6/12/27
....
5,382
389
L2417908.UP.FTS.B,
23.41%,
6/12/27
....
3,752
550
L2417411.UP.FTS.B,
24%,
6/12/27
......
9,021
8,943
FW2414632.UP.FTS.B,
24.07%,
6/12/27
..
966
(54)
L2416850.UP.FTS.B,
24.48%,
6/12/27
....
23,502
13,938
L2418124.UP.FTS.B,
25.47%,
6/12/27
....
21,594
21,408
FW2415712.UP.FTS.B,
26.64%,
6/12/27
..
1,930
138
FW2420083.UP.FTS.B,
27.39%,
6/12/27
..
46,536
46,144
L2417119.UP.FTS.B,
28.65%,
6/12/27
....
8,692
8,620
FW2417889.UP.FTS.B,
30.34%,
6/12/27
..
2,683
1,595
FW2412961.UP.FTS.B,
30.81%,
6/12/27
..
1,726
496
FW2418092.UP.FTS.B,
30.98%,
6/12/27
..
1,334
1,326
FW2420156.UP.FTS.B,
31.98%,
6/12/27
..
2,616
2,599
L1708948.UP.FTS.B,
7.47%,
7/14/27
....
7,053
6,994
L1708685.UP.FTS.B,
16.63%,
7/14/27
....
2,615
2,585
FW1706254.UP.FTS.B,
26.93%,
7/14/27
..
27,799
4,117
FW2637564.UP.FTS.B,
8.54%,
7/15/27
...
12,457
12,368
FW2634470.UP.FTS.B,
18.69%,
7/15/27
..
4,569
4,283
L2636132.UP.FTS.B,
21.91%,
7/15/27
....
9,136
9,030
FW2632621.UP.FTS.B,
22.95%,
7/15/27
..
4,922
4,871
FW2631473.UP.FTS.B,
23.57%,
7/15/27
..
1,072
77
L2631727.UP.FTS.B,
25.43%,
7/15/27
....
12,858
12,381
L2631820.UP.FTS.B,
25.45%,
7/15/27
....
8,521
1,257
L2638227.UP.FTS.B,
10.2%,
7/16/27
....
13,210
13,120
FW2644039.UP.FTS.B,
16.97%,
7/16/27
..
6,875
6,794
L2642906.UP.FTS.B,
18.21%,
7/16/27
....
45,625
42,841
FW2639528.UP.FTS.B,
18.78%,
7/16/27
..
39,353
39,050
L2640760.UP.FTS.B,
19.65%,
7/16/27
....
4,272
4,208
L2639355.UP.FTS.B,
21.49%,
7/16/27
....
3,254
3,205
L2641233.UP.FTS.B,
22.03%,
7/16/27
....
15,524
15,392
L2640849.UP.FTS.B,
22.86%,
7/16/27
....
3,644
1,046
L2640906.UP.FTS.B,
23.61%,
7/16/27
....
5,685
5,388
L2640669.UP.FTS.B,
23.79%,
7/16/27
....
300
102
L2643831.UP.FTS.B,
24.23%,
7/16/27
....
4,317
4,286
L2643306.UP.FTS.B,
25.49%,
7/16/27
....
18,113
17,983
FW2630978.UP.FTS.B,
26.06%,
7/16/27
..
1,070
(28)
FW2644291.UP.FTS.B,
28.88%,
7/16/27
..
5,819
414
FW2644628.UP.FTS.B,
30.88%,
7/16/27
..
1,341
1,331
FW2643274.UP.FTS.B,
30.91%,
7/16/27
..
17,339
16,802
L2645113.UP.FTS.B,
10.21%,
7/17/27
....
7,059
6,994
L2642277.UP.FTS.B,
22.82%,
7/17/27
....
5,931
5,847
L2642860.UP.FTS.B,
25.01%,
7/17/27
....
4,466
321
FW2645599.UP.FTS.B,
27.57%,
7/17/27
..
22,777
22,621
FW2645345.UP.FTS.B,
29.29%,
7/17/27
..
3,933
276
FW1873026.UP.FTS.B,
30.69%,
8/18/27
..
554
545
L2006623.UP.FTS.B,
15.18%,
9/09/27
....
9,448
9,311
FW2007802.UP.FTS.B,
23.93%,
9/09/27
..
31,407
30,964
FW2008085.UP.FTS.B,
31.48%,
9/09/27
..
4,529
321
FW2199121.UP.FTS.B,
15.58%,
10/07/27
.
16,972
8,810
L2202846.UP.FTS.B,
8.79%,
10/08/27
....
16,304
16,184
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
170
Description
Principal
Amount
Value
Marketplace
Loans
(continued)
Upstart
Network,
Inc.
(continued)
L2206074.UP.FTS.B,
15.01%,
10/08/27
...
$
6,608
$
6,554
L2202378.UP.FTS.B,
16.57%,
10/08/27
...
5,597
404
FW2202576.UP.FTS.B,
22.89%,
10/08/27
.
7,208
7,106
L2205138.UP.FTS.B,
24.86%,
10/08/27
...
3,167
3,118
L2206615.UP.FTS.B,
25.87%,
10/08/27
...
13,151
7,805
FW2202975.UP.FTS.B,
30.2%,
10/08/27
..
3,202
3,167
L2407212.UP.FTS.B,
7.8%,
11/11/27
.....
16,266
16,165
FW2411932.UP.FTS.B,
22.38%,
11/11/27
.
4,894
4,852
L2413593.UP.FTS.B,
23.06%,
11/11/27
...
8,259
8,156
FW2414721.UP.FTS.B,
28.43%,
11/12/27
.
5,595
5,550
L2636525.UP.FTS.B,
16.23%,
12/15/27
...
12,856
12,726
FW2631740.UP.FTS.B,
34.39%,
12/15/27
.
3,823
263
L2644100.UP.FTS.B,
5.16%,
12/16/27
....
5,262
5,233
FW2642156.UP.FTS.B,
26.37%,
12/16/27
.
2,579
2,554
FW2639053.UP.FTS.B,
29.06%,
12/16/27
.
3,143
3,127
FW2643411.UP.FTS.B,
29.58%,
12/16/27
.
5,109
5,068
L1710242.UP.FTS.B,
16.42%,
9/14/28
....
2,638
2,624
L1708682.UP.FTS.B,
24.71%,
9/14/28
....
46,395
140
L2008544.UP.FTS.B,
14.54%,
11/09/28
...
4,475
4,455
L1973640.UP.FTS.B,
20.1%,
11/09/28
....
9,503
9,455
L2008144.UP.FTS.B,
25.61%,
11/09/28
...
2,296
161
L2009558.UP.FTS.B,
26.34%,
11/09/28
...
17,098
16,999
L2195991.UP.FTS.B,
26.01%,
12/07/28
...
8,459
8,393
L2197007.UP.FTS.B,
26.07%,
12/07/28
...
2,436
2,413
L2204377.UP.FTS.B,
25.94%,
12/08/28
...
4,122
4,088
L2635238.UP.FTS.B,
13.81%,
2/15/29
....
13,744
13,674
L2631621.UP.FTS.B,
15.64%,
2/15/29
....
19,883
19,761
L2633434.UP.FTS.B,
17.36%,
2/15/29
....
4,262
4,240
L2633944.UP.FTS.B,
25.93%,
2/15/29
....
1,570
112
L2633742.UP.FTS.B,
25.95%,
2/15/29
....
3,029
3,011
L2634808.UP.FTS.B,
26.03%,
2/15/29
....
1,893
1,874
L2635718.UP.FTS.B,
26.25%,
2/15/29
....
2,380
2,243
L2633894.UP.FTS.B,
26.42%,
2/15/29
....
4,431
4,382
L2635317.UP.FTS.B,
27.28%,
2/15/29
....
2,183
2,165
L2637431.UP.FTS.B,
26.27%,
7/15/29
....
6,579
6,508
17,633,713
Total
Marketplace
Loans
(Cost
$68,591,553)
....
$62,521,162
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited),
January
31,
2023
Franklin
Strategic
Income
Fund
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
171
At
January
31,
2023,
the
Fund
had
the
following futures
contracts
outstanding.
At
January
31,
2023,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
January
31,
2023,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
30-day
Federal
Funds
.........................
Short
1,490
$
592,601,779
12/29/23
$
465,152
U.S.
Treasury
10
Year
Notes
....................
Long
527
60,349,734
3/22/23
649,684
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
208
25,210,250
3/22/23
392,965
U.S.
Treasury
5
Year
Notes
.....................
Long
136
14,856,938
3/31/23
107,086
U.S.
Treasury
Ultra
Bonds
......................
Long
166
23,530,500
3/22/23
720,818
Total
Futures
Contracts
......................................................................
$2,335,705
*
As
of
period
end.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Brazilian
Real
......
JPHQ
Buy
8,000,000
1,568,628
2/06/23
$
6,496
$
—
Brazilian
Real
......
JPHQ
Sell
8,000,000
1,529,432
2/06/23
—
(45,691)
Columbian
Peso
....
JPHQ
Sell
54,500,000,000
10,826,918
2/28/23
—
(798,913)
Euro
.............
JPHQ
Sell
17,606,000
19,049,259
4/17/23
—
(179,972)
Brazilian
Real
......
JPHQ
Sell
6,800,000
1,311,779
5/08/23
—
(3,051)
Euro
.............
JPHQ
Sell
7,150,000
7,611,393
7/10/23
—
(232,297)
Japanese
Yen
......
JPHQ
Buy
1,900,000,000
14,625,397
7/10/23
304,200
—
Total
Forward
Exchange
Contracts
...................................................
$310,696
$(1,259,924)
Net
unrealized
appreciation
(depreciation)
............................................
$(949,228)
*
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)
OTC
Swap
Contracts
Contracts
to
Sell
Protection
(c)(d)
Single
Name
Carnival
Corp.
..
1.00%
Quarterly
CITI
6/20/27
17,820,000
$
(4,642,197)
$
(2,830,345)
$
(1,811,852)
B-
Mexico
Government
Bond
......
1.00%
Quarterly
GSCO
6/20/26
7,000,000
41,295
13,763
27,532
BBB
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
At
January
31,
2023,
the
Fund
had
the
following total
return swap
contracts
outstanding.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
(c)(d)
(continued)
Traded
Index
(e)
BNP
Paribas
Bespoke
Haverhill
Index,
Mezzanine
Tranche
5-10%
4.10%
Quarterly
BNDP
12/20/23
3,150,000
EUR
$
36,287
$
—
$
36,287
Non-
Investment
Grade
(e)
Citibank
Bespoke
Kenai
Index,
Equity
Tranche
0-5%
—%
Quarterly
CITI
12/20/23
22,100,000
(5,670,281)
(2,992,929)
(2,677,352)
Non-
Investment
Grade
(e)
Citibank
Bespoke
Rotorua
Index,
Mezzanine
Tranche
5-10%
3.60%
Quarterly
CITI
12/20/23
5,300,000
47,570
—
47,570
Non-
Investment
Grade
MCDX.
NA.MAIN.31
.
1.00%
Quarterly
CITI
12/20/23
23,060,000
133,120
41,185
91,935
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$(10,054,206)
$(5,768,326)
$(4,285,880)
Total
Credit
Default
Swap
Contracts
....................................
$(10,054,206)
$
(5,768,326)
$(4,285,880)
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
(e)
Represents
a
custom
index
comprised
of
a
basket
of
underlying
instruments.
Total
Return
Swap
Contracts
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value
*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
Short
(a)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BZWS
3/20/23
13,800,000
$
(754,930)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
3/20/23
8,855,000
(457,576)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BNDP
3/20/23
1,820,000
(110,131)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
BNDP
3/20/23
5,525,000
(319,087)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
14,750,000
(586,342)
Franklin
Strategic
Series
Schedule
of
Investments
(unaudited)
Franklin
Strategic
Income
Fund
(continued)
franklintempleton.com
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
Total
Return
Swap
Contracts
(continued)
Underlying
Instruments
Financing
Rate
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Value*
Value/
Unrealized
Appreciation
(Depreciation)
OTC
Swap
Contracts
(continued)
Short
(a)
(continued)
Markit
iBoxx
USD
Liquid
Leveraged
Loans
Total
Return
Index
...........................
1-day
SOFR
Quarterly
MSCO
6/20/23
14,750,000
$
(490,694)
Total
Return
Swap
Contracts
...................................................................
$(2,718,760)
*
In
U.S.
dollars
unless
otherwise
indicated.
(a)
The
Fund
receives
the
total
return
on
the
underlying
instrument
and
pays
a
variable
financing
rate.
See
Abbreviations
on
page
192.
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
174
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.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Investments
in
repurchase
agreements
are
valued
at
cost,
which
approximates
fair
value.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Funds’
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Funds’ net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
175
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,
2023,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds’
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds’
portfolio securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds for
financial
reporting
purposes.
3.
Restricted
Securities
At
January
31,
2023,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
Shares
Issuer
Acquisition
Date
Cost
Value
Franklin
Biotechnology
Discovery
Fund
189,499
Artiva
Biotherapeutics,
Inc.,
B
...................
2/22/21
$
2,084,489
$
979,583
779,505
Pipeline
Therapeutics,
Inc.,
C
...................
2/09/21
2,088,995
922,767
Total
Restricted
Securities
(Value
is
0.2%
of
Net
Assets)
..............
$4,173,484
$1,902,350
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
11,829
Canva,
Inc.
................................
12/22/21
$
20,158,531
$
10,158,752
4,619
Celonis
SE
.................................
6/16/21
1,708,060
1,708,060
25,571
Celonis
SE,
D
..............................
6/16/21-10/04/22
9,427,681
9,455,900
6,309,366
ClearMotion
Inc
.............................
11/06/17-12/21/18
15,
499
,
999
658,742
1,042,585
ClearMotion,
Inc.,
2/01/49
.....................
12/21/21
—
37,131
2,606,463
ClearMotion,
Inc.,
A-4
.........................
12/21/21
251,500
323,410
338,280
Databricks,
Inc.,
G
...........................
2/01/21
20,000,005
17,572,714
1,029,939
Fanatics
Holdings,
Inc.
........................
8/13/20-3/22/21
19,730,229
78,450,454
37,734
IL
MAKIAGE
Cosmetics
(2013)
Ltd.
..............
12/06/21
16,241,091
17,339,279
810,440
Lacework,
Inc.,
D
............................
11/12/21
20,330,471
13,801,741
517,056
OneTrust
LLC,
C
............................
4/01/21
10,139,623
6,775,782
556,026
Optoro,
Inc.,
E
..............................
7/24/18-12/01/21
10,942,592
9,556,399
142,857
Space
Exploration
Technologies
Corp.,
A
..........
5/25/22
9,999,990
10,999,989
2. Financial
Instrument
Valuation
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
176
Quarterly
Schedules
of
Investments
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Growth
Opportunities
Fund
(continued)
1,753,060
Talkdesk,
Inc.,
C
............................
7/15/20
$
11,517,955
$
10,427,166
805,800
Tanium,
Inc.,
G
..............................
9/14/15
4,000,233
4,715,653
504,854
Tempus
Labs,
Inc.,
F
.........................
5/29/19
12,499,983
16,497,717
126,131
Tempus
Labs,
Inc.,
G
.........................
2/06/20
4,837,42
7
4,121,733
Total
Restricted
Securities
(Value
is
5.9%
of
Net
Assets)
..............
$187,285,370
$212,600,622
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small
Cap
Growth
Fund
3,436,485
1661,
Inc.,
F
................................
5/28/21
$
19,999,999
$
7,419,811
382,306
Benchling,
Inc.,
F
............................
10/20/21
12,499,992
7,344,197
1,388,889
Checkr,
Inc.,
E
..............................
8/24/21
25,000,002
22,487,908
3,698,772
ClearMotion,
Inc
.............................
12/21/18
10,000,000
386,178
2,590,918
ClearMotion,
Inc.,
2/01/49
.....................
12/21/21
—
92,273
6,477,294
ClearMotion,
Inc.,
A-4
.........................
12/21/21
625,000
803,702
709,046
Newsela,
Inc.,
D
.............................
1/21/21
15,000,010
10,700,160
554,878
Optoro,
Inc.,
E
..............................
7/24/18-12/01/21
10,919,999
9,536,669
162,712
Smule
Inc
.................................
8/05/22-11/28/22
764,393
813,560
1,542,673
Smule,
Inc.,
144A,
G
.........................
5/31/16
11,099,995
3,940,613
352,675
Smule,
Inc.,
144A,
H
.........................
4/27/17
2,999,995
1,064,978
361,111
Tula
eTechnology,
Inc.
........................
11/01/18
—
—
3,611,111
Tula
eTechnology,
Inc.,
E
......................
9/08/17
6,500,000
6,600,573
Total
Restricted
Securities
(Value
is
2.6%
of
Net
Assets)
..............
$115,409,385
$71,190,622
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
347,106
Benchling,
Inc.,
F
............................
10/20/21
$
11,349,082
$
6,667,996
1
Blaize,
Inc
.................................
1/19/23
57
—
570,121
Blaize,
Inc.,
10%,
12/09/24
.....................
1/19/23
570,121
570,178
146,765
Blaize,
Inc.,
9/19/25
..........................
9/20/22-9/22/22
5
8,696
227,435
Blaize,
Inc.,
D
..............................
3/02/21-11/09/21
2,374,990
752,314
1,720,949
Blaize,
Inc.,
D
.
..............................
3/02/21-11/09/21
17,971,019
5,327,521
260,815
Blaize,
Inc.,
D,
2/28/24
........................
3/01/21-11/09/21
—
1,737
1,467,659
Blaize,
Inc.,
D-2
.............................
4/01/22-9/20/22
7,099,996
2,393,665
227,829
Databricks,
Inc.,
G
...........................
2/01/21
13,469,850
11,835,089
793,714
Fanatics
Holdings,
Inc.
........................
8/13/20-3/22/21
14,052,061
60,457,195
423,782
Newsela,
Inc.,
D
.............................
1/21/21
8,965,193
6,395,262
767,526
OneTrust
LLC,
C
............................
4/01/21
15,051,415
10,058,077
2,970,061
Phononic
Devices,
Inc.,
F
......................
6/06/19
7,499,998
1,495,975
513,050
Phononic
Devices,
Inc.,
G-2
....................
1/17/20-11/03/20
47
591,624
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
177
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,
2023,
investments
in
“affiliated
companies”
were
as
follows:
Principal
Amount*/
Shares/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Small-Mid
Cap
Growth
Fund
(continued)
117,763
Phononic,
Inc
...............................
10/17/22
$
460,645
$
519,973
775,689
Phononic,
Inc.,
Advance
Term
Loan,
12%,
PIK,
6/30/25
10/17/22
717,145
711,128
47,104
Phononic,
Inc.,
H,
10/17/27
....................
10/17/22
44,029
50,892
Total
Restricted
Securities
(Value
is
2.9%
of
Net
Assets)
..............
$99,625,653
$107,837,322
Principal
Amount
*
/
Shares
/
Warrants
Issuer
Acquisition
Date
Cost
Value
Franklin
Strategic
Income
Fund
125,940,079
K2016470219
South
Africa
Ltd.,
A
...............
2/08/13-2/01/17
$
977,123
$
—
12,532,821
K2016470219
South
Africa
Ltd.,
B
...............
2/01/17
9,307
—
6,000,000
WorkCapital
BSD
SARL,
2/13/26
................
2/15/19
750,000
—
20,000,000
WorkCapital
BSD
SARL,
Term
Loan,
(1-month
SOFR),
1/01/38
..................................
2/13/19
19,530,078
—
Total
Restricted
Securities
(Value
is
—%
of
Net
Assets)
..............
$21,266,508
$—
*
In
U.S.
dollars
unless
otherwise
indicated.
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
S
hares/Warrants/
Principal
Amount
*
Held
at
End
of
Period
Investment
Income
Franklin
Biotechnology
Discovery
Fund
Controlled
Affiliates
a
Dividends
Benitec
Biopharma,
Inc.,
II,
9/14/27
..........
$
—
$
702
$
—
$
—
$
419,442
$
420,144
7,019,473
$
—
Non-Controlled
Affiliates
Dividends
Applied
Therapeutics,
Inc.
1,499,867
814,300
—
—
(565,191)
1,748,976
1,575,654
—
Applied
Therapeutics,
Inc.,
6/27/27
..........
—
813,919
—
—
89,540
903,459
814,000
—
3.
Restricted
Securities
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
178
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
.
.........
$
—
$
—
$
—
$
—
$
810,808
$
810,808
1,628,100
$
—
Artiva
Biotherapeutics,
Inc.,
B
..........
797,876
—
—
—
181,707
979,583
189,499
—
Benitec
Biopharma,
Inc.
—
3,721,218
—
—
(2,294,513)
1,426,705
6,203,064
—
Total
Affiliated
Securities
(Value
is
0.7%
of
Net
Assets)
..........
$2,297,743
$5,350,139
$—
$
—
$
(1,358,207)
$6,289,675
$—
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
ClearMotion
Inc
......
624,624
—
—
—
34,118
658,742
6,309,366
—
ClearMotion,
Inc.,
2/01/49
—
—
b
—
—
37,131
37,131
1,042,585
—
ClearMotion,
Inc.,
A-4
..
301,800
—
(251,500)
b
—
(50,300)
—
—
—
ClearMotion,
Inc.,
A-4
.
.
—
251,500
b
—
—
71,910
323,410
2,606,463
—
Optoro,
Inc.,
E
.......
9,587,680
—
—
—
(31,281)
9,556,399
556,026
—
Talkdesk,
Inc.,
C
.....
26,669,323
—
—
—
(16,242,157)
10,427,166
1,753,060
—
Total
Affiliated
Securities
(Value
is
0.6%
of
Net
Assets)
..........
$37,183,427
$251,500
$(251,500)
$
—
$
(16,180,579)
$21,002,848
$—
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
1661,
Inc.,
F
........
11,377,470
—
—
—
(3,957,659)
7,419,811
3,436,485
—
Benchling,
Inc.,
F
.....
6,824,162
—
—
—
520,035
7,344,197
382,306
—
ClearMotion,
Inc
.....
379,232
—
—
—
6,946
386,178
3,698,772
—
ClearMotion,
Inc.,
2/01/49
—
—
b
—
—
92,273
92,273
2,590,918
—
ClearMotion,
Inc.,
A-4
..
750,000
—
(625,000)
b
—
(125,000)
—
—
—
ClearMotion,
Inc.,
A-4
.
.
—
625,000
b
—
—
178,702
803,702
6,477,294
—
EyePoint
Pharmaceuticals,
Inc
.............
19,500,410
2,159,555
—
—
(12,267,269)
9,392,696
2,015,600
—
Nerdy,
Inc.
.........
16,226,640
118,579
—
—
—
c
—
c
—
c
—
Optoro,
Inc.,
E
.......
9,567,885
—
—
—
(31,216)
9,536,669
554,878
—
Paymentus
Holdings,
Inc.,
A
..............
27,620,424
6,438,836
—
—
(14,982,103)
19,077,157
2,195,300
—
Total
Affiliated
Securities
(Value
is
2.0%
of
Net
Assets)
..........
$92,246,223
$9,341,970
$(625,000)
$
—
$
(30,565,291)
$54,052,683
$—
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
179
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
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Benchling,
Inc.,
F
.....
$
6,195,842
$
—
$
—
$
—
$
472,154
$
6,667,996
347,106
$
—
Blaize,
Inc
.........
—
57
—
—
(57)
—
1
—
Blaize,
Inc.,
9/19/25
...
—
5
(5)
5
8,691
8,696
146,765
—
Blaize,
Inc.,
D
.......
2,374,990
—
—
—
(1,622,676)
752,314
227,435
—
Blaize,
Inc.,
D
.
......
14,358,305
—
—
—
(9,030,784)
5,327,521
1,720,949
—
Blaize,
Inc.,
D,
2/28/24
.
67,020
—
—
—
(65,283)
1,737
260,815
—
Blaize,
Inc.,
D-2
......
—
7,099,996
b
—
—
(4,706,331)
2,393,665
1,467,659
—
Phononic
Devices,
Inc.,
F
6,044,404
—
—
—
(4,548,429)
1,495,975
2,970,061
—
Phononic
Devices,
Inc.,
G-2
............
1,605,117
—
—
—
(1,013,493)
591,624
513,050
—
Phononic,
Inc
.......
—
460,645
—
—
59,328
519,973
117,763
—
Phononic,
Inc.,
H,
10/17/27
.........
—
44,029
—
—
6,863
50,892
47,104
—
Interest
Blaize,
Inc.,
10%,
12/09/24
—
570,121
—
—
57
570,178
570,121
1,900
Blaize,
Inc.,
D,
10%,
8/24/23
..........
4,725,000
—
(4,725,000)
b
—
—
—
d
—
—
Phononic,
Inc.,
Advance
Term
Loan,
12%,
PIK,
6/30/25
..........
—
717,144
—
—
(6,016)
711,128
775,689
67,567
Phononic,
Inc.,
Advance
Term
Loan,
B,
12%,
PIK,
7/31/26
..........
112,590
3,466
(127,770)
(3,185)
14,899
—
d
—
1,790
Phononic,
Inc.,
Advance
Term
Loan,
D,
12%,
PIK,
12/01/25
......
266,507
8,105
(317,720)
4,989
38,119
—
d
—
4,400
Phononic,
Inc.,
Term
Loan,
A,
12%,
PIK,
1/17/24
.
568,451
17,507
(609,203)
(31,791)
55,036
—
d
—
8,644
Phononic,
Inc.,
Term
Loan,
C,
12%,
PIK,
8/25/24
108,823
3,310
(128,950)
1,825
14,992
—
d
—
1,745
Total
Affiliated
Securities
(Value
is
0.5%
of
Net
Assets)
..........
$36,427,049
$8,924,385
$(5,908,648)
$
(28,157)
$
(20,322,930)
$19,091,699
$86,046
*
In
U.S.
dollars
unless
otherwise
indicated.
a
Issuer
in
which
the
Fund
owns
25%
or
more
of
the
outstanding
voting
securities.
b
May
include
accretion,
amortization,
partnership
adjustments,
and/or
corporate
actions.
c
As
of
January
31,
2023,
no
longer
an
affiliate.
d
As
of
January
31,
2023,
no
longer
held
by
the
fund.
4.
Holding
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
180
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,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows:
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Biotechnology
Discovery
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$
6,199,878
$
148,324,511
$
(108,177,434)
$
—
$
—
$
46,346,955
46,346,955
$
243,619
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$4,994,101
$73,553,740
$(73,947,856)
$—
$—
$4,599,985
4,599,985
$40,519
Total
Affiliated
Securities
...
$11,193,979
$221,878,251
$(182,125,290)
$—
$—
$50,946,940
$284,138
Franklin
Growth
Opportunities
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$
66,393,267
$
456,368,777
$
(503,406,801)
$
—
$
—
$
19,355,243
19,355,243
$
839,030
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$98,247,070
$314,384,341
$(381,093,178)
$—
$—
$31,538,233
31,538,233
$639,533
Total
Affiliated
Securities
...
$164,640,337
$770,753,118
$(884,499,979)
$—
$—
$50,893,476
$1,478,563
Franklin
Natural
Resources
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$
18,559,837
$
78,801,431
$
(89,459,832)
$
—
$
—
$
7,901,436
7,901,436
$
177,546
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$3,718,640
$36,935,174
$(40,049,173)
$—
$—
$604,641
604,641
$15,731
Total
Affiliated
Securities
...
$22,278,477
$115,736,605
$(129,509,005)
$—
$—
$8,506,077
$193,277
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
181
Quarterly
Schedules
of
Investments
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$
69,092,890
$
318,459,433
$
(327,185,316)
$
—
$
—
$
60,367,007
60,367,007
$
685,145
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$87,800,835
$428,888,720
$(503,758,496)
$—
$—
$12,931,059
12,931,059
$589,329
Total
Affiliated
Securities
...
$156,893,725
$747,348,153
$(830,943,812)
$—
$—
$73,298,066
$1,274,474
Franklin
Small-Mid
Cap
Growth
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$
195,919,198
$
339,125,096
$
(351,400,590)
$
—
$
—
$
183,643,704
183,643,704
$
2,860,604
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$22,421,425
$63,808,120
$(86,229,545)
$—
$—
$—
—
$17,272
Total
Affiliated
Securities
...
$218,340,623
$402,933,216
$(437,630,135)
$—
$—
$183,643,704
$2,877,876
Franklin
Strategic
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Floating
Rate
Income
Fund
..................
$
318,685,701
$
—
$
(118,438,100)
$
(35,343,967)
$
19,541,028
$
184,444,662
23,707,540
$
11,583,544
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$
43,841,735
$
7,808,125
$
(13,318,421)
$
—
$
—
$
38,331,439
38,331,439
$
629,424
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
3.969%
$4,261,000
$288,000
$(4,549,000)
$—
$—
$—
—
$1,120
Total
Affiliated
Securities
...
$366,788,436
$8,096,125
$(136,305,521)
$(35,343,967)
$19,541,028
$222,776,101
$12,214,088
5.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
182
Quarterly
Schedules
of
Investments
6. Fair
Value
Measurements
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2023,
in
valuing
the
Funds’
assets
and
liabilities
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Biotechnology
Discovery
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
816,732,626
$
—
$
—
$
816,732,626
Preferred
Stocks
:
Biotechnology
.........................
—
—
922,767
922,767
Health
Care
Providers
&
Services
..........
—
—
979,583
979,583
Life
Sciences
Tools
&
Services
............
—
4,125,581
—
4,125,581
Warrants
:
Biotechnology
.........................
—
903,459
1,230,952
2,134,411
Pharmaceuticals
.......................
20,967
—
—
20,967
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
50,946,940
—
—
50,946,940
Total
Investments
in
Securities
...........
$867,700,533
$5,029,040
b
$3,133,302
$875,862,875
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
29,339,062
—
10,999,989
40,339,051
Automobiles
..........................
35,848,701
—
—
35,848,701
Beverages
...........................
90,576,036
—
—
90,576,036
Biotechnology
.........................
5,559,004
—
—
5,559,004
Capital
Markets
........................
225,983,936
—
—
225,983,936
Chemicals
...........................
61,372,492
—
—
61,372,492
Commercial
Services
&
Supplies
...........
40,638,771
—
11,163,960
51,802,731
Electric
Utilities
........................
40,454,087
—
—
40,454,087
Equity
Real
Estate
Investment
Trusts
(REITs)
.
107,255,400
—
—
107,255,400
Food
&
Staples
Retailing
.................
9,034,911
—
—
9,034,911
Food
Products
........................
32,364,860
—
—
32,364,860
Health
Care
Equipment
&
Supplies
.........
105,462,470
—
17,339,279
122,801,749
Health
Care
Providers
&
Services
..........
122,233,692
—
—
122,233,692
Health
Care
Technology
.................
18,715,475
—
—
18,715,475
Hotels,
Restaurants
&
Leisure
.............
90,981,604
—
—
90,981,604
Industrial
Conglomerates
................
44,564,268
—
—
44,564,268
Interactive
Media
&
Services
..............
185,587,617
—
—
185,587,617
Internet
&
Direct
Marketing
Retail
..........
188,973,968
—
—
188,973,968
IT
Services
...........................
318,548,086
—
10,158,752
328,706,838
Leisure
Products
.......................
—
—
78,450,454
78,450,454
Life
Sciences
Tools
&
Services
............
182,379,228
—
—
182,379,228
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
183
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Growth
Opportunities
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Common
Stocks:
Machinery
............................
$
13,483,543
$
—
$
—
$
13,483,543
Pharmaceuticals
.......................
144,296,710
—
—
144,296,710
Professional
Services
...................
96,049,814
—
—
96,049,814
Road
&
Rail
..........................
93,472,154
—
—
93,472,154
Semiconductors
&
Semiconductor
Equipment
.
188,571,977
—
—
188,571,977
Software
.............................
625,749,225
—
658,742
626,407,967
Specialty
Retail
........................
59,709,204
—
—
59,709,204
Technology
Hardware,
Storage
&
Peripherals
.
178,682,820
—
—
178,682,820
Textiles,
Apparel
&
Luxury
Goods
..........
36,989,620
—
—
36,989,620
Convertible
Preferred
Stocks
................
—
—
38,150,237
38,150,237
Preferred
Stocks
.........................
—
—
45,642,078
45,642,078
Warrants
...............................
—
—
37,131
37,131
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
50,893,476
—
—
50,893,476
Total
Investments
in
Securities
...........
$3,423,772,211
$—
$212,600,622
$3,636,372,833
Level
1
Level
2
Level
3
Total
Franklin
Natural
Resources
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Agricultural
Products
....................
$
4,519,634
$
—
$
—
$
4,519,634
Construction
Machinery
&
Heavy
Trucks
.....
2,533,680
—
—
2,533,680
Construction
Materials
..................
3,236,760
—
—
3,236,760
Copper
..............................
27,283,559
5,115,745
—
32,399,304
Diversified
Chemicals
...................
4,293,995
—
—
4,293,995
Diversified
Metals
&
Mining
...............
17,184,390
7,896,486
—
25,080,876
Electrical
Components
&
Equipment
........
7,557,113
—
—
7,557,113
Environmental
&
Facilities
Services
.........
1,598,272
—
—
1,598,272
Fertilizers
&
Agricultural
Chemicals
.........
8,805,628
—
—
8,805,628
Gold
................................
30,379,951
—
—
30,379,951
Heavy
Electrical
Equipment
..............
1,898,775
—
—
1,898,775
Industrial
Gases
.......................
15,290,301
—
—
15,290,301
Industrial
Machinery
....................
3,817,167
—
—
3,817,167
Integrated
Oil
&
Gas
....................
76,601,338
—
—
76,601,338
Marine
..............................
1,646,745
—
—
1,646,745
Metal
&
Glass
Containers
................
5,302,960
—
—
5,302,960
Oil
&
Gas
Drilling
......................
6,770,204
—
—
6,770,204
Oil
&
Gas
Equipment
&
Services
...........
58,797,185
2,665,687
—
61,462,872
Oil
&
Gas
Exploration
&
Production
.........
89,253,667
3,775,196
—
93,028,863
Oil
&
Gas
Refining
&
Marketing
............
28,045,361
—
—
28,045,361
Oil
&
Gas
Storage
&
Transportation
.........
38,247,314
—
—
38,247,314
Paper
Packaging
......................
2,796,920
—
—
2,796,920
Semiconductor
Equipment
...............
2,265,823
—
—
2,265,823
Specialty
Chemicals
....................
5,326,716
734,047
—
6,060,763
Steel
................................
3,874,232
—
—
3,874,232
Trading
Companies
&
Distributors
..........
4,968,568
—
—
4,968,568
Warrants
..............................
768,268
—
—
768,268
Convertible
Bonds
.......................
—
1,377,720
—
1,377,720
Short
Term
Investments
...................
8,506,077
—
—
8,506,077
Total
Investments
in
Securities
...........
$461,570,603
$21,564,881
c
$—
$483,135,484
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
184
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
$
135,430,489
$
—
$
—
$
135,430,489
Airlines
..............................
41,596,248
—
—
41,596,248
Banks
...............................
68,546,690
—
—
68,546,690
Biotechnology
.........................
199,420,503
—
—
199,420,503
Building
Products
......................
27,384,244
—
—
27,384,244
Capital
Markets
........................
99,792,358
—
—
99,792,358
Communications
Equipment
..............
21,746,850
—
—
21,746,850
Construction
&
Engineering
...............
75,022,533
—
—
75,022,533
Diversified
Consumer
Services
............
12,541,724
—
—
12,541,724
Electronic
Equipment,
Instruments
&
Components
........................
25,130,336
—
—
25,130,336
Energy
Equipment
&
Services
.............
38,177,211
—
—
38,177,211
Equity
Real
Estate
Investment
Trusts
(REITs)
.
60,052,542
—
—
60,052,542
Food
&
Staples
Retailing
.................
50,147,496
—
—
50,147,496
Food
Products
........................
101,202,458
—
—
101,202,458
Health
Care
Equipment
&
Supplies
.........
171,831,154
—
—
171,831,154
Health
Care
Providers
&
Services
..........
86,777,391
—
—
86,777,391
Health
Care
Technology
.................
67,507,864
—
—
67,507,864
Hotels,
Restaurants
&
Leisure
.............
136,029,501
—
—
136,029,501
Household
Durables
....................
96,301,118
—
—
96,301,118
Internet
&
Direct
Marketing
Retail
..........
6,225,039
—
—
6,225,039
IT
Services
...........................
142,723,600
—
—
142,723,600
Life
Sciences
Tools
&
Services
............
18,667,530
—
—
18,667,530
Machinery
............................
89,760,358
—
—
89,760,358
Media
...............................
23,069,515
—
—
23,069,515
Oil,
Gas
&
Consumable
Fuels
.............
36,976,824
—
—
36,976,824
Personal
Products
.....................
34,023,492
—
—
34,023,492
Pharmaceuticals
.......................
84,648,320
—
—
84,648,320
Professional
Services
...................
20,954,758
—
—
20,954,758
Semiconductors
&
Semiconductor
Equipment
.
136,315,603
—
—
136,315,603
Software
.............................
209,812,611
—
386,178
210,198,789
Specialty
Retail
........................
149,800,918
—
—
149,800,918
Textiles,
Apparel
&
Luxury
Goods
..........
31,623,076
—
—
31,623,076
Trading
Companies
&
Distributors
..........
82,736,191
—
—
82,736,191
Convertible
Preferred
Stocks
................
—
—
47,952,076
47,952,076
Preferred
Stocks
.........................
—
—
22,760,095
a
22,760,095
Warrants
...............................
—
—
92,273
92,273
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
73,298,066
—
—
73,298,066
Total
Investments
in
Securities
...........
$2,655,274,611
$—
$71,190,622
$2,726,465,233
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
62,587,800
—
—
62,587,800
Airlines
..............................
57,289,320
—
—
57,289,320
Banks
...............................
50,666,432
—
—
50,666,432
Beverages
...........................
23,163,182
—
—
23,163,182
Biotechnology
.........................
101,158,252
—
—
101,158,252
Building
Products
......................
55,903,352
—
—
55,903,352
Capital
Markets
........................
174,635,936
—
—
174,635,936
Chemicals
...........................
15,339,025
—
—
15,339,025
Commercial
Services
&
Supplies
...........
43,974,086
—
—
43,974,086
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
185
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:
Communications
Equipment
..............
$
57,553,334
$
—
$
—
$
57,553,334
Containers
&
Packaging
.................
50,447,872
—
—
50,447,872
Electrical
Equipment
....................
75,890,538
—
—
75,890,538
Electronic
Equipment,
Instruments
&
Components
........................
88,368,231
—
—
88,368,231
Entertainment
.........................
17,179,857
—
—
17,179,857
Equity
Real
Estate
Investment
Trusts
(REITs)
.
100,099,752
—
—
100,099,752
Food
Products
........................
18,340,368
—
—
18,340,368
Health
Care
Equipment
&
Supplies
.........
219,484,273
—
—
219,484,273
Health
Care
Providers
&
Services
..........
21,638,260
—
—
21,638,260
Health
Care
Technology
.................
67,100,930
—
—
67,100,930
Hotels,
Restaurants
&
Leisure
.............
234,418,536
—
—
234,418,536
Household
Durables
....................
57,970,000
—
—
57,970,000
Interactive
Media
&
Services
..............
69,381,326
—
—
69,381,326
IT
Services
...........................
154,549,404
24,342,824
—
178,892,228
Leisure
Products
.......................
—
—
60,457,195
60,457,195
Life
Sciences
Tools
&
Services
............
211,238,318
—
—
211,238,318
Machinery
............................
52,181,179
—
—
52,181,179
Oil,
Gas
&
Consumable
Fuels
.............
89,210,941
—
—
89,210,941
Personal
Products
.....................
33,949,756
—
—
33,949,756
Pharmaceuticals
.......................
52,867,143
—
—
52,867,143
Professional
Services
...................
81,473,150
—
—
81,473,150
Road
&
Rail
..........................
99,446,048
—
—
99,446,048
Semiconductors
&
Semiconductor
Equipment
.
157,308,542
—
—
157,308,542
Software
.............................
436,881,537
—
—
a
436,881,537
Specialty
Retail
........................
216,726,997
—
—
216,726,997
Textiles,
Apparel
&
Luxury
Goods
..........
91,595,600
—
—
91,595,600
Trading
Companies
&
Distributors
..........
67,833,045
—
—
67,833,045
Convertible
Preferred
Stocks
................
—
—
44,925,899
44,925,899
Preferred
Stocks
.........................
—
—
1,111,597
1,111,597
Warrants
...............................
—
—
61,325
61,325
Corporate
Bonds
........................
—
—
570,178
570,178
Senior
Floating
Rate
Interests
...............
—
—
711,128
711,128
Escrows
and
Litigation
Trusts
...............
—
—
—
a
—
Short
Term
Investments
...................
183,643,704
12,054,913
—
195,698,617
Total
Investments
in
Securities
...........
$3,591,496,026
$36,397,737
d
$107,837,322
$3,735,731,085
Franklin
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Energy
Equipment
&
Services
.............
8,619,879
—
—
8,619,879
Media
...............................
1,452,379
—
—
1,452,379
Multiline
Retail
........................
—
—
—
a
—
Oil,
Gas
&
Consumable
Fuels
.............
45,794
7,107,170
—
7,152,964
Management
Investment
Companies
.........
—
184,444,662
—
184,444,662
Warrants
...............................
—
—
—
a
—
Convertible
Bonds
.......................
—
42,869
—
42,869
Corporate
Bonds
:
Aerospace
&
Defense
...................
—
22,762,090
—
22,762,090
Air
Freight
&
Logistics
...................
—
3,158,368
—
3,158,368
Airlines
..............................
—
16,753,412
—
16,753,412
Auto
Components
......................
—
30,400,770
—
30,400,770
Automobiles
..........................
—
9,424,542
—
9,424,542
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
186
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Banks
...............................
$
—
$
143,301,620
$
—
$
143,301,620
Beverages
...........................
—
7,343,442
—
7,343,442
Biotechnology
.........................
—
9,422,919
—
9,422,919
Building
Products
......................
—
16,511,913
—
16,511,913
Capital
Markets
........................
—
85,008,363
—
85,008,363
Chemicals
...........................
—
54,071,538
—
54,071,538
Commercial
Services
&
Supplies
...........
—
14,974,361
—
14,974,361
Communications
Equipment
..............
—
5,232,002
—
5,232,002
Construction
&
Engineering
...............
—
2,328,485
—
2,328,485
Consumer
Finance
.....................
—
17,732,389
—
17,732,389
Containers
&
Packaging
.................
—
33,987,243
—
33,987,243
Diversified
Consumer
Services
............
—
7,118,175
—
7,118,175
Diversified
Financial
Services
.............
—
5,853,359
1,478,514
7,331,873
Diversified
Telecommunication
Services
.....
—
38,169,760
—
38,169,760
Electric
Utilities
........................
—
46,846,610
—
46,846,610
Electrical
Equipment
....................
—
9,221,206
—
9,221,206
Electronic
Equipment,
Instruments
&
Components
........................
—
11,302,662
—
11,302,662
Energy
Equipment
&
Services
.............
—
3,836,694
—
3,836,694
Entertainment
.........................
—
15,801,545
—
15,801,545
Equity
Real
Estate
Investment
Trusts
(REITs)
.
—
20,814,994
—
20,814,994
Food
Products
........................
—
18,692,717
—
18,692,717
Gas
Utilities
..........................
—
2,045,916
—
2,045,916
Health
Care
Equipment
&
Supplies
.........
—
12,117,337
—
12,117,337
Health
Care
Providers
&
Services
..........
—
56,881,517
—
56,881,517
Hotels,
Restaurants
&
Leisure
.............
—
35,368,870
—
35,368,870
Household
Durables
....................
—
2,442,728
—
2,442,728
Household
Products
....................
—
9,674,297
—
9,674,297
Independent
Power
and
Renewable
Electricity
Producers
..........................
—
52,684,836
—
52,684,836
Insurance
............................
—
20,300,092
—
20,300,092
Interactive
Media
&
Services
..............
—
14,409,000
—
14,409,000
Internet
&
Direct
Marketing
Retail
..........
—
4,581,631
—
4,581,631
IT
Services
...........................
—
26,709,423
—
26,709,423
Machinery
............................
—
8,266,835
—
8,266,835
Media
...............................
—
60,426,073
—
60,426,073
Metals
&
Mining
.......................
—
22,823,404
—
22,823,404
Multiline
Retail
........................
—
—
—
a
—
Multi-Utilities
..........................
—
10,216,130
—
10,216,130
Oil,
Gas
&
Consumable
Fuels
.............
—
120,071,961
—
120,071,961
Paper
&
Forest
Products
.................
—
9,586,688
—
9,586,688
Personal
Products
.....................
—
13,776,464
—
13,776,464
Pharmaceuticals
.......................
—
30,737,985
—
30,737,985
Real
Estate
Management
&
Development
....
—
8,313,610
—
8,313,610
Road
&
Rail
..........................
—
9,355,631
—
9,355,631
Software
.............................
—
6,073,945
—
6,073,945
Specialty
Retail
........................
—
7,632,241
—
7,632,241
Technology
Hardware,
Storage
&
Peripherals
.
—
1,766,231
—
1,766,231
Thrifts
&
Mortgage
Finance
...............
—
15,315,508
—
15,315,508
Tobacco
.............................
—
15,645,546
—
15,645,546
Trading
Companies
&
Distributors
..........
—
19,659,657
—
19,659,657
Transportation
Infrastructure
..............
—
738,276
—
738,276
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
187
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,
2023,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Strategic
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Wireless
Telecommunication
Services
.......
$
—
$
16,054,434
$
—
$
16,054,434
Senior
Floating
Rate
Interests
...............
—
—
—
a
—
Marketplace
Loans
.......................
—
—
62,521,162
62,521,162
Foreign
Government
and
Agency
Securities
....
—
99,029,370
—
99,029,370
U.S.
Government
and
Agency
Securities
.......
—
570,435,404
—
570,435,404
Asset-Backed
Securities
...................
—
144,876,413
—
144,876,413
Commercial
Mortgage-Backed
Securities
......
—
16,275,402
—
16,275,402
Mortgage-Backed
Securities
................
—
187,792,734
—
187,792,734
Residential
Mortgage-Backed
Securities
.......
—
111,044,530
—
111,044,530
Escrows
and
Litigation
Trusts
...............
—
67,500
—
a
67,500
Options
purchased
.......................
—
2,615,834
—
2,615,834
Short
Term
Investments
...................
38,331,439
237,374,196
—
275,705,635
Total
Investments
in
Securities
...........
$48,449,491
$2,824,853,529
$63,999,676
$2,937,302,696
Other
Financial
Instruments:
Forward
exchange
contracts
...............
$
—
$
310,696
$
—
$
310,696
Futures
contracts
........................
2,335,705
—
—
2,335,705
Swap
contracts
.........................
—
203,324
—
203,324
Total
Other
Financial
Instruments
.........
$2,335,705
$514,020
$—
$2,849,725
Liabilities:
Other
Financial
Instruments:
Forward
exchange
contracts
................
$
—
$
1,259,924
$
—
$
1,259,924
Swap
contracts
..........................
—
7,207,964
—
7,207,964
Total
Other
Financial
Instruments
.........
$—
$8,467,888
$—
$8,467,888
a
Includes
financial
instruments
determined
to
have
no
value
at
January
31,
2023.
b
Includes
foreign
securities
valued
at
$4,125,581,
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
$19,453,114,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
d
Includes
foreign
securities
valued
at
$24,342,824,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciatio
n
(
Depreciation
)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Growth
Opportunities
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
.
$
—
$
9,999,990
$
—
$
—
$
—
$
—
$
—
$
999,999
$
10,999,989
$
999,999
Commercial
Services
&
Supplies
........
6,164,029
4,986,169
—
—
—
—
—
13,762
11,163,960
13,762
Health
Care
Equipment
&
Supplies
.......
14,889,942
—
d
—
—
—
—
—
2,449,337
17,339,279
2,449,337
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
188
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Growth
Opportunities
Fund
(continued)
Assets:
Investments
in
Securities:
Common
Stocks:
Hotels,
Restaurants
&
Leisure
.........
$
29,918,137
$
—
$
(15,142,819)
$
—
$
—
$
—
$
—
$
(14,775,318)
$
—
$
—
IT
Services
........
8,371,768
—
—
—
—
—
—
1,786,984
10,158,752
1,786,984
Leisure
Products
....
68,576,928
—
—
—
—
—
—
9,873,526
78,450,454
9,873,526
Software
..........
17,832,356
15,499,999
(12,004,812)
—
—
—
—
(20,668,801)
658,742
(14,841,257)
Convertible
Preferred
Stocks
:
Software
..........
43,394,108
—
d
—
—
—
—
—
(5,243,871)
38,150,237
(5,243,871)
Preferred
Stocks
:
Commercial
Services
&
Supplies
........
9,587,680
—
—
—
—
—
—
(31,281)
9,556,399
—
Health
Care
Providers
&
Services
........
21,812,596
—
—
—
—
—
—
(1,193,146)
20,619,450
(
238,504
)
Software
..........
33,530,513
251,500
(15,
499
,
999
)
—
—
—
—
(2,815,78
5
)
15,466,229
(17,691,159)
Warrants
:
Software
..........
—
d
—
d
—
—
—
—
—
37,131
37,131
37,131
Corporate
Bonds
:
Software
..........
301,800
—
(251,500)
—
—
—
—
(50,300)
—
—
Escrows
and
Litigation
Trusts
...........
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$254,379,857
$30,737,658
$(42,899,130)
$—
$—
$—
$—
$(29,617,763)
$212,600,622
$(22,854,052)
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Hotels,
Restaurants
&
Leisure
.........
15,035,973
—
(7,649,483)
—
—
—
—
(7,386,490)
—
—
Software
..........
—
10,000,000
—
—
—
—
—
(9,613,822)
386,178
(9,613,822)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
........
12,627,000
—
—
—
—
—
—
(1,926,840)
10,700,160
(1,926,840)
Software
..........
33,213,053
—
d
—
—
—
—
—
(3,380,94
8
)
29,832,105
(3,380,94
8
)
Specialty
Retail
.....
11,377,470
—
—
—
—
—
—
(3,957,659)
7,419,811
(3,957,659)
Preferred
Stocks
:
Auto
Components
....
8,860,467
d
—
—
—
—
—
—
(2,259,894)
6,600,573
d
(2,259,894)
Commercial
Services
&
Supplies
........
9,567,885
—
—
—
—
—
—
(31,216)
9,536,669
(31,216)
Software
..........
5,054,447
1,389,393
(10,000,000)
—
—
—
—
10,179,013
6,622,853
558,245
Warrants
:
Software
..........
—
d
—
d
—
—
—
—
—
92,273
92,273
92,273
Corporate
Bonds
:
Software
..........
750,000
—
(625,000)
—
—
—
—
(125,000)
—
—
Escrows
and
Litigation
Trusts
...........
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$96,486,295
$11,389,393
$(18,274,483)
$—
$—
$—
$—
$(18,410,583)
$71,190,622
$(20,519,861)
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
189
Quarterly
Schedules
of
Investments
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Small-Mid
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Leisure
Products
....
$
52,848,244
$
—
$
—
$
—
$
—
$
—
$
—
$
7,608,951
$
60,457,195
$
7,608,951
Software
..........
—
57
—
—
—
—
—
(57)
—
d
(57)
Convertible
Preferred
Stocks
:
Diversified
Consumer
Services
........
7,546,894
—
—
—
—
—
—
(1,151,632)
6,395,262
(1,151,632)
Semiconductors
&
Semiconductor
Equipment
.......
6,044,404
—
—
—
—
—
—
(4,548,429)
1,495,975
(4,548,429)
Software
..........
48,448,409
27,446,00
5
(20,346,008)
—
—
—
—
(18,513,744)
37,034,662
(18,935,456)
Preferred
Stocks
:
Semiconductors
&
Semiconductor
Equipment
.......
1,605,117
460,64
6
—
—
—
—
—
(954,166)
1,111,597
(954,166)
Warrants
:
Semiconductors
&
Semiconductor
Equipment
.......
—
44,029
—
—
—
—
—
6,863
50,892
6,863
Software
..........
67,020
5
(5)
—
—
—
5
(56,592)
10,433
(56,592)
Corporate
Bonds
:
Software
..........
4,725,000
570,121
(4,725,000)
—
—
—
—
57
570,178
57
Senior
Floating
Rate
Interests
:
Semiconductors
&
Semiconductor
Equipment
.......
1,056,371
743,515
(1,176,605)
—
—
9,118
(28,162)
106,891
711,128
(6,016)
Escrows
and
Litigation
Trusts
...........
—
d
—
—
—
—
—
—
—
—
d
—
Total
Investments
in
Securities
............
$122,341,459
$29,264,378
$(26,247,618)
$—
$—
$9,118
$(28,157)
$(17,501,858)
$107,837,322
$(18,036,477)
Franklin
Strategic
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Media
...........
28,864
—
(44,779)
—
—
—
—
15,915
—
—
Multiline
Retail
......
—
d
—
—
—
—
—
—
—
—
d
—
Oil,
Gas
&
Consumable
Fuels
..........
—
d
—
(2,534)
—
—
—
(1,255,950)
1,258,484
—
—
Warrants
:
Oil,
Gas
&
Consumable
Fuels
..........
24
d
—
—
d
—
—
—
—
(24)
—
d
—
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
Corporate
Bonds
:
Diversified
Financial
Services
........
—
—
—
2,297,537
—
(15,495)
—
(803,528)
1,478,514
(803,528)
Multiline
Retail
......
—
d
—
d
—
—
—
—
—
—
—
d
—
Senior
Floating
Rate
Interests
:
Software
..........
—
d
—
—
—
—
—
—
—
—
d
—
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
190
Quarterly
Schedules
of
Investments
The
Level
3
financial
instruments
for
Franklin
Growth
Opportunities
Fund
and
Franklin
Small-Mid
Cap
Growth
Fund
include
Fanatics
Holdings,
Inc.
with
values
of
$78,450,454
and
$60,457,195
respectively,
which
is
valued
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
May
also
include
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
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,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unrealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Strategic
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Marketplace
Loans
:
Diversified
Financial
Services
........
$
83,510,806
$
37,724,306
$
(54,726,758)
$
—
$
—
$
—
$
(607,984)
$
(3,379,208)
$
62,521,162
$
(4,169,728)
Escrows
and
Litigation
Trusts
...........
—
d
—
(6,393)
—
—
—
6,393
—
—
d
—
Total
Investments
in
Securities
............
$83,539,694
$37,724,306
$(54,780,464)
$2,297,537
$—
$(15,495)
$(1,857,541)
$(2,908,361)
$63,999,676
$(4,973,256)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
/
Range
(Weighted
Average)
a
Impact
to
Fair
Value
if
Input
Increases
b
Franklin
Small
Cap
Growth
Fund
Assets:
Investments
in
Securities:
Convertible
Preferred
Stocks:
Software
...................
$22,487,908
Market
comparables
Discount
for
lack
of
marketability
14.1%
Decrease
EV
/
revenue
multiple
6.9x
–
10.2x
Increase
Volatility
of
peers
46.1%
Decrease
All
Other
Investments
..........
48,702,714
c,d
Total
.......................
$71,190,622
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
191
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:
Diversified
Financial
Services
...
$46,491,684
Discounted
cash
flow
Loss-adjusted
discount
rate
10.0%
-
10.9%
(10.4%)
Decrease
Projected
loss
rate
8.9%
-
32.4%
(17.8%)
Decrease
All
Other
Investments
..........
17,507,992
c,d
Total
.......................
$63,999,676
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
at
January
31,
2023.
Abbreviations
List
EV
-
Enterprise
value
6. Fair
Value
Measurements
(continued)
Franklin
Strategic
Series
Notes
to
Schedules
of
Investments
(unaudited)
192
Quarterly
Schedules
of
Investments
Abbreviations
Selected
Portfolio
ADR
American
Depositary
Receipt
BZDIOVRA
Brazil
Inter-Bank
Deposit
Rate
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CVR
Contingent
Value
Right
EURIBOR
Euro
Inter-Bank
Offer
Rate
FFCB
Federal
Farm
Credit
Banks
Funding
Corp.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
LIBOR
London
Inter-Bank
Offered
Rate
MBS
Mortgage-Backed
Security
NYRS
New
York
Registry
Shares
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
T-Note
Treasury
Note
Currency
BRL
Brazilian
Real
COP
Colombian
Peso
DOP
Dominican
Peso
EUR
Euro
USD
United
States
Dollar
Counterparty
BNDP
BNP
Paribas
SA
BZWS
BARCLAYS
BANK
PLC
LONDON
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
JPHQ
JPMorgan
Chase
Bank
NA
MSCO
Morgan
Stanley
Index
MCDX.NA.Series
number
MCDX
North
America
Index
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.