Franklin Strategic Series NPORT-P Franklin Templeton SMACS Series CH (Nov 2023 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FSS3-Q1PH

1

Schedules

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

CH

2

Franklin

Templeton

SMACS:

Series

E

5

Franklin

Templeton

SMACS:

Series

H

11

Franklin

Templeton

SMACS:

Series

I

16

Notes

to

Schedules

of

Investments

23

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Templeton

SMACS:

Series

CH

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

105.0%

California

99.8%

Alameda

Community

Facilities

District

,

City

of

Alameda

Community

Facilities

District

No.

22-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

................................

$

125,000

$

117,308

Beaumont

Unified

School

District

,

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/53

....................

150,000

149,567

a

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

...................................................

1,000,000

1,031,087

b

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

..................

1,200,000

941,852

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

4

%

,

2/01/56

.............

150,000

101,305

Serenity

at

Larkspur

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

2/01/50

.........

1,000,000

782,250

California

Educational

Facilities

Authority

,

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5

%

,

10/01/53

....................................

1,000,000

1,029,111

California

Health

Facilities

Financing

Authority

,

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

8/15/47

.................

1,000,000

1,009,924

California

Municipal

Finance

Authority

,

Special

Tax

,

2022

B

,

Refunding

,

6

%

,

9/01/52

.............................

150,000

152,062

Special

Tax

,

2022

C

,

6.25

%

,

9/01/52

...................................

150,000

150,225

Special

Tax

,

2022

D

,

6.125

%

,

9/01/52

..................................

150,000

153,334

Special

Tax

,

2023

A

,

5.5

%

,

9/01/53

....................................

100,000

101,587

Caritas

Corp.

(The)

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

8/15/56

...............

115,000

93,899

b

Claremont

Graduate

University

,

Revenue

,

144A,

2020

B

,

Refunding

,

5

%

,

10/01/49

.

125,000

114,337

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

6

%

,

9/01/52

....................................................

150,000

153,819

c

Community

Facilities

District

No.

2023-5

Area

No.

1

,

Special

Tax

,

2023

,

5.8

%

,

9/01/53

........................................................

1,000,000

1,026,975

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/15/39

.......................................................

130,000

122,625

b

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

Zero

Cpn.,

9/01/43

..........

250,000

147,193

b

California

Pollution

Control

Financing

Authority

,

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

7/01/39

1,000,000

1,021,971

d

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

7.5

%

,

12/01/40

...........

75,000

28,500

b

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/46

.................................

1,250,000

1,098,099

b

California

School

Finance

Authority

,

Orange

County

Educational

Arts

Academy

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.875

%

,

6/01/53

.......................

100,000

98,485

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

A

,

5.25

%

,

9/01/51

...................................

100,000

99,249

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2019

,

5

%

,

9/01/39

.......

100,000

103,954

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

........

150,000

153,495

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

5

%

,

9/01/53

.......

150,000

143,111

Community

Facilities

District

No.

2022-07

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

................................................

150,000

149,798

b

Loma

Linda

University

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5.25

%

,

12/01/56

.................................................

250,000

242,753

b

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/49

.............

100,000

96,851

b

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/52

.............

200,000

192,550

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

CH

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Chino

Community

Facilities

District

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

..........................................

$

1,000,000

$

1,032,207

b

,c

City

&

County

of

San

Francisco

,

District

No.

2020-1

Shoreline

Tax

Zone

1

,

Special

Tax

,

144A,

2023

C

,

5.75

%

,

9/01/53

........................................

1,500,000

1,522,381

c

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

5

,

Special

Tax

,

2023

,

5.375

%

,

9/01/51

....................................

1,250,000

1,266,728

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-8

,

Special

Tax

,

2023

,

5

%

,

9/01/53

.........................................................

150,000

150,428

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2017

A

,

5

%

,

5/15/42

........

1,000,000

1,019,555

City

of

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5.375

%

,

9/01/53

.................

200,000

203,566

b

CSCDA

Community

Improvement

Authority

,

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

.........................................................

140,000

97,169

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

B-2

,

Refunding

,

3.5

%

,

1/15/53

.........................................................

140,000

117,235

c

Galt

Community

Facilities

District

,

City

of

Galt

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

A

,

6

%

,

9/01/53

..................

1,500,000

1,512,121

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

A-1

,

Refunding

,

5

%

,

6/01/51

.........................................................

1,000,000

1,026,574

c

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5

%

,

8/15/53

....................................

1,000,000

1,021,894

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

2023-1

Area

No.

1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

..................................

1,000,000

1,003,380

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

Second

Series

,

2019

E

,

5

%

,

5/01/50

............................

1,000,000

1,017,579

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

.......

80,000

81,240

Washington

Township

Health

Care

District

,

Revenue

,

2023

A

,

5.75

%

,

7/01/48

......

150,000

158,831

22,038,164

U.S.

Territories

5.2%

Puerto

Rico

5.2%

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

200,000

176,000

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,000,000

972,080

1,148,080

Total

U.S.

Territories

....................................................................

1,148,080

Total

Municipal

Bonds

(Cost

$

22,832,699

)

......................................

23,186,244

a

a

a

a

Short

Term

Investments

22.2%

Municipal

Bonds

22.2%

California

22.2%

e

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2

%

,

8/15/47

..................................................

1,000,000

1,000,000

e

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-6

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/35

......

800,000

800,000

e

State

of

California

,

GO

,

2005

B-5

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.15

%

,

5/01/40

.........................................................

100,000

100,000

e

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

2.3

%

,

5/15/48

...................

1,000,000

1,000,000

Revenue

,

2013

AL-3

,

Refunding

,

Daily

VRDN

and

Put

,

2.4

%

,

5/15/48

...........

1,000,000

1,000,000

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

CH

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

See

Abbreviations

on

page

26

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

California

(continued)

e

University

of

California,

(continued)

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

2.4

%

,

5/15/48

...........

$

1,000,000

$

1,000,000

4,900,000

Total

Municipal

Bonds

(Cost

$

4,900,000

)

.......................................

4,900,000

Total

Short

Term

Investments

(Cost

$

4,900,000

)

.................................

4,900,000

a

Total

Investments

(Cost

$

27,732,699

)

127

.2

%

...................................

$28,086,244

Other

Assets,

less

Liabilities

(

27

.2

)

%

..........................................

(5,993,928)

Net

Assets

100.0%

...........................................................

$22,092,316

a

The

maturity

date

shown

represents

the

mandatory

put

date.

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

November

30,

2023,

the

aggregate

value

of

these

securities

was

$6,485,696,

representing

29.4%

of

net

assets.

c

Security

purchased

on

a

when-issued

basis.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Templeton

SMACS:

Series

E

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

55.5%

Aerospace

&

Defense

2.2%

Lockheed

Martin

Corp.

.................................

United

States

2,500

$

1,119,425

a

Northrop

Grumman

Corp.

...............................

United

States

2,000

950,320

2,069,745

Banks

10.2%

Bank

of

America

Corp.

.................................

United

States

8,000

243,920

Citigroup,

Inc.

........................................

United

States

49,000

2,258,900

Fifth

Third

Bancorp

....................................

United

States

27,000

781,650

Truist

Financial

Corp.

..................................

United

States

85,000

2,731,900

US

Bancorp

.........................................

United

States

60,000

2,287,200

a

Wells

Fargo

&

Co.

.....................................

United

States

30,000

1,337,700

9,641,270

Beverages

3.4%

Coca-Cola

Co.

(The)

...................................

United

States

55,000

3,214,200

Biotechnology

1.5%

a

AbbVie,

Inc.

.........................................

United

States

10,000

1,423,900

Capital

Markets

1.4%

a

Charles

Schwab

Corp.

(The)

.............................

United

States

22,000

1,349,040

Chemicals

1.1%

a

Air

Products

and

Chemicals,

Inc.

..........................

United

States

4,000

1,082,200

Communications

Equipment

1.5%

Cisco

Systems,

Inc.

...................................

United

States

30,000

1,451,400

Electric

Utilities

1.4%

American

Electric

Power

Co.,

Inc.

.........................

United

States

17,000

1,352,350

Industrial

Conglomerates

1.1%

Honeywell

International,

Inc.

.............................

United

States

5,100

999,192

Insurance

0.9%

MetLife,

Inc.

.........................................

United

States

14,000

890,820

IT

Services

1.2%

a

International

Business

Machines

Corp.

.....................

United

States

7,000

1,109,920

Machinery

0.9%

a

Caterpillar,

Inc.

.......................................

United

States

3,500

877,520

Metals

&

Mining

1.2%

a

Freeport-McMoRan,

Inc.

................................

United

States

30,000

1,119,600

Multi-Utilities

0.8%

DTE

Energy

Co.

......................................

United

States

7,500

780,825

Oil,

Gas

&

Consumable

Fuels

8.1%

a

BP

plc

,

ADR

.........................................

United

Kingdom

35,000

1,270,150

Chevron

Corp.

.......................................

United

States

10,000

1,436,000

Exxon

Mobil

Corp.

.....................................

United

States

12,500

1,284,250

a

Shell

plc

,

ADR

........................................

Netherlands

20,000

1,316,000

a

TotalEnergies

SE

,

ADR

.................................

France

35,000

2,381,750

7,688,150

Pharmaceuticals

5.6%

Bristol-Myers

Squibb

Co.

................................

United

States

15,000

740,700

Merck

&

Co.,

Inc.

.....................................

United

States

45,000

4,611,600

5,352,300

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

E

(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)

Semiconductors

&

Semiconductor

Equipment

5.4%

a

Analog

Devices,

Inc.

...................................

United

States

15,000

$

2,750,700

a

QUALCOMM,

Inc.

.....................................

United

States

6,500

838,825

Texas

Instruments,

Inc.

.................................

United

States

10,000

1,527,100

5,116,625

Software

2.5%

a

Oracle

Corp.

.........................................

United

States

20,000

2,324,200

Specialty

Retail

1.7%

Home

Depot,

Inc.

(The)

.................................

United

States

5,000

1,567,450

Tobacco

3.4%

Philip

Morris

International,

Inc.

...........................

United

States

35,000

3,267,600

Total

Common

Stocks

(Cost

$

50,702,414

)

......................................

52,678,307

Equity-Linked

Securities

36.8%

Aerospace

&

Defense

3.2%

b

Barclays

Bank

plc

into

Northrop

Grumman

Corp.

,

144A,

7

%

,

11/08/24

..........................................

United

States

1,800

871,428

b

BNP

Paribas

Issuance

BV

into

Northrop

Grumman

Corp.

,

144A,

7.5

%

,

9/10/24

......................................

United

States

2,000

880,753

b

Merrill

Lynch

International

&

Co.

CV

into

Raytheon

Technologies

Corp.

,

144A,

7.5

%

,

5/08/24

............................

United

States

4,000

336,020

b

Merrill

Lynch

International

&

Co.

CV

into

RTX

Corp.

,

144A,

7.5

%

,

10/02/24

..........................................

United

States

12,000

946,521

3,034,722

Air

Freight

&

Logistics

1.8%

b

J.P.

Morgan

Structured

Products

BV

into

United

Parcel

Service,

Inc.

,

144A,

9

%

,

10/22/24

..................................

United

States

5,500

843,720

b

Merrill

Lynch

International

&

Co.

CV

into

United

Parcel

Service,

Inc.

,

144A,

8.5

%

,

10/02/24

.................................

United

States

5,700

872,823

1,716,543

Automobiles

0.9%

b

Barclays

Bank

plc

into

Ford

Motor

Co.

,

144A,

12

%

,

2/09/24

......

United

States

44,500

460,721

b

Barclays

Bank

plc

into

General

Motors

Co.

,

144A,

10

%

,

7/17/24

..

United

States

11,000

361,614

822,335

Banks

1.4%

b

Barclays

Bank

plc

into

Citigroup,

Inc.

,

144A,

9

%

,

7/03/24

........

United

States

5,000

234,430

b

Barclays

Bank

plc

into

US

Bancorp.

,

144A,

10

%

,

8/23/24

.......

United

States

16,500

632,254

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Bank

of

America

Corp.

,

144A,

8

%

,

8/16/24

...................................

United

States

8,400

260,434

b

JPMorgan

Chase

Bank

NA

into

Bank

of

America

Corp.

,

144A,

9

%

,

2/02/24

...........................................

United

States

7,100

219,743

1,346,861

Biotechnology

1.2%

b

Barclays

Bank

plc

into

Amgen,

Inc.

,

144A,

8

%

,

9/20/24

.........

United

States

2,100

553,766

b

Goldman

Sachs

International

Bank

into

AbbVie,

Inc.

,

144A,

8.5

%

,

2/06/24

...........................................

United

States

4,300

614,771

1,168,537

Broadline

Retail

1.6%

b

Goldman

Sachs

International

Bank

into

Amazon.com,

Inc.

,

144A,

9

%

,

11/20/24

.......................................

United

States

10,000

1,248,020

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

E

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Broadline

Retail

(continued)

b

Royal

Bank

of

Canada

into

Amazon.com,

Inc.

,

144A,

10

%

,

4/05/24

United

States

2,800

$

319,263

1,567,283

Building

Products

2.8%

b

J.P.

Morgan

Structured

Products

BV

into

Johnson

Controls

International

plc

,

144A,

8

%

,

9/09/24

......................

United

States

15,000

819,228

b

Wells

Fargo

Bank

NA

into

Johnson

Controls

International

plc

,

144A,

9

%

,

12/10/24

.......................................

United

States

35,000

1,817,345

2,636,573

Capital

Markets

1.9%

b

BNP

Paribas

Issuance

BV

into

Goldman

Sachs

Group,

Inc.

(The)

,

144A,

7.5

%

,

8/19/24

.................................

United

States

1,700

593,025

b

Goldman

Sachs

International

Bank

into

Morgan

Stanley

,

144A,

9

%

,

12/24/24

..........................................

United

States

2,300

189,829

b

Merrill

Lynch

International

&

Co.

CV

into

Morgan

Stanley

,

144A,

10

%

,

6/04/24

.......................................

United

States

1,000

80,992

b

Societe

Generale

SA

into

Goldman

Sachs

Group,

Inc.

(The)

,

144A,

8.5

%

,

7/12/24

......................................

United

States

1,500

498,524

b

UBS

AG

into

Charles

Schwab

Corp.

(The)

,

144A,

10

%

,

7/17/24

...

United

States

8,100

475,046

1,837,416

Chemicals

0.7%

b

JPMorgan

Chase

Bank

NA

into

LyondellBasell

Industries

NV

,

144A,

11

%

,

1/22/24

.......................................

United

States

7,000

672,951

Communications

Equipment

2.0%

b

Mizuho

Markets

Cayman

LP

into

Cisco

Systems,

Inc.

,

144A,

7.5

%

,

7/23/24

...........................................

United

States

12,000

590,619

b

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

9/03/24

United

States

15,000

751,841

b

UBS

AG

into

Cisco

Systems,

Inc.

,

144A,

8.5

%

,

6/20/24

.........

United

States

11,000

536,524

1,878,984

Consumer

Staples

Distribution

&

Retail

1.6%

b

Barclays

Bank

plc

into

Target

Corp.

,

144A,

8.5

%

,

10/08/24

......

United

States

5,800

753,756

b

UBS

AG

into

Target

Corp.

,

144A,

9

%

,

9/05/24

................

United

States

5,900

796,407

1,550,163

Electric

Utilities

1.0%

b

Mizuho

Markets

Cayman

LP

into

NextEra

Energy,

Inc.

,

144A,

8

%

,

3/19/24

...........................................

United

States

4,600

274,221

b

National

Bank

of

Canada

into

NextEra

Energy,

Inc.

,

144A,

8.5

%

,

12/05/23

..........................................

United

States

3,000

175,164

b

Wells

Fargo

Bank

NA

into

NextEra

Energy,

Inc.

,

144A,

8

%

,

5/08/24

United

States

7,500

453,871

903,256

Ground

Transportation

1.2%

b

Merrill

Lynch

BV

into

Union

Pacific

Corp.

,

144A,

8

%

,

11/05/24

....

United

States

1,800

395,469

b

UBS

AG

into

Union

Pacific

Corp.

,

144A,

8

%

,

3/13/24

...........

United

States

3,600

783,517

1,178,986

Insurance

0.7%

b

BNP

Paribas

Issuance

BV

into

MetLife,

Inc.

,

144A,

9

%

,

10/23/24

..

United

States

6,800

434,132

b

Citigroup

Global

Markets

Holdings,

Inc.

into

MetLife,

Inc.

,

144A,

9.5

%

,

7/17/24

......................................

United

States

4,500

266,638

700,770

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

E

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

8

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Equity-Linked

Securities

(continued)

Machinery

0.6%

b

National

Bank

of

Canada

into

Cummins,

Inc.

,

144A,

8.5

%

,

2/13/24

United

States

2,300

$

524,372

Media

1.4%

b

J.P.

Morgan

Structured

Products

BV

into

Comcast

Corp.

,

144A,

8

%

,

8/13/24

...........................................

United

States

10,000

421,316

b

J.P.

Morgan

Structured

Products

BV

into

Comcast

Corp.

,

144A,

8

%

,

9/12/24

...........................................

United

States

3,000

129,496

b

Royal

Bank

of

Canada

into

Comcast

Corp.

,

144A,

8

%

,

7/12/24

...

United

States

18,000

756,601

1,307,413

Metals

&

Mining

1.0%

b

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.

,

144A,

11

%

,

12/10/24

......................................

United

States

9,600

364,446

b

Royal

Bank

of

Canada

into

Barrick

Gold

Corp.

,

144A,

11

%

,

3/07/24

Canada

35,000

618,494

982,940

Oil,

Gas

&

Consumable

Fuels

1.9%

b

BNP

Paribas

Issuance

BV

into

BP

plc

,

144A,

8.5

%

,

4/24/24

......

United

Kingdom

23,000

846,582

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.

,

144A,

9.5

%

,

2/22/24

.................................

United

States

3,200

333,013

b

J.P.

Morgan

Structured

Products

BV

into

Exxon

Mobil

Corp.

,

144A,

9

%

,

9/24/24

........................................

United

States

2,300

242,176

b

Merrill

Lynch

International

&

Co.

CV

into

Chevron

Corp.

,

144A,

10

%

,

12/04/23

..........................................

United

States

2,400

347,217

1,768,988

Pharmaceuticals

2.2%

b

BNP

Paribas

Issuance

BV

into

Pfizer,

Inc.

,

144A,

8.5

%

,

6/10/24

..

United

States

19,000

594,903

b

National

Bank

of

Canada

into

Bristol-Myers

Squibb

Co.

,

144A,

8

%

,

9/05/24

...........................................

United

States

20,000

1,022,182

b

Societe

Generale

SA

into

Pfizer,

Inc.

,

144A,

8.5

%

,

8/02/24

......

United

States

15,000

467,178

2,084,263

Semiconductors

&

Semiconductor

Equipment

5.5%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Intel

Corp.

,

144A,

10

%

,

10/03/24

..........................................

United

States

1,600

66,083

b

Goldman

Sachs

International

Bank

into

Texas

Instruments,

Inc.

,

144A,

9

%

,

11/10/25

..................................

United

States

8,000

1,248,106

b

Merrill

Lynch

International

&

Co.

CV

into

Broadcom,

Inc.

,

144A,

10

%

,

12/05/23

..........................................

United

States

365

205,896

b

Mizuho

Markets

Cayman

LP

into

Intel

Corp.

,

144A,

12

%

,

3/26/24

.

United

States

25,000

1,067,656

b

Mizuho

Markets

Cayman

LP

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

11/12/24

......................................

United

States

9,000

732,988

b

Mizuho

Markets

Cayman

LP

into

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

144A,

10

%

,

10/22/24

...............

Taiwan

9,000

838,363

b

Morgan

Stanley

Finance

II

Ltd.

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

3/03/25

..................................

United

States

11,500

957,195

b

UBS

AG

into

Texas

Instruments,

Inc.

,

144A,

8.5

%

,

8/07/24

......

United

States

700

109,933

5,226,220

Software

1.9%

b

Societe

Generale

SA

into

Workday,

Inc.

,

144A,

9

%

,

11/13/24

.....

United

States

7,400

1,759,612

Specialty

Retail

0.3%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Home

Depot,

Inc.

(The)

,

144A,

8.5

%

,

6/12/24

.................................

United

States

900

287,702

Total

Equity-Linked

Securities

(Cost

$

35,390,877

)

...............................

34,956,890

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

E

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Convertible

Preferred

Stocks

1.9%

Electric

Utilities

1.9%

NextEra

Energy,

Inc.

,

6.926

%

............................

United

States

50,000

$

1,852,000

Total

Convertible

Preferred

Stocks

(Cost

$

2,100,887

)

............................

1,852,000

Principal

Amount

*

Corporate

Bonds

4.9%

Diversified

REITs

1.0%

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625

%

,

12/01/29

..........................................

United

States

1,000,000

905,682

Hotels,

Restaurants

&

Leisure

0.9%

Expedia

Group,

Inc.

,

Senior

Note

,

3.25

%

,

2/15/30

.............

United

States

1,000,000

884,003

Metals

&

Mining

0.9%

b

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125

%

,

3/31/29

.

United

States

1,000,000

892,870

Tobacco

1.0%

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.625

%

,

9/07/33

....

United

States

950,000

955,213

Trading

Companies

&

Distributors

1.1%

b

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6

%

,

12/15/29

..........................................

United

States

1,000,000

999,217

Total

Corporate

Bonds

(Cost

$

4,607,749

)

.......................................

4,636,985

Total

Long

Term

Investments

(Cost

$

92,801,927

)

................................

94,124,182

a

Short

Term

Investments

2.2%

a

a

Country

Shares

a

Value

a

a

a

Money

Market

Funds

2.2%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.036

%

....

United

States

2,047,294

2,047,294

Total

Money

Market

Funds

(Cost

$

2,047,294

)

...................................

2,047,294

Total

Short

Term

Investments

(Cost

$

2,047,294

)

.................................

2,047,294

a

Total

Investments

(Cost

$

94,849,221

)

101

.3

%

...................................

$96,171,476

Options

Written

(

0

.2

)

%

.......................................................

(226,995)

Other

Assets,

less

Liabilities

(

1

.1

)

%

...........................................

(945,455)

Net

Assets

100.0%

...........................................................

$94,999,026

a

a

a

Number

of

Contracts

Notional

Amount

#

a

a

a

Options

Written

(0.2)%

Calls

-

Exchange-Traded

Equity

Options

AbbVie,

Inc.

,

December

Strike

Price

$

160.00

,

Expires

12/15/23

...

100

1,423,900

(

200

)

Air

Products

and

Chemicals,

Inc.

,

December

Strike

Price

$

310.00

,

Expires

12/15/23

....................................

40

1,082,200

(

400

)

Analog

Devices,

Inc.

,

December

Strike

Price

$

190.00

,

Expires

12/15/23

..........................................

60

1,100,280

(

3,600

)

BP

plc

,

December

Strike

Price

$

44.00

,

Expires

12/15/23

........

180

653,220

—

Caterpillar,

Inc.

,

December

Strike

Price

$

300.00

,

Expires

12/15/23

.

35

877,520

(

105

)

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

E

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

10

See

Abbreviations

on

page

26

.

a

a

a

Number

of

Contracts

Notional

Amount

#

a

Value

a

a

a

a

a

a

Options

Written

(continued)

Calls

-

Exchange-Traded

(continued)

Equity

Options

(continued)

Charles

Schwab

Corp.

(The)

,

December

Strike

Price

$

60.00

,

Expires

12/15/23

..........................................

220

1,349,040

$

(

52,800

)

Freeport-McMoRan,

Inc.

,

December

Strike

Price

$

41.00

,

Expires

12/15/23

..........................................

300

1,119,600

(

2,700

)

International

Business

Machines

Corp.

,

December

Strike

Price

$

150.00

,

Expires

12/15/23

.............................

70

1,109,920

(

63,000

)

Northrop

Grumman

Corp.

,

January

Strike

Price

$

540.00

,

Expires

1/19/24

...........................................

20

950,320

(

1,100

)

Oracle

Corp.

,

December

Strike

Price

$

120.00

,

Expires

12/15/23

..

200

2,324,200

(

42,000

)

QUALCOMM,

Inc.

,

December

Strike

Price

$

125.00

,

Expires

12/15/23

65

838,825

(

34,125

)

Shell

plc

,

December

Strike

Price

$

75.00

,

Expires

12/15/23

......

155

1,019,900

(

465

)

TotalEnergies

SE

,

January

Strike

Price

$

75.00

,

Expires

1/19/24

...

350

2,381,750

(

7,000

)

Wells

Fargo

&

Co.

,

December

Strike

Price

$

45.00

,

Expires

12/15/23

300

1,337,700

(

19,500

)

(

226,995

)

Total

Options

Written

(Premiums

received

$

208,572

)

............................

$

(

226,995

)

#

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.

a

A

portion

or

all

of

the

security

is

held

in

connection

with

written

option

contracts

open

at

period

end.

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

November

30,

2023,

the

aggregate

value

of

these

securities

was

$37,754,659,

representing

39.7%

of

net

assets.

c

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

d

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Templeton

SMACS:

Series

H

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Shares

a

Value

a

Management

Investment

Companies

10.4%

Capital

Markets

10.4%

a

Franklin

Dynamic

Municipal

Bond

ETF

...................................

50,000

$

1,183,000

Total

Management

Investment

Companies

(Cost

$

1,242,874

)

.....................

1,183,000

Principal

Amount

a

a

a

a

Municipal

Bonds

91.0%

Alabama

1.8%

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

11/01/42

................

$

150,000

121,828

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

11/01/49

...............

100,000

79,786

201,614

Arizona

1.3%

b

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75

%

,

6/15/58

..................................

150,000

146,263

Arkansas

1.3%

Arkansas

Development

Finance

Authority

,

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7

%

,

5/01/53

....................................................

150,000

150,260

California

11.1%

c

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

...................................................

130,000

134,041

b

California

Community

Housing

Agency

,

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

8/01/50

....................

125,000

112,299

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

130,000

107,480

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

200,000

159,561

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

105,000

95,432

b

California

Municipal

Finance

Authority

,

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

Zero

Cpn.,

9/01/43

...............................................

150,000

88,316

b

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

..................................................

100,000

78,893

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

125,000

97,304

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

100,000

75,145

b

CSCDA

Community

Improvement

Authority

,

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/51

.............

110,000

99,277

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

................

135,000

108,892

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

.......

100,000

101,550

1,258,190

Colorado

2.2%

Colorado

Health

Facilities

Authority

,

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/38

.................................

100,000

83,693

Denver

Health

&

Hospital

Authority

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/37

....

100,000

92,069

Hunters

Overlook

Metropolitan

District

No.

5

,

GO

,

2019

A

,

5

%

,

12/01/39

..........

81,000

76,876

252,638

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

H

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

20.4%

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

11/01/50

.....................................................

$

100,000

$

101,390

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.5

%

,

5/01/52

.........................................................

125,000

108,097

b

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

144A,

2019

B

,

7.375

%

,

1/01/49

.........

100,000

100,436

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/55

............................................

100,000

59,035

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.........................................................

100,000

73,882

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6.375

%

,

5/01/54

...................................................

100,000

101,672

North

AR-1

Pasco

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.......................................

100,000

98,500

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.........................................................

130,000

135,193

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

6/15/43

..

100,000

96,140

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

.........................................................

100,000

97,756

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

...................................

160,000

162,088

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

4

%

,

12/15/51

................................................

70,000

57,409

Ridge

at

Apopka

Community

Development

District

,

Parcel

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............................................

100,000

97,775

b

River

Hall

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2023

A

,

6.5

%

,

5/01/54

.........................................

105,000

107,387

Sawgrass

Village

Community

Development

District

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

..............................

100,000

96,693

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.375

%

,

11/01/53

.............

155,000

157,271

b

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

................................

100,000

97,995

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

.........................................................

100,000

98,704

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

..................................................

150,000

151,506

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

100,000

96,549

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

..............

75,000

75,000

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

...................................

100,000

97,538

Windward

Community

Development

District

,

Special

Assessment

,

2020

A-1

,

3

%

,

5/01/25

.........................................................

60,000

58,682

2,326,698

Illinois

2.2%

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

..

250,000

253,267

Indiana

1.9%

Indiana

Finance

Authority

,

Marian

University,

Inc.

,

Revenue

,

2019

A

,

5

%

,

9/15/39

...

100,000

100,760

d

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

Senior

Lien

,

2023

E

,

6.125

%

,

3/01/57

...................................................

110,000

114,188

214,948

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

H

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Iowa

2.8%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/50

.............

$

130,000

$

128,293

c

Iowa

Fertilizer

Co.

LLC

,

Revenue

,

2022

,

Refunding

,

Mandatory

Put

,

5

%

,

12/01/42

.

100,000

100,071

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/36

....

100,000

88,264

316,628

Louisiana

1.9%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

100,000

87,601

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4

%

,

11/01/44

...........

135,000

126,225

213,826

Maryland

3.2%

b

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Tax

Allocation,

Senior

Lien

,

144A,

2019

A

,

Refunding

,

3.5

%

,

6/01/39

................................

100,000

83,238

Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4.25

%

,

7/01/50

................................

100,000

87,176

b

,d

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5

%

,

2/15/53

....................................................

190,000

189,730

360,144

Michigan

1.0%

City

of

Detroit

,

GO

,

2023

C

,

6

%

,

5/01/43

..................................

100,000

110,228

Minnesota

0.8%

City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.

,

Revenue

,

2021

,

4

%

,

9/01/36

.........................................................

105,000

96,022

Nevada

0.8%

Henderson

Local

Improvement

Districts

,

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/53

....................................

100,000

96,095

New

Hampshire

2.1%

New

Hampshire

Business

Finance

Authority

,

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

7/01/48

.....................................

250,000

241,294

New

Jersey

1.5%

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

6/01/46

....

175,000

175,487

New

York

2.2%

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4

%

,

10/01/30

.........................

100,000

96,607

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4.375

%

,

10/01/45

.....................

175,000

157,973

254,580

Ohio

9.8%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

1,000,000

883,542

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

8

%

,

8/01/34

.................

100,000

99,208

Summit

County

Development

Finance

Authority

,

UAkronPark,

Inc.

,

Revenue

,

2023

,

6

%

,

12/01/58

........................................................

125,000

128,113

1,110,863

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

H

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

0.8%

Berks

County

Industrial

Development

Authority

,

Tower

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/01/50

................................

$

115,000

$

61,204

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

11/01/44

...................................................

55,000

29,246

90,450

Texas

8.6%

b

City

of

Anna

,

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/15/53

.........................

116,000

116,526

b

City

of

Celina

,

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

100,000

99,166

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/53

100,000

99,358

b

City

of

Fate

,

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

8/15/53

.........................................

100,000

97,175

b

City

of

Hutto

,

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/58

.........................

115,000

115,742

b

City

of

Kyle

,

Southwest

Kyle

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/48

........................

100,000

103,964

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/15/52

...............................

112,000

111,675

b

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

...............................................

100,000

87,512

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

5

%

,

7/01/47

..............

50,000

45,375

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/39

.......................................................

85,000

78,895

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5

%

,

12/01/54

................................................

20,000

18,235

973,623

Washington

1.7%

Washington

State

Housing

Finance

Commission

,

Eastside

Retirement

Association

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

7/01/48

........................................................

120,000

117,338

b

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

1/01/55

..............................................

100,000

72,831

190,169

Wisconsin

0.9%

b

Public

Finance

Authority

,

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/49

.............................................

125,000

104,976

U.S.

Territories

10.7%

District

of

Columbia

2.2%

District

of

Columbia

,

International

School

Obligated

Group

,

Revenue

,

2019

,

5

%

,

7/01/49

............

140,000

139,522

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5

%

,

8/31/33

..............

100,000

113,737

253,259

Puerto

Rico

8.5%

Commonwealth

of

Puerto

Rico

,

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

100,000

86,594

GO

,

2022

A-1

,

4

%

,

7/01/46

..........................................

264,000

220,032

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

H

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

15

See

Abbreviations

on

page

26

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

$

125,000

$

110,000

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

567,000

551,169

967,795

Total

U.S.

Territories

....................................................................

1,221,054

Total

Municipal

Bonds

(Cost

$

10,613,704

)

......................................

10,359,317

Total

Long

Term

Investments

(Cost

$

11,856,578

)

................................

11,542,317

a

a

a

a

a

a

Total

Investments

(Cost

$

11,856,578

)

101

.4

%

...................................

$11,542,317

Other

Assets,

less

Liabilities

(

1

.4

)

%

...........................................

(161,811)

Net

Assets

100.0%

...........................................................

$11,380,506

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

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

November

30,

2023,

the

aggregate

value

of

these

securities

was

$2,941,833,

representing

25.8%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

purchased

on

a

when-issued

basis.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

November

30,

2023

Franklin

Templeton

SMACS:

Series

I

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

a

Shares

a

Value

a

Common

Stocks

0.8%

Banks

0.8%

Bank

of

America

Corp.

...............................................

45,000

$

1,372,050

Total

Common

Stocks

(Cost

$

1,242,963

)

.......................................

1,372,050

a

Equity-Linked

Securities

1.8%

Automobiles

0.3%

a

Royal

Bank

of

Canada

into

General

Motors

Co.

,

144A,

12

%

,

6/18/24

.............

14,000

450,545

Banks

0.7%

a

Royal

Bank

of

Canada

into

Citigroup,

Inc.

,

144A,

10

%

,

10/15/24

................

27,000

1,192,050

Insurance

0.5%

a

BNP

Paribas

Issuance

BV

into

MetLife,

Inc.

,

144A,

9

%

,

10/23/24

................

15,000

957,645

Metals

&

Mining

0.3%

a

Royal

Bank

of

Canada

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

5/03/24

.........

13,000

498,181

Total

Equity-Linked

Securities

(Cost

$

3,061,947

)

................................

3,098,421

Principal

Amount

a

a

a

a

Corporate

Bonds

94.7%

Aerospace

&

Defense

1.8%

a

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.25

%

,

3/15/26

..............................

$

500,000

496,965

Senior

Secured

Note

,

144A,

6.75

%

,

8/15/28

..............................

1,500,000

1,504,559

Senior

Secured

Note

,

144A,

6.875

%

,

12/15/30

............................

1,000,000

1,001,975

3,003,499

Automobile

Components

1.3%

a

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

10/15/29

...........

750,000

640,650

Goodyear

Tire

&

Rubber

Co.

(The)

,

Senior

Note

,

5.25

%

,

7/15/31

................

1,850,000

1,606,032

2,246,682

Automobiles

2.0%

Ford

Motor

Co.

,

Senior

Bond

,

6.1

%

,

8/19/32

...............................

3,500,000

3,406,610

Banks

3.3%

Barclays

plc

,

Senior

Bond

,

5.746%

to

8/08/32,

FRN

thereafter

,

8/09/33

....................

1,400,000

1,351,243

b

Senior

Bond

,

FRN

,

6.692

%

,

(

SOFR

+

2.62

%

),

9/13/34

......................

500,000

509,678

Sub.

Bond

,

7.119%

to

6/26/33,

FRN

thereafter

,

6/27/34

.....................

1,500,000

1,495,429

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

......

350,000

353,542

Fifth

Third

Bank

NA

,

Senior

Note

,

5.852%

to

10/26/24,

FRN

thereafter

,

10/27/25

....

250,000

247,114

Wells

Fargo

&

Co.

,

Senior

Bond

,

6.491%

to

10/22/33,

FRN

thereafter

,

10/23/34

.....

1,500,000

1,567,249

5,524,255

Building

Products

1.8%

a

AmeriTex

HoldCo

Intermediate

LLC

,

Senior

Secured

Note

,

144A,

10.25

%

,

10/15/28

.

1,500,000

1,468,125

a

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75

%

,

8/01/28

.....

1,000,000

987,220

a

Emerald

Debt

Merger

Sub

LLC

,

Senior

Secured

Note

,

144A,

6.625

%

,

12/15/30

.....

500,000

499,375

2,954,720

Capital

Markets

1.2%

Charles

Schwab

Corp.

(The)

,

Senior

Note

,

5.643%

to

5/18/28,

FRN

thereafter

,

5/19/29

....................

500,000

498,450

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The),

(continued)

Senior

Note

,

6.196%

to

11/16/28,

FRN

thereafter

,

11/17/29

...................

$

500,000

$

507,726

Morgan

Stanley

,

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

.......

1,000,000

1,059,861

2,066,037

Chemicals

2.3%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.55

%

,

11/15/30

....................

1,000,000

1,026,164

a

Consolidated

Energy

Finance

SA

,

Senior

Note

,

144A,

5.625

%

,

10/15/28

..........

450,000

375,072

a

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25

%

,

9/01/29

................

700,000

714,875

a

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

5/01/29

....................................

1,000,000

886,676

Senior

Secured

Note

,

144A,

4.875

%

,

5/01/28

.............................

1,000,000

906,685

3,909,472

Commercial

Services

&

Supplies

1.2%

a

APX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

2/15/27

..................

2,000,000

1,990,530

Communications

Equipment

3.1%

a

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6

%

,

6/15/25

................

2,000,000

1,572,060

a

CommScope,

Inc.

,

Senior

Note

,

144A,

8.25

%

,

3/01/27

.....................................

2,500,000

1,246,075

Senior

Secured

Note

,

144A,

6

%

,

3/01/26

................................

2,000,000

1,716,960

Senior

Secured

Note

,

144A,

4.75

%

,

9/01/29

..............................

1,000,000

628,355

5,163,450

Consumer

Finance

2.4%

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond

,

5.113

%

,

5/03/29

........................................

1,000,000

940,361

Senior

Note

,

7.35

%

,

3/06/30

.........................................

3,000,000

3,117,066

4,057,427

Containers

&

Packaging

4.5%

a

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

4

%

,

9/01/29

.......................................

1,000,000

795,731

a

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25

%

,

8/15/27

.........................................................

4,000,000

2,942,200

a

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25

%

,

4/15/27

...................................

1,600,000

1,457,698

Senior

Secured

Note

,

144A,

7.875

%

,

8/15/26

.............................

2,500,000

2,485,717

7,681,346

Diversified

Telecommunication

Services

0.1%

a

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125

%

,

5/01/27

200,000

190,519

Electric

Utilities

3.0%

a

NRG

Energy,

Inc.

,

Senior

Note

,

144A,

3.375

%

,

2/15/29

....................................

500,000

428,351

Senior

Secured

Bond

,

144A,

7

%

,

3/15/33

................................

1,500,000

1,517,646

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

6.4

%

,

6/15/33

.....................

1,750,000

1,772,091

PG&E

Corp.

,

Senior

Secured

Note

,

5

%

,

7/01/28

............................

500,000

476,017

a

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

5

%

,

7/31/27

....................

1,000,000

952,405

5,146,510

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Electrical

Equipment

0.4%

a

Regal

Rexnord

Corp.

,

Senior

Note

,

144A,

6.05

%

,

4/15/28

.....................

$

750,000

$

738,356

Energy

Equipment

&

Services

1.5%

a

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625

%

,

4/30/30

....................................

2,250,000

2,327,877

Senior

Secured

Note

,

144A,

6.5

%

,

9/15/28

...............................

166,000

167,787

2,495,664

Entertainment

0.7%

a

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375

%

,

11/15/29

..........................

1,250,000

1,259,033

Food

Products

0.7%

JBS

USA

LUX

SA

/

JBS

USA

Food

Co.

/

JBS

USA

Finance,

Inc.

,

Senior

Note

,

5.75

%

,

4/01/33

.........................................................

800,000

756,463

a

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.5

%

,

12/15/29

......................

500,000

470,371

1,226,834

Ground

Transportation

0.4%

a

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.95

%

,

10/15/33

....................

750,000

728,932

Health

Care

Equipment

&

Supplies

3.6%

a

Bausch

&

Lomb

Escrow

Corp.

,

Senior

Secured

Note

,

144A,

8.375

%

,

10/01/28

.....

2,500,000

2,559,375

a

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25

%

,

10/01/29

....................................

2,000,000

1,811,350

Senior

Secured

Note

,

144A,

3.875

%

,

4/01/29

.............................

2,000,000

1,776,623

6,147,348

Health

Care

Providers

&

Services

19.8%

a

CHS/Community

Health

Systems,

Inc.

,

Secured

Note

,

144A,

6.125

%

,

4/01/30

..................................

1,250,000

698,981

Senior

Note

,

144A,

6.875

%

,

4/01/28

....................................

1,000,000

505,975

Senior

Secured

Note

,

144A,

8

%

,

3/15/26

................................

7,000,000

6,747,419

Senior

Secured

Note

,

144A,

5.625

%

,

3/15/27

.............................

5,000,000

4,466,718

Senior

Secured

Note

,

144A,

8

%

,

12/15/27

...............................

6,000,000

5,691,423

CVS

Health

Corp.

,

Senior

Bond

,

5.25

%

,

2/21/33

............................

50,000

49,173

a

DaVita,

Inc.

,

Senior

Bond

,

144A,

3.75

%

,

2/15/31

............................

3,700,000

2,899,635

a

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......................

750,000

667,500

a

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5

%

,

9/01/28

........

1,750,000

1,522,027

Tenet

Healthcare

Corp.

,

Senior

Note

,

6.125

%

,

10/01/28

........................................

5,000,000

4,852,050

Senior

Secured

Note

,

6.125

%

,

6/15/30

..................................

2,000,000

1,950,725

a

Senior

Secured

Note

,

144A,

6.75

%

,

5/15/31

..............................

3,500,000

3,508,305

33,559,931

Health

Care

REITs

0.4%

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

5

%

,

10/15/27

...

800,000

638,441

Hotel

&

Resort

REITs

0.2%

Service

Properties

Trust

,

Senior

Note

,

4.35

%

,

10/01/24

.......................

300,000

299,855

Hotels,

Restaurants

&

Leisure

8.1%

a

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

8.125

%

,

7/01/27

....................................

2,000,000

2,039,216

Senior

Note

,

144A,

4.625

%

,

10/15/29

...................................

1,000,000

879,360

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

................................

1,000,000

1,001,850

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

a

Carnival

Corp.

,

Senior

Note

,

144A,

10.5

%

,

6/01/30

..........................

$

3,000,000

$

3,201,384

a

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75

%

,

1/15/30

.....................................

850,000

718,076

Senior

Secured

Note

,

144A,

4.625

%

,

1/15/29

.............................

1,000,000

889,255

a

Penn

Entertainment,

Inc.

,

Senior

Note

,

144A,

4.125

%

,

7/01/29

.................

200,000

166,192

a

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.25

%

,

5/15/27

.........................................................

5,000,000

4,766,528

13,661,861

Household

Durables

0.5%

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note

,

4.75

%

,

4/01/29

.......

1,000,000

893,552

Household

Products

0.1%

a

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

12/31/27

...................

200,000

194,351

Independent

Power

and

Renewable

Electricity

Producers

2.5%

a

Calpine

Corp.

,

Senior

Note

,

144A,

4.625

%

,

2/01/29

..........................

2,000,000

1,813,157

a

,c

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

....

2,500,000

2,447,675

4,260,832

Machinery

0.1%

a

TK

Elevator

US

Newco,

Inc.

,

Senior

Secured

Note

,

144A,

5.25

%

,

7/15/27

.........

200,000

190,199

Media

2.7%

a

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.5

%

,

6/01/29

.....................................

300,000

236,671

Senior

Secured

Note

,

144A,

5.125

%

,

8/15/27

.............................

900,000

833,990

DISH

DBS

Corp.

,

Senior

Note

,

5.875

%

,

11/15/24

............................

700,000

615,230

a

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625

%

,

8/15/29

.....................

200,000

175,393

a

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

6.625

%

,

6/01/27

.....

2,750,000

2,713,150

4,574,434

Metals

&

Mining

2.3%

ArcelorMittal

SA

,

Senior

Bond

,

6.8

%

,

11/29/32

..............................

500,000

515,191

a

Cleveland-Cliffs,

Inc.

,

Senior

Bond

,

144A,

4.875

%

,

3/01/31

....................

150,000

129,049

a

First

Quantum

Minerals

Ltd.

,

Senior

Note

,

144A,

6.875

%

,

3/01/26

....................................

400,000

345,128

Senior

Note

,

144A,

8.625

%

,

6/01/31

....................................

750,000

607,500

a

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375

%

,

4/01/31

...................................

800,000

698,577

Senior

Bond

,

144A,

6.125

%

,

4/15/32

...................................

1,000,000

967,233

a

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

8.5

%

,

5/01/30

....................

550,000

556,490

3,819,168

Oil,

Gas

&

Consumable

Fuels

6.2%

a

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11

%

,

4/15/25

......................................

600,000

606,477

Senior

Note

,

144A,

8.125

%

,

1/15/27

....................................

2,200,000

2,072,838

Senior

Note

,

144A,

9.75

%

,

7/15/28

.....................................

1,000,000

968,290

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7

%

,

11/15/29

......

$

1,250,000

$

1,139,669

a

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

7

%

,

6/15/25

..............

300,000

297,030

a

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

7/01/31

....................

750,000

777,164

a

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Note

,

144A,

6

%

,

4/15/30

........

1,000,000

933,562

a

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......................

200,000

190,670

Occidental

Petroleum

Corp.

,

Senior

Note

,

8.875

%

,

7/15/30

....................

1,250,000

1,424,844

a

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

6/01/28

..........

1,000,000

992,362

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65

%

,

3/15/33

.......................

1,000,000

1,003,824

10,406,730

Passenger

Airlines

7.3%

a

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

11.75

%

,

7/15/25

.............................

1,350,000

1,478,264

d

Senior

Secured

Note

,

144A,

8.5

%

,

5/15/29

...............................

1,500,000

1,548,251

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

a

Senior

Secured

Note

,

144A,

5.5

%

,

4/20/26

...............................

3,333,333

3,283,843

a

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75

%

,

10/20/28

.

3,000,000

2,882,334

a

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5

%

,

6/20/27

....................................

1,875,000

1,866,204

a

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

...............

1,500,000

1,340,040

12,398,936

Personal

Care

Products

0.4%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.625

%

,

3/24/32

.......................

750,000

661,175

Pharmaceuticals

4.5%

a

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9

%

,

1/30/28

....................

5,500,000

5,315,970

a

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

5.5

%

,

11/01/25

............

1,500,000

1,308,427

a

,e

Par

Pharmaceutical,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

4/01/27

.............

300,000

189,263

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

....

800,000

844,942

7,658,602

Semiconductors

&

Semiconductor

Equipment

0.1%

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875

%

,

2/09/33

.......................

200,000

200,461

Software

1.8%

a

Cloud

Software

Group,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/29

...........

2,000,000

1,843,247

a

McAfee

Corp.

,

Senior

Note

,

144A,

7.375

%

,

2/15/30

..........................

1,200,000

1,037,585

Workday,

Inc.

,

Senior

Bond

,

3.8

%

,

4/01/32

................................

150,000

133,488

3,014,320

Specialized

REITs

0.1%

American

Tower

Corp.

,

Senior

Note

,

4.05

%

,

3/15/32

.........................

250,000

223,995

Specialty

Retail

0.3%

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5

%

,

4/15/33

...............................

60,000

58,721

a

Michaels

Cos.,

Inc.

(The)

,

Senior

Note

,

144A,

7.875

%

,

5/01/29

....................................

350,000

199,234

Senior

Secured

Note

,

144A,

5.25

%

,

5/01/28

..............................

300,000

219,365

477,320

Textiles,

Apparel

&

Luxury

Goods

0.3%

a

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9

%

,

2/15/31

..........................

600,000

566,168

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

See

Abbreviations

on

page

26

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Tobacco

1.4%

BAT

Capital

Corp.

,

Senior

Bond

,

4.742

%

,

3/16/32

........................................

$

250,000

$

231,775

Senior

Bond

,

7.75

%

,

10/19/32

........................................

250,000

276,577

Senior

Bond

,

6.421

%

,

8/02/33

........................................

900,000

917,241

Senior

Note

,

3.557

%

,

8/15/27

.........................................

950,000

889,796

2,315,389

Trading

Companies

&

Distributors

0.3%

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

5.25

%

,

1/15/30

...............

500,000

478,133

Total

Corporate

Bonds

(Cost

$

160,663,913

)

.....................................

160,431,077

Total

Long

Term

Investments

(Cost

$

164,968,823

)

...............................

164,901,548

a

a

a

a

a

Short

Term

Investments

2.6%

Shares

a

Money

Market

Funds

2.6%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

5.036

%

..................

4,417,407

4,417,407

Total

Money

Market

Funds

(Cost

$

4,417,407

)

...................................

4,417,407

Total

Short

Term

Investments

(Cost

$

4,417,407

)

.................................

4,417,407

a

Total

Investments

(Cost

$

169,386,230

)

99

.9

%

...................................

$169,318,955

Other

Assets,

less

Liabilities

0

.1

%

.............................................

82,641

Net

Assets

100.0%

...........................................................

$169,401,596

a

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

November

30,

2023,

the

aggregate

value

of

these

securities

was

$124,539,544,

representing

73.5%

of

net

assets.

b

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

Perpetual

security

with

no

stated

maturity

date.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

See

Note

3

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)

Franklin

Templeton

SMACS:

Series

I

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

At

November

30,

2023,

the

Fund

had

the

following futures

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

10

Year

Notes

....................

Long

130

$

14,273,594

3/19/24

$

96,267

U.S.

Treasury

Ultra

Bonds

......................

Long

80

9,840,000

3/19/24

192,622

Total

Futures

Contracts

......................................................................

$288,889

*

As

of

period

end.

Franklin

Strategic

Series

23

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Strategic

Series (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

ten

separate funds, four

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

and exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m. Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

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

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. 

Franklin

Strategic

Series

Notes

to

Schedules

of

Investments

(unaudited)

24

Quarterly

Schedules

of

Investments

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

November

30,

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.

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

November

30,

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

Templeton

SMACS:

Series

E

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.036%

$1,232,610

$22,321,981

$(21,507,297)

$—

$—

$2,047,294

2,047,294

$22,710

Total

Affiliated

Securities

...

$1,232,610

$22,321,981

$(21,507,297)

$—

$—

$2,047,294

$22,710

Franklin

Templeton

SMACS:

Series

H

Non-Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

...................

$823,989

$355,454

$—

$—

$3,557

$1,183,000

50,000

$10,331

Total

Affiliated

Securities

...

$823,989

$355,454

$—

$—

$3,557

$1,183,000

$10,331

2. Financial

Instrument

Valuation

(continued)

Franklin

Strategic

Series

Notes

to

Schedules

of

Investments

(unaudited)

25

Quarterly

Schedules

of

Investments

4. 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

November

30,

2023,

in

valuing

the

Funds’

assets

and

liabilities

carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

Franklin

Templeton

SMACS:

Series

I

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

5.036%

$2,191,463

$31,869,051

$(29,643,107)

$—

$—

$4,417,407

4,417,407

$35,818

Total

Affiliated

Securities

...

$2,191,463

$31,869,051

$(29,643,107)

$—

$—

$4,417,407

$35,818

Level

1

Level

2

Level

3

Total

Franklin

Templeton

SMACS:

Series

CH

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

$

—

$

23,186,244

$

—

$

23,186,244

Short

Term

Investments

...................

—

4,900,000

—

4,900,000

Total

Investments

in

Securities

...........

$—

$28,086,244

$—

$28,086,244

Franklin

Templeton

SMACS:

Series

E

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

52,678,307

—

—

52,678,307

Equity-Linked

Securities

...................

—

34,956,890

—

34,956,890

Convertible

Preferred

Stocks

................

1,852,000

—

—

1,852,000

Corporate

Bonds

........................

—

4,636,985

—

4,636,985

Short

Term

Investments

...................

2,047,294

—

—

2,047,294

Total

Investments

in

Securities

...........

$56,577,601

$39,593,875

$—

$96,171,476

Liabilities:

Other

Financial

Instruments:

Options

written

..........................

$

226,995

$

—

$

—

$

226,995

Total

Other

Financial

Instruments

.........

$226,995

$—

$—

$226,995

3.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Strategic

Series

Notes

to

Schedules

of

Investments

(unaudited)

26

Quarterly

Schedules

of

Investments

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

Templeton

SMACS:

Series

H

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

$

1,183,000

$

—

$

—

$

1,183,000

Municipal

Bonds

.........................

—

10,359,317

—

10,359,317

Total

Investments

in

Securities

...........

$1,183,000

$10,359,317

$—

$11,542,317

Franklin

Templeton

SMACS:

Series

I

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

1,372,050

—

—

1,372,050

Equity-Linked

Securities

...................

—

3,098,421

—

3,098,421

Corporate

Bonds

........................

—

160,431,077

—

160,431,077

Short

Term

Investments

...................

4,417,407

—

—

4,417,407

Total

Investments

in

Securities

...........

$5,789,457

$163,529,498

$—

$169,318,955

Other

Financial

Instruments:

Futures

contracts

........................

$288,889

$—

$—

$288,889

Total

Other

Financial

Instruments

.........

$288,889

$—

$—

$288,889

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FRN

Floating

Rate

Note

GO

General

Obligation

LOC

Letter

of

Credit

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

4. Fair

Value

Measurements 

(continued)

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.