Franklin Strategic Series NPORT-P Franklin Templeton SMACS Series I (Nov 2024 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

17

Notes

to

Schedules

of

Investments

24

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

November

30,

2024

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

Corporate

Bonds

0.8%

Diversified

Consumer

Services

0.8%

Grand

Canyon

University

,

Secured

Note

,

5.125%,

10/01/28

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

$

250,000

$

237,009

Total

Corporate

Bonds

(Cost

$

229,252

)

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

237,009

Municipal

Bonds

98.8%

Arizona

1.9%

a

,b

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

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

505,000

517,557

California

96.0%

Alameda

Community

Facilities

District

,

City

of

Alameda

Community

Facilities

District

No.

22-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

125,000

129,553

Beaumont

Unified

School

District

,

Community

Facilities

District

No.

2020-1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

150,000

155,464

c

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

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

1,000,000

1,077,075

b

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75

%

,

7/01/60

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

500,000

486,692

b

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

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

1,200,000

1,045,982

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

4

%

,

2/01/56

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

300,000

172,452

Serenity

at

Larkspur

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

2/01/50

.........

1,000,000

757,928

Twin

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-2

,

Zero

Cpn.,

8/01/65

1,250,000

53,741

California

Educational

Facilities

Authority

,

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5

%

,

10/01/53

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

1,000,000

1,067,023

a

,b

California

Enterprise

Development

Authority

,

Real

Journey

Academies

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5

%

,

6/01/54

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

500,000

508,427

California

Health

Facilities

Financing

Authority

,

Episcopal

Communities

&

Services

for

Seniors

Obligated

Group

,

Revenue

,

2024

B

,

5.25

%

,

11/15/53

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

200,000

212,035

b

,c

California

Infrastructure

&

Economic

Development

Bank

,

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A-4

,

Mandatory

Put

,

8

%

,

8/15/25

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

200,000

206,094

California

Municipal

Finance

Authority

,

a

Special

Tax

,

2024

D

,

5

%

,

9/01/54

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

380,000

395,740

BOLD

Program

,

Special

Tax

,

2022

B

,

Refunding

,

6

%

,

9/01/52

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

150,000

162,695

BOLD

Program

,

Special

Tax

,

2022

C

,

6.25

%

,

9/01/52

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

150,000

162,930

BOLD

Program

,

Special

Tax

,

2022

D

,

6.125

%

,

9/01/52

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

150,000

162,276

BOLD

Program

,

Special

Tax

,

2023

A

,

5.5

%

,

9/01/53

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

100,000

108,889

BOLD

Program

,

Special

Tax

,

2023

C

,

5.25

%

,

9/01/53

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

1,000,000

1,064,218

BOLD

Program

,

Special

Tax

,

2024

A

,

5

%

,

9/01/48

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

100,000

105,376

b

Claremont

Graduate

University

,

Revenue

,

144A,

2020

B

,

Refunding

,

5

%

,

10/01/49

.

125,000

123,763

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

6

%

,

9/01/52

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

150,000

161,488

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

100,000

105,195

Community

Facilities

District

No.

2023-5

Area

No.

1

,

Special

Tax

,

2023

,

5.8

%

,

9/01/53

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

1,000,000

1,095,946

a

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

500,000

520,678

b

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

Zero

Cpn.,

9/01/43

..........

250,000

182,508

b

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

144A,

2024

A

,

5.75

%

,

5/01/54

.

200,000

208,023

b

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

6.375

%

,

6/15/64

........

250,000

272,947

b

,d

,e

California

Pollution

Control

Financing

Authority

,

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

7.5

%

,

12/01/40

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

75,000

9,650

b

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/46

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

1,250,000

1,220,664

b

California

School

Finance

Authority

,

Integrity

Charter

School

,

Revenue

,

144A,

2024

,

5.6

%

,

7/01/64

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

500,000

506,439

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)

b

California

School

Finance

Authority,

(continued)

Orange

County

Educational

Arts

Academy

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.875

%

,

6/01/53

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

$

100,000

$

103,023

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

A

,

5.25

%

,

9/01/51

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

100,000

106,179

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

........

150,000

157,375

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

5

%

,

9/01/53

.......

150,000

155,714

Community

Facilities

District

No.

2022-07

Improvement

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

150,000

157,934

Community

Facilities

District

No.

2022-08

Improvement

Area

,

Special

Tax

,

2024

,

5.25

%

,

9/01/45

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

150,000

155,897

Community

Facilities

District

No.

2024-9

,

Special

Tax

,

2024

,

5

%

,

9/01/54

........

100,000

102,397

Community

Infrastructure

Program

Assessment

District

No.

20-02

,

Special

Assessment

,

2023

,

5.75

%

,

9/02/53

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

1,000,000

1,068,752

b

Loma

Linda

University

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5.25

%

,

12/01/56

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

250,000

252,650

b

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/49

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

100,000

101,674

b

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/52

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

200,000

202,914

Chino

Community

Facilities

District

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

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

1,000,000

1,088,207

b

City

&

County

of

San

Francisco

,

Community

Facilities

District

No.

2016-1

Improvement

Area

2

,

Special

Tax

,

144A,

2023

A

,

5.25

%

,

9/01/48

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

965,000

1,021,330

District

No.

2020-1

Shoreline

Tax

Zone

1

,

Special

Tax

,

144A,

2023

C

,

5.75

%

,

9/01/53

1,500,000

1,628,100

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

5

,

Special

Tax

,

2023

,

5.375

%

,

9/01/51

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

1,250,000

1,329,975

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-8

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

150,000

156,263

a

City

of

Menifee

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2024

,

5

%

,

9/01/55

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

500,000

527,551

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

212,290

b

CSCDA

Community

Improvement

Authority

,

CTR

City

Anaheim

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/54

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

400,000

357,842

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

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

140,000

108,651

a

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

23

Improvement

Area

No.

4

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

400,000

420,116

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

1,620,590

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2022

A-1

,

Refunding

,

5

%

,

6/01/51

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

100,000

105,489

a

Manteca

Unified

School

District

,

Community

Facilities

District

No.

2018-5

,

Special

Tax

,

2024

A

,

5

%

,

9/01/54

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

300,000

316,504

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5

%

,

8/15/53

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

1,000,000

1,085,540

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

2023-1

Area

No.

1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

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

1,000,000

1,070,216

Washington

Township

Health

Care

District

,

Revenue

,

2023

A

,

5.75

%

,

7/01/48

......

150,000

165,390

26,220,454

Florida

0.4%

b

,c

Florida

Development

Finance

Corp.

,

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

12

%

,

7/15/28

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

100,000

106,725

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

27

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

0.5%

Puerto

Rico

0.5%

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

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

$

146,877

$

143,572

Total

Municipal

Bonds

(Cost

$

25,305,147

)

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

26,988,308

Total

Long

Term

Investments

(Cost

$

25,534,399

)

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

27,225,317

a

a

a

a

a

Short

Term

Investments

11.1%

Municipal

Bonds

11.1%

California

11.1%

f

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Water

System

,

Revenue,

Second

Lien

,

2024

A

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

1.8

%

,

10/01/54

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

500,000

500,000

f

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.8

%

,

9/01/38

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

500,000

500,000

f

Eastern

Municipal

Water

District

,

Revenue

,

2018

A

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/46

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

500,000

500,000

f

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2023

F-2

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.55

%

,

7/01/47

.

480,000

480,000

f

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

2.6

%

,

5/15/48

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

840,000

840,000

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

2.6

%

,

5/15/48

...........

200,000

200,000

3,020,000

Total

Municipal

Bonds

(Cost

$

3,020,000

)

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

3,020,000

Total

Short

Term

Investments

(Cost

$

3,020,000

)

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

3,020,000

a

Total

Investments

(Cost

$

28,554,399

)

110.7

%

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

$30,245,317

Other

Assets,

less

Liabilities

(

10.7

)

%

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

(2,921,608)

Net

Assets

100.0%

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

$27,323,709

a

Security

purchased

on

a

when-issued

basis.

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,

2024,

the

aggregate

value

of

these

securities

was

$10,155,776,

representing

37.2%

of

net

assets.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

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,

2024

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

51.0%

Aerospace

&

Defense

1.6%

a

Boeing

Co.

(The)

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

United

States

19,000

$

2,953,360

Lockheed

Martin

Corp.

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

United

States

2,500

1,323,525

4,276,885

Air

Freight

&

Logistics

1.6%

United

Parcel

Service,

Inc.

,

B

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

United

States

30,500

4,139,460

Banks

2.9%

Fifth

Third

Bancorp

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

United

States

27,000

1,297,620

Truist

Financial

Corp.

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

United

States

45,000

2,145,600

US

Bancorp

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

United

States

76,480

4,075,619

7,518,839

Beverages

4.7%

Coca-Cola

Co.

(The)

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

United

States

65,000

4,165,200

PepsiCo,

Inc.

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

United

States

50,000

8,172,500

12,337,700

Biotechnology

1.4%

AbbVie,

Inc.

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

United

States

20,000

3,658,600

Building

Products

0.6%

Johnson

Controls

International

plc

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

United

States

20,000

1,677,200

Chemicals

4.4%

Air

Products

and

Chemicals,

Inc.

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

United

States

25,000

8,358,250

Albemarle

Corp.

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

United

States

25,000

2,692,500

LyondellBasell

Industries

NV

,

A

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

United

States

7,000

583,380

11,634,130

Communications

Equipment

1.2%

Cisco

Systems,

Inc.

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

United

States

53,000

3,138,130

Electric

Utilities

2.4%

American

Electric

Power

Co.,

Inc.

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

United

States

35,000

3,495,100

Xcel

Energy,

Inc.

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

United

States

40,000

2,902,400

6,397,500

Energy

Equipment

&

Services

0.9%

Schlumberger

NV

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

United

States

55,000

2,416,700

Food

Products

2.2%

Nestle

SA

,

ADR

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

United

States

65,000

5,640,700

Health

Care

Equipment

&

Supplies

1.7%

Abbott

Laboratories

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

United

States

20,000

2,375,400

Medtronic

plc

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

United

States

22,740

1,967,920

4,343,320

Hotels,

Restaurants

&

Leisure

0.9%

McDonald's

Corp.

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

United

States

8,000

2,368,080

Household

Products

2.4%

Procter

&

Gamble

Co.

(The)

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

United

States

35,000

6,274,100

Machinery

0.9%

Caterpillar,

Inc.

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

United

States

6,000

2,436,660

Metals

&

Mining

1.6%

Freeport-McMoRan,

Inc.

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

United

States

40,000

1,768,000

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)

Metals

&

Mining

(continued)

Rio

Tinto

plc

,

ADR

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

Australia

40,000

$

2,513,600

4,281,600

Oil,

Gas

&

Consumable

Fuels

5.1%

BP

plc

,

ADR

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

United

States

50,000

1,465,500

Chevron

Corp.

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

United

States

15,000

2,428,950

Exxon

Mobil

Corp.

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

United

States

25,000

2,949,000

Shell

plc

,

ADR

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

United

States

30,000

1,942,200

TotalEnergies

SE

,

ADR

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

France

80,000

4,639,200

13,424,850

Pharmaceuticals

5.3%

AstraZeneca

plc

,

ADR

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

United

Kingdom

35,000

2,366,700

Johnson

&

Johnson

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

United

States

15,000

2,325,150

Merck

&

Co.,

Inc.

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

United

States

65,000

6,606,600

Pfizer,

Inc.

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

United

States

100,000

2,621,000

13,919,450

Semiconductors

&

Semiconductor

Equipment

3.8%

Analog

Devices,

Inc.

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

United

States

15,000

3,270,750

Broadcom,

Inc.

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

United

States

20,000

3,241,600

Microchip

Technology,

Inc.

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

United

States

50,000

3,408,500

9,920,850

Software

1.8%

Oracle

Corp.

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

United

States

25,000

4,621,000

Specialty

Retail

1.8%

Home

Depot,

Inc.

(The)

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

United

States

10,899

4,677,088

Tobacco

1.8%

Philip

Morris

International,

Inc.

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

United

States

35,000

4,657,100

Total

Common

Stocks

(Cost

$

118,344,413

)

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

133,759,942

Equity-Linked

Securities

39.0%

Aerospace

&

Defense

1.8%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5

%

,

12/08/25

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

United

States

24,452

3,709,229

b

Wells

Fargo

Bank

NA

into

Boeing

Co.

(The)

,

144A,

9

%

,

6/17/25

United

States

6,300

1,003,423

4,712,652

Banks

1.9%

b

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.

,

144A,

8.5

%

,

2/26/25

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

United

States

35,000

1,305,999

b

JPMorgan

Chase

Bank

NA

into

Truist

Financial

Corp.

,

144A,

9.5

%

,

3/02/26

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

United

States

12,000

542,723

b

Merrill

Lynch

International

&

Co.

CV

into

Fifth

Third

Bancorp

,

144A,

10

%

,

3/10/25

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

United

States

12,000

468,604

b

Royal

Bank

of

Canada

into

Citigroup,

Inc.

,

144A,

8.5

%

,

8/27/25

.

United

States

13,000

850,429

b

Royal

Bank

of

Canada

into

Truist

Financial

Corp.

,

144A,

8.5

%

,

8/04/25

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

United

States

24,000

1,103,390

b

Wells

Fargo

Bank

NA

into

Citigroup,

Inc.

,

144A,

10

%

,

2/25/25

..

United

States

13,000

804,665

5,075,810

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)

Building

Products

0.8%

b

Wells

Fargo

Bank

NA

into

Johnson

Controls

International

plc

,

144A,

9

%

,

12/10/24

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

United

States

35,000

$

2,017,238

Capital

Markets

1.4%

b

Goldman

Sachs

International

Bank

into

Morgan

Stanley

,

144A,

9

%

,

12/24/24

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

United

States

2,300

230,285

b

Merrill

Lynch

International

&

Co.

CV

into

Charles

Schwab

Corp.

(The)

,

144A,

9

%

,

2/25/25

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

United

States

32,000

2,283,983

b

Merrill

Lynch

International

&

Co.

CV

into

Morgan

Stanley

,

144A,

9

%

,

7/14/25

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

United

States

10,000

1,074,067

3,588,335

Chemicals

0.7%

b

Barclays

Bank

plc

into

Air

Products

and

Chemicals,

Inc.

,

144A,

8.5

%

,

3/10/25

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

United

States

7,000

1,810,321

Communications

Equipment

0.9%

b

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

9/17/25

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

United

States

15,000

803,296

b

UBS

AG

into

Cisco

Systems,

Inc.

,

144A,

8

%

,

6/10/25

........

United

States

30,000

1,584,697

2,387,993

Consumer

Staples

Distribution

&

Retail

0.4%

b

UBS

AG

into

Target

Corp.

,

144A,

10

%

,

9/15/25

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

United

States

7,300

984,213

Containers

&

Packaging

1.0%

b

BNP

Paribas

SA

into

International

Paper

Co.

,

144A,

9

%

,

10/20/25

United

States

26,000

1,364,455

b

Mizuho

Markets

Cayman

LP

into

International

Paper

Co.

,

144A,

10

%

,

1/22/25

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

United

States

30,000

1,259,722

2,624,177

Electric

Utilities

1.4%

b

Mizuho

Markets

Cayman

LP

into

NextEra

Energy,

Inc.

,

144A,

9

%

,

4/08/25

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

United

States

24,000

1,665,223

b

Wells

Fargo

Bank

NA

into

NextEra

Energy,

Inc.

,

144A,

8

%

,

5/20/25

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

United

States

25,000

1,896,130

3,561,353

Energy

Equipment

&

Services

1.5%

b

Merrill

Lynch

International

&

Co.

CV

into

Halliburton

Co.

,

144A,

8.5

%

,

11/13/25

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

United

States

95,000

2,944,129

b

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

10

%

,

11/26/25

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

United

States

25,000

1,093,158

4,037,287

Health

Care

Providers

&

Services

0.9%

b

JPMorgan

Chase

Bank

NA

into

CVS

Health

Corp.

,

144A,

9

%

,

11/25/25

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

United

States

30,000

1,775,233

b

Wells

Fargo

Bank

NA

into

UnitedHealth

Group,

Inc.

,

144A,

7

%

,

7/14/25

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

United

States

1,300

687,375

2,462,608

Hotels,

Restaurants

&

Leisure

0.1%

b

Wells

Fargo

Bank

NA

into

Starbucks

Corp.

,

144A,

8

%

,

3/04/25

.

United

States

3,000

299,315

Insurance

0.7%

b

JPMorgan

Chase

Bank

NA

into

MetLife,

Inc.

,

144A,

8

%

,

3/25/25

United

States

23,000

1,754,682

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)

Interactive

Media

&

Services

2.1%

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Alphabet,

Inc.

,

144A,

8.5

%

,

8/20/25

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

United

States

14,000

$

2,391,782

b

JPMorgan

Chase

Bank

NA

into

Alphabet,

Inc.

,

144A,

8

%

,

3/18/25

United

States

15,000

2,220,036

b

JPMorgan

Chase

Bank

NA

into

Alphabet,

Inc.

,

144A,

8

%

,

3/28/25

United

States

6,000

934,185

5,546,003

IT

Services

1.3%

b

Barclays

Bank

plc

into

International

Business

Machines

Corp.

,

144A,

8.5

%

,

6/09/25

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

United

States

9,500

1,827,743

b

UBS

AG

into

International

Business

Machines

Corp.

,

144A,

8

%

,

8/27/25

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

United

States

8,000

1,660,168

3,487,911

Media

1.6%

b

BNP

Paribas

Issuance

BV

into

Comcast

Corp.

,

144A,

8

%

,

1/15/25

United

States

32,000

1,384,853

b

JPMorgan

Chase

Bank

NA

into

Comcast

Corp.

,

144A,

8.5

%

,

9/02/25

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

United

States

70,000

2,923,175

4,308,028

Metals

&

Mining

3.3%

b

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

8/12/25

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

United

States

52,600

2,337,546

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

5/20/25

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

United

States

29,000

1,320,441

b

Mizuho

Markets

Cayman

LP

into

Barrick

Gold

Corp.

,

144A,

9

%

,

7/01/25

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

Canada

55,000

944,422

b

Mizuho

Markets

Cayman

LP

into

Barrick

Gold

Corp.

,

144A,

10

%

,

8/21/25

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

Canada

50,000

902,307

b

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.

,

144A,

11

%

,

12/10/24

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

United

States

9,600

420,687

b

Royal

Bank

of

Canada

into

Freeport-McMoRan,

Inc.

,

144A,

10

%

,

7/08/25

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

United

States

13,700

623,456

b

UBS

AG

into

Newmont

Corp.

,

144A,

11

%

,

1/16/25

...........

United

States

50,000

2,078,487

8,627,346

Multi-Utilities

0.6%

b

Wells

Fargo

Bank

NA

into

Dominion

Energy,

Inc.

,

144A,

9

%

,

1/10/25

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

United

States

26,000

1,457,294

Oil,

Gas

&

Consumable

Fuels

2.7%

b

BNP

Paribas

Issuance

BV

into

Exxon

Mobil

Corp.

,

144A,

8.5

%

,

4/01/25

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

United

States

9,000

1,049,358

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Exxon

Mobil

Corp.

,

144A,

9

%

,

3/12/25

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

United

States

19,000

2,116,822

b

JPMorgan

Chase

Bank

NA

into

Exxon

Mobil

Corp.

,

144A,

8.5

%

,

11/03/25

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

United

States

2,500

286,667

b

Royal

Bank

of

Canada

into

Shell

plc

,

144A,

8

%

,

4/28/25

......

United

States

55,000

3,640,554

7,093,401

Pharmaceuticals

0.8%

b

Mizuho

Markets

Cayman

LP

into

Bristol-Myers

Squibb

Co.

,

144A,

9.5

%

,

5/08/25

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

United

States

37,000

2,005,488

Semiconductors

&

Semiconductor

Equipment

8.2%

b

BNP

Paribas

Issuance

BV

into

Applied

Materials,

Inc.

,

144A,

10

%

,

12/10/25

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

United

States

26,000

4,533,888

b

Citigroup

Global

Markets

Holdings,

Inc.

into

Analog

Devices,

Inc.

,

144A,

9

%

,

7/08/25

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

United

States

6,200

1,369,863

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

Equity-Linked

Securities

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

b

Goldman

Sachs

International

Bank

into

Texas

Instruments,

Inc.

,

144A,

9

%

,

11/10/25

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

United

States

8,000

$

1,392,490

b

Mizuho

Markets

Cayman

LP

into

Intel

Corp.

,

144A,

10

%

,

12/08/25

United

States

125,200

3,018,025

b

Morgan

Stanley

Finance

II

Ltd.

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

3/03/25

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

United

States

11,500

795,487

b

National

Bank

of

Canada

into

Broadcom,

Inc.

,

144A,

11.5

%

,

5/13/25

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

United

States

3,000

4,082,581

b

Royal

Bank

of

Canada

into

Microchip

Technology,

Inc.

,

144A,

10

%

,

4/01/25

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

United

States

16,000

1,131,517

b

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8

%

,

6/11/25

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

United

States

8,000

1,609,436

b

UBS

AG

into

Intel

Corp.

,

144A,

10

%

,

7/29/25

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

United

States

32,000

816,236

b

Wells

Fargo

Bank

NA

into

Broadcom,

Inc.

,

144A,

9.5

%

,

8/20/25

.

United

States

10,000

1,607,835

b

Wells

Fargo

Bank

NA

into

QUALCOMM,

Inc.

,

144A,

10

%

,

10/22/25

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

United

States

7,500

1,218,103

21,575,461

Software

2.1%

b

Barclays

Bank

plc

into

Oracle

Corp.

,

144A,

8.5

%

,

2/05/25

.....

United

States

13,000

1,562,488

b

Merrill

Lynch

BV

into

Microsoft

Corp

,

144A,

7.5

%

,

10/06/25

....

United

States

5,000

2,127,188

b

Mizuho

Markets

Cayman

LP

into

Oracle

Corp.

,

144A,

8.5

%

,

2/10/25

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

United

States

7,000

895,619

b

UBS

AG

into

Oracle

Corp.

,

144A,

9

%

,

6/10/25

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

United

States

5,800

806,473

5,391,768

Specialty

Retail

0.6%

b

J.P.

Morgan

Structured

Products

BV

into

Home

Depot,

Inc.

(The)

,

144A,

8

%

,

10/15/25

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

United

States

4,100

1,621,325

Technology

Hardware,

Storage

&

Peripherals

2.2%

b

Barclays

Bank

plc

into

Dell

Technologies

Inc

,

144A,

12

%

,

9/03/25

United

States

18,000

2,222,322

b

Mizuho

Markets

Cayman

LP

into

Hewlett

Packard

Enterprise

Co.

,

144A,

9.5

%

,

9/30/25

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

United

States

64,000

1,215,012

b

UBS

AG

into

Apple,

Inc.

,

144A,

7

%

,

4/02/25

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

United

States

12,635

2,417,076

5,854,410

Total

Equity-Linked

Securities

(Cost

$

97,841,169

)

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

102,284,419

Convertible

Preferred

Stocks

8.7%

Aerospace

&

Defense

3.2%

a

Boeing

Co.

(The)

,

6

%

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

United

States

150,000

8,308,500

a

Capital

Markets

1.3%

a

Ares

Management

Corp.

,

6.75

%

,

B

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

United

States

60,000

3,370,800

a

Chemicals

1.0%

Albemarle

Corp.

,

7.25

%

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

United

States

55,000

2,658,700

Electric

Utilities

3.2%

NextEra

Energy,

Inc.

,

7.299

%

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

United

States

160,000

8,292,800

Total

Convertible

Preferred

Stocks

(Cost

$

20,932,672

)

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

22,630,800

Total

Long

Term

Investments

(Cost

$

237,118,254

)

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

258,675,161

a

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

27

.

Short

Term

Investments

0.6%

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

0.6%

c,d

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.369

%

..

United

States

1,553,367

$

1,553,367

Total

Money

Market

Funds

(Cost

$

1,553,367

)

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

1,553,367

Total

Short

Term

Investments

(Cost

$

1,553,367

)

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

1,553,367

a

Total

Investments

(Cost

$

238,671,621

)

99.3

%

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

$260,228,528

Other

Assets,

less

Liabilities

0.7

%

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

1,959,520

Net

Assets

100.0%

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

$262,188,048

a

a

a

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

November

30,

2024,

the

aggregate

value

of

these

securities

was

$102,284,419,

representing

39.0%

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,

2024

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

3.1%

Capital

Markets

3.1%

a

Franklin

Dynamic

Municipal

Bond

ETF

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

17,000

$

426,020

Total

Management

Investment

Companies

(Cost

$

403,766

)

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

426,020

Principal

Amount

a

a

a

a

Corporate

Bonds

1.7%

Diversified

Consumer

Services

1.7%

Grand

Canyon

University

,

Secured

Note

,

5.125%,

10/01/28

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

$

250,000

237,009

Total

Corporate

Bonds

(Cost

$

229,252

)

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

237,009

Municipal

Bonds

94.8%

Alabama

3.8%

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5

%

,

10/01/56

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

300,000

305,583

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

11/01/42

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

150,000

132,679

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

11/01/49

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

100,000

88,864

527,126

Arizona

2.7%

b

,c

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

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

205,000

210,097

c

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75

%

,

6/15/58

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

150,000

156,631

366,728

Arkansas

1.1%

Arkansas

Development

Finance

Authority

,

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7

%

,

5/01/53

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

150,000

159,454

California

9.2%

d

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

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

130,000

140,020

c

California

Community

Housing

Agency

,

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

8/01/50

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

125,000

121,990

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

130,000

120,007

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

195,000

169,369

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

105,000

100,852

c

California

Municipal

Finance

Authority

,

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

Zero

Cpn.,

9/01/43

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

150,000

109,505

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

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

100,000

88,001

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

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

125,000

110,516

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

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

100,000

84,666

c

CSCDA

Community

Improvement

Authority

,

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/51

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

110,000

108,246

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

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

135,000

115,296

1,268,468

Colorado

0.7%

Colorado

Health

Facilities

Authority

,

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/38

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

100,000

96,437

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

23.5%

Avenir

Community

Development

District

,

Parcel

A-18

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/55

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

$

100,000

$

102,449

c

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

5/01/55

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

150,000

151,452

Epperson

North

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/55

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

110,000

111,439

c

Florida

Development

Finance

Corp.

,

d

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

12

%

,

7/15/28

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

100,000

106,725

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/55

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

100,000

77,211

Hammock

Oaks

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/44

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

125,000

128,480

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

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

100,000

86,628

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6.375

%

,

5/01/54

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

100,000

106,932

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

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

100,000

102,603

North

AR-1

Pasco

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

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

100,000

104,155

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

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

130,000

141,925

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

6/15/43

..

100,000

102,441

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

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

100,000

103,321

Parker

Pointe

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

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

100,000

101,862

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

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

100,000

102,895

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

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

160,000

173,742

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

4

%

,

12/15/51

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

70,000

61,858

Ridge

at

Apopka

Community

Development

District

,

Parcel

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

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

100,000

103,567

River

Hall

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.5

%

,

5/01/54

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

105,000

113,275

Savanna

Lakes

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.5

%

,

6/15/54

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

135,000

137,196

Sawgrass

Village

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

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

100,000

103,018

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.375

%

,

11/01/53

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

155,000

165,299

c

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

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

100,000

103,578

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

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

100,000

104,022

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

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

150,000

162,891

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

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

100,000

102,822

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

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

75,000

78,716

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)

Florida

(continued)

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

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

$

100,000

$

103,481

c

Winding

Oaks

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.7

%

,

5/01/55

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

100,000

101,289

3,245,272

Indiana

1.5%

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

100,000

87,070

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

Senior

Lien

,

2023

E

,

6.125

%

,

3/01/57

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

110,000

119,978

207,048

Iowa

2.7%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC

,

Revenue

,

2022

,

Pre-Refunded

,

5

%

,

12/01/50

..........

235,000

271,706

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/36

....

100,000

100,707

372,413

Louisiana

3.7%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

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

100,000

100,264

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4

%

,

11/01/44

...........

135,000

136,009

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5

%

,

9/01/59

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

255,000

276,180

512,453

Maryland

2.6%

Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4.25

%

,

7/01/50

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

170,000

161,770

c

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5

%

,

2/15/53

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

190,000

196,049

357,819

Michigan

0.8%

City

of

Detroit

,

GO

,

2023

C

,

6

%

,

5/01/43

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

100,000

114,166

Minnesota

0.7%

City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.

,

Revenue

,

2021

,

4

%

,

9/01/36

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

105,000

102,967

Nevada

1.5%

Henderson

Local

Improvement

Districts

,

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/53

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

100,000

100,703

d

State

of

Nevada

Department

of

Business

&

Industry

,

Desertxpress

Enterprises

LLC

,

Revenue

,

2020

A-4

,

Mandatory

Put

,

8.125

%

,

8/15/25

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

100,000

103,047

203,750

New

Hampshire

1.9%

New

Hampshire

Business

Finance

Authority

,

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

7/01/48

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

250,000

266,382

New

York

4.4%

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4

%

,

10/01/30

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

100,000

100,393

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4.375

%

,

10/01/45

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

400,000

389,905

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)

New

York

(continued)

c

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

B

,

6

%

,

9/01/43

..........

$

100,000

$

110,648

600,946

Ohio

3.1%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

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

200,000

183,411

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

8

%

,

8/01/34

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

100,000

103,898

Summit

County

Development

Finance

Authority

,

UAkronPark,

Inc.

,

Revenue

,

2023

,

6

%

,

12/01/58

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

125,000

137,872

425,181

Pennsylvania

2.1%

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-1

,

8

%

,

6/30/34

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

18,000

18,683

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-2

,

6

%

,

6/30/34

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

8,000

8,676

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-3

,

5

%

,

6/30/39

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

120,000

119,510

Tower

Health

Obligated

Group

,

Revenue

,

2024

B-1

,

Zero

Cpn.,

6/30/44

.........

59,000

42,597

Philadelphia

Authority

for

Industrial

Development

,

St.

Joseph's

University

,

Revenue

,

2022

,

5.5

%

,

11/01/60

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

90,000

98,631

288,097

Texas

11.5%

c

Arlington

Higher

Education

Finance

Corp.

,

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

4.875

%

,

6/15/59

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

100,000

100,033

c

City

of

Anna

,

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/15/53

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

116,000

121,471

c

City

of

Celina

,

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/53

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

100,000

102,889

c

City

of

Fate

,

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

8/15/53

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

100,000

100,677

e

City

of

Houston

,

Airport

System,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.5

%

,

7/15/38

100,000

108,268

c

City

of

Hutto

,

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/58

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

115,000

118,533

c

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

106,940

c

City

of

Princeton

,

Southbridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

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

132,000

134,937

c

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/15/52

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

112,000

114,932

c

County

of

Bastrop

,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/44

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

105,000

106,050

b

,c

County

of

Denton

,

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.625

%

,

12/31/54

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

106,000

106,918

c

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

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

100,000

92,621

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

5

%

,

7/01/47

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

50,000

50,000

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/39

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

85,000

86,086

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5

%

,

12/01/54

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

85,000

85,775

Walden

Pond

Fresh

Water

Supply

District

,

GO

,

2022

,

6.25

%

,

9/01/47

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

45,000

46,156

1,582,286

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

27

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

1.6%

Washington

State

Housing

Finance

Commission

,

Eastside

Retirement

Association

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

7/01/48

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

$

120,000

$

125,302

c

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

1/01/55

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

100,000

92,132

217,434

Wisconsin

3.9%

Public

Finance

Authority

,

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/49

..

125,000

122,899

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

4

%

,

9/30/51

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

345,000

306,415

Wisconsin

Health

&

Educational

Facilities

Authority

,

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125

%

,

10/01/59

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

100,000

103,842

533,156

U.S.

Territories

11.8%

District

of

Columbia

1.9%

District

of

Columbia

,

International

School

Obligated

Group

,

Revenue

,

2019

,

5

%

,

7/01/49

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

140,000

142,719

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5

%

,

8/31/33

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

100,000

113,655

256,374

Puerto

Rico

9.9%

Commonwealth

of

Puerto

Rico

,

GO

,

2022

A-1

,

4

%

,

7/01/41

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

181,382

174,765

GO

,

2022

A-1

,

4

%

,

7/01/46

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

314,000

299,502

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

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

91,798

89,733

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

796,000

799,593

1,363,593

Total

U.S.

Territories

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

1,619,967

Total

Municipal

Bonds

(Cost

$

12,440,943

)

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

13,067,550

Total

Long

Term

Investments

(Cost

$

13,073,961

)

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

13,730,579

a

a

a

a

a

Short

Term

Investments

2.2%

Municipal

Bonds

2.2%

Pennsylvania

2.2%

f

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

E

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

6/01/35

300,000

300,000

Total

Municipal

Bonds

(Cost

$

300,000

)

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

300,000

Total

Short

Term

Investments

(Cost

$

300,000

)

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

300,000

a

Total

Investments

(Cost

$

13,373,961

)

101.8

%

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

$14,030,579

Other

Assets,

less

Liabilities

(

1.8

)

%

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

(249,775)

Net

Assets

100.0%

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

$13,780,804

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

H

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

16

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

Security

purchased

on

a

when-issued

basis.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$3,986,239,

representing

28.9%

of

net

assets.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

f

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,

2024

Franklin

Templeton

SMACS:

Series

I

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Shares

a

Value

a

Common

Stocks

0.5%

Banks

0.5%

Bank

of

America

Corp.

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

45,000

$

2,137,950

Pharmaceuticals

0.0%

†

a

Endo,

Inc.

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

4,647

105,951

a

Total

Common

Stocks

(Cost

$

1,322,760

)

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

2,243,901

a

Equity-Linked

Securities

1.0%

Banks

0.2%

b

BNP

Paribas

Issuance

BV

into

Bank

of

America

Corp.

,

144A,

8.5

%

,

2/26/25

.......

28,800

1,074,651

Hotels,

Restaurants

&

Leisure

0.4%

b

Wells

Fargo

Bank

NA

into

Starbucks

Corp.

,

144A,

8

%

,

3/04/25

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

17,500

1,746,005

Pharmaceuticals

0.4%

b

BNP

Paribas

SA

into

Pfizer,

Inc.

,

144A,

10.5

%

,

7/23/25

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

58,000

1,559,951

Total

Equity-Linked

Securities

(Cost

$

4,248,600

)

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

4,380,607

Principal

Amount

a

a

a

a

Corporate

Bonds

84.2%

Aerospace

&

Defense

2.4%

Boeing

Co.

(The)

,

b

Senior

Bond

,

144A,

6.528%,

5/01/34

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

$

2,000,000

2,127,591

Senior

Note

,

5.15%,

5/01/30

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

99,000

98,613

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

8.75%,

11/15/30

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

1,500,000

1,625,379

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75%,

8/15/28

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

1,500,000

1,531,814

Senior

Secured

Note

,

144A,

6.875%,

12/15/30

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

2,500,000

2,577,702

Senior

Secured

Note

,

144A,

6.625%,

3/01/32

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

2,500,000

2,563,847

10,524,946

Automobile

Components

0.5%

b

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625%,

10/15/29

...........

2,500,000

1,982,369

Automobiles

1.4%

Ford

Motor

Co.

,

Senior

Bond

,

6.1%,

8/19/32

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

6,000,000

6,124,469

Banks

1.1%

Bank

of

America

Corp.

,

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

1,000,000

999,767

Barclays

plc

,

Senior

Bond

,

6.692%

to

9/12/33,

FRN

thereafter

,

9/13/34

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

1,500,000

1,631,324

Sub.

Bond

,

7.119%

to

6/26/33,

FRN

thereafter

,

6/27/34

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

1,500,000

1,631,333

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

......

350,000

366,294

Wells

Fargo

&

Co.

,

Senior

Bond

,

6.491%

to

10/22/33,

FRN

thereafter

,

10/23/34

.....

100,000

109,105

4,737,823

Building

Products

1.1%

b

AmeriTex

HoldCo

Intermediate

LLC

,

Senior

Secured

Note

,

144A,

10.25%,

10/15/28

.

2,000,000

2,131,460

b

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75%,

8/01/28

.....

800,000

789,107

b

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625%,

12/15/30

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

2,000,000

2,024,602

4,945,169

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)

Capital

Markets

0.3%

Charles

Schwab

Corp.

(The)

,

Senior

Note

,

5.643%

to

5/18/28,

FRN

thereafter

,

5/19/29

$

50,000

$

51,422

Morgan

Stanley

,

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

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

100,000

110,477

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

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

1,000,000

1,023,251

1,185,150

Chemicals

2.2%

Celanese

US

Holdings

LLC

,

Senior

Note

,

6.8%,

11/15/30

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

1,000,000

1,053,564

b

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25%,

9/01/29

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

3,500,000

3,760,356

b

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625%,

5/01/29

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

4,000,000

3,908,083

Senior

Secured

Note

,

144A,

4.875%,

5/01/28

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

1,000,000

955,110

9,677,113

Commercial

Services

&

Supplies

1.0%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875%,

2/15/31

........

4,000,000

4,099,580

Communications

Equipment

3.6%

b

CommScope

LLC

,

Senior

Note

,

144A,

8.25%,

3/01/27

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

5,000,000

4,644,017

Senior

Secured

Note

,

144A,

6%,

3/01/26

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

4,000,000

3,933,263

b

CommScope

Technologies

LLC

,

Senior

Note

,

144A,

6%,

6/15/25

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

7,000,000

6,856,025

15,433,305

Consumer

Finance

1.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

5.3%,

1/19/34

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

1,500,000

1,505,420

Ford

Motor

Credit

Co.

LLC

,

Senior

Bond

,

5.113%,

5/03/29

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

1,000,000

983,503

Senior

Note

,

7.35%,

3/06/30

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

3,000,000

3,219,767

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.4%,

3/26/29

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

750,000

776,146

6,484,836

Containers

&

Packaging

5.6%

b

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

4%,

9/01/29

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

2,500,000

2,173,368

b

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25%,

8/15/27

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

9,000,000

5,380,560

Senior

Secured

Note

,

144A,

4.125%,

8/15/26

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

6,000,000

5,118,242

b

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25%,

4/15/27

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

7,750,000

7,949,191

Senior

Secured

Note

,

144A,

7.875%,

4/15/27

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

3,500,000

3,587,313

24,208,674

Diversified

REITs

0.2%

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625%,

12/01/29

.....

750,000

725,269

Diversified

Telecommunication

Services

1.8%

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125%,

5/01/27

8,000,000

7,898,825

Electric

Utilities

4.2%

b

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25%,

11/01/34

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

3,000,000

3,001,532

Senior

Note

,

144A,

6%,

2/01/33

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

3,000,000

2,985,976

Senior

Secured

Bond

,

144A,

7%,

3/15/33

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

3,000,000

3,286,640

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)

Electric

Utilities

(continued)

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

6.4%,

6/15/33

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

$

3,000,000

$

3,219,307

PG&E

Corp.

,

Senior

Secured

Note

,

5%,

7/01/28

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

500,000

491,362

b

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

6.875%,

4/15/32

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

4,000,000

4,153,474

Senior

Secured

Bond

,

144A,

6.95%,

10/15/33

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

1,000,000

1,101,089

18,239,380

Electrical

Equipment

0.2%

Regal

Rexnord

Corp.

,

Senior

Note

,

6.05%,

4/15/28

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

750,000

771,586

Energy

Equipment

&

Services

1.1%

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625%,

4/30/30

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

4,500,000

4,690,278

Entertainment

0.0%

†

b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375%,

11/15/29

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

100,000

102,956

Food

Products

0.8%

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

5.75%,

4/01/33

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

800,000

816,227

b

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.5%,

12/15/29

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

500,000

488,341

Senior

Secured

Note

,

144A,

6.25%,

2/15/32

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

2,000,000

2,023,252

3,327,820

Ground

Transportation

0.2%

b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.95%,

10/15/33

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

750,000

776,406

Health

Care

Equipment

&

Supplies

1.2%

b

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25%,

10/01/29

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

3,500,000

3,419,868

Senior

Secured

Note

,

144A,

3.875%,

4/01/29

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

2,000,000

1,876,323

5,296,191

Health

Care

Providers

&

Services

17.1%

b

CHS/Community

Health

Systems,

Inc.

,

Secured

Note

,

144A,

6.875%,

4/15/29

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

6,000,000

4,846,764

Secured

Note

,

144A,

6.125%,

4/01/30

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

8,500,000

6,298,862

Senior

Note

,

144A,

6.875%,

4/01/28

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

5,080,000

3,975,526

Senior

Secured

Note

,

144A,

5.625%,

3/15/27

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

5,000,000

4,843,228

Senior

Secured

Note

,

144A,

8%,

12/15/27

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

9,500,000

9,539,417

Senior

Secured

Note

,

144A,

10.875%,

1/15/32

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

9,000,000

9,376,740

CVS

Health

Corp.

,

Senior

Bond

,

5.25%,

2/21/33

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

50,000

49,639

b

DaVita,

Inc.

,

Senior

Bond

,

144A,

3.75%,

2/15/31

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

6,000,000

5,311,403

Senior

Note

,

144A,

6.875%,

9/01/32

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

2,000,000

2,067,126

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5%,

9/01/29

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

1,000,000

952,145

b

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

5.5%,

9/01/28

........

3,000,000

2,084,539

Tenet

Healthcare

Corp.

,

Senior

Note

,

6.125%,

10/01/28

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

6,500,000

6,521,491

Senior

Secured

Note

,

6.125%,

6/15/30

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

6,500,000

6,541,387

Senior

Secured

Note

,

6.75%,

5/15/31

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

11,000,000

11,280,431

73,688,698

Hotels,

Restaurants

&

Leisure

8.6%

b

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

8.125%,

7/01/27

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

1,352,000

1,379,981

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)

Hotels,

Restaurants

&

Leisure

(continued)

b

Caesars

Entertainment,

Inc.,

(continued)

Senior

Note

,

144A,

4.625%,

10/15/29

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

$

1,000,000

$

942,486

Senior

Note

,

144A,

6%,

10/15/32

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

3,000,000

2,951,436

Senior

Secured

Note

,

144A,

7%,

2/15/30

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

1,500,000

1,548,191

b

Carnival

Corp.

,

Senior

Note

,

144A,

6%,

5/01/29

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

1,000,000

1,004,343

Senior

Note

,

144A,

10.5%,

6/01/30

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

8,500,000

9,124,356

b

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75%,

1/15/30

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

5,000,000

4,688,212

Senior

Secured

Note

,

144A,

4.625%,

1/15/29

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

1,000,000

940,271

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.5%,

4/01/28

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

1,000,000

1,000,913

b

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

,

Senior

Bond

,

144A,

5.25%,

5/15/27

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

6,500,000

6,466,636

b

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625%,

8/26/28

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

3,500,000

3,349,639

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125%,

2/15/31

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

3,500,000

3,699,608

37,096,072

Household

Durables

0.3%

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note

,

4.75%,

4/01/29

.......

1,500,000

1,443,963

Household

Products

0.4%

b

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

6.5%,

12/31/27

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

1,500,000

1,521,492

Independent

Power

and

Renewable

Electricity

Producers

3.5%

b

Calpine

Corp.

,

Senior

Note

,

144A,

4.625%,

2/01/29

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

7,000,000

6,691,005

b

,c

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

....

8,000,000

8,221,648

14,912,653

Media

1.8%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Note

,

144A,

7.5%,

6/01/29

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

300,000

265,840

Senior

Secured

Note

,

144A,

5.125%,

8/15/27

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

1,000,000

976,974

Senior

Secured

Note

,

144A,

9%,

9/15/28

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

3,000,000

3,185,565

b

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625%,

8/15/29

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

200,000

192,984

b

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

6.625%,

6/01/27

.....

3,250,000

3,241,055

7,862,418

Metals

&

Mining

2.0%

b

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125%,

3/31/29

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

750,000

712,829

ArcelorMittal

SA

,

Senior

Bond

,

6.8%,

11/29/32

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

500,000

547,707

b

Cleveland-Cliffs,

Inc.

,

Senior

Bond

,

144A,

4.875%,

3/01/31

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

150,000

138,016

Senior

Note

,

144A,

7.375%,

5/01/33

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

2,000,000

2,038,741

b

FMG

Resources

August

2006

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375%,

4/01/31

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

800,000

733,863

Senior

Bond

,

144A,

6.125%,

4/15/32

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

4,000,000

4,033,412

b

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

8.5%,

5/01/30

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

550,000

562,577

8,767,145

Oil,

Gas

&

Consumable

Fuels

7.9%

b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

11%,

4/15/26

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

880,000

887,323

Senior

Note

,

144A,

8.125%,

1/15/27

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

4,600,000

4,602,382

Senior

Note

,

144A,

9.75%,

7/15/28

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

3,000,000

3,074,514

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.,

(continued)

Senior

Secured

Note

,

144A,

9.25%,

7/15/29

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

$

3,000,000

$

3,115,290

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7%,

11/15/29

......

100,000

94,754

b

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

7%,

6/15/25

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

300,000

300,581

Senior

Secured

Note

,

144A,

6.375%,

6/15/26

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

1,000,000

1,005,685

b

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.75%,

7/01/31

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

750,000

796,016

Energy

Transfer

LP

,

Senior

Bond

,

6.55%,

12/01/33

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

500,000

541,975

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

7.25%,

2/15/35

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

1,000,000

979,632

Senior

Note

,

144A,

6%,

4/15/30

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

1,000,000

964,825

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5%,

4/15/32

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

2,000,000

2,008,022

Occidental

Petroleum

Corp.

,

Senior

Note

,

8.875%,

7/15/30

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

2,500,000

2,879,725

b

Venture

Global

LNG,

Inc.

,

c

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

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

3,000,000

3,110,847

Senior

Secured

Note

,

144A,

8.125%,

6/01/28

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

9,000,000

9,412,219

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65%,

3/15/33

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

100,000

103,223

33,877,013

Passenger

Airlines

6.0%

b

,d

American

Airlines

Group,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

10.75%,

2/15/26

...

5,000,000

5,125,000

b

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5%,

5/15/29

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

4,000,000

4,228,867

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

b

Senior

Secured

Note

,

144A,

5.5%,

4/20/26

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

2,000,000

2,000,737

b

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75%,

10/20/28

.

5,500,000

5,464,385

b

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

Senior

Secured

Note

,

144A,

9.875%,

9/20/31

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

3,000,000

3,158,770

b

Mileage

Plus

Holdings

LLC

/

Mileage

Plus

Intellectual

Property

Assets

Ltd.

,

Senior

Secured

Note

,

144A,

6.5%,

6/20/27

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

1,925,000

1,943,037

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625%,

4/15/29

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

4,000,000

3,846,758

25,767,554

Pharmaceuticals

3.2%

b

1375209

BC

Ltd.

,

Senior

Secured

Note

,

144A,

9%,

1/30/28

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

7,000,000

7,002,235

b

Bausch

Health

Cos.,

Inc.

,

Senior

Secured

Note

,

144A,

5.5%,

11/01/25

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

3,000,000

2,936,865

b

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5%,

4/15/31

..........

2,000,000

2,131,352

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125%,

9/15/31

....

1,500,000

1,688,570

13,759,022

Semiconductors

&

Semiconductor

Equipment

0.0%

†

Micron

Technology,

Inc.

,

Senior

Bond

,

5.875%,

2/09/33

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

200,000

209,100

Software

0.7%

b

McAfee

Corp.

,

Senior

Note

,

144A,

7.375%,

2/15/30

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

3,000,000

2,919,678

Workday,

Inc.

,

Senior

Bond

,

3.8%,

4/01/32

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

150,000

138,983

3,058,661

Specialized

REITs

0.1%

American

Tower

Corp.

,

Senior

Note

,

4.05%,

3/15/32

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

250,000

236,464

Specialty

Retail

0.0%

†

Lowe's

Cos.,

Inc.

,

Senior

Bond

,

5%,

4/15/33

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

60,000

60,388

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Technology

Hardware,

Storage

&

Peripherals

0.1%

Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

5%,

10/15/34

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

$

250,000

$

246,770

HP,

Inc.

,

Senior

Bond

,

5.5%,

1/15/33

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

80,000

82,063

328,833

Textiles,

Apparel

&

Luxury

Goods

0.5%

b

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

9%,

2/15/31

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

2,000,000

2,151,883

Tobacco

0.9%

BAT

Capital

Corp.

,

Senior

Bond

,

7.75%,

10/19/32

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

500,000

578,739

Senior

Bond

,

6.421%,

8/02/33

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

2,000,000

2,158,109

Senior

Note

,

3.557%,

8/15/27

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

950,000

922,594

3,659,442

Trading

Companies

&

Distributors

0.7%

b

Foundation

Building

Materials,

Inc.

,

Senior

Note

,

144A,

6%,

3/01/29

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

1,500,000

1,349,172

b

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

6%,

12/15/29

.....

1,500,000

1,528,204

2,877,376

Total

Corporate

Bonds

(Cost

$

353,881,929

)

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

362,510,322

Mortgage-Backed

Securities

11.9%

Federal

Home

Loan

Mortgage

Corp.

(FHLMC)

Fixed

Rate

9.5%

FHLMC

Pool,

30

Year

,

5

%,

5/01/53

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

1,638,100

1,609,534

FHLMC

Pool,

30

Year

,

5

%,

11/01/54

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

5,088,767

4,995,736

FHLMC

Pool,

30

Year

,

5

%,

12/01/54

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

11,200,000

10,995,245

FHLMC

Pool,

30

Year

,

5.5

%,

7/01/53

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

6,032,742

6,037,041

FHLMC

Pool,

30

Year

,

5.5

%,

11/01/53

-

11/01/54

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

3,329,964

3,328,343

FHLMC

Pool,

30

Year

,

5.5

%,

12/01/54

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

11,070,000

11,062,217

FHLMC

Pool,

30

Year

,

6

%,

6/01/53

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

2,698,126

2,731,371

40,759,487

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

2.4%

FNMA,

30

Year

,

5

%,

5/01/53

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

1,634,332

1,606,303

FNMA,

30

Year

,

5

%,

11/01/53

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

4,959,727

4,872,132

FNMA,

30

Year

,

5.5

%,

11/01/54

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

3,985,767

3,982,965

10,461,400

Total

Mortgage-Backed

Securities

(Cost

$

50,761,905

)

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

51,220,887

Shares

Escrows

and

Litigation

Trusts

0.0%

a

,e

Par

Pharmaceutical,

Inc.,

Escrow

Account

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

300,000

—

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

—

Total

Long

Term

Investments

(Cost

$

410,215,194

)

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

420,355,717

a

a

a

a

a

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

Franklin

Templeton

SMACS:

Series

I

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

23

See

Abbreviations

on

page

27

.

At

November

30,

2024,

the

Fund

had

the

following futures

contracts

outstanding.

Short

Term

Investments

0.7%

a

a

Shares

a

Value

a

Money

Market

Funds

0.7%

f,g

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.369

%

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

2,799,170

$

2,799,170

Total

Money

Market

Funds

(Cost

$

2,799,170

)

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

2,799,170

Total

Short

Term

Investments

(Cost

$

2,799,170

)

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

2,799,170

a

Total

Investments

(Cost

$

413,014,364

)

98.3

%

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

$423,154,887

Other

Assets,

less

Liabilities

1.7

%

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

7,459,247

Net

Assets

100.0%

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

$430,614,134

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$306,358,063,

representing

71.1%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

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.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

U.S.

Treasury

Ultra

Bonds

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

Long

50

$

6,359,375

3/20/25

$

87,800

Total

Futures

Contracts

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

$87,800

*

As

of

period

end.

Franklin

Strategic

Series

Notes

to

Schedules

of

Investments

(unaudited)

24

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, four

of

which

are

included

in

this

report

(Funds).

The Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

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)

25

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.

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,

2024,

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,

4.369%

$1,129,213

$45,297,175

$(44,873,021)

$—

$—

$1,553,367

1,553,367

$32,107

Total

Affiliated

Securities

...

$1,129,213

$45,297,175

$(44,873,021)

$—

$—

$1,553,367

$32,107

Franklin

Templeton

SMACS:

Series

H

Non-Controlled

Affiliates

Dividends

Franklin

Dynamic

Municipal

Bond

ETF

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

$421,260

$—

$—

$—

$4,760

$426,020

17,000

$4,219

Total

Affiliated

Securities

...

$421,260

$—

$—

$—

$4,760

$426,020

$4,219

Franklin

Templeton

SMACS:

Series

I

Non-Controlled

Affiliates

Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.369%

$2,116,283

$43,848,783

$(43,165,896)

$—

$—

$2,799,170

2,799,170

$46,569

Total

Affiliated

Securities

...

$2,116,283

$43,848,783

$(43,165,896)

$—

$—

$2,799,170

$46,569

2. Financial

Instrument

Valuation

(continued)

Franklin

Strategic

Series

Notes

to

Schedules

of

Investments

(unaudited)

26

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,

2024,

in

valuing

the

Funds’

assets

carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Templeton

SMACS:

Series

CH

Assets:

Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

237,009

$

—

$

237,009

Municipal

Bonds

:

Arizona

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

—

517,557

—

517,557

California

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

—

26,210,804

9,650

26,220,454

Florida

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

—

106,725

—

106,725

U.S.

Territories

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

Puerto

Rico

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

—

143,572

—

143,572

Short

Term

Investments

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

—

3,020,000

—

3,020,000

Total

Investments

in

Securities

...........

$—

$30,235,667

$9,650

$30,245,317

Franklin

Templeton

SMACS:

Series

E

Assets:

Investments

in

Securities:

a

Common

Stocks

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

133,759,942

—

—

133,759,942

Equity-Linked

Securities

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

—

102,284,419

—

102,284,419

Convertible

Preferred

Stocks

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

22,630,800

—

—

22,630,800

Short

Term

Investments

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

1,553,367

—

—

1,553,367

Total

Investments

in

Securities

...........

$157,944,109

$102,284,419

$—

$260,228,528

Franklin

Templeton

SMACS:

Series

H

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

426,020

—

—

426,020

Corporate

Bonds

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

—

237,009

—

237,009

Municipal

Bonds

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

—

13,067,550

—

13,067,550

Short

Term

Investments

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

—

300,000

—

300,000

Total

Investments

in

Securities

...........

$426,020

$13,604,559

$—

$14,030,579

Franklin

Templeton

SMACS:

Series

I

Assets:

Investments

in

Securities:

a

Common

Stocks

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

2,243,901

—

—

2,243,901

Equity-Linked

Securities

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

—

4,380,607

—

4,380,607

Corporate

Bonds

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

—

362,510,322

—

362,510,322

Mortgage-Backed

Securities

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

—

51,220,887

—

51,220,887

Escrows

and

Litigation

Trusts

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

—

—

—

b

—

Franklin

Strategic

Series

Notes

to

Schedules

of

Investments

(unaudited)

27

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.

Abbreviations

Level

1

Level

2

Level

3

Total

Franklin

Templeton

SMACS:

Series

I

(continued)

Assets:

(continued)

Investments

in

Securities:

(continued)

Short

Term

Investments

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

$

2,799,170

$

—

$

—

$

2,799,170

Total

Investments

in

Securities

...........

$5,043,071

$418,111,816

$—

$423,154,887

Other

Financial

Instruments:

Futures

Contracts

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

$87,800

$—

$—

$87,800

Total

Other

Financial

Instruments

.........

$87,800

$—

$—

$87,800

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

Selected

Portfolio

ADR

American

Depositary

Receipt

ETF

Exchange-Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GO

General

Obligation

LOC

Letter

of

Credit

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

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.