NPORT-EX 2 FSS.htm
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.