# EDGAR Filing Document

**Accession Number:** 0000872625
**File Stem:** 0001868420-23-000055
**Filing Date:** 2023-3
**Character Count:** 323037
**Document Hash:** f3f00a8d6510aa82923a227c0906e8bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001868420-23-000055.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001868420-23-000055

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20210831

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN STRATEGIC SERIES
- **CENTRAL INDEX KEY:** 0000872625
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06243
- **FILM NUMBER:** 23783567

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-570-3000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CALIFORNIA 250 GROWTH FUND
- **DATE OF NAME CHANGE:** 19911216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CALIFORNIA 250 GROWTH INDEX FUND
- **DATE OF NAME CHANGE:** 19910917

## Series and Classes Contracts Data

### Franklin Templeton SMACS: Series CH (Series ID: S000065648)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000212373 | Advisor Class | FQCHX           |

### Franklin Templeton SMACS: Series E (Series ID: S000065649)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000212374 | Advisor Class | FQTEX           |

### Franklin Templeton SMACS: Series H (Series ID: S000065650)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000212375 | Advisor Class | FGTHX           |

### Franklin Templeton SMACS: Series I (Series ID: S000065651)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000212376 | Advisor Class | FGTIX           |

UNITED STATES##NEWLINE## SECURITIES AND EXCHANGE COMMISSION##NEWLINE## Washington, DC 20549

# FORM N-CSR

# CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06243

Franklin Strategic Series

##NEWLINE## (Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

##NEWLINE## (Address of principal executive offices)(Zip code)

Craig S. Tyle, One Franklin Parkway, San Mateo, CA 94403-1906

##NEWLINE## (Name and address of agent for service)

Registrant's telephone number, including area code: 650 312-2000

Date of fiscal year end: 8/31

Date of reporting period: 8/31/21

# Explanatory Note:

The Registrant is filing this amendment to its Form N-CSR for the period ended August 31, 2021, originally filed with the Securities and Exchange Commission on October 28, 2021 (Accession Number 0001868420-21-000110), for the purpose of refiling certifications required by Item 13(a)(2) to clarify that they relate to the period covered by the report. Except as set forth above, no other changes have been made to the Form N-CSR, and this amended filing does not amend, update or change any other items or disclosure found in the Form N-CSR.

# Item 1. Reports to Stockholders.

a.)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1.)##NEWLINE## ##NEWLINE## ##NEWLINE##

b.)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

# Not Applicable

ANNUAL REPORT

# SERIES

![img-0.jpeg](img-0.jpeg)

Franklin Templeton SMACS: Series E

Franklin Templeton SMACS: Series I

Franklin Templeton SMACS: Series CH

Franklin Templeton SMACS: Series H

Sign up for electronic delivery at franklintempleton.com/edelivery

# ---**Annual Report**

| Franklin Templeton SMACS: Series CH | 2 |
| --- | --- |
| Franklin Templeton SMACS: Series E | 9 |
| Franklin Templeton SMACS: Series H | 15 |
| Franklin Templeton SMACS: Series I | 22 |

## Contents

Not FDIC Insured | May Lose Value | No Bank Guarantee

franklintempleton.com

Annual Report 1

![img-1.jpeg](img-1.jpeg)

Financial Highlights and Statements of Investments 29
Financial Statements 42
Notes to Financial Statements 46
Franklin Templeton SMACS: Series CH
Public Accounting Firm 51
Tax Information 58
This Annual Report for Franklin Templeton SMACS: Series 59
Brand Members and Officers 59

## ANNUAL REPORT

of 28% backup withholding on all Fund distributions and redemption proceeds. U.S. investors must be properly certified on Form W-9 and non-U.S. investors on Form W-9 (EOL).

2. The distribution amount is the sum of all net investment income distributions for the period shown. Assumes shares were purchased and held for the entire accrual period. Since dividends accrued daily, your actual distributions will vary depending on the date you purchased your shares and any account activity. All Fund distributions will vary depending upon current market conditions, and past distributions are not indicative of future trends.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Statement of Investments (SOS). The SOS begins on page 30.

2. Annual Report

franklintempleton.com

3. For investors subject to alternative minimum tax, a small portion of Fund dividends may be taxable. Distributions of capital gains are generally taxable. To avoid imposition

CH (Fund) covers the fiscal year ended August 31, 2021.
Shareholder Information

## Your Fund's Goal and Main Investments

The Fund seeks to provide investors with a high level of product growth increased the COVID-19 levels from the income growth from federal and California personal income. From quarter of 2020, employment outcomes, during the taxes, the federal and state laws are increased, and a 1.9% of unemployment rate is 1.5% in August 2020. Given from a peak of 14.8% seen in April 2020, inflation picked up through the summer months of 2021 as global supply-chain bottlenecks and rising input prices limited output growth that

64The U.S. and the rest of the world continued to manage the recovery from the novel coronavirus (COVID-19) pandemic that has caused significant economic and personal strife throughout the past 12 months ended August 31, 2021. Through the end of 2020, COVID-19 is a result of the 2020-2021 period, as measured by the Bloomberg U.S. Consumer Fund Index, posted a -2.53% total return.

### Portfolio Composition

8/31/21

| % of Total |
| --- |

FRANKLIN TEMPLETON SWACS: SERIES CH

at just 6.6%, but for the first time, overall real gross domestic

the Bloomberg U.S. Treasury Index, posted a -2.11% total

4. Source: Bureau of Labor Statistics.

5. Source: Moody's Investors Service, State government - US: Medians - State debt rose 2.5% in 2020, spurred by pandemic-linked borrowing, 8/14/21.

6. This does not indicate Moody's rating of the Fund.

See www.franklintempleton.com for additional data provider information.

franklintempleton.com

Annual Report

3

3. Source: Morningstar, Treasuries. If held to maturity, offer a fixed rate of return and a fixed principal value, their interest payments and principal are guaranteed.

1

normal market conditions, the Fund invests substantially all of its net assets in municipal securities whose interest is free from regular federal income taxes and from California personal income taxes. The Fund may invest in municipal securities rated in any ruling category (or unrated or short-term debt securities). The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time and balance. The Fund is subject to a certain period of time

of reopening parts of their economies. However, starting in the fall of 2020, new cases and hospitalizations increased to all-time highs. The virus eventually spread to areas in the U.S. that had not seen large numbers of infections. In December 2020, the U.S. Food and Drug Administration granted emergency approval for vaccines from a number of pharmaceutical companies and made plans for large

| Health Care | 12.96% |
| --- | --- |
| Industrial Dev. Revenue and Pollution Control | 7.73% |
| Transportation | 6.00% |
| Education | 4.25% |

FRANKLIN TEMPLETON SMACS: SERIES CH

## Investment Strategy

4

Annual Report

franklintempleton.com

nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality), below investment grade securities (or 'junk bonds') and defaulted securities. The plan discussions of investing asset purchases on the services of doing so could help the Fund directly with the Company's investment management strategy. The plan may consider working related conditions, the availability of the Company's investment management strategy, and the use of the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy. The plan is based on the Company's investment management strategy.

Performance as of 8/31/211

---

FRANKLIN TEMPLETON SWACS SERIES CM

## Performance Summary as of August 31, 2021

The performance tables and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

Stockline/explains.com

Annual Report 5

See page 7 for Performance Summary footnotes.

1

The Fund's share price, as measured by net asset value (NAV), increased from $9.82 on August 31, 2020, to $10.51 on August 31, 2021. The Fund paid dividends totaling 35.1140 cents per share for the remaining period. The Fund's share price is based on the annual balance for the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of

The Fund's share price is based on the annual balance for the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of

starting in August 2021, a new, more virulent strain, labeled Delta, began to drive case rates higher to levels last seen in February 2021. Although most infections and severe

infections were limited to unvaccinated individuals, there began to become during the six-month period. California's 2021-2022 period was the first time of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of the period of

which maintaining strong reserves, but revenues declined during the pandemic. Further revenue declines projected by FY 2021 were offset by use of redemptions, education spending

Taxable Equivalent 30-Day Standardized Yield

![img-2.jpeg](img-2.jpeg)

# Total Return Index Comparison for a Hypothetical $10,000 Investment

$11,000

6 | Annual Report

www.annualreport.com

See page 7 for Performance Summary footnotes.

was 3.29% based on an annualization of August's 2.8841 cents per share dividend and the NAV of $10.51 on August 31, 2021. An investor in the 2021 maximum combined effective federal and California personal income tax bracket of $1.2M was 3.29% based on an annualization of August's 2.8841 cents per share dividend and the NAV of $10.51 on August 31, 2021. An investor in the 2021 maximum combined effective federal and California personal income tax bracket of $1.2M was 3.29% based on an annualization of August's 2.8841 cents per share dividend and the NAV of $10.51 on August 31, 2021. An investor in the 2021 maximum combined effective federal and California personal income tax bracket of $1.2M was 3.29% based on an annualization of August's 2.8841 cents per share dividend and the NAV of $10.51 on August 31, 2021. An investor in the 2021 maximum combined effective federal and California personal income tax bracket of $1.2M was 3.29% based on an annualization of August's 2.8841 cents per share dividend

swiftly return to normal economic activity. Although most states and local authorities did not roll back business and school reopenings, there were some areas that reimposed face mask requirements. U.S. health officials started to take possession of United Customs tax breaks, and explore the proposal used by Senator Olsen in 2007 to future shares of the total U.S. and Medicaid reimbursement and credit to the state of the state. The U.S. and overall income tax revenue were a sizable and surplus by per cent. The government 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S. and 2.30% of the U.S.

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072

A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072[{"box_2d": [48, 145, 573, 145], "label": "text", "caption": "A. 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when you are fully charged. The time is more for shareholders. This is not limited to higher sales tax collections.

Thank you for your participation in the Fund. $250

and you will be able to work on the Fund. This is not limited to the Fund's expenses.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

market will be the only investment funds used to achieve

the performance of the Fund's business.

The Fund is based in March 2021. A strong U.S. funding

Based on historic fiscal stimulus payments, the U.S. economy continued its path to recovery with the largest single-quarter expansion of 33.8% annualized in the third quarter of 2020. The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

The U.S. economy was expected to be 3.1% and the U.S. economy was expected to be 3.1%.

FRANKLIN TEMPLETON SMACS: SERIES CH

## Your Fund's Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund

8

Annual Report

franklintempleton.com

This annual report for Franklin Templeton SMACS: Series E

As economic conditions improved, gross domestic product
and financial reserves the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries, the Fund's investment in the Fund's
and its subsidiaries

## Franklin Templeton SMACS: Series E

The index is unchanged and includes reinvestment of any income or distributions. It does not reflect any fees, expenses or sale charges. One cannot invest directly in an index, and an index is not representative of the Fund's portfolio.

2. Source: Bureau of Labor Statistics

See www.franklintempletonatabservices.com for additional data provider information.

The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Statement of Investments (SDI).

The SDI begins on page 33.

franklintempleton.com

Annual Report 9

1. Source: Morningstar

The Fund seeks to maximize income, while maintaining prospects for capital appreciation. Under normal market conditions, the Fund invests predominantly in equity

and strong consumer spending continued to support the economy. The continued growth of the economy led the U.S. to surpass its pre-pandemic output in 2021's second quarter.

#### Portfolio Composition

##### **REPORT**

The Fund is a part of the Fund's financial statements and the financial statements of the Fund's financial statements. The Fund's financial statements are based on the financial statements of the Fund's financial statements. The Fund's financial statements are based on the financial statements of the Fund's financial statements. The Fund's financial statements are based on the financial statements of the Fund's financial statements. The Fund's financial statements are based on the financial statements of the Fund's financial statements. The Fund's financial statements are based on the financial statements of the Fund's financial statements. The Fund's financial statements are based on the financial statements of the Fund's financial statements.

#### Hypothetical Example for Comparison with Other Funds

Under the heading 'Hypothetical' in the table, information is provided about hypothetical account values and hypothetical

FRANKLIN TEMPLETON SMACS: SERIES E

In an effort to support the economy, the U.S. Federal

securities we believe offer opportunities for income today

23

Annual Report

franklintempleton.com

CFM is a trademark owned by CFA Institute.

The Fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts.

| Electric Utilities | 11.5% |
| --- | --- |
| Semiconductors & Semiconductor Equipment | 9.8% |
| Pharmaceuticals | 7.8% |

### Performance Overview

The Fund is a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member

Please note that the Fund's performance is not to be recorded as of 8/31/21. Please note that the Fund's performance is not to be recorded as of 8/31/21.

The Fund is a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member of the United States Department of the Treasury, a member

FRANKLIN TEMPLETON SWACS SERIES E

## Performance Summary as of August 31, 2021

The performance tables and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

f537000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000

Annual Report 11

See page 12 for Performance Summary footnotes.

![img-0.jpeg](img-0.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

$14,000

12

Annual Report

bankinarspine.com

See page 12 for Performance Summary footnotes.

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when

Present performance data (9/1/20-8/31/21) 4.1%

Investigators, United States
Duke Energy Corp. 4.1%

Election, United States
CFO Health Companies Inc. 4.0%
Health Care Products Services, United States 3/1/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when

Merchandise, United States
Bullitt & Milling 3.1%
Multi-Utilities 2.9%
Other* 25.5%
Short-Term Investments & Other Net Assets 0.5%

REVISIONS

REVISIONS

Newspapers within the Other category are listed in full in the Fund's Statement of Investments (SII), which can be found later in this report.

Net Investment

Past performance data (9/1/20-8/31/21) 4.1%

Pest Investment value will be part of the Funds, Financial Statements

Balance (9/1/20-8/31/21) 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21 3/1/21-8/31/21

Performance data represent past performance, which does not guarantee future results. Investment return and principal value will fluctuate, and you may have a gain or loss when

2. Reflects expenses after the events and expense reimbursements.

FRANKLIN TEMPLETON SMACS: SERIES E

ftau4@reception.com

Annual Report 13

U.S. equities, as measured by the Standard & Poor's® 500 Index (S&P 500®), posted a +31.17% total return for the 12 months ended August 31, 2021.1 Stocks benefited from the continued economic recovery, monetary and fiscal stimulus. We are only a 2% return on the 12-month period after the end of the period. The inflation rate surged during the 12-month period amid increased demand and supply-chain bottlenecks, with the price pressures coming principally from the areas particularly impacted by the shutdown, such as asset vehicles, and the financial and financial liabilities. We are also a 2% return on the 12-month period after the end of the period. We are only a 2% return on the 12-month period after the end of the period. We are only a 2% return on the 12-month period after the end of the period. We are only a 2% return on the 12-month period after the end of the period. We are only a 2% return on the 12-month period after the end of the period. We are only a 2% return on the 12-month period after the end of the period.

FRANKLIN TEMPLETON SMACS: SERIES E

## Your Fund's Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund

14 | Annual Report

franklintempleton.com

programs and easing pandemic restrictions. As many businesses reopened, stimulus payments and generally held, household savings contributed to increased production. The second reason for the financial situation is that the financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

dramatically during the period, representing the highest 12-month increase in decades. The unemployment rate declined from 8.4% in August 2020 to 5.2% in August 2021

# **Municipal Bond-Marker Overview**

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

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The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

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The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.

The financial situation is not a result of the financial situation. The financial situation is not a result of the financial situation.[{"box_2d": [317, 150, 564, 150], "label": "text", "caption": "The financial situation is not a result of the financial situation. The financial situation

The Fund seeks to provide investors with a high level of income exempt from federal income taxes. Its secondary goal is capital appreciation to the extent possible and the investment activities include a minimum of $100,000, which is required to be used in the event of a loss of income. The Fund is not a result of the loss of income from the end of 2020. The Fund is not a result of the loss of income from the end of 2020. The Fund is not a result of the loss of income from the end of 2020. The Fund is not a result of the loss of income from the end of 2020. The Fund is not a result of the loss of income from the end of 2020. The Fund is not a result of the loss of income from the end of 2020.

## Hypothetical Example for Comparison with Other Funds

Under the heading 'Hypothetical' in the table, information is provided about hypothetical account values and hypothetical

FRANKLIN TEMPLETON SMACS. SERIES H

a peak of 14.8% seen in April 2020. Inflation picked up

## Investment Strategy

See www.franklintempletonstarassure.com for additional data provider information.

18 | Annual Report

franklintempleton.com

3. Source: Morningstar Treasuries, if held to maturity, offer a fixed rate of return and a fixed principal value; their interest payments and principal are guaranteed.

federal income taxes, including the federal alternative minimum tax.1 Although the Fund attempts to invest all of its assets in tax-free securities, it is possible that a portion of the Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.2 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.3 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.4 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.5 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.6 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.7 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.8 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.9 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.10 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.11 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.12 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.13 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.14 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.15 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.16 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.17 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.18 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.19 The Fund's net assets may be invested in securities that will be used to invest in the securities of the company's shareholders.20

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs.

FRANKLIN TEMPLETON SMACS: SERIES H

Thank you for participation in Franklin Templeton SMACS!

franklintempleton.com

Annual Report 17

The Fund may invest in municipal securities rated in any rating category (or unrated or short-term rated securities of comparable credit quality), including municipal securities rated A or lower by one or more U.S. nationally recognized with the following: (1) the following: (2) the following: (3) the following: (4) the following: (5) the following: (6) the following: (7) the following: (8) the following: (9) the following: (10) the following: (11) the following: (12) the following: (13) the following: (14) the following: (15) the following: (16) the following: (17) the following: (18) the following: (19) the following: (20) the following: (21) the following: (22) the following: (23) the following: (24) the following: (25) the following: (26) the following: (27) the following: (28) the following: (29) the following: (30) the following: (31) the following: (32) the following: (33) the following: (34) the following: (35) the following: (36) the following: (37) the following: (38) the following: (39) the following: (40) the following: (41) the following: (42) the following: (43) the following: (44) the following: (45) the following: (46) the following: (47) the following: (48) the following: (49) the following: (50) the following: (51) the following: (52) the following: (53) the following: (54) the following: (55) the following: (56) the following: (57) the following: (58) the following: (59) the following: (60) the following: (61) the following: (62) the following: (63) the following: (64) the following: (65) the following: (66) the following: (67) the following: (68) the following: (69) the following: (70) the following: (71) the following: (72) the following: (73) the following: (74) the following: (75) the following: (76) the following: (77) the following: (78) the following: (79) the following: (80) the following: (81) the following: (82) the following: (83) the following: (84) the following: (85) the following: (86) the following: (87) the following: (88) the following: (89) the following: (90) the following: (91) the following: (92) the following: (93) the following: (94) the following: (95) the following: (96) the following: (97) the following: (98) the following: (99) the following

the vaccine or did not have ready access to it, stalling vaccination growth. After falling from an all-time high in January 2021, case rates and hospitalizations fell through the spring and beginning summer months of 2021. However, starting in August 2021, a new, more virulent strain, labeled SARA, became to show case rates higher to levels last seen in February 2021. Although most infections and severe fever are reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported to be reported

Performance as of 8/31/211

FRANKLIN TEMPLETON SMACS SERIES H

# Performance Summary as of August 31, 2021

The performance tables and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

18 | Annual Report

franklintempleton.com

See page 20 for Performance Summary footnotes.

Fund may invest in securities of any maturity or duration.

illnesses were limited to unvaccinated individuals. There were breakthrough cases where fully vaccinated individuals contracted the disease. Falling consumer sentiment in August 2021 called into question whether people would

# Performance Overview

Sample demand for most people contained throughout the period. The results of the analysis are presented for the first time of the period. The results of the analysis are presented for the second time of the period. The results of the analysis are presented for the third time of the period. The results of the analysis are presented for the fourth time of the period. The results of the analysis are presented for the fifth time of the period. The results of the analysis are presented for the sixth time of the period. The results of the analysis are presented for the seventh time of the period. The results of the analysis are presented for the eighth time of the period. The results of the analysis are presented for the sixth time of the period. The results of the analysis are presented for the seventh time of the period. The results of the analysis are presented for the eighth time of the period. The results of the analysis are presented for the sixth time of the period. The results of the analysis are presented for the seventh time of the period. The results of the analysis are presented for the eighth time of the period.

![img-0.jpeg](img-0.jpeg)

Not to be a single average account value
Taxable Equivalent
3-Day Standardized Yield

VIMILIN TEMPLETON SMACS SERIES H

# Total Return Index Comparison for a Hypothetical $10,000 Investment1

$11 020

Healthcareplan.com

Annual Report 10

See page 20 for Performance Summary footnotes.

PERFORMANCE SUMMARY: There for the reporting period. The Performance Summary beginning on page 18 shows that at the end of this reporting period the Fund's distribution rate of $1.00 billion in the appropriation of August 2, 2001, several states, states, and other states has been reported. The total of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1.00 billion in the appropriation of $1

FRANKLIN TEMPLETON SMACS: SERIES H

20

Annual Report

franklintempleton.com

need to earn a distribution rate of 5.30% from a taxable investment to match the Fund's tax-free distribution rate.

quarter of 2020. This was followed by increases of 4.5% in the fourth quarter of 2020 and 6.3% in 2021's first quarter. Second quarter 2021 growth disappointed many economists at just 6.0%, but for the first time, overall real gross domestic

Performance data represent past performance, which does not include the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements. We also have a positive impact on the results of the financial statements.

Please note that the expenses shown in the table are meant to highlight your ongoing Fund costs only and do not reflect any program fees that you may pay. Therefore, the table is useful in comparing ongoing costs of investing in the Fund only, and will not help you determine the relative total costs of participating in any one investment program.

FRANKLIN TEMPLETON SMACS: SERIES H

## Your Fund's Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund

![img-1.jpeg](img-1.jpeg)

f537d@reception.com

Annual Report 21

This annual report for Franklin Templeton SMACS: Series I (COVID-19) pandemic, investor appetite for risk increased
the total in millions since the Fund's actual return, which includes the effect of Fund expenses, is used to calculate the
"Ending Account Value." You can estimate the expenses you paid during the period by following these steps (of course, your
account value and expenses will differ from those in this illustration): Divide your account value by $1,000 (if your account had

## Franklin Templeton SMACS: Series I

2. FactSet. The Blended 50% Bloomberg U.S. High Yield Very Liquid Index and 50% Bloomberg U.S. Corporate Bond Index was calculated internally.
The indexes are summarized and include measurement of any income or distributions. They do not reflect any fees, expenses or sole charges. One cannot invest directly in an
index, and an index is not representation of the Fund's portfolio.
See www.franklintempletonstatacourses.com for additional data provider information.
The dollar value, number of shares or principal amount, and names of all portfolio holdings are listed in the Fund's Statement of Investments (SOI).
The SOI begins on page 39.

22 | Annual Report

franklintempleton.com

3. Source: Morningstar. Treasuries, if held to maturity, offer a fixed rate of return and a fixed principal value; their interest payments and principal are guaranteed.

The Fund seeks to maximize income, while maintaining prospects for capital appreciation. Under normal market conditions, the Fund invests predominantly in debt securities. The debt securities involved the Fund invests include all the assets of the Company's subsidiaries and the other assets of the Company's subsidiaries. The investment in the Fund is a key factor in the investment of the Fund's subsidiaries. The investment in the Fund is a key factor in the investment of the Fund's subsidiaries. The investment in the Fund is a key factor in the investment of the Fund's subsidiaries.

### Hypothetical Example for Comparison with Other Funds

Under the heading 'Hypothetical' in the table, information is provided about hypothetical account values and hypothetical

FRANKLIN TEMPLETON GRACE SERIES I

U.S. Treasury bonds, as measured by the Bloomberg returns, increasing liquidity, gaining exposure to particular

---

fhck@reception.com

Annual Report 23

1

into common stock, senior floating rate and term loans, mortgage-backed securities and other asset-backed securities, debentures, and shorter-term instruments. The Fund seeks income by selecting investments such as

investments, interest and other assets. The Fund is not a member of the Fund's investment business, which is not a member of the Fund's investment business. The Fund is not a member of the Fund's investment business, which is not a member of the Fund's investment business. The Fund is not a member of the Fund's investment business, which is not a member of the Fund's investment business. The Fund is not a member of the Fund's investment business, which is not a member of the Fund's investment business. The Fund is not a member of the Fund's investment business, which is not a member of the Fund's investment business.

# Portfolio Composition
9/31/21

% of Total
Net Assets

Please note that expenses shown in the table are meant to highlight ongoing costs and do not reflect any transactional costs.

FRANKLIN TEMPLETON SMACS SERIES I

market, country, industry, security or the Fund. Statements of

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investment grade (also known as "junk bonds"), including a portion in defaulted securities.

Pharmaceuticals 7.6%
Automobiles 6.5%
Airlines 5.5%

**Performance Overview**

The performance of the fund is based on the conditions tempered concerns of the fund. The fund is based on the conditions tempered concerns of the fund. The fund is based on the conditions tempered concerns of the fund. The fund is based on the conditions tempered concerns of the fund. The fund is based on the conditions tempered concerns of the fund.

Actual (actual return after expenses) (5% annual return before expenses)

Hypothetical (5% annual return before expenses)

Performance as of 8/31/211

________________________
________________________
________________________
________________________

FRANKLIN TEMPLETON SMACE SERIES I

## Performance Summary as of August 31, 2021

The performance tables and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain

f/windrawnpless.com

Annual Report 25

See page 27 for Performance Summary footnotes.

![img-2.jpeg](img-2.jpeg)

Total Return Index Comparison for a Hypothetical $10,000 Investment1

$11,000

26 | Annual Report

bankinarsipinca.com

See page 27 for Performance Summary footnotes.

cumulative total return for the same period.2 You can find more of the Fund's performance data in the Performance Summary beginning on page 25.

PERFORMANCE SUMMARY

In an effort to support the economy, the U.S. Federal Reserve (Fed) kept the federal funds target rate at a record-low range of 0.00%-0.25%. The Fed also maintained the financial position of the fund's fund's performance. The Fund's fund's performance is based on the fund's performance in the performance summary. The Fund's fund's performance is based on the fund's performance in the performance summary. The Fund's fund's performance is based on the fund's performance in the performance summary. The Fund's fund's performance is based on the fund's performance in the performance summary. The Fund's fund's performance is based on the fund's performance in the performance summary. The Fund's fund's performance is based on the fund's performance in the performance summary. The Fund's fund's performance

FRANKLIN TEMPLETON GRACE: SERIES I

f/wk4/trevpleton.com

Annual Report 27

you sell your shares.

## Economic and Market Overview

The U.S. bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, poised a -0.08% total return

for the 2021 financial year ended April 1, 2021. As the U.S. average, the U.S. and the U.S. market share is 2.5% above the ongoing costs of investing in the Fund and can help you understand these costs and compare them with those of other mutual funds. The table assumes a

1.0% of the Fund's share price is 2.0% of the Fund's share price is 2.0%. The Fund's share price may decline. Please note that the expenses shown in the table are limited to highlight your ongoing Fund costs only and do not reflect any program fees that you may pay. Therefore, the table is useful in comparing ongoing costs of investing in the Fund only, and will not help you determine the relative total costs of participating in any one investment program.

an August 2021 speech, Fed Chair Jerome Powell stated that he anticipated the Fed would begin reducing its bond purchases later in 2021, although further progress was needed on increasing employment before the Fed would consider the impact of participation in Franklin Templeton SMACS: Series I. We look forward to hearing your future investment needs.

FRANKLIN TEMPLETON SMACS: SERIES I

## Your Fund's Expenses

Shareholders of mutual funds incur ongoing costs, such as management fees (if any), custodian fees and other Fund

29

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economy continued to recover from the novel coronavirus

The risks associated with higher yielding, lower-rated securities include higher risk of default and loss of principal. Changes in the financial strength of a bond upon which the fund is used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when the Fund is not used to meet the financial situation may decline when prevailing interest rates fall, when

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The financial statements, the results of the financial statements, the results of the financial statements

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The financial statements, the results of the financial statements, the results of the financial statements

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The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

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The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

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The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

The financial statements, the results of the financial statements, the results of the financial statements

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The financial statements, the results of the financial statements, the results of the financial statements[{"box_2d": [31, 100,

The Fund is a 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of the 100% share of

FRANKLIN STRATEGIC SERIES

# Statement of Investments, August 31, 2021

30 | Annual Report | The accompanying notes are an integral part of these financial statements.

franklin@rsf.patentury.com

See Abbreviations on page 50.

7. Source: FactSet. The Blended 50% Bloomberg U.S. High Yield Very Liquid Index and 50% Bloomberg U.S. Corporate Index was calculated internally. The Bloomberg U.S. Corporate Bond Index measures the performance of the investment grade. Total risk, taxable corporate bond market. It includes U.S. dollar-denominated securities publicly.

# **Franklin Templeton SMACS Series E**

It is based on the intent of the Fund to develop expertise, including the effect of acquired fund fees and expenses, and may differ from the reporting ratios disclosed in the report. The Fund is the Fund's annual expense rate and has been used to estimate the amount of the fund's capital. The Fund's annual expense rate is based on the amount of the fund's capital. The Fund's annual expense rate is based on the amount of the fund's capital. The Fund's annual expense rate is based on the amount of the fund's capital.

FRANKLIN STRATEGIC SERIES

# Financial Highlights

*For the period June 3, 2018 (commencement of operations) to August 31, 2018.
†The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned under fluctuating fair value of the investments of the Fund.
‡Based on average daily shares outstanding.
§Total return is not annualized for periods less than one year.
¶Sales are annualized for periods less than one year, except for non-recurring expenses, if any.
#Benefit of expense reduction rounds to less than 0.01%.

fhssb@reception.com

The accompanying notes are an integral part of these financial statements. Annual Report 31

# Franklin Templeton SMACS: Series E

The following table shows the distribution of the total assets of the company's subsidiaries and the total assets of the company's subsidiaries. The total assets of the company's subsidiaries and the total assets of the company's subsidiaries are calculated based on the total assets of the company's subsidiaries and the total assets of the company's subsidiaries. The total assets of the company's subsidiaries and the total assets of the company's subsidiaries are calculated based on the total assets of the company's subsidiaries and the total assets of the company's subsidiaries.

FRANKLIN STRATEGIC SERIES

# Statement of Investments, August 31, 2021

32 Annual Report The accompanying notes are an integral part of these financial statements.

franklintempleton.com

STATEMENT OF INVESTMENTS

# Franklin Templeton SMACS: Series E (continued)

| Year Ended | Exp. | United States | Country | 125,000 | 1.77% | 94,700 |
| --- | --- | --- | --- | --- | --- | --- |
| Revenues | Increased by Company | Ending | Amount | Paid During | Annualized |  |
| Revenues | Increased by Company | Period | Amount | Period | Excess |  |
| Revenues | Increased by Company | Period | Amount | Period | Excess |  |
| Revenues | Increased by Company | Period | Amount | Period | Excess |  |
| Revenues | Increased by Company | Period | Amount | Period | Excess |  |
| Revenues | Increased by Company | Period | Amount | Period | Excess |  |
| Revenues | Increased by Company | Period | Amount | Period | Excess |  |

# FRANKLIN STRATEGIC SERIES

franklintempleton.com

The accompanying notes are an integral part of these financial statements. Annual Report 20

STATEMENT OF INVESTMENTS

# **Franklin Templeton SMACS: Series E (continued)**

E. (Initial) (Institute) and net assets and expense reimbursement. (See net income balance fund fees and expenses.)

| Financial Services | United States | 15,000 | 19,000 |
| --- | --- | --- | --- |
| Financial Services | United States | 1,000 | 49,000 |
| Financial Services | United States | 2,000 | 131,400 |
| Financial Services | United States | 2,000 | 131,400 |
| Financial Services | United States | 100,000 | 115,000 |
| Financial Services | United States | 2,000 | 115,000 |
| Financial Services | United States | 2,000 | 115,000 |
| Financial Services | United States | 100,000 | 115,000 |
| Financial Services | United States | 2,000 | 115,000 |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |
| Financial Services | United States | 2,000 | 115,000 |
| Financial Services | United States | 2,000 | 115,000 |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |
| Financial Services | United States | 2,000 | 115,000 |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |
| Financial Services | United States | 2,000 | 115,000 |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 | 115,000 |
| --- | --- | --- | --- |

| Financial Services | United States | 100,000 |
| --- | --- | --- |

</table>

FRANKLIN STRATEGIC SERIES

See Abbreviations on page 56.

*Notional amount is the number of units specified in the contract, and can include currency units, bushels, shares, pounds, barrels or other units. Currency units are stated in U.S. dollars unless otherwise indicated.

†Pounds to less than 0.1% of net assets.

‡A percent or all of the security is held in connection with written option contracts open at year end.

§See Note 1(c) regarding equity-linked securities.

¶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 August 31, 2021, the aggregate value of these securities was $1,617,860, representing 31.4% of net assets.

34 Annual Report The accompanying notes are an integral part of these financial statements.

franklintempleton.com

# Franklin Templeton SMACS: Series H

| Service No. | Switzerland | Year Ended August 31, | Year Ended |
| --- | --- | --- | --- |
| 1. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 2. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 3. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 4. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 5. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 6. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 7. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 8. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |
| 9. 2014-2015 (2014-2015) Corp. Revenue, 2015 B. C. Wafunding, 5%, 6/01/16 |  | 2015-2016 | 2016-2017 |

FRANKLIN STRATEGIC SERIES

# Financial Highlights

*See Note 126 regarding written options.

*For the period June 3, 2018 (commencement of operations) to August 31, 2018.

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and repurchases of the Fund's shares in relation to income earned under fluctuating fair value of the investments of the Fund.

*Based on average daily shares outstanding.

*Total return is not annualized for periods less than one year.

*Total return excluding payments by Advisors for acquired fund fees and expenses is 11.78% for the year ended August 31, 2021 and 10.30% for the year ended August 31, 2020. See Note 3a.

*Rates are annualized for periods less than one year, except for non-recurring expenses, if any.

*Benefit of expense reduction rounds to less than 0.01%.

franklintempleton.com

The accompanying notes are an integral part of these financial statements. Annual Report

35

# Franklin Templeton SMACS: Series H

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |
| Total Investment | 5,000,000 | 5,000,000 |
| Total Investment | 5,000,000 | 5,000,000 |
| Total Investment | 5,000,000 | 5,000,000 |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table><tr><td>Total Investment</td><td>5,000,000</td><td>5,000,000</td></tr></table></table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table>

| Total Investment | 5,000,000 | 5,000,000 |
| --- | --- | --- |

</table></table></table></table></table></table>

Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984

Franklin
Strategic

Franklin
Strategic

1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984

Franklin
Strategic

Franklin
Strategic

1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984

Franklin
Strategic

Franklin
Strategic

1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984
Annual Report 1 1984

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Strategic

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Annual Report 1 1984[{"box_2d": [484,

STATEMENT OF INVESTMENTS

Franklin Templeton SMACS: Series H (continued)

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 83,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |
| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 | 82,000,000 | 3.92% | 134,000,000 |
| --- | --- | --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

<table><tr><td></td></tr></table>

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

<table><tr><td></td></tr></table>

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

<table><tr><td></td></tr></table>

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

| March 4, 2021, 10:30 AM | Franklin, Texas, 2021 |  |
| --- | --- | --- |

<table><tr><td></td></tr></table>

FRANKLIN STRATEGIC SERIES

*See Note 3(d) regarding investments in affiliated management investment companies
*Minority wise purchased pursuant to Rule 14(A) or Regulation S under the Securities Act of 1933. 14(A) 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 August 31, 2021, the aggregate value of these securities was $893,983, representing 27.1% of net assets.
*Variable rate demand rates (VROEs) 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 or 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.

franklintempleton.com The accompanying notes are an integral part of these financial statements. Annual Report 27

See Abbreviations on page 50.

# **Franklin Templeton SMACS: Series I**

| Owner Health & Hospital Authority, Revenue, 2019 A, Refunding, 4%, 12/01/27 | Year Ended August 31, | Year Ended August 31, |
| --- | --- | --- |
| Net Income & Income (Net Income) 1.0% | 150,000 | August 31, 2019 |
| Net Income (Net Income) 1.0% | 150,000 | August 31, 2019 |
| Net Income (Net Income) 1.0% | 150,000 | August 31, 2019 |
| Net Income (Net Income) 1.0% | 150,000 | August 31, 2019 |
| Net Income (Net Income) 1.0% | 150,000 | August 31, 2019 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Per share | 2019 | 2018 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |

| Per share | 2019 | 2018 |
| --- | --- | --- |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Per share | 2019 | 2018 |
| Net Income (Net Income) 1.0% | 150,000 | 150,000 |
| Per share | 2019 | 2018 |

# <b>Franklin Templeston SMACS: Series I</b></td></tr></table>

# <b>Franklin Templeston SMACS: Series I</b></td></tr></table>

# <b>Franklin Templeston SMACS: Series I</b></td></tr></table>[{"box_2d": [31, 544, 206, 554], "label": "title", "caption": "# <b>

# Franklin Templeton SMACS: Series I

| Net Income | 0.78 | Proposed | (1.10) | 0.04 |
| --- | --- | --- | --- | --- |
| Total Investment | 1.00 | Proposed | (0.46) | 121.00 |
| Less: Unsecured Funds (Cost $100,000) |  |  |  | 100.00 |
| Net Income | 0.86 | Proposed | (0.71) | 0.11 |
| Net486,000,000 |  |  |  | 100.00 |
| Total Investment | 16.48 | Proposed | (4.51)% | 1.30% |
| Total Investment (Cost $2,000,000) |  |  |  | 51.11 |
| Net Income | 200.00 | Proposed | (0.00) | 271.11 |

FRANKLIN STRATEGIC SERIES

# Statement of Investments, August 31, 2021

franklintempleton.com

The accompanying notes are an integral part of these financial statements. Annual Report 30

STATEMENT OF INVESTMENTS

# Franklin Templeton SMACS: Series I (continued)

|  | 2016/2017 | 2016/2017 | 2015/2016 |
| --- | --- | --- | --- |
| Expenses before waiver and payments by affiliates | 3,55% | 3,55% | 5,95% |
| Expenses before waiver and payments by affiliates | Amount | % | Amount |
| Net interest paid by the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company | 7,01% | 6,98% | 7,01% |
| Corporate and other financial assets | 100,000 | 100,000 | 105,716 |
| Securities and other financial assets | 100,000 | 100,000 | 98,484 |
| Net interest paid by the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company of the Company | $3,695 | $3,506 | $3,774 |
| Portland, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey, New Jersey | 32,800,000 | 43,24% | $103,684 |
| State and local taxes | 100,000 | 100,000 | 111,000 |
| State and local taxes | 50,000 | 50,000 | 49,303 |
| State and local taxes | 50,000,000 | 50,000,000 | 60,737,858 |

# FRANKLIN STRATEGIC SERIES

40 Annual Report The accompanying notes are an integral part of these financial statements.

franklintempleton.com

STATEMENT OF INVESTMENTS

# Franklin Templeton SMACS: Series I (continued)

| 1. The first and second companies in the first management business companies | 230,856 |
| --- | --- |
| 2. County of Rock, LA, Long Beach, Washington, D.C. 2014 | 104,127 |
| 3. New York, NY, 2014 | 104,127 |
| 4. The first and second companies in the first management business companies | 104,127 |
| 5. The first and second companies in the first management business companies | 104,127 |
| 6. The first and second companies in the first management business companies | 104,127 |
| 7. The first and second companies in the first management business companies | 104,127 |
| 8. The first and second companies in the first management business companies | 104,127 |
| 9. The first and second companies in the first management business companies | 104,127 |
| 10. The first and second companies in the first management business companies | 104,127 |
| 11. The first and second companies in the first management business companies | 104,127 |
| 12. The first and second companies in the first management business companies | 104,127 |
| 13. The first and second companies in the first management business companies | 104,127 |
| 14. The first and second companies in the first management business companies | 104,127 |
| 15. The first and second companies in the first management business companies | 104,127 |
| 16. The first and second companies in the first management business companies | 104,127 |
| 17. The first and second companies in the first management business companies | 104,127 |
| 18. The first and second companies in the first management business companies | 104,127 |
| 19. The first and second companies in the first management business companies | 104,127 |
| 20. The first and second companies in the first management business companies | 104,127 |
| 21. The first and second companies in the first management business companies | 104,127 |
| 22. The first and second companies in the first management business companies | 104,127 |
| 23. The first and second companies in the first management business companies | 104,127 |
| 24. The first and second companies in the first management business companies | 104,127 |
| 25. The first and second companies in the first management business companies | 104,127 |
| 26. The first and second companies in the first management business companies | 104,127 |
| 27. The first and second companies in the first management business companies | 104,127 |
| 28. The first and second companies in the first management business companies | 104,127 |
| 29. The first and second companies in the first management business companies | 104,127 |
| 30. The first and second companies in the first management business companies | 104,127 |

FRANKLIN STRATEGIC SERIES

franklintempleton.com

The accompanying notes are an integral part of these financial statements. Annual Report 41

FINANCIAL STATEMENTS

August 31, 2021

| Weathered International Ltd., 144A, 8.75%, 9/01/24 | Franklin | Franklin | Franklin | Franklin |
| --- | --- | --- | --- | --- |
| Western Telecommunication Services 1.4% | Templeton | Templeton | Templeton | Templeton |
| THP, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |  |  |  |  |

FRANKLIN STRATEGIC SERIES

# Statements of Assets and Liabilities

42

Annual Report 1 The accompanying notes are an integral part of these financial statements.

franklin@rspsc.com

1

FINANCIAL STATEMENTS

for the year ended August 31, 2021

| Value | 2021 | 2020 | 2019 | 2018 |
| --- | --- | --- | --- | --- |
| Value | $2,500 | $2,500 | $2,500 | $2,500 |
| Cash | 5,000 | 5,000 | 5,000 | 5,000 |
| Secured Note 144A, 8.125%, 400.00 | CH | E | 425,000 | M |
| Receivables |  |  | 425,000 |  |
| Securities |  |  | 350,000 |  |
| Securities |  |  | 350,000 |  |
| Securities |  |  | 100,000 |  |
| Securities |  |  | 100,000 |  |
| Securities |  |  | 100,000 |  |
| Securities |  |  | 100,000 |  |
| Securities |  |  | 100,000 |  |
| Securities |  |  | 100,000 |  |

FRANKLIN STRATEGIC SERIES

# Statements of Operations

• Other income includes payments by Advisers for acquired fund fees and expenses (See Note 3a).

fssb@reception.com

The accompanying notes are an integral part of these financial statements. Annual Report 40

FINANCIAL STATEMENTS

|  | Franklin Templeton SMACS Series CH | 852 Franklin Templeton SMACS Series E | 2 |  |
| --- | --- | --- | --- | --- |
| Total Long-Term Investments (Cost $1,000,000) |  |  |  |  |
| Cashflow from Investments (Less: Note, LMA, 6.25% of 1,000,000) | August 30, 2008 | August 30, 2008 | August 30, 2008 |  |
| Short-Term Investments (Less: Note, LMA, 6.25% of 1,000,000) | 199 | 10,100 | 2,931 |  |
| Short-Term Investments (Less: Note, LMA, 6.25% of 1,000,000) | 139,864 | 97,380 | 251,817 |  |
| Money Market Funds 0.1% | 702 | 75,165 | 75,384 |  |
| Money Market Funds 0.1% | 627 | $103,540 | $132,864 | $132,868 |
| Money Market Funds 0.1% | 1,402 | 5,939 | 428,854 | 1,141,000 |
| Total Long-Term Debt (Less: Money Market Funds, Cost $1,888) | 3,557 | 17,063 | 647 | 4,251 |
| Total Long-Term Debt (Less: LMA, 6.25% of 1,000,000) |  |  |  | 1,141,000 |

FRANKLIN STRATEGIC SERIES

# Statements of Changes in Net Assets

44

Annual Report 1 The accompanying notes are an integral part of these financial statements.

franklinersp@us.com

FINANCIAL STATEMENTS

[continued]

| Financial Statements | Financial Statements | Financial Statements | Financial Statements | Financial Statements |
| --- | --- | --- | --- | --- |
| Total financial assets | 1,199 | 1,199 | 1,199 | 1,199 |
| Total assets | 1,199 | 1,199 | 1,199 | 1,199 |
| Total liabilities | 1,199 | 1,199 | 1,199 | 1,199 |
| Total liabilities | 1,199 | 1,199 | 1,199 | 1,199 |
| Total liabilities | 1,199 | 1,199 | 1,199 | 1,199 |
| Total liabilities | 1,199 | 1,199 | 1,199 | 1,199 |

FRANKLIN STRATEGIC SERIES

# Statements of Changes in Net Assets

fba0026/explaion.com

The accompanying notes are an integral part of these financial statements. Annual Report

46

[{"box_2d": [31, 83, 573, 158], "label": "text", "caption": "Net assets: Cleveland-CNN, Inc., Senior Secured Note, 144A, 9.879% 10/27/25 66,000 76,642
(1) 2,985,013 4,027,908 3,847,202 3,999,579
(2) 2,985,013 4,027,908 3,847,202 3,999,579
(3) 2,985,013 4,027,908 3,847,202 3,999,579
(4) 2,985,013 4,027,908 3,847,202 3,999,579
(5) 2,985,013 4,027,908 3,847,202 3,999,579
(6) 2,985,013 4,027,908 3,847,202 3,999,579
(7) 2,985,013 4,027,908 3,847,202 3,999,579
(8) 2,985,013 4,027,908 3,847,202 3,999,579
(9) 2,985,013 4,027,908 3,847,202 3,999,579
(10) 2,985,013 4,027,908 3,847,202 3,999,579
(11) 2,985,013 4,027,908 3,847,202 3,999,579
(12) 2,985,013 4,027,908 3,847,202 3,999,579
(13) 2,985,013 4,027,908 3,847,202 3,999,579
(14) 2,985,013 4,027,908 3,847,202 3,999,579
(15) 2,985,013 4,027,908 3,847,202 3,999,579
(16) 2,985,013 4,027,908 3,847,202 3,999,579
(17) 2,985,013 4,027,908 3,847,202 3,999,579
(18) 2,985,013 4,027,908 3,847,202 3,999,579
(19) 2,985,013 4,027,908 3,847,202 3,999,579
(20) 2,985,013 4,027,908 3,847,202 3,999,579
(21) 2,985,013 4,027,908 3,847,202 3,999,579
(22) 2,985,013 4,027,908 3,847,202 3,999,579
(23) 2,985,013 4,027,908 3,847,202 3,999,579
(24) 2,985,013 4,027,908 3,847,202 3,999,579
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(324) 2,985,013 4,027,908 3,847,202 3,999,579
(325) 2,985,013 4,027,908 3,847,202 3,999,579
(326) 2,985,013 4,027,908 3,847,202 3,999,579
(327) 2,985,013 4,027,908 3,847,202 3,999,579
(328) 2,985,013 4,027,908 3,847,202 3,999,579
(329) 2,985,013 4,027,908 3,847,202 3,999,579
(330) 2,985,013 4,027,908 3,847,202 3,999,579
(331) 2,985,013 4,027,908 3,847,202 3,999,579
(332) 2,985,013 4,027,908 3,847,202 3,999,579
(333) 2,985,013 4,027,908 3,847,202 3,999,579
(334) 2,985,013 4,027,908 3,847,202 3,999,579
(335) 2,985,013 4,027,908 3,847,202 3,999,579
(336) 2,985,013 4,027,908 3,847,202 3,999,579
(337) 2,985,013 4,027,908 3,847,202 3,999,579
(338) 2,985,013 4,027,908 3,847,202 3,999,579
(339) 2,985,013 4,027,908 3,847,202 3,999,579
(340) 2,985,013 4,027,908 3,847,202 3,999,579
(341) 2,985,013 4,027,908 3,847,202 3,999,579
(342) 2,985,013 4,027,908 3,847,202 3,999,579
(343) 2,985,013 4,027,908 3,847,202 3,999,579
(344) 2,985,013 4,027,908 3,847,202 3,999,579
(345) 2,985,013 4,027,908 3,847,202 3,999,579
(346) 2,985,013 4,027,908 3,847,202 3,999,579
(347) 2,985,013 4,027,908 3,847,202 3,999,579
(348) 2,985,013 4,027,908 3,847,202 3,999,579
(349) 2,985,013 4,027,908 3,847,202 3,999,579
(350) 2,985,013 4,027,908 3,847,202 3,999,579
(351) 2,985,013 4,027,908 3,847,202 3,999,579
(352) 2,985,013 4,027,908 3,847,202 3,999,579
(353) 2,985,013 4,027,908 3,847,202 3,999,579
(354) 2,985,013 4,027,908 3,847,202 3,999,579
(355) 2,985,013 4,027,908 3,847,202 3,999,579
(356) 2,985,013 4,027,908 3,847,202 3,999,579
(357) 2,985,013 4,027,908 3,847,202 3,999,579
(358) 2,985,013 4,027,908 3,847,202 3,999,579
(359) 2,985,013 4,027,908 3,847,202 3,999,579
(360) 2,985,013 4,027,908 3,847,202 3,999,579
(361) 2,985,013 4,027,908 3,847,202 3,999,579
(362) 2,985,013 4,027,908 3,847,202 3,999,579
(363) 2,985,013 4,027,908 3,847,202 3,999,579
(364) 2,985,013 4,027,908 3,847,202 3,999,579
(365) 2,985,013 4,027,908 3,847,202 3,999,579
(366) 2,985,013 4,027,908 3,847,202 3,999,579
(367) 2,985,013 4,027,908 3,847,202 3,999,579
(368) 2,985,013 4,027,908 3,847,202 3,999,579
(369) 2,985,013 4,027,908 3,847,202 3,999,579
(370) 2,985,013 4,027,908 3,847,202 3,999,579
(371) 2,985,013 4,027,908 3,847,202 3,999,579
(372) 2,985,013 4,027,908 3,847,202 3,999,579
(373) 2,985,013 4,027,908 3,847,202 3,999,579
(374) 2,985,013 4,027,908 3,847,202 3,999,579
(375) 2,985,013 4,027,908 3,847,202 3,999,579
(376) 2,985,013 4,027,908 3,847,202 3,999,579
(377) 2,985,013 4,027,908 3,847,202 3,999,579
(378) 2,985,013 4,027,908 3,847,202 3,999,579
(379) 2,985,013 4,027,908 3,847,202 3,999,579
(380) 2,985,013 4,027,908 3,847,202 3,999,579
(381) 2,985,013 4,027,908 3,847,202 3,999,579
(382) 2,985,013 4,027,908 3,847,202 3,999,579
(383) 2,985,013 4,027,908 3,847,202 3,999,579
(384) 2,985,013 4,027,908 3,847,202 3,999,579
(385) 2,985,013 4,027,908 3,847,202 3,999,579
(386) 2,985,013 4,027,908 3,847,202 3,999,579
(387) 2,985,013 4,027,908 3,847,202 3,999,579
(388) 2,985,013 4,027,908 3,847,202 3,999,579
(389) 2,985,013 4,027,908 3,847,202 3,999,579
(390) 2,985,013 4,027,908 3,847,202 3,999,579
(391) 2,985,013 4,027,908 3,847,202 3,999,579
(392) 2,985,013 4,027,908 3,847,202 3,999,579
(393) 2,985,013 4,027,908 3,847,202 3,999,579
(394) 2,985,013 4,027,908 3,847,202 3,999,579
(395) 2,985,013 4,027,908 3,847,202 3,999,579
(396) 2,985,013 4,027,908 3,847,202 3,999,579
(397) 2,985,013 4,027,908 3,847,202 3,999,579
(398) 2,985,013 4,027,908 3,847,202 3,999,579
(399) 2,985,013 4,027,908 3,847,202 3,999,579
(400) 2,985,013 4,027,908 3,847,202 3,999,579
(401) 2,985,013 4,027,908 3,847,202 3,999,579
(402) 2,985,013 4,027,908 3,847,202 3,999,579
(403) 2,985,013 4,027,908 3,847,202 3,999,579
(404) 2,985,013 4,027,908 3,847,202 3,999,579
(405) 2,985,013 4,027,908 3,847,202 3,999,579
(406) 2,985,013 4,027,908 3,847,202 3,999,579
(407) 2,985,013 4,027,908 3,847,202 3,999,579
(408) 2,985,013 4,027,908 3,847,202 3,999,579
(409) 2,985,013 4,027,908 3,847,202 3,999,579
(410) 2,985,013 4,027,908 3,847,202 3,999,579
(411) 2,985,013 4,027,908 3,847,202 3,999,579
(412) 2,985,013 4,027,908 3,847,202 3,999,579
(413) 2,985,013 4,027,908 3,847,202 3,999,579
(414) 2,985,013 4,027,908 3,847,202 3,999,579
(415) 2,985,013 4,027,908 3,847,202 3,999,579
(416) 2,985,013 4,027,908 3,847,202 3,999,579
(417) 2,985,013 4,027,908 3,847,202 3,999,579
(418) 2,985,013 4,027,908 3,847,202 3,999,579
(419) 2,985,013 4,027,908 3,847,202 3,999,579
(420) 2,985,013 4,027,908 3,847,202 3,999,579
(421) 2,985,013 4,027,908 3,847,202 3,999,579
(422) 2,985,013 4,027,908 3,847,202 3,999,579
(423) 2,985,013 4,027,908 3,847,202 3,999,579
(424) 2,985,013 4,027,908 3,847,202 3,999,579
(425) 2,985,013 4,027,908 3,847,202 3,999,579
(426) 2,985,013 4,027,908 3,847,202 3,999,579
(427) 2,985,013 4,027,908 3,847,202 3,999,579
(428) 2,985,013 4,027,908 3,847,202 3,999,579
(429) 2,985,013 4,027,908 3,847,202 3,999,579
(430) 2,985,013 4,027,908 3,847,202 3,999,579
(431) 2,985,013 4,027,908 3,847,202 3,999,579
(432) 2,985,013 4,027,908 3,847,202 3,999,579
(433) 2,985,013 4,027,908 3,847,202 3,999,579
(434) 2,985,013 4,027,908 3,847,202 3,999,579
(435) 2,985,013 4,027,908 3,847,202 3,999,579
(436) 2,985,013 4,027,908 3,847,202 3,999,579
(437) 2,985,013 4,027,908 3,847,202 3,999,579
(438) 2,985,013 4,027,908 3,847,202 3,999,579
(439) 2,985,013 4,027,908 3,847,202 3,999,579
(440) 2,985,013 4,027,908 3,847,202 3,999,579
(441) 2,985,013 4,027,908 3,847,202 3,999,579
(442) 2,985,013 4,027,908 3,847,202 3,999,579
(443) 2,985,013 4,027,908 3,847,202 3,999,579
(444) 2,985,013 4,027,908 3,847,202 3,999,579
(445) 2,985,013 4,027,908 3,847,202 3,999,579
(446) 2,985,013 4,027,908 3,847,202 3,999,579
(447) 2,985,013 4,027,908 3,847,202 3,999,579
(448) 2,985,013 4,027,908 3,847,202 3,999,579
(449) 2,985,013 4,027,908 3,847,202 3,999,579
(450) 2,985,013 4,027,908 3,847,202 3,999,579
(451) 2,985,013 4,027,908 3,847,202 3,999,579
(452) 2,985,013 4,027,908 3,847,202 3,999,579
(453) 2,985,013 4,027,908 3,847,202 3,999,579
(454) 2,985,013 4,027,908 3,847,202 3,999,579
(455) 2,985,013 4,027,908 3,847,202 3,999,579
(456) 2,985,013 4,027,908 3,847,202 3,999,579
(457) 2,985,013 4,027,908 3,847,202 3,999,579
(458) 2,985,013 4,027,908 3,847,202 3,999,579
(459) 2,985,013 4,027,908 3,847,202 3,999,579
(460) 2,985,013 4,027,908 3,847,202 3,999,579
(461) 2,985,013 4,027,908 3,847,202 3,999,579
(462) 2,985,013 4,027,908 3,847,202 3,999,579
(463) 2,985,013 4,027,908 3,847,202 3,999,579
(464) 2,985,013 4,027,908 3,847,202 3,999,579
(465) 2,985,013 4,027,908 3,847,202 3,999,579
(466) 2,985,013 4,027,908 3,847,202 3,999,579
(467) 2,985,013 4,027,908 3,847,202 3,999,579
(468) 2,985,013 4,027,908 3,847,202 3,999,579
(469) 2,985,013 4,027,908 3,847,202 3,999,579
(470) 2,985,013 4,027,908 3,847,202 3,999,579
(471) 2,985,013 4,027,908 3,847,202 3,999,579
(472) 2,985,013 4,027,908 3,847,202 3,999,579
(473) 2,985,013 4,027,908 3,847,202 3,999,579
(474) 2,985,013 4,027,908 3,847,202 3,999,579
(475) 2,985,013 4,027,908 3,847,202 3,999,579
(476) 2,985

NOTES TO FINANCIAL STATEMENTS

The following information is available for the following purposes:
(U.S. Treasury and other foreign currency transactions) and the following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:
The following information is available for the following purposes:

FRANKLIN STRATEGIC SERIES

1. Organization and Significant Accounting Policies price. When an option is purchased or written, an amount

file1401revopieson.com

Annual Report 47

1

NOTES TO FINANCIAL STATEMENTS

Translation of other assets and liabilities

The Company shall not be liable for any loss or damage to the property caused by the use of the said property, whether or not the property is owned by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold or sold by the person or the property is sold

FRANKLIN STRATEGIC SERIES

**1. Organization and Significant Accounting Policies** the ratio of number of shareholders of each Fund to the

48 | Annual Report

franklinersp@e.com

NOTES TO FINANCIAL STATEMENTS

It will be disclosed that the information on the financial statements
based on the financial statements of the financial statements
should be presented in the financial statements of the financial
statements. The financial statements of the financial statements
should be presented in the financial statements of the financial
statements. The financial statements of the financial statements
should be presented in the financial statements of the financial
statements. The financial statements of the financial statements
should be presented in the financial statements of the financial
statements.

FRANKLIN STRATEGIC SERIES

# 2. Shares of Beneficial Interest

fba44@reception.com

Annual Report 49

NOTES TO FINANCIAL STATEMENTS

The following table provides the information in a tabular format:

cash flows of the investment are discounted to calculate the amount of the cash flow from the market. The cash flows are based on the amount of the cash flow from the market. The cash flows are based on the amount of the cash flow from the market.

FRANKLIN STRATEGIC SERIES

# 3. Transactions with Affiliates

![img-0.jpeg](img-0.jpeg)

53 | Annual Report | franklin@republic.com

NOTES TO FINANCIAL STATEMENTS

The following table provides the information in a specific format:

---

FRANKLIN STRATEGIC SERIES

# 3. Transactions with Affiliates

---

fba44@reception.com

Annual Report 51

---

NOTES TO FINANCIAL STATEMENTS

In the event of a further financial loss and loss and an increase in the amount of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company

FRANKLIN STRATEGIC SERIES

5. Income Taxes

52

Annual Report

franklinerspine.com

NOTES TO FINANCIAL STATEMENTS

The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice.

FRANKLIN STRATEGIC SERIES

# 5. Income Taxes

fba4dnewspieon.com

Annual Report 03

NOTES TO FINANCIAL STATEMENTS

| Under the control amount of a swap (reception), at a specified | $339,866 | $908,802 | $211,362 | $339,956 |
| --- | --- | --- | --- | --- |
| Under the control amount of a swap (reception), at a specified | $339,866 | $908,802 | $211,362 | $339,956 |
| Under the control amount of a swap (reception), at a specified | $339,956 | $908,802 | $211,362 | $339,956 |

FRANKLIN STRATEGIC SERIES

# 9. Novel Coronavirus Pandemic

54

Annual Report

franklinersp@us.com

NOTES TO FINANCIAL STATEMENTS

The following information is provided in the following table:

1. The information contained in this report is provided in the following table:

2. The information contained in this report is provided in the following table:

3. The information contained in this report is provided in the following table:

4. The information contained in this report is provided in the following table:

5. The information contained in this report is provided in the following table:

6. The information contained in this report is provided in the following table:

7. The information contained in this report is provided in the following table:

8. The information contained in this report is provided in the following table:

9. The information contained in this report is provided in the following table:

10. The information contained in this report is provided in the following table:

11. The information contained in this report is provided in the following table:

12. The information contained in this report is provided in the following table:

13. The information contained in this report is provided in the following table:

14. The information contained in this report is provided in the following table:

15. The information contained in this report is provided in the following table:

16. The information contained in this report is provided in the following table:

17. The information contained in this report is provided in the following table:

18. The information contained in this report is provided in the following table:

19. The information contained in this report is provided in the following table:

20. The information contained in this report is provided in the following table:

21. The information contained in this report is provided in the following table:

22. The information contained in this report is provided in the following table:

23. The information contained in this report is provided in the following table:

24. The information contained in this report is provided in the following table:

25. The information contained in this report is provided in the following table:

26. The information contained in this report is provided in the following table:

27. The information contained in this report is provided in the following table:

28. The information contained in this report is provided in the following table:

29. The information contained in this report is provided in the following table:

30. The information contained in this report is provided in the following table:

31. The information contained in this report is provided in the following table:

32. The information contained in this report is provided in the following table:

33. The information contained in this report is provided in the following table:

34. The information contained in this report is provided in the following table:

35. The information contained in this report is provided in the following table:

36. The information contained in this report is provided in the following table:

37. The information contained in this report is provided in the following table:

38. The information contained in this report is provided in the following table:

39. The information contained in this report is provided in the following table:

40. The information contained in this report is provided in the following table:

41. The information contained in this report is provided in the following table:

42. The information contained in this report is provided in the following table:

43. The information contained in this report is provided in the following table:

44. The information contained in this report is provided in the following table:

45. The information contained in this report is provided in the following table:

46. The information contained in this report is provided in the following table:

47. The information contained in this report is provided in the following table:

48. The information contained in this report is provided in the following table:

49. The information contained in this report is provided in the following table:

50. The information contained in this report is provided in the following table:

51. The information contained in this report is provided in the following table:

52. The information contained in this report is provided in the following table:

53. The information contained in this report is provided in the following table:

54. The information contained in this report is provided in the following table:

55. The information contained in this report is provided in the following table:

56. The information contained in this report is provided in the following table:

57. The information contained in this report is provided in the following table:

58. The information contained in this report is provided in the following table:

59. The information contained in this report is provided in the following table:

60. The information contained in this report is provided in the following table:

61. The information contained in this report is provided in the following table:

62. The information contained in this report is provided in the following table:

63. The information contained in this report is provided in the following table:

64. The information contained in this report is provided in the following table:

65. The information contained in this report is provided in the following table:

66. The information contained in this report is provided in the following table:

67. The information contained in this report is provided in the following table:

68. The information contained in this report is provided in the following table:

69. The information contained in this report is provided in the following table:

70. The information contained in this report is provided in the following table:

71. The information contained in this report is provided in the following table:

72. The information contained in this report is provided in the following table:

73. The information contained in this report is provided in the following table:

74. The information contained in this report is provided in the following table:

75. The information contained in this report is provided in the following table:

76. The information contained in this report is provided in the following table:

77. The information contained in this report is provided in the following table:

78. The information contained in this report is provided in the following table:

79. The information contained in this report is provided in the following table:

80. The information contained in this report is provided in the following table:

81. The information contained in this report is provided in the following table:

82. The information contained in this report is provided in the following table:

83. The information contained in this report is provided in the following table:

84. The information contained in this report is provided in the following table:

85. The information contained in this report is provided in the following table:

86. The information contained in this report is provided in the following table:

87. The information contained in this report is provided in the following table:

88. The information contained in this report is provided in the following table:

89. The information contained in this report is provided in the following table:

90. The information contained in this report is provided in the following table:

91. The information contained in this report is provided in the following table:

92. The information contained in this report is provided in the following table:

93. The information contained in this report is provided in the following table:

94. The information contained in this report is provided in the following table:

95. The information contained in this report is provided in the following table:

96. The information contained in this report is provided in the following table:

97. The information contained in this report is provided in the following table:

98. The information contained in this report is provided in the following table:

99. The information contained in this report is provided in the following table:

100. The information contained in this report is provided in the following table:

FRANKLIN STRATEGIC SERIES

# 12. Fair Value Measurements

fhch4@reception.com

Annual Report 06

NOTES TO FINANCIAL STATEMENTS

Financial statements are not available in the applicable inputs (including quoted prices for similar financial instruments, interest rates, and other financial instruments). The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice. The Company's financial statements are subject to change without notice.

FRANKLIN STRATEGIC SERIES

# 12. Fair Value Measurements

11 Annual Report

franklinstrategic.com

Templeton SMACS: Series E, Franklin Templeton SMACS: Series H and Franklin Templeton SMACS: Series I

At 2015, the 2015 SMACS series has been a series of 2015 series and is a series of 2016 series. The series has been a series of 2017 series and is a series of 2018 series. The series has been a series of 2019 series and is a series of 2020 series. The series has been a series of 2021 series and is a series of 2022 series. The series has been a series of 2023 series and is a series of 2024 series. The series has been a series of 2025 series and is a series of 2026 series. The series has been a series of 2027 series and is a series of 2028 series. The series has been a series of 2029 series and is a series of 2030 series. The series has been a series of 2031 series and is a series of 2032 series. The series has been a series of 2033 series and is a series of 2034 series. The series has been a series of 2035 series and is a series of 2036 series. The series has been a series of 2037 series and is a series of 2038 series. The series has been a series of 2039 series and is a series of 2040 series. The series has been a series of 2041 series and is a series of 2042 series. The series has been a series of 2043 series and is a series of 2044 series. The series has been a series of 2045 series and is a series of 2046 series. The series has been a series of 2047 series and is a series of 2048 series. The series has been a series of 2049 series and is a series of 2050 series. The series has been a series of 2051 series and is a series of 2052 series. The series has been a series of 2053 series and is a series of 2054 series. The series has been a series of 2055 series and is a series of 2056 series. The series has been a series of 2057 series and is a series of 2058 series. The series has been a series of 2059 series and is a series of 2060 series. The series has been a series of 2061 series and is a series of 2062 series. The series has been a series of 2063 series and is a series of 2064 series. The series has been a series of 2065 series and is a series of 2066 series. The series has been a series of 2067 series and is a series of 2068 series. The series has been a series of 2069 series and is a series of 2070 series. The series has been a series of 2071 series and is a series of 2072 series. The series has been a series of 2073 series and is a series of 2074 series. The series has been a series of 2075 series and is a series of 2076 series. The series has been a series of 2077 series and is a series of 2078 series. The series has been a series of 2079 series and is a series of 2080 series. The series has been a series of 2081 series and is a series of 2082 series. The series has been a series of 2083 series and is a series of 2084 series. The series has been a series of 2085 series and is a series of 2086 series. The series has been a series of 2087 series and is a series of 2088 series. The series has been a series of 2089 series and is a series of 2090 series. The series has been a series of 2091 series and is a series of 2092 series. The series has been a series of 2093 series and is a series of 2094 series. The series has been a series of 2095 series and is a series of 2096 series. The series has been a series of 2097 series and is a series of 2098 series. The series has been a series of 2099 series and is a series of 2100 series.

FRANKLIN STRATEGIC SERIES

# Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Franklin Strategic Series and Shareholders of Franklin Templeton SMACS: Series CH, Franklin

franklintempleton.com

Annual Report 07

Exhibit A of August 31, 2021, the related statements of operations by the year ended August 31, 2021 and the statements of operations by the year ended August 31, 2021 and the statements of operations by the year ended August 31, 2021 and the statements of operations by the year ended August 31, 2021 and the statements of operations by the year ended August 31, 2021 and the statements of operations by the year ended August 31, 2021 and the statements of operations by the year ended August 31, 2021 and the statements of operations by

FRANKLIN STRATEGIC SERIES

### Tax Information (unaudited)

By mid-February, tax information related to a shareholder's proportionate share of distributions paid during the preceding

58

Annual Report

franklin@stpa.com

The **Basis for Opinions** report the following amounts, or if subsequently determined to be different, the maximum allowable amounts, for the fiscal year ended August 31, 2021:

See **Basis for Opinions** for the following amounts, or if subsequent, if the maximum allowable amounts, for the fiscal year ended August 31, 2021:

In addition to the amount of amounts, the amount of amounts for the fiscal year ended August 31, 2021 is based on the amount of amounts for the fiscal year ended August 31, 2021.

The amount of amounts for the fiscal year ended August 31, 2021 is based on the amount of amounts for the fiscal year ended August 31, 2021.

The amount of amounts for the fiscal year ended August 31, 2021 is based on the amount of amounts for the fiscal year ended August 31, 2021.

The amount of amounts for the fiscal year ended August 31, 2021 is based on the amount of amounts for the fiscal year ended August 31, 2021.

The amount of amounts for the fiscal year ended August 31, 2021 is based on the amount of amounts for the fiscal year ended August 31, 2021.

The amount of amounts for the fiscal year ended August 31, 2021 is based on the amount of amounts for the fiscal year ended August 31, 2021.

FRANKLIN STRATEGIC SERIES

## Board Members and Officers

The name, year of birth and address of the officers and board members, as well as their affiliations, positions held with the

fhah@reception.com

Annual Report 08

[continued]

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

Name, Title of Birth

FRANKLIN STRATEGIC SERIES

# Independent Board Members

63

Annual Report

franklin@epa.gov

(continued)

Santander Holdings USA (holding company) (2019-present); and

basis, evidence regarding the amounts and disclosures in the financial statements (the public and private) regarding the
Funds and other financial instruments. The Company is a member of the Company's subsidiaries and the Company's
and other financial instruments. The Company is a member of the Company's subsidiaries and the Company's
and other financial instruments. The Company is a member of the Company's subsidiaries and the Company's
and other financial instruments. The Company is a member of the Company's subsidiaries and the Company's
and other financial instruments. The Company is a member of the Company's subsidiaries and the Company's
and other financial instruments. The Company is a member of the Company's subsidiaries and the Company's
and other financial instruments.

FRANKLIN STRATEGIC SERIES

# Independent Board Members

fou4dnewmpleen.com

Annual Report 61

(continued)

Number of Portfolios in Fund Complex Overseen

Hertz Company (unsecured) Realty and
the United States of America (the
Other States of America) (January
and April 2014) is a member of the
United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the United States of America)
and the United States of America (the

FRANKLIN STRATEGIC SERIES

# Interested Board Members and Officers

63 | Annual Report

Franklin.com

Provided Completion During at Least the Past 5 Years

The Board of Education, the Board of Education, and the Board of Education, of the Executive Vice President, English Translation Directorate, LLC, and of the Board of Education, of the Executive Vice President, English Translation Directorate, LLC, and of the Board of Education, of the Executive Vice President, English Translation Directorate, LLC, and of the Board of Education, of the Executive Vice President, English Translation Directorate, LLC, and of the Board of Education, of the Executive Vice President, English Translation Directorate, LLC, and of the Board of Education, of the Executive Vice President, English Translation Directorate, LLC, and of the Board of Education, of the Executive Vice President

FRANKLIN STRATEGIC SERIES

# Interested Board Members and Officers

fba1d@reception.com

Annual Report 63

SHAREHOLDER INFORMATION

(2010-2012)

The Shareholder Information is a member of the Shareholder Group of the United States. The Shareholder is a member of the Shareholder Group of the United States. The Shareholder is a member of the Shareholder Group of the United States. The Shareholder is a member of the Shareholder Group of the United States. The Shareholder is a member of the Shareholder Group of the United States. The Shareholder is a member of the Shareholder Group of the United States. The Shareholder is a member of the Shareholder Group of the United States.

persons' as defined in the Investment Company Act of 1940 (Independent Trustees), reviewed and approved the Board's determination.

FRANKLIN STRATEGIC SERIES

business as evidenced by its reassessment of the fund

Franklin Templeton SMACS: Series N - The Performance

---

fhahkl@templeton.com

Annual Report 65

---

SHAREHOLDER INFORMATION

Send an email to the research association of the Small Market Center, United States, United Kingdom, and the United States Department of Health, United States of America, United Kingdom, and the United States Department of Health, United States of America, United Kingdom, and the United States Department of Health, United States of America, United Kingdom, and the United States Department of Health, United States of America, United Kingdom, and the United States Department of Health, United States of America, United Kingdom, and the United States Department of Health, United States of America, United Kingdom, and the United States Department of Health, United States of America

FRANKLIN STRATEGIC SERIES

The Expense Group for the Franklin Templeton SMACS: The Board noted management's belief that costs incurred

64

Annual Report

franklintempleton.com

SHAREHOLDER INFORMATION

Franklin, Tansley, 1965. The following table provides the information in English: "The English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The OCR result "the English text in the source image is a single, non-textual, stylized graphic with no discernible characters or punctuation. The

expenses and shareholder services; legal and compliance

FRANKLIN STRATEGIC SERIES

# Liquidity Risk Management Program-

the investment to cash (for Highly Liquid and Moderately

fhshk@reception.com

Annual Report 67

---

SHAREHOLDER INFORMATION

member of the shareholder. This document is considered the
member of the shareholder. This document is not intended to be
the intended recipient of any investment in the shareholder's
own business or its parent or a member of the shareholder. This
information is intended to be used in connection with the shareholder's
own business or its parent or a member of the shareholder. This
information is intended to be used in connection with the shareholder's
own business or its parent or a member of the shareholder. This
information is intended to be used in connection with the shareholder's
own business or its parent or a member of the shareholder. This
information is intended to be used in connection with the shareholder's
own business or its parent or a member of the shareholder.

in response to a detailed set of requests for information

submitted to the Manager by Independent Trustee counsel

FRANKLIN STRATEGIC SERIES

gov. The filed form may also be viewed and copied at the

68

Annual Report

franklin.empiree.com

In the United States, it is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of

agents and the authority of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of the United States. The United States is a trade mark of

© 2021 Franklin Templeton Investments. All rights reserved.

FT003 X 10/21

| Item 2. Code of Ethics. |  |
| --- | --- |
| (a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| (c) N/A |  |
| (d) N/A |  |
| (f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer. |  |
| Item 3. Audit Committee Financial Expert. |  |
| (a)(1) The Registrant has an audit committee financial expert serving on its audit committee. |  |
| (2) The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 4. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 5. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 6. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 7. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 8. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 9. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 10. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 11. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 12. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 13. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 14. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 15. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 16. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 17. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 18. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 19. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 20. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 21. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 22. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 23. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 24. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 25. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 26. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 27. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 28. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 29. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 30. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 31. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 32. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 33. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 34. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 35. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 36. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 37. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 38. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 39. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 40. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 41. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 42. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 43. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 44. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 45. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 46. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 47. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 48. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 49. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 50. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 51. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 52. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 53. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 54. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 55. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 56. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 57. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 58. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 59. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 60. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 61. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 62. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 63. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 64. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 65. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 66. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 67. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 68. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 69. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 70. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 71. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 72. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 73. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 74. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 75. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 76. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 77. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 78. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 79. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 80. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 81. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 82. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 83. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 84. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 85. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 86. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 87. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 88. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 89. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 90. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 91. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 92. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 93. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 94. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 95. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 96. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 97. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 98. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 99. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |
| Item 100. The Registrant has a report of the Board of Directors and the Board of Directors of the Board of Directors and Exchange Commission Rules and Releases. |  |

the **~~retail~~** ~~release~~ funds. The ~~Radar~~ markeds report the RGM of the ~~Radar~~ Group (RAGG) is a ~~monthly~~ ~~broader~~ of RAGG, ~~but~~ it is expected that it is in the market for RGM and RGM ~~revenue~~ to the RGM's share of the market. The RGM has been a major market opportunity and has been a major market opportunity. The RGM's share of the market is a 2.5% share, and the RGM's share of the market is a 2.5% share. The RGM's share of the market is a 2.5% share, and the RGM's share of the market is a 2.5% share. The RGM's share of the market is a 2.5% share, and the RGM's share of the market is a 2.5% share.

analysis excluded the impact of the recent acquisition of the Long Beach Companies and the management experts to introduce the impact of the Global Companies and the management efforts to improve the quality of the Global Companies. The results are published by Amgen Business and Law. The results are noted that the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018) and the management experts (LLP, 2018).

SOMATO (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO) (SOMATO

to be used solely by the Funds' Board with respect to the
profitability analysis.
In advertising and managing each Fund's liquidity risk, the
ILC considers, as relevant, a variety of factors, including
the Fund's investment strategy and the liquidity of its
portfolio investments during both normal and reasonably
foreseeable stressed conditions; its short and long-term
cash flow projections; and its cash holdings and access to

Exchange Commission's website at sec.gov and reflect the
most recent 12-month period ended June 30.

#### Quarterly Statement of Investments

The Trust files a complete statement of investments with
the U.S. Securities and Exchange Commission for the first

other funding sources including the Funds' interfund lending facility and line of credit. Classification of the Fund's portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert and third quarters for each fiscal year as an exhibit to its report on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the Commission's website at sec. Authorized for distribution only when accompanied or preceded by a summary prospectus and/or prospectus. Investors should carefully consider a fund's investment goals, risks, charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing.

To help ensure we provide you with quality service, all calls to and from our service areas are monitored and/or recorded.

Annual Report
Franklin Strategic Series

Investment Manager
Franklin Advisers, Inc.

Distributor
Franklin Distributors, LLC

Shareholder Services
(800) 632-2301

## Ex-99.Code

Code of Ethics for Principal Executives & Senior Financial Officers

---

| | |
|:---|:---|
| <br> **Procedures** | <br> Revised December 19, 2014 |

---

# FRANKLIN TEMPLETON FUNDS
**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR FINANCIAL OFFICERS**

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers," each of whom is set forth in Exhibit A) of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Honest and ethical conduct, including the ethical resolution of actual or apparent conflicts of interest between personal and professional relationships;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by or on behalf of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with applicable laws and governmental rules and regulations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accountability for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

 *\** 

Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

CONFIDENTIAL INFORMATION. This document is the proprietary product of Franklin Templeton Investments. It may NOT be distributed outside the company unless it is made subject to a non-disclosure agreement and/or such release receives authorization by an FTI Chief Compliance Officer. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton Investments© 2014. All Rights Reserved.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business</u> <u>Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal</u> <u>Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

III. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of apposition with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or

## 2
for all three), be involved in establishing policies and implementing decisions that will have different effects on the adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit personally to the detriment of the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not cause the FT Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated persons for reports of potential violations that are made in good faith;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report at least annually the following affiliations or other relationships:[<sup>1</sup>](#_bookmark0)

o

all directorships for public companies and all companies that are required to file reports with the SEC;

o

any direct or indirect business relationship with any independent directors of the FT Funds;

o

any direct or indirect business relationship with any independent public accounting firm (which are not related to the routine issues related to the firm's service as the Covered Persons accountant); and

o

any direct or indirect interest in any transaction with any FT Fund that will benefit the officer (not including benefits derived from the advisory, sub-advisory, distribution or service agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include[<sup>2</sup>](#_bookmark1):

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service as a director on the board of any public or private Company.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer

if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Cover Person should also obtain written approval by FT's General Counsel in such situations.

## 3
· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any gifts in excess of $100 from any person, from any corporation or association.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The receipt of any entertainment from any Company with which the FT Funds has current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources General Counsel for any entertainment with a value in excess of $1000.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any ownership interest in, or any consulting or employment relationship with, any of the FT Fund's service providers, other than an investment adviser, principal underwriter, administrator or any affiliated person thereof.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A direct or indirect financial interest in commissions, transaction charges or spreads paid by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly scheduled meeting.

IV. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the FT Funds;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the FT Funds to others, whether within or outside the FT Funds, including to the FT Funds' directors and auditors, and to governmental regulators and self-regulatory organizations;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the FT Funds, the FT Fund's adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and in other public communications made by the FT Funds; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon becoming a covered officer affirm in writing to the Board that he or she has received, read, and understands the Code (see Exhibit B);

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notify Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she knows of any violation of this Code. Failure to do so is itself is a violation of this

## 4
Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.[<sup>3</sup>](#_bookmark2) However, the Independent Directors of the respective FT Funds will consider any approvals or waivers[<sup>4</sup>](#_bookmark3) sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate any potential violations reported to the Legal Department;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, after such investigation, the General Counsel or Deputy General Counsel believes that no violation has occurred, The General Counsel is not required to take any further action;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any matter that the General Counsel or Deputy General Counsel believes is a violation will be reported to the Independent Directors of the appropriate FT Fund;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Independent Directors concur that a violation has occurred, it will inform and make a recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Independent Directors will be responsible for granting waivers, as appropriate; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any changes to or waivers of this Code will, to the extent required, are disclosed as provided by SEC rules.[<sup>5</sup>](#_bookmark4)

VI. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of

ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

See Part X.

VII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

IX. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

X. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a copy of the Code is filed with the SEC as an exhibit to each Fund's annual report; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N-CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

# EXHIBIT A
Persons Covered by the Franklin Templeton Funds Code of Ethics

July 2021

# FRANKLIN GROUP OF FUNDS
Edward Perks&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Rupert H. Johnson, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Michael McCarthy&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Sonal Desai, Ph D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Robert G. Kubilis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer and Treasurer

# FRANKLIN MUTUAL SERIES FUNDS
Christian Correa&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Robert G. Kubilis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer and Chief Accounting Officer

# FRANKLIN ALTERNATIVE STRATEGIES FUNDS
Brooks Ritchey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Robert G. Kubilis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# TEMPLETON GROUP OF FUNDS
Rupert H. Johnson Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board and Vice President

Manraj S. Sekhon&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Michael Hasenstab, Ph.D. &nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Alan Bartlett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President and Chief Executive Officer – Investment Management

Matthew Hinkle&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer – Finance and Administration

Robert G. Kubilis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer, Chief Accounting Officer and Treasurer

# Exhibit B ACKNOWLEDGMENT FORM

### Franklin Templeton Funds Code of Ethics
**For Principal Executives and Senior Financial Officers**

### Instructions:
1. &nbsp;&nbsp;&nbsp;&nbsp; Complete all sections of this form.

2. &nbsp;&nbsp;&nbsp;&nbsp; Print the completed form, sign, and date.

3. &nbsp;&nbsp;&nbsp;&nbsp; Submit completed form to FT's General Counsel c/o Code of Ethics Administration within 10

4. &nbsp;&nbsp;&nbsp;&nbsp; days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

**E-mail:&nbsp;&nbsp;&nbsp;&nbsp;** Code of Ethics Inquiries & Requests (internal address); lpreclear@franklintempleton.com (external address)

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

 ****

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| &nbsp;&nbsp; ***Signature*** | &nbsp;&nbsp; ***Date signed*** |

---

## Ex-99.Cert

I, Matthew T. Hinkle, certify that:

1. I have reviewed this report on Form N-CSR of **Franklin Strategic Series**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

3/30/2023

S\MATTHEW T. HINKLE

Matthew T. Hinkle

Chief Executive Officer - Finance and Administration

I, Christopher Kings, certify that:

1. I have reviewed this report on Form N-CSR of **Franklin Strategic Series**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

3/30/2023

S\CHRISTOPHER KINGS

Christopher Kings

Chief Financial Officer, Chief Accounting Officer and Treasurer

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

# OF THE SARBANES-OXLEY ACT OF 2002
I, Jeffrey W. White, Interim Chief Financial Officer of the **Franklin Strategic Series** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 8/31/2021 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 10/28/2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\JEFFREY W. WHITE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffrey W. White

Interim Chief Financial Officer and Chief Accounting Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

**AS ADOPTED PURSUANT TO SECTION 906**

I, Matthew T. Hinkle, Chief Executive Officer of the **Franklin Strategic Series** (the "Registrant"), certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The periodic report on Form N-CSR of the Registrant for the period ended 8/31/2021 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: 10/28/2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S\MATTHEW T. HINKLE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matthew T. Hinkle

Chief Executive Officer - Finance and Administration