# EDGAR Filing Document

**Accession Number:** 0000872625
**File Stem:** 0001752724-25-178303
**Filing Date:** 2025-7
**Character Count:** 80159
**Document Hash:** 124c12f3e40316332b0895b0c7271e30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-178303.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-178303

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN STRATEGIC SERIES
- **CENTRAL INDEX KEY:** 0000872625

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06243
- **FILM NUMBER:** 251150127

**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 H (Series ID: S000065650)

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Strategic Series

- **b. Investment Company Act file number:** 811-06243

- **c. CIK number of Registrant:** 0000872625

- **d. LEI of Registrant:** 549300NDWC0J6DXVSX36

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Templeton SMACS Series H

- **b. EDGAR series identifier (if any):** S000065650

- **c. LEI of Series:** 5493004E2ZCTN11DMN39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $24774307.51

**Total Liabilities:** $406760.12

**Net Assets:** $24367547.39

**Delayed Delivery Securities:** $274025.50

**Cash Not Reported:** $460432.21

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -0.14000000 | **1-Year:** 0.00000000 | **5-Year:** -28.87000000 | **10-Year:** -1530.22000000 | **30-Year:** -4140.62000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -53.62000000 | **5-Year:** -284.01000000 | **10-Year:** -2790.02000000 | **30-Year:** -10976.14000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000212375 | -2.04%               | -1.64%               | -0.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4744.78                 | $-544139.00                                |
| Month 2  | $-32073.39               | $-423134.08                                |
| Month 3  | $-11295.42               | $-182001.39                                |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Reflection Bay Community Development District                                    | Reflection Bay Community Development District, Series 2025                                         | CUSIP: 75865NAD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $156735.66    | 0.64%             | 2055-05-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Austin TX                                                                | City of Austin, Series 2022                                                                        | CUSIP: 052466BA6<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98067.15     | 0.40%             | 2051-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Westwood of Pasco Community Development District                                 | Westwood of Pasco Community Development District, Series 2023                                      | CUSIP: 96181RAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $129187.98    | 0.53%             | 2053-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                       | South Dakota Housing Development Authority, Series 2024 C                                          | CUSIP: 83756LBF1<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    150000 | PA      | $146223.03    | 0.60%             | 2044-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2023 A                                         | CUSIP: 939783Q74<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    120000 | PA      | $118007.12    | 0.48%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Summit County Development Finance Authority                                      | Summit County Development Finance Authority, Series 2023                                           | CUSIP: 86607JAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130546.93    | 0.54%             | 2058-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lakeside Preserve Community Development District                                 | Lakeside Preserve Community Development District, Series 2023                                      | CUSIP: 51218WAG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $102545.11    | 0.42%             | 2054-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2018 A                                                          | CUSIP: 45204ER67<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    100000 | PA      | $83608.29     | 0.34%             | 2048-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020 C                                                                   | CUSIP: 4521527H8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    100000 | PA      | $88226.64     | 0.36%             | 2045-10-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Pasadena Ridge Community Development District                                    | Pasadena Ridge Community Development District, Series 2024                                         | CUSIP: 702300AC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $97395.82     | 0.40%             | 2055-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                           | Illinois Housing Development Authority, Series 2024 I                                              | CUSIP: 45203MF48<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    250000 | PA      | $240606.28    | 0.99%             | 2050-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Springs at Lake Alfred Community Development District                            | Springs at Lake Alfred Community Development District, Series 2024                                 | CUSIP: 85177PAC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $138388.96    | 0.57%             | 2054-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2019 B                                | CUSIP: 64542PFA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $161742.37    | 0.66%             | 2054-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                            | Capital Projects Finance Authority, Series 2024 A-1                                                | CUSIP: 140427CR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $234610.58    | 0.96%             | 2058-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2025                                                  | CUSIP: 19648FZM9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    195000 | PA      | $189975.73    | 0.78%             | 2045-09-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2020 A                                               | CUSIP: 126292AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $99647.37     | 0.41%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Landing Community Development District                                     | River Landing Community Development District, Series 2025                                          | CUSIP: 76828JAM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94341.69     | 0.39%             | 2055-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Sawgrass Village Community Development District                                  | Sawgrass Village Community Development District, Series 2023                                       | CUSIP: 805462AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98229.46     | 0.40%             | 2053-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2024                                                            | CUSIP: 59447NBD7<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    295000 | PA      | $266640.88    | 1.09%             | 2054-02-28      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Calcasieu Parish Memorial Hospital Service District                              | Calcasieu Parish Memorial Hospital Service District, Series 2019                                   | CUSIP: 128423EY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93959.81     | 0.39%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2022                                     | CUSIP: 71780TBM4<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |     90000 | PA      | $92120.26     | 0.38%             | 2060-11-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2025 B                                                            | CUSIP: 74439YFZ9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99801.82     | 0.41%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | Sierra Vista Industrial Development Authority, Series 2023                                         | CUSIP: 82652UAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $149920.74    | 0.62%             | 2058-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                      | Ohio Housing Finance Agency, Series 2023 C                                                         | CUSIP: 676900WG4<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101615.36    | 0.42%             | 2034-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Knightsbridge Community Development District                                     | Knightsbridge Community Development District, Series 2024                                          | CUSIP: 49907FAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $132262.17    | 0.54%             | 2054-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Series 2023 E                                     | CUSIP: 45528U6Y2<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    110000 | PA      | $114184.17    | 0.47%             | 2057-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2024                                      | CUSIP: 56681NJD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    405000 | PA      | $415033.47    | 1.70%             | 2029-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| City of Princeton TX                                                             | City of Princeton, Series 2024                                                                     | CUSIP: 742400CX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    132000 | PA      | $127795.13    | 0.52%             | 2054-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2024                                                 | CUSIP: 546399SZ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    255000 | PA      | $263215.41    | 1.08%             | 2064-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                        | River Hall Community Development District, Series 2023 A                                           | CUSIP: 768247AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $108641.41    | 0.45%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2024 A-3                                            | CUSIP: 084538JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $111181.24    | 0.46%             | 2039-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2023 A                                            | CUSIP: 63607YBJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250088.13    | 1.03%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GIR East Community Development District                                          | GIR East Community Development District, Series 2025                                               | CUSIP: 37611TAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92658.80     | 0.38%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2020 A                                                 | CUSIP: 13013FAF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $115632.04    | 0.47%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery TX                                                          | County of Montgomery, Series 2025                                                                  | CUSIP: 61371JAF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    123000 | PA      | $115267.89    | 0.47%             | 2054-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                         | Arlington Higher Education Finance Corp., Series 2024                                              | CUSIP: 041807JW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $88842.09     | 0.36%             | 2059-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VII                                                  | CMFA Special Finance Agency VII, Series 2021 A-2                                                   | CUSIP: 12574UAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $164265.40    | 0.67%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2024                                   | CUSIP: 97712JJX2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98045.66     | 0.40%             | 2059-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2024                                                     | CUSIP: 340618DK0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103837.88    | 0.43%             | 2032-07-15      | Variable      | 12.00%                | No            |                  2 | On Loan: No      |
| GDB Debt Recovery Authority of Puerto Rico                                       | GDB Debt Recovery Authority of Puerto Rico                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | MUN               | PR        |     91274 | PA      | $87713.78     | 0.36%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2024 D                                                | CUSIP: 19648FYT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | STIV             | MUN               | US        |    300000 | PA      | $300000.00    | 1.23%             | 2064-05-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2024                                             | CUSIP: 650116HQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250417.18    | 1.03%             | 2060-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Manor TX                                                                 | City of Manor, Series 2025                                                                         | CUSIP: 564099AV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100178.28    | 0.41%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                             | CUSIP: 650116CX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97973.27     | 0.40%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ridge at Apopka Community Development District                                   | Ridge at Apopka Community Development District, Series 2023                                        | CUSIP: 76571AAG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100249.72    | 0.41%             | 2053-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency XII                                                  | CMFA Special Finance Agency XII, Series 2022 A-2                                                   | CUSIP: 12574XAB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $79730.84     | 0.33%             | 2049-08-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| MidCity Improvement District                                                     | MidCity Improvement District, Series 2022                                                          | CUSIP: 59564KAD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82686.33     | 0.34%             | 2049-11-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series A                                     | CUSIP: 64542RDJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $47507.01     | 0.19%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                               | City of Detroit, Series 2023 C                                                                     | CUSIP: 2510936E5<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108044.62    | 0.44%             | 2043-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| County of Hays TX                                                                | County of Hays, Series 2020                                                                        | CUSIP: 420894AH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91304.85     | 0.37%             | 2030-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2020                                                   | CUSIP: 57420VRN5<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |    170000 | PA      | $146230.33    | 0.60%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 B                                               | CUSIP: 126292AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $107503.32    | 0.44%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Loop Community Development District                                        | North Loop Community Development District, Series 2023                                             | CUSIP: 66066AAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $136074.74    | 0.56%             | 2054-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021 A                                                                   | CUSIP: 452153AV1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    360000 | PA      | $322895.63    | 1.33%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                        | City of Houston Airport System, Series 2024 B                                                      | CUSIP: 442349HZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $358547.77    | 1.47%             | 2039-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water & Power, Series 2023 C-1                                           | CUSIP: 544532HC1<br>LEI: 549300S8NXV6YU61GG95 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 2.05%             | 2057-07-01      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Preserve at Savannah Lakes Community Development District                        | Preserve at Savannah Lakes Community Development District, Series 2024                             | CUSIP: 74082KAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $137644.50    | 0.56%             | 2044-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2024                                                              | CUSIP: 744396KH4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $258077.28    | 1.06%             | 2060-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cypress Bluff Community Development District                                     | Cypress Bluff Community Development District, Series 2025                                          | CUSIP: 23267AAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94802.13     | 0.39%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| Allentown Commercial and Industrial Development Authority                        | Allentown Commercial and Industrial Development Authority, Series 2024                             | CUSIP: 01843AAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $224723.40    | 0.92%             | 2059-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 A                                                                | CUSIP: 25483VZX5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    100000 | PA      | $110515.39    | 0.45%             | 2033-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Winding Oaks Community Development District                                      | Winding Oaks Community Development District, Series 2024                                           | CUSIP: 973389AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94752.85     | 0.39%             | 2055-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2025                                                  | CUSIP: 46247DBK2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103386.53    | 0.42%             | 2055-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Oneida Indian Nation of New York                                                 | Oneida Indian Nation of New York, Series 2024 B                                                    | CUSIP: 682504AC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105366.48    | 0.43%             | 2043-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Palm Coast Park Community Development District                                   | Palm Coast Park Community Development District, Series 2023                                        | CUSIP: 69661TAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97793.58     | 0.40%             | 2053-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Grand Canyon University                                                          | Grand Canyon University                                                                            | CUSIP: 38528UAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $236950.26    | 0.97%             | 2028-10-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                          | Homewood Educational Building Authority, Series 2024 C                                             | CUSIP: 437887HZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $280509.21    | 1.15%             | 2056-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2019 A                                         | CUSIP: 939783ZB5<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    100000 | PA      | $85631.60     | 0.35%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019                                                  | CUSIP: 19648FLZ5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    100000 | PA      | $90431.93     | 0.37%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                         | EP Cimarron Ventanas PFC, Series 2024                                                              | CUSIP: 26879QAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233520.63    | 0.96%             | 2039-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sawgrass Village Community Development District                                  | Sawgrass Village Community Development District, Series 2023                                       | CUSIP: 805462AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $158731.59    | 0.65%             | 2053-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Palermo Community Development District                                           | Palermo Community Development District, Series 2025                                                | CUSIP: 696280AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97229.61     | 0.40%             | 2055-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| County of Bastrop TX                                                             | County of Bastrop, Series 2024                                                                     | CUSIP: 07031MAE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $100528.16    | 0.41%             | 2044-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Kindred Community Development District II                                        | Kindred Community Development District II, Series 2021                                             | CUSIP: 494581AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $81296.42     | 0.33%             | 2041-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Kings Creek I Community Development District                                     | Kings Creek I Community Development District, Series 2025                                          | CUSIP: 495879AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98457.02     | 0.40%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                  | New York City Municipal Water Finance Authority, Series 2022 DD                                    | CUSIP: 64972GZW7<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    500000 | PA      | $500000.00    | 2.05%             | 2033-06-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2024 A-1                                            | CUSIP: 084538JD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     18000 | PA      | $18111.45     | 0.07%             | 2034-06-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| V-Dana Community Development District                                            | V-Dana Community Development District, Series 2025                                                 | CUSIP: 91822RAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94936.09     | 0.39%             | 2055-05-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-2                                               | CUSIP: 13013FAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $155838.62    | 0.64%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | City of Celina, Series 2023                                                                        | CUSIP: 15114CGM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97005.05     | 0.40%             | 2053-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Delaware County Industrial Development Authority                                 | Delaware County Industrial Development Authority, Series 2015                                      | CUSIP: 245903AB5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    100000 | PA      | $100000.00    | 0.41%             | 2045-09-01      | Variable      | 2.95%                 | No            |                  2 | On Loan: No      |
| City of Celina TX                                                                | City of Celina, Series 2025                                                                        | CUSIP: 15114CKR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $141711.12    | 0.58%             | 2055-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency                                                      | CMFA Special Finance Agency, Series 2021 A-2                                                       | CUSIP: 12574WAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $84735.60     | 0.35%             | 2045-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin Dynamic Municipal Bond ETF                                              | Franklin Dynamic Municipal Bond ETF                                                                | CUSIP: 35473P868<br>LEI: 549300RTD7Q8YMBA7Q25 | Long             |  | RF                | US        |     17000 | NS      | $410720.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 B-2, Class 2                           | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $173317.72    | 0.71%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2022                                             | CUSIP: 650116FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $186130.29    | 0.76%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                                 | CMFA Special Finance Agency VIII, Series 2021 A-2                                                  | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $101966.33    | 0.42%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Walden Pond Fresh Water Supply District                                          | Walden Pond Fresh Water Supply District, Series 2022                                               | CUSIP: 931209AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $44166.02     | 0.18%             | 2047-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Kyle TX                                                                  | City of Kyle, Series 2023                                                                          | CUSIP: 50156CBR0<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102284.89    | 0.42%             | 2048-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tempe Industrial Development Authority                                           | Tempe Industrial Development Authority, Series 2019                                                | CUSIP: 87972MBD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223300.08    | 0.92%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Anna TX                                                                  | City of Anna, Series 2023                                                                          | CUSIP: 035713AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    116000 | PA      | $116964.03    | 0.48%             | 2053-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Chaparral Palm Bay Community Development District                                | Chaparral Palm Bay Community Development District, Series 2024                                     | CUSIP: 159419AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94371.96     | 0.39%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                                   | Mobile County Industrial Development Authority, Series 2024 B                                      | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $234926.93    | 0.96%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019                                                                  | CUSIP: 25483VVP6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    140000 | PA      | $133672.80    | 0.55%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seminole Palms Community Development District                                    | Seminole Palms Community Development District, Series 2023                                         | CUSIP: 816775AB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95133.71     | 0.39%             | 2043-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2019 | CUSIP: 54628CJA1<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    135000 | PA      | $124957.12    | 0.51%             | 2044-11-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Hillcrest Preserve Community Development District                                | Hillcrest Preserve Community Development District, Series 2024                                     | CUSIP: 43153EAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $164600.60    | 0.68%             | 2054-05-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Stonegate Preserve Community Development District                                | Stonegate Preserve Community Development District, Series 2025                                     | CUSIP: 86182EAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123806.65    | 0.51%             | 2055-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| City of Apple Valley MN                                                          | City of Apple Valley, Series 2021                                                                  | CUSIP: 03800RBD7<br>LEI: 549300AMWD6044L1SO95 | Long             | DBT              | MUN               | US        |    105000 | PA      | $97187.79     | 0.40%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Quail Roost Community Development District                                       | Quail Roost Community Development District, Series 2021                                            | CUSIP: 74737QAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $56832.91     | 0.23%             | 2051-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palermo Community Development District                                           | Palermo Community Development District, Series 2023                                                | CUSIP: 696280AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97486.99     | 0.40%             | 2043-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2023                                                | CUSIP: 04110FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151719.42    | 0.62%             | 2053-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2019 A                                                 | CUSIP: 13013FAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $93406.03     | 0.38%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                          | New York City Housing Development Corp., Series 2024, Class F                                      | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254191.55    | 1.04%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Fate TX                                                                  | City of Fate, Series 2023                                                                          | CUSIP: 31189RCN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97332.96     | 0.40%             | 2053-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Langley South Community Development District                                     | Langley South Community Development District, Series 2024                                          | CUSIP: 515816AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94041.63     | 0.39%             | 2055-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Woodland Preserve Community Development District                                 | Woodland Preserve Community Development District, Series 2025                                      | CUSIP: 97966AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $94371.96     | 0.39%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Saltmeadows Community Development District                                       | Saltmeadows Community Development District, Series 2025                                            | CUSIP: 79575GAG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150189.54    | 0.62%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2025 A                               | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    215000 | PA      | $208393.42    | 0.86%             | 2065-01-01      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2025                                                                      | CUSIP: 24880GAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97060.48     | 0.40%             | 2055-12-31      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| City of Tomball TX                                                               | City of Tomball, Series 2023                                                                       | CUSIP: 889858AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    112000 | PA      | $108952.83    | 0.45%             | 2052-09-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Savanna Lakes Community Development District                                     | Savanna Lakes Community Development District, Series 2024                                          | CUSIP: 804713AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $128566.55    | 0.53%             | 2054-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                       | CUSIP: 74514L3N5<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    223382 | PA      | $191531.17    | 0.79%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                               | Denver Health & Hospital Authority, Series 2019 A                                                  | CUSIP: 24918EEL0<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |    250000 | PA      | $229171.93    | 0.94%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority/FL                                   | Lee County Industrial Development Authority, Series 2024 C                                         | CUSIP: 52349EEV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $252748.57    | 1.04%             | 2054-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                       | Stamford Housing Authority, Series 2025 A                                                          | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98511.72     | 0.40%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MidCity Improvement District                                                     | MidCity Improvement District, Series 2022                                                          | CUSIP: 59564KAC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $126656.96    | 0.52%             | 2042-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                          | Puerto Rico Sales Tax Financing Corp., Series A-1                                                  | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1255000 | PA      | $1179142.28   | 4.84%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2023 B                                              | CUSIP: 130483GD6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $106153.88    | 0.44%             | 2043-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| North AR-1 Pasco Community Development District                                  | North AR-1 Pasco Community Development District, Series 2023                                       | CUSIP: 65725AAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70208.80     | 0.29%             | 2054-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2019                                                              | CUSIP: 74444VAM2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    125000 | PA      | $112485.63    | 0.46%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fox Branch Ranch Community Development District                                  | Fox Branch Ranch Community Development District, Series 2025                                       | CUSIP: 351322AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93773.28     | 0.38%             | 2055-05-01      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Regal Village Community Development District                                     | Regal Village Community Development District, Series 2024                                          | CUSIP: 75884SAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $138513.95    | 0.57%             | 2054-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Prosperity Lakes Community Development District                                  | Prosperity Lakes Community Development District, Series 2023                                       | CUSIP: 74363HAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $166660.77    | 0.68%             | 2053-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Twisted Oaks Pointe Community Development District                               | Twisted Oaks Pointe Community Development District, Series 2023                                    | CUSIP: 90184FAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75855.65     | 0.31%             | 2054-05-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                | Florida Development Finance Corp., Series 2021 A                                                   | CUSIP: 34061WBN3<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    100000 | PA      | $68331.68     | 0.28%             | 2055-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hammock Oaks Community Development District                                      | Hammock Oaks Community Development District, Series 2024                                           | CUSIP: 40834PAE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $122545.16    | 0.50%             | 2044-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| City of Hutto TX                                                                 | City of Hutto, Series 2023                                                                         | CUSIP: 448529AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $112811.31    | 0.46%             | 2058-09-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Epperson North Community Development District                                    | Epperson North Community Development District, Series 2024                                         | CUSIP: 29429VAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $103874.90    | 0.43%             | 2055-05-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Parrish Lakes Community Development District                                     | Parrish Lakes Community Development District, Series 2023 A                                        | CUSIP: 70183FAF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     90000 | PA      | $87958.40     | 0.36%             | 2053-05-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Kyle TX                                                                  | City of Kyle, Series 2025                                                                          | CUSIP: 50156CBY5<br>LEI: 549300K0SYODYQ0ANN48 | Long             | DBT              | MUN               | US        |    141000 | PA      | $131698.22    | 0.54%             | 2050-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| County of Denton TX                                                              | County of Denton, Series 2024 A                                                                    | CUSIP: 24880GAJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    106000 | PA      | $99427.61     | 0.41%             | 2054-12-31      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                | City of Goshen, Series 2021 A                                                                      | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $82242.28     | 0.34%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakeshore Villages Master Community Development District                         | Lakeshore Villages Master Community Development District, Series 2025                              | CUSIP: 512098AR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170732.73    | 0.70%             | 2054-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-2                                               | CUSIP: 13013FAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $199625.53    | 0.82%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gas Worx Community Development District                                          | Gas Worx Community Development District, Series 2025                                               | CUSIP: 367200AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $147822.12    | 0.61%             | 2057-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Henderson Local Improvement Districts                                            | Henderson Local Improvement Districts, Series 2023                                                 | CUSIP: 425208WV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $93262.72     | 0.38%             | 2053-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020                                             | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $407929.66    | 1.67%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Stonegate Preserve Community Development District                                | Stonegate Preserve Community Development District, Series 2023                                     | CUSIP: 86182EAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156451.91    | 0.64%             | 2053-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Town of La Plata MD                                                              | Town of La Plata, Series 2023 A                                                                    | CUSIP: 503825AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $184821.08    | 0.76%             | 2053-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2016 A                                                              | CUSIP: 46246K3R1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100320.64    | 0.41%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2024 A-2                                            | CUSIP: 084538JF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |      8000 | PA      | $8420.64      | 0.03%             | 2034-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Harris County Municipal Utility District No. 540                                 | Harris County Municipal Utility District No. 540, Series 2022                                      | CUSIP: 41430TBB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $92219.77     | 0.38%             | 2049-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                             | New Hope Cultural Education Facilities Finance Corp., Series 2019 A-1                              | CUSIP: 64542PEU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $81327.43     | 0.33%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Avenir Community Development District                                            | Avenir Community Development District, Series 2024 A                                               | CUSIP: 05357JAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96857.92     | 0.40%             | 2055-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Berks County Municipal Authority (The)                                           | Berks County Municipal Authority (The), Series 2024 B-1                                            | CUSIP: 084538JK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     59000 | PA      | $42482.96     | 0.17%             | 2044-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Seaton Creek Reserve Community Development District                              | Seaton Creek Reserve Community Development District, Series 2023                                   | CUSIP: 81256XAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99137.72     | 0.41%             | 2053-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Marion Ranch Community Development District                                      | Marion Ranch Community Development District, Series 2024                                           | CUSIP: 570001AB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97790.35     | 0.40%             | 2044-05-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                           | Iowa Finance Authority, Series 2022                                                                | CUSIP: 46246SAU9<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    235000 | PA      | $264335.36    | 1.08%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa Municipal Airport Trust Trustees                                           | Tulsa Municipal Airport Trust Trustees, Series 2025                                                | CUSIP: 899661EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $145111.69    | 0.60%             | 2040-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Babcock Ranch Community Independent Special District                             | Babcock Ranch Community Independent Special District, Series 2024                                  | CUSIP: 05616KBV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $141326.99    | 0.58%             | 2055-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pacific Ace Community Development District                                       | Pacific Ace Community Development District, Series 2024                                            | CUSIP: 693750AG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $119824.78    | 0.49%             | 2055-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021                                                              | CUSIP: 74442PTF2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    345000 | PA      | $271994.52    | 1.12%             | 2051-09-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sierra Vista Industrial Development Authority                                    | Sierra Vista Industrial Development Authority, Series 2021 A                                       | CUSIP: 82652PAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $194517.65    | 0.80%             | 2056-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2023 C                                     | CUSIP: 13013JCM6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    130000 | PA      | $134643.59    | 0.55%             | 2054-01-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| Wellness Ridge Community Development District                                    | Wellness Ridge Community Development District, Series 2024                                         | CUSIP: 95004CAF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $91729.94     | 0.38%             | 2055-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                                      | Commonwealth of Puerto Rico, Series 2022 A-1                                                       | CUSIP: 74514L3P0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    515826 | PA      | $424259.66    | 1.74%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Parker Pointe Community Development District                                     | Parker Pointe Community Development District, Series 2024                                          | CUSIP: 70111TAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $96744.96     | 0.40%             | 2044-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Twisted Oaks Pointe Community Development District                               | Twisted Oaks Pointe Community Development District, Series 2023                                    | CUSIP: 90184FAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $98280.12     | 0.40%             | 2043-05-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Franklin Strategic Series

**Signature:** Monica Krogh

**Name of Signer:** Monica Krogh

**Title:** Assistant Treasurer