# EDGAR Filing Document

**Accession Number:** 0000872625
**File Stem:** 0001133228-25-014157
**Filing Date:** 2025-12
**Character Count:** 753857
**Document Hash:** e1888ba9f14a74a173746865dba9199e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014157.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014157

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06243
- **FILM NUMBER:** 251607332

**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 GROWTH OPPORTUNITIES FUND (Series ID: S000006878)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018615 | CLASS A       | FGRAX           |
| C000018617 | CLASS C       | FKACX           |
| C000018618 | ADVISOR CLASS | FRAAX           |
| C000018619 | CLASS R       | FKARX           |
| C000128860 | Class R6      | FOPPX           |

### FRANKLIN CORE PLUS BOND FUND (Series ID: S000006879)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018620 | CLASS A       | FRSTX           |
| C000018622 | CLASS C       | FSGCX           |
| C000018623 | ADVISOR CLASS | FKSAX           |
| C000018624 | CLASS R       | FKSRX           |
| C000128861 | Class R6      | FGKNX           |

### FRANKLIN BIOTECHNOLOGY DISCOVERY FUND (Series ID: S000006882)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018631 | CLASS A       | FBDIX           |
| C000081539 | ADVISOR CLASS | FTDZX           |
| C000128862 | Class R6      | FRBRX           |
| C000141458 | Class C       | FBTDX           |

### FRANKLIN NATURAL RESOURCES FUND (Series ID: S000006887)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018647 | CLASS C       | FNCRX           |
| C000018648 | CLASS A       | FRNRX           |
| C000018649 | ADVISOR CLASS | FNRAX           |
| C000132949 | Class R6      | FNCSX           |

### FRANKLIN SMALL-MID CAP GROWTH FUND (Series ID: S000006888)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018650 | CLASS A       | FRSGX           |
| C000018652 | CLASS C       | FRSIX           |
| C000018653 | ADVISOR CLASS | FSGAX           |
| C000018654 | CLASS R       | FSMRX           |
| C000128864 | Class R6      | FMGGX           |

### FRANKLIN SMALL CAP GROWTH FUND (Series ID: S000006889)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018655 | CLASS A       | FSGRX           |
| C000018657 | CLASS C       | FCSGX           |
| C000018658 | ADVISOR CLASS | FSSAX           |
| C000018659 | CLASS R       | FSSRX           |
| C000128865 | Class R6      | FSMLX           |

?xml version='1.0' encoding='ASCII'? 2025-11-1874200010800_FranklinBiotechnologyDiscoveryFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06243**

 **Franklin Strategic Series**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: **April 30**

Date of reporting period: **October 31, 2025** 

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Biotechnology Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FBDIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Biotechnology Discovery Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $65 | 1.05% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $954140558 |
| **Total Number of Portfolio Holdings** | 94 |
| **Portfolio Turnover Rate** | 19.62% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5756img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Biotechnology Discovery Fund PAGE 1 402-STSR-1225

92.40.20.27.2 ------

---

| | |
|:---|:---|
| **Franklin Biotechnology Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FBTDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Biotechnology Discovery Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $111 | 1.81% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $954140558 |
| **Total Number of Portfolio Holdings** | 94 |
| **Portfolio Turnover Rate** | 19.62% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5757img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Biotechnology Discovery Fund PAGE 1 242-STSR-1225

92.40.20.27.2 ------

---

| | |
|:---|:---|
| **Franklin Biotechnology Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRBRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Biotechnology Discovery Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $42 | 0.68% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $954140558 |
| **Total Number of Portfolio Holdings** | 94 |
| **Portfolio Turnover Rate** | 19.62% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5758img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Biotechnology Discovery Fund PAGE 1 342-STSR-1225

92.40.20.27.2 ------

---

| | |
|:---|:---|
| **Franklin Biotechnology Discovery Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FTDZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Biotechnology Discovery Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $50 | 0.81% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $954140558 |
| **Total Number of Portfolio Holdings** | 94 |
| **Portfolio Turnover Rate** | 19.62% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5755img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Biotechnology Discovery Fund PAGE 1 42-STSR-1225

92.40.20.27.2 ------

---

| | |
|:---|:---|
| **Franklin Core Plus Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRSTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Core Plus Bond Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $37 | 0.72% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2558163345 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 809 |
| **Portfolio Turnover Rate** | 145.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5688img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Core Plus Bond Fund PAGE 1 194-STSR-1225

35.826.413.36.53.53.42.52.11.60.30.10.00.04.5 ------

---

| | |
|:---|:---|
| **Franklin Core Plus Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FSGCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Core Plus Bond Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $58 | 1.12% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2558163345 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 809 |
| **Portfolio Turnover Rate** | 145.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5689img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Core Plus Bond Fund PAGE 1 294-STSR-1225

35.826.413.36.53.53.42.52.11.60.30.10.00.04.5 ------

---

| | |
|:---|:---|
| **Franklin Core Plus Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FKSRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Core Plus Bond Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $50 | 0.97% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2558163345 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 809 |
| **Portfolio Turnover Rate** | 145.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5693img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Core Plus Bond Fund PAGE 1 894-STSR-1225

35.826.413.36.53.53.42.52.11.60.30.10.00.04.5 ------

---

| | |
|:---|:---|
| **Franklin Core Plus Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FGKNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Core Plus Bond Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $19 | 0.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2558163345 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 809 |
| **Portfolio Turnover Rate** | 145.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5691img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Core Plus Bond Fund PAGE 1 314-STSR-1225

35.826.413.36.53.53.42.52.11.60.30.10.00.04.5 ------

---

| | |
|:---|:---|
| **Franklin Core Plus Bond Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FKSAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Core Plus Bond Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $24 | 0.47% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2558163345 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 809 |
| **Portfolio Turnover Rate** | 145.54% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5686img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Core Plus Bond Fund PAGE 1 694-STSR-1225

35.826.413.36.53.53.42.52.11.60.30.10.00.04.5 ------

---

| | |
|:---|:---|
| **Franklin Growth Opportunities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FGRAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Opportunities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $49 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4772239167 |
| **Total Number of Portfolio Holdings** | 95 |
| **Portfolio Turnover Rate** | 19.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5680img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Growth Opportunities Fund PAGE 1 462-STSR-1225

47.414.911.89.57.24.71.71.50.50.00.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Opportunities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FKACX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Opportunities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $91 | 1.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4772239167 |
| **Total Number of Portfolio Holdings** | 95 |
| **Portfolio Turnover Rate** | 19.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5681img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Growth Opportunities Fund PAGE 1 562-STSR-1225

47.414.911.89.57.24.71.71.50.50.00.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Opportunities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FKARX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Opportunities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $63 | 1.14% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4772239167 |
| **Total Number of Portfolio Holdings** | 95 |
| **Portfolio Turnover Rate** | 19.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5683img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Growth Opportunities Fund PAGE 1 862-STSR-1225

47.414.911.89.57.24.71.71.50.50.00.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Opportunities Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FOPPX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Opportunities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $32 | 0.57% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4772239167 |
| **Total Number of Portfolio Holdings** | 95 |
| **Portfolio Turnover Rate** | 19.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5682img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Growth Opportunities Fund PAGE 1 352-STSR-1225

47.414.911.89.57.24.71.71.50.50.00.8 ------

---

| | |
|:---|:---|
| **Franklin Growth Opportunities Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRAAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Growth Opportunities Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $36 | 0.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4772239167 |
| **Total Number of Portfolio Holdings** | 95 |
| **Portfolio Turnover Rate** | 19.48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5679img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Growth Opportunities Fund PAGE 1 662-STSR-1225

47.414.911.89.57.24.71.71.50.50.00.8 ------

---

| | |
|:---|:---|
| **Franklin Natural Resources Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRNRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Natural Resources Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $56 | 1.01% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $356526785 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 9.25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5676img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Natural Resources Fund PAGE 1 403-STSR-1225

46.945.42.90.70.33.8 ------

---

| | |
|:---|:---|
| **Franklin Natural Resources Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNCRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Natural Resources Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $98 | 1.76% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $356526785 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 9.25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5677img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Natural Resources Fund PAGE 1 503-STSR-1225

46.945.42.90.70.33.8 ------

---

| | |
|:---|:---|
| **Franklin Natural Resources Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNCSX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Natural Resources Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $35 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $356526785 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 9.25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5678img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Natural Resources Fund PAGE 1 803-STSR-1225

46.945.42.90.70.33.8 ------

---

| | |
|:---|:---|
| **Franklin Natural Resources Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNRAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Natural Resources Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $43 | 0.76% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $356526785 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 9.25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5675img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Natural Resources Fund PAGE 1 613-STSR-1225

46.945.42.90.70.33.8 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FSGRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $58 | 1.07% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2448654122 |
| **Total Number of Portfolio Holdings** | 127 |
| **Portfolio Turnover Rate** | 17.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5706img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Growth Fund PAGE 1 465-STSR-1225

29.220.620.510.87.13.63.02.10.40.20.02.5 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCSGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $99 | 1.82% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2448654122 |
| **Total Number of Portfolio Holdings** | 127 |
| **Portfolio Turnover Rate** | 17.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5707img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Growth Fund PAGE 1 565-STSR-1225

29.220.620.510.87.13.63.02.10.40.20.02.5 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FSSRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $72 | 1.32% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2448654122 |
| **Total Number of Portfolio Holdings** | 127 |
| **Portfolio Turnover Rate** | 17.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5709img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Growth Fund PAGE 1 865-STSR-1225

29.220.620.510.87.13.63.02.10.40.20.02.5 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FSMLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $36 | 0.66% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2448654122 |
| **Total Number of Portfolio Holdings** | 127 |
| **Portfolio Turnover Rate** | 17.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5708img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Growth Fund PAGE 1 335-STSR-1225

29.220.620.510.87.13.63.02.10.40.20.02.5 ------

---

| | |
|:---|:---|
| **Franklin Small Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FSSAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $45 | 0.82% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2448654122 |
| **Total Number of Portfolio Holdings** | 127 |
| **Portfolio Turnover Rate** | 17.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup><sup>,</sup><sup>†</sup> **(% of Total Investments)**

![image](ts5705img003.jpg)

\* Does not include derivatives, except purchased options, if any.

† Certain
 categories may represent less than 0.1%.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small Cap Growth Fund PAGE 1 665-STSR-1225

29.220.620.510.87.13.63.02.10.40.20.02.5 ------

---

| | |
|:---|:---|
| **Franklin Small-Mid Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FRSGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $47 | 0.86% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3811679174 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 21.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5697img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small-Mid Cap Growth Fund PAGE 1 198-STSR-1225

21.220.720.014.69.86.71.91.80.80.71.8 ------

---

| | |
|:---|:---|
| **Franklin Small-Mid Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRSIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $87 | 1.61% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3811679174 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 21.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5699img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small-Mid Cap Growth Fund PAGE 1 298-STSR-1225

21.220.720.014.69.86.71.91.80.80.71.8 ------

---

| | |
|:---|:---|
| **Franklin Small-Mid Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [FSMRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $60 | 1.11% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3811679174 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 21.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5703img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small-Mid Cap Growth Fund PAGE 1 898-STSR-1225

21.220.720.014.69.86.71.91.80.80.71.8 ------

---

| | |
|:---|:---|
| **Franklin Small-Mid Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMGGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $27 | 0.50% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3811679174 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 21.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5701img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small-Mid Cap Growth Fund PAGE 1 318-STSR-1225

21.220.720.014.69.86.71.91.80.80.71.8 ------

---

| | |
|:---|:---|
| **Franklin Small-Mid Cap Growth Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FSGAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Small-Mid Cap Growth Fund for the period May 1, 2025, to October 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $33 | 0.61% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $3811679174 |
| **Total Number of Portfolio Holdings** | 96 |
| **Portfolio Turnover Rate** | 21.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5695img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Small-Mid Cap Growth Fund PAGE 1 698-STSR-1225

21.220.720.014.69.86.71.91.80.80.71.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Strategic

#### Series

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

October

31,

2025

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### (formerly,

#### Franklin

#### Strategic

#### Income

#### Fund)

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 117
Notes

to

Financial

Statements

#### 127
Changes

In

and

Disagreements

with

Accountants

#### 166
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$116.24

$132.38

$112.50

$101.90

$163.50

$150.48

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.28)

(0.44)

(0.48)

(0.47)

(0.75)

(0.99)

Net

realized

and

unrealized

gains

(losses)

52.16 (3.94)

20.36 11.21 (43.17)

38.85 Total

from

investment

operations

........

51.88 (4.38)

19.88 10.74 (43.92)

37.86 Less

distributions

from:

Net

investment

income

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

—

—

—

(0.14)

(1.01)

—

Net

realized

gains

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

—

(11.76)

—

—

(16.67)

(24.84)

Total

distributions

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

—

(11.76)

—

(0.14)

(17.68)

(24.84)

Net

asset

value,

end

of

period

..........

$168.12

$116.24

$132.38

$112.50

$101.90

$163.50

Total

return

c

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

44.63%

(3.64)%

17.67%

10.58%

(28.56)%

24.26%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.07%

1.02%

1.05%

1.06%

1.04%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.05%

1.01%

1.04%

e

1.06%

f

1.04%

e,f

0.97%

e

Net

investment

(loss)

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

(0.44)%

(0.33)%

(0.41)%

(0.45)%

(0.54)%

(0.58)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$789,673

$588,965

$705,301

$686,534

$705,915

$1,160,451

Portfolio

turnover

rate

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

19.62%

21.87%

35.87%

24.08%

26.25%

47.30%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$104.63

$121.21

$103.78

$94.59

$152.95

$143.00

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.69)

(1.31)

(1.26)

(1.16)

(1.51)

(2.16)

Net

realized

and

unrealized

gains

(losses)

46.83 (3.51)

18.69 10.35 (40.18)

36.95 Total

from

investment

operations

........

46.14 (4.82)

17.43 9.19 (41.69)

34.79 Less

distributions

from:

Net

realized

gains

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

—

(11.76)

—

—

(16.67)

(24.84)

Net

asset

value,

end

of

period

..........

$150.77

$104.63

$121.21

$103.78

$94.59

$152.95

Total

return

c

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

44.10%

(4.36)%

16.80%

9.75%

(29.00)%

23.33%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.82%

1.77%

1.80%

1.81%

1.66%

1.73%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.81%

1.76%

1.79%

e

1.81%

f

1.66%

e,f

1.72%

e

Net

investment

(loss)

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

(1.19)%

(1.07)%

(1.16)%

(1.20)%

(1.16)%

(1.32)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$21,898

$17,197

$27,332

$29,573

$33,905

$64,801

Portfolio

turnover

rate

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

19.62%

21.87%

35.87%

24.08%

26.25%

47.30%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$124.93

$140.93

$119.33

$108.06

$172.21

$156.99

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.04)

0.04 (0.06)

(0.08)

(0.23)

(0.45)

Net

realized

and

unrealized

gains

(losses)

56.15 (4.28)

21.66 11.94 (45.64)

40.51 Total

from

investment

operations

........

56.11 (4.24)

21.60 11.86 (45.87)

40.06 Less

distributions

from:

Net

investment

income

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

—

—

—

(0.59)

(1.61)

—

Net

realized

gains

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

—

(11.76)

—

—

(16.67)

(24.84)

Total

distributions

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

—

(11.76)

—

(0.59)

(18.28)

(24.84)

Net

asset

value,

end

of

period

..........

$181.04

$124.93

$140.93

$119.33

$108.06

$172.21

Total

return

c

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

44.91%

(3.31)%

18.10%

11.03%

(28.29)%

24.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.80%

0.76%

0.76%

0.80%

0.74%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.68%

0.66%

0.68%

e

0.65%

0.66%

e

0.64%

e

Net

investment

income

(loss)

..........

(0.06)%

0.03%

(0.05)%

(0.08)%

(0.16)%

(0.25)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$13,004

$6,758

$10,333

$11,692

$9,614

$16,721

Portfolio

turnover

rate

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

19.62%

21.87%

35.87%

24.08%

26.25%

47.30%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$122.62

$138.67

$117.54

$106.46

$169.95

$155.30

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.13)

(0.09)

(0.19)

(0.22)

(0.42)

(0.59)

Net

realized

and

unrealized

gains

(losses)

55.08 (4.20)

21.32 11.72 (44.99)

40.08 Total

from

investment

operations

........

54.95 (4.29)

21.13 11.50 (45.41)

39.49 Less

distributions

from:

Net

investment

income

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

—

—

—

(0.42)

(1.41)

—

Net

realized

gains

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

—

(11.76)

—

—

(16.67)

(24.84)

Total

distributions

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

—

(11.76)

—

(0.42)

(18.08)

(24.84)

Net

asset

value,

end

of

period

..........

$177.57

$122.62

$138.67

$117.54

$106.46

$169.95

Total

return

c

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

44.82%

(3.41)%

17.98%

10.86%

(28.39)%

24.56%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.82%

0.77%

0.80%

0.81%

0.79%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.81%

0.76%

0.79%

e

0.81%

f

0.79%

e,f

0.72%

e

Net

investment

(loss)

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

(0.19)%

(0.07)%

(0.15)%

(0.20)%

(0.29)%

(0.33)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$129,566

$94,497

$131,350

$110,607

$110,726

$206,375

Portfolio

turnover

rate

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

19.62%

21.87%

35.87%

24.08%

26.25%

47.30%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 94.4%

#### Biotechnology

#### 77.7%
a

Abivax

SA

,

ADR

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

France

173,710

$

17,791,378

a,b

Achieve

Life

Sciences,

Inc.

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

United

States

1,575,682

8,067,492

a

Acumen

Pharmaceuticals,

Inc.

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

United

States

826,400

1,826,344

a

Adicet

Bio,

Inc.

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

United

States

3,602,981

2,702,236

a

Alnylam

Pharmaceuticals,

Inc.

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

United

States

80,124

36,539,749

Amgen,

Inc.

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

United

States

143,458

42,812,171

a,b

AnaptysBio,

Inc.

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

United

States

128,979

4,718,052

a

Apogee

Therapeutics,

Inc.

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

United

States

82,737

4,682,087

a,b

Applied

Therapeutics,

Inc.

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

United

States

740,200

851,230

a

Arcutis

Biotherapeutics,

Inc.

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

United

States

505,651

12,798,027

a

Argenx

SE

,

ADR

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

Netherlands

48,212

39,461,522

a,b

ARS

Pharmaceuticals,

Inc.

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

United

States

875,559

7,845,009

a,b

Artiva

Biotherapeutics,

Inc.

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

South

Korea

192,871

804,272

a

Ascendis

Pharma

A/S

,

ADR

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

Denmark

129,742

26,155,987

a

Assembly

Biosciences,

Inc.

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

United

States

88,900

2,760,345

a,b

Aura

Biosciences,

Inc.

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

United

States

765,617

4,693,232

a

Benitec

Biopharma,

Inc.

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

Australia

995,152

16,280,687

a

BeOne

Medicines

Ltd.

,

ADR

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

United

States

14,276

4,432,413

a

Bicara

Therapeutics,

Inc.

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

United

States

373,001

6,061,266

a

Bridgebio

Pharma,

Inc.

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

United

States

202,124

12,661,047

a,c

Carmot

Therapeutics,

Inc.

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

United

States

83,100

435,455

a

Centessa

Pharmaceuticals

plc

,

ADR

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

United

States

189,736

4,724,426

a,b

Centessa

Pharmaceuticals

plc

,

ADR

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

United

States

402,950

10,033,455

a

CG

oncology,

Inc.

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

United

States

237,449

10,274,418

a

Cytokinetics,

Inc.

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

United

States

50,600

3,217,654

a

Day

One

Biopharmaceuticals,

Inc.

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

United

States

851,469

6,334,929

a

Dianthus

Therapeutics,

Inc.

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

United

States

157,456

5,507,811

a

Dyne

Therapeutics,

Inc.

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

United

States

425,742

9,613,254

a

Engene

Holdings,

Inc.

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

Canada

272,359

1,963,708

a,b

Engene

Holdings,

Inc.

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

Canada

87,100

627,991

Gilead

Sciences,

Inc.

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

United

States

443,663

53,146,391

a

Ideaya

Biosciences,

Inc.

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

United

States

81,852

2,607,805

a,b

IN8bio,

Inc.

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

United

States

69,673

135,862

a

Insmed,

Inc.

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

United

States

188,633

35,764,817

a

Ionis

Pharmaceuticals,

Inc.

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

United

States

127,813

9,496,506

a

Mineralys

Therapeutics,

Inc.

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

United

States

653,812

26,714,758

a

Mirum

Pharmaceuticals,

Inc.

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

United

States

215,190

15,633,554

a

Neurocrine

Biosciences,

Inc.

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

United

States

135,273

19,372,446

a

Newamsterdam

Pharma

Co.

NV

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

Netherlands

173,852

6,597,683

a

Nuvalent,

Inc.

,

A

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

United

States

70,149

6,967,199

a

Olema

Pharmaceuticals,

Inc.

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

United

States

772,189

6,926,535

a

ORIC

Pharmaceuticals,

Inc.

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

United

States

402,121

5,291,912

a

Oruka

Therapeutics,

Inc.

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

United

States

249,964

7,041,486

a,b

Oruka

Therapeutics,

Inc.

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

United

States

117,457

3,308,764

a,b

Palisade

Bio,

Inc.

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

United

States

1,599,923

3,311,841

a

Praxis

Precision

Medicines,

Inc.

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

United

States

147,931

29,402,766

a

PTC

Therapeutics,

Inc.

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

United

States

376,675

25,730,669

Regeneron

Pharmaceuticals,

Inc.

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

United

States

59,922

39,057,160

a

Revolution

Medicines,

Inc.

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

United

States

226,850

13,347,854

a

Satellos

Bioscience,

Inc.

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

Canada

1,161,960

637,916

a

Sionna

Therapeutics,

Inc.

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

United

States

84,606

3,232,795

a

Soleno

Therapeutics,

Inc.

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

United

States

175,992

11,819,623

a

Solid

Biosciences,

Inc.

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

United

States

566,700

3,054,513

a

Spyre

Therapeutics,

Inc.

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

United

States

220,000

5,381,200

a,b

Spyre

Therapeutics,

Inc.

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

United

States

176,281

4,311,833

a

Syndax

Pharmaceuticals,

Inc.

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

United

States

551,449

7,554,851

a,b

Tango

Therapeutics,

Inc.

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

United

States

375,465

3,045,021

a

Ultragenyx

Pharmaceutical,

Inc.

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

United

States

209,262

7,240,465

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Biotechnology
(continued)

a

uniQure

NV

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

Netherlands

372,542

$

25,217,368

a

Vertex

Pharmaceuticals,

Inc.

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

United

States

102,150

43,471,975

a

Xenon

Pharmaceuticals,

Inc.

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

Canada

93,364

3,913,819

a

Zealand

Pharma

A/S

,

A

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

Denmark

69,700

5,518,467

740,933,501

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.6%
a

Guardant

Health,

Inc.

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

United

States

265,916

24,735,506

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.8%
Sartorius

Stedim

Biotech

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

France

10,100

2,415,612

Thermo

Fisher

Scientific,

Inc.

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

United

States

8,579

4,867,639

7,283,251

#### Pharmaceuticals

#### 13.3%
a,b

Alto

Neuroscience,

Inc.

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

United

States

240,205

3,408,509

a

Alto

Neuroscience,

Inc.

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

United

States

165,070

2,342,343

a

Amylyx

Pharmaceuticals,

Inc.

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

United

States

410,390

5,716,733

AstraZeneca

plc

,

ADR

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

United

Kingdom

205,062

16,897,109

a

Context

Therapeutics,

Inc.

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

United

States

1,479,200

1,612,328

a

Contineum

Therapeutics,

Inc.

,

A

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

United

States

582,279

6,410,892

Eli

Lilly

&

Co.

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

United

States

14,071

12,141,303

a

EyePoint

Pharmaceuticals,

Inc.

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

United

States

1,202,048

15,734,808

a

Jazz

Pharmaceuticals

plc

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

United

States

278,505

38,333,428

a,b

LENZ

Therapeutics,

Inc.

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

United

States

237,894

7,070,210

a

MBX

Biosciences,

Inc.

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

United

States

323,190

7,097,252

a

Structure

Therapeutics,

Inc.

,

ADR

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

United

States

193,854

6,459,215

a

Terns

Pharmaceuticals,

Inc.

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

United

States

474,795

3,921,807

127,145,937

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 439,151,956

####)
...................................

#### 900,098,195

#### Convertible

#### Preferred

#### Stocks

#### 0.2%

#### Household

#### Products

#### 0.2%
a,c,d

Candid,

Inc.

,

B

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

United

States

1,519,609

2,154,745

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 1,823,531

####)
..........................

#### 2,154,745

#### Preferred

#### Stocks

#### 0.5%

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.3%
e

Sartorius

AG

,

.31

%

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

Germany

9,200

2,531,178

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
a,c,d

Lycia

LLC

,

C

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

Japan

859,370

2,217,006

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 5,938,609

####)
.....................................

#### 4,748,184

#### Warrants

#### 1.1%

#### Biotechnology

#### 1.1%
a,c

Achieve

Life

Sciences,

Inc.

,

6/26/30

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

United

States

698,900

1,681,148

a,c

Assembly

Biosciences,

Inc.

,

A

,

8/11/30

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

United

States

44,450

611,779

a,c

Assembly

Biosciences,

Inc.

,

B

,

12/31/26

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

United

States

44,450

46,895

a

Benitec

Biopharma,

Inc.

,

2/20/49

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

Australia

310,881

5,085,982

a,c,d

IN8bio,

Inc.

,

C

,

10/04/27

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

United

States

69,673

2,817

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Warrants
a

#### Value
a

a

#### a
a

#### Warrants
(continued)

#### Biotechnology
(continued)

a,c

Palisade

Bio,

Inc.

,

10/01/30

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

United

States

1,447,549

$

2,996,282

10,424,903

#### Pharmaceuticals

#### 0.0%

#### †
a

Nuvation

Bio,

Inc.

,

7/07/27

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

United

States

115,266

12,633

#### Total

#### Warrants

#### (Cost

#### $

#### 1,620,076

####)
............................................

#### 10,437,536

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%
a,c

Sanofi

SA,

Escrow

Account

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

France

2,333,755

—

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
.................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 448,534,172

####)
.............................

#### 917,438,660

#### a

#### Short

#### Term

#### Investments

#### 7.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 4.2%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

39,999,158

39,999,158

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 39,999,158

####)
................................

#### 39,999,158
h

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 3.3%

#### Money

#### Market

#### Funds

#### 3.3%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

31,086,215

31,086,215

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 31,086,215

####)
.........................................................

#### 31,086,215

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 71,085,373

####)
..............................

#### 71,085,373

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 519,619,545

####)
103.7 #### %
................................

#### $988,524,033

#### Other

#### Assets,

#### less

#### Liabilities

#### (3.7 ####)

#### %
.........................................

#### (34,383,475)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $954,140,558

#### a
See

Abbreviations

on

page

165. †

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

(e).

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

See

Note

regarding

restricted

securities.

e

Variable

rate

security.

The

rate

shown

represents

the

yield

at

period

end.

f

See

Note

(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

(e)

regarding

securities

on

loan.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021\*

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.27

$8.10

$8.23

$8.55

$9.44

$8.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.38 0.37 0.36 0.29 0.37 Net

realized

and

unrealized

gains

(losses)

0.14 0.18 (0.12)

(0.31)

(0.84)

0.75 Total

from

investment

operations

........

0.33 0.56 0.25 0.05 (0.55)

1.12 Less

distributions

from:

Net

investment

income

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

(0.19)

(0.39)

(0.38)

(0.37)

(0.34)

(0.35)

Net

asset

value,

end

of

period

..........

$8.41

$8.27

$8.10

$8.23

$8.55

$9.44

Total

return

c

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

4.04%

6.98%

3.12%

0.73%

(6.07)%

13.05%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.81%

0.90%

0.94%

0.94%

0.90%

0.88%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.72%

0.85%

0.91%

e

0.89%

e

0.84%

e

0.86%

e

Net

investment

income

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

4.52%

4.64%

4.55%

4.34%

3.11%

3.93%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,030,551

$1,989,034

$2,079,060

$2,285,374

$2,609,533

$2,862,068

Portfolio

turnover

rate

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

145.54%

156.08%

65.73%

f

69.77%

52.98%

111.72%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

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

56.95%

g

84.71%

g

55.51%

f,g

69.77%

41.46%

g

54.21%

f,g

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

II

from

May

1,

2020

through

April

27,

2021. a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.28

$8.11

$8.23

$8.55

$9.44

$8.67

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.17 0.35 0.34 0.32 0.25 0.33 Net

realized

and

unrealized

gains

(losses)

0.14 0.17 (0.12)

(0.30)

(0.84)

0.75 Total

from

investment

operations

........

0.31 0.52 0.22 0.02 (0.59)

1.08 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.35)

(0.34)

(0.34)

(0.30)

(0.31)

Net

asset

value,

end

of

period

..........

$8.42

$8.28

$8.11

$8.23

$8.55

$9.44

Total

return

c

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

3.82%

6.53%

2.80%

0.30%

(6.48)%

12.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.21%

1.30%

1.34%

1.34%

1.29%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.12%

1.26%

1.31%

e

1.29%

e

1.24%

e

1.26%

e

Net

investment

income

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

4.11%

4.24%

4.14%

3.92%

2.70%

3.51%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$47,992

$49,796

$64,894

$100,037

$171,374

$387,589

Portfolio

turnover

rate

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

145.54%

156.08%

65.73%

f

69.77%

52.98%

111.72%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

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

56.95%

g

84.71%

g

55.51%

f,g

69.77%

41.46%

g

54.21%

f,g

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

II

from

May

1,

2020

through

April

27,

2021. a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.23

$8.06

$8.19

$8.51

$9.40

$8.63

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.36 0.35 0.33 0.27 0.34 Net

realized

and

unrealized

gains

(losses)

0.14 0.18 (0.12)

(0.30)

(0.85)

0.76 Total

from

investment

operations

........

0.32 0.54 0.23 0.03 (0.58)

1.10 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.37)

(0.36)

(0.35)

(0.31)

(0.33)

Net

asset

value,

end

of

period

..........

$8.37

$8.23

$8.06

$8.19

$8.51

$9.40

Total

return

c

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

4.05%

6.62%

2.87%

0.48%

(6.33)%

12.83%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.06%

1.15%

1.19%

1.19%

1.15%

1.13%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.97%

1.10%

1.16%

e

1.14%

e

1.09%

e

1.11%

e

Net

investment

income

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

4.26%

4.39%

4.30%

4.09%

2.86%

3.68%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$34,220

$34,949

$36,034

$40,939

$48,447

$59,366

Portfolio

turnover

rate

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

145.54%

156.08%

65.73%

f

69.77%

52.98%

111.72%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

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

56.95%

g

84.71%

g

55.51%

f,g

69.77%

41.46%

g

54.21%

f,g

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

II

from

May

1,

2020

through

April

27,

2021. a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.28

$8.11

$8.24

$8.56

$9.45

$8.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.20 0.41 0.40 0.39 0.32 0.40 Net

realized

and

unrealized

gains

(losses)

0.15 0.18 (0.12)

(0.31)

(0.84)

0.75 Total

from

investment

operations

........

0.35 0.59 0.28 0.08 (0.52)

1.15 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.42)

(0.41)

(0.40)

(0.37)

(0.38)

Net

asset

value,

end

of

period

..........

$8.43

$8.28

$8.11

$8.24

$8.56

$9.45

Total

return

c

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

4.34%

7.35%

3.49%

1.12%

(5.72)%

13.45%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.46%

0.56%

0.58%

0.58%

0.55%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.37%

0.50%

0.55%

e

0.51%

e

0.48%

e

0.50%

e

Net

investment

income

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

4.87%

4.99%

4.92%

4.73%

3.47%

4.30%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$156,331

$130,729

$133,098

$132,950

$136,184

$132,736

Portfolio

turnover

rate

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

145.54%

156.08%

65.73%

f

69.77%

52.98%

111.72%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

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

56.95%

g

84.71%

g

55.51%

f,g

69.77%

41.46%

g

54.21%

f,g

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

II

from

May

1,

2020

through

April

27,

2021. a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### \*

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.28

$8.11

$8.24

$8.56

$9.45

$8.68

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.20 0.41 0.39 0.38 0.31 0.39 Net

realized

and

unrealized

gains

(losses)

0.14 0.17 (0.12)

(0.31)

(0.84)

0.75 Total

from

investment

operations

........

0.34 0.58 0.27 0.07 (0.53)

1.14 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.41)

(0.40)

(0.39)

(0.36)

(0.37)

Net

asset

value,

end

of

period

..........

$8.42

$8.28

$8.11

$8.24

$8.56

$9.45

Total

return

c

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

4.16%

7.24%

3.37%

0.98%

(5.83)%

13.32%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.56%

0.65%

0.69%

0.69%

0.65%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.47%

0.60%

0.66%

e

0.64%

e

0.59%

e

0.61%

e

Net

investment

income

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

4.77%

4.89%

4.80%

4.59%

3.36%

4.18%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$289,070

$263,738

$272,301

$311,142

$390,465

$462,624

Portfolio

turnover

rate

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

145.54%

156.08%

65.73%

f

69.77%

52.98%

111.72%

f

Portfolio

turnover

rate

excluding

mortgage

dollar

rolls

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

56.95%

g

84.71%

g

55.51%

f,g

69.77%

41.46%

g

54.21%

f,g

\*

Includes

the

consolidated

operations

of

FT

Holdings

Corporation

II

from

May

1,

2020

through

April

27,

2021. a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

g

See

Note

1(g)

regarding

mortgage

dollar

rolls.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 0.1%

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.0%

#### †
a

Hour

Fitness

Worldwide,

Inc.

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

United

States

290,577

$

12,350

#### Machinery

#### 0.1%
b

UTEX

Industries,

Inc.

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

United

States

16,788

871,268

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
a

Amplify

Energy

Corp.

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

United

States

5,288

24,008

Birch

Permian

Holdings,

Inc.

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

United

States

46,176

241,500

265,508

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 11,369,965

####)
....................................

#### 1,149,126

#### Warrants

#### 0.0%

#### Machinery

#### 0.0%
a,b

UTEX

Industries,

Inc.

,

12/05/25

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

United

States

1,440

—

#### Software

#### 0.0%
a,b,c

WorkCapital

BSD

SARL

,

2/13/26

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

Luxembourg

6,000,000

—

#### Total

#### Warrants

#### (Cost

#### $

#### 751,272

####)
..............................................

#### —

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 43.6%

#### Aerospace

#### &

#### Defense

#### 1.1%
d

Axon

Enterprise,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

3/15/30

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

United

States

1,000,000

1,029,538

Senior

Note

,

144A,

6.25 %

,

3/15/33

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

United

States

750,000

777,079

Boeing

Co.

(The)

,

Senior

Bond

,

3.625 %

,

2/01/31

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

United

States

5,000,000

4,796,204

Senior

Bond

,

6.875 %

,

3/15/39

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

United

States

2,600,000

2,956,661

Senior

Note

,

5.15 %

,

5/01/30

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

United

States

8,100,000

8,334,092

d

Bombardier,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

6/15/33

.........

Canada

1,025,000

1,077,273

d

Efesto

Bidco

SpA

Efesto

US

LLC

,

XR

,

Senior

Secured

Note

,

144A,

7.5 %

,

2/15/32

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

Italy

3,600,000

3,597,120

Howmet

Aerospace,

Inc.

,

Senior

Note

,

4.85 %

,

10/15/31

.......

United

States

2,100,000

2,157,257

d

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

1/15/33

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

United

States

320,000

325,409

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

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

United

States

1,925,000

1,996,269

27,046,902

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
FedEx

Corp.

,

Senior

Bond

,

4.05 %

,

2/15/48

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

United

States

1,200,000

927,507

#### Automobile

#### Components

#### 0.2%
d

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5 %

,

2/15/33

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

United

States

650,000

672,559

Senior

Secured

Note

,

144A,

%

,

4/15/28

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

United

States

2,000,000

2,048,562

d

American

Axle

&

Manufacturing,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

10/15/32

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

United

States

700,000

702,613

d

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

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

France

830,000

842,676

4,266,410

#### Automobiles

#### 0.3%
d

Hyundai

Capital

America

,

Senior

Note

,

144A,

5.35 %

,

3/19/29

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

United

States

1,300,000

1,336,027

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Automobiles
(continued)

d

Hyundai

Capital

America,

(continued)

Senior

Note

,

144A,

4.75 %

,

9/26/31

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

United

States

6,000,000

$

6,035,843

7,371,870

#### Banks

#### 5.1%
d

ABN

AMRO

Bank

NV

,

Senior

Non-Preferred

Note

,

144A,

6.339%

to

9/17/26,

FRN

thereafter

,

9/18/27

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

Netherlands

2,100,000

2,137,505

Banco

Santander

SA

,

Sub.

Bond

,

2.749 %

,

12/03/30

.........

Spain

3,000,000

2,725,553

Bank

of

America

Corp.

,

Senior

Bond

,

2.299%

to

7/20/31,

FRN

thereafter

,

7/21/32

...

United

States

3,500,000

3,114,849

Senior

Bond

,

4.571%

to

4/26/32,

FRN

thereafter

,

4/27/33

...

United

States

8,000,000

7,989,304

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

1,434,000

1,345,979

d

BPCE

SA

,

Senior

Non-Preferred

Note

,

144A,

2.045%

to

10/18/26,

FRN

thereafter

,

10/19/27

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

France

7,900,000

7,732,606

Citigroup,

Inc.

,

Senior

Bond

,

4.412%

to

3/30/30,

FRN

thereafter

,

3/31/31

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

United

States

5,600,000

5,593,636

Fifth

Third

Bancorp

,

Senior

Note

,

5.631%

to

1/28/31,

FRN

thereafter

,

1/29/32

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

United

States

7,300,000

7,643,436

HSBC

Holdings

plc

,

Senior

Bond

,

2.848%

to

6/03/30,

FRN

thereafter

,

6/04/31

...

United

Kingdom

8,300,000

7,738,254

Senior

Note

,

5.21%

to

8/10/27,

FRN

thereafter

,

8/11/28

.....

United

Kingdom

5,850,000

5,944,367

Huntington

Bancshares,

Inc.

,

Senior

Bond

,

5.709%

to

2/01/34,

FRN

thereafter

,

2/02/35

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

United

States

7,300,000

7,592,855

JPMorgan

Chase

&

Co.

,

Senior

Bond

,

2.522%

to

4/21/30,

FRN

thereafter

,

4/22/31

...

United

States

9,400,000

8,739,105

Senior

Bond

,

1.953%

to

2/03/31,

FRN

thereafter

,

2/04/32

...

United

States

3,400,000

3,012,968

Senior

Bond

,

5.336%

to

1/22/34,

FRN

thereafter

,

1/23/35

...

United

States

2,500,000

2,596,329

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

1,620,000

1,680,766

Mizuho

Financial

Group,

Inc.

,

Senior

Note

,

5.778%

to

7/05/28,

FRN

thereafter

,

7/06/29

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

Japan

5,100,000

5,306,400

Royal

Bank

of

Canada

,

Senior

Note

,

5.2 %

,

8/01/28

..........

Canada

1,800,000

1,855,202

Santander

UK

Group

Holdings

plc

,

Senior

Note

,

1.673%

to

6/23/26,

FRN

thereafter

,

6/14/27

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

United

Kingdom

6,700,000

6,591,039

d

Societe

Generale

SA

,

Senior

Non-Preferred

Bond

,

144A,

2.889%

to

6/08/31,

FRN

thereafter

,

6/09/32

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

France

7,500,000

6,748,396

Senior

Non-Preferred

Note

,

144A,

1.792%

to

6/08/26,

FRN

thereafter

,

6/09/27

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

France

7,200,000

7,085,905

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

4.693 %

,

9/15/27

...

Canada

9,900,000

10,015,204

d

UniCredit

SpA

,

Senior

Preferred

Bond

,

144A,

3.127%

to

6/02/31,

FRN

thereafter

,

6/03/32

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

Italy

5,300,000

4,895,675

Wells

Fargo

&

Co.

,

Senior

Note

,

6.303%

to

10/22/28,

FRN

thereafter

,

10/23/29

..

United

States

7,400,000

7,829,136

Senior

Note

,

5.198%

to

1/22/29,

FRN

thereafter

,

1/23/30

....

United

States

4,400,000

4,528,241

130,442,710

#### Biotechnology

#### 0.4%
Amgen,

Inc.

,

Senior

Bond

,

4.2 %

,

3/01/33

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

United

States

4,000,000

3,902,210

Senior

Bond

,

5.25 %

,

3/02/33

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

United

States

6,600,000

6,836,155

10,738,365

#### Broadline

#### Retail

#### 0.2%
b

,d

,e

K2016470219

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

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

South

Africa

10,914,248

—

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Broadline

#### Retail
(continued)

b

,d

,e

K2016470260

South

Africa

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

12/31/22

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

South

Africa

4,807,777

$

—

d

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.25 %

,

10/31/29

....

United

States

4,500,000

4,664,565

4,664,565

#### Building

#### Products

#### 0.5%
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

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

United

States

665,000

676,896

d

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

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

United

States

475,000

484,769

d

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

2,900,000

2,978,523

Owens

Corning

,

Senior

Bond

,

5.7 %

,

6/15/34

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

United

States

7,300,000

7,693,663

d

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

3/01/33

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

United

States

500,000

520,724

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

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

United

States

1,000,000

1,037,972

13,392,547

#### Capital

#### Markets

#### 3.0%
Deutsche

Bank

AG

,

Senior

Preferred

Note

,

5.371 %

,

9/09/27

...

Germany

4,800,000

4,923,461

Goldman

Sachs

Group,

Inc.

(The)

,

Senior

Bond

,

2.383%

to

7/20/31,

FRN

thereafter

,

7/21/32

...

United

States

6,500,000

5,794,469

Senior

Bond

,

5.536%

to

1/27/35,

FRN

thereafter

,

1/28/36

...

United

States

9,800,000

10,202,612

Senior

Note

,

4.387%

to

6/14/26,

FRN

thereafter

,

6/15/27

....

United

States

3,400,000

3,401,261

Senior

Note

,

1.948%

to

10/20/26,

FRN

thereafter

,

10/21/27

..

United

States

3,000,000

2,934,793

d

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.125 %

,

11/01/32

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

United

States

4,650,000

4,735,727

Morgan

Stanley

,

Senior

Bond

,

3.591 %

,

7/22/28

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

United

States

10,000,000

9,896,853

Senior

Bond

,

1.794%

to

2/12/31,

FRN

thereafter

,

2/13/32

...

United

States

5,000,000

4,374,345

Senior

Bond

,

5.466%

to

1/17/34,

FRN

thereafter

,

1/18/35

...

United

States

1,900,000

1,977,088

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

542,000

568,691

d

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.25 %

,

8/15/33

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

United

States

11,800,000

10,553,432

d

Prologis

Targeted

US

Logistics

Fund

LP

,

Senior

Note

,

144A,

5.25 %

,

4/01/29

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

United

States

2,400,000

2,476,078

d

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

565,000

585,065

d

StoneX

Group,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

3/01/31

United

States

2,600,000

2,755,901

UBS

Group

AG

,

Senior

Note

,

4.55 %

,

4/17/26

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

Switzerland

4,000,000

4,007,893

d

Senior

Note

,

144A,

5.711%

to

1/11/26,

FRN

thereafter

,

1/12/27

Switzerland

8,150,000

8,169,318

77,356,987

#### Chemicals

#### 0.4%
d

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

1,500,000

1,532,725

d

Cerdia

Finanz

GmbH

,

Senior

Secured

Note

,

144A,

9.375 %

,

10/03/31

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

Germany

2,000,000

2,093,627

d

Element

Solutions,

Inc.

,

Senior

Note

,

144A,

3.875 %

,

9/01/28

...

United

States

3,800,000

3,680,661

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

875,000

850,016

d

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

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

United

States

320,000

329,027

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

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

United

States

550,000

560,386

d

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

2,000,000

2,132,322

11,178,764

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Commercial

#### Services

#### &

#### Supplies

#### 0.6%
d

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.375 %

,

8/31/27

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

United

States

2,485,000

$

2,422,649

Republic

Services,

Inc.

,

Senior

Note

,

5.15 %

,

3/15/35

.........

United

States

5,300,000

5,486,074

d

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

3,000,000

3,078,510

d

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

800,000

833,539

d

Wrangler

Holdco

Corp.

,

Senior

Note

,

144A,

6.625 %

,

4/01/32

...

Canada

4,000,000

4,183,704

16,004,476

#### Communications

#### Equipment

#### 0.3%
Motorola

Solutions,

Inc.

,

Senior

Bond

,

5.4 %

,

4/15/34

.........

United

States

7,300,000

7,563,900

#### Construction

#### &

#### Engineering

#### 0.2%
d

Arcosa,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

4/15/29

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

United

States

3,600,000

3,515,646

Senior

Note

,

144A,

6.875 %

,

8/15/32

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

United

States

400,000

420,391

3,936,037

#### Consumer

#### Finance

#### 1.6%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.4 %

,

10/29/33

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

Ireland

7,700,000

6,950,517

American

Express

Co.

,

Senior

Bond

,

5.442%

to

1/29/35,

FRN

thereafter

,

1/30/36

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

United

States

10,000,000

10,414,941

d

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

4.9 %

,

10/10/30

Ireland

7,735,000

7,774,524

Capital

One

Financial

Corp.

,

Senior

Bond

,

5.268%

to

5/09/32,

FRN

thereafter

,

5/10/33

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

United

States

8,600,000

8,784,382

d

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

5,000,000

5,194,388

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45 %

,

9/06/34

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

United

States

1,265,000

1,280,971

Senior

Note

,

4.2 %

,

10/27/28

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

United

States

815,000

813,174

OneMain

Finance

Corp.

,

Senior

Note

,

6.5 %

,

3/15/33

.........

United

States

665,000

664,156

41,877,053

#### Containers

#### &

#### Packaging

#### 0.3%
d

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

3,300,000

3,313,903

d

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

...........

Canada

2,125,000

1,994,460

WRKCo,

Inc.

,

Senior

Bond

,

%

,

6/15/33

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

United

States

3,600,000

3,209,243

8,517,606

#### Diversified

#### Consumer

#### Services

#### 0.2%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

....

United

States

4,300,000

4,269,667

#### Diversified

#### REITs

#### 0.3%
d

Global

Net

Lease,

Inc.

/

Global

Net

Lease

Operating

Partnership

LP

,

Senior

Note

,

144A,

3.75 %

,

12/15/27

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

United

States

3,000,000

2,910,704

VICI

Properties

LP

,

Senior

Note

,

5.625 %

,

4/01/35

...........

United

States

5,000,000

5,102,004

8,012,708

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
AT&T,

Inc.

,

Senior

Bond

,

2.55 %

,

12/01/33

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

United

States

5,000,000

4,248,148

Senior

Bond

,

3.65 %

,

9/15/59

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

United

States

4,000,000

2,712,537

Verizon

Communications,

Inc.

,

Senior

Note

,

2.355 %

,

3/15/32

..

United

States

8,400,000

7,347,827

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services
(continued)

d

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

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

United

States

1,310,000

$

1,361,817

15,670,329

#### Electric

#### Utilities

#### 2.6%
American

Electric

Power

Co.,

Inc.

,

C

,

Junior

Sub.

Bond

,

5.8%

to

3/14/31,

FRN

thereafter

,

3/15/56

United

States

2,600,000

2,607,088

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

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

United

States

865,000

876,699

d

California

Buyer

Ltd.

/

Atlantica

Sustainable

Infrastructure

plc

,

Senior

Note

,

144A,

6.375 %

,

2/15/32

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

United

Kingdom

1,400,000

1,415,399

Duke

Energy

Corp.

,

Senior

Bond

,

2.45 %

,

6/01/30

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

United

States

6,200,000

5,729,712

Senior

Bond

,

3.75 %

,

9/01/46

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

United

States

1,600,000

1,234,488

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

5.25 %

,

4/01/33

........

United

States

1,000,000

1,039,237

d

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

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

Italy

2,770,000

2,753,535

Exelon

Corp.

,

Senior

Bond

,

4.05 %

,

4/15/30

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

United

States

13,400,000

13,282,818

Senior

Bond

,

4.45 %

,

4/15/46

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

United

States

1,400,000

1,200,016

d

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

%

,

1/15/36

..........

United

States

3,325,000

3,384,377

Pacific

Gas

and

Electric

Co.

,

Senior

Secured

Bond

,

3.25 %

,

6/01/31

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

United

States

6,000,000

5,544,041

Southern

Co.

(The)

,

Senior

Bond

,

4.4 %

,

7/01/46

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

United

States

5,000,000

4,288,169

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

6,100,000

6,344,764

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

6.35 %

,

11/30/37

.

United

States

820,000

911,360

d

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375 %

,

5/01/29

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

United

States

3,000,000

2,947,502

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

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

United

States

6,000,000

5,943,401

Xcel

Energy,

Inc.

,

Senior

Bond

,

4.6 %

,

6/01/32

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

United

States

2,900,000

2,881,890

Senior

Bond

,

5.45 %

,

8/15/33

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

United

States

4,500,000

4,668,085

67,052,581

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.8%
f

Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

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

United

States

2,845,000

2,814,136

CDW

LLC

/

CDW

Finance

Corp.

,

Senior

Note

,

3.25 %

,

2/15/29

..

United

States

5,000,000

4,794,947

Flex

Ltd.

,

Senior

Bond

,

4.875 %

,

5/12/30

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

United

States

7,100,000

7,192,620

d

TTM

Technologies,

Inc.

,

Senior

Note

,

144A,

%

,

3/01/29

......

United

States

4,000,000

3,866,825

d

Zebra

Technologies

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/01/32

..

United

States

2,000,000

2,074,514

20,743,042

#### Energy

#### Equipment

#### &

#### Services

#### 0.4%
d

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

7.25 %

,

2/15/29

..

United

States

5,000,000

5,195,360

d

Transocean

International

Ltd.

,

Senior

Secured

Note

,

144A,

8.75 %

,

2/15/30

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

United

States

3,750,000

3,937,871

d

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

10/15/33

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

United

States

1,805,000

1,845,849

10,979,080

#### Entertainment

#### 0.2%
d

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

%

,

5/01/29

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

France

2,000,000

EUR

2,394,600

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

308,809

320,743

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Entertainment
(continued)

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

4.054 %

,

3/15/29

....

United

States

2,100,000

$

2,040,717

4,756,060

#### Financial

#### Services

#### 0.6%
Corebridge

Financial,

Inc.

,

Senior

Note

,

6.05 %

,

9/15/33

.......

United

States

4,900,000

5,233,218

d

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

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

United

States

1,000,000

1,010,474

d

Freedom

Mortgage

Holdings

LLC

,

Senior

Note

,

144A,

8.375 %

,

4/01/32

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

United

States

2,575,000

2,687,242

Senior

Note

,

144A,

7.875 %

,

4/01/33

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

United

States

830,000

853,396

d

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

8.25 %

,

5/15/30

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

United

States

3,900,000

4,046,722

d

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

2,170,000

2,242,923

16,073,975

#### Food

#### Products

#### 0.6%
d

Froneri

Lux

FinCo

SARL

,

Senior

Secured

Note

,

144A,

%

,

8/01/32

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

United

Kingdom

465,000

469,651

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

1,500,000

1,438,545

Senior

Note

,

3.625 %

,

1/15/32

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

United

States

3,500,000

3,272,454

d

Mars,

Inc.

,

Senior

Note

,

144A,

5.2 %

,

3/01/35

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

United

States

8,580,000

8,809,619

13,990,269

#### Gas

#### Utilities

#### 0.1%
Piedmont

Natural

Gas

Co.,

Inc.

,

Senior

Bond

,

3.35 %

,

6/01/50

..

United

States

2,800,000

1,975,626

#### Ground

#### Transportation

#### 0.7%
d

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.8 %

,

4/15/34

......

United

Kingdom

900,000

943,912

d

Beacon

Mobility

Corp.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/01/30

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

United

States

710,000

739,855

d

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Bond

,

144A,

5.7 %

,

7/25/33

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

Ireland

7,300,000

7,668,421

d

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

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

United

States

2,915,000

3,022,695

d

XPO,

Inc.

,

Senior

Note

,

144A,

7.125 %

,

2/01/32

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

United

States

4,000,000

4,220,260

16,595,143

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
d

Bausch

+

Lomb

Corp.

,

Senior

Secured

Note

,

144A,

8.375 %

,

10/01/28

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

United

States

4,000,000

4,185,000

Baxter

International,

Inc.

,

Senior

Note

,

2.272 %

,

12/01/28

......

United

States

4,700,000

4,412,642

8,597,642

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.3%
Centene

Corp.

,

Senior

Note

,

4.625 %

,

12/15/29

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

United

States

2,300,000

2,232,665

Senior

Note

,

3.375 %

,

2/15/30

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

United

States

1,400,000

1,288,806

Senior

Note

,

2.625 %

,

8/01/31

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

United

States

5,300,000

4,551,296

d

CHS/Community

Health

Systems,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

1/15/29

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

United

States

2,000,000

1,981,560

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

...........

United

States

1,000,000

1,079,280

Senior

Secured

Note

,

144A,

9.75 %

,

1/15/34

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

United

States

2,000,000

2,120,074

Cigna

Group

(The)

,

Senior

Bond

,

5.25 %

,

2/15/34

...........

United

States

7,300,000

7,509,959

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

d

Concentra

Health

Services,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

7/15/32

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

United

States

1,500,000

$

1,566,429

CVS

Health

Corp.

,

Senior

Bond

,

1.75 %

,

8/21/30

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

United

States

4,000,000

3,535,686

Senior

Bond

,

5.3 %

,

6/01/33

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

United

States

3,000,000

3,084,462

Senior

Bond

,

2.7 %

,

8/21/40

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

United

States

6,300,000

4,531,767

d

DaVita,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

...........

United

States

5,000,000

4,832,756

Elevance

Health,

Inc.

,

Senior

Bond

,

3.7 %

,

9/15/49

..........

United

States

1,400,000

1,042,338

HCA,

Inc.

,

Senior

Bond

,

3.5 %

,

9/01/30

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

United

States

11,900,000

11,436,517

Senior

Note

,

4.6 %

,

11/15/32

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

United

States

1,385,000

1,376,808

Icon

Investments

Six

DAC

,

Senior

Secured

Bond

,

%

,

5/08/34

.

United

States

460,000

482,823

d

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

4,000,000

3,912,736

d

,g

MPH

Acquisition

Holdings

LLC

,

Senior

Secured

Note

,

144A,

PIK,

11.5 %

,

12/31/30

.........

United

States

692,032

738,093

Senior

Secured

Note

,

144A,

PIK,

6.75 %

,

3/31/31

.........

United

States

2,810,206

2,393,345

59,697,400

#### Health

#### Care

#### REITs

#### 0.4%
Alexandria

Real

Estate

Equities,

Inc.

,

Senior

Bond

,

1.875 %

,

2/01/33

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

United

States

6,400,000

5,233,333

Senior

Bond

,

5.25 %

,

5/15/36

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

United

States

2,200,000

2,182,546

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Bond

,

3.5 %

,

3/15/31

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

United

States

3,000,000

2,121,452

d

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

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

United

States

600,000

629,195

10,166,526

#### Health

#### Care

#### Technology

#### 0.2%
d

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

3,700,000

3,861,009

#### Hotel

#### &

#### Resort

#### REITs

#### 0.2%
d

Pebblebrook

Hotel

LP

/

PEB

Finance

Corp.

,

Senior

Note

,

144A,

6.375 %

,

10/15/29

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

United

States

2,000,000

2,020,866

d

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/32

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

United

States

3,800,000

3,912,605

5,933,471

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.0%
d

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

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

Canada

4,000,000

3,787,673

d

Allwyn

Entertainment

Financing

UK

plc

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/30/29

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

Switzerland

4,400,000

4,567,315

d

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

..........

United

States

4,000,000

4,122,600

d

Great

Canadian

Gaming

Corp.

/

Raptor

LLC

,

Senior

Secured

Note

,

144A,

8.75 %

,

11/15/29

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

Canada

800,000

782,886

d

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25 %

,

9/15/33

..........

United

States

1,680,000

1,700,234

d

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

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

United

States

645,000

650,660

d

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625 %

,

9/30/31

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

United

States

1,500,000

1,528,651

Senior

Note

,

144A,

%

,

2/01/33

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

United

States

5,500,000

5,648,248

d

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

10/15/33

.....

United

States

2,030,000

2,064,899

24,853,166

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables

#### 0.4%
d

Ashton

Woods

USA

LLC

/

Ashton

Woods

Finance

Co.

,

Senior

Note

,

144A,

6.875 %

,

8/01/33

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

United

States

940,000

$

943,070

d

K. Hovnanian

Enterprises,

Inc.

,

Senior

Note

,

144A,

%

,

4/01/31

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

United

States

350,000

357,849

Senior

Note

,

144A,

8.375 %

,

10/01/33

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

United

States

525,000

537,983

Newell

Brands,

Inc.

,

Senior

Note

,

6.375 %

,

5/15/30

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

United

States

250,000

238,125

Senior

Note

,

6.625 %

,

5/15/32

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

United

States

200,000

188,500

d

Senior

Note

,

144A,

8.5 %

,

6/01/28

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

United

States

1,000,000

1,028,417

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8 %

,

11/01/29

.....

United

States

4,900,000

4,806,182

d

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

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

United

States

3,000,000

2,932,236

11,032,362

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.9%
d

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

1,080,000

1,127,717

d

Atlantica

Sustainable

Infrastructure

Ltd.

,

Senior

Note

,

144A,

4.125 %

,

6/15/28

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

Spain

2,000,000

1,937,807

d

Clearway

Energy

Operating

LLC

,

Senior

Note

,

144A,

3.75 %

,

2/15/31

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

United

States

4,300,000

3,984,675

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

5.8 %

,

3/01/33

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

United

States

3,000,000

3,206,458

Senior

Bond

,

6.125 %

,

1/15/34

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

United

States

2,000,000

2,177,110

d

Leeward

Renewable

Energy

Operations

LLC

,

Senior

Note

,

144A,

4.25 %

,

7/01/29

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

United

States

4,300,000

4,112,860

d

Talen

Energy

Supply

LLC

,

Senior

Secured

Note

,

144A,

8.625 %

,

6/01/30

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

United

States

5,000,000

5,309,265

21,855,892

#### Insurance

#### 2.2%
d

AIA

Group

Ltd.

,

Senior

Bond

,

144A,

4.95 %

,

4/04/33

.........

Hong

Kong

3,100,000

3,200,183

d

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/28

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

United

States

3,000,000

3,056,598

Senior

Secured

Note

,

144A,

%

,

1/15/31

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

United

States

1,900,000

1,969,726

Arch

Capital

Group

Ltd.

,

Senior

Bond

,

3.635 %

,

6/30/50

.......

United

States

6,400,000

4,818,734

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

%

,

2/15/32

..........

United

States

2,075,000

2,118,288

d

Athene

Global

Funding

,

Secured

Note

,

144A,

5.033 %

,

7/17/30

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

United

States

3,800,000

3,857,761

Senior

Secured

Bond

,

144A,

5.543 %

,

8/22/35

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

United

States

1,200,000

1,214,670

Brown

&

Brown,

Inc.

,

Senior

Bond

,

5.65 %

,

6/11/34

..........

United

States

7,300,000

7,562,969

d

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.9 %

,

9/19/28

United

States

2,100,000

2,197,806

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

2,200,000

2,298,391

d

Metropolitan

Life

Global

Funding

I

,

Secured

Note

,

144A,

5.05 %

,

1/06/28

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

United

States

9,600,000

9,802,714

Secured

Note

,

144A,

4.3 %

,

8/25/29

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

United

States

3,000,000

3,017,116

d

RGA

Global

Funding

,

Secured

Note

,

144A,

5.5 %

,

1/11/31

.....

United

States

6,400,000

6,672,391

d

Sammons

Financial

Group,

Inc.

,

Senior

Bond

,

144A,

6.875 %

,

4/15/34

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

United

States

3,700,000

4,077,313

55,864,660

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Note

,

4.6 %

,

11/15/32

...........

United

States

2,115,000

2,126,252

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### IT

#### Services

#### 0.7%
d

Cablevision

Lightpath

LLC

,

Senior

Secured

Note

,

144A,

3.875 %

,

9/15/27

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

United

States

2,000,000

$

1,960,889

d

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

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

United

States

2,450,000

2,342,725

d

Fortress

Intermediate

3,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

6/01/31

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

United

States

3,100,000

3,236,369

d

Gartner,

Inc.

,

Senior

Note

,

144A,

4.5 %

,

7/01/28

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

United

States

7,000,000

6,944,056

Senior

Note

,

144A,

3.625 %

,

6/15/29

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

United

States

3,800,000

3,649,095

18,133,134

#### Leisure

#### Products

#### 0.0%

#### †
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

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

United

States

1,300,000

1,131,532

#### Machinery

#### 0.2%
d

ESAB

Corp.

,

Senior

Note

,

144A,

6.25 %

,

4/15/29

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

United

States

3,400,000

3,483,688

d

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

2,000,000

2,030,628

5,514,316

#### Media

#### 2.1%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

2.8 %

,

4/01/31

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

United

States

15,900,000

14,265,059

Senior

Secured

Bond

,

5.85 %

,

12/01/35

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

United

States

1,255,000

1,252,080

d

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

3/15/33

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

United

States

3,700,000

3,872,601

Comcast

Corp.

,

Senior

Bond

,

4.8 %

,

5/15/33

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

United

States

5,200,000

5,225,168

d

Directv

Financing

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

2/01/30

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

United

States

1,440,000

1,433,274

d

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

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

United

States

1,640,000

1,641,102

Fox

Corp.

,

Senior

Bond

,

6.5 %

,

10/13/33

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

United

States

5,500,000

6,047,010

d

Gray

Media,

Inc.

,

Senior

Secured

Note

,

144A,

7.25 %

,

8/15/33

..

United

States

1,775,000

1,739,728

d

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

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

United

States

4,000,000

4,108,832

d

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Bond

,

144A,

4.625 %

,

3/15/30

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

United

States

2,000,000

1,933,697

Paramount

Global

,

Senior

Bond

,

4.2 %

,

5/19/32

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

United

States

7,300,000

6,755,798

d

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

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

United

States

2,750,000

2,805,756

d

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

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

United

States

720,000

760,776

d

VZ

Secured

Financing

BV

,

Senior

Secured

Note

,

144A,

7.5 %

,

1/15/33

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

Netherlands

1,630,000

1,662,774

53,503,655

#### Metals

#### &

#### Mining

#### 0.4%
d

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

%

,

4/01/31

......

Australia

685,000

709,609

d

Novelis

Corp.

,

Senior

Note

,

144A,

6.375 %

,

8/15/33

..........

United

States

2,480,000

2,514,782

d

POSCO

,

Senior

Note

,

144A,

5.625 %

,

1/17/26

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

South

Korea

7,950,000

7,970,127

11,194,518

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
d

Starwood

Property

Trust,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

1/15/31

United

States

1,045,000

1,061,053

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Multi-Utilities

#### 0.7%
Dominion

Energy,

Inc.

,

A

,

Senior

Note

,

4.35 %

,

8/15/32

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

United

States

3,200,000

$

3,134,176

C

,

Senior

Note

,

3.375 %

,

4/01/30

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

United

States

7,800,000

7,501,170

DTE

Energy

Co.

,

Senior

Note

,

4.875 %

,

6/01/28

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

United

States

5,700,000

5,797,641

Public

Service

Enterprise

Group,

Inc.

,

Senior

Bond

,

5.4 %

,

3/15/35

United

States

2,225,000

2,295,529

18,728,516

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.1%
d

Aker

BP

ASA

,

Senior

Bond

,

144A,

3.1 %

,

7/15/31

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

Norway

8,700,000

7,966,227

d

Antero

Resources

Corp.

,

Senior

Note

,

144A,

7.625 %

,

2/01/29

..

United

States

4,969,000

5,061,761

d

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Secured

Note

,

144A,

9.25 %

,

7/15/29

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

United

States

4,400,000

4,530,988

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

2.95 %

,

7/15/30

Canada

8,200,000

7,694,501

Cheniere

Energy,

Inc.

,

Senior

Note

,

5.65 %

,

4/15/34

..........

United

States

1,600,000

1,655,529

d

,h

Coronado

Finance

Pty.

Ltd.

,

Senior

Secured

Note

,

144A,

9.25 %

,

10/01/29

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

Australia

1,400,000

1,291,460

d

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

7.375 %

,

1/15/33

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

United

States

750,000

709,072

Senior

Note

,

144A,

8.375 %

,

1/15/34

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

United

States

1,865,000

1,825,900

d

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

6/15/31

.....

United

States

6,600,000

6,410,531

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8 %

,

1/15/35

United

States

6,700,000

7,070,889

Energy

Transfer

LP

,

Senior

Note

,

6.4 %

,

12/01/30

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

United

States

6,000,000

6,496,288

d

Senior

Note

,

144A,

%

,

2/01/29

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

United

States

4,000,000

4,050,267

d

Harbour

Energy

plc

,

Senior

Note

,

144A,

5.5 %

,

10/15/26

......

United

Kingdom

2,500,000

2,468,895

d

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

6.5 %

,

6/01/29

United

States

2,700,000

2,799,800

d

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

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

Kazakhstan

1,120,000

1,152,091

d

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

5,000,000

5,041,170

MPLX

LP

,

Senior

Bond

,

5.4 %

,

4/01/35

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

United

States

9,100,000

9,169,095

ONEOK,

Inc.

,

Senior

Bond

,

5.375 %

,

6/01/29

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

United

States

10,900,000

11,230,742

d

Senior

Note

,

144A,

5.625 %

,

1/15/28

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

United

States

1,700,000

1,739,066

d

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

1,700,000

1,737,297

d

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

1,100,000

936,375

Sabine

Pass

Liquefaction

LLC

,

Senior

Secured

Note

,

4.5 %

,

5/15/30

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

United

States

10,000,000

10,038,941

Sunoco

LP

/

Sunoco

Finance

Corp.

,

Senior

Note

,

4.5 %

,

5/15/29

United

States

3,000,000

2,944,047

d

Var

Energi

ASA

,

Senior

Bond

,

144A,

%

,

11/15/32

..........

Norway

9,000,000

10,400,757

d

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

4.125 %

,

8/15/31

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

United

States

2,600,000

2,405,802

d

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

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

United

States

5,500,000

5,651,338

d

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

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

United

States

900,000

1,016,193

Senior

Secured

Bond

,

144A,

6.75 %

,

1/15/36

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

United

States

730,000

773,614

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

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

United

States

900,000

990,359

Senior

Secured

Note

,

144A,

6.5 %

,

1/15/34

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

United

States

440,000

461,159

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

1,840,000

1,877,554

d

Western

Midstream

Operating

LP

,

Senior

Note

,

144A,

7.25 %

,

4/01/30

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

United

States

1,900,000

2,025,159

129,622,867

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines

#### 0.0%

#### †
d

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

700,000

$

744,614

#### Personal

#### Care

#### Products

#### 0.4%
d

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

,

Senior

Secured

Note

,

144A,

4.75 %

,

1/15/29

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

United

States

8,000,000

7,896,173

d

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

3,175,000

3,272,785

11,168,958

#### Pharmaceuticals

#### 0.9%
d

Bayer

US

Finance

II

LLC

,

Senior

Bond

,

144A,

4.375 %

,

12/15/28

Germany

11,700,000

11,660,862

d

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

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

United

States

2,200,000

2,334,581

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75 %

,

5/19/33

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

United

States

3,500,000

3,543,439

Royalty

Pharma

plc

,

Senior

Bond

,

5.2 %

,

9/25/35

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

United

States

1,250,000

1,252,772

Senior

Bond

,

3.3 %

,

9/02/40

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

United

States

5,300,000

4,106,488

22,898,142

#### Professional

#### Services

#### 0.1%
d

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

1,275,000

1,327,237

#### Residential

#### REITs

#### 0.1%
Essex

Portfolio

LP

,

Senior

Bond

,

5.375 %

,

4/01/35

...........

United

States

2,600,000

2,691,946

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.4%
d

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.25 %

,

1/25/35

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

United

States

7,400,000

7,883,138

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

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

United

States

1,565,000

1,648,755

9,531,893

#### Software

#### 0.4%
d

Gen

Digital,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

4/01/33

.........

United

States

750,000

773,957

Oracle

Corp.

,

Senior

Bond

,

4.3 %

,

7/08/34

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

United

States

8,000,000

7,500,715

Senior

Note

,

4.8 %

,

9/26/32

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

United

States

915,000

905,843

9,180,515

#### Specialized

#### REITs

#### 0.3%
d

Iron

Mountain,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/29

.........

United

States

5,200,000

5,359,775

d

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

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

United

States

1,995,000

2,022,712

Senior

Note

,

144A,

6.25 %

,

9/15/32

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

United

States

505,000

507,863

7,890,350

#### Specialty

#### Retail

#### 0.1%
AutoNation,

Inc.

,

Senior

Bond

,

4.75 %

,

6/01/30

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

United

States

1,900,000

1,906,834

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.6%
Dell

International

LLC

/

EMC

Corp.

,

Senior

Bond

,

5.4 %

,

4/15/34

United

States

7,800,000

8,042,309

Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.85 %

,

10/15/31

.

United

States

4,500,000

4,548,066

d

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

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

United

States

1,600,000

1,643,280

14,233,655

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

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

United

States

338,000

$

344,411

Tapestry,

Inc.

,

Senior

Bond

,

5.5 %

,

3/11/35

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

United

States

1,820,000

1,854,365

2,198,776

#### Tobacco

#### 0.4%
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

1,830,000

1,808,472

Philip

Morris

International,

Inc.

,

Senior

Bond

,

5.375 %

,

2/15/33

..

United

States

7,200,000

7,501,277

9,309,749

#### Trading

#### Companies

#### &

#### Distributors

#### 0.2%
d

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

8.625 %

,

5/15/32

United

States

3,000,000

3,031,293

d

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/29

.

United

States

3,000,000

3,103,257

6,134,550

#### Transportation

#### Infrastructure

#### 0.0%

#### †
d

,i

Rutas

and

Finance

Ltd.

,

Senior

Secured

Bond

,

144A,

.65

%

,

9/30/36

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

United

States

205,334

154,275

#### Wireless

#### Telecommunication

#### Services

#### 1.1%
d

Connect

Finco

SARL

/

Connect

US

Finco

LLC

,

Senior

Secured

Note

,

144A,

%

,

9/15/29

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

United

Kingdom

4,500,000

4,770,738

b

,i

Digicel

Group

Holdings

Ltd.

,

.353

%

,

11/17/33

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

Bermuda

677,343

21,434

.8

%

,

11/17/33

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

Bermuda

72,906

8,936

d

Iliad

Holding

SAS

,

Senior

Secured

Note

,

144A,

%

,

10/15/28

..

France

2,000,000

2,031,102

T-Mobile

USA,

Inc.

,

Senior

Bond

,

3.3 %

,

2/15/51

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

United

States

4,800,000

3,250,010

Senior

Note

,

3.875 %

,

4/15/30

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

United

States

13,400,000

13,129,319

d

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

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

United

Kingdom

4,000,000

4,261,916

27,473,455

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,126,094,504

####)
.................................

#### 1,115,127,099
j

#### Senior

#### Floating

#### Rate

#### Interests

#### 2.0%
k

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
Goat

Holdco

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/27/32

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

United

States

238,800

238,999

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

K

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

3/22/30

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

United

States

625,000

626,213

865,212

a

a

a

a

a

a

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
k

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.002 %

,

(3-month

SOFR

+

%),

3/18/30

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

United

States

1,244,367

1,223,630

k

#### Automobile

#### Components

#### 0.1%
f

American

Axle

&

Manufacturing,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

C

,

7.408 %

,

(12-month

SOFR

+

3.25 %),

2/24/32

..

United

States

295,398

293,921

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

769,941

773,310

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

10/04/28

........

United

States

347,933

343,307

First

Brands

Group

LLC,

First

Lien,

2021

CME

Term

Loan

,

9.57 %

,

(3-month

SOFR

+

%),

3/30/27

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

United

States

722,154

240,477

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Automobile

#### Components
(continued)

f

First

Brands

Group

LLC,

First

Lien,

Debtor-In-Possession

CME

Term

Loan

,

5.679 %

,

(1-month

SOFR

+

1.55 %),

6/29/26

.....

United

States

139,743

$

148,652

First

Brands

Group

LLC,

Second

Lien,

2021

CME

Term

Loan

,

13.07 %

,

(3-month

SOFR

+

8.5 %),

3/30/28

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

United

States

1,029,361

24,190

Highline

Aftermarket

Acquisition

LLC,

First

Lien,

2025-1

CME

Term

Loan

,

7.699 %

,

(3-month

SOFR

+

3.5 %),

2/13/30

......

United

States

432,416

434,310

2,258,167

a

a

a

a

a

a

#### Automobiles

#### 0.0%

#### †
k

American

Trailer

World

Corp.,

First

Lien,

CME

Term

Loan,

B

,

7.815 %

,

(1-month

SOFR

+

3.75 %),

3/03/28

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

United

States

377,173

335,448

#### Beverages

#### 0.0%

#### †
k

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

3/31/28

.........

United

States

529,602

531,601

#### Broadline

#### Retail

#### 0.0%

#### †
k

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B5B

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

7/01/31

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

Netherlands

317,837

319,546

k

#### Building

#### Products

#### 0.1%
Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

Incremental

CME

Term

Loan

,

7.163 %

,

(1-month

SOFR

+

%),

9/08/32

...

United

States

91,875

92,277

Cornerstone

Building

Brands,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

8.532 %

,

(1-month

SOFR

+

4.5 %),

5/15/31

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

United

States

1,139,178

1,004,618

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.122 %

,

(6-month

SOFR

+

2.25 %),

8/04/31

.

United

States

219,679

219,188

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

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

United

States

402,158

403,085

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

2/10/32

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

United

States

274,483

275,127

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.977 %

,

(1-month

SOFR

+

%),

3/30/29

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

United

States

70,080

70,255

2,064,550

a

a

a

a

a

a

k

#### Capital

#### Markets

#### 0.1%
Citadel

Securities

Global

Holdings

LLC,

First

Lien,

2024

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

10/31/31

......

United

States

700,252

703,186

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

CME

Term

Loan

,

6.965 %

,

(1-month

SOFR

+

%),

4/07/28

...

United

States

245,213

246,328

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

6.197 %

,

(3-month

SOFR

+

%),

12/15/31

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

United

States

499,398

495,370

1,444,884

a

a

a

a

a

a

k

#### Chemicals

#### 0.2%
A-AP

Buyer,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

9/09/31

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

United

States

307,658

308,043

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

4/06/29

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

United

States

614,521

607,352

Hexion

Holdings

Corp.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.131 %

,

(1-month

SOFR

+

%),

3/15/29

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

United

States

255,614

251,324

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

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

Luxembourg

797,703

687,149

INEOS

US

Petrochem

LLC,

First

Lien,

New

CME

Term

Loan,

B1

,

8.315 %

,

(1-month

SOFR

+

4.25 %),

4/02/29

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

United

States

398,002

332,995

f

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Add-on

CME

Term

Loan,

B

,

6.183 %

,

(12-month

SOFR

+

2.5 %),

12/31/29

..

United

States

440,141

437,940

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Chemicals
(continued)

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2

,

7.162 %

,

(3-month

SOFR

+

3.25 %),

4/03/28

..

Netherlands

493,870

$

494,102

Paint

Intermediate

III

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.242 %

,

(3-month

SOFR

+

%),

10/09/31

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

United

States

523,434

524,153

SCIH

Salt

Holdings,

Inc.,

First

Lien,

Incremental

CME

Term

Loan,

B1

,

7.197 %

,

(6-month

SOFR

+

%),

1/31/29

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

United

States

401,100

403,083

f

Solstice

Advanced

Materials,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.759 %

,

(12-month

SOFR

+

%),

9/17/32

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

United

States

225,090

225,887

4,272,028

a

a

a

a

a

a

k

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

Replacement

USD

CME

Term

Loan

,

7.315 %

,

(1-month

SOFR

+

3.25 %),

8/20/32

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

United

States

329,764

331,474

Cimpress

USA,

Inc.,

First

Lien,

2024-2

Refinancing

CME

Term

Loan,

B1

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

5/17/28

.......

Ireland

461,599

463,136

Openlane,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.588 %

,

(1-month

SOFR

+

2.5 %),

10/01/32

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

United

States

250,000

250,625

Spin

Holdco,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.393 %

,

(3-month

SOFR

+

%),

3/06/28

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

United

States

402,855

338,183

1,383,418

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.0%

#### †
k

Viavi

Solutions,

Inc.,

First

Lien,

CME

Term

Loan

,

6.394 %

,

(3-month

SOFR

+

2.5 %),

10/18/32

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

United

States

207,612

208,175

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
k

Radar

Bidco

SARL,

First

Lien,

CME

Term

Loan,

B3

,

7.185 %

,

(3-month

SOFR

+

3.25 %),

4/04/31

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

Luxembourg

291,661

294,213

#### Consumer

#### Finance

#### 0.0%

#### †
k

Neon

Maple

US

Debt

Mergersub,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.913 %

,

(1-month

SOFR

+

2.75 %),

11/17/31

.....

United

States

502,186

503,273

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
k

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.705 %

,

(3-month

SOFR

+

3.5 %),

8/30/32

..

United

Kingdom

293,238

294,887

k

#### Containers

#### &

#### Packaging

#### 0.1%
Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

CME

Term

Loan

,

6.798 %

,

(1-month

SOFR

+

2.75 %),

11/29/30

....

United

States

398,110

400,015

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

579,827

579,216

b

Kleopatra

Finco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

13.991 %

,

(1-month

SOFR

+

%),

11/27/25

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

Luxembourg

141,702

126,345

Klockner

Pentaplast

of

America,

Inc.,

First

Lien,

USD

CME

Term

Loan,

B

,

9.044 %

,

(6-month

SOFR

+

4.75 %),

2/12/26

.......

Luxembourg

1,390,971

614,642

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.838 %

,

(3-month

SOFR

+

%),

9/30/32

.........

United

States

309,100

308,970

2,029,188

a

a

a

a

a

a

k

#### Distributors

#### 0.0%

#### †
Core

&

Main

LP,

First

Lien,

CME

Term

Loan,

D

,

5.991 %

,

(1-month

SOFR

+

%),

7/27/28

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

United

States

454,787

455,640

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Distributors
(continued)

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

11/30/30

...........

United

States

523,202

$

503,867

959,507

a

a

a

a

a

a

k

#### Electric

#### Utilities

#### 0.0%

#### †
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.965 %

,

(1-month

SOFR

+

%),

9/30/31

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

United

States

547,693

548,999

Astoria

Energy

LLC,

First

Lien,

Advance

CME

Term

Loan,

B

,

6.59 %

,

(3-month

SOFR

+

2.75 %),

6/16/32

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

United

States

174,916

175,764

724,763

a

a

a

a

a

a

k

#### Electrical

#### Equipment

#### 0.0%

#### †
Indicor

LLC,

First

Lien,

Dollar

CME

Term

Loan,

D

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

11/22/29

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

United

States

486,916

489,000

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.485 %

,

(3-month

SOFR

+

2.5 %),

9/13/32

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

United

States

182,646

183,673

672,673

a

a

a

a

a

a

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.0%

#### †
f,k

Spectris

plc,

First

Lien,

CME

Term

Loan

,

6.844 %

,

(12-month

SOFR

+

2.75 %),

9/24/32

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

United

Kingdom

35,608

35,742

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
k

Star

Holding

LLC,

First

Lien,

CME

Term

Loan,

B

,

8.465 %

,

(1-month

SOFR

+

4.5 %),

7/18/31

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

United

States

398,867

387,078

#### Entertainment

#### 0.0%

#### †
k

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.829 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

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

United

States

687,020

673,156

k

#### Financial

#### Services

#### 0.0%

#### †
GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.711 %

,

(3-month

SOFR

+

3.5 %),

8/16/32

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

United

States

484,044

483,877

f

Speed

Midco

SARL,

First

Lien,

USD

CME

Term

Loan,

B

,

6.288 %

,

(6-month

SOFR

+

2.5 %),

10/01/32

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

Luxembourg

182,749

182,634

666,511

a

a

a

a

a

a

k

#### Food

#### Products

#### 0.0%

#### †
Aspire

Bakeries

Holdings

LLC,

First

Lien,

Second

Amendment

CME

Term

Loan

,

7.468 %

,

(1-month

SOFR

+

3.5 %),

12/23/30

.

United

States

273,664

275,718

f

Chobani

LLC,

First

Lien,

CME

Term

Loan,

B

,

5.933 %

,

(12-month

SOFR

+

2.25 %),

10/22/32

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

United

States

272,641

273,579

Froneri

International

Ltd.,

First

Lien,

CME

Term

Loan,

B4

,

6.197 %

,

(6-month

SOFR

+

%),

9/30/31

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

United

Kingdom

376,277

374,085

923,382

a

a

a

a

a

a

k

#### Ground

#### Transportation

#### 0.1%
Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

USD

CME

Term

Loan

,

7.215 %

,

(3-month

SOFR

+

%),

5/21/31

.......

United

Kingdom

87,756

88,415

First

Student

Bidco,

Inc.,

First

Lien,

11th

Amendment

Repricing

CME

Term

Loan

,

6.711 %

,

(3-month

SOFR

+

2.5 %),

8/15/30

..

United

States

208,443

208,990

First

Student

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

C

,

6.711 %

,

(1-month

SOFR

+

2.5 %),

8/15/30

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

United

States

63,879

64,031

f

Hertz

Corp.

(The),

First

Lien,

Initial

CME

Term

Loan,

B

,

7.579 %

,

(1-month

SOFR

+

3.5 %),

6/30/28

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

United

States

208,886

173,823

f

Hertz

Corp.

(The),

First

Lien,

Initial

CME

Term

Loan,

C

,

7.579 %

,

(1-month

SOFR

+

3.5 %),

6/30/28

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

United

States

41,114

34,213

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Ground

#### Transportation
(continued)

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/25/29

......

United

States

448,864

$

442,355

g

LaserShip,

Inc.,

First

Lien,

CME

Term

Loan,

D

,

PIK,

5.763 %

,

(3-month

SOFR

+

1.5 %),

8/10/29

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

United

States

248,661

71,228

WWEX

Uni

Topco

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

7/26/28

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

United

States

371,144

370,934

1,453,989

a

a

a

a

a

a

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
k

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

1/15/31

.........

United

States

596,192

600,664

k

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
Charlotte

Buyer,

Inc.,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.298 %

,

(1-month

SOFR

+

4.25 %),

2/11/28

.........

United

States

620,630

619,740

f

Dermatology

Intermediate

Holdings

III,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.09 %

,

(3-month

SOFR

+

4.25 %),

3/26/29

......

United

States

311,695

295,200

Medical

Solutions

Holdings,

Inc.,

First

Lien,

CME

Term

Loan

,

7.44 %

,

(3-month

SOFR

+

3.5 %),

11/01/28

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

United

States

640,121

204,839

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan

,

6.537 %

,

(1-month

SOFR

+

2.5 %),

3/17/31

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

United

States

402,746

404,018

f

Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.553 %

,

(12-month

SOFR

+

4.5 %),

4/16/32

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

United

States

250,000

223,750

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

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

United

States

345,632

347,073

Surgery

Center

Holdings,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

12/19/30

.....

United

States

57,776

57,994

US

Anesthesia

Partners,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.499 %

,

(1-month

SOFR

+

4.25 %),

10/02/28

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

United

States

474,782

475,845

2,628,459

a

a

a

a

a

a

#### Health

#### Care

#### Technology

#### 0.0%

#### †
f,k

Cotiviti,

Inc.,

First

Lien,

New

CME

Term

Loan,

B

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

5/01/31

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

United

States

311,713

301,063

k

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.1%
Caesars

Entertainment,

Inc.,

First

Lien,

2023

Incremental

CME

Term

Loan,

B

,

6.215 %

,

(1-month

SOFR

+

2.25 %),

2/06/30

...

United

States

301,055

299,582

Dave

&

Buster's,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

7.25 %

,

(1-month

SOFR

+

3.25 %),

6/29/29

........

United

States

321,443

296,239

Entain

Holdings

Gibraltar

Ltd.,

First

Lien,

CME

Term

Loan,

B

,

6.252 %

,

(3-month

SOFR

+

2.25 %),

10/31/29

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

United

Kingdom

247,500

247,907

Flynn

Restaurant

Group

LP,

First

Lien,

2025

CME

Term

Loan

,

7.715 %

,

(1-month

SOFR

+

3.75 %),

1/28/32

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

United

States

640,638

643,892

Golden

State

Foods

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

12/04/31

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

United

States

209,751

210,807

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.753 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

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

Canada

522,990

521,356

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

6.934 %

,

(3-month

SOFR

+

%),

4/04/29

...

United

States

494,443

489,251

Whatabrands

LLC,

First

Lien,

2024-2

Refinancing

CME

Term

Loan.

B

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

8/03/28

........

United

States

623,255

625,339

3,334,373

a

a

a

a

a

a

k

#### Household

#### Durables

#### 0.1%
AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.129 %

,

(1-month

SOFR

+

%),

7/31/28

..........

United

States

496,072

497,714

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Household

#### Durables
(continued)

Bingo

Holdings

I

LLC,

First

Lien,

CME

Term

Loan

,

8.752 %

,

(3-month

SOFR

+

4.75 %),

6/11/32

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

United

States

500,000

$

495,832

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

1/16/32

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

Netherlands

504,484

506,510

1,500,056

a

a

a

a

a

a

#### Household

#### Products

#### 0.0%

#### †
f,k

Lavender

Dutch

BorrowerCo

BV,

First

Lien,

CME

Term

Loan,

B

,

7.009 %

,

(12-month

SOFR

+

3.25 %),

9/27/32

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

Netherlands

204,255

204,638

k

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%

#### †
Calpine

Construction

Finance

Co.

LP,

First

Lien,

Refinancing

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

7/19/30

...

United

States

300,000

300,611

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan

,

5.715 %

,

(1-month

SOFR

+

1.75 %),

1/31/31

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

United

States

498,747

498,884

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

CME

Term

Loan,

B

,

6.733 %

,

(3-month

SOFR

+

2.5 %),

12/11/31

...

United

States

133,520

133,896

933,391

a

a

a

a

a

a

k

#### Insurance

#### 0.1%
Acrisure

LLC,

First

Lien,

2025

Refinancing

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

6/21/32

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

United

States

291,241

291,940

Acrisure

LLC,

First

Lien,

CME

Term

Loan,

B6

,

7.163 %

,

(1-month

SOFR

+

%),

11/06/30

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

United

States

281,001

281,177

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B10

,

8.065 %

,

(1-month

SOFR

+

%),

8/21/28

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

United

States

237,140

237,733

Asurion

LLC,

First

Lien,

New

CME

Term

Loan,

B11

,

8.327 %

,

(1-month

SOFR

+

4.25 %),

8/21/28

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

United

States

86,521

86,914

Asurion

LLC,

Second

Lien,

New

CME

Term

Loan,

B4

,

9.329 %

,

(1-month

SOFR

+

5.25 %),

1/19/29

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

United

States

125,693

120,185

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

6/16/31

.......

United

States

741,536

744,102

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

7/31/31

..

United

States

430,131

430,520

2,192,571

a

a

a

a

a

a

k

#### IT

#### Services

#### 0.1%
Kaseya,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

3/22/32

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

United

States

746,250

747,104

MH

Sub

I

LLC

(Micro

Holding

Corp.),

First

Lien,

CME

Term

Loan

,

8.252 %

,

(3-month

SOFR

+

4.25 %),

5/03/28

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

United

States

150,551

137,304

MH

Sub

I

LLC,

First

Lien,

2024

December

New

CME

Term

Loan

,

8.215 %

,

(1-month

SOFR

+

4.25 %),

12/31/31

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

United

States

101,900

82,386

966,794

a

a

a

a

a

a

k

#### Machinery

#### 0.0%

#### †
CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.634 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

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

United

States

338,722

338,086

Tiger

Acquisition

LLC,

First

Lien,

Refinancing

Initial

CME

Term

Loan

,

6.502 %

,

(1-month

SOFR

+

2.5 %),

8/23/32

..........

United

States

103,906

104,361

442,447

a

a

a

a

a

a

k

#### Media

#### 0.1%
f

Advantage

Sales

&

Marketing,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

8.446 %

,

(3-month

SOFR

+

4.25 %),

10/28/27

..........

United

States

299,096

264,679

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

k

#### Media
(continued)

Cengage

Learning,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.631 %

,

(1-month

SOFR

+

3.5%;

3-month

SOFR

+

3.5%),

3/24/31

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

United

States

493,769

$

488,061

Wasserman

Media

Group

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.991 %

,

(1-month

SOFR

+

%),

6/23/32

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

United

States

257,143

258,750

1,011,490

a

a

a

a

a

a

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.0%

#### †
k

Starwood

Property

Mortgage

LLC,

First

Lien,

CME

Term

Loan,

B5

,

5.965 %

,

(1-month

SOFR

+

%),

1/02/30

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

United

States

248,128

248,128

k

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.1%
Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.565 %

,

(1-month

SOFR

+

3.5 %),

11/09/29

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

United

States

448,846

448,916

EPIC

Crude

Services

LP,

First

Lien,

CME

Term

Loan

,

6.34 %

,

(3-month

SOFR

+

2.5 %),

10/15/31

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

United

States

433,881

436,478

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

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

United

States

520,146

523,506

1,408,900

a

a

a

a

a

a

k

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.134 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

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

United

States

292,537

293,203

AS

Mileage

Plan

IP

Ltd.,

First

Lien,

Initial

CME

Term

Loan

,

5.634 %

,

(3-month

SOFR

+

1.75 %),

10/15/31

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

United

States

423,680

425,799

United

Airlines,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.196 %

,

(3-month

SOFR

+

%),

2/24/31

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

United

States

262,825

263,881

982,883

a

a

a

a

a

a

#### Pharmaceuticals

#### 0.0%

#### †
f,k

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.365 %

,

(3-month

SOFR

+

2.5 %),

12/04/31

.....

United

States

250,000

250,122

k

#### Professional

#### Services

#### 0.0%

#### †
Maximus,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.965 %

,

(1-month

SOFR

+

%),

5/30/31

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

United

States

279,692

280,975

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.794 %

,

(6-month

SOFR

+

3.75 %),

7/18/31

.........

United

States

253,859

234,502

515,477

a

a

a

a

a

a

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
f,k

Altar

Bidco,

Inc.,

First

Lien,

CME

Term

Loan

,

6.783 %

,

(12-month

SOFR

+

3.1 %),

2/01/29

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

United

States

498,711

492,228

#### Software

#### 0.1%
k

Adeia,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B6

,

6.465 %

,

(1-month

SOFR

+

2.5 %),

6/08/28

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

United

States

598,553

602,294

k

Central

Parent

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

7/06/29

.........

United

States

768,242

634,929

k

Clover

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.829 %

,

(1-month

SOFR

+

3.75 %),

12/09/31

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

United

States

147,714

147,898

k

ConnectWise

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.763 %

,

(3-month

SOFR

+

3.5 %),

9/29/28

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

United

States

280,449

281,199

f,k

Dawn

Bidco

LLC,

First

Lien,

CME

Term

Loan

,

6.759 %

,

(12-month

SOFR

+

%),

10/07/32

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

United

States

500,000

498,928

k

KnowBe4,

Inc.,

First

Lien,

CME

Term

Loan

,

7.59 %

,

(3-month

SOFR

+

3.75 %),

7/23/32

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

United

States

281,250

281,250

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

j

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Software
(continued)

k

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.965 %

,

(1-month

SOFR

+

%),

3/01/29

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

United

States

384,423

$

366,001

l

Ping

Identity

Holding

Corp.,

First

Lien,

CME

Term

Loan

,

TBD,

9/29/32

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

United

States

118,483

118,706

b,e

WorkCapital

BSD

SARL,

Term

Loan

,

6.5 %

,

1/01/38

..........

Luxembourg

20,000,000

—

2,931,205

a

a

a

a

a

a

k

#### Specialty

#### Retail

#### 0.2%
Evergreen

Acqco

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.026 %

,

(3-month

SOFR

+

%),

9/17/32

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

United

States

419,612

420,504

g

GNC

Holdings,

Inc.,

Second

Lien,

CME

Term

Loan

,

PIK,

10.263 %

,

(1-month

SOFR

+

%),

10/07/26

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

United

States

3,025,172

2,117,620

Great

Outdoors

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

1/23/32

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

United

States

441,677

442,229

RealTruck

Group,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.028 %

,

(1-month

SOFR

+

3.75 %),

1/31/28

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

United

States

616,808

543,562

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.215 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

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

United

States

521,349

523,218

4,047,133

a

a

a

a

a

a

k

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.796 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

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

United

States

367,824

329,662

Hanesbrands,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.715 %

,

(1-month

SOFR

+

2.75 %),

3/08/32

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

United

States

573,493

576,361

906,023

a

a

a

a

a

a

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
k

Herc

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.106 %

,

(1-month

SOFR

+

%),

6/02/32

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

United

States

464,164

467,016

#### Water

#### Utilities

#### 0.0%

#### †
k

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.884 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

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

United

States

124,304

124,848

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 74,545,186

####)
........................

#### 51,014,930
m

#### Marketplace

#### Loans

#### 0.3%
b

#### Financial

#### Services

#### 0.3%
a

a

a

a

a

a

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $

#### 14,632,103

####)
..................................

#### 7,671,511

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 2.6%
d

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

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

Poland

1,140,000

1,192,596

d

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

1,660,000

EUR

1,792,214

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

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

Brazil

2,730,000

2,624,622

Senior

Bond

,

%

,

10/20/33

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

Brazil

720,000

738,000

d

Bulgaria

Government

Bond

,

Senior

Note

,

Reg

S,

3.625 %

,

9/05/32

Bulgaria

1,230,000

EUR

1,469,265

Chile

Government

Bond

,

Senior

Bond

,

5.65 %

,

1/13/37

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

Chile

1,060,000

1,124,872

Senior

Note

,

4.85 %

,

1/22/29

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

Chile

1,070,000

1,095,573

Colombia

Government

Bond

,

Senior

Bond

,

3.125 %

,

4/15/31

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

Colombia

2,200,000

1,935,120

Senior

Bond

,

%

,

11/14/35

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

Colombia

1,000,000

1,092,500

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

d

Comision

Federal

de

Electricidad

,

Senior

Bond

,

144A,

3.348 %

,

2/09/31

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

Mexico

2,000,000

$

1,805,699

d

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

Reg

S,

3.75 %

,

1/15/31

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

Chile

1,570,000

1,508,232

d

Dominican

Republic

Government

Bond

,

Senior

Bond

,

144A,

6.95 %

,

3/15/37

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

Dominican

Republic

1,430,000

1,527,454

Senior

Bond

,

Reg

S,

5.95 %

,

1/25/27

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

Dominican

Republic

1,520,000

1,544,016

d

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

1,100,000

1,118,865

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

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

Colombia

800,000

718,136

d

Electricite

de

France

SA

,

Senior

Note

,

144A,

5.7 %

,

5/23/28

....

France

1,700,000

1,755,742

d

Guatemala

Government

Bond

,

Senior

Note

,

144A,

7.05 %

,

10/04/32

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

Guatemala

2,740,000

3,036,263

d

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

1,680,000

1,719,214

d

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

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

Indonesia

2,840,000

2,853,269

d

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

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

Ivory

Coast

2,050,000

1,999,036

d

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

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

Kazakhstan

1,890,000

1,870,403

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

2,560,000

2,294,528

Panama

Government

Bond

,

Senior

Note

,

7.5 %

,

3/01/31

......

Panama

2,050,000

2,274,475

d

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

4/28/31

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

Paraguay

2,960,000

3,008,426

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

3,680,000

3,410,624

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

830,000

829,807

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

2,240,000

2,387,736

d

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

1,690,000

1,648,140

d

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625 %

,

2/22/36

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

Romania

1,450,000

EUR

1,648,651

Senior

Note

,

Reg

S,

%

,

2/27/27

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

Romania

2,290,000

2,249,285

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

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

South

Africa

1,470,000

1,488,335

Senior

Bond

,

5.875 %

,

4/20/32

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

South

Africa

1,530,000

1,578,490

d

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

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

Azerbaijan

1,500,000

1,516,461

Turkiye

Government

Bond

,

Senior

Bond

,

5.95 %

,

1/15/31

......

Turkiye

2,260,000

2,263,086

Uruguay

Government

Bond

,

Senior

Bond

,

4.375 %

,

1/23/31

....

Uruguay

4,000,000

4,050,400

d

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

6.9 %

,

2/28/32

Uzbekistan

1,400,000

1,521,043

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 64,406,652

####)
............

#### 66,690,578

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 16.2%
FFCB

,

2.1 %,

2/25/36

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

United

States

7,700,000

6,193,631

U.S.

Treasury

Bonds

,

4.125 %,

8/15/44

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

United

States

18,500,000

17,321,347

2.5 %,

5/15/46

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

United

States

21,000,000

14,935,430

2.875 %,

5/15/49

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

United

States

18,400,000

13,564,969

4.25 %,

8/15/54

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

United

States

134,700,000

125,639,321

4.75 %,

8/15/55

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

United

States

1,105,000

1,120,194

U.S.

Treasury

Notes

,

%,

2/15/26

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

United

States

23,000,000

23,005,934

2.375 %,

4/30/26

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

United

States

100,000

99,303

3.625 %,

5/15/26

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

United

States

3,500,000

3,496,662

4.375 %,

8/15/26

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

United

States

12,100,000

12,156,289

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities
(continued)

U.S.

Treasury

Notes,

(continued)

1.875 %,

2/28/27

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

United

States

48,200,000

$

47,094,789

3.875 %,

11/30/27

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

United

States

43,700,000

43,946,666

2.875 %,

5/15/28

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

United

States

37,000,000

36,364,785

4.5 %,

5/31/29

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

United

States

43,800,000

45,058,395

4.375 %,

11/30/30

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

United

States

24,000,000

24,718,594

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 416,731,422

####)
..............

#### 414,716,309

#### Asset-Backed

#### Securities

#### 8.0%

#### Financial

#### Services

#### 8.0%
d

,k

Angel

Oak

Mortgage

Trust

,

2025-HB1

,

A1

,

144A,

FRN

,

5.983 %

,

(30-day

SOFR

Average

+

1.8 %),

2/25/55

.

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

United

States

1,443,702

1,454,245

d

,k

Apidos

CLO

XXXIV

,

2020-34A

,

A1R

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.412 %),

1/20/35

.

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

United

States

5,210,000

5,216,454

d

,k

Ares

LXV

CLO

Ltd.

,

2022-65A

,

A1R

,

144A,

FRN

,

4.978 %

,

(3-month

SOFR

+

1.12 %),

7/25/34

.

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

United

States

9,900,000

9,900,000

d

,k

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.007 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

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

United

States

5,200,000

5,204,923

d

,k

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

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

United

States

4,132,000

4,136,893

d

,k

BlueMountain

CLO

XXXI

Ltd.

,

2021-31A

,

A1R

,

144A,

FRN

,

5.246 %

,

(3-month

SOFR

+

1.1 %),

4/19/34

.

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

United

States

12,470,000

12,482,900

d

BRAVO

Residential

Funding

Trust

,

2024-CES1

,

A1A

,

144A,

6.377 %

,

4/25/54

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

United

States

3,014,072

3,055,112

k

2025-HE1

,

A1

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

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

United

States

3,157,000

3,159,360

d

,k

Carlyle

Global

Market

Strategies

CLO

Ltd.

,

2014-2RA

,

B

,

144A,

FRN

,

6.298 %

,

(3-month

SOFR

+

2.087 %),

5/15/31

.

........

United

States

580,000

581,466

d

,k

CIFC

Funding

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.316 %

,

(3-month

SOFR

+

1.412 %),

7/15/36

.

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

United

States

6,090,000

6,097,579

d

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022 %

,

8/25/49

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

United

States

1,191,000

1,197,530

2025-1A

,

A1

,

144A,

5.316 %

,

5/25/50

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

United

States

1,279,000

1,299,991

f

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

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

United

States

5,504,000

5,522,950

d

,n

Consumer

Loan

Underlying

Bond

Certificate

Issuer

Trust

I

,

2019-52

,

PT

,

144A,

FRN

,

16.268 %

,

1/15/45

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

United

States

4,377

2,175

2020-2

,

PT

,

144A,

FRN

,

16.26 %

,

3/15/45

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

United

States

2,347

2,049

2020-7

,

PT

,

144A,

FRN

,

16.119 %

,

4/17/45

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

United

States

1,318

1,084

d

,k

Dryden

CLO

Ltd.

,

2017-53A

,

AR

,

144A,

FRN

,

4.905 %

,

(3-month

SOFR

+

%),

1/15/31

.

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

United

States

5,147,592

5,151,635

d

,k

Dryden

CLO

Ltd.

,

2019-75A

,

AR3

,

144A,

FRN

,

4.913 %

,

(3-month

SOFR

+

1.04 %),

4/14/34

.

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

United

States

12,600,000

12,602,375

d

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

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

United

States

2,215,044

2,219,879

n

2025-HE4

,

A

,

144A,

FRN

,

5.408 %

,

7/25/55

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

United

States

5,369,607

5,400,302

n

2025-HE5

,

A

,

144A,

FRN

,

5.285 %

,

8/25/55

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

United

States

1,567,714

1,575,359

d

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2

,

A1

,

144A,

5.18 %

,

9/25/55

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

United

States

2,437,157

2,440,320

k

2025-HE1

,

A1

,

144A,

FRN

,

5.733 %

,

(30-day

SOFR

Average

+

1.55 %),

10/25/55

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

United

States

3,528,370

3,540,770

d

Home

Partners

of

America

Trust

,

2021-2

,

B

,

144A,

2.302 %

,

12/17/26

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

United

States

11,868,960

11,560,592

2021-3

,

B

,

144A,

2.649 %

,

1/17/41

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

United

States

4,278,937

4,017,052

d

,n

J.P.

Morgan

Mortgage

Trust

,

2025-CES2

,

A1

,

144A,

FRN

,

5.592 %

,

6/25/55

.

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

United

States

3,331,330

3,355,482

d

,k

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

5.655 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

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

Jersey

3,800,000

3,812,696

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

d

,k

LCM

Ltd.

,

34A

,

A1R

,

144A,

FRN

,

5.064 %

,

(3-month

SOFR

+

1.18 %),

10/20/34

.

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

United

States

10,900,000

$

10,902,725

d

,k

LCM

XVII

LP

,

17A

,

BRR

,

144A,

FRN

,

5.766 %

,

(3-month

SOFR

+

1.862 %),

10/15/31

.

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

United

States

4,590,000

4,606,791

d

,k

Madison

Park

Funding

XLVIII

Ltd.

,

2021-48A

,

A

,

144A,

FRN

,

5.296 %

,

(3-month

SOFR

+

1.412 %),

4/19/33

.

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

United

States

7,847,390

7,853,619

d

,k

MidOcean

Credit

CLO

XVIII

LLC

,

2025-18A

,

A1

,

144A,

FRN

,

5.488 %

,

(3-month

SOFR

+

1.17 %),

10/18/35

.

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

United

States

10,000,000

9,997,810

d

,k

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-50A

,

AR

,

144A,

FRN

,

5.11 %

,

(3-month

SOFR

+

1.25 %),

7/23/36

.

.....

Jersey

1,820,000

1,820,906

d

,k

Octagon

Investment

Partners

Ltd.

,

2018-1A

,

A1

,

144A,

FRN

,

5.136 %

,

(3-month

SOFR

+

1.232 %),

4/15/31

.

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

United

States

1,262,818

1,263,463

d

,k

Octagon

Investment

Partners

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.15 %),

4/15/35

.

.........

United

States

7,180,000

7,186,103

d

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

1,280,000

1,284,449

d

,k

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

5.104 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

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

United

States

10,000,000

10,012,211

d

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

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

United

States

3,713,482

3,712,769

d

,k

Venture

CLO

Ltd.

,

2022-45A

,

A1R

,

144A,

FRN

,

5.154 %

,

(3-month

SOFR

+

1.27 %),

7/20/35

.

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

Jersey

13,000,000

13,017,355

d

,k

Voya

CLO

Ltd.

,

2013-2A

,

A2AR

,

144A,

FRN

,

5.52 %

,

(3-month

SOFR

+

1.662 %),

4/25/31

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

United

States

2,200,000

2,204,638

2013-2A

,

BR

,

144A,

FRN

,

5.97 %

,

(3-month

SOFR

+

2.112 %),

4/25/31

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

United

States

5,770,000

5,794,509

2016-1A

,

BR

,

144A,

FRN

,

5.946 %

,

(3-month

SOFR

+

2.062 %),

1/20/31

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

United

States

590,000

591,129

2019-3A

,

AR

,

144A,

FRN

,

5.223 %

,

(3-month

SOFR

+

1.342 %),

10/17/32

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

United

States

1,936,960

1,938,364

d

,k

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

5.1 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

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

United

States

6,500,000

6,507,934

203,685,948

a

a

a

a

a

a

#### Passenger

#### Airlines

#### 0.0%

#### †
United

Airlines

Pass-Through

Trust

,

2020-1

,

B

,

4.875 %

,

7/15/27

.

United

States

274,950

275,014

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 204,184,492

####)
............................

#### 203,960,962

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.3%

#### Financial

#### Services

#### 4.3%
n

,o

BANK

,

2020-BN26

,

XA

,

IO,

FRN

,

1.19 %

,

3/15/63

...........

United

States

26,606,472

1,022,992

n

,o

BANK5

Trust

,

d

2025-5YR13

,

XA

,

IO,

144A,

FRN

,

1.062 %

,

1/15/58

.........

United

States

49,399,775

1,987,610

2025-5YR14

,

XA

,

IO,

FRN

,

0.984 %

,

4/15/58

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

United

States

50,159,333

1,950,917

n

,o

BBCMS

Mortgage

Trust

,

2024-5C31

,

XA

,

IO,

FRN

,

1.061 %

,

12/15/57

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

United

States

38,517,222

1,473,149

2025-5C33

,

XA

,

IO,

FRN

,

0.818 %

,

3/15/58

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

United

States

53,572,868

1,654,555

Benchmark

Mortgage

Trust

,

2019-B13

,

A2

,

2.889 %

,

8/15/57

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

United

States

5,285,807

5,097,183

n,o

2020-B20

,

XA

,

IO,

FRN

,

1.523 %

,

10/15/53

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

United

States

36,906,717

1,879,785

n,o

2020-B22

,

XA

,

IO,

FRN

,

1.496 %

,

1/15/54

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

United

States

26,372,630

1,630,451

n,o

2024-V12

,

XA

,

IO,

FRN

,

0.847 %

,

12/15/57

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

United

States

51,023,024

1,576,382

n,o

2025-V13

,

XA

,

IO,

FRN

,

0.914 %

,

2/15/58

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

United

States

46,939,000

1,477,865

n,o

2025-V14

,

XA

,

IO,

FRN

,

0.768 %

,

4/15/57

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

United

States

78,357,838

2,344,827

n

,o

BMO

Mortgage

Trust

,

2024-5C8

,

XA

,

IO,

FRN

,

1.021 %

,

12/15/57

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

United

States

47,156,957

1,731,702

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

n,o

BMO

Mortgage

Trust,

(continued)

2025-5C9

,

XA

,

IO,

FRN

,

0.707 %

,

4/15/58

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

United

States

73,095,495

$

2,021,003

d

,k

BX

Commercial

Mortgage

Trust

,

2021-VOLT

,

A

,

144A,

FRN

,

4.847 %

,

(1-month

SOFR

+

0.814 %),

9/15/36

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

United

States

2,402,694

2,401,675

2021-VOLT

,

B

,

144A,

FRN

,

5.097 %

,

(1-month

SOFR

+

1.064 %),

9/15/36

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

United

States

3,768,741

3,767,323

2022-LP2

,

A

,

144A,

FRN

,

5.045 %

,

(1-month

SOFR

+

1.013 %),

2/15/39

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

United

States

2,312,732

2,311,196

CFCRE

Commercial

Mortgage

Trust

,

2016-C6

,

B

,

3.804 %

,

11/10/49

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

United

States

3,371,000

3,147,395

2016-C7

,

A3

,

3.839 %

,

12/10/54

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

United

States

2,540,000

2,516,098

Citigroup

Commercial

Mortgage

Trust

,

2016-P4

,

A2

,

2.45 %

,

7/10/49

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

United

States

1,618,597

1,609,398

n

COMM

Mortgage

Trust

,

d

2014-LC15

,

D

,

144A,

FRN

,

4.761 %

,

4/10/47

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

United

States

2,629,814

2,587,722

2015-CR26

,

B

,

FRN

,

4.391 %

,

10/10/48

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

United

States

2,642,150

2,610,345

2015-LC19

,

C

,

FRN

,

4.064 %

,

2/10/48

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

United

States

1,258,769

1,215,905

CSAIL

Commercial

Mortgage

Trust

,

2015-C3

,

A4

,

3.718 %

,

8/15/48

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

United

States

79,735

79,557

n,o

2021-C20

,

XA

,

IO,

FRN

,

0.988 %

,

3/15/54

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

United

States

39,402,679

1,543,600

d

,f

,n

CSTL

Commercial

Mortgage

Trust

,

2025-GATE2

,

A

,

144A,

FRN

,

4.59 %

,

11/10/42

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

United

States

3,860,000

3,864,825

GS

Mortgage

Securities

Trust

,

d,n

2013-GC13

,

AS

,

144A,

FRN

,

3.874 %

,

7/10/46

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

United

States

1,096,826

1,083,558

2016-GS2

,

A4

,

3.05 %

,

5/10/49

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

United

States

1,150,000

1,143,780

2016-GS3

,

A3

,

2.592 %

,

10/10/49

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

United

States

6,453,781

6,393,293

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2016-JP3

,

AS

,

3.144 %

,

8/15/49

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

United

States

3,990,000

3,878,754

n

2016-JP3

,

B

,

FRN

,

3.397 %

,

8/15/49

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

United

States

1,368,000

1,274,623

JPMBB

Commercial

Mortgage

Securities

Trust

,

2016-C1

,

A5

,

3.576 %

,

3/17/49

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

United

States

3,761,000

3,750,764

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

n

2013-C10

,

B

,

FRN

,

3.953 %

,

7/15/46

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

United

States

3,247,801

3,085,441

n

2013-C10

,

C

,

FRN

,

3.953 %

,

7/15/46

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

United

States

4,935,000

4,560,130

n

2013-C9

,

B

,

FRN

,

3.708 %

,

5/15/46

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

United

States

3,101,713

3,009,086

n

2013-C9

,

C

,

FRN

,

3.709 %

,

5/15/46

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

United

States

3,888,000

3,617,764

n

2015-C26

,

B

,

FRN

,

4.09 %

,

10/15/48

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

United

States

3,676,000

3,652,559

2015-C27

,

AS

,

4.068 %

,

12/15/47

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

United

States

1,118,441

1,111,707

n,o

2025-5C1

,

XA

,

IO,

FRN

,

1.156 %

,

3/15/58

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

United

States

39,343,014

1,739,221

f

2025-5C2

,

AS

,

5.384 %

,

11/15/30

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

United

States

4,968,000

5,101,652

n

,o

Morgan

Stanley

Capital

I

Trust

,

2021-L5

,

XA

,

IO,

FRN

,

1.262 %

,

5/15/54

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

United

States

37,033,250

1,644,899

d

,f

,n

NYC

Commercial

Mortgage

Trust

,

2025-28L

,

A

,

144A,

FRN

,

4.668 %

,

11/05/38

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

United

States

4,200,000

4,199,663

n

Wells

Fargo

Commercial

Mortgage

Trust

,

2016-C32

,

B

,

FRN

,

4.682 %

,

1/15/59

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

United

States

1,698,000

1,669,786

o

2025-5C3

,

XA

,

IO,

FRN

,

0.818 %

,

1/15/58

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

United

States

41,964,548

1,284,850

n

WFRBS

Commercial

Mortgage

Trust

,

2014-C21

,

B

,

FRN

,

4.213 %

,

8/15/47

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

United

States

2,328,532

2,279,639

2014-C23

,

B

,

FRN

,

4.279 %

,

10/15/57

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

United

States

1,881,000

1,826,135

109,810,764

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 109,197,656

####)
.............

#### 109,810,764
Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities

#### 32.2%
p

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Adjustable

#### Rate

#### 0.0%

#### †
FHLMC

,

6.473 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

1/01/33

United

States

6,934

$

7,076

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 4.0%
FHLMC

Gold

Pool,

Year

,

%,

5/01/27

-

5/01/30

...........

United

States

43,310

43,725

FHLMC

Gold

Pool,

Year

,

4.5 %,

10/01/40

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

United

States

30,991

31,199

FHLMC

Gold

Pool,

Year

,

%,

3/01/34

-

2/01/38

...........

United

States

159,684

163,496

FHLMC

Gold

Pool,

Year

,

5.5 %,

6/01/33

-

6/01/36

.........

United

States

276,937

287,375

FHLMC

Gold

Pool,

Year

,

%,

6/01/33

-

6/01/37

...........

United

States

125,304

130,700

FHLMC

Gold

Pool,

Year

,

6.5 %,

11/01/27

-

6/01/36

........

United

States

25,328

26,736

FHLMC

Gold

Pool,

Year

,

%,

8/01/32

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

United

States

1,191

1,246

FHLMC

Gold

Pool,

Year

,

7.5 %,

1/01/31

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

United

States

1,052

1,092

FHLMC

Pool,

Year

,

%,

3/01/52

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

United

States

31,207,166

25,456,421

FHLMC

Pool,

Year

,

%,

6/01/52

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

United

States

32,410,056

30,917,181

FHLMC

Pool,

Year

,

4.5 %,

8/01/52

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

United

States

22,071,657

21,529,063

FHLMC

Pool,

Year

,

5.5 %,

11/01/52

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

United

States

22,645,947

23,021,074

101,609,308

p

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Adjustable

#### Rate

#### 0.0%

#### †
FNMA

,

6.31 %,

(1-year

CMT

T-Note

+/-

MBS

Margin),

12/01/34

.

United

States

25,468

26,132

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 19.0%
FNMA,

Year

,

2.5 %,

7/01/27

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

United

States

17,576

17,350

FNMA,

Year

,

4.5 %,

3/01/28

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

United

States

3,348

3,341

FNMA,

Year

,

%,

1/01/26

-

6/01/31

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

United

States

66,527

67,101

FNMA,

Year

,

%,

4/01/52

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

United

States

95,325,480

77,757,762

FNMA,

Year

,

%,

9/01/48

-

9/01/51

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

United

States

13,487,524

12,139,707

FNMA,

Year

,

3.5 %,

8/01/52

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

United

States

31,182,979

29,007,799

FNMA,

Year

,

%,

2/01/49

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

United

States

6,701,999

6,519,580

FNMA,

Year

,

4.5 %,

2/01/41

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

United

States

98,297

98,891

FNMA,

Year

,

%,

10/01/35

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

United

States

204,384

209,660

FNMA,

Year

,

%,

4/01/53

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

United

States

21,685,567

21,685,549

FNMA,

Year

,

5.5 %,

9/01/33

-

12/01/35

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

United

States

302,681

312,463

FNMA,

Year

,

%,

6/01/34

-

5/01/38

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

United

States

556,691

577,212

FNMA,

Year

,

%,

8/01/53

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

United

States

20,456,830

20,976,506

FNMA,

Year

,

6.5 %,

3/01/28

-

10/01/37

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

United

States

85,031

89,290

FNMA,

Year

,

7.5 %,

10/01/29

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

United

States

1,141

1,174

q

Uniform

Mortgage-Backed

Securities

,

1.5 %

,

TBA,

11/25/55

....

United

States

15,910,000

12,289,938

q

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

7,099,000

5,758,824

q

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

11/25/55

....

United

States

110,861,000

94,140,829

q

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

63,901,000

56,632,261

q

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

11/25/55

....

United

States

9,189,000

8,473,135

q

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

21,750,000

20,639,485

q

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

39,050,000

38,859,489

q

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

11/25/55

....

United

States

50,590,000

51,118,813

q

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

11/25/55

.....

United

States

29,040,000

29,699,592

487,075,751

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 9.2%
GNMA

I,

Single-family,

Year

,

%,

6/15/34

-

7/15/34

........

United

States

25,249

25,561

GNMA

I,

Single-family,

Year

,

5.5 %,

2/15/33

-

6/15/36

......

United

States

127,041

129,287

GNMA

I,

Single-family,

Year

,

%,

8/15/36

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

United

States

5,455

5,673

GNMA

I,

Single-family,

Year

,

7.5 %,

5/15/27

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

United

States

q

GNMA

II,

Single-family,

Year

,

%,

11/15/55

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

United

States

34,310,000

28,545,833

q

GNMA

II,

Single-family,

Year

,

2.5 %,

11/15/55

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

United

States

14,570,000

12,613,853

q

GNMA

II,

Single-family,

Year

,

3.5 %,

11/15/55

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

United

States

19,960,000

18,274,033

q

GNMA

II,

Single-family,

Year

,

4.5 %,

11/15/55

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

United

States

23,000,000

22,451,306

GNMA

II,

Single-family,

Year

,

%,

9/20/33

-

11/20/33

.......

United

States

51,597

52,415

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

q

GNMA

II,

Single-family,

Year

,

%,

11/15/55

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

United

States

18,439,000

$

18,385,114

GNMA

II,

Single-family,

Year

,

5.5 %,

6/20/34

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

United

States

27,592

28,504

q

GNMA

II,

Single-family,

Year

,

5.5 %,

11/15/55

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

United

States

27,833,000

28,066,878

GNMA

II,

Single-family,

Year

,

%,

11/20/34

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

United

States

30,758

32,502

q

GNMA

II,

Single-family,

Year

,

%,

11/15/55

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

United

States

81,518,000

82,973,742

GNMA

II,

Single-family,

Year

,

6.5 %,

7/20/28

-

12/20/31

.....

United

States

15,212

15,862

q

GNMA

II,

Single-family,

Year

,

6.5 %,

11/15/55

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

United

States

23,635,000

24,370,964

GNMA

II,

Single-family,

Year

,

7.5 %,

4/20/32

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

United

States

4,334

4,427

235,976,039

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 819,661,580

####)
.........................

#### 824,694,306

#### Residential

#### Mortgage-Backed

#### Securities

#### 3.0%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
d

,k

Bellemeade

Re

Ltd.

,

2021-3A

,

B1

,

144A,

FRN

,

8.033 %

,

(30-day

SOFR

Average

+

3.85 %),

9/25/31

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

United

States

2,675,000

2,768,831

#### Financial

#### Services

#### 2.9%
d

BRAVO

Residential

Funding

Trust

,

n

2019-2

,

A3

,

144A,

FRN

,

3.5 %

,

10/25/44

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

United

States

1,910,709

1,837,071

2023-NQM6

,

A1

,

144A,

6.602 %

,

9/25/63

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

United

States

940,743

949,421

2024-NQM3

,

A1

,

144A,

6.191 %

,

3/25/64

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

United

States

928,225

938,215

d

,k

Chase

Home

Lending

Mortgage

Trust

,

2025-3

,

A11

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

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

United

States

2,217,513

2,219,949

2025-7

,

A11

,

144A,

FRN

,

5.583 %

,

(30-day

SOFR

Average

+

1.4 %),

5/25/56

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

United

States

2,018,794

2,025,843

d

,n

CIM

Trust

,

2019-INV1

,

A1

,

144A,

FRN

,

%

,

2/25/49

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

United

States

422,066

405,464

2019-INV2

,

A3

,

144A,

FRN

,

%

,

5/25/49

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

United

States

1,179,763

1,119,599

d

,k

Citigroup

Mortgage

Loan

Trust

,

2025-4

,

A28

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

10/25/55

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

United

States

1,980,317

1,981,493

d

,n

COLT

Mortgage

Loan

Trust

,

2022-4

,

A1

,

144A,

FRN

,

4.301 %

,

3/25/67

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

United

States

2,738,947

2,731,326

d

Cross

Mortgage

Trust

,

2024-H1

,

A1

,

144A,

6.085 %

,

12/25/68

..

United

States

742,814

749,353

d

,k

FHLMC

STACR

REMIC

Trust

,

2025-DNA1

,

A1

,

144A,

FRN

,

5.133 %

,

(30-day

SOFR

Average

+

0.95 %),

1/25/45

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

United

States

2,233,125

2,236,391

2025-DNA3

,

M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

9/25/45

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

United

States

4,359,055

4,364,591

k

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01

,

1M2

,

FRN

,

11.047 %

,

(30-day

SOFR

Average

+

6.864 %),

8/25/28

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

United

States

291,166

296,112

d

2025-R01

,

1M1

,

144A,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

1/25/45

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

United

States

1,740,222

1,742,862

d

2025-R02

,

1A1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

2/25/45

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

United

States

1,211,367

1,214,295

d

2025-R03

,

2A1

,

144A,

FRN

,

5.633 %

,

(30-day

SOFR

Average

+

1.45 %),

3/25/45

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

United

States

1,793,601

1,806,193

d

2025-R04

,

1A1

,

144A,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

5/25/45

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

United

States

1,608,865

1,612,296

d

,k

GS

Mortgage-Backed

Securities

Trust

,

2025-PJ8

,

A27

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/56

.....

United

States

973,996

974,457

d

HOMES

Trust

,

2024-NQM1

,

A1

,

144A,

5.915 %

,

7/25/69

......

United

States

656,450

662,518

d

Imperial

Fund

Mortgage

Trust

,

2023-NQM1

,

A1

,

144A,

5.941 %

,

2/25/68

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

United

States

1,908,358

1,907,812

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

d

J.P.

Morgan

Mortgage

Trust

,

n

2021-15

,

A4

,

144A,

FRN

,

2.5 %

,

6/25/52

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

United

States

3,257,948

$

2,917,868

2024-CES1

,

A1A

,

144A,

5.919 %

,

6/25/54

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

United

States

1,163,925

1,172,433

d

,n

LHOME

Mortgage

Trust

,

2025-RTL2

,

A1

,

144A,

FRN

,

5.612 %

,

4/25/40

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

United

States

897,000

903,538

d

,n

Mill

City

Mortgage

Loan

Trust

,

2018-4

,

A1B

,

144A,

FRN

,

3.5 %

,

4/25/66

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

United

States

3,750,055

3,688,713

d

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-NQM1

,

A1

,

144A,

6.152 %

,

12/25/68

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

United

States

2,104,695

2,123,956

d

OBX

Trust

,

n

2021-J3

,

A4

,

144A,

FRN

,

2.5 %

,

10/25/51

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

United

States

924,527

830,389

2023-NQM7

,

A1

,

144A,

6.844 %

,

4/25/63

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

United

States

1,878,943

1,903,927

2024-NQM2

,

A1

,

144A,

5.878 %

,

12/25/63

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

United

States

1,214,025

1,223,381

2024-NQM3

,

A1

,

144A,

6.129 %

,

12/25/63

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

United

States

1,507,118

1,523,717

2024-NQM8

,

A1

,

144A,

6.233 %

,

5/25/64

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

United

States

2,492,730

2,525,102

k

2025-J2

,

AF

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

9/25/55

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

United

States

3,987,380

3,989,568

d

,n

Onity

Loan

Investment

Trust

,

2025-HB1

,

A

,

144A,

FRN

,

%

,

6/25/38

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

United

States

1,742,889

1,704,877

d

,k

PMT

Loan

Trust

,

2025-J2

,

A11

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

8/25/56

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

United

States

647,600

649,319

d

,n

Provident

Funding

Associates

LLP

,

2021-J1

,

A3

,

144A,

FRN

,

2.5 %

,

2/20/49

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

United

States

1,490,407

1,332,365

d

,n

Provident

Funding

Mortgage

Trust

,

2019-1

,

A2

,

144A,

FRN

,

%

,

12/25/49

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

United

States

1,281,364

1,112,298

d

,n

PSMC

Trust

,

2021-3

,

A3

,

144A,

FRN

,

2.5 %

,

8/25/51

.........

United

States

8,260,770

7,481,547

d

,k

Radian

Mortgage

Capital

Trust

,

2025-J3

,

A25

,

144A,

FRN

,

5.683 %

,

(30-day

SOFR

Average

+

1.5 %),

12/25/55

........

United

States

2,792,176

2,800,841

d

,k

Sequoia

Mortgage

Trust

,

2025-8

,

A26F

,

144A,

FRN

,

5.583 %

,

(30-

day

SOFR

Average

+

1.4 %),

9/25/55

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

United

States

2,113,173

2,115,492

d

Verus

Securitization

Trust

,

2023-6

,

A1

,

144A,

6.665 %

,

9/25/68

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

United

States

471,096

476,319

2024-4

,

A1

,

144A,

6.218 %

,

6/25/69

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

United

States

1,563,664

1,586,157

73,837,068

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 78,507,310

####)
...............

#### 76,605,899

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.1%

#### Financial

#### Services

#### 4.1%
o

FHLMC

,

4988

,

LI

,

IO,

%

,

7/25/50

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

United

States

26,674,537

6,347,038

5052

,

KI

,

IO,

%

,

12/25/50

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

United

States

20,214,590

4,014,700

5070

,

HI

,

IO,

3.5 %

,

2/25/51

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

United

States

30,470,860

5,844,222

5125

,

IL

,

IO,

4.5 %

,

11/15/47

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

United

States

23,680,068

5,012,876

5147

,

NI

,

IO,

%

,

10/25/46

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

United

States

69,299,190

9,911,295

5164

,

IC

,

IO,

%

,

11/25/51

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

United

States

23,756,755

5,055,528

5206

,

IV

,

IO,

%

,

1/25/50

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

United

States

32,720,321

5,401,219

5365

,

IO,

2.5 %

,

7/25/51

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

United

States

48,088,825

7,744,624

5529

,

EI

,

IO,

4.5 %

,

11/25/51

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

United

States

19,857,208

4,401,652

k

FNMA

,

2024-105

,

KF

,

FRN

,

5.183 %

,

(30-day

SOFR

Average

+

%),

1/25/55

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

United

States

10,768,408

10,803,887

2024-87

,

FB

,

FRN

,

5.283 %

,

(30-day

SOFR

Average

+

1.1 %),

12/25/54

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

United

States

10,417,340

10,448,915

o

GNMA

,

2019-137

,

PI

,

IO,

3.5 %

,

11/20/49

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

United

States

30,387,237

5,847,902

2022-78

,

IO,

%

,

8/20/51

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

United

States

24,147,465

4,105,728

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

o

GNMA,

(continued)

2023-168

,

IE

,

IO,

%

,

11/20/51

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

United

States

35,369,511

$

5,831,446

2023-40

,

CI

,

IO,

%

,

10/20/50

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

United

States

21,953,741

2,245,688

2024-79

,

IN

,

IO,

%

,

11/20/51

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

United

States

22,837,709

4,948,064

2025-25

,

IG

,

IO,

4.5 %

,

12/20/52

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

United

States

11,740,796

2,383,958

2025-5

,

IO,

3.5 %

,

4/20/51

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

United

States

27,801,115

5,427,984

105,776,726

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 105,765,099

####)
......

#### 105,776,726

#### Shares
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

K2016470219

South

Africa

Ltd.,

Escrow

Account

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

South

Africa

620,001

9,428

a

Mesquite

Energy,

Inc.,

Escrow

Account

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

United

States

6,000,000

30,300

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### 5,707,489

####)
.........................

#### 39,728

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 3,031,554,730

####)
...........................

#### 2,977,257,938

#### a

#### Short

#### Term

#### Investments

#### 5.5%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 5.5%
r,s

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

140,654,287

140,654,287

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 140,654,287

####)
...............................

#### 140,654,287
t

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.0%

#### †

#### Money

#### Market

#### Funds

#### 0.0%

#### †
r,s

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

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

United

States

531,000

531,000

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 531,000

####)
...........................................................

#### 531,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 141,185,287

####)
.............................

#### 141,185,287

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 3,172,740,017

####)
121.9 #### %
..............................

#### $3,118,443,225

#### Other

#### Assets,

#### less

#### Liabilities

#### (21.9 ####)

#### %
........................................

#### (560,279,880)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,558,163,345

#### a
Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

See

Note

regarding

restricted

securities.

d

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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$858,274,265,

representing

33.6%

of

net

assets.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(e).

i

The

rate

shown

represents

the

yield

at

period

end.

j

See

Note

1(h)

regarding

senior

floating

rate

interests.

k

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

l

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

m

See

Note

1(i)

regarding

Marketplace

Lending.

See

full

breakdown

of

marketplace

loans

holdings

in

the

table

at

the

end

of

this

schedule.

n

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

o

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

p

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

q

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(c).

r

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

s

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

t

See

Note

1(e)

regarding

securities

on

loan.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025,

the

Fund

had

the

following

marketplace

loans

outstanding.

See

Note

1(i).

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans

#### -

#### 0.3%
Block,

Inc.

a,b

7846633. SQ.FTS.B,

4.75%,

11/30/25

....

$

5,174

$

a,b

7848953. SQ.FTS.B,

5.723%,

11/30/25

...

16,191

a

7847801. SQ.FTS.B,

5.905%,

11/30/25

...

a

7844476. SQ.FTS.B,

6.476%,

11/30/25

...

3,665

2,681

a

7850420. SQ.FTS.B,

5.91%,

12/01/25

....

2,069

1,294

a

7851585. SQ.FTS.B,

5.915%,

12/02/25

...

1,148

551

a

7856432. SQ.FTS.B,

4.776%,

12/03/25

...

2,936

1,890

a

7855676. SQ.FTS.B,

6.164%,

12/03/25

...

2,038

1,565

a,b

7854215. SQ.FTS.B,

6.167%,

12/03/25

...

1,540

a,b

7858606. SQ.FTS.B,

5.094%,

12/04/25

...

11,300

a,b

7858486. SQ.FTS.B,

5.954%,

12/04/25

...

814

a

7869186. SQ.FTS.B,

4.772%,

12/06/25

...

1,421

924

a

7866671. SQ.FTS.B,

5.093%,

12/06/25

...

2,304

1,446

a,b

7867381. SQ.FTS.B,

6.163%,

12/06/25

...

10,339

a,b

7869657. SQ.FTS.B,

6.168%,

12/06/25

...

1,298

a

7872677. SQ.FTS.B,

5.094%,

12/07/25

...

15,240

10,028

a,b

7874634. SQ.FTS.B,

5.103%,

12/08/25

...

972

a,b

7874816. SQ.FTS.B,

5.921%,

12/08/25

...

1,137

517

a

7875298. SQ.FTS.B,

6.287%,

12/09/25

...

2,494

1,506

a,b

7876499. SQ.FTS.B,

4.762%,

12/10/25

...

600

a

7876109. SQ.FTS.B,

5.344%,

12/10/25

...

1,093

878

a,b

7883146. SQ.FTS.B,

4.747%,

12/11/25

...

7,837

a

7882617. SQ.FTS.B,

4.781%,

12/11/25

...

1,115

1,002

a

7881492. SQ.FTS.B,

5.451%,

12/11/25

...

507

a

7882947. SQ.FTS.B,

5.91%,

12/11/25

....

2,944

1,610

a,b

7880155. SQ.FTS.B,

6.164%,

12/11/25

...

1,351

a,b

7886840. SQ.FTS.B,

4.747%,

12/12/25

...

511

a

7883810. SQ.FTS.B,

4.78%,

12/12/25

....

3,158

2,362

a

7886682. SQ.FTS.B,

5.347%,

12/12/25

...

a

7885173. SQ.FTS.B,

5.433%,

12/12/25

...

636

a

7886251. SQ.FTS.B,

5.912%,

12/12/25

...

11,473

5,422

a

7885639. SQ.FTS.B,

6.163%,

12/12/25

...

4,182

3,332

a,b

7889998. SQ.FTS.B,

4.78%,

12/13/25

....

4,101

a

7890338. SQ.FTS.B,

5.094%,

12/13/25

...

687

588

a

7892128. SQ.FTS.B,

5.912%,

12/13/25

...

a

7894731. SQ.FTS.B,

5.101%,

12/14/25

...

a

7894822. SQ.FTS.B,

5.912%,

12/14/25

...

2,092

1,480

a,b

7895307. SQ.FTS.B,

6.289%,

12/14/25

...

20,016

a,b

7898689. SQ.FTS.B,

5.346%,

12/15/25

...

8,085

5,815

a

7898977. SQ.FTS.B,

5.914%,

12/15/25

...

2,006

1,274

a,b

7899279. SQ.FTS.B,

6.156%,

12/15/25

...

1,617

a,b

7900211. SQ.FTS.B,

4.745%,

12/16/25

...

1,260

a

7899843. SQ.FTS.B,

5.914%,

12/16/25

...

1,109

679

a

7901133. SQ.FTS.B,

4.78%,

12/17/25

....

2,134

1,649

a

7901651. SQ.FTS.B,

4.78%,

12/17/25

....

1,538

1,239

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

7902820. SQ.FTS.B,

5.344%,

12/17/25

...

$

609

$

a

7910935. SQ.FTS.B,

4.782%,

12/19/25

...

896

839

a,b

7910537. SQ.FTS.B,

5.346%,

12/19/25

...

16,066

a

7913838. SQ.FTS.B,

4.759%,

12/20/25

...

a,b

7914153. SQ.FTS.B,

5.348%,

12/20/25

...

5,956

a

7914015. SQ.FTS.B,

5.536%,

12/20/25

...

a,b

7913994. SQ.FTS.B,

6.177%,

12/20/25

...

1,646

a,b

7915978. SQ.FTS.B,

5.094%,

12/21/25

...

36,680

842

a

7919163. SQ.FTS.B,

5.102%,

12/22/25

...

1,612

941

a,b

7919471. SQ.FTS.B,

5.912%,

12/22/25

...

5,680

a

7921307. SQ.FTS.B,

4.78%,

12/24/25

....

550

a

7923129. SQ.FTS.B,

4.781%,

12/24/25

...

7,405

5,198

a

7924602. SQ.FTS.B,

4.779%,

12/25/25

...

a,b

7926597. SQ.FTS.B,

5.911%,

12/25/25

...

3,105

a

7930175. SQ.FTS.B,

5.105%,

12/26/25

...

1,301

894

a

7931961. SQ.FTS.B,

5.439%,

12/26/25

...

5,349

2,586

a,b

7929420. SQ.FTS.B,

6.281%,

12/26/25

...

2,513

a

7935066. SQ.FTS.B,

4.725%,

12/27/25

...

a,b

7935729. SQ.FTS.B,

6.153%,

12/27/25

...

1,923

a,b

7939914. SQ.FTS.B,

5.534%,

12/28/25

...

7,671

4,877

a,b

7942180. SQ.FTS.B,

4.757%,

12/29/25

...

2,229

695

a,b

7942057. SQ.FTS.B,

5.904%,

12/29/25

...

3,066

a,b

7944955. SQ.FTS.B,

5.093%,

1/01/26

....

24,782

516

a

7950936. SQ.FTS.B,

5.347%,

1/02/26

....

6,771

4,756

a,b

7951446. SQ.FTS.B,

5.719%,

1/02/26

....

3,188

a,b

7950515. SQ.FTS.B,

5.911%,

1/02/26

....

1,304

a

7951188. SQ.FTS.B,

6.289%,

1/02/26

....

a

7955230. SQ.FTS.B,

4.776%,

1/03/26

....

1,126

1,035

a

7960559. SQ.FTS.B,

5.912%,

1/05/26

....

2,569

1,565

a,b

7962505. SQ.FTS.B,

6.163%,

1/05/26

....

20,002

5,957

a

7963762. SQ.FTS.B,

5.346%,

1/06/26

....

8,008

4,734

a,b

7964764. SQ.FTS.B,

4.759%,

1/07/26

....

1,606

a,b

7968350. SQ.FTS.B,

4.746%,

1/08/26

....

1,919

a

7966471. SQ.FTS.B,

4.78%,

1/08/26

.....

a

7965591. SQ.FTS.B,

5.535%,

1/08/26

....

2,566

1,937

a

7967330. SQ.FTS.B,

6.172%,

1/08/26

....

1,332

927

a,b

7971372. SQ.FTS.B,

4.748%,

1/09/26

....

1,085

a

7969237. SQ.FTS.B,

5.097%,

1/09/26

....

703

642

a

7970839. SQ.FTS.B,

5.718%,

1/09/26

....

2,717

1,758

a

7970501. SQ.FTS.B,

5.912%,

1/09/26

....

2,363

1,323

a

7971333. SQ.FTS.B,

6.472%,

1/09/26

....

a,b

7978500. SQ.FTS.B,

4.766%,

1/11/26

....

776

a,b

7977115. SQ.FTS.B,

5.436%,

1/11/26

....

1,089

a

7980752. SQ.FTS.B,

5.912%,

1/11/26

....

681

a

7980032. SQ.FTS.B,

6.174%,

1/11/26

....

675

517

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7983953. SQ.FTS.B,

5.723%,

1/12/26

....

$

7,377

$

5,082

a

7984687. SQ.FTS.B,

4.721%,

1/13/26

....

a,b

7984842. SQ.FTS.B,

4.741%,

1/13/26

....

3,159

a,b

7984169. SQ.FTS.B,

6.164%,

1/13/26

....

24,072

583

a

7988566. SQ.FTS.B,

4.779%,

1/15/26

....

1,204

1,130

a

7987316. SQ.FTS.B,

5.093%,

1/15/26

....

9,983

7,058

a

7986712. SQ.FTS.B,

6.165%,

1/15/26

....

2,345

908

a

7991634. SQ.FTS.B,

4.779%,

1/16/26

....

2,046

1,953

a,b

7990281. SQ.FTS.B,

6.165%,

1/16/26

....

9,974

a

7994628. SQ.FTS.B,

4.78%,

1/17/26

.....

2,810

2,078

a,b

7993294. SQ.FTS.B,

6.151%,

1/17/26

....

1,119

a,b

8000517. SQ.FTS.B,

6.284%,

1/17/26

....

1,021

a

7997671. SQ.FTS.B,

6.289%,

1/17/26

....

714

534

a

8003744. SQ.FTS.B,

5.522%,

1/18/26

....

963

a,b

8004096. SQ.FTS.B,

6.163%,

1/18/26

....

67,437

938

a,b

8008266. SQ.FTS.B,

4.722%,

1/19/26

....

a,b

8008601. SQ.FTS.B,

4.78%,

1/19/26

.....

6,115

a

8009685. SQ.FTS.B,

5.346%,

1/19/26

....

1,126

573

a

8008734. SQ.FTS.B,

5.535%,

1/19/26

....

4,467

2,026

a

8010484. SQ.FTS.B,

5.91%,

1/20/26

.....

a,b

8010295. SQ.FTS.B,

5.911%,

1/20/26

....

13,906

a

8010141. SQ.FTS.B,

6.174%,

1/20/26

....

a

8010733. SQ.FTS.B,

4.759%,

1/21/26

....

679

a

8010866. SQ.FTS.B,

5.547%,

1/21/26

....

670

a

8014533. SQ.FTS.B,

5.347%,

1/22/26

....

1,935

1,685

a

8012825. SQ.FTS.B,

5.906%,

1/22/26

....

785

a

8015166. SQ.FTS.B,

6.158%,

1/22/26

....

890

542

a

8016674. SQ.FTS.B,

4.775%,

1/23/26

....

a

8016257. SQ.FTS.B,

5.095%,

1/23/26

....

3,439

2,646

a

8016630. SQ.FTS.B,

6.465%,

1/23/26

....

a,b

8016541. SQ.FTS.B,

6.477%,

1/23/26

....

4,399

a,b

8021419. SQ.FTS.B,

4.759%,

1/24/26

....

1,975

a

8021596. SQ.FTS.B,

5.093%,

1/24/26

....

2,023

1,446

a

8021477. SQ.FTS.B,

6.142%,

1/24/26

....

611

a

8020017. SQ.FTS.B,

6.148%,

1/24/26

....

a,b

8020710. SQ.FTS.B,

6.162%,

1/24/26

....

5,242

2,865

a,b

8021730. SQ.FTS.B,

6.478%,

1/24/26

....

10,299

a

8025631. SQ.FTS.B,

4.717%,

1/25/26

....

a,b

8025995. SQ.FTS.B,

5.422%,

1/25/26

....

943

a

8027367. SQ.FTS.B,

6.164%,

1/25/26

....

a

8031599. SQ.FTS.B,

5.346%,

1/27/26

....

1,251

1,016

a,b

8031473. SQ.FTS.B,

5.445%,

1/27/26

....

3,422

a

8031468. SQ.FTS.B,

5.503%,

1/27/26

....

a

8032057. SQ.FTS.B,

5.912%,

1/27/26

....

952

790

a

8035724. SQ.FTS.B,

5.724%,

1/29/26

....

851

685

a

8040547. SQ.FTS.B,

5.351%,

1/30/26

....

1,714

1,367

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8038659. SQ.FTS.B,

5.535%,

1/30/26

....

$

604

$

514

a

8037317. SQ.FTS.B,

6.165%,

1/30/26

....

1,493

1,204

a

8048220. SQ.FTS.B,

4.78%,

2/01/26

.....

774

624

a

8050429. SQ.FTS.B,

4.78%,

2/01/26

.....

1,024

774

a,b

8051888. SQ.FTS.B,

4.744%,

2/02/26

....

1,531

a,b

8052271. SQ.FTS.B,

6.163%,

2/02/26

....

669

a,b

8050565. SQ.FTS.B,

6.164%,

2/02/26

....

6,532

a

8054476. SQ.FTS.B,

5.094%,

2/03/26

....

1,447

1,343

a

8055348. SQ.FTS.B,

5.535%,

2/04/26

....

15,473

11,455

a

8057849. SQ.FTS.B,

4.78%,

2/05/26

.....

5,372

4,910

a,b

8056576. SQ.FTS.B,

6.477%,

2/05/26

....

669

a

8066050. SQ.FTS.B,

5.534%,

2/07/26

....

1,754

1,421

a

8072491. SQ.FTS.B,

4.78%,

2/08/26

.....

11,802

7,992

a

8070664. SQ.FTS.B,

4.803%,

2/08/26

....

662

a

8071458. SQ.FTS.B,

5.433%,

2/08/26

....

a

8070315. SQ.FTS.B,

5.902%,

2/08/26

....

815

565

a

8070499. SQ.FTS.B,

6.289%,

2/08/26

....

846

a

8074535. SQ.FTS.B,

4.78%,

2/09/26

.....

22,532

17,742

a

8074449. SQ.FTS.B,

5.916%,

2/09/26

....

820

694

a,b

8073409. SQ.FTS.B,

6.296%,

2/09/26

....

1,109

a,b

8076636. SQ.FTS.B,

4.776%,

2/10/26

....

547

a

8076022. SQ.FTS.B,

4.78%,

2/10/26

.....

6,932

4,447

a

8076650. SQ.FTS.B,

5.094%,

2/10/26

....

6,170

5,190

a

8080348. SQ.FTS.B,

4.78%,

2/12/26

.....

7,299

6,903

a

8083196. SQ.FTS.B,

5.347%,

2/13/26

....

5,807

3,895

a

8083106. SQ.FTS.B,

5.35%,

2/13/26

.....

1,681

1,152

a

8085601. SQ.FTS.B,

4.782%,

2/14/26

....

7,484

5,577

a,b

8085032. SQ.FTS.B,

6.48%,

2/14/26

.....

9,808

a

8091464. SQ.FTS.B,

5.092%,

2/15/26

....

3,613

3,248

a

8094844. SQ.FTS.B,

6.189%,

2/16/26

....

a

8097211. SQ.FTS.B,

5.909%,

2/17/26

....

2,164

1,290

a

8098680. SQ.FTS.B,

5.095%,

2/18/26

....

11,619

7,695

a

8098527. SQ.FTS.B,

5.72%,

2/18/26

.....

2,177

1,708

a

8100592. SQ.FTS.B,

5.912%,

2/19/26

....

13,464

8,733

a

8101779. SQ.FTS.B,

5.912%,

2/19/26

....

3,656

3,311

a

8099364. SQ.FTS.B,

5.917%,

2/19/26

....

1,454

1,224

a,b

8104579. SQ.FTS.B,

6.474%,

2/20/26

....

2,671

a,b

8113190. SQ.FTS.B,

6.543%,

2/22/26

....

2,143

a

8117071. SQ.FTS.B,

5.667%,

2/23/26

....

a

8117156. SQ.FTS.B,

6.152%,

2/23/26

....

12,866

10,446

a

8119065. SQ.FTS.B,

6.155%,

2/24/26

....

3,842

2,013

a

8119612. SQ.FTS.B,

5.102%,

2/25/26

....

949

869

a

8122481. SQ.FTS.B,

4.78%,

2/26/26

.....

15,292

12,098

a

8122041. SQ.FTS.B,

6.427%,

2/26/26

....

532

a,b

8125247. SQ.FTS.B,

4.749%,

2/27/26

....

2,612

a

8124889. SQ.FTS.B,

4.778%,

2/27/26

....

866

851

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

8124817. SQ.FTS.B,

5.644%,

2/27/26

....

$

1,528

$

a

8137603. SQ.FTS.B,

4.782%,

2/28/26

....

4,628

3,794

a

8137228. SQ.FTS.B,

5.668%,

2/28/26

....

1,631

1,225

a

8139332. SQ.FTS.B,

6.318%,

2/28/26

....

a

8139400. SQ.FTS.B,

6.423%,

2/28/26

....

564

a

8143641. SQ.FTS.B,

5.905%,

3/01/26

....

922

753

a

8144631. SQ.FTS.B,

4.779%,

3/02/26

....

819

805

a

8147240. SQ.FTS.B,

4.783%,

3/03/26

....

1,813

1,643

a

8152425. SQ.FTS.B,

6.667%,

3/04/26

....

546

a,b

8155930. SQ.FTS.B,

5.114%,

3/05/26

....

1,954

1,665

a

8158885. SQ.FTS.B,

5.92%,

3/05/26

.....

1,277

727

a

8162974. SQ.FTS.B,

5.679%,

3/07/26

....

a

8162440. SQ.FTS.B,

6.421%,

3/07/26

....

6,964

3,138

a,b

8163826. SQ.FTS.B,

6.4%,

3/08/26

......

682

a,b

8165084. SQ.FTS.B,

5.41%,

3/09/26

.....

11,638

a

8166378. SQ.FTS.B,

6.148%,

3/09/26

....

1,020

799

a,b

8164934. SQ.FTS.B,

6.159%,

3/09/26

....

1,203

a,b

8165043. SQ.FTS.B,

6.348%,

3/09/26

....

1,261

539

a

8166162. SQ.FTS.B,

6.412%,

3/09/26

....

611

a

8167762. SQ.FTS.B,

5.105%,

3/10/26

....

650

544

a

8170828. SQ.FTS.B,

5.66%,

3/10/26

.....

a

8180242. SQ.FTS.B,

4.775%,

3/12/26

....

760

744

a

8177398. SQ.FTS.B,

4.779%,

3/12/26

....

8,027

6,986

a

8178539. SQ.FTS.B,

4.78%,

3/12/26

.....

9,322

4,245

a

8177307. SQ.FTS.B,

5.104%,

3/12/26

....

865

772

a

8180951. SQ.FTS.B,

4.78%,

3/13/26

.....

790

773

a,b

8181148. SQ.FTS.B,

5.628%,

3/13/26

....

3,454

a

8180916. SQ.FTS.B,

6.346%,

3/13/26

....

897

a

8185295. SQ.FTS.B,

5.101%,

3/15/26

....

650

a

8185861. SQ.FTS.B,

6.336%,

3/15/26

....

1,056

a,b

8187056. SQ.FTS.B,

4.779%,

3/16/26

....

28,463

16,005

a

8186644. SQ.FTS.B,

4.78%,

3/16/26

.....

1,436

1,386

a

8192987. SQ.FTS.B,

4.785%,

3/17/26

....

a

8190366. SQ.FTS.B,

5.119%,

3/17/26

....

1,133

1,026

a

8190913. SQ.FTS.B,

5.418%,

3/17/26

....

626

577

a

8194976. SQ.FTS.B,

5.113%,

3/18/26

....

11,675

10,399

a,b

8193726. SQ.FTS.B,

5.114%,

3/18/26

....

14,703

a

8193577. SQ.FTS.B,

6.147%,

3/18/26

....

a

8202617. SQ.FTS.B,

6.423%,

3/19/26

....

1,263

1,087

a

8203009. SQ.FTS.B,

5.113%,

3/20/26

....

2,819

2,436

a

8203270. SQ.FTS.B,

5.413%,

3/20/26

....

2,732

1,871

a

8205825. SQ.FTS.B,

5.614%,

3/20/26

....

609

a

8205976. SQ.FTS.B,

5.912%,

3/20/26

....

3,845

2,578

a,b

8205369. SQ.FTS.B,

6.329%,

3/20/26

....

1,746

a

8205642. SQ.FTS.B,

6.42%,

3/20/26

.....

1,822

1,634

a,b

8204610. SQ.FTS.B,

6.682%,

3/20/26

....

2,461

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8206989. SQ.FTS.B,

6.551%,

3/21/26

....

$

2,400

$

913

a

8211626. SQ.FTS.B,

4.778%,

3/23/26

....

a

8210538. SQ.FTS.B,

4.96%,

3/23/26

.....

2,687

1,694

a

8209672. SQ.FTS.B,

5.41%,

3/23/26

.....

5,000

4,088

a,b

8209177. SQ.FTS.B,

6.148%,

3/23/26

....

4,860

a

8209660. SQ.FTS.B,

6.394%,

3/23/26

....

a

8211762. SQ.FTS.B,

4.78%,

3/24/26

.....

a

8213268. SQ.FTS.B,

4.958%,

3/24/26

....

3,152

1,019

a

8211919. SQ.FTS.B,

6.164%,

3/24/26

....

681

a

8215602. SQ.FTS.B,

4.784%,

3/25/26

....

1,065

509

a

8217705. SQ.FTS.B,

5.107%,

3/25/26

....

1,790

1,541

a

8216882. SQ.FTS.B,

5.66%,

3/25/26

.....

5,824

3,605

a,b

8216590. SQ.FTS.B,

6.314%,

3/25/26

....

1,287

a

8221773. SQ.FTS.B,

4.778%,

3/26/26

....

1,276

1,260

a

8223240. SQ.FTS.B,

6.146%,

3/26/26

....

801

612

a

8221997. SQ.FTS.B,

6.536%,

3/26/26

....

a

8226398. SQ.FTS.B,

5.627%,

3/27/26

....

760

a

8227883. SQ.FTS.B,

5.913%,

3/27/26

....

7,231

6,261

a

8228042. SQ.FTS.B,

4.779%,

3/28/26

....

12,193

7,826

a

8228286. SQ.FTS.B,

5.635%,

3/28/26

....

2,579

1,779

a

8231122. SQ.FTS.B,

5.409%,

3/30/26

....

a

8237680. SQ.FTS.B,

4.956%,

4/01/26

....

16,574

8,791

a

8239718. SQ.FTS.B,

4.924%,

4/02/26

....

a

8246946. SQ.FTS.B,

5.409%,

4/03/26

....

9,853

8,133

a

8247535. SQ.FTS.B,

6.552%,

4/03/26

....

1,830

628

a

8248806. SQ.FTS.B,

6.675%,

4/03/26

....

12,408

6,955

a

8249656. SQ.FTS.B,

4.778%,

4/04/26

....

1,858

1,836

a

8250977. SQ.FTS.B,

4.778%,

4/04/26

....

3,638

2,825

a

8250191. SQ.FTS.B,

6.334%,

4/04/26

....

515

a

8255354. SQ.FTS.B,

4.958%,

4/07/26

....

720

a

8255421. SQ.FTS.B,

5.41%,

4/07/26

.....

7,290

5,830

a

8256969. SQ.FTS.B,

6.673%,

4/07/26

....

910

831

a

8271679. SQ.FTS.B,

4.784%,

4/10/26

....

a

8271343. SQ.FTS.B,

5.902%,

4/10/26

....

772

624

a

8277202. SQ.FTS.B,

5.113%,

4/11/26

....

4,957

3,121

a

8276869. SQ.FTS.B,

5.114%,

4/11/26

....

9,066

7,967

a

8279483. SQ.FTS.B,

4.78%,

4/14/26

.....

1,211

1,194

a

8283179. SQ.FTS.B,

5.117%,

4/15/26

....

6,353

1,954

a

8281860. SQ.FTS.B,

5.408%,

4/15/26

....

3,762

2,832

a

8284829. SQ.FTS.B,

5.412%,

4/15/26

....

a

8284751. SQ.FTS.B,

5.63%,

4/15/26

.....

1,119

712

a

8284791. SQ.FTS.B,

5.66%,

4/15/26

.....

865

660

a

8283828. SQ.FTS.B,

6.324%,

4/15/26

....

1,942

868

a,b

8287641. SQ.FTS.B,

5.112%,

4/16/26

....

4,543

a,b

8287420. SQ.FTS.B,

5.909%,

4/16/26

....

2,138

a

8286678. SQ.FTS.B,

6.164%,

4/16/26

....

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

8288479. SQ.FTS.B,

6.326%,

4/16/26

....

$

5,431

$

a,b

8286845. SQ.FTS.B,

6.411%,

4/16/26

....

1,221

a

8287565. SQ.FTS.B,

6.414%,

4/16/26

....

1,035

907

a,b

8286690. SQ.FTS.B,

6.534%,

4/16/26

....

1,636

a

8298055. SQ.FTS.B,

4.78%,

4/18/26

.....

1,646

1,199

a

8296579. SQ.FTS.B,

5.66%,

4/18/26

.....

a

8298827. SQ.FTS.B,

5.41%,

4/19/26

.....

5,269

3,756

a

8299881. SQ.FTS.B,

4.782%,

4/20/26

....

4,768

4,379

a

8299830. SQ.FTS.B,

5.403%,

4/20/26

....

1,116

984

a

8299665. SQ.FTS.B,

6.663%,

4/20/26

....

588

a

8302044. SQ.FTS.B,

4.78%,

4/21/26

.....

530

526

a

8304334. SQ.FTS.B,

5.409%,

4/21/26

....

3,687

2,695

a,b

8301755. SQ.FTS.B,

6.326%,

4/21/26

....

4,584

a,b

8304151. SQ.FTS.B,

6.673%,

4/21/26

....

2,143

a

8304649. SQ.FTS.B,

6.325%,

4/22/26

....

2,391

1,856

a

8308031. SQ.FTS.B,

4.776%,

4/23/26

....

1,419

1,363

a

8308934. SQ.FTS.B,

4.779%,

4/23/26

....

2,606

2,589

a

8308182. SQ.FTS.B,

6.667%,

4/23/26

....

a

8316235. SQ.FTS.B,

5.113%,

4/24/26

....

6,417

6,118

a

8317207. SQ.FTS.B,

5.412%,

4/24/26

....

3,274

2,972

a

8318235. SQ.FTS.B,

5.646%,

4/25/26

....

1,663

695

a,b

8319657. SQ.FTS.B,

5.66%,

4/25/26

.....

16,368

a

8322385. SQ.FTS.B,

4.78%,

4/27/26

.....

1,792

1,517

a

8321877. SQ.FTS.B,

5.114%,

4/27/26

....

669

666

a

8322107. SQ.FTS.B,

6.54%,

4/27/26

.....

1,414

952

a

8325680. SQ.FTS.B,

4.78%,

4/28/26

.....

913

909

a

8323377. SQ.FTS.B,

6.552%,

4/28/26

....

3,171

2,027

a

8329109. SQ.FTS.B,

4.78%,

4/29/26

.....

5,786

5,707

a

8330511. SQ.FTS.B,

4.781%,

4/29/26

....

2,069

2,055

a

8329865. SQ.FTS.B,

5.114%,

4/29/26

....

15,547

13,899

a

8327713. SQ.FTS.B,

5.413%,

4/29/26

....

1,721

1,393

a

8332018. SQ.FTS.B,

4.78%,

4/30/26

.....

2,366

2,356

a

8337108. SQ.FTS.B,

4.78%,

4/30/26

.....

1,381

1,371

a

8332944. SQ.FTS.B,

4.781%,

4/30/26

....

a

8333141. SQ.FTS.B,

4.966%,

4/30/26

....

607

a

8336735. SQ.FTS.B,

5.113%,

4/30/26

....

1,175

1,152

a

8333158. SQ.FTS.B,

5.115%,

4/30/26

....

2,824

2,609

a

8334093. SQ.FTS.B,

5.635%,

4/30/26

....

8,384

5,770

a

8339406. SQ.FTS.B,

6.152%,

4/30/26

....

4,643

3,904

a,b

8339247. SQ.FTS.B,

6.673%,

4/30/26

....

8,515

a

8339395. SQ.FTS.B,

6.693%,

4/30/26

....

a

8340531. SQ.FTS.B,

5.409%,

5/01/26

....

28,004

19,055

a

8344402. SQ.FTS.B,

5.111%,

5/02/26

....

522

509

a,b

8344345. SQ.FTS.B,

6.329%,

5/02/26

....

3,111

812

a

8344398. SQ.FTS.B,

6.359%,

5/02/26

....

a

8345584. SQ.FTS.B,

6.415%,

5/03/26

....

1,907

1,233

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

8348402. SQ.FTS.B,

4.952%,

5/04/26

....

$

517

$

a

8347538. SQ.FTS.B,

5.115%,

5/04/26

....

3,317

2,713

a,b

8347967. SQ.FTS.B,

5.117%,

5/04/26

....

3,536

3,034

a

8348640. SQ.FTS.B,

5.66%,

5/04/26

.....

1,183

885

a,b

8349157. SQ.FTS.B,

6.327%,

5/04/26

....

5,772

a

8352758. SQ.FTS.B,

4.78%,

5/05/26

.....

63,915

46,250

a

8351752. SQ.FTS.B,

6.422%,

5/05/26

....

10,893

7,282

a

8350374. SQ.FTS.B,

6.554%,

5/05/26

....

a

8354113. SQ.FTS.B,

5.112%,

5/06/26

....

2,443

2,372

a

8355462. SQ.FTS.B,

5.409%,

5/06/26

....

15,547

14,794

a

8362642. SQ.FTS.B,

5.113%,

5/07/26

....

6,766

5,916

a

8362438. SQ.FTS.B,

5.121%,

5/07/26

....

662

653

a

8360828. SQ.FTS.B,

5.66%,

5/07/26

.....

11,866

6,860

a

8361678. SQ.FTS.B,

6.141%,

5/07/26

....

1,017

826

a

8361761. SQ.FTS.B,

6.152%,

5/07/26

....

3,748

2,570

a

8363676. SQ.FTS.B,

6.176%,

5/07/26

....

a

8362553. SQ.FTS.B,

6.315%,

5/07/26

....

a

8367859. SQ.FTS.B,

4.78%,

5/08/26

.....

2,964

1,235

a

8367817. SQ.FTS.B,

4.954%,

5/08/26

....

1,716

a

8368633. SQ.FTS.B,

5.675%,

5/09/26

....

810

538

a

8368496. SQ.FTS.B,

6.151%,

5/09/26

....

2,386

2,136

a,b

8370594. SQ.FTS.B,

5.615%,

5/11/26

....

a

8370406. SQ.FTS.B,

6.154%,

5/11/26

....

1,367

1,181

a

8370392. SQ.FTS.B,

6.301%,

5/11/26

....

a,b

8370612. SQ.FTS.B,

6.42%,

5/11/26

.....

4,659

a

8372949. SQ.FTS.B,

4.774%,

5/12/26

....

a

8373109. SQ.FTS.B,

5.402%,

5/12/26

....

771

712

a

8373458. SQ.FTS.B,

5.912%,

5/12/26

....

3,082

1,732

a,b

8373052. SQ.FTS.B,

6.141%,

5/12/26

....

2,470

a

8372657. SQ.FTS.B,

6.154%,

5/12/26

....

6,697

3,864

a,b

8373371. SQ.FTS.B,

6.321%,

5/12/26

....

3,913

a

8374700. SQ.FTS.B,

6.424%,

5/12/26

....

4,926

2,647

a,b

8376661. SQ.FTS.B,

4.956%,

5/13/26

....

1,560

a,b

8376230. SQ.FTS.B,

5.66%,

5/13/26

.....

4,232

a

8380787. SQ.FTS.B,

4.781%,

5/14/26

....

937

894

a,b

8381919. SQ.FTS.B,

4.965%,

5/14/26

....

1,506

a

8383275. SQ.FTS.B,

5.404%,

5/14/26

....

2,532

2,154

a,b

8382098. SQ.FTS.B,

6.149%,

5/14/26

....

8,174

a,b

8383353. SQ.FTS.B,

6.15%,

5/14/26

.....

37,881

a,b

8382493. SQ.FTS.B,

6.55%,

5/14/26

.....

10,128

a

8385298. SQ.FTS.B,

5.66%,

5/15/26

.....

1,247

1,192

a

8386241. SQ.FTS.B,

5.66%,

5/15/26

.....

940

931

a

8387911. SQ.FTS.B,

4.781%,

5/16/26

....

3,169

780

a

8388466. SQ.FTS.B,

5.125%,

5/16/26

....

1,177

966

a

8388312. SQ.FTS.B,

5.427%,

5/16/26

....

876

693

a

8389274. SQ.FTS.B,

4.779%,

5/17/26

....

4,117

4,066

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8388964. SQ.FTS.B,

6.176%,

5/17/26

....

$

$

a

8392372. SQ.FTS.B,

4.78%,

5/18/26

.....

3,862

2,701

a

8391872. SQ.FTS.B,

4.785%,

5/18/26

....

577

573

a

8391986. SQ.FTS.B,

5.112%,

5/18/26

....

5,055

3,956

a

8390042. SQ.FTS.B,

5.66%,

5/18/26

.....

2,235

1,390

a

8390639. SQ.FTS.B,

6.427%,

5/18/26

....

1,002

a,b

8396180. SQ.FTS.B,

4.959%,

5/19/26

....

1,271

a

8396115. SQ.FTS.B,

5.115%,

5/19/26

....

1,942

1,648

a

8395941. SQ.FTS.B,

6.146%,

5/19/26

....

2,330

1,808

a

8396223. SQ.FTS.B,

6.152%,

5/19/26

....

6,720

1,977

a,b

8398764. SQ.FTS.B,

5.66%,

5/20/26

.....

21,029

a

8400582. SQ.FTS.B,

6.14%,

5/20/26

.....

a

8405508. SQ.FTS.B,

5.91%,

5/21/26

.....

1,884

1,365

a

8406914. SQ.FTS.B,

6.547%,

5/21/26

....

9,140

5,628

a

8407557. SQ.FTS.B,

4.78%,

5/22/26

.....

5,772

5,467

a

8412573. SQ.FTS.B,

4.784%,

5/22/26

....

4,688

3,039

a,b

8408339. SQ.FTS.B,

6.551%,

5/22/26

....

5,451

a

8413600. SQ.FTS.B,

6.43%,

5/23/26

.....

a

8414293. SQ.FTS.B,

4.776%,

5/24/26

....

885

865

a

8414495. SQ.FTS.B,

4.781%,

5/24/26

....

5,338

3,959

a

8414477. SQ.FTS.B,

6.13%,

5/24/26

.....

a

8417488. SQ.FTS.B,

5.112%,

5/25/26

....

2,764

2,562

a,b

8418827. SQ.FTS.B,

5.409%,

5/25/26

....

63,980

913

a

8422610. SQ.FTS.B,

4.779%,

5/26/26

....

2,145

2,134

a

8422169. SQ.FTS.B,

5.663%,

5/26/26

....

7,339

4,975

a

8424605. SQ.FTS.B,

5.911%,

5/26/26

....

6,301

4,545

a

8423462. SQ.FTS.B,

5.912%,

5/26/26

....

1,460

1,370

a

8423665. SQ.FTS.B,

6.152%,

5/26/26

....

18,507

15,309

a

8430002. SQ.FTS.B,

4.781%,

5/27/26

....

a

8431917. SQ.FTS.B,

4.779%,

5/28/26

....

797

784

a

8432444. SQ.FTS.B,

4.78%,

5/28/26

.....

21,677

20,643

a

8431964. SQ.FTS.B,

4.781%,

5/28/26

....

541

536

a

8431777. SQ.FTS.B,

5.663%,

5/28/26

....

1,639

1,620

a

8431678. SQ.FTS.B,

6.153%,

5/28/26

....

2,247

2,001

a,b

8435782. SQ.FTS.B,

4.943%,

5/29/26

....

1,958

a

8436467. SQ.FTS.B,

4.962%,

5/29/26

....

1,022

a

8436849. SQ.FTS.B,

5.115%,

5/29/26

....

a

8435257. SQ.FTS.B,

5.917%,

5/29/26

....

1,718

1,518

a

8436507. SQ.FTS.B,

6.424%,

5/29/26

....

927

757

a

8437733. SQ.FTS.B,

4.78%,

5/30/26

.....

a

8437080. SQ.FTS.B,

5.112%,

5/30/26

....

3,267

3,192

a

8438834. SQ.FTS.B,

4.771%,

6/01/26

....

504

a

8438474. SQ.FTS.B,

5.132%,

6/01/26

....

a

8442089. SQ.FTS.B,

4.778%,

6/02/26

....

934

927

a

8440181. SQ.FTS.B,

5.639%,

6/02/26

....

1,832

905

a

8439564. SQ.FTS.B,

5.908%,

6/02/26

....

989

710

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8439931. SQ.FTS.B,

6.559%,

6/02/26

....

$

1,618

$

a

8444430. SQ.FTS.B,

5.666%,

6/03/26

....

1,547

1,476

a

8445955. SQ.FTS.B,

5.912%,

6/03/26

....

11,460

11,291

a,b

8445397. SQ.FTS.B,

6.325%,

6/03/26

....

12,637

a

8448998. SQ.FTS.B,

6.334%,

6/03/26

....

a

8444330. SQ.FTS.B,

6.674%,

6/03/26

....

a

8452856. SQ.FTS.B,

4.769%,

6/04/26

....

a

8451575. SQ.FTS.B,

5.409%,

6/04/26

....

20,874

17,925

a

8449646. SQ.FTS.B,

5.912%,

6/04/26

....

670

627

a

8449424. SQ.FTS.B,

6.419%,

6/04/26

....

1,507

1,038

a

8458102. SQ.FTS.B,

4.935%,

6/05/26

....

a,b

8458127. SQ.FTS.B,

5.114%,

6/05/26

....

19,354

a

8459618. SQ.FTS.B,

5.409%,

6/05/26

....

2,729

2,686

a

8457102. SQ.FTS.B,

6.428%,

6/05/26

....

4,197

2,317

a

8461445. SQ.FTS.B,

4.78%,

6/06/26

.....

10,912

10,460

a

8465101. SQ.FTS.B,

4.782%,

6/06/26

....

1,054

1,043

a

8463921. SQ.FTS.B,

4.948%,

6/06/26

....

1,044

679

a,b

8463484. SQ.FTS.B,

6.672%,

6/06/26

....

9,869

1,827

a

8467364. SQ.FTS.B,

6.549%,

6/08/26

....

1,423

1,355

a

8467646. SQ.FTS.B,

6.657%,

6/08/26

....

1,233

622

a

8470542. SQ.FTS.B,

5.114%,

6/09/26

....

10,911

8,131

a

8469043. SQ.FTS.B,

5.425%,

6/09/26

....

a,b

8471165. SQ.FTS.B,

5.635%,

6/09/26

....

18,441

a,b

8470455. SQ.FTS.B,

6.325%,

6/09/26

....

984

a

8470281. SQ.FTS.B,

6.419%,

6/09/26

....

4,030

3,606

a

8468131. SQ.FTS.B,

6.42%,

6/09/26

.....

5,895

4,467

a

8474537. SQ.FTS.B,

4.78%,

6/10/26

.....

8,202

7,884

a

8476347. SQ.FTS.B,

4.78%,

6/10/26

.....

2,050

2,017

a

8475672. SQ.FTS.B,

5.115%,

6/10/26

....

5,469

5,194

a

8476774. SQ.FTS.B,

6.326%,

6/10/26

....

711

a

8480123. SQ.FTS.B,

4.78%,

6/11/26

.....

825

814

a

8480803. SQ.FTS.B,

5.663%,

6/11/26

....

2,509

2,459

a

8480113. SQ.FTS.B,

6.533%,

6/11/26

....

626

a

8485153. SQ.FTS.B,

4.78%,

6/12/26

.....

1,378

1,246

a

8488004. SQ.FTS.B,

4.78%,

6/12/26

.....

a

8484092. SQ.FTS.B,

4.782%,

6/12/26

....

1,638

1,618

a

8485124. SQ.FTS.B,

4.953%,

6/12/26

....

655

544

a,b

8488063. SQ.FTS.B,

4.957%,

6/12/26

....

1,562

580

a

8488107. SQ.FTS.B,

5.409%,

6/12/26

....

635

630

a

8483299. SQ.FTS.B,

6.153%,

6/12/26

....

3,808

3,608

a,b

8485522. SQ.FTS.B,

6.42%,

6/12/26

.....

13,205

a

8485266. SQ.FTS.B,

6.548%,

6/12/26

....

721

694

a

8490498. SQ.FTS.B,

4.78%,

6/13/26

.....

1,726

1,679

a

8490622. SQ.FTS.B,

4.781%,

6/13/26

....

14,971

13,659

a

8489971. SQ.FTS.B,

5.113%,

6/13/26

....

4,379

3,972

a

8492312. SQ.FTS.B,

5.393%,

6/13/26

....

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8492444. SQ.FTS.B,

5.11%,

6/14/26

.....

$

2,403

$

2,297

a

8493423. SQ.FTS.B,

4.78%,

6/15/26

.....

11,604

11,346

a

8494017. SQ.FTS.B,

6.424%,

6/15/26

....

3,529

2,720

a

8497694. SQ.FTS.B,

5.11%,

6/16/26

.....

4,022

3,839

a

8495866. SQ.FTS.B,

5.409%,

6/16/26

....

3,735

3,599

a

8496689. SQ.FTS.B,

6.15%,

6/16/26

.....

3,037

1,931

a

8496182. SQ.FTS.B,

6.411%,

6/16/26

....

a

8502376. SQ.FTS.B,

6.104%,

6/17/26

....

1,123

1,084

a

8506309. SQ.FTS.B,

4.778%,

6/18/26

....

3,931

3,055

a

8503138. SQ.FTS.B,

6.415%,

6/18/26

....

1,828

1,232

a

8511726. SQ.FTS.B,

5.355%,

6/19/26

....

991

940

a

8511814. SQ.FTS.B,

5.406%,

6/19/26

....

1,572

1,538

a

8509415. SQ.FTS.B,

5.66%,

6/19/26

.....

3,946

3,923

a

8512865. SQ.FTS.B,

5.912%,

6/19/26

....

21,196

17,283

a

8513998. SQ.FTS.B,

4.779%,

6/20/26

....

8,593

8,417

a

8514930. SQ.FTS.B,

5.026%,

6/20/26

....

1,724

1,677

a

8517466. SQ.FTS.B,

6.668%,

6/20/26

....

726

546

a

8519368. SQ.FTS.B,

4.717%,

6/21/26

....

1,028

1,016

a

8519446. SQ.FTS.B,

4.718%,

6/21/26

....

2,584

2,554

a

8519228. SQ.FTS.B,

4.72%,

6/21/26

.....

3,279

3,214

a

8518810. SQ.FTS.B,

5.031%,

6/21/26

....

657

652

a

8520700. SQ.FTS.B,

4.709%,

6/22/26

....

1,082

1,062

a

8520777. SQ.FTS.B,

4.717%,

6/22/26

....

4,905

4,615

a

8520522. SQ.FTS.B,

6.114%,

6/22/26

....

838

657

a

8520316. SQ.FTS.B,

6.442%,

6/22/26

....

2,838

1,422

a

8520403. SQ.FTS.B,

6.448%,

6/22/26

....

2,494

1,936

a

8524499. SQ.FTS.B,

4.707%,

6/23/26

....

1,001

940

a,b

8523060. SQ.FTS.B,

4.979%,

6/23/26

....

1,036

a

8523506. SQ.FTS.B,

5.344%,

6/23/26

....

1,348

1,329

a

8521459. SQ.FTS.B,

5.346%,

6/23/26

....

7,459

7,294

a,b

8523082. SQ.FTS.B,

6.335%,

6/23/26

....

3,415

a

8522464. SQ.FTS.B,

6.446%,

6/23/26

....

8,871

7,618

a

8525273. SQ.FTS.B,

4.724%,

6/24/26

....

a

8525381. SQ.FTS.B,

4.776%,

6/24/26

....

4,278

3,587

a

8526175. SQ.FTS.B,

4.927%,

6/24/26

....

a

8528509. SQ.FTS.B,

5.031%,

6/24/26

....

2,600

2,544

a

8527075. SQ.FTS.B,

6.152%,

6/24/26

....

10,718

9,254

a

8530524. SQ.FTS.B,

6.102%,

6/25/26

....

a

8530766. SQ.FTS.B,

6.102%,

6/25/26

....

4,243

3,939

a,b

8530595. SQ.FTS.B,

6.289%,

6/25/26

....

11,746

a

8531342. SQ.FTS.B,

4.78%,

6/26/26

.....

6,168

6,070

a

8533570. SQ.FTS.B,

5.035%,

6/26/26

....

a

8533616. SQ.FTS.B,

5.338%,

6/26/26

....

1,653

1,277

a

8531192. SQ.FTS.B,

5.914%,

6/26/26

....

5,515

3,360

a

8534896. SQ.FTS.B,

6.101%,

6/26/26

....

16,249

15,663

a,b

8534044. SQ.FTS.B,

6.448%,

6/26/26

....

11,141

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8534876. SQ.FTS.B,

6.454%,

6/26/26

....

$

$

a

8535213. SQ.FTS.B,

6.101%,

6/27/26

....

2,658

2,532

a

8539477. SQ.FTS.B,

4.717%,

6/28/26

....

18,887

18,221

a

8539334. SQ.FTS.B,

4.78%,

6/28/26

.....

1,813

1,792

a

8539800. SQ.FTS.B,

5.031%,

6/28/26

....

1,620

1,596

a,b

8539874. SQ.FTS.B,

5.031%,

6/28/26

....

8,313

a

8540626. SQ.FTS.B,

4.715%,

6/29/26

....

1,157

1,147

a

8540394. SQ.FTS.B,

4.719%,

6/29/26

....

1,755

1,721

a

8540780. SQ.FTS.B,

5.034%,

6/29/26

....

1,314

1,295

a

8540718. SQ.FTS.B,

5.343%,

6/29/26

....

4,055

1,733

a

8546597. SQ.FTS.B,

4.717%,

6/30/26

....

1,172

1,129

a

8541256. SQ.FTS.B,

4.95%,

6/30/26

.....

a

8547393. SQ.FTS.B,

5.023%,

6/30/26

....

609

598

a

8544946. SQ.FTS.B,

5.026%,

6/30/26

....

1,210

1,173

a

8545133. SQ.FTS.B,

5.031%,

6/30/26

....

4,141

4,021

a

8546235. SQ.FTS.B,

5.911%,

6/30/26

....

4,454

3,383

a

8549981. SQ.FTS.B,

4.717%,

7/01/26

....

2,908

2,877

a

8551915. SQ.FTS.B,

4.717%,

7/02/26

....

2,613

2,584

a

8553509. SQ.FTS.B,

4.717%,

7/02/26

....

a

8552305. SQ.FTS.B,

4.72%,

7/02/26

.....

5,002

4,828

a

8553979. SQ.FTS.B,

6.11%,

7/02/26

.....

a

8558468. SQ.FTS.B,

4.715%,

7/03/26

....

2,395

1,994

a

8557229. SQ.FTS.B,

4.717%,

7/03/26

....

17,883

17,599

a,b

8557100. SQ.FTS.B,

4.945%,

7/03/26

....

2,142

a

8557881. SQ.FTS.B,

5.344%,

7/03/26

....

1,949

1,870

a

8557138. SQ.FTS.B,

5.352%,

7/03/26

....

1,488

1,403

a

8561019. SQ.FTS.B,

4.717%,

7/05/26

....

7,948

7,548

a

8560945. SQ.FTS.B,

5.904%,

7/05/26

....

1,222

908

a

8591547. SQ.FTS.B,

4.717%,

7/06/26

....

1,089

1,069

a

8591105. SQ.FTS.B,

4.719%,

7/06/26

....

4,114

4,067

a,b

8586236. SQ.FTS.B,

5.029%,

7/06/26

....

3,424

2,641

a,b

8590354. SQ.FTS.B,

5.348%,

7/06/26

....

2,989

a

8592557. SQ.FTS.B,

6.095%,

7/06/26

....

2,028

1,494

a

8593881. SQ.FTS.B,

4.717%,

7/07/26

....

2,178

2,071

a

8596002. SQ.FTS.B,

4.717%,

7/07/26

....

761

752

a

8596048. SQ.FTS.B,

5.598%,

7/07/26

....

15,228

a

8596805. SQ.FTS.B,

4.717%,

7/08/26

....

a

8598300. SQ.FTS.B,

4.717%,

7/08/26

....

7,435

6,101

a

8598520. SQ.FTS.B,

5.031%,

7/08/26

....

8,078

7,770

a

8598846. SQ.FTS.B,

5.596%,

7/08/26

....

6,198

5,805

a

8605972. SQ.FTS.B,

4.715%,

7/09/26

....

1,821

1,794

a

8602845. SQ.FTS.B,

4.722%,

7/09/26

....

645

639

a

8603241. SQ.FTS.B,

5.031%,

7/09/26

....

5,719

3,298

a

8604154. SQ.FTS.B,

5.031%,

7/09/26

....

29,307

19,852

a

8602639. SQ.FTS.B,

5.348%,

7/09/26

....

a

8602325. SQ.FTS.B,

5.601%,

7/09/26

....

2,403

2,288

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8605739. SQ.FTS.B,

5.621%,

7/09/26

....

$

979

$

739

a

8607510. SQ.FTS.B,

4.717%,

7/10/26

....

6,667

6,620

a

8608267. SQ.FTS.B,

4.717%,

7/10/26

....

5,014

4,881

a

8606036. SQ.FTS.B,

5.026%,

7/10/26

....

2,122

1,991

a

8607141. SQ.FTS.B,

5.031%,

7/10/26

....

1,466

1,448

a

8608203. SQ.FTS.B,

5.036%,

7/10/26

....

848

779

a,b

8608202. SQ.FTS.B,

5.66%,

7/10/26

.....

a

8606281. SQ.FTS.B,

6.097%,

7/10/26

....

3,508

2,434

a,b

8606413. SQ.FTS.B,

6.45%,

7/10/26

.....

5,442

913

a

8609488. SQ.FTS.B,

4.72%,

7/11/26

.....

2,602

2,565

a

8609461. SQ.FTS.B,

5.031%,

7/11/26

....

713

685

a

8609898. SQ.FTS.B,

6.455%,

7/11/26

....

2,360

1,824

a

8610388. SQ.FTS.B,

5.596%,

7/12/26

....

850

828

a

8613403. SQ.FTS.B,

4.717%,

7/13/26

....

8,491

8,146

a

8612915. SQ.FTS.B,

4.719%,

7/13/26

....

6,966

6,831

a

8611635. SQ.FTS.B,

4.722%,

7/13/26

....

2,174

1,540

a

8612652. SQ.FTS.B,

4.723%,

7/13/26

....

a

8614062. SQ.FTS.B,

5.346%,

7/13/26

....

1,385

1,367

a

8614012. SQ.FTS.B,

5.571%,

7/13/26

....

a

8612102. SQ.FTS.B,

6.099%,

7/13/26

....

2,937

2,263

a

8614374. SQ.FTS.B,

6.101%,

7/13/26

....

4,354

4,135

a

8617491. SQ.FTS.B,

4.717%,

7/14/26

....

4,577

4,531

a

8616679. SQ.FTS.B,

4.719%,

7/14/26

....

2,615

2,588

a

8616917. SQ.FTS.B,

5.335%,

7/14/26

....

608

589

a

8616312. SQ.FTS.B,

5.346%,

7/14/26

....

1,913

1,891

a

8617158. SQ.FTS.B,

6.101%,

7/14/26

....

7,020

6,091

a

8614627. SQ.FTS.B,

6.124%,

7/14/26

....

a

8618506. SQ.FTS.B,

4.717%,

7/15/26

....

3,106

3,088

a

8621045. SQ.FTS.B,

4.934%,

7/15/26

....

a

8618340. SQ.FTS.B,

4.95%,

7/15/26

.....

a

8618362. SQ.FTS.B,

5.031%,

7/15/26

....

1,646

1,559

a

8621156. SQ.FTS.B,

5.347%,

7/15/26

....

21,783

20,146

a,b

8621035. SQ.FTS.B,

6.443%,

7/15/26

....

1,808

a

8626509. SQ.FTS.B,

4.717%,

7/16/26

....

7,943

7,654

a

8626992. SQ.FTS.B,

4.717%,

7/16/26

....

2,908

2,834

a

8627682. SQ.FTS.B,

4.721%,

7/16/26

....

3,825

3,613

a

8626942. SQ.FTS.B,

4.724%,

7/16/26

....

a

8626261. SQ.FTS.B,

5.029%,

7/16/26

....

2,115

2,010

a

8625522. SQ.FTS.B,

5.593%,

7/16/26

....

a

8627433. SQ.FTS.B,

5.603%,

7/16/26

....

3,190

571

a

8625165. SQ.FTS.B,

5.64%,

7/16/26

.....

1,281

a,b

8625097. SQ.FTS.B,

6.081%,

7/16/26

....

1,551

a,b

8625055. SQ.FTS.B,

6.44%,

7/16/26

.....

1,294

a

8624623. SQ.FTS.B,

6.445%,

7/16/26

....

1,687

1,584

a

8630593. SQ.FTS.B,

4.717%,

7/17/26

....

2,054

2,037

a

8630161. SQ.FTS.B,

4.928%,

7/17/26

....

844

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8628320. SQ.FTS.B,

5.031%,

7/17/26

....

$

6,409

$

6,365

a,b

8630113. SQ.FTS.B,

6.11%,

7/17/26

.....

3,058

575

a,b

8632209. SQ.FTS.B,

5.619%,

7/18/26

....

a

8632589. SQ.FTS.B,

4.715%,

7/19/26

....

2,413

2,356

a

8632662. SQ.FTS.B,

4.718%,

7/19/26

....

11,630

11,404

a

8633549. SQ.FTS.B,

4.717%,

7/20/26

....

1,918

1,886

a

8633627. SQ.FTS.B,

4.717%,

7/20/26

....

a

8633778. SQ.FTS.B,

4.717%,

7/20/26

....

1,468

1,456

a

8633898. SQ.FTS.B,

4.717%,

7/20/26

....

2,668

2,531

a

8633728. SQ.FTS.B,

4.937%,

7/20/26

....

1,135

560

a

8633413. SQ.FTS.B,

5.028%,

7/20/26

....

2,278

2,026

a

8633610. SQ.FTS.B,

5.918%,

7/20/26

....

859

693

a

8633174. SQ.FTS.B,

6.289%,

7/20/26

....

1,555

824

a

8634408. SQ.FTS.B,

4.715%,

7/21/26

....

4,400

3,876

a

8635995. SQ.FTS.B,

4.729%,

7/21/26

....

661

654

a

8635256. SQ.FTS.B,

5.031%,

7/21/26

....

21,596

15,732

a

8637175. SQ.FTS.B,

6.289%,

7/21/26

....

583

a

8639095. SQ.FTS.B,

5.031%,

7/22/26

....

23,190

13,659

a

8640527. SQ.FTS.B,

5.344%,

7/22/26

....

3,285

3,088

a

8640500. SQ.FTS.B,

5.926%,

7/22/26

....

610

579

a

8638798. SQ.FTS.B,

6.099%,

7/22/26

....

10,340

5,958

a

8637462. SQ.FTS.B,

6.1%,

7/22/26

......

15,608

14,270

a

8640249. SQ.FTS.B,

6.448%,

7/22/26

....

2,982

2,031

a

8646210. SQ.FTS.B,

4.717%,

7/23/26

....

1,372

1,327

a

8643039. SQ.FTS.B,

4.718%,

7/23/26

....

2,232

2,223

a

8642974. SQ.FTS.B,

4.719%,

7/23/26

....

975

953

a

8646278. SQ.FTS.B,

4.719%,

7/23/26

....

5,303

5,021

a

8644117. SQ.FTS.B,

5.035%,

7/23/26

....

1,693

1,580

a

8644628. SQ.FTS.B,

5.346%,

7/23/26

....

966

938

a

8646055. SQ.FTS.B,

6.094%,

7/23/26

....

2,426

1,812

a

8649064. SQ.FTS.B,

4.717%,

7/24/26

....

6,638

6,530

a

8649536. SQ.FTS.B,

4.717%,

7/24/26

....

13,890

13,739

a

8647548. SQ.FTS.B,

5.029%,

7/24/26

....

2,765

2,517

a

8648008. SQ.FTS.B,

5.031%,

7/24/26

....

1,677

1,643

a

8647947. SQ.FTS.B,

5.046%,

7/24/26

....

629

595

a

8649457. SQ.FTS.B,

5.6%,

7/24/26

......

1,305

1,250

a

8646799. SQ.FTS.B,

6.447%,

7/24/26

....

a

8650857. SQ.FTS.B,

4.717%,

7/25/26

....

33,982

33,133

a

8652314. SQ.FTS.B,

6.447%,

7/26/26

....

1,808

1,377

a

8653637. SQ.FTS.B,

4.717%,

7/27/26

....

21,612

20,262

a

8660506. SQ.FTS.B,

4.713%,

7/28/26

....

1,828

1,800

a

8659412. SQ.FTS.B,

4.72%,

7/28/26

.....

7,301

2,982

a

8656818. SQ.FTS.B,

5.031%,

7/28/26

....

4,977

2,871

a

8660644. SQ.FTS.B,

5.346%,

7/28/26

....

3,156

2,978

a

8657901. SQ.FTS.B,

5.6%,

7/28/26

......

1,659

1,531

a

8661211. SQ.FTS.B,

6.499%,

7/28/26

....

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8662975. SQ.FTS.B,

4.712%,

7/29/26

....

$

2,002

$

1,902

a

8665558. SQ.FTS.B,

4.719%,

7/29/26

....

3,857

3,730

a

8663904. SQ.FTS.B,

4.721%,

7/29/26

....

a

8662250. SQ.FTS.B,

5.601%,

7/29/26

....

a

8666384. SQ.FTS.B,

6.1%,

7/29/26

......

23,371

17,504

a

8665516. SQ.FTS.B,

6.437%,

7/29/26

....

a,b

8662647. SQ.FTS.B,

6.445%,

7/29/26

....

3,734

a

8672191. SQ.FTS.B,

4.715%,

7/30/26

....

2,535

2,488

a

8674767. SQ.FTS.B,

4.715%,

7/30/26

....

2,746

2,701

a

8673869. SQ.FTS.B,

4.717%,

7/30/26

....

4,469

4,405

a

8673390. SQ.FTS.B,

4.722%,

7/30/26

....

1,285

1,252

a

8674492. SQ.FTS.B,

4.727%,

7/30/26

....

917

905

a

8674088. SQ.FTS.B,

5.031%,

7/30/26

....

2,280

2,230

a

8673280. SQ.FTS.B,

5.036%,

7/30/26

....

3,961

3,242

a

8673554. SQ.FTS.B,

5.039%,

7/30/26

....

1,068

1,044

a

8674563. SQ.FTS.B,

5.344%,

7/30/26

....

5,863

4,817

a,b

8671964. SQ.FTS.B,

5.346%,

7/30/26

....

6,976

1,282

a

8674529. SQ.FTS.B,

5.592%,

7/30/26

....

a

8674429. SQ.FTS.B,

5.617%,

7/30/26

....

544

500

a

8674744. SQ.FTS.B,

6.472%,

7/30/26

....

945

557

a

8678683. SQ.FTS.B,

4.717%,

7/31/26

....

2,892

2,868

a

8677309. SQ.FTS.B,

4.719%,

7/31/26

....

8,584

8,068

a

8679117. SQ.FTS.B,

5.347%,

7/31/26

....

924

869

a

8678529. SQ.FTS.B,

5.349%,

7/31/26

....

2,154

2,104

a

8678400. SQ.FTS.B,

6.455%,

7/31/26

....

a

8680749. SQ.FTS.B,

4.714%,

8/01/26

....

616

609

a

8680163. SQ.FTS.B,

4.722%,

8/01/26

....

3,781

3,395

a

8680247. SQ.FTS.B,

5.027%,

8/01/26

....

907

881

a

8680461. SQ.FTS.B,

5.031%,

8/01/26

....

15,644

12,369

a

8680934. SQ.FTS.B,

5.031%,

8/01/26

....

2,115

1,986

a

8680281. SQ.FTS.B,

6.452%,

8/01/26

....

1,482

1,269

a

8681510. SQ.FTS.B,

4.719%,

8/02/26

....

4,000

3,939

a

8686611. SQ.FTS.B,

4.717%,

8/03/26

....

5,985

5,929

a

8684314. SQ.FTS.B,

4.719%,

8/03/26

....

6,245

6,120

a

8684229. SQ.FTS.B,

4.722%,

8/03/26

....

1,404

1,323

a

8688608. SQ.FTS.B,

4.715%,

8/04/26

....

796

790

a

8689297. SQ.FTS.B,

5.031%,

8/04/26

....

6,479

5,633

a

8688026. SQ.FTS.B,

5.912%,

8/04/26

....

1,533

1,380

a,b

8692180. SQ.FTS.B,

5.912%,

8/04/26

....

34,128

618

a

8688158. SQ.FTS.B,

6.296%,

8/04/26

....

a

8689069. SQ.FTS.B,

6.454%,

8/04/26

....

1,198

a

8697405. SQ.FTS.B,

4.717%,

8/05/26

....

2,783

2,715

a

8693676. SQ.FTS.B,

5.031%,

8/05/26

....

5,630

5,148

a

8694466. SQ.FTS.B,

5.031%,

8/05/26

....

2,888

2,847

a

8697792. SQ.FTS.B,

5.343%,

8/05/26

....

5,744

3,206

a

8694266. SQ.FTS.B,

5.349%,

8/05/26

....

735

713

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8706309. SQ.FTS.B,

4.717%,

8/06/26

....

$

14,366

$

14,178

a

8704218. SQ.FTS.B,

4.719%,

8/06/26

....

2,985

2,892

a

8706435. SQ.FTS.B,

4.721%,

8/06/26

....

959

943

a

8705784. SQ.FTS.B,

5.031%,

8/06/26

....

2,275

2,233

a

8704195. SQ.FTS.B,

5.612%,

8/06/26

....

937

847

a

8708079. SQ.FTS.B,

4.717%,

8/07/26

....

5,923

5,782

a

8708858. SQ.FTS.B,

4.721%,

8/07/26

....

1,808

1,791

a

8706579. SQ.FTS.B,

5.597%,

8/07/26

....

11,199

8,529

a

8712320. SQ.FTS.B,

5.031%,

8/09/26

....

1,447

1,401

a

8712364. SQ.FTS.B,

6.447%,

8/09/26

....

879

a

8712385. SQ.FTS.B,

6.448%,

8/09/26

....

1,735

1,660

a

8715175. SQ.FTS.B,

5.361%,

8/10/26

....

729

680

a

8713665. SQ.FTS.B,

5.6%,

8/10/26

......

1,156

1,119

a

8713707. SQ.FTS.B,

6.104%,

8/10/26

....

855

804

a

8720387. SQ.FTS.B,

5.031%,

8/11/26

....

6,947

6,676

a

8720838. SQ.FTS.B,

5.031%,

8/11/26

....

a

8720364. SQ.FTS.B,

5.353%,

8/11/26

....

2,073

1,686

a

8719381. SQ.FTS.B,

6.102%,

8/11/26

....

6,759

5,760

a

8722463. SQ.FTS.B,

4.715%,

8/12/26

....

2,034

2,011

a,b

8723059. SQ.FTS.B,

4.717%,

8/12/26

....

20,170

a,b

8723864. SQ.FTS.B,

5.627%,

8/12/26

....

9,920

2,014

a

8722338. SQ.FTS.B,

5.63%,

8/12/26

.....

1,713

a

8734581. SQ.FTS.B,

4.717%,

8/13/26

....

2,429

2,050

a

8734766. SQ.FTS.B,

5.031%,

8/13/26

....

2,397

2,349

a

8734221. SQ.FTS.B,

5.907%,

8/13/26

....

3,732

2,638

a,b

8734472. SQ.FTS.B,

6.444%,

8/13/26

....

3,490

a

8738535. SQ.FTS.B,

4.713%,

8/14/26

....

1,015

990

a

8738617. SQ.FTS.B,

4.717%,

8/14/26

....

2,215

2,179

a

8739068. SQ.FTS.B,

5.912%,

8/14/26

....

25,989

25,089

a

8736821. SQ.FTS.B,

6.447%,

8/14/26

....

9,269

9,107

a,b

8738312. SQ.FTS.B,

6.45%,

8/14/26

.....

6,129

a

8739638. SQ.FTS.B,

5.346%,

8/15/26

....

4,220

4,160

a,b

8739327. SQ.FTS.B,

6.447%,

8/15/26

....

10,405

2,327

a

8740558. SQ.FTS.B,

5.031%,

8/16/26

....

23,179

10,057

a

8740399. SQ.FTS.B,

5.597%,

8/16/26

....

8,454

2,682

a

8741355. SQ.FTS.B,

4.717%,

8/17/26

....

2,758

2,726

a

8741105. SQ.FTS.B,

4.719%,

8/17/26

....

1,975

1,957

a

8741525. SQ.FTS.B,

4.719%,

8/17/26

....

3,033

3,010

a

8741215. SQ.FTS.B,

5.595%,

8/17/26

....

6,283

4,029

a

8741832. SQ.FTS.B,

6.101%,

8/17/26

....

2,912

2,828

a

8745157. SQ.FTS.B,

4.715%,

8/18/26

....

1,287

1,267

a

8744200. SQ.FTS.B,

5.342%,

8/18/26

....

3,612

2,327

a

8745696. SQ.FTS.B,

5.346%,

8/18/26

....

8,592

8,126

a

8744612. SQ.FTS.B,

5.348%,

8/18/26

....

1,465

1,439

a

8744746. SQ.FTS.B,

5.596%,

8/18/26

....

4,573

3,750

a

8744443. SQ.FTS.B,

5.597%,

8/18/26

....

906

895

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8748954. SQ.FTS.B,

4.719%,

8/19/26

....

$

8,271

$

7,907

a

8746733. SQ.FTS.B,

5.031%,

8/19/26

....

3,301

3,203

a

8749192. SQ.FTS.B,

5.031%,

8/19/26

....

6,731

6,667

a

8755767. SQ.FTS.B,

4.718%,

8/20/26

....

14,236

13,987

a

8753827. SQ.FTS.B,

5.346%,

8/20/26

....

3,085

2,814

a

8754516. SQ.FTS.B,

5.346%,

8/20/26

....

14,018

13,682

a

8758401. SQ.FTS.B,

4.712%,

8/21/26

....

1,107

1,087

a

8757818. SQ.FTS.B,

5.348%,

8/21/26

....

8,288

7,789

a

8760668. SQ.FTS.B,

5.597%,

8/21/26

....

3,687

3,610

a

8760036. SQ.FTS.B,

5.598%,

8/21/26

....

1,795

1,370

a

8757666. SQ.FTS.B,

6.102%,

8/21/26

....

637

530

a

8757027. SQ.FTS.B,

6.105%,

8/21/26

....

3,241

1,273

a

8760079. SQ.FTS.B,

6.448%,

8/21/26

....

1,003

984

a

8762080. SQ.FTS.B,

4.712%,

8/23/26

....

2,860

2,738

a

8762148. SQ.FTS.B,

4.718%,

8/23/26

....

10,574

10,352

a

8762628. SQ.FTS.B,

5.031%,

8/23/26

....

5,834

5,671

a

8766315. SQ.FTS.B,

4.718%,

8/24/26

....

11,789

11,269

a

8763721. SQ.FTS.B,

4.72%,

8/24/26

.....

3,531

3,159

a

8767283. SQ.FTS.B,

4.738%,

8/24/26

....

548

539

a

8764217. SQ.FTS.B,

5.346%,

8/24/26

....

8,186

7,826

a

8764105. SQ.FTS.B,

6.461%,

8/24/26

....

1,325

1,008

a

8771967. SQ.FTS.B,

4.718%,

8/25/26

....

18,488

17,904

a

8771205. SQ.FTS.B,

4.738%,

8/25/26

....

1,224

898

a

8768911. SQ.FTS.B,

5.031%,

8/25/26

....

6,715

6,555

a

8767832. SQ.FTS.B,

5.346%,

8/25/26

....

2,213

2,170

a

8768184. SQ.FTS.B,

5.346%,

8/25/26

....

3,015

2,919

a

8771150. SQ.FTS.B,

5.91%,

8/25/26

.....

1,498

1,464

a

8769719. SQ.FTS.B,

6.287%,

8/25/26

....

2,312

1,906

a,b

8767996. SQ.FTS.B,

6.447%,

8/25/26

....

7,938

a,b

8768460. SQ.FTS.B,

6.451%,

8/25/26

....

4,904

1,184

a

8772398. SQ.FTS.B,

4.717%,

8/26/26

....

7,310

7,161

a

8776446. SQ.FTS.B,

4.717%,

8/26/26

....

18,063

17,834

a

8773497. SQ.FTS.B,

4.718%,

8/26/26

....

3,768

3,717

a

8773822. SQ.FTS.B,

4.719%,

8/26/26

....

3,572

3,497

a

8775913. SQ.FTS.B,

5.031%,

8/26/26

....

4,848

4,103

a

8776144. SQ.FTS.B,

5.031%,

8/26/26

....

1,997

1,976

a

8772121. SQ.FTS.B,

5.6%,

8/26/26

......

10,249

6,492

a

8775615. SQ.FTS.B,

5.6%,

8/26/26

......

3,199

2,581

a

8773284. SQ.FTS.B,

5.612%,

8/26/26

....

a

8775264. SQ.FTS.B,

5.66%,

8/26/26

.....

a

8773308. SQ.FTS.B,

6.103%,

8/26/26

....

3,863

3,431

a

8775291. SQ.FTS.B,

6.469%,

8/26/26

....

a

8779555. SQ.FTS.B,

4.717%,

8/27/26

....

615

610

a

8780560. SQ.FTS.B,

4.718%,

8/27/26

....

3,496

3,452

a

8783392. SQ.FTS.B,

4.718%,

8/27/26

....

2,321

2,263

a

8779933. SQ.FTS.B,

4.729%,

8/27/26

....

1,197

1,123

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8779383. SQ.FTS.B,

5.031%,

8/27/26

....

$

1,518

$

1,504

a

8779589. SQ.FTS.B,

5.031%,

8/27/26

....

3,692

3,339

a

8781395. SQ.FTS.B,

5.031%,

8/27/26

....

943

922

a

8779733. SQ.FTS.B,

5.344%,

8/27/26

....

2,770

2,617

a

8781450. SQ.FTS.B,

5.352%,

8/27/26

....

915

905

a

8785035. SQ.FTS.B,

4.717%,

8/28/26

....

1,476

1,455

a

8786272. SQ.FTS.B,

5.031%,

8/28/26

....

8,602

8,181

a

8787537. SQ.FTS.B,

5.031%,

8/28/26

....

2,130

2,078

a

8787730. SQ.FTS.B,

5.031%,

8/28/26

....

2,878

2,828

a

8787992. SQ.FTS.B,

5.031%,

8/28/26

....

7,397

7,318

a

8783977. SQ.FTS.B,

5.036%,

8/28/26

....

4,478

3,020

a,b

8784101. SQ.FTS.B,

6.095%,

8/28/26

....

1,625

671

a

8785201. SQ.FTS.B,

6.445%,

8/28/26

....

2,320

2,246

a

8787020. SQ.FTS.B,

6.446%,

8/28/26

....

8,400

8,179

a

8786222. SQ.FTS.B,

6.453%,

8/28/26

....

1,133

915

a

8789727. SQ.FTS.B,

4.721%,

9/01/26

....

2,262

2,208

a

8789146. SQ.FTS.B,

6.45%,

9/01/26

.....

2,107

2,039

a

8789099. SQ.FTS.B,

6.459%,

9/01/26

....

1,196

1,099

a

8790090. SQ.FTS.B,

4.717%,

9/02/26

....

a,b

8789983. SQ.FTS.B,

5.031%,

9/02/26

....

9,658

5,799

a

8793582. SQ.FTS.B,

4.717%,

9/03/26

....

2,888

2,864

a

8794022. SQ.FTS.B,

4.717%,

9/03/26

....

866

846

a

8790780. SQ.FTS.B,

4.719%,

9/03/26

....

6,973

6,842

a

8794299. SQ.FTS.B,

4.721%,

9/03/26

....

2,689

2,651

a

8794574. SQ.FTS.B,

4.941%,

9/03/26

....

a

8792611. SQ.FTS.B,

5.031%,

9/03/26

....

18,917

18,371

a

8791740. SQ.FTS.B,

5.594%,

9/03/26

....

3,984

3,623

a

8793937. SQ.FTS.B,

6.439%,

9/03/26

....

581

a

8793972. SQ.FTS.B,

6.447%,

9/03/26

....

514

a

8798754. SQ.FTS.B,

4.717%,

9/04/26

....

12,013

11,824

a,b

8798528. SQ.FTS.B,

4.937%,

9/04/26

....

19,696

a

8798501. SQ.FTS.B,

5.024%,

9/04/26

....

508

a

8797084. SQ.FTS.B,

5.346%,

9/04/26

....

3,044

2,903

a

8799571. SQ.FTS.B,

5.353%,

9/04/26

....

1,857

1,814

a

8795290. SQ.FTS.B,

5.598%,

9/04/26

....

585

584

a

8797688. SQ.FTS.B,

6.1%,

9/04/26

......

10,494

7,617

a

8796963. SQ.FTS.B,

6.107%,

9/04/26

....

897

869

a

8799251. SQ.FTS.B,

6.293%,

9/04/26

....

2,900

1,635

a

8797465. SQ.FTS.B,

6.314%,

9/04/26

....

529

a

8797855. SQ.FTS.B,

6.447%,

9/04/26

....

2,207

2,195

a

8799929. SQ.FTS.B,

4.708%,

9/05/26

....

1,051

1,024

a

8800909. SQ.FTS.B,

4.717%,

9/05/26

....

3,137

2,684

a

8801758. SQ.FTS.B,

4.717%,

9/05/26

....

9,729

9,526

a

8801071. SQ.FTS.B,

4.719%,

9/05/26

....

3,140

3,028

a

8799693. SQ.FTS.B,

5.031%,

9/05/26

....

2,170

2,131

a

8803302. SQ.FTS.B,

5.031%,

9/05/26

....

7,833

2,950

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8803063. SQ.FTS.B,

6.098%,

9/05/26

....

$

1,366

$

1,311

a

8803453. SQ.FTS.B,

6.289%,

9/05/26

....

3,703

1,827

a,b

8803185. SQ.FTS.B,

6.448%,

9/05/26

....

6,688

a

8801255. SQ.FTS.B,

6.449%,

9/05/26

....

5,922

4,753

a

8808960. SQ.FTS.B,

4.711%,

9/06/26

....

1,578

1,507

a

8810202. SQ.FTS.B,

4.714%,

9/06/26

....

2,173

2,105

a

8808482. SQ.FTS.B,

4.717%,

9/06/26

....

6,424

6,292

a

8806298. SQ.FTS.B,

4.721%,

9/06/26

....

1,380

1,355

a

8808155. SQ.FTS.B,

4.949%,

9/06/26

....

713

a

8810619. SQ.FTS.B,

5.912%,

9/06/26

....

1,494

1,465

a

8810814. SQ.FTS.B,

4.717%,

9/07/26

....

5,046

4,922

a

8814570. SQ.FTS.B,

4.719%,

9/07/26

....

7,383

5,398

a

8813700. SQ.FTS.B,

5.031%,

9/07/26

....

14,717

13,934

a

8811330. SQ.FTS.B,

5.346%,

9/07/26

....

40,775

34,525

a

8810676. SQ.FTS.B,

5.591%,

9/07/26

....

2,128

1,273

a

8813404. SQ.FTS.B,

6.443%,

9/07/26

....

669

631

a

8814704. SQ.FTS.B,

4.717%,

9/08/26

....

2,580

2,538

a

8815127. SQ.FTS.B,

4.722%,

9/08/26

....

2,041

2,006

a

8815047. SQ.FTS.B,

5.345%,

9/08/26

....

3,894

2,992

a

8816217. SQ.FTS.B,

4.717%,

9/09/26

....

16,469

14,143

a

8816010. SQ.FTS.B,

6.452%,

9/09/26

....

2,065

857

a

8817311. SQ.FTS.B,

4.716%,

9/10/26

....

6,638

6,297

a

8817896. SQ.FTS.B,

4.718%,

9/10/26

....

7,064

6,078

a

8817802. SQ.FTS.B,

5.031%,

9/10/26

....

1,249

1,223

a

8819695. SQ.FTS.B,

5.342%,

9/10/26

....

3,018

2,747

a

8819198. SQ.FTS.B,

5.91%,

9/10/26

.....

2,405

2,388

a

8818221. SQ.FTS.B,

5.912%,

9/10/26

....

8,771

8,606

a

8824115. SQ.FTS.B,

4.717%,

9/11/26

....

3,843

3,760

a

8824350. SQ.FTS.B,

4.717%,

9/11/26

....

8,264

7,869

a

8824756. SQ.FTS.B,

4.717%,

9/11/26

....

4,368

4,300

a

8824912. SQ.FTS.B,

4.939%,

9/11/26

....

9,009

4,602

a

8823852. SQ.FTS.B,

5.027%,

9/11/26

....

2,281

1,879

a

8822169. SQ.FTS.B,

5.348%,

9/11/26

....

3,916

3,320

a

8823295. SQ.FTS.B,

5.601%,

9/11/26

....

810

777

a

8824543. SQ.FTS.B,

5.913%,

9/11/26

....

4,641

4,493

a

8822671. SQ.FTS.B,

6.099%,

9/11/26

....

2,831

2,474

a

8821939. SQ.FTS.B,

6.101%,

9/11/26

....

1,057

1,034

a

8825226. SQ.FTS.B,

6.115%,

9/11/26

....

a

8827182. SQ.FTS.B,

4.714%,

9/12/26

....

2,649

2,591

a

8825752. SQ.FTS.B,

4.715%,

9/12/26

....

4,123

3,993

a

8829570. SQ.FTS.B,

4.717%,

9/12/26

....

10,466

10,179

a

8827317. SQ.FTS.B,

4.719%,

9/12/26

....

5,924

5,800

a

8830042. SQ.FTS.B,

4.721%,

9/12/26

....

2,159

2,102

a

8829866. SQ.FTS.B,

6.1%,

9/12/26

......

7,542

6,294

a

8826052. SQ.FTS.B,

6.447%,

9/12/26

....

10,363

9,688

a

8836017. SQ.FTS.B,

4.717%,

9/13/26

....

1,140

1,107

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8837019. SQ.FTS.B,

4.717%,

9/13/26

....

$

1,731

$

1,716

a

8837259. SQ.FTS.B,

4.717%,

9/13/26

....

4,076

3,993

a

8837944. SQ.FTS.B,

4.718%,

9/13/26

....

12,669

12,327

a

8836102. SQ.FTS.B,

4.72%,

9/13/26

.....

3,663

3,603

a

8836466. SQ.FTS.B,

5.911%,

9/13/26

....

1,365

1,323

a

8838758. SQ.FTS.B,

5.918%,

9/13/26

....

1,040

981

a

8838845. SQ.FTS.B,

6.1%,

9/13/26

......

1,218

1,214

a

8842236. SQ.FTS.B,

4.717%,

9/14/26

....

5,512

5,441

a

8839647. SQ.FTS.B,

4.718%,

9/14/26

....

15,952

14,827

a

8843521. SQ.FTS.B,

4.718%,

9/14/26

....

20,187

19,847

a

8839475. SQ.FTS.B,

5.031%,

9/14/26

....

3,150

3,060

a

8840448. SQ.FTS.B,

5.031%,

9/14/26

....

1,877

1,854

a

8841697. SQ.FTS.B,

5.031%,

9/14/26

....

4,614

4,444

a

8843311. SQ.FTS.B,

5.344%,

9/14/26

....

4,000

3,681

a

8840640. SQ.FTS.B,

5.346%,

9/14/26

....

4,565

4,537

a

8841612. SQ.FTS.B,

5.346%,

9/14/26

....

1,865

1,831

a

8842210. SQ.FTS.B,

5.583%,

9/14/26

....

968

912

a

8841813. SQ.FTS.B,

6.448%,

9/14/26

....

13,030

12,106

a

8844709. SQ.FTS.B,

4.715%,

9/15/26

....

3,218

3,109

a

8845996. SQ.FTS.B,

4.729%,

9/15/26

....

1,786

1,544

a

8845787. SQ.FTS.B,

4.946%,

9/15/26

....

1,629

857

a

8845048. SQ.FTS.B,

5.031%,

9/15/26

....

3,520

2,715

a

8845487. SQ.FTS.B,

5.031%,

9/15/26

....

975

954

a

8844470. SQ.FTS.B,

5.041%,

9/15/26

....

1,189

1,145

a

8844260. SQ.FTS.B,

5.348%,

9/15/26

....

8,477

7,643

a

8846019. SQ.FTS.B,

6.095%,

9/15/26

....

1,341

a

8846398. SQ.FTS.B,

4.717%,

9/16/26

....

3,272

3,164

a

8846790. SQ.FTS.B,

4.719%,

9/16/26

....

7,080

6,945

a

8847145. SQ.FTS.B,

5.346%,

9/16/26

....

1,902

1,884

a

8846996. SQ.FTS.B,

5.6%,

9/16/26

......

5,680

5,051

a

8848129. SQ.FTS.B,

5.597%,

9/17/26

....

12,270

11,214

a

8848908. SQ.FTS.B,

5.599%,

9/17/26

....

3,180

3,110

a

8853183. SQ.FTS.B,

4.717%,

9/18/26

....

1,260

1,227

a

8856723. SQ.FTS.B,

4.717%,

9/18/26

....

20,422

20,073

a

8854003. SQ.FTS.B,

4.718%,

9/18/26

....

1,554

1,525

a

8852847. SQ.FTS.B,

5.031%,

9/18/26

....

3,229

3,193

a

8855947. SQ.FTS.B,

5.358%,

9/18/26

....

1,680

1,167

a

8861879. SQ.FTS.B,

4.715%,

9/19/26

....

5,112

4,980

a

8860963. SQ.FTS.B,

4.717%,

9/19/26

....

12,452

12,195

a

8861563. SQ.FTS.B,

4.717%,

9/19/26

....

10,882

10,299

a

8857753. SQ.FTS.B,

4.718%,

9/19/26

....

13,102

12,764

a

8860863. SQ.FTS.B,

4.721%,

9/19/26

....

4,233

4,042

a

8858627. SQ.FTS.B,

5.031%,

9/19/26

....

16,010

15,818

a

8860458. SQ.FTS.B,

5.35%,

9/19/26

.....

541

532

a

8858573. SQ.FTS.B,

5.911%,

9/19/26

....

2,029

1,956

a

8860699. SQ.FTS.B,

5.912%,

9/19/26

....

2,170

2,151

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8862132. SQ.FTS.B,

6.1%,

9/19/26

......

$

4,940

$

4,516

a

8860584. SQ.FTS.B,

6.277%,

9/19/26

....

1,054

815

a

8859839. SQ.FTS.B,

6.447%,

9/19/26

....

5,350

4,925

a

8861860. SQ.FTS.B,

6.447%,

9/19/26

....

a

8860499. SQ.FTS.B,

6.455%,

9/19/26

....

1,554

1,471

a

8867659. SQ.FTS.B,

4.715%,

9/20/26

....

3,059

2,990

a

8865424. SQ.FTS.B,

4.717%,

9/20/26

....

1,204

1,178

a

8865485. SQ.FTS.B,

4.718%,

9/20/26

....

1,022

1,009

a

8867824. SQ.FTS.B,

4.719%,

9/20/26

....

7,658

7,445

a

8869520. SQ.FTS.B,

4.719%,

9/20/26

....

3,909

3,789

a

8868019. SQ.FTS.B,

4.72%,

9/20/26

.....

5,736

5,548

a

8866255. SQ.FTS.B,

4.722%,

9/20/26

....

2,440

2,402

a,b

8867817. SQ.FTS.B,

4.953%,

9/20/26

....

580

a

8865647. SQ.FTS.B,

5.031%,

9/20/26

....

1,510

1,411

a

8866469. SQ.FTS.B,

5.031%,

9/20/26

....

a

8867560. SQ.FTS.B,

5.031%,

9/20/26

....

2,317

2,225

a

8869193. SQ.FTS.B,

5.031%,

9/20/26

....

4,591

4,505

a

8869400. SQ.FTS.B,

5.031%,

9/20/26

....

2,234

2,201

a

8865093. SQ.FTS.B,

5.914%,

9/20/26

....

5,971

3,262

a

8869606. SQ.FTS.B,

6.092%,

9/20/26

....

1,939

1,653

a

8866511. SQ.FTS.B,

6.289%,

9/20/26

....

6,746

4,596

a

8869364. SQ.FTS.B,

6.289%,

9/20/26

....

1,800

1,246

a

8867633. SQ.FTS.B,

6.295%,

9/20/26

....

1,297

984

a

8866657. SQ.FTS.B,

6.447%,

9/20/26

....

30,729

20,038

a

8873707. SQ.FTS.B,

4.712%,

9/21/26

....

722

702

a

8871924. SQ.FTS.B,

4.715%,

9/21/26

....

1,479

1,434

a

8871960. SQ.FTS.B,

4.717%,

9/21/26

....

19,244

18,888

a

8870278. SQ.FTS.B,

4.719%,

9/21/26

....

7,618

7,419

a

8871615. SQ.FTS.B,

4.719%,

9/21/26

....

2,933

2,855

a

8872963. SQ.FTS.B,

4.719%,

9/21/26

....

6,520

6,412

a

8873146. SQ.FTS.B,

4.719%,

9/21/26

....

9,375

8,953

a

8870744. SQ.FTS.B,

4.722%,

9/21/26

....

2,609

2,567

a

8873955. SQ.FTS.B,

4.966%,

9/21/26

....

a

8869821. SQ.FTS.B,

5.045%,

9/21/26

....

831

805

a

8873449. SQ.FTS.B,

5.35%,

9/21/26

.....

3,318

3,198

a

8871698. SQ.FTS.B,

5.6%,

9/21/26

......

5,231

5,084

a,b

8870696. SQ.FTS.B,

5.618%,

9/21/26

....

1,558

a

8875713. SQ.FTS.B,

4.717%,

9/22/26

....

11,954

11,701

a

8875438. SQ.FTS.B,

5.031%,

9/22/26

....

3,767

3,688

a

8875640. SQ.FTS.B,

6.102%,

9/22/26

....

1,880

1,677

a

8875536. SQ.FTS.B,

6.446%,

9/22/26

....

3,437

3,212

a

8876611. SQ.FTS.B,

4.717%,

9/23/26

....

10,381

10,108

a

8876148. SQ.FTS.B,

4.72%,

9/23/26

.....

3,706

3,231

a

8876424. SQ.FTS.B,

4.73%,

9/23/26

.....

1,850

1,394

a

8876249. SQ.FTS.B,

5.031%,

9/23/26

....

7,304

7,115

a

8876874. SQ.FTS.B,

5.031%,

9/23/26

....

1,870

1,846

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8878383. SQ.FTS.B,

4.717%,

9/24/26

....

$

6,885

$

6,808

a

8877024. SQ.FTS.B,

6.45%,

9/24/26

.....

2,173

1,887

a

8881432. SQ.FTS.B,

4.717%,

9/25/26

....

6,367

6,171

a

8881804. SQ.FTS.B,

4.717%,

9/25/26

....

2,884

2,808

a

8881961. SQ.FTS.B,

4.717%,

9/25/26

....

8,640

7,129

a

8882391. SQ.FTS.B,

4.717%,

9/25/26

....

6,771

6,629

a

8882914. SQ.FTS.B,

4.717%,

9/25/26

....

12,059

11,753

a

8883550. SQ.FTS.B,

4.717%,

9/25/26

....

48,566

47,210

a

8881706. SQ.FTS.B,

4.719%,

9/25/26

....

1,801

1,769

a

8881298. SQ.FTS.B,

5.029%,

9/25/26

....

1,303

1,286

a

8881564. SQ.FTS.B,

5.031%,

9/25/26

....

2,514

2,473

a

8881760. SQ.FTS.B,

5.038%,

9/25/26

....

2,428

2,241

a

8882306. SQ.FTS.B,

5.595%,

9/25/26

....

1,009

981

a

8881344. SQ.FTS.B,

6.453%,

9/25/26

....

2,728

2,445

a

8889322. SQ.FTS.B,

4.713%,

9/26/26

....

2,398

2,357

a

8886597. SQ.FTS.B,

4.716%,

9/26/26

....

4,426

4,346

a

8887729. SQ.FTS.B,

4.719%,

9/26/26

....

7,199

7,035

a

8889479. SQ.FTS.B,

4.936%,

9/26/26

....

1,572

1,546

a

8886466. SQ.FTS.B,

5.346%,

9/26/26

....

944

931

a

8886794. SQ.FTS.B,

5.346%,

9/26/26

....

15,816

13,761

a

8890340. SQ.FTS.B,

5.597%,

9/26/26

....

4,579

646

a

8888296. SQ.FTS.B,

5.598%,

9/26/26

....

6,048

5,885

a

8890886. SQ.FTS.B,

5.908%,

9/26/26

....

1,594

1,564

a

8888248. SQ.FTS.B,

6.436%,

9/26/26

....

1,470

1,110

a

8886342. SQ.FTS.B,

6.445%,

9/26/26

....

5,157

3,322

a

8888165. SQ.FTS.B,

6.457%,

9/26/26

....

1,212

1,046

a

8889438. SQ.FTS.B,

6.46%,

9/26/26

.....

914

865

a

8894522. SQ.FTS.B,

4.717%,

9/27/26

....

9,282

8,656

a

8895478. SQ.FTS.B,

4.717%,

9/27/26

....

18,385

17,994

a

8896783. SQ.FTS.B,

4.717%,

9/27/26

....

7,337

7,213

a

8896392. SQ.FTS.B,

4.942%,

9/27/26

....

1,784

1,384

a

8895373. SQ.FTS.B,

5.026%,

9/27/26

....

3,389

2,573

a

8896310. SQ.FTS.B,

5.339%,

9/27/26

....

930

908

a

8897804. SQ.FTS.B,

6.102%,

9/27/26

....

7,405

7,098

a

8894126. SQ.FTS.B,

6.447%,

9/27/26

....

4,659

689

a

8902684. SQ.FTS.B,

4.716%,

9/28/26

....

5,687

5,573

a

8900904. SQ.FTS.B,

4.717%,

9/28/26

....

24,537

24,108

a

8900001. SQ.FTS.B,

4.718%,

9/28/26

....

8,393

7,325

a

8900718. SQ.FTS.B,

4.721%,

9/28/26

....

2,722

2,662

a

8898889. SQ.FTS.B,

5.031%,

9/28/26

....

1,188

1,113

a

8902185. SQ.FTS.B,

5.031%,

9/28/26

....

10,238

9,949

a

8898801. SQ.FTS.B,

5.042%,

9/28/26

....

961

940

a

8898952. SQ.FTS.B,

5.598%,

9/28/26

....

14,891

13,343

a

8898743. SQ.FTS.B,

6.105%,

9/28/26

....

979

722

a

8903852. SQ.FTS.B,

4.717%,

9/29/26

....

22,540

20,177

a

8903819. SQ.FTS.B,

6.283%,

9/29/26

....

907

727

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8905094. SQ.FTS.B,

4.717%,

9/30/26

....

$

1,853

$

1,830

a

8907242. SQ.FTS.B,

4.717%,

9/30/26

....

1,418

1,398

a

8905835. SQ.FTS.B,

4.719%,

9/30/26

....

4,678

4,622

a

8908825. SQ.FTS.B,

4.719%,

9/30/26

....

6,044

4,260

a

8904726. SQ.FTS.B,

4.72%,

9/30/26

.....

6,247

6,079

a

8904946. SQ.FTS.B,

5.346%,

9/30/26

....

2,318

2,291

a

8906989. SQ.FTS.B,

5.6%,

9/30/26

......

3,905

3,768

a

8909029. SQ.FTS.B,

6.101%,

9/30/26

....

19,519

18,136

a

8906652. SQ.FTS.B,

6.102%,

9/30/26

....

6,029

2,668

a

8904679. SQ.FTS.B,

6.294%,

9/30/26

....

1,302

1,122

a

8910089. SQ.FTS.B,

6.444%,

9/30/26

....

1,485

1,458

a

8905771. SQ.FTS.B,

6.452%,

9/30/26

....

1,996

1,718

a

8907376. SQ.FTS.B,

6.453%,

9/30/26

....

a

8911612. SQ.FTS.B,

4.719%,

10/01/26

...

6,972

6,837

a

8910557. SQ.FTS.B,

5.031%,

10/01/26

...

14,303

13,951

a

8913637. SQ.FTS.B,

5.031%,

10/01/26

...

2,175

2,101

a

8913761. SQ.FTS.B,

5.342%,

10/01/26

...

1,195

a

8911997. SQ.FTS.B,

5.345%,

10/01/26

...

3,854

2,924

a

8913431. SQ.FTS.B,

5.346%,

10/01/26

...

1,802

1,787

a

8913778. SQ.FTS.B,

5.355%,

10/01/26

...

1,528

1,470

a

8913217. SQ.FTS.B,

6.448%,

10/01/26

...

3,959

3,825

a

8914772. SQ.FTS.B,

4.714%,

10/02/26

...

2,832

2,660

a

8915491. SQ.FTS.B,

4.714%,

10/02/26

...

1,319

1,298

a

8914971. SQ.FTS.B,

4.717%,

10/02/26

...

7,322

7,121

a

8916787. SQ.FTS.B,

4.717%,

10/02/26

...

5,743

2,392

a

8917861. SQ.FTS.B,

4.717%,

10/02/26

...

3,751

3,630

a

8918904. SQ.FTS.B,

4.717%,

10/02/26

...

5,649

2,400

a

8919035. SQ.FTS.B,

4.717%,

10/02/26

...

a

8917299. SQ.FTS.B,

4.72%,

10/02/26

....

6,056

5,894

a

8918085. SQ.FTS.B,

4.72%,

10/02/26

....

5,406

5,261

a

8918756. SQ.FTS.B,

5.344%,

10/02/26

...

5,830

5,439

a

8916577. SQ.FTS.B,

5.349%,

10/02/26

...

6,805

6,502

a

8914913. SQ.FTS.B,

5.906%,

10/02/26

...

623

616

a

8916766. SQ.FTS.B,

6.284%,

10/02/26

...

1,281

970

a

8916567. SQ.FTS.B,

6.316%,

10/02/26

...

695

a

8918224. SQ.FTS.B,

6.476%,

10/02/26

...

591

539

a

8922950. SQ.FTS.B,

4.717%,

10/03/26

...

12,612

12,025

a

8923924. SQ.FTS.B,

4.717%,

10/03/26

...

9,246

8,455

a

8925880. SQ.FTS.B,

4.717%,

10/03/26

...

3,435

3,392

a

8922557. SQ.FTS.B,

4.719%,

10/03/26

...

7,598

7,358

a

8925465. SQ.FTS.B,

4.722%,

10/03/26

...

2,608

2,564

a

8925868. SQ.FTS.B,

4.962%,

10/03/26

...

558

a

8924153. SQ.FTS.B,

5.031%,

10/03/26

...

25,240

24,783

a

8925982. SQ.FTS.B,

5.031%,

10/03/26

...

3,017

2,831

a

8925270. SQ.FTS.B,

5.339%,

10/03/26

...

1,154

1,095

a

8925791. SQ.FTS.B,

5.609%,

10/03/26

...

1,070

1,008

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8923741. SQ.FTS.B,

5.896%,

10/03/26

...

$

694

$

669

a

8925548. SQ.FTS.B,

6.099%,

10/03/26

...

5,133

4,061

a

8923475. SQ.FTS.B,

6.114%,

10/03/26

...

1,025

942

a

8921608. SQ.FTS.B,

6.473%,

10/03/26

...

711

a

8926850. SQ.FTS.B,

4.717%,

10/04/26

...

4,233

4,155

a

8928909. SQ.FTS.B,

4.717%,

10/04/26

...

41,953

40,615

a

8927719. SQ.FTS.B,

4.718%,

10/04/26

...

1,174

1,169

a

8927369. SQ.FTS.B,

4.719%,

10/04/26

...

4,819

4,706

a

8927696. SQ.FTS.B,

4.734%,

10/04/26

...

801

786

a

8928321. SQ.FTS.B,

5.347%,

10/04/26

...

9,268

9,089

a

8928016. SQ.FTS.B,

5.6%,

10/04/26

.....

4,939

4,068

a

8927566. SQ.FTS.B,

6.449%,

10/04/26

...

6,399

817

a

8927942. SQ.FTS.B,

6.452%,

10/04/26

...

1,094

770

a

8930299. SQ.FTS.B,

4.717%,

10/05/26

...

13,028

12,665

a

8930246. SQ.FTS.B,

4.718%,

10/05/26

...

2,346

2,264

a

8930710. SQ.FTS.B,

4.72%,

10/05/26

....

4,643

4,566

a

8930918. SQ.FTS.B,

4.72%,

10/05/26

....

4,627

4,532

a

8930590. SQ.FTS.B,

6.45%,

10/05/26

....

1,339

1,279

a

8931060. SQ.FTS.B,

4.719%,

10/06/26

...

6,315

6,216

a

8935543. SQ.FTS.B,

4.717%,

10/07/26

...

1,079

1,048

a

8933822. SQ.FTS.B,

4.718%,

10/07/26

...

4,283

4,194

a

8935303. SQ.FTS.B,

4.719%,

10/07/26

...

5,515

5,276

a

8932698. SQ.FTS.B,

5.031%,

10/07/26

...

2,208

2,175

a

8934133. SQ.FTS.B,

5.031%,

10/07/26

...

3,172

3,128

a

8934372. SQ.FTS.B,

5.031%,

10/07/26

...

7,198

6,989

a

8935811. SQ.FTS.B,

5.031%,

10/07/26

...

9,025

6,672

a

8935605. SQ.FTS.B,

5.595%,

10/07/26

...

3,872

3,738

a

8936094. SQ.FTS.B,

5.597%,

10/07/26

...

5,615

5,517

a

8936681. SQ.FTS.B,

6.101%,

10/07/26

...

1,121

1,037

a

8940929. SQ.FTS.B,

4.717%,

10/08/26

...

7,301

6,314

a

8939540. SQ.FTS.B,

4.719%,

10/08/26

...

4,802

4,341

a

8941027. SQ.FTS.B,

5.031%,

10/08/26

...

3,141

3,111

a

8940083. SQ.FTS.B,

5.912%,

10/08/26

...

36,539

32,477

a

8939988. SQ.FTS.B,

6.101%,

10/08/26

...

1,266

1,222

a

8937064. SQ.FTS.B,

6.447%,

10/08/26

...

1,428

1,150

a

8939793. SQ.FTS.B,

6.447%,

10/08/26

...

4,820

4,302

a

8944900. SQ.FTS.B,

4.715%,

10/09/26

...

3,547

3,486

a

8943535. SQ.FTS.B,

4.717%,

10/09/26

...

3,834

3,748

a

8944162. SQ.FTS.B,

4.717%,

10/09/26

...

1,395

1,376

a

8944415. SQ.FTS.B,

4.717%,

10/09/26

...

2,904

2,836

a

8944509. SQ.FTS.B,

4.717%,

10/09/26

...

4,729

4,581

a

8941415. SQ.FTS.B,

4.719%,

10/09/26

...

9,860

9,574

a

8942921. SQ.FTS.B,

4.962%,

10/09/26

...

a

8942058. SQ.FTS.B,

5.031%,

10/09/26

...

30,923

25,482

a

8943023. SQ.FTS.B,

5.031%,

10/09/26

...

5,843

5,613

a

8944625. SQ.FTS.B,

5.031%,

10/09/26

...

3,746

3,673

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8942926. SQ.FTS.B,

5.603%,

10/09/26

...

$

2,077

$

2,002

a

8943220. SQ.FTS.B,

6.447%,

10/09/26

...

9,151

7,764

a

8942798. SQ.FTS.B,

6.45%,

10/09/26

....

1,996

1,942

a

8949372. SQ.FTS.B,

4.721%,

10/10/26

...

3,692

3,594

a

8951448. SQ.FTS.B,

4.721%,

10/10/26

...

765

751

a

8951516. SQ.FTS.B,

4.723%,

10/10/26

...

3,059

2,962

a

8952070. SQ.FTS.B,

5.031%,

10/10/26

...

14,897

14,651

a

8948619. SQ.FTS.B,

5.343%,

10/10/26

...

1,196

1,175

a

8948714. SQ.FTS.B,

5.912%,

10/10/26

...

7,533

6,983

a

8956353. SQ.FTS.B,

4.717%,

10/11/26

...

38,123

36,987

a

8956000. SQ.FTS.B,

4.719%,

10/11/26

...

8,297

8,141

a

8955097. SQ.FTS.B,

5.031%,

10/11/26

...

3,255

3,185

a

8955655. SQ.FTS.B,

5.346%,

10/11/26

...

5,017

4,968

a

8952685. SQ.FTS.B,

5.348%,

10/11/26

...

2,867

2,703

a

8955329. SQ.FTS.B,

5.616%,

10/11/26

...

576

a

8955351. SQ.FTS.B,

5.915%,

10/11/26

...

4,582

4,348

a

8955300. SQ.FTS.B,

6.478%,

10/11/26

...

819

571

a

8957334. SQ.FTS.B,

4.719%,

10/12/26

...

6,448

6,308

a

8957587. SQ.FTS.B,

5.346%,

10/12/26

...

3,997

3,901

a

8958970. SQ.FTS.B,

4.717%,

10/13/26

...

11,718

11,210

a

8958634. SQ.FTS.B,

5.031%,

10/13/26

...

7,009

6,874

a

8958548. SQ.FTS.B,

5.342%,

10/13/26

...

2,337

2,241

a

8958059. SQ.FTS.B,

6.101%,

10/13/26

...

814

805

a

8962446. SQ.FTS.B,

4.72%,

10/14/26

....

6,747

6,444

a

8961176. SQ.FTS.B,

5.031%,

10/14/26

...

19,514

19,009

a

8963717. SQ.FTS.B,

5.034%,

10/14/26

...

4,917

3,414

a

8960728. SQ.FTS.B,

5.354%,

10/14/26

...

2,201

2,086

a

8964503. SQ.FTS.B,

5.584%,

10/14/26

...

643

624

a

8966711. SQ.FTS.B,

4.718%,

10/15/26

...

19,456

18,627

a

8966112. SQ.FTS.B,

4.719%,

10/15/26

...

6,009

5,843

a

8964957. SQ.FTS.B,

5.031%,

10/15/26

...

8,288

7,987

a

8968276. SQ.FTS.B,

5.346%,

10/15/26

...

42,699

40,473

a

8965513. SQ.FTS.B,

6.1%,

10/15/26

.....

2,898

2,857

a

8964612. SQ.FTS.B,

6.446%,

10/15/26

...

6,152

4,206

a

8970168. SQ.FTS.B,

4.717%,

10/16/26

...

4,013

3,920

a

8971478. SQ.FTS.B,

4.717%,

10/16/26

...

8,901

8,749

a

8971944. SQ.FTS.B,

4.717%,

10/16/26

...

1,174

1,159

a

8970353. SQ.FTS.B,

4.721%,

10/16/26

...

5,180

4,913

a

8972999. SQ.FTS.B,

4.923%,

10/16/26

...

690

522

a

8973042. SQ.FTS.B,

5.031%,

10/16/26

...

31,000

30,471

a

8971413. SQ.FTS.B,

5.338%,

10/16/26

...

1,410

1,300

a

8969981. SQ.FTS.B,

5.346%,

10/16/26

...

1,792

1,744

a

8971292. SQ.FTS.B,

5.348%,

10/16/26

...

2,550

2,413

a

8972917. SQ.FTS.B,

5.598%,

10/16/26

...

1,167

1,140

a

8972157. SQ.FTS.B,

6.422%,

10/16/26

...

a

8970732. SQ.FTS.B,

6.456%,

10/16/26

...

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

8978361. SQ.FTS.B,

4.711%,

10/17/26

...

$

$

a

8978934. SQ.FTS.B,

4.717%,

10/17/26

...

17,782

13,186

a

8978435. SQ.FTS.B,

4.719%,

10/17/26

...

7,221

7,100

a

8977614. SQ.FTS.B,

5.037%,

10/17/26

...

1,119

1,065

a

8977731. SQ.FTS.B,

5.35%,

10/17/26

....

3,780

3,604

a

8979562. SQ.FTS.B,

5.628%,

10/17/26

...

8,687

903

a

8979331. SQ.FTS.B,

6.1%,

10/17/26

.....

5,653

4,882

a

8980035. SQ.FTS.B,

6.105%,

10/17/26

...

3,613

3,350

a,b

8977675. SQ.FTS.B,

6.277%,

10/17/26

...

971

a

8980427. SQ.FTS.B,

6.433%,

10/17/26

...

a

8978308. SQ.FTS.B,

6.447%,

10/17/26

...

1,441

1,329

a

8982991. SQ.FTS.B,

4.715%,

10/18/26

...

4,101

3,978

a

8981056. SQ.FTS.B,

4.716%,

10/18/26

...

1,665

1,643

a

8983931. SQ.FTS.B,

4.722%,

10/18/26

...

3,439

3,320

a

8981904. SQ.FTS.B,

5.031%,

10/18/26

...

13,245

13,004

a

8980596. SQ.FTS.B,

5.346%,

10/18/26

...

6,480

6,295

a

8983809. SQ.FTS.B,

6.101%,

10/18/26

...

1,092

1,054

a

8983195. SQ.FTS.B,

6.11%,

10/18/26

....

1,563

1,247

a

8981826. SQ.FTS.B,

6.456%,

10/18/26

...

658

642

a

8986175. SQ.FTS.B,

4.717%,

10/19/26

...

12,812

12,485

a

8985546. SQ.FTS.B,

4.724%,

10/19/26

...

2,265

2,213

a

8985653. SQ.FTS.B,

4.969%,

10/19/26

...

947

a

8985454. SQ.FTS.B,

5.029%,

10/19/26

...

3,641

3,415

a

8985623. SQ.FTS.B,

5.36%,

10/19/26

....

1,613

1,490

a

8985739. SQ.FTS.B,

6.099%,

10/19/26

...

6,982

6,671

a

8985684. SQ.FTS.B,

6.113%,

10/19/26

...

1,602

1,420

a

8986502. SQ.FTS.B,

4.72%,

10/20/26

....

4,994

4,860

a

8986677. SQ.FTS.B,

5.031%,

10/20/26

...

3,496

3,289

a

8986982. SQ.FTS.B,

6.446%,

10/20/26

...

4,283

3,684

a

8986641. SQ.FTS.B,

6.455%,

10/20/26

...

1,374

1,200

a

8988547. SQ.FTS.B,

4.715%,

10/21/26

...

2,765

2,701

a

8987256. SQ.FTS.B,

4.717%,

10/21/26

...

5,435

5,294

a

8988221. SQ.FTS.B,

4.717%,

10/21/26

...

6,230

6,110

a

8990972. SQ.FTS.B,

5.031%,

10/21/26

...

9,746

9,512

a

8988691. SQ.FTS.B,

5.348%,

10/21/26

...

5,054

4,989

a

8996192. SQ.FTS.B,

4.717%,

10/22/26

...

37,571

36,948

a

8993397. SQ.FTS.B,

4.718%,

10/22/26

...

9,310

9,177

a

8995686. SQ.FTS.B,

5.016%,

10/22/26

...

a

8992162. SQ.FTS.B,

5.034%,

10/22/26

...

2,777

2,620

a

8995697. SQ.FTS.B,

5.346%,

10/22/26

...

13,065

9,463

a

8993270. SQ.FTS.B,

5.356%,

10/22/26

...

673

660

a

8995502. SQ.FTS.B,

6.09%,

10/22/26

....

1,104

911

a

8995320. SQ.FTS.B,

6.098%,

10/22/26

...

2,013

1,975

a,b

8995610. SQ.FTS.B,

6.1%,

10/22/26

.....

6,434

614

a

8992365. SQ.FTS.B,

6.445%,

10/22/26

...

5,959

5,515

a

8993020. SQ.FTS.B,

6.449%,

10/22/26

...

3,244

2,924

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

8995233. SQ.FTS.B,

6.453%,

10/22/26

...

$

1,026

$

993

a

8996339. SQ.FTS.B,

4.719%,

10/23/26

...

5,884

5,790

a

8996846. SQ.FTS.B,

4.719%,

10/23/26

...

9,117

8,704

a

8998043. SQ.FTS.B,

5.025%,

10/23/26

...

1,651

1,615

a

9000235. SQ.FTS.B,

5.037%,

10/23/26

...

1,946

1,907

a

8998399. SQ.FTS.B,

5.342%,

10/23/26

...

1,792

1,651

a

8998141. SQ.FTS.B,

5.595%,

10/23/26

...

4,265

4,195

a

8999639. SQ.FTS.B,

5.599%,

10/23/26

...

6,431

5,821

a

8999594. SQ.FTS.B,

5.92%,

10/23/26

....

1,629

1,200

a

8999502. SQ.FTS.B,

6.434%,

10/23/26

...

a

8999514. SQ.FTS.B,

6.441%,

10/23/26

...

2,273

2,107

a

9004381. SQ.FTS.B,

4.717%,

10/24/26

...

6,467

6,234

a

9004856. SQ.FTS.B,

4.717%,

10/24/26

...

3,890

3,783

a

9005028. SQ.FTS.B,

4.717%,

10/24/26

...

10,682

10,477

a

9006869. SQ.FTS.B,

4.717%,

10/24/26

...

43,538

42,784

a

9003833. SQ.FTS.B,

4.72%,

10/24/26

....

2,849

2,725

a

9006035. SQ.FTS.B,

4.722%,

10/24/26

...

1,953

1,892

a

9003619. SQ.FTS.B,

5.346%,

10/24/26

...

2,965

2,843

a

9006108. SQ.FTS.B,

5.346%,

10/24/26

...

2,802

2,615

a,b

9006269. SQ.FTS.B,

5.597%,

10/24/26

...

20,237

7,303

a

9003201. SQ.FTS.B,

6.101%,

10/24/26

...

3,956

3,850

a

9005859. SQ.FTS.B,

6.289%,

10/24/26

...

a

9005815. SQ.FTS.B,

6.437%,

10/24/26

...

a

9009247. SQ.FTS.B,

4.712%,

10/25/26

...

2,874

2,666

a

9008810. SQ.FTS.B,

4.717%,

10/25/26

...

5,106

4,799

a

9010818. SQ.FTS.B,

4.717%,

10/25/26

...

19,810

19,339

a

9007813. SQ.FTS.B,

4.719%,

10/25/26

...

11,404

11,069

a

9011818. SQ.FTS.B,

5.031%,

10/25/26

...

6,297

6,226

a

9009735. SQ.FTS.B,

6.447%,

10/25/26

...

17,851

16,387

a

9012243. SQ.FTS.B,

4.713%,

10/26/26

...

2,854

2,759

a

9012839. SQ.FTS.B,

4.715%,

10/26/26

...

4,414

4,325

a

9012361. SQ.FTS.B,

4.717%,

10/26/26

...

2,374

2,057

a

9012403. SQ.FTS.B,

4.717%,

10/26/26

...

2,892

2,835

a

9012575. SQ.FTS.B,

4.719%,

10/26/26

...

8,642

8,432

a

9012201. SQ.FTS.B,

5.6%,

10/26/26

.....

1,371

1,332

a

9013090. SQ.FTS.B,

4.952%,

10/27/26

...

a

9013486. SQ.FTS.B,

5.031%,

10/27/26

...

7,655

7,376

a

9013704. SQ.FTS.B,

5.596%,

10/27/26

...

8,043

7,569

a

9013227. SQ.FTS.B,

5.612%,

10/27/26

...

716

700

a

9013118. SQ.FTS.B,

6.447%,

10/27/26

...

2,638

2,415

a

9018347. SQ.FTS.B,

4.717%,

10/28/26

...

8,875

8,607

a

9016653. SQ.FTS.B,

5.031%,

10/28/26

...

2,763

2,658

a

9019009. SQ.FTS.B,

6.447%,

10/28/26

...

17,822

16,758

a

9018948. SQ.FTS.B,

6.457%,

10/28/26

...

2,368

1,580

a,b

4578615. SQ.FTS.B,

4.717%,

4/01/33

....

1,525

–

a,b

4583983. SQ.FTS.B,

4.403%,

4/04/33

....

3,383

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

4585288. SQ.FTS.B,

4.874%,

4/04/33

....

$

13,554

$

–

a,b

4587010. SQ.FTS.B,

3.938%,

4/05/33

....

1,755

–

a,b

4590358. SQ.FTS.B,

3.953%,

4/05/33

....

–

a,b

4588245. SQ.FTS.B,

4.558%,

4/05/33

....

3,204

–

a,b

4589702. SQ.FTS.B,

4.569%,

4/05/33

....

3,489

–

a,b

4598182. SQ.FTS.B,

4.574%,

4/07/33

....

1,281

–

a,b

4602285. SQ.FTS.B,

4.403%,

4/08/33

....

31,712

–

a,b

4604615. SQ.FTS.B,

4.56%,

4/09/33

.....

13,726

–

a,b

4604886. SQ.FTS.B,

4.717%,

4/10/33

....

2,273

–

a,b

4606179. SQ.FTS.B,

3.932%,

4/11/33

....

10,364

–

a,b

4606464. SQ.FTS.B,

4.403%,

4/11/33

....

12,284

a,b

4606335. SQ.FTS.B,

4.882%,

4/11/33

....

2,103

–

a,b

4609551. SQ.FTS.B,

4.56%,

4/12/33

.....

5,454

–

a,b

4612920. SQ.FTS.B,

3.314%,

4/13/33

....

2,172

–

a,b

4610443. SQ.FTS.B,

4.403%,

4/13/33

....

10,147

–

a,b

4622639. SQ.FTS.B,

3.928%,

4/15/33

....

3,183

–

a,b

4624869. SQ.FTS.B,

4.554%,

4/17/33

....

1,488

–

a,b

4626298. SQ.FTS.B,

3.934%,

4/18/33

....

10,268

–

a,b

4627586. SQ.FTS.B,

4.403%,

4/18/33

....

4,624

–

a,b

4626514. SQ.FTS.B,

5.031%,

4/18/33

....

2,949

a,b

4629149. SQ.FTS.B,

4.403%,

4/19/33

....

6,425

–

a,b

4632596. SQ.FTS.B,

4.705%,

4/20/33

....

848

–

a,b

4635753. SQ.FTS.B,

4.874%,

4/21/33

....

11,156

–

a,b

4642502. SQ.FTS.B,

4.868%,

4/25/33

....

696

–

a,b

4643970. SQ.FTS.B,

4.56%,

4/26/33

.....

2,081

–

a,b

4657373. SQ.FTS.B,

3.296%,

4/30/33

....

3,122

–

a,b

4656958. SQ.FTS.B,

4.717%,

4/30/33

....

3,103

–

a,b

4661015. SQ.FTS.B,

4.566%,

5/01/33

....

2,307

–

a,b

4661890. SQ.FTS.B,

3.931%,

5/02/33

....

2,289

–

a,b

4663096. SQ.FTS.B,

4.403%,

5/02/33

....

27,120

–

a,b

4663916. SQ.FTS.B,

4.403%,

5/02/33

....

24,742

a,b

4662184. SQ.FTS.B,

5.031%,

5/02/33

....

2,428

–

a,b

4665676. SQ.FTS.B,

4.564%,

5/03/33

....

4,624

–

a,b

4675799. SQ.FTS.B,

3.306%,

5/05/33

....

3,282

–

a,b

4677893. SQ.FTS.B,

5.031%,

5/06/33

....

2,173

–

a,b

4693423. SQ.FTS.B,

4.403%,

5/09/33

....

7,056

–

a,b

4693941. SQ.FTS.B,

4.561%,

5/09/33

....

8,872

–

a,b

4692191. SQ.FTS.B,

4.562%,

5/09/33

....

9,113

–

a,b

4692982. SQ.FTS.B,

4.591%,

5/09/33

....

–

a,b

4691756. SQ.FTS.B,

4.715%,

5/09/33

....

7,269

–

a,b

4706450. SQ.FTS.B,

4.561%,

5/10/33

....

6,009

–

a,b

4706808. SQ.FTS.B,

4.563%,

5/10/33

....

5,406

–

a,b

4701939. SQ.FTS.B,

4.717%,

5/10/33

....

1,446

–

a,b

4707248. SQ.FTS.B,

4.732%,

5/11/33

....

641

–

a,b

4711828. SQ.FTS.B,

5.031%,

5/12/33

....

3,618

–

a,b

4714060. SQ.FTS.B,

5.031%,

5/13/33

....

1,082

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

4714469. SQ.FTS.B,

3.27%,

5/14/33

.....

$

828

$

–

a,b

4738688. SQ.FTS.B,

4.418%,

5/18/33

....

840

–

a,b

4747188. SQ.FTS.B,

3.31%,

5/19/33

.....

553

–

a,b

4750103. SQ.FTS.B,

4.403%,

5/20/33

....

8,831

–

a,b

4750803. SQ.FTS.B,

4.403%,

5/21/33

....

3,382

–

a,b

4754132. SQ.FTS.B,

3.306%,

5/22/33

....

602

–

a,b

4764584. SQ.FTS.B,

5.031%,

5/23/33

....

523

–

a,b

4773604. SQ.FTS.B,

4.403%,

5/24/33

....

9,605

–

a,b

4777853. SQ.FTS.B,

4.565%,

5/24/33

....

1,347

–

a,b

4774144. SQ.FTS.B,

4.57%,

5/24/33

.....

1,718

–

a,b

4779678. SQ.FTS.B,

3.301%,

5/25/33

....

924

–

a,b

4782528. SQ.FTS.B,

3.333%,

5/26/33

....

–

a,b

4790824. SQ.FTS.B,

4.567%,

5/29/33

....

509

–

a,b

4796651. SQ.FTS.B,

4.564%,

6/01/33

....

3,524

–

a,b

4808500. SQ.FTS.B,

4.403%,

6/02/33

....

7,711

–

a,b

4807880. SQ.FTS.B,

4.56%,

6/02/33

.....

19,691

a,b

4815646. SQ.FTS.B,

4.403%,

6/05/33

....

5,300

–

a,b

4820091. SQ.FTS.B,

4.564%,

6/07/33

....

1,630

–

a,b

4820553. SQ.FTS.B,

4.875%,

6/07/33

....

10,164

–

a,b

4821904. SQ.FTS.B,

4.56%,

6/08/33

.....

796

–

a,b

4831001. SQ.FTS.B,

3.774%,

6/10/33

....

847

–

a,b

4831653. SQ.FTS.B,

3.926%,

6/10/33

....

2,099

–

a,b

4830931. SQ.FTS.B,

4.528%,

6/10/33

....

–

a,b

4831110. SQ.FTS.B,

4.57%,

6/10/33

.....

962

–

a,b

4834162. SQ.FTS.B,

4.574%,

6/12/33

....

–

a,b

4839102. SQ.FTS.B,

3.296%,

6/14/33

....

1,596

–

a,b

4838333. SQ.FTS.B,

3.941%,

6/14/33

....

750

–

a,b

4842631. SQ.FTS.B,

3.302%,

6/15/33

....

5,776

–

a,b

4842605. SQ.FTS.B,

3.937%,

6/15/33

....

4,000

–

a,b

4841116. SQ.FTS.B,

4.562%,

6/15/33

....

11,234

–

a,b

4848622. SQ.FTS.B,

3.302%,

6/16/33

....

2,069

–

a,b

4862341. SQ.FTS.B,

2.982%,

6/18/33

....

522

–

a,b

4862443. SQ.FTS.B,

4.227%,

6/18/33

....

7,578

–

a,b

4863062. SQ.FTS.B,

4.391%,

6/19/33

....

3,882

–

a,b

4863238. SQ.FTS.B,

4.42%,

6/19/33

.....

2,993

–

a,b

4862998. SQ.FTS.B,

4.559%,

6/19/33

....

1,298

–

a,b

4863412. SQ.FTS.B,

4.56%,

6/19/33

.....

11,561

–

a,b

4862938. SQ.FTS.B,

5.031%,

6/19/33

....

691

–

a,b

4867257. SQ.FTS.B,

3.939%,

6/20/33

....

607

–

a,b

4867843. SQ.FTS.B,

3.675%,

6/21/33

....

–

a,b

4868757. SQ.FTS.B,

4.406%,

6/21/33

....

3,219

–

a,b

4869815. SQ.FTS.B,

4.56%,

6/21/33

.....

7,257

–

a,b

4873297. SQ.FTS.B,

3.376%,

6/22/33

....

–

a,b

4871837. SQ.FTS.B,

3.928%,

6/22/33

....

1,490

–

a,b

4872072. SQ.FTS.B,

4.557%,

6/22/33

....

4,085

–

a,b

4873405. SQ.FTS.B,

4.56%,

6/22/33

.....

5,886

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

4873313. SQ.FTS.B,

5.031%,

6/22/33

....

$

1,287

$

–

a,b

4874535. SQ.FTS.B,

3.306%,

6/23/33

....

977

–

a,b

4875940. SQ.FTS.B,

4.539%,

6/23/33

....

7,944

a,b

4874845. SQ.FTS.B,

4.559%,

6/23/33

....

3,811

–

a,b

4874157. SQ.FTS.B,

4.877%,

6/23/33

....

3,873

–

a,b

4877067. SQ.FTS.B,

3.562%,

6/24/33

....

1,174

–

a,b

4877254. SQ.FTS.B,

3.774%,

6/25/33

....

1,462

–

a,b

4877394. SQ.FTS.B,

4.225%,

6/25/33

....

4,239

–

a,b

4877534. SQ.FTS.B,

4.931%,

6/25/33

....

1,841

–

a,b

4879828. SQ.FTS.B,

2.958%,

6/27/33

....

1,403

–

a,b

4879371. SQ.FTS.B,

3.443%,

6/27/33

....

536

–

a,b

4879124. SQ.FTS.B,

4.073%,

6/27/33

....

4,098

–

a,b

4878787. SQ.FTS.B,

4.233%,

6/27/33

....

4,067

–

a,b

4880273. SQ.FTS.B,

4.416%,

6/27/33

....

32,499

a,b

4879728. SQ.FTS.B,

4.695%,

6/27/33

....

2,694

–

a,b

4878103. SQ.FTS.B,

5.346%,

6/27/33

....

627

–

a,b

4881967. SQ.FTS.B,

2.297%,

6/28/33

....

–

a,b

4881632. SQ.FTS.B,

2.333%,

6/28/33

....

5,202

–

a,b

4880881. SQ.FTS.B,

2.411%,

6/28/33

....

–

a,b

4882630. SQ.FTS.B,

3.643%,

6/28/33

....

5,042

a,b

4881595. SQ.FTS.B,

4.069%,

6/28/33

....

1,106

–

a,b

4881625. SQ.FTS.B,

4.427%,

6/28/33

....

1,074

–

a,b

4881933. SQ.FTS.B,

4.55%,

6/28/33

.....

502

–

a,b

4882127. SQ.FTS.B,

4.561%,

6/28/33

....

35,043

–

a,b

4880840. SQ.FTS.B,

4.719%,

6/28/33

....

1,132

–

a,b

4886903. SQ.FTS.B,

3.296%,

6/30/33

....

2,071

–

a,b

4889268. SQ.FTS.B,

3.31%,

6/30/33

.....

524

–

a,b

4886912. SQ.FTS.B,

4.563%,

6/30/33

....

2,287

–

a,b

4889574. SQ.FTS.B,

4.877%,

7/01/33

....

2,517

–

a,b

4894101. SQ.FTS.B,

4.717%,

7/04/33

....

12,955

a,b

4893066. SQ.FTS.B,

5.031%,

7/04/33

....

3,265

–

a,b

4896547. SQ.FTS.B,

5.849%,

7/05/33

....

4,712

–

a,b

4899151. SQ.FTS.B,

4.563%,

7/06/33

....

3,147

–

a,b

4898852. SQ.FTS.B,

4.874%,

7/06/33

....

2,213

–

a,b

4908064. SQ.FTS.B,

4.403%,

7/11/33

....

16,814

a,b

4907364. SQ.FTS.B,

5.031%,

7/11/33

....

1,373

–

a,b

4922562. SQ.FTS.B,

4.56%,

7/14/33

.....

6,112

–

a,b

4916400. SQ.FTS.B,

4.569%,

7/14/33

....

955

–

a,b

4916673. SQ.FTS.B,

4.719%,

7/14/33

....

9,163

–

a,b

4923493. SQ.FTS.B,

3.354%,

7/15/33

....

–

a,b

4925329. SQ.FTS.B,

4.145%,

7/18/33

....

1,389

–

a,b

4928876. SQ.FTS.B,

3.333%,

7/19/33

....

514

–

a,b

4931020. SQ.FTS.B,

4.56%,

7/20/33

.....

10,152

–

a,b

4935511. SQ.FTS.B,

4.403%,

7/22/33

....

–

a,b

4941224. SQ.FTS.B,

5.031%,

7/25/33

....

4,401

–

a,b

4947272. SQ.FTS.B,

4.885%,

7/27/33

....

1,224

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

4954105. SQ.FTS.B,

4.557%,

7/28/33

....

$

2,531

$

–

a,b

4961597. SQ.FTS.B,

3.303%,

7/31/33

....

6,826

–

a,b

4964338. SQ.FTS.B,

4.886%,

8/01/33

....

1,028

–

a,b

4975322. SQ.FTS.B,

4.539%,

8/05/33

....

1,106

–

a,b

4976561. SQ.FTS.B,

4.553%,

8/07/33

....

2,306

–

a,b

4977248. SQ.FTS.B,

4.56%,

8/07/33

.....

23,393

a,b

4980976. SQ.FTS.B,

4.557%,

8/08/33

....

3,062

–

a,b

4978982. SQ.FTS.B,

4.561%,

8/08/33

....

8,763

a,b

4979694. SQ.FTS.B,

6.253%,

8/08/33

....

7,423

–

a,b

4981159. SQ.FTS.B,

4.717%,

8/09/33

....

3,017

–

a,b

4983108. SQ.FTS.B,

5.031%,

8/09/33

....

–

a,b

4989442. SQ.FTS.B,

6.239%,

8/11/33

....

717

–

a,b

4990668. SQ.FTS.B,

3.935%,

8/12/33

....

1,655

–

a,b

4995431. SQ.FTS.B,

4.556%,

8/15/33

....

6,247

–

a,b

5004424. SQ.FTS.B,

4.56%,

8/16/33

.....

1,829

–

a,b

5016072. SQ.FTS.B,

5.435%,

8/17/33

....

5,014

–

a,b

5025752. SQ.FTS.B,

2.033%,

8/19/33

....

6,406

–

a,b

5025882. SQ.FTS.B,

4.885%,

8/19/33

....

1,669

–

a,b

5027373. SQ.FTS.B,

4.018%,

8/21/33

....

8,844

–

a,b

5030831. SQ.FTS.B,

4.56%,

8/22/33

.....

5,213

–

a,b

5031471. SQ.FTS.B,

4.563%,

8/22/33

....

5,258

–

a,b

5033148. SQ.FTS.B,

3.906%,

8/23/33

....

–

a,b

5035669. SQ.FTS.B,

4.725%,

8/23/33

....

3,399

–

a,b

5044258. SQ.FTS.B,

5.149%,

8/27/33

....

8,147

a,b

5045662. SQ.FTS.B,

4.574%,

8/28/33

....

2,040

–

a,b

5047314. SQ.FTS.B,

4.591%,

8/28/33

....

–

a,b

5047321. SQ.FTS.B,

4.717%,

8/28/33

....

5,110

–

a,b

5044794. SQ.FTS.B,

4.807%,

8/28/33

....

5,731

–

a,b

5059326. SQ.FTS.B,

4.561%,

9/04/33

....

13,048

–

a,b

5062512. SQ.FTS.B,

2.6%,

9/06/33

......

3,648

–

a,b

5062340. SQ.FTS.B,

4.883%,

9/06/33

....

2,074

–

a,b

5065404. SQ.FTS.B,

4.572%,

9/07/33

....

2,639

–

a,b

5067242. SQ.FTS.B,

4.382%,

9/08/33

....

5,352

–

a,b

5067403. SQ.FTS.B,

5.351%,

9/08/33

....

2,045

–

a,b

5071139. SQ.FTS.B,

3.848%,

9/09/33

....

2,742

a,b

5075119. SQ.FTS.B,

3.748%,

9/10/33

....

1,106

–

a,b

5072967. SQ.FTS.B,

4.066%,

9/10/33

....

542

–

a,b

5074442. SQ.FTS.B,

4.861%,

9/10/33

....

1,909

–

a,b

5077583. SQ.FTS.B,

5.031%,

9/11/33

....

3,691

–

a,b

5081612. SQ.FTS.B,

4.666%,

9/14/33

....

1,324

–

a,b

5084934. SQ.FTS.B,

3.774%,

9/16/33

....

33,929

–

a,b

5085858. SQ.FTS.B,

3.936%,

9/16/33

....

884

–

a,b

5090272. SQ.FTS.B,

4.563%,

9/17/33

....

4,187

–

a,b

5093863. SQ.FTS.B,

4.558%,

9/19/33

....

9,864

–

a,b

5094427. SQ.FTS.B,

3.774%,

9/20/33

....

2,121

–

a,b

5096674. SQ.FTS.B,

4.56%,

9/21/33

.....

13,763

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5095917. SQ.FTS.B,

5.031%,

9/21/33

....

$

17,638

$

–

a,b

5098275. SQ.FTS.B,

6.063%,

9/22/33

....

6,026

–

a,b

5100485. SQ.FTS.B,

5.722%,

9/23/33

....

4,264

–

a,b

5106538. SQ.FTS.B,

4.562%,

9/24/33

....

11,727

–

a,b

5107353. SQ.FTS.B,

5.031%,

9/24/33

....

1,383

–

a,b

5109145. SQ.FTS.B,

5.031%,

9/25/33

....

1,195

–

a,b

5111024. SQ.FTS.B,

4.724%,

9/27/33

....

873

–

a,b

5112445. SQ.FTS.B,

3.774%,

9/28/33

....

–

a,b

5114206. SQ.FTS.B,

4.571%,

9/28/33

....

573

–

a,b

5112955. SQ.FTS.B,

5.031%,

9/28/33

....

4,811

–

a,b

5113266. SQ.FTS.B,

5.387%,

9/28/33

....

1,765

–

a,b

5124518. SQ.FTS.B,

3.351%,

9/30/33

....

11,687

–

a,b

5119221. SQ.FTS.B,

4.403%,

9/30/33

....

2,448

–

a,b

5119131. SQ.FTS.B,

4.56%,

9/30/33

.....

1,948

–

a,b

5126438. SQ.FTS.B,

3.495%,

10/01/33

...

22,782

a,b

5128413. SQ.FTS.B,

3.917%,

10/02/33

...

1,332

–

a,b

5131669. SQ.FTS.B,

4.56%,

10/04/33

....

22,967

–

a,b

5132006. SQ.FTS.B,

5.007%,

10/04/33

...

790

–

a,b

5138072. SQ.FTS.B,

4.672%,

10/06/33

...

4,185

–

a,b

5142028. SQ.FTS.B,

3.927%,

10/07/33

...

612

–

a,b

5142049. SQ.FTS.B,

4.503%,

10/07/33

...

537

–

a,b

5141482. SQ.FTS.B,

4.508%,

10/07/33

...

2,827

–

a,b

5149269. SQ.FTS.B,

4.974%,

10/10/33

...

941

–

a,b

5153369. SQ.FTS.B,

4.559%,

10/11/33

...

12,680

–

a,b

5153956. SQ.FTS.B,

3.94%,

10/12/33

....

2,957

–

a,b

5157152. SQ.FTS.B,

4.407%,

10/12/33

...

4,186

–

a,b

5154314. SQ.FTS.B,

4.567%,

10/12/33

...

2,780

–

a,b

5154612. SQ.FTS.B,

4.57%,

10/12/33

....

1,314

–

a,b

5157821. SQ.FTS.B,

4.557%,

10/13/33

...

4,950

–

a,b

5159643. SQ.FTS.B,

4.886%,

10/13/33

...

1,281

–

a,b

5163000. SQ.FTS.B,

3.303%,

10/14/33

...

6,619

–

a,b

5162509. SQ.FTS.B,

4.561%,

10/14/33

...

55,221

–

a,b

5165754. SQ.FTS.B,

4.566%,

10/14/33

...

1,218

–

a,b

5170843. SQ.FTS.B,

4.403%,

10/15/33

...

14,553

–

a,b

5168750. SQ.FTS.B,

4.558%,

10/15/33

...

2,545

–

a,b

5171656. SQ.FTS.B,

4.053%,

10/16/33

...

875

–

a,b

5172517. SQ.FTS.B,

3.302%,

10/17/33

...

3,231

–

a,b

5173148. SQ.FTS.B,

5.012%,

10/17/33

...

670

–

a,b

5175259. SQ.FTS.B,

3.354%,

10/18/33

...

–

a,b

5176617. SQ.FTS.B,

4.294%,

10/18/33

...

935

–

a,b

5175826. SQ.FTS.B,

4.557%,

10/18/33

...

3,657

–

a,b

5176935. SQ.FTS.B,

5.031%,

10/18/33

...

–

a,b

5177078. SQ.FTS.B,

5.189%,

10/18/33

...

–

a,b

5184366. SQ.FTS.B,

3.774%,

10/19/33

...

3,564

–

a,b

5189604. SQ.FTS.B,

3.774%,

10/20/33

...

4,636

–

a,b

5203735. SQ.FTS.B,

3.298%,

10/21/33

...

6,108

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5210519. SQ.FTS.B,

5.535%,

10/24/33

...

$

11,522

$

–

a,b

5223636. SQ.FTS.B,

4.563%,

10/27/33

...

2,509

–

a,b

5230601. SQ.FTS.B,

3.301%,

10/28/33

...

5,805

–

a,b

5234006. SQ.FTS.B,

4.403%,

10/28/33

...

25,481

a,b

5230330. SQ.FTS.B,

4.717%,

10/28/33

...

1,320

–

a,b

5238828. SQ.FTS.B,

3.774%,

10/29/33

...

19,166

–

a,b

5240546. SQ.FTS.B,

3.953%,

10/30/33

...

1,371

–

a,b

5240481. SQ.FTS.B,

4.563%,

10/30/33

...

1,280

–

a,b

5240561. SQ.FTS.B,

4.95%,

10/30/33

....

993

–

a,b

5240923. SQ.FTS.B,

4.56%,

11/01/33

....

7,658

–

a,b

5245023. SQ.FTS.B,

3.936%,

11/02/33

...

1,235

–

a,b

5252966. SQ.FTS.B,

4.188%,

11/04/33

...

2,234

–

a,b

5256925. SQ.FTS.B,

4.403%,

11/04/33

...

12,494

–

a,b

5251953. SQ.FTS.B,

4.553%,

11/04/33

...

1,860

–

a,b

5267302. SQ.FTS.B,

3.354%,

11/06/33

...

–

a,b

5267196. SQ.FTS.B,

4.723%,

11/06/33

...

2,396

–

a,b

5270825. SQ.FTS.B,

4.877%,

11/06/33

...

4,533

–

a,b

5273714. SQ.FTS.B,

4.563%,

11/08/33

...

2,002

–

a,b

5276774. SQ.FTS.B,

4.556%,

11/09/33

...

3,264

–

a,b

5280986. SQ.FTS.B,

4.555%,

11/10/33

...

1,327

–

a,b

5284007. SQ.FTS.B,

4.403%,

11/11/33

...

1,049

–

a,b

5289917. SQ.FTS.B,

3.774%,

11/12/33

...

702

–

a,b

5287039. SQ.FTS.B,

4.475%,

11/12/33

...

8,749

–

a,b

5288567. SQ.FTS.B,

6.146%,

11/12/33

...

–

a,b

5292026. SQ.FTS.B,

4.719%,

11/13/33

...

5,106

–

a,b

5293955. SQ.FTS.B,

4.721%,

11/14/33

...

5,278

–

a,b

5293907. SQ.FTS.B,

4.874%,

11/14/33

...

2,714

–

a,b

5295255. SQ.FTS.B,

3.303%,

11/16/33

...

1,890

a,b

5296246. SQ.FTS.B,

4.26%,

11/16/33

....

1,628

–

a,b

5300323. SQ.FTS.B,

4.569%,

11/17/33

...

1,387

–

a,b

5312373. SQ.FTS.B,

4.56%,

11/18/33

....

721

–

a,b

5317481. SQ.FTS.B,

4.528%,

11/19/33

...

593

–

a,b

5319057. SQ.FTS.B,

5.031%,

11/19/33

...

2,284

–

a,b

5325009. SQ.FTS.B,

3.047%,

11/22/33

...

6,356

–

a,b

5325109. SQ.FTS.B,

4.114%,

11/22/33

...

3,741

–

a,b

5325953. SQ.FTS.B,

3.673%,

11/23/33

...

27,323

a,b

5331997. SQ.FTS.B,

3.29%,

11/24/33

....

1,138

–

a,b

5333772. SQ.FTS.B,

3.324%,

11/24/33

...

967

–

a,b

5334010. SQ.FTS.B,

3.33%,

11/24/33

....

–

a,b

5332017. SQ.FTS.B,

4.403%,

11/24/33

...

3,457

–

a,b

5334017. SQ.FTS.B,

4.403%,

11/24/33

...

710

–

a,b

5334919. SQ.FTS.B,

4.56%,

11/24/33

....

1,216

–

a,b

5332382. SQ.FTS.B,

4.858%,

11/24/33

...

1,453

–

a,b

5333523. SQ.FTS.B,

4.881%,

11/24/33

...

620

–

a,b

5337318. SQ.FTS.B,

3.962%,

11/25/33

...

1,470

–

a,b

5336258. SQ.FTS.B,

4.558%,

11/25/33

...

4,115

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5365379. SQ.FTS.B,

4.56%,

11/26/33

....

$

768

$

–

a,b

5364900. SQ.FTS.B,

4.571%,

11/26/33

...

1,391

–

a,b

5377413. SQ.FTS.B,

3.944%,

11/27/33

...

944

–

a,b

5378585. SQ.FTS.B,

3.953%,

11/27/33

...

–

a,b

5369148. SQ.FTS.B,

4.354%,

11/27/33

...

969

–

a,b

5377620. SQ.FTS.B,

4.414%,

11/27/33

...

13,408

a,b

5397535. SQ.FTS.B,

3.585%,

11/30/33

...

5,543

–

a,b

5393796. SQ.FTS.B,

5.031%,

11/30/33

...

–

a,b

5408127. SQ.FTS.B,

3.774%,

12/01/33

...

1,021

–

a,b

5412734. SQ.FTS.B,

3.992%,

12/01/33

...

8,127

–

a,b

5413423. SQ.FTS.B,

4.879%,

12/01/33

...

2,550

–

a,b

5411388. SQ.FTS.B,

5.031%,

12/01/33

...

563

–

a,b

5447961. SQ.FTS.B,

4.557%,

12/02/33

...

697

–

a,b

5472760. SQ.FTS.B,

4.479%,

12/04/33

...

3,648

–

a,b

5475686. SQ.FTS.B,

4.56%,

12/06/33

....

2,736

–

a,b

5479438. SQ.FTS.B,

4.866%,

12/06/33

...

631

–

a,b

5480752. SQ.FTS.B,

5.031%,

12/06/33

...

3,098

–

a,b

5505930. SQ.FTS.B,

6.289%,

12/07/33

...

1,048

–

a,b

5518310. SQ.FTS.B,

3.913%,

12/08/33

...

–

a,b

5515187. SQ.FTS.B,

4.403%,

12/08/33

...

4,692

–

a,b

5516154. SQ.FTS.B,

4.72%,

12/08/33

....

12,489

–

a,b

5507000. SQ.FTS.B,

4.758%,

12/08/33

...

38,614

a,b

5533995. SQ.FTS.B,

3.277%,

12/09/33

...

813

–

a,b

5534121. SQ.FTS.B,

5.031%,

12/09/33

...

5,159

–

a,b

5534689. SQ.FTS.B,

3.346%,

12/10/33

...

3,849

–

a,b

5537817. SQ.FTS.B,

4.193%,

12/10/33

...

798

–

a,b

5537728. SQ.FTS.B,

4.447%,

12/10/33

...

2,668

–

a,b

5535547. SQ.FTS.B,

4.724%,

12/10/33

...

4,404

–

a,b

5537953. SQ.FTS.B,

5.029%,

12/10/33

...

4,030

–

a,b

5539948. SQ.FTS.B,

4.239%,

12/11/33

...

1,314

–

a,b

5541083. SQ.FTS.B,

2.917%,

12/12/33

...

–

a,b

5541094. SQ.FTS.B,

4.721%,

12/12/33

...

5,085

–

a,b

5546515. SQ.FTS.B,

4.556%,

12/13/33

...

2,064

–

a,b

5552344. SQ.FTS.B,

3.537%,

12/14/33

...

1,674

–

a,b

5547946. SQ.FTS.B,

5.031%,

12/14/33

...

1,134

–

a,b

5554641. SQ.FTS.B,

3.292%,

12/15/33

...

62,255

–

a,b

5556696. SQ.FTS.B,

5.344%,

12/15/33

...

5,553

a,b

5563038. SQ.FTS.B,

4.564%,

12/16/33

...

4,772

–

a,b

5562047. SQ.FTS.B,

4.565%,

12/16/33

...

3,095

–

a,b

5564628. SQ.FTS.B,

3.302%,

12/17/33

...

2,787

–

a,b

5565992. SQ.FTS.B,

4.875%,

12/17/33

...

2,616

–

a,b

5568881. SQ.FTS.B,

3.298%,

12/19/33

...

1,314

–

a,b

5569070. SQ.FTS.B,

4.568%,

12/19/33

...

29,610

–

a,b

5572327. SQ.FTS.B,

4.572%,

12/20/33

...

–

a,b

5574351. SQ.FTS.B,

4.403%,

12/21/33

...

10,696

a,b

5573406. SQ.FTS.B,

4.546%,

12/21/33

...

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5575886. SQ.FTS.B,

4.557%,

12/21/33

...

$

894

$

–

a,b

5586899. SQ.FTS.B,

3.653%,

12/24/33

...

2,468

–

a,b

5585522. SQ.FTS.B,

4.55%,

12/24/33

....

–

a,b

5588173. SQ.FTS.B,

3.774%,

12/25/33

...

3,545

–

a,b

5589322. SQ.FTS.B,

4.564%,

12/26/33

...

4,040

–

a,b

5588832. SQ.FTS.B,

4.719%,

12/26/33

...

7,140

–

a,b

5594180. SQ.FTS.B,

2.869%,

12/28/33

...

732

–

a,b

5595624. SQ.FTS.B,

4.567%,

12/28/33

...

789

–

a,b

5600496. SQ.FTS.B,

2.664%,

12/29/33

...

–

a,b

5599728. SQ.FTS.B,

2.797%,

12/29/33

...

4,867

–

a,b

5597497. SQ.FTS.B,

4.56%,

12/29/33

....

1,451

–

a,b

5600632. SQ.FTS.B,

5.031%,

12/29/33

...

3,133

–

a,b

5600526. SQ.FTS.B,

5.296%,

12/29/33

...

1,008

–

a,b

5611517. SQ.FTS.B,

4.558%,

12/30/33

...

2,001

–

a,b

5612507. SQ.FTS.B,

4.56%,

12/30/33

....

11,600

a,b

5616046. SQ.FTS.B,

2.619%,

1/01/34

....

1,631

–

a,b

5616216. SQ.FTS.B,

3.563%,

1/01/34

....

5,841

a,b

5614938. SQ.FTS.B,

4.555%,

1/01/34

....

2,188

–

a,b

5618116. SQ.FTS.B,

4.875%,

1/02/34

....

8,099

a,b

5618863. SQ.FTS.B,

3.774%,

1/03/34

....

1,492

–

a,b

5619959. SQ.FTS.B,

4.559%,

1/04/34

....

2,374

–

a,b

5620066. SQ.FTS.B,

4.566%,

1/04/34

....

2,868

–

a,b

5619464. SQ.FTS.B,

4.582%,

1/04/34

....

646

–

a,b

5623363. SQ.FTS.B,

4.559%,

1/05/34

....

10,990

–

a,b

5624299. SQ.FTS.B,

4.712%,

1/05/34

....

6,091

–

a,b

5630151. SQ.FTS.B,

3.936%,

1/06/34

....

506

–

a,b

5647775. SQ.FTS.B,

4.257%,

1/07/34

....

1,305

–

a,b

5654133. SQ.FTS.B,

4.875%,

1/08/34

....

32,774

–

a,b

5655643. SQ.FTS.B,

3.936%,

1/09/34

....

4,363

–

a,b

5656207. SQ.FTS.B,

4.559%,

1/09/34

....

8,733

a,b

5663245. SQ.FTS.B,

3.302%,

1/11/34

....

500

–

a,b

5663983. SQ.FTS.B,

3.826%,

1/11/34

....

–

a,b

5662691. SQ.FTS.B,

4.56%,

1/11/34

.....

573

–

a,b

5666806. SQ.FTS.B,

3.304%,

1/12/34

....

13,430

–

a,b

5671581. SQ.FTS.B,

4.559%,

1/12/34

....

18,583

–

a,b

5672653. SQ.FTS.B,

3.774%,

1/13/34

....

966

–

a,b

5673210. SQ.FTS.B,

3.934%,

1/13/34

....

2,838

–

a,b

5675130. SQ.FTS.B,

4.718%,

1/13/34

....

–

a,b

5695450. SQ.FTS.B,

3.323%,

1/14/34

....

26,182

a,b

5694816. SQ.FTS.B,

3.38%,

1/14/34

.....

1,074

–

a,b

5689248. SQ.FTS.B,

4.556%,

1/14/34

....

1,934

–

a,b

5700432. SQ.FTS.B,

4.193%,

1/15/34

....

929

–

a,b

5696963. SQ.FTS.B,

4.559%,

1/15/34

....

8,836

–

a,b

5703401. SQ.FTS.B,

5.031%,

1/17/34

....

1,653

–

a,b

5703743. SQ.FTS.B,

5.031%,

1/17/34

....

1,220

–

a,b

5708905. SQ.FTS.B,

3.906%,

1/18/34

....

553

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5709549. SQ.FTS.B,

4.174%,

1/18/34

....

$

12,160

$

–

a,b

5708392. SQ.FTS.B,

4.561%,

1/18/34

....

9,171

–

a,b

5706022. SQ.FTS.B,

5.179%,

1/18/34

....

–

a,b

5721102. SQ.FTS.B,

4.871%,

1/20/34

....

1,302

–

a,b

5728577. SQ.FTS.B,

4.56%,

1/21/34

.....

3,241

–

a,b

5732624. SQ.FTS.B,

4.56%,

1/22/34

.....

11,619

–

a,b

5731303. SQ.FTS.B,

4.574%,

1/22/34

....

1,418

–

a,b

5735573. SQ.FTS.B,

4.403%,

1/24/34

....

5,816

a,b

5737632. SQ.FTS.B,

3.931%,

1/25/34

....

5,796

–

a,b

5741303. SQ.FTS.B,

4.567%,

1/26/34

....

2,044

–

a,b

5751520. SQ.FTS.B,

3.308%,

1/28/34

....

2,991

–

a,b

5754310. SQ.FTS.B,

3.164%,

1/29/34

....

1,070

–

a,b

5756610. SQ.FTS.B,

3.774%,

1/29/34

....

4,556

–

a,b

5755879. SQ.FTS.B,

5.119%,

1/29/34

....

2,751

a,b

5757607. SQ.FTS.B,

3.929%,

1/31/34

....

9,346

–

a,b

5760954. SQ.FTS.B,

4.102%,

2/01/34

....

2,824

–

a,b

5758291. SQ.FTS.B,

4.565%,

2/01/34

....

5,772

–

a,b

5767488. SQ.FTS.B,

4.566%,

2/03/34

....

1,228

–

a,b

5773116. SQ.FTS.B,

4.87%,

2/04/34

.....

3,729

–

a,b

5777772. SQ.FTS.B,

4.558%,

2/05/34

....

8,178

–

a,b

5778008. SQ.FTS.B,

4.687%,

2/05/34

....

4,729

–

a,b

5781951. SQ.FTS.B,

4.557%,

2/08/34

....

4,019

–

a,b

5784874. SQ.FTS.B,

5.153%,

2/09/34

....

3,818

–

a,b

5792518. SQ.FTS.B,

4.876%,

2/10/34

....

16,456

–

a,b

5802478. SQ.FTS.B,

3.774%,

2/11/34

....

7,637

–

a,b

5812068. SQ.FTS.B,

3.302%,

2/12/34

....

2,493

–

a,b

5809201. SQ.FTS.B,

3.975%,

2/12/34

....

718

–

a,b

5812645. SQ.FTS.B,

4.529%,

2/12/34

....

7,057

–

a,b

5810852. SQ.FTS.B,

4.558%,

2/12/34

....

3,602

–

a,b

5813253. SQ.FTS.B,

4.558%,

2/12/34

....

7,311

–

a,b

5813184. SQ.FTS.B,

4.894%,

2/12/34

....

1,676

–

a,b

5813462. SQ.FTS.B,

4.687%,

2/13/34

....

1,394

–

a,b

5814016. SQ.FTS.B,

4.876%,

2/13/34

....

2,868

–

a,b

5814576. SQ.FTS.B,

3.308%,

2/14/34

....

2,223

–

a,b

5816945. SQ.FTS.B,

4.876%,

2/15/34

....

4,384

–

a,b

5815447. SQ.FTS.B,

5.156%,

2/15/34

....

1,227

–

a,b

5817070. SQ.FTS.B,

5.158%,

2/15/34

....

30,140

–

a,b

5823345. SQ.FTS.B,

3.944%,

2/17/34

....

1,884

–

a,b

5825002. SQ.FTS.B,

4.56%,

2/17/34

.....

35,998

–

a,b

5823283. SQ.FTS.B,

4.633%,

2/17/34

....

–

a,b

5824742. SQ.FTS.B,

4.688%,

2/17/34

....

3,323

–

a,b

5825354. SQ.FTS.B,

4.723%,

2/17/34

....

4,905

–

a,b

5827842. SQ.FTS.B,

4.561%,

2/18/34

....

7,668

–

a,b

5830440. SQ.FTS.B,

4.562%,

2/18/34

....

2,577

–

a,b

5828926. SQ.FTS.B,

4.685%,

2/18/34

....

17,907

–

a,b

5832209. SQ.FTS.B,

4.403%,

2/19/34

....

26,120

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

5832576. SQ.FTS.B,

4.581%,

2/19/34

....

$

$

–

a,b

5832609. SQ.FTS.B,

4.929%,

2/19/34

....

2,194

–

a,b

5834318. SQ.FTS.B,

3.304%,

2/20/34

....

8,185

–

a,b

5834294. SQ.FTS.B,

4.537%,

2/20/34

....

502

–

a,b

5835079. SQ.FTS.B,

5.031%,

2/20/34

....

683

–

a,b

5837211. SQ.FTS.B,

4.56%,

2/22/34

.....

2,901

–

a,b

5837315. SQ.FTS.B,

4.561%,

2/22/34

....

4,547

–

a,b

5837252. SQ.FTS.B,

5.262%,

2/22/34

....

1,427

–

a,b

5840394. SQ.FTS.B,

4.809%,

2/23/34

....

7,735

–

a,b

5839815. SQ.FTS.B,

4.859%,

2/23/34

....

615

–

a,b

5842093. SQ.FTS.B,

4.874%,

2/23/34

....

1,240

–

a,b

5851647. SQ.FTS.B,

4.534%,

2/25/34

....

1,396

–

a,b

5848551. SQ.FTS.B,

4.685%,

2/25/34

....

1,094

–

a,b

5852027. SQ.FTS.B,

4.82%,

2/26/34

.....

628

–

a,b

5854311. SQ.FTS.B,

5.158%,

2/26/34

....

663

–

a,b

5853740. SQ.FTS.B,

5.288%,

2/26/34

....

2,104

–

a,b

5855240. SQ.FTS.B,

5.19%,

2/27/34

.....

6,098

–

a,b

5866864. SQ.FTS.B,

4.019%,

2/28/34

....

2,964

–

a,b

5857039. SQ.FTS.B,

4.523%,

2/28/34

....

–

a,b

5861134. SQ.FTS.B,

4.529%,

2/28/34

....

14,061

a,b

5866568. SQ.FTS.B,

4.617%,

2/28/34

....

2,638

–

a,b

5855911. SQ.FTS.B,

4.687%,

2/28/34

....

2,925

–

a,b

5861125. SQ.FTS.B,

4.772%,

2/28/34

....

619

–

a,b

5856586. SQ.FTS.B,

5.028%,

2/28/34

....

–

a,b

5862630. SQ.FTS.B,

5.067%,

2/28/34

....

5,065

–

a,b

5873819. SQ.FTS.B,

5.09%,

3/01/34

.....

1,232

–

a,b

5874482. SQ.FTS.B,

4.762%,

3/02/34

....

657

–

a,b

5874329. SQ.FTS.B,

5.179%,

3/02/34

....

–

a,b

5877776. SQ.FTS.B,

5.458%,

3/03/34

....

691

–

a,b

5878846. SQ.FTS.B,

5.302%,

3/05/34

....

–

a,b

5885192. SQ.FTS.B,

5.384%,

3/07/34

....

2,394

–

a,b

5884477. SQ.FTS.B,

5.518%,

3/07/34

....

988

–

a,b

5883334. SQ.FTS.B,

5.524%,

3/07/34

....

1,109

–

a,b

5889080. SQ.FTS.B,

4.718%,

3/08/34

....

771

–

a,b

5889436. SQ.FTS.B,

4.844%,

3/08/34

....

14,724

–

a,b

5889875. SQ.FTS.B,

5.174%,

3/08/34

....

–

a,b

5889597. SQ.FTS.B,

5.287%,

3/08/34

....

1,085

–

a,b

5894091. SQ.FTS.B,

4.599%,

3/09/34

....

2,167

–

a,b

5893929. SQ.FTS.B,

4.751%,

3/09/34

....

788

–

a,b

5893541. SQ.FTS.B,

5.441%,

3/09/34

....

4,112

–

a,b

5893815. SQ.FTS.B,

5.451%,

3/09/34

....

1,195

–

a,b

5898769. SQ.FTS.B,

3.93%,

3/12/34

.....

2,169

–

a,b

5898320. SQ.FTS.B,

5.031%,

3/12/34

....

8,262

–

a,b

5900989. SQ.FTS.B,

3.935%,

3/13/34

....

5,386

–

a,b

5900390. SQ.FTS.B,

4.434%,

3/13/34

....

13,495

–

a,b

5900600. SQ.FTS.B,

5.093%,

3/13/34

....

7,701

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

5903864. SQ.FTS.B,

5.043%,

3/14/34

....

$

2,296

$

–

a,b

5911495. SQ.FTS.B,

4.309%,

3/16/34

....

40,359

a,b

5910869. SQ.FTS.B,

5.031%,

3/16/34

....

2,092

–

a,b

5913989. SQ.FTS.B,

5.445%,

3/17/34

....

1,336

–

a,b

5914396. SQ.FTS.B,

5.177%,

3/18/34

....

1,467

–

a,b

5915505. SQ.FTS.B,

5.283%,

3/19/34

....

16,318

a,b

5917707. SQ.FTS.B,

5.541%,

3/19/34

....

3,053

–

a,b

5921285. SQ.FTS.B,

4.747%,

3/20/34

....

2,698

–

a,b

5921918. SQ.FTS.B,

5.156%,

3/20/34

....

11,547

–

a,b

5923022. SQ.FTS.B,

5.284%,

3/21/34

....

1,435

–

a,b

5934059. SQ.FTS.B,

5.076%,

3/24/34

....

1,242

–

a,b

5934219. SQ.FTS.B,

5.158%,

3/24/34

....

22,371

–

a,b

5934730. SQ.FTS.B,

4.74%,

3/25/34

.....

2,564

–

a,b

5936923. SQ.FTS.B,

4.526%,

3/26/34

....

9,927

–

a,b

5938584. SQ.FTS.B,

5.097%,

3/26/34

....

6,806

–

a,b

5937124. SQ.FTS.B,

5.189%,

3/26/34

....

–

a,b

5941367. SQ.FTS.B,

4.717%,

3/27/34

....

4,768

–

a,b

5945082. SQ.FTS.B,

3.927%,

3/28/34

....

2,500

–

a,b

5943947. SQ.FTS.B,

4.74%,

3/28/34

.....

1,308

–

a,b

5945214. SQ.FTS.B,

5.367%,

3/28/34

....

656

–

a,b

5950686. SQ.FTS.B,

4.744%,

3/29/34

....

810

–

a,b

5954440. SQ.FTS.B,

4.843%,

3/30/34

....

7,514

–

a,b

5953097. SQ.FTS.B,

5.031%,

3/30/34

....

885

–

a,b

5956888. SQ.FTS.B,

4.221%,

4/02/34

....

2,980

–

a,b

5956650. SQ.FTS.B,

5.084%,

4/02/34

....

–

a,b

5956268. SQ.FTS.B,

5.096%,

4/02/34

....

609

–

a,b

5960434. SQ.FTS.B,

5.182%,

4/03/34

....

–

a,b

5959931. SQ.FTS.B,

5.429%,

4/03/34

....

1,644

–

a,b

5959978. SQ.FTS.B,

5.543%,

4/03/34

....

1,182

–

a,b

5966156. SQ.FTS.B,

4.03%,

4/05/34

.....

4,893

–

a,b

5964109. SQ.FTS.B,

5.28%,

4/05/34

.....

3,134

a,b

5980129. SQ.FTS.B,

4.947%,

4/10/34

....

695

–

a,b

5981924. SQ.FTS.B,

4.843%,

4/11/34

....

12,026

a,b

5983869. SQ.FTS.B,

5.031%,

4/11/34

....

1,723

–

a,b

5983705. SQ.FTS.B,

5.441%,

4/11/34

....

4,402

–

a,b

5986027. SQ.FTS.B,

5.095%,

4/12/34

....

3,601

–

a,b

5991404. SQ.FTS.B,

4.591%,

4/13/34

....

1,408

a,b

5995853. SQ.FTS.B,

4.028%,

4/14/34

....

7,553

–

a,b

5995769. SQ.FTS.B,

4.938%,

4/14/34

....

4,698

–

a,b

5996582. SQ.FTS.B,

5.428%,

4/15/34

....

–

a,b

6000328. SQ.FTS.B,

5.275%,

4/17/34

....

2,618

–

a,b

6001519. SQ.FTS.B,

4.591%,

4/18/34

....

505

–

a,b

6010572. SQ.FTS.B,

4.216%,

4/20/34

....

6,145

–

a,b

6010705. SQ.FTS.B,

4.906%,

4/20/34

....

4,090

–

a,b

6015748. SQ.FTS.B,

4.756%,

4/21/34

....

3,151

–

a,b

6023977. SQ.FTS.B,

5.196%,

4/25/34

....

871

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6024354. SQ.FTS.B,

5.439%,

4/26/34

....

$

7,959

$

–

a,b

6037378. SQ.FTS.B,

4.751%,

4/29/34

....

732

–

a,b

6038361. SQ.FTS.B,

4.526%,

4/30/34

....

2,968

–

a,b

6057823. SQ.FTS.B,

4.905%,

5/04/34

....

17,364

–

a,b

6063087. SQ.FTS.B,

4.305%,

5/07/34

....

4,299

–

a,b

6064155. SQ.FTS.B,

5.379%,

5/08/34

....

694

–

a,b

6064464. SQ.FTS.B,

5.542%,

5/08/34

....

3,001

–

a,b

6111911. SQ.FTS.B,

5.379%,

5/09/34

.....

1,257

a,b

6120978. SQ.FTS.B,

4.769%,

5/10/34

....

836

–

a,b

6123828. SQ.FTS.B,

4.906%,

5/10/34

....

15,343

–

a,b

6122851. SQ.FTS.B,

5.157%,

5/10/34

....

5,276

–

a,b

6122683. SQ.FTS.B,

5.438%,

5/10/34

....

9,407

–

a,b

6126543. SQ.FTS.B,

5.457%,

5/12/34

....

–

a,b

6127052. SQ.FTS.B,

5.539%,

5/13/34

....

2,897

–

a,b

6134462. SQ.FTS.B,

4.527%,

5/15/34

....

5,519

a,b

6143084. SQ.FTS.B,

5.515%,

5/17/34

....

–

a,b

6145383. SQ.FTS.B,

5.158%,

5/18/34

....

25,311

a,b

6147104. SQ.FTS.B,

5.157%,

5/19/34

....

2,958

a,b

6147718. SQ.FTS.B,

5.373%,

5/20/34

....

3,339

–

a,b

6147775. SQ.FTS.B,

5.453%,

5/20/34

....

1,022

–

a,b

6149657. SQ.FTS.B,

4.748%,

5/21/34

....

8,931

–

a,b

6149268. SQ.FTS.B,

5.031%,

5/21/34

....

3,411

–

a,b

6154074. SQ.FTS.B,

4.534%,

5/22/34

....

4,237

–

a,b

6160262. SQ.FTS.B,

4.751%,

5/23/34

....

4,566

–

a,b

6159444. SQ.FTS.B,

4.901%,

5/23/34

....

605

–

a,b

6159521. SQ.FTS.B,

5.283%,

5/23/34

....

–

a,b

6161261. SQ.FTS.B,

5.287%,

5/24/34

....

1,545

–

a,b

6162505. SQ.FTS.B,

5.376%,

5/25/34

....

1,966

–

a,b

6164819. SQ.FTS.B,

5.444%,

5/26/34

....

–

a,b

6164962. SQ.FTS.B,

5.445%,

5/26/34

....

3,092

–

a,b

6169262. SQ.FTS.B,

5.444%,

5/28/34

....

–

a,b

6173109. SQ.FTS.B,

4.311%,

5/29/34

....

732

–

a,b

6173073. SQ.FTS.B,

4.906%,

5/29/34

....

1,600

–

a,b

6185954. SQ.FTS.B,

5.441%,

6/03/34

....

1,742

–

a,b

6185770. SQ.FTS.B,

5.547%,

6/03/34

....

2,564

–

a,b

6190982. SQ.FTS.B,

4.314%,

6/05/34

....

4,546

–

a,b

6191154. SQ.FTS.B,

5.532%,

6/06/34

....

2,148

–

a,b

6209210. SQ.FTS.B,

4.309%,

6/09/34

....

6,712

a,b

6209706. SQ.FTS.B,

5.036%,

6/10/34

....

2,430

–

a,b

6211694. SQ.FTS.B,

5.372%,

6/12/34

....

3,075

–

a,b

6217699. SQ.FTS.B,

4.748%,

6/13/34

....

3,192

–

a,b

6217315. SQ.FTS.B,

5.031%,

6/13/34

....

687

–

a,b

6220586. SQ.FTS.B,

5.031%,

6/14/34

....

3,429

–

a,b

6220625. SQ.FTS.B,

5.378%,

6/14/34

....

8,814

–

a,b

6227194. SQ.FTS.B,

5.02%,

6/16/34

.....

1,900

–

a,b

6236255. SQ.FTS.B,

5.436%,

6/18/34

....

2,023

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6237088. SQ.FTS.B,

4.742%,

6/19/34

....

$

1,309

$

–

a,b

6237213. SQ.FTS.B,

5.438%,

6/19/34

....

994

–

a,b

6243468. SQ.FTS.B,

4.969%,

6/20/34

....

12,676

–

a,b

6243792. SQ.FTS.B,

5.374%,

6/21/34

....

2,999

–

a,b

6245571. SQ.FTS.B,

5.674%,

6/21/34

....

502

–

a,b

6254473. SQ.FTS.B,

5.251%,

6/23/34

....

13,950

–

a,b

6254361. SQ.FTS.B,

5.374%,

6/23/34

....

1,745

–

a,b

6254841. SQ.FTS.B,

5.443%,

6/23/34

....

4,682

–

a,b

6259695. SQ.FTS.B,

5.545%,

6/27/34

....

2,225

–

a,b

6265153. SQ.FTS.B,

5.127%,

6/29/34

....

11,421

–

a,b

6266370. SQ.FTS.B,

5.252%,

6/29/34

....

7,869

–

a,b

6275326. SQ.FTS.B,

5.44%,

7/03/34

.....

2,114

–

a,b

6277033. SQ.FTS.B,

5.25%,

7/04/34

.....

3,011

–

a,b

6278139. SQ.FTS.B,

5.61%,

7/04/34

.....

931

–

a,b

6282812. SQ.FTS.B,

4.969%,

7/06/34

....

15,894

–

a,b

6285291. SQ.FTS.B,

4.969%,

7/06/34

....

21,510

–

a,b

6285821. SQ.FTS.B,

5.609%,

7/07/34

....

1,998

–

a,b

6300866. SQ.FTS.B,

5.66%,

7/13/34

.....

–

a,b

6309341. SQ.FTS.B,

5.767%,

7/18/34

....

1,719

–

a,b

6314763. SQ.FTS.B,

4.749%,

7/19/34

....

982

–

a,b

6319056. SQ.FTS.B,

4.748%,

7/21/34

....

–

a,b

6351823. SQ.FTS.B,

4.966%,

7/24/34

....

1,939

–

a,b

6353581. SQ.FTS.B,

5.118%,

7/24/34

....

916

–

a,b

6351975. SQ.FTS.B,

5.478%,

7/24/34

....

2,638

–

a,b

6359468. SQ.FTS.B,

5.627%,

7/26/34

....

–

a,b

6370285. SQ.FTS.B,

5.757%,

7/30/34

....

1,998

–

a,b

6372961. SQ.FTS.B,

5.377%,

7/31/34

....

57,137

–

a,b

6379092. SQ.FTS.B,

5.66%,

8/02/34

.....

954

–

a,b

6382243. SQ.FTS.B,

4.969%,

8/03/34

....

40,502

–

a,b

6386635. SQ.FTS.B,

4.99%,

8/05/34

.....

1,423

–

a,b

6389269. SQ.FTS.B,

5.373%,

8/06/34

....

5,046

–

a,b

6389202. SQ.FTS.B,

5.751%,

8/06/34

....

3,677

–

a,b

6392987. SQ.FTS.B,

4.75%,

8/07/34

.....

7,102

–

a,b

6392793. SQ.FTS.B,

5.48%,

8/07/34

.....

–

a,b

6393441. SQ.FTS.B,

4.971%,

8/08/34

....

2,464

–

a,b

6404033. SQ.FTS.B,

4.755%,

8/11/34

....

2,159

–

a,b

6410608. SQ.FTS.B,

5.471%,

8/14/34

....

23,537

–

a,b

6413090. SQ.FTS.B,

5.251%,

8/15/34

....

14,328

–

a,b

6422493. SQ.FTS.B,

4.96%,

8/17/34

.....

–

a,b

6424176. SQ.FTS.B,

4.969%,

8/18/34

....

22,930

a,b

6427394. SQ.FTS.B,

4.75%,

8/21/34

.....

24,524

–

a,b

6427044. SQ.FTS.B,

5.471%,

8/21/34

....

637

–

a,b

6431015. SQ.FTS.B,

4.969%,

8/22/34

....

2,894

–

a,b

6439616. SQ.FTS.B,

4.969%,

8/23/34

....

2,924

–

a,b

6439850. SQ.FTS.B,

5.472%,

8/23/34

....

7,981

–

a,b

6436390. SQ.FTS.B,

5.597%,

8/23/34

....

3,413

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6442480. SQ.FTS.B,

5.383%,

8/24/34

....

$

1,919

$

–

a,b

6451818. SQ.FTS.B,

4.528%,

8/28/34

....

32,683

a,b

6452723. SQ.FTS.B,

4.75%,

8/28/34

.....

1,840

–

a,b

6454314. SQ.FTS.B,

4.97%,

9/01/34

.....

6,133

–

a,b

6461434. SQ.FTS.B,

5.252%,

9/03/34

....

6,632

a,b

6464078. SQ.FTS.B,

5.121%,

9/04/34

....

818

–

a,b

6467555. SQ.FTS.B,

5.377%,

9/06/34

....

3,596

–

a,b

6465421. SQ.FTS.B,

5.451%,

9/06/34

....

1,180

–

a,b

6470092. SQ.FTS.B,

5.469%,

9/07/34

....

3,576

–

a,b

6475454. SQ.FTS.B,

5.126%,

9/08/34

....

2,557

–

a,b

6475554. SQ.FTS.B,

5.597%,

9/08/34

....

8,062

–

a,b

6481328. SQ.FTS.B,

4.748%,

9/09/34

....

6,302

–

a,b

6483513. SQ.FTS.B,

4.528%,

9/10/34

....

7,992

–

a,b

6484336. SQ.FTS.B,

5.253%,

9/10/34

....

22,221

a,b

6488356. SQ.FTS.B,

5.66%,

9/13/34

.....

3,633

–

a,b

6496050. SQ.FTS.B,

5.598%,

9/15/34

....

2,621

–

a,b

6503201. SQ.FTS.B,

4.755%,

9/17/34

....

1,828

–

a,b

6508534. SQ.FTS.B,

5.66%,

9/20/34

.....

3,125

–

a,b

6523267. SQ.FTS.B,

4.84%,

9/24/34

.....

5,923

–

a,b

6531074. SQ.FTS.B,

5.031%,

9/28/34

....

24,833

–

a,b

6533670. SQ.FTS.B,

5.44%,

9/28/34

.....

2,210

a,b

6535323. SQ.FTS.B,

5.252%,

9/29/34

....

1,498

–

a,b

6537472. SQ.FTS.B,

5.437%,

9/29/34

....

2,567

–

a,b

6544501. SQ.FTS.B,

4.967%,

9/30/34

....

–

a,b

6541353. SQ.FTS.B,

5.597%,

9/30/34

....

727

–

a,b

6547411. SQ.FTS.B,

4.749%,

10/01/34

...

14,177

a,b

6552948. SQ.FTS.B,

5.131%,

10/04/34

...

1,758

–

a,b

6553144. SQ.FTS.B,

5.44%,

10/04/34

....

734

–

a,b

6563116. SQ.FTS.B,

5.436%,

10/07/34

...

626

–

a,b

6566625. SQ.FTS.B,

5.189%,

10/08/34

...

10,420

–

a,b

6570679. SQ.FTS.B,

5.44%,

10/10/34

....

15,812

–

a,b

6577981. SQ.FTS.B,

5.251%,

10/12/34

...

10,021

–

a,b

6581786. SQ.FTS.B,

5.755%,

10/13/34

...

584

–

a,b

6582337. SQ.FTS.B,

6.008%,

10/13/34

...

569

–

a,b

6592468. SQ.FTS.B,

5.188%,

10/18/34

...

26,389

–

a,b

6591444. SQ.FTS.B,

6.157%,

10/18/34

...

1,914

–

a,b

6608375. SQ.FTS.B,

6.263%,

10/24/34

...

1,568

–

a,b

6614457. SQ.FTS.B,

5.759%,

10/26/34

...

2,216

–

a,b

6617414. SQ.FTS.B,

6.006%,

10/27/34

...

2,152

–

a,b

6623607. SQ.FTS.B,

6.419%,

10/28/34

...

2,737

–

a,b

6624957. SQ.FTS.B,

6.411%,

10/30/34

...

3,183

–

a,b

6628247. SQ.FTS.B,

4.937%,

11/01/34

...

3,665

–

a,b

6626404. SQ.FTS.B,

6.006%,

11/01/34

...

693

–

a,b

6628104. SQ.FTS.B,

6.162%,

11/01/34

...

8,424

–

a,b

6629787. SQ.FTS.B,

5.57%,

11/02/34

....

7,692

–

a,b

6632388. SQ.FTS.B,

6.413%,

11/02/34

...

6,201

–

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6633231. SQ.FTS.B,

4.745%,

11/03/34

...

$

$

–

a,b

6639032. SQ.FTS.B,

5.442%,

11/04/34

...

11,342

–

a,b

6644191. SQ.FTS.B,

5.189%,

11/05/34

...

32,363

–

a,b

6641907. SQ.FTS.B,

5.372%,

11/05/34

...

3,766

–

a,b

6641788. SQ.FTS.B,

5.445%,

11/05/34

...

1,794

–

a,b

6651688. SQ.FTS.B,

4.654%,

11/09/34

...

53,478

–

a,b

6649660. SQ.FTS.B,

5.185%,

11/09/34

...

–

a,b

6651437. SQ.FTS.B,

5.454%,

11/09/34

...

–

a,b

6655130. SQ.FTS.B,

5.442%,

11/10/34

...

974

–

a,b

6663871. SQ.FTS.B,

4.935%,

11/12/34

...

3,838

–

a,b

6662849. SQ.FTS.B,

4.936%,

11/12/34

...

4,461

–

a,b

6662189. SQ.FTS.B,

6.013%,

11/12/34

...

858

–

a,b

6664005. SQ.FTS.B,

6.167%,

11/12/34

...

3,617

–

a,b

6665226. SQ.FTS.B,

6.006%,

11/13/34

...

660

–

a,b

6668780. SQ.FTS.B,

5.566%,

11/15/34

...

9,273

–

a,b

6672424. SQ.FTS.B,

5.377%,

11/16/34

...

4,203

a,b

6670037. SQ.FTS.B,

5.571%,

11/16/34

...

6,805

–

a,b

6674961. SQ.FTS.B,

5.44%,

11/17/34

....

5,853

–

a,b

6678696. SQ.FTS.B,

4.936%,

11/18/34

...

19,360

–

a,b

6681578. SQ.FTS.B,

4.937%,

11/18/34

...

10,776

a,b

6679343. SQ.FTS.B,

5.379%,

11/18/34

...

3,191

–

a,b

6684387. SQ.FTS.B,

4.738%,

11/19/34

...

1,197

–

a,b

6682519. SQ.FTS.B,

5.381%,

11/19/34

...

771

–

a,b

6685009. SQ.FTS.B,

5.752%,

11/20/34

...

2,633

–

a,b

6685907. SQ.FTS.B,

5.568%,

11/21/34

...

6,583

a,b

6686639. SQ.FTS.B,

4.937%,

11/22/34

...

1,131

–

a,b

6686940. SQ.FTS.B,

4.937%,

11/22/34

...

2,880

–

a,b

6689856. SQ.FTS.B,

4.659%,

11/23/34

...

4,087

–

a,b

6692529. SQ.FTS.B,

5.186%,

11/23/34

...

6,099

–

a,b

6689979. SQ.FTS.B,

5.377%,

11/23/34

...

12,919

–

a,b

6709316. SQ.FTS.B,

5.767%,

11/29/34

...

–

a,b

6719810. SQ.FTS.B,

6.432%,

12/01/34

...

1,571

–

a,b

6724464. SQ.FTS.B,

4.747%,

12/02/34

...

9,907

–

a,b

6729931. SQ.FTS.B,

6.262%,

12/05/34

...

5,140

–

a,b

6731838. SQ.FTS.B,

4.654%,

12/06/34

...

5,855

a,b

6731255. SQ.FTS.B,

5.188%,

12/06/34

...

1,286

–

a,b

6730881. SQ.FTS.B,

5.755%,

12/06/34

...

5,559

a,b

6737291. SQ.FTS.B,

5.203%,

12/07/34

...

1,511

–

a,b

6742103. SQ.FTS.B,

6.26%,

12/08/34

....

970

a,b

6746092. SQ.FTS.B,

4.659%,

12/09/34

...

1,222

–

a,b

6745247. SQ.FTS.B,

4.74%,

12/09/34

....

775

–

a,b

6746977. SQ.FTS.B,

5.188%,

12/10/34

...

15,911

a,b

6753247. SQ.FTS.B,

4.655%,

12/13/34

...

9,691

a,b

6753008. SQ.FTS.B,

4.749%,

12/13/34

...

6,085

a,b

6756294. SQ.FTS.B,

5.751%,

12/14/34

...

2,296

a,b

6764489. SQ.FTS.B,

4.937%,

12/15/34

...

21,402

–

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

6770530. SQ.FTS.B,

5.39%,

12/19/34

....

$

1,058

$

–

a,b

6771134. SQ.FTS.B,

6.006%,

12/19/34

...

18,256

a,b

6774551. SQ.FTS.B,

5.567%,

12/20/34

...

17,810

a,b

6781272. SQ.FTS.B,

5.566%,

12/22/34

...

37,439

a,b

6783369. SQ.FTS.B,

6.27%,

12/23/34

....

1,854

–

a,b

6792314. SQ.FTS.B,

6.005%,

12/27/34

...

6,421

a,b

6795315. SQ.FTS.B,

6.417%,

12/28/34

...

1,229

a,b

6800044. SQ.FTS.B,

6.258%,

12/29/34

...

4,878

a,b

6804745. SQ.FTS.B,

5.449%,

12/30/34

...

–

a,b

6806677. SQ.FTS.B,

5.568%,

12/30/34

...

3,293

a,b

6808256. SQ.FTS.B,

5.546%,

1/01/35

....

794

–

a,b

6812850. SQ.FTS.B,

4.652%,

1/03/35

....

1,848

a,b

6812517. SQ.FTS.B,

5.566%,

1/03/35

....

14,910

a,b

6810642. SQ.FTS.B,

6.009%,

1/03/35

....

5,633

a,b

6815367. SQ.FTS.B,

5.371%,

1/05/35

....

1,775

a,b

6822097. SQ.FTS.B,

4.751%,

1/06/35

....

1,805

a,b

6818955. SQ.FTS.B,

4.938%,

1/06/35

....

7,512

a,b

6826532. SQ.FTS.B,

5.749%,

1/08/35

....

3,960

a,b

6836269. SQ.FTS.B,

4.747%,

1/12/35

....

758

a,b

6833875. SQ.FTS.B,

5.189%,

1/12/35

....

1,457

a,b

6836478. SQ.FTS.B,

5.749%,

1/12/35

....

673

–

a,b

6841626. SQ.FTS.B,

4.748%,

1/13/35

....

5,625

a,b

6838796. SQ.FTS.B,

6.176%,

1/13/35

....

1,173

a,b

6839643. SQ.FTS.B,

6.205%,

1/13/35

....

576

–

a,b

6843667. SQ.FTS.B,

6.415%,

1/14/35

....

32,216

a,b

6845960. SQ.FTS.B,

4.748%,

1/15/35

....

2,478

a,b

6846131. SQ.FTS.B,

5.747%,

1/15/35

....

1,089

a,b

6846797. SQ.FTS.B,

5.191%,

1/16/35

....

623

a,b

6846652. SQ.FTS.B,

5.773%,

1/16/35

....

–

a,b

6849498. SQ.FTS.B,

4.655%,

1/17/35

....

5,530

a,b

6849711. SQ.FTS.B,

4.743%,

1/17/35

....

628

a,b

6849119. SQ.FTS.B,

5.563%,

1/17/35

....

a,b

6848265. SQ.FTS.B,

6.172%,

1/17/35

....

1,144

a,b

6852615. SQ.FTS.B,

4.756%,

1/18/35

....

1,041

a,b

6855849. SQ.FTS.B,

4.653%,

1/19/35

....

3,144

a,b

6862957. SQ.FTS.B,

6.254%,

1/21/35

....

4,171

a,b

6868391. SQ.FTS.B,

5.436%,

1/24/35

....

543

a,b

6871369. SQ.FTS.B,

5.567%,

1/25/35

....

–

a,b

6871155. SQ.FTS.B,

6.012%,

1/25/35

....

3,560

a,b

6873383. SQ.FTS.B,

6.15%,

1/26/35

.....

–

a,b

6880856. SQ.FTS.B,

5.366%,

1/28/35

....

1,568

a,b

6884787. SQ.FTS.B,

6.262%,

1/29/35

....

3,067

a,b

6889119. SQ.FTS.B,

6.008%,

1/31/35

....

3,513

a,b

6889109. SQ.FTS.B,

6.258%,

1/31/35

....

1,082

a,b

6891067. SQ.FTS.B,

6.255%,

2/01/35

....

5,566

a,b

6895588. SQ.FTS.B,

4.657%,

2/02/35

....

10,603

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

6893023. SQ.FTS.B,

5.378%,

2/02/35

....

$

14,273

$

a,b

6899300. SQ.FTS.B,

4.643%,

2/03/35

....

1,221

a,b

6899194. SQ.FTS.B,

4.754%,

2/03/35

....

–

a,b

6903284. SQ.FTS.B,

4.654%,

2/04/35

....

3,163

a,b

6904989. SQ.FTS.B,

5.189%,

2/05/35

....

22,149

a,b

6904822. SQ.FTS.B,

5.573%,

2/05/35

....

a,b

6908001. SQ.FTS.B,

5.565%,

2/07/35

....

23,167

a,b

6909141. SQ.FTS.B,

5.379%,

2/08/35

....

19,068

a,b

6909057. SQ.FTS.B,

6.25%,

2/08/35

.....

a,b

6913052. SQ.FTS.B,

4.942%,

2/09/35

....

2,970

a,b

6914678. SQ.FTS.B,

5.758%,

2/09/35

....

3,385

a,b

6916173. SQ.FTS.B,

5.577%,

2/10/35

....

512

a,b

6920447. SQ.FTS.B,

6.006%,

2/11/35

....

24,973

a,b

6923496. SQ.FTS.B,

6.258%,

2/15/35

....

4,557

a,b

6934833. SQ.FTS.B,

4.938%,

2/17/35

....

4,744

a,b

6934329. SQ.FTS.B,

6.258%,

2/17/35

....

12,367

a,b

6936990. SQ.FTS.B,

4.748%,

2/18/35

....

3,340

a,b

6937130. SQ.FTS.B,

6.132%,

2/18/35

....

–

a,b

6938552. SQ.FTS.B,

6.416%,

2/18/35

....

6,233

a,b

6942251. SQ.FTS.B,

4.656%,

2/20/35

....

3,601

a,b

6946078. SQ.FTS.B,

4.937%,

2/21/35

....

598

a,b

6946120. SQ.FTS.B,

6.164%,

2/21/35

....

10,031

a,b

6944161. SQ.FTS.B,

6.261%,

2/21/35

....

1,708

a,b

6966531. SQ.FTS.B,

4.749%,

2/28/35

....

3,997

a,b

6978952. SQ.FTS.B,

4.937%,

2/28/35

....

51,353

1,581

a,b

6967741. SQ.FTS.B,

5.189%,

2/28/35

....

1,401

a,b

6966362. SQ.FTS.B,

5.376%,

2/28/35

....

a,b

6968103. SQ.FTS.B,

5.455%,

2/28/35

....

537

a,b

6966621. SQ.FTS.B,

5.569%,

2/28/35

....

1,752

a,b

6971755. SQ.FTS.B,

5.975%,

2/28/35

....

a,b

6970716. SQ.FTS.B,

6.005%,

2/28/35

....

1,583

a,b

6966412. SQ.FTS.B,

6.167%,

2/28/35

....

2,449

a,b

6978418. SQ.FTS.B,

6.247%,

2/28/35

....

1,258

a,b

6966854. SQ.FTS.B,

6.26%,

2/28/35

.....

3,823

a,b

6981964. SQ.FTS.B,

5.376%,

3/01/35

....

13,283

a,b

6984708. SQ.FTS.B,

5.567%,

3/02/35

....

1,263

a,b

6986717. SQ.FTS.B,

6.416%,

3/04/35

....

533

a,b

6987569. SQ.FTS.B,

5.754%,

3/05/35

....

3,671

a,b

6993089. SQ.FTS.B,

4.76%,

3/06/35

.....

594

a,b

7009269. SQ.FTS.B,

6.165%,

3/12/35

....

22,063

a,b

7014159. SQ.FTS.B,

5.56%,

3/13/35

.....

1,246

a,b

7014068. SQ.FTS.B,

6.007%,

3/13/35

....

509

a,b

7021732. SQ.FTS.B,

5.376%,

3/15/35

....

2,798

a,b

7022730. SQ.FTS.B,

6.259%,

3/15/35

....

3,666

a,b

7028537. SQ.FTS.B,

5.189%,

3/18/35

....

66,996

a,b

7032279. SQ.FTS.B,

5.567%,

3/19/35

....

1,308

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7043444. SQ.FTS.B,

5.376%,

3/21/35

....

$

6,529

$

a,b

7040179. SQ.FTS.B,

5.564%,

3/21/35

....

9,497

1,244

a,b

7046836. SQ.FTS.B,

6.261%,

3/22/35

....

2,078

a,b

7050197. SQ.FTS.B,

4.749%,

3/25/35

....

13,025

a,b

7052668. SQ.FTS.B,

4.936%,

3/25/35

....

1,948

a,b

7052092. SQ.FTS.B,

5.754%,

3/25/35

....

4,535

a,b

7050592. SQ.FTS.B,

6.263%,

3/25/35

....

912

a,b

7054612. SQ.FTS.B,

6.006%,

3/26/35

....

5,385

a,b

7061323. SQ.FTS.B,

5.189%,

3/28/35

....

34,494

a,b

7062421. SQ.FTS.B,

6.006%,

3/28/35

....

896

a,b

7062617. SQ.FTS.B,

6.164%,

3/28/35

....

20,347

a,b

7067874. SQ.FTS.B,

6.003%,

3/29/35

....

3,096

a,b

7065573. SQ.FTS.B,

6.258%,

3/29/35

....

13,691

a,b

7071000. SQ.FTS.B,

4.721%,

4/02/35

....

645

a,b

7071948. SQ.FTS.B,

6.248%,

4/02/35

....

631

a,b

7080510. SQ.FTS.B,

6.274%,

4/04/35

....

1,437

a,b

7085620. SQ.FTS.B,

6.007%,

4/05/35

....

8,877

a,b

7089901. SQ.FTS.B,

5.375%,

4/06/35

....

7,927

a,b

7091540. SQ.FTS.B,

5.756%,

4/06/35

....

10,017

a,b

7091737. SQ.FTS.B,

6.421%,

4/06/35

....

949

a,b

7095396. SQ.FTS.B,

5.76%,

4/09/35

.....

2,154

a,b

7098792. SQ.FTS.B,

4.653%,

4/10/35

....

2,031

a,b

7101698. SQ.FTS.B,

5.393%,

4/11/35

....

1,010

a,b

7102724. SQ.FTS.B,

5.566%,

4/11/35

....

4,584

a,b

7102932. SQ.FTS.B,

6.255%,

4/11/35

....

1,825

a,b

7105121. SQ.FTS.B,

4.938%,

4/12/35

....

1,161

a,b

7106451. SQ.FTS.B,

5.377%,

4/12/35

....

11,899

771

a,b

7108839. SQ.FTS.B,

4.653%,

4/13/35

....

3,313

a,b

7109927. SQ.FTS.B,

6.418%,

4/13/35

....

8,573

a,b

7112255. SQ.FTS.B,

6.155%,

4/14/35

....

2,323

a,b

7115405. SQ.FTS.B,

4.655%,

4/16/35

....

35,457

a,b

7115331. SQ.FTS.B,

5.762%,

4/16/35

....

631

a,b

7121272. SQ.FTS.B,

6.012%,

4/17/35

....

2,783

a,b

7122345. SQ.FTS.B,

4.762%,

4/18/35

....

a,b

7123668. SQ.FTS.B,

4.936%,

4/18/35

....

2,218

a,b

7123343. SQ.FTS.B,

6.006%,

4/18/35

....

2,848

a,b

7134939. SQ.FTS.B,

5.756%,

4/19/35

....

9,292

a,b

7137611. SQ.FTS.B,

5.189%,

4/20/35

....

10,916

a,b

7147597. SQ.FTS.B,

5.364%,

4/23/35

....

1,926

a,b

7147279. SQ.FTS.B,

5.38%,

4/23/35

.....

7,157

2,037

a,b

7154719. SQ.FTS.B,

5.759%,

4/25/35

....

6,577

a,b

7164006. SQ.FTS.B,

5.364%,

4/27/35

....

a,b

7163900. SQ.FTS.B,

6.413%,

4/27/35

....

5,443

a,b

7164193. SQ.FTS.B,

5.377%,

4/28/35

....

5,624

a,b

7165931. SQ.FTS.B,

5.385%,

4/29/35

....

1,875

a,b

7168044. SQ.FTS.B,

5.764%,

4/30/35

....

2,062

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7176646. SQ.FTS.B,

4.762%,

5/01/35

....

$

1,231

$

a,b

7176634. SQ.FTS.B,

5.445%,

5/01/35

....

1,458

a,b

7173920. SQ.FTS.B,

5.759%,

5/01/35

....

a,b

7173881. SQ.FTS.B,

6.415%,

5/01/35

....

2,005

a,b

7180807. SQ.FTS.B,

4.654%,

5/02/35

....

2,907

a,b

7180850. SQ.FTS.B,

4.935%,

5/02/35

....

2,462

a,b

7179318. SQ.FTS.B,

5.189%,

5/02/35

....

11,067

936

a,b

7191961. SQ.FTS.B,

5.481%,

5/06/35

....

a,b

7196096. SQ.FTS.B,

6.003%,

5/07/35

....

8,216

a,b

7198081. SQ.FTS.B,

5.561%,

5/08/35

....

a,b

7201085. SQ.FTS.B,

6.419%,

5/08/35

....

1,847

a,b

7203631. SQ.FTS.B,

4.745%,

5/09/35

....

1,386

a,b

7204614. SQ.FTS.B,

5.184%,

5/09/35

....

3,537

a,b

7206450. SQ.FTS.B,

5.373%,

5/09/35

....

1,582

a,b

7204933. SQ.FTS.B,

5.409%,

5/09/35

....

a,b

7206160. SQ.FTS.B,

6.258%,

5/09/35

....

11,872

a,b

7215803. SQ.FTS.B,

4.932%,

5/13/35

....

3,486

a,b

7215930. SQ.FTS.B,

6.257%,

5/13/35

....

13,761

a,b

7224254. SQ.FTS.B,

5.757%,

5/15/35

....

3,635

a,b

7222451. SQ.FTS.B,

6.258%,

5/15/35

....

2,771

901

a,b

7235145. SQ.FTS.B,

6.008%,

5/18/35

....

20,605

a,b

7237806. SQ.FTS.B,

5.384%,

5/20/35

....

768

a,b

7243786. SQ.FTS.B,

4.654%,

5/21/35

....

821

a,b

7243413. SQ.FTS.B,

5.382%,

5/21/35

....

1,462

a,b

7244368. SQ.FTS.B,

6%,

5/21/35

.......

620

a,b

7243236. SQ.FTS.B,

6.26%,

5/21/35

.....

8,746

a,b

7247605. SQ.FTS.B,

5.185%,

5/22/35

....

1,856

a,b

7249679. SQ.FTS.B,

6.422%,

5/22/35

....

a,b

7249518. SQ.FTS.B,

6.424%,

5/22/35

....

1,960

a,b

7253237. SQ.FTS.B,

6.01%,

5/24/35

.....

a,b

7252834. SQ.FTS.B,

6.167%,

5/24/35

....

4,847

a,b

7254743. SQ.FTS.B,

4.656%,

5/25/35

....

a,b

7256122. SQ.FTS.B,

5.365%,

5/25/35

....

1,533

a,b

7256570. SQ.FTS.B,

4.935%,

5/26/35

....

5,380

a,b

7262532. SQ.FTS.B,

4.752%,

5/28/35

....

3,144

a,b

7262602. SQ.FTS.B,

5.43%,

5/28/35

.....

a,b

7264204. SQ.FTS.B,

4.654%,

5/29/35

....

20,052

a,b

7275604. SQ.FTS.B,

5.374%,

6/01/35

....

756

a,b

7280873. SQ.FTS.B,

5.192%,

6/04/35

....

5,514

a,b

7281601. SQ.FTS.B,

5.409%,

6/04/35

....

1,132

a,b

7282811. SQ.FTS.B,

6.248%,

6/04/35

....

529

a,b

7281210. SQ.FTS.B,

6.261%,

6/04/35

....

901

a,b

7287176. SQ.FTS.B,

6.006%,

6/05/35

....

5,152

a,b

7284693. SQ.FTS.B,

6.007%,

6/05/35

....

1,055

a,b

7287732. SQ.FTS.B,

6.184%,

6/05/35

....

a,b

7287144. SQ.FTS.B,

6.267%,

6/05/35

....

1,419

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7290056. SQ.FTS.B,

5.377%,

6/06/35

....

$

5,162

$

a,b

7289261. SQ.FTS.B,

5.565%,

6/06/35

....

1,039

a,b

7299621. SQ.FTS.B,

4.654%,

6/08/35

....

35,360

4,345

a,b

7300176. SQ.FTS.B,

6.008%,

6/08/35

....

955

a,b

7303540. SQ.FTS.B,

5.565%,

6/10/35

....

1,343

a,b

7303522. SQ.FTS.B,

6.265%,

6/10/35

....

a,b

7314543. SQ.FTS.B,

5.191%,

6/12/35

....

3,475

a,b

7316842. SQ.FTS.B,

4.743%,

6/13/35

....

4,356

a,b

7317981. SQ.FTS.B,

5.434%,

6/13/35

....

1,348

a,b

7314697. SQ.FTS.B,

5.559%,

6/13/35

....

3,749

a,b

7318018. SQ.FTS.B,

5.564%,

6/13/35

....

6,392

a,b

7323718. SQ.FTS.B,

6.006%,

6/14/35

....

3,869

a,b

7327791. SQ.FTS.B,

4.748%,

6/15/35

....

8,988

a,b

7324925. SQ.FTS.B,

5.182%,

6/15/35

....

1,333

a,b

7328914. SQ.FTS.B,

5.566%,

6/16/35

....

10,484

a,b

7329210. SQ.FTS.B,

6.42%,

6/17/35

.....

3,315

a,b

7333816. SQ.FTS.B,

4.655%,

6/18/35

....

a,b

7334014. SQ.FTS.B,

5.459%,

6/18/35

....

1,044

a,b

7330422. SQ.FTS.B,

6.162%,

6/18/35

....

625

a,b

7336581. SQ.FTS.B,

4.937%,

6/19/35

....

49,530

a,b

7335932. SQ.FTS.B,

5.566%,

6/19/35

....

8,474

a,b

7334863. SQ.FTS.B,

5.763%,

6/19/35

....

1,344

a,b

7339897. SQ.FTS.B,

4.653%,

6/20/35

....

3,395

a,b

7338883. SQ.FTS.B,

5.567%,

6/20/35

....

949

a,b

7340806. SQ.FTS.B,

6.008%,

6/20/35

....

3,592

a,b

7344575. SQ.FTS.B,

6.009%,

6/21/35

....

4,098

a,b

7346393. SQ.FTS.B,

6.164%,

6/21/35

....

62,612

a,b

7348505. SQ.FTS.B,

6.038%,

6/22/35

....

564

a,b

7351981. SQ.FTS.B,

4.654%,

6/23/35

....

17,215

a,b

7352490. SQ.FTS.B,

4.752%,

6/23/35

....

1,987

a,b

7352850. SQ.FTS.B,

6.257%,

6/24/35

....

12,690

a,b

7353901. SQ.FTS.B,

6.167%,

6/25/35

....

4,755

a,b

7360937. SQ.FTS.B,

4.654%,

6/27/35

....

1,546

685

a,b

7359006. SQ.FTS.B,

5.439%,

6/27/35

....

2,767

a,b

7371685. SQ.FTS.B,

5.752%,

6/30/35

....

3,456

a,b

7370367. SQ.FTS.B,

5.764%,

6/30/35

....

1,662

a,b

7370851. SQ.FTS.B,

6.02%,

6/30/35

.....

664

a,b

7375076. SQ.FTS.B,

5.374%,

7/02/35

....

6,359

a,b

7377813. SQ.FTS.B,

5.76%,

7/03/35

.....

5,830

a,b

7387529. SQ.FTS.B,

5.372%,

7/06/35

....

631

a,b

7389966. SQ.FTS.B,

4.756%,

7/08/35

....

1,331

a,b

7389892. SQ.FTS.B,

5.193%,

7/08/35

....

2,172

a,b

7402047. SQ.FTS.B,

5.75%,

7/11/35

.....

5,039

a,b

7401076. SQ.FTS.B,

6.161%,

7/11/35

....

4,234

a,b

7411525. SQ.FTS.B,

6.169%,

7/16/35

....

946

a,b

7412344. SQ.FTS.B,

4.707%,

7/17/35

....

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7412972. SQ.FTS.B,

5.377%,

7/17/35

....

$

6,512

$

a,b

7416105. SQ.FTS.B,

4.939%,

7/18/35

....

2,940

a,b

7417924. SQ.FTS.B,

5.566%,

7/18/35

....

5,269

a,b

7422446. SQ.FTS.B,

5.773%,

7/20/35

....

a,b

7423387. SQ.FTS.B,

5.574%,

7/21/35

....

1,914

a,b

7426750. SQ.FTS.B,

4.758%,

7/22/35

....

1,835

a,b

7430504. SQ.FTS.B,

4.654%,

7/24/35

....

68,115

a,b

7438053. SQ.FTS.B,

5.566%,

7/25/35

....

9,004

a,b

7441625. SQ.FTS.B,

4.937%,

7/26/35

....

27,213

2,217

a,b

7443079. SQ.FTS.B,

6.271%,

7/28/35

....

a,b

7447048. SQ.FTS.B,

4.749%,

7/29/35

....

43,825

a,b

7446590. SQ.FTS.B,

5.377%,

7/29/35

....

8,070

a,b

7459076. SQ.FTS.B,

5.76%,

8/01/35

.....

a,b

7461359. SQ.FTS.B,

6.162%,

8/02/35

....

10,885

a,b

7462768. SQ.FTS.B,

5.187%,

8/03/35

....

a,b

7468484. SQ.FTS.B,

4.653%,

8/06/35

....

27,792

a,b

7473372. SQ.FTS.B,

5.189%,

8/07/35

....

7,838

3,854

a,b

7473943. SQ.FTS.B,

5.377%,

8/07/35

....

2,653

1,345

a,b

7483714. SQ.FTS.B,

5.453%,

8/10/35

....

a,b

7484428. SQ.FTS.B,

5.189%,

8/11/35

....

4,409

a,b

7483959. SQ.FTS.B,

5.756%,

8/11/35

....

2,817

a,b

7488673. SQ.FTS.B,

5.581%,

8/13/35

....

805

a,b

7489102. SQ.FTS.B,

5.757%,

8/13/35

....

1,307

a,b

7490203. SQ.FTS.B,

6.424%,

8/13/35

....

509

a,b

7500824. SQ.FTS.B,

6.258%,

8/15/35

....

27,055

a,b

7508686. SQ.FTS.B,

4.934%,

8/16/35

....

2,765

a,b

7508856. SQ.FTS.B,

4.932%,

8/17/35

....

3,854

a,b

7511303. SQ.FTS.B,

4.939%,

8/19/35

....

5,973

a,b

7511680. SQ.FTS.B,

5.381%,

8/19/35

....

5,184

a,b

7511854. SQ.FTS.B,

5.554%,

8/19/35

....

a,b

7511795. SQ.FTS.B,

5.761%,

8/19/35

....

2,165

a,b

7514863. SQ.FTS.B,

4.654%,

8/20/35

....

9,340

a,b

7515221. SQ.FTS.B,

5.756%,

8/20/35

....

874

526

a,b

7519968. SQ.FTS.B,

6.415%,

8/21/35

....

10,143

a,b

7530426. SQ.FTS.B,

5.195%,

8/25/35

....

a,b

7531999. SQ.FTS.B,

4.937%,

8/26/35

....

a,b

7533921. SQ.FTS.B,

5.566%,

8/26/35

....

9,844

a,b

7535779. SQ.FTS.B,

4.653%,

8/27/35

....

3,761

a,b

7537580. SQ.FTS.B,

4.937%,

8/27/35

....

25,953

511

a,b

7539738. SQ.FTS.B,

5.566%,

8/27/35

....

11,750

5,684

a,b

7542074. SQ.FTS.B,

4.654%,

8/28/35

....

5,237

1,077

a,b

7549987. SQ.FTS.B,

5.732%,

8/29/35

....

715

a

7551251. SQ.FTS.B,

4.937%,

9/01/35

....

a,b

7552166. SQ.FTS.B,

5.418%,

9/01/35

....

717

a,b

7560015. SQ.FTS.B,

6.262%,

9/04/35

....

1,773

a

7566458. SQ.FTS.B,

5.187%,

9/06/35

....

1,428

752

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a

7565580. SQ.FTS.B,

5.75%,

9/06/35

.....

$

634

$

a,b

7573684. SQ.FTS.B,

4.764%,

9/07/35

....

a

7574028. SQ.FTS.B,

4.934%,

9/07/35

....

997

524

a,b

7573640. SQ.FTS.B,

4.937%,

9/07/35

....

3,544

a,b

7573480. SQ.FTS.B,

5.571%,

9/07/35

....

3,736

a,b

7573972. SQ.FTS.B,

6.003%,

9/07/35

....

4,183

928

a,b

7571507. SQ.FTS.B,

6.169%,

9/07/35

....

2,659

a,b

7578877. SQ.FTS.B,

4.78%,

9/09/35

.....

a

7579649. SQ.FTS.B,

5.553%,

9/10/35

....

a

7580830. SQ.FTS.B,

5.189%,

9/11/35

....

4,100

2,617

a,b

7581869. SQ.FTS.B,

6.01%,

9/11/35

.....

1,493

a,b

7581762. SQ.FTS.B,

6.253%,

9/11/35

....

a,b

7586278. SQ.FTS.B,

4.654%,

9/12/35

....

8,025

a,b

7586914. SQ.FTS.B,

5.375%,

9/12/35

....

9,130

a

7586206. SQ.FTS.B,

6.173%,

9/12/35

....

a,b

7590419. SQ.FTS.B,

4.748%,

9/13/35

....

7,132

3,928

a

7590230. SQ.FTS.B,

5.196%,

9/13/35

....

868

a,b

7596084. SQ.FTS.B,

4.94%,

9/14/35

.....

7,942

1,766

a

7598949. SQ.FTS.B,

4.654%,

9/15/35

....

4,407

2,928

a,b

7599917. SQ.FTS.B,

6.447%,

9/15/35

....

a,b

7600486. SQ.FTS.B,

4.769%,

9/16/35

....

645

a,b

7600104. SQ.FTS.B,

5.752%,

9/16/35

....

3,186

581

a,b

7601096. SQ.FTS.B,

5.377%,

9/17/35

....

12,879

a,b

7603430. SQ.FTS.B,

5.38%,

9/18/35

.....

4,283

981

a

7603519. SQ.FTS.B,

5.75%,

9/18/35

.....

a,b

7602494. SQ.FTS.B,

6.255%,

9/18/35

....

2,210

a

7603343. SQ.FTS.B,

6.268%,

9/18/35

....

a,b

7608442. SQ.FTS.B,

5.565%,

9/19/35

....

5,862

a

7609206. SQ.FTS.B,

5.203%,

9/20/35

....

a,b

7617942. SQ.FTS.B,

5.758%,

9/21/35

....

2,823

a

7620858. SQ.FTS.B,

5.567%,

9/22/35

....

4,104

2,431

a,b

7621404. SQ.FTS.B,

6.413%,

9/23/35

....

3,184

583

a

7623850. SQ.FTS.B,

5.19%,

9/25/35

.....

1,775

1,195

a,b

7623781. SQ.FTS.B,

5.379%,

9/25/35

....

1,952

a,b

7624159. SQ.FTS.B,

6.261%,

9/25/35

....

668

a,b

7628789. SQ.FTS.B,

4.935%,

9/26/35

....

3,550

2,049

a,b

7629674. SQ.FTS.B,

5.189%,

9/26/35

....

7,987

a,b

7626558. SQ.FTS.B,

5.564%,

9/26/35

....

970

a,b

7629259. SQ.FTS.B,

5.565%,

9/26/35

....

2,930

593

a

7629810. SQ.FTS.B,

5.566%,

9/26/35

....

3,308

2,263

a

7630072. SQ.FTS.B,

5.769%,

9/26/35

....

a,b

7629134. SQ.FTS.B,

6.413%,

9/26/35

....

4,696

a,b

7630481. SQ.FTS.B,

5.189%,

9/27/35

....

11,930

a,b

7643054. SQ.FTS.B,

6.165%,

9/29/35

....

a,b

7639746. SQ.FTS.B,

6.415%,

9/29/35

....

63,645

946

a,b

7643615. SQ.FTS.B,

6.134%,

9/30/35

....

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a,b

7648077. SQ.FTS.B,

4.75%,

10/01/35

....

$

6,098

$

a,b

7647696. SQ.FTS.B,

5.441%,

10/01/35

...

11,385

a,b

7654130. SQ.FTS.B,

6.264%,

10/03/35

...

a

7662373. SQ.FTS.B,

4.78%,

10/04/35

....

1,846

1,276

a

7668726. SQ.FTS.B,

5.911%,

10/06/35

...

a,b

7669547. SQ.FTS.B,

5.432%,

10/07/35

...

1,177

529

a

7676193. SQ.FTS.B,

5.755%,

10/09/35

...

3,741

2,601

a,b

7674523. SQ.FTS.B,

6.289%,

10/09/35

...

6,179

3,128

a,b

7675618. SQ.FTS.B,

6.415%,

10/09/35

...

38,440

681

a,b

7679612. SQ.FTS.B,

5.562%,

10/10/35

...

2,603

1,081

a

7684838. SQ.FTS.B,

4.654%,

10/11/35

...

1,119

807

a,b

7682366. SQ.FTS.B,

5.376%,

10/11/35

...

4,325

a,b

7684952. SQ.FTS.B,

5.567%,

10/11/35

...

903

554

a,b

7685699. SQ.FTS.B,

6.305%,

10/11/35

...

968

a,b

7686665. SQ.FTS.B,

5.569%,

10/12/35

...

2,104

a,b

7694250. SQ.FTS.B,

4.749%,

10/15/35

...

616

a

7694501. SQ.FTS.B,

5.092%,

10/15/35

...

a,b

7693783. SQ.FTS.B,

5.378%,

10/15/35

...

11,907

a

7696123. SQ.FTS.B,

5.912%,

10/16/35

...

1,117

599

a,b

7696300. SQ.FTS.B,

5.912%,

10/16/35

...

5,166

a,b

7695636. SQ.FTS.B,

6.27%,

10/16/35

....

a

7697948. SQ.FTS.B,

4.748%,

10/17/35

...

1,436

712

a

7697755. SQ.FTS.B,

6.181%,

10/17/35

...

a,b

7703086. SQ.FTS.B,

5.093%,

10/18/35

...

1,487

a

7705651. SQ.FTS.B,

4.654%,

10/19/35

...

10,850

6,434

a

7709068. SQ.FTS.B,

5.346%,

10/22/35

...

4,182

3,125

a,b

7714659. SQ.FTS.B,

5.193%,

10/24/35

...

5,959

2,747

a

7723470. SQ.FTS.B,

4.78%,

10/25/35

....

a,b

7725398. SQ.FTS.B,

5.907%,

10/26/35

...

3,637

a,b

7725775. SQ.FTS.B,

6.163%,

10/26/35

...

3,004

a,b

7729059. SQ.FTS.B,

6.165%,

10/26/35

...

13,362

a,b

7726167. SQ.FTS.B,

6.289%,

10/26/35

...

672

a

7726890. SQ.FTS.B,

6.483%,

10/26/35

...

2,712

1,120

a

7732561. SQ.FTS.B,

5.533%,

10/28/35

...

2,520

1,137

a,b

7735985. SQ.FTS.B,

6.479%,

10/29/35

...

2,176

a,b

7740921. SQ.FTS.B,

4.779%,

10/30/35

...

11,985

548

a,b

7738357. SQ.FTS.B,

5.723%,

10/30/35

...

36,237

17,595

a

7741160. SQ.FTS.B,

5.732%,

10/30/35

...

a

7742677. SQ.FTS.B,

5.094%,

11/01/35

...

5,339

3,080

a,b

7745617. SQ.FTS.B,

5.533%,

11/01/35

...

4,268

2,559

a,b

7742967. SQ.FTS.B,

6.293%,

11/01/35

...

1,573

685

a

7750547. SQ.FTS.B,

5.093%,

11/02/35

...

1,639

1,167

a

7751779. SQ.FTS.B,

5.105%,

11/02/35

...

894

a

7755718. SQ.FTS.B,

5.343%,

11/03/35

...

995

583

a

7756479. SQ.FTS.B,

5.344%,

11/03/35

...

1,638

1,158

a,b

7755332. SQ.FTS.B,

5.357%,

11/03/35

...

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Block,

Inc.

(continued)

a,b

7755761. SQ.FTS.B,

5.723%,

11/03/35

...

$

8,935

$

a

7756617. SQ.FTS.B,

5.725%,

11/03/35

...

1,770

972

a,b

7763863. SQ.FTS.B,

4.783%,

11/06/35

...

a,b

7764093. SQ.FTS.B,

4.767%,

11/07/35

...

1,341

a

7766481. SQ.FTS.B,

4.78%,

11/07/35

....

4,415

3,324

a

7764120. SQ.FTS.B,

5.911%,

11/07/35

...

553

a,b

7765591. SQ.FTS.B,

6.162%,

11/07/35

...

3,033

1,675

a

7769430. SQ.FTS.B,

4.78%,

11/08/35

....

1,554

1,158

a

7769490. SQ.FTS.B,

5.545%,

11/08/35

...

1,249

726

a

7769040. SQ.FTS.B,

5.725%,

11/08/35

...

926

a,b

7769643. SQ.FTS.B,

6.178%,

11/08/35

...

1,249

a,b

7768040. SQ.FTS.B,

6.293%,

11/08/35

...

1,051

a

7776723. SQ.FTS.B,

5.096%,

11/09/35

...

a

7781183. SQ.FTS.B,

6.289%,

11/10/35

...

7,217

4,254

a,b

7779968. SQ.FTS.B,

6.479%,

11/10/35

...

604

a

7782513. SQ.FTS.B,

5.08%,

11/11/35

....

795

550

a,b

7781843. SQ.FTS.B,

6.164%,

11/11/35

...

675

a,b

7782479. SQ.FTS.B,

6.272%,

11/11/35

...

1,198

a,b

7782836. SQ.FTS.B,

6.302%,

11/12/35

...

1,154

a,b

7786042. SQ.FTS.B,

6.167%,

11/13/35

...

7,212

a,b

7791025. SQ.FTS.B,

4.783%,

11/14/35

...

6,874

3,206

a,b

7790524. SQ.FTS.B,

6.16%,

11/14/35

....

2,565

a

7790161. SQ.FTS.B,

6.482%,

11/14/35

...

3,043

1,719

a,b

7794575. SQ.FTS.B,

4.78%,

11/15/35

....

17,650

880

a

7793111. SQ.FTS.B,

4.787%,

11/15/35

....

a

7793136. SQ.FTS.B,

5.092%,

11/15/35

...

a,b

7791568. SQ.FTS.B,

5.537%,

11/15/35

...

2,384

a,b

7791405. SQ.FTS.B,

6.16%,

11/15/35

....

6,235

a,b

7794434. SQ.FTS.B,

6.169%,

11/15/35

...

6,526

a,b

7794291. SQ.FTS.B,

6.173%,

11/15/35

...

1,915

a

7805584. SQ.FTS.B,

5.536%,

11/19/35

...

1,032

643

a,b

7808746. SQ.FTS.B,

5.346%,

11/20/35

...

13,544

675

a,b

7812943. SQ.FTS.B,

4.765%,

11/21/35

...

1,045

a

7813074. SQ.FTS.B,

4.776%,

11/21/35

...

a

7810803. SQ.FTS.B,

5.341%,

11/21/35

...

514

a,b

7811957. SQ.FTS.B,

6.287%,

11/21/35

...

4,258

a,b

7812879. SQ.FTS.B,

6.48%,

11/21/35

....

2,192

a,b

7816821. SQ.FTS.B,

4.749%,

11/22/35

...

3,477

1,509

a

7816946. SQ.FTS.B,

5.348%,

11/22/35

...

10,878

4,995

a

7815015. SQ.FTS.B,

5.719%,

11/22/35

...

3,550

1,903

a,b

7813617. SQ.FTS.B,

5.91%,

11/22/35

....

9,140

a

7822474. SQ.FTS.B,

4.781%,

11/23/35

...

1,642

1,174

a

7822598. SQ.FTS.B,

5.726%,

11/23/35

...

1,152

882

a

7826745. SQ.FTS.B,

5.094%,

11/24/35

...

4,397

3,458

a,b

7829173. SQ.FTS.B,

5.912%,

11/24/35

...

5,086

a,b

7830023. SQ.FTS.B,

4.78%,

11/25/35

....

11,412

557

#### Description

#### Principal

#### Amount

#### Value
Block,

Inc.

(continued)

a

7830496. SQ.FTS.B,

6.302%,

11/26/35

...

$

$

a

7831916. SQ.FTS.B,

4.754%,

11/27/35

...

a,b

7831708. SQ.FTS.B,

5.535%,

11/27/35

...

2,942

a,b

7835424. SQ.FTS.B,

4.749%,

11/28/35

...

17,516

a,b

7836267. SQ.FTS.B,

6.475%,

11/28/35

...

590

a,b

7840090. SQ.FTS.B,

4.75%,

11/29/35

....

1,654

a

7837905. SQ.FTS.B,

5.344%,

11/29/35

...

4,314

2,954

a

7836996. SQ.FTS.B,

5.912%,

11/29/35

...

2,595

1,294

4,402,701

Freedom

Financial

Asset

Management

LLC

APP-11579289.FP.FTS.B,

10.99%,

12/05/25

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

565

566

APP-12165054.FP.FTS.B,

10.24%,

1/14/26

1,346

1,350

APP-12171910.FP.FTS.B,

12.49%,

1/22/26

1,230

1,236

APP-11442801.FP.FTS.B,

16.49%,

1/22/26

1,634

1,657

APP-12006366.FP.FTS.B,

20.99%,

1/22/26

867

881

APP-11687753.FP.FTS.B,

13.49%,

1/25/26

1,253

1,259

APP-12050179.FP.FTS.B,

16.49%,

3/07/26

2,025

2,038

APP-12139578.FP.FTS.B,

15.24%,

3/24/26

1,291

1,300

APP-12414582.FP.FTS.B,

18.49%,

3/28/26

3,193

3,271

APP-12199831.FP.FTS.B,

16.99%,

5/22/26

3,132

3,203

APP-14891119.FP.FTS.B,

18.74%,

7/24/26

11,632

11,966

APP-15053612.FP.FTS.B,

13.99%,

7/26/26

2,324

2,350

APP-15053337.FP.FTS.B,

17.99%,

7/26/26

2,787

2,883

APP-16637564.FP.FTS.B,

15.99%,

9/03/26

2,245

2,273

APP-16719236.FP.FTS.B,

10.49%,

9/04/26

4,392

4,437

APP-16630984.FP.FTS.B,

14.49%,

9/12/26

3,975

4,033

APP-16335651.FP.FTS.B,

14.49%,

9/15/26

4,498

4,554

APP-17464221.FP.FTS.B,

16.74%,

9/15/26

3,567

3,665

APP-16710569.FP.FTS.B,

15.49%,

9/16/26

6,764

6,850

APP-17279512.FP.FTS.B,

16.74%,

9/22/26

4,078

4,201

APP-17112272.FP.FTS.B,

14.24%,

9/25/26

5,402

5,461

APP-16676602.FP.FTS.B,

11.24%,

11/05/26

2,880

2,890

b

APP-17032039.FP.FTS.B,

10.49%,

11/16/26

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

9,507

2,130

APP-11381442.FP.FTS.B,

20.49%,

11/26/26

7,526

7,803

APP-11579549.FP.FTS.B,

13.49%,

12/15/26

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

13,708

13,881

b

APP-11693245.FP.FTS.B,

18.49%,

12/18/26

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

8,261

928

APP-11022370.FP.FTS.B,

16.49%,

12/20/26

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

2,859

2,894

APP-11740523.FP.FTS.B,

10.99%,

12/21/26

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

6,986

7,070

APP-11723942.FP.FTS.B,

19.49%,

12/21/26

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

17,080

17,725

APP-12116526.FP.FTS.B,

18.99%,

1/05/27

4,857

4,974

APP-11410185.FP.FTS.B,

22.49%,

1/10/27

10,548

10,979

APP-11946615.FP.FTS.B,

16.49%,

1/11/27

6,915

7,021

APP-12032875.FP.FTS.B,

11.24%,

1/16/27

7,608

7,708

APP-11694985.FP.FTS.B,

12.99%,

1/21/27

4,377

4,439

APP-12169743.FP.FTS.B,

24.24%,

1/22/27

10,943

11,443

APP-12186510.FP.FTS.B,

9.74%,

1/23/27

.

13,013

13,179

APP-11595106.FP.FTS.B,

13.49%,

1/26/27

4,237

4,299

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Freedom

Financial

Asset

Management

LLC

(continued)

APP-11595260.FP.FTS.B,

18.99%,

1/30/27

$

1,750

$

1,772

APP-11694211.FP.FTS.B,

11.99%,

2/04/27

16,258

16,524

APP-11724908.FP.FTS.B,

12.74%,

2/04/27

10,993

11,106

APP-11709701.FP.FTS.B,

16.49%,

2/04/27

4,623

4,684

APP-11725393.FP.FTS.B,

17.99%,

2/04/27

17,538

18,030

APP-11694359.FP.FTS.B,

19.99%,

2/04/27

985

985

APP-11660434.FP.FTS.B,

20.49%,

2/04/27

11,018

11,469

APP-11694079.FP.FTS.B,

10.99%,

2/05/27

6,694

6,769

APP-11722179.FP.FTS.B,

11.99%,

2/05/27

8,830

8,932

APP-11742867.FP.FTS.B,

23.24%,

2/05/27

7,716

8,034

APP-12337990.FP.FTS.B,

16.49%,

2/07/27

2,810

2,846

APP-11738196.FP.FTS.B,

21.99%,

2/15/27

4,268

4,425

APP-12029572.FP.FTS.B,

16.99%,

2/24/27

2,414

2,440

APP-12050224.FP.FTS.B,

11.74%,

3/01/27

13,937

14,089

APP-12168636.FP.FTS.B,

13.24%,

3/01/27

6,795

6,880

APP-12158633.FP.FTS.B,

23.24%,

3/02/27

7,965

8,268

APP-12214905.FP.FTS.B,

16.49%,

3/05/27

3,623

3,670

APP-12050159.FP.FTS.B,

13.24%,

3/07/27

11,727

11,891

APP-12125835.FP.FTS.B,

19.99%,

3/07/27

APP-12105970.FP.FTS.B,

10.99%,

3/08/27

7,370

7,459

APP-12155604.FP.FTS.B,

11.24%,

3/08/27

2,222

2,230

APP-12097459.FP.FTS.B,

13.24%,

3/08/27

8,605

8,727

APP-12106008.FP.FTS.B,

13.49%,

3/08/27

5,421

5,499

APP-12432804.FP.FTS.B,

13.24%,

3/09/27

12,254

12,414

APP-11508449.FP.FTS.B,

8.49%,

3/10/27

.

9,618

9,728

APP-12203395.FP.FTS.B,

22.49%,

3/10/27

4,826

2,996

b

APP-12459441.FP.FTS.B,

17.49%,

3/11/27

7,069

1,446

APP-12210087.FP.FTS.B,

18.74%,

3/11/27

18,890

19,494

APP-12071137.FP.FTS.B,

19.99%,

3/11/27

10,471

10,843

APP-12460903.FP.FTS.B,

10.99%,

3/15/27

12,977

13,139

APP-12467297.FP.FTS.B,

13.24%,

3/15/27

10,508

10,663

APP-12379303.FP.FTS.B,

13.24%,

3/16/27

1,000

1,000

APP-12418630.FP.FTS.B,

17.99%,

3/18/27

7,499

7,759

APP-12463831.FP.FTS.B,

19.99%,

3/18/27

3,512

3,624

APP-12380981.FP.FTS.B,

13.74%,

3/20/27

3,413

3,456

APP-12230901.FP.FTS.B,

20.24%,

3/20/27

17,924

18,592

APP-12424835.FP.FTS.B,

23.99%,

3/20/27

13,278

13,939

b

APP-12176796.FP.FTS.B,

8.99%,

3/21/27

.

10,421

2,164

APP-12459776.FP.FTS.B,

10.99%,

3/21/27

11,064

11,216

APP-12287335.FP.FTS.B,

13.24%,

3/21/27

7,671

7,799

APP-12345261.FP.FTS.B,

15.49%,

3/22/27

8,723

8,998

APP-12270745.FP.FTS.B,

17.74%,

3/23/27

14,215

14,784

APP-12429877.FP.FTS.B,

19.74%,

3/23/27

12,290

12,786

APP-12107351.FP.FTS.B,

16.49%,

3/24/27

8,466

8,776

APP-12468743.FP.FTS.B,

18.24%,

3/24/27

3,173

3,197

APP-11872544.FP.FTS.B,

19.99%,

3/25/27

5,308

5,559

APP-12408935.FP.FTS.B,

19.99%,

4/17/27

816

817

b

APP-12461150.FP.FTS.B,

18.49%,

4/18/27

8,625

1,219

APP-11397497.FP.FTS.B,

11.99%,

4/19/27

8,830

8,964

APP-12345892.FP.FTS.B,

13.49%,

4/22/27

4,717

4,780

APP-12033253.FP.FTS.B,

17.99%,

4/24/27

5,816

6,090

APP-12133804.FP.FTS.B,

10.99%,

4/30/27

8,028

8,133

APP-12468566.FP.FTS.B,

19.74%,

5/25/27

16,080

16,820

APP-15007182.FP.FTS.B,

16.99%,

7/11/27

4,927

5,016

APP-15105817.FP.FTS.B,

11.74%,

7/15/27

8,818

8,941

APP-15103060.FP.FTS.B,

19.99%,

7/15/27

7,095

7,337

#### Description

#### Principal

#### Amount

#### Value
Freedom

Financial

Asset

Management

LLC

(continued)

APP-16662334.FP.FTS.B,

15.24%,

7/26/27

$

11,301

$

11,496

APP-15066733.FP.FTS.B,

18.99%,

7/26/27

6,408

6,732

APP-15116487.FP.FTS.B,

21.49%,

7/28/27

8,081

8,507

APP-16465567.FP.FTS.B,

15.49%,

7/30/27

6,582

6,703

APP-11709913.FP.FTS.B,

21.49%,

7/30/27

30,672

18,507

APP-16640475.FP.FTS.B,

12.74%,

8/02/27

7,900

8,006

b

APP-17319474.FP.FTS.B,

16.49%,

8/07/27

10,453

1,675

APP-12159801.FP.FTS.B,

16.99%,

8/15/27

12,242

12,675

APP-15106325.FP.FTS.B,

23.24%,

8/28/27

2,155

2,179

APP-16632155.FP.FTS.B,

11.49%,

9/01/27

7,599

7,701

APP-16448250.FP.FTS.B,

13.49%,

9/01/27

3,122

3,170

APP-16676570.FP.FTS.B,

15.24%,

9/01/27

9,180

9,424

APP-12175594.FP.FTS.B,

18.99%,

9/01/27

2,772

2,838

APP-16852920.FP.FTS.B,

10.99%,

9/04/27

16,794

17,027

APP-16640455.FP.FTS.B,

10.99%,

9/05/27

9,737

9,871

APP-15052242.FP.FTS.B,

11.74%,

9/13/27

22,074

22,530

APP-17458875.FP.FTS.B,

16.49%,

9/13/27

2,315

2,347

APP-16687847.FP.FTS.B,

9.49%,

9/15/27

.

8,545

8,680

APP-17011228.FP.FTS.B,

14.74%,

9/15/27

23,272

23,706

APP-17027051.FP.FTS.B,

14.49%,

9/16/27

6,526

6,666

APP-17497296.FP.FTS.B,

17.74%,

9/23/27

6,490

6,721

APP-17082038.FP.FTS.B,

12.49%,

9/26/27

13,665

13,898

APP-17490395.FP.FTS.B,

15.24%,

9/26/27

15,324

15,626

APP-17504832.FP.FTS.B,

13.74%,

9/27/27

3,377

3,399

APP-16627732.FP.FTS.B,

12.99%,

10/25/27

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

12,659

12,894

APP-16800634.FP.FTS.B,

15.99%,

10/28/27

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

25,608

8,050

APP-16677695.FP.FTS.B,

12.99%,

11/14/27

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

13,488

13,721

892,969

LendingClub

Corp.

-

LCX

162966512. LC.FTS.B,

11.02%,

4/12/35

...

1,902

–

168006688. LC.FTS.B,

8.19%,

11/21/35

...

LendingClub

Corp.

-

LCX

PM

172665217. LC.FTS.B,

15.4%,

12/04/25

...

2,145

2,136

172752552. LC.FTS.B,

16.08%,

12/10/25

..

573

573

173203429. LC.FTS.B,

15.4%,

12/23/25

...

2,557

2,552

173301532. LC.FTS.B,

17.3%,

1/06/26

...

2,187

2,191

173821408. LC.FTS.B,

21.49%,

1/19/26

...

1,238

1,246

173896730. LC.FTS.B,

23.99%,

1/19/26

...

829

838

173933933. LC.FTS.B,

13.49%,

1/20/26

...

1,349

1,350

174045948. LC.FTS.B,

17.44%,

1/22/26

...

1,389

1,397

174087634. LC.FTS.B,

23.99%,

1/22/26

...

1,245

1,260

172156822. LC.FTS.B,

14.02%,

11/24/35

..

13,772

Prosper

Funding

LLC

b

1685272. PS.FTS.B,

16.7%,

11/28/25

....

1,483

–

b

1709591. PS.FTS.B,

22.6%,

1/16/26

.....

–

1592846. PS.FTS.B,

15.9%,

7/23/26

.....

1,644

1,666

1599440. PS.FTS.B,

26.4%,

8/05/26

.....

563

578

1600460. PS.FTS.B,

15.2%,

8/06/26

.....

3,353

3,375

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Prosper

Funding

LLC

(continued)

1600466. PS.FTS.B,

18.73%,

8/06/26

....

$

3,565

$

3,588

1603759. PS.FTS.B,

20.59%,

8/06/26

....

2,453

2,478

1611384. PS.FTS.B,

13.88%,

8/09/26

....

2,183

2,179

1611390. PS.FTS.B,

22.8%,

8/09/26

.....

1611810. PS.FTS.B,

13%,

8/10/26

.......

537

537

1606042. PS.FTS.B,

14.74%,

8/10/26

....

4,185

4,179

1611807. PS.FTS.B,

19.33%,

8/10/26

....

3,628

3,674

1612149. PS.FTS.B,

20.7%,

8/10/26

.....

1,508

1,528

1612140. PS.FTS.B,

23.74%,

8/10/26

....

1,679

1,699

1603532. PS.FTS.B,

20.5%,

8/12/26

.....

2,635

2,672

1611322. PS.FTS.B,

12.5%,

8/19/26

.....

7,453

7,455

1618149. PS.FTS.B,

13.7%,

8/19/26

.....

2,286

2,289

b

1611805. PS.FTS.B,

16.18%,

8/20/26

....

8,647

1,159

1612131. PS.FTS.B,

19.48%,

8/20/26

....

1,833

1,857

1615738. PS.FTS.B,

13.3%,

8/27/26

.....

864

866

1611798. PS.FTS.B,

25.74%,

9/01/26

....

3,174

3,275

1625300. PS.FTS.B,

11.79%,

9/23/26

....

1,608

1,612

1631647. PS.FTS.B,

12.7%,

9/28/26

.....

3,337

3,347

1638105. PS.FTS.B,

13.4%,

9/28/26

.....

1,537

1,541

1628072. PS.FTS.B,

14.53%,

9/28/26

....

4,846

4,861

1648282. PS.FTS.B,

14%,

10/26/26

......

3,892

3,933

1645223. PS.FTS.B,

10.5%,

10/27/26

....

2,196

2,199

1648588. PS.FTS.B,

14.39%,

10/27/26

...

3,918

3,961

1648621. PS.FTS.B,

15.29%,

10/27/26

...

6,473

6,521

1646309. PS.FTS.B,

9.62%,

10/28/26

....

3,729

3,736

1646066. PS.FTS.B,

16.18%,

10/28/26

...

4,059

4,105

1646072. PS.FTS.B,

28.23%,

10/28/26

...

4,117

4,294

1647161. PS.FTS.B,

10.5%,

10/29/26

....

1,842

1,846

1646819. PS.FTS.B,

11.2%,

10/29/26

....

1,066

1,068

1650901. PS.FTS.B,

11.2%,

10/29/26

....

4,129

4,137

1489833. PS.FTS.B,

16.99%,

10/30/26

...

2,486

2,549

1649809. PS.FTS.B,

11.1%,

10/31/26

....

2,117

2,115

1656183. PS.FTS.B,

14.38%,

10/31/26

...

2,121

2,123

1649791. PS.FTS.B,

15.1%,

10/31/26

....

7,139

7,211

1650023. PS.FTS.B,

14.79%,

11/04/26

....

3,110

3,112

1657278. PS.FTS.B,

10.5%,

11/05/26

....

2,187

2,191

1651754. PS.FTS.B,

10.5%,

11/08/26

....

5,259

5,250

1658080. PS.FTS.B,

14.63%,

11/08/26

....

3,901

3,920

1652300. PS.FTS.B,

21.18%,

11/08/26

....

3,833

3,869

1666449. PS.FTS.B,

14.6%,

11/09/26

....

3,241

3,264

1658839. PS.FTS.B,

14.68%,

11/09/26

....

4,233

4,226

1658842. PS.FTS.B,

17%,

11/09/26

......

3,694

3,744

1659079. PS.FTS.B,

19%,

11/09/26

......

1,815

1,843

1667997. PS.FTS.B,

11.79%,

11/12/26

....

2,420

2,417

1667757. PS.FTS.B,

18.25%,

11/12/26

....

3,885

3,952

1661797. PS.FTS.B,

21%,

11/15/26

......

670

694

1664327. PS.FTS.B,

13.5%,

11/30/26

....

1,277

1,291

1687146. PS.FTS.B,

11.43%,

12/16/26

....

3,440

3,433

1687128. PS.FTS.B,

12.3%,

12/16/26

....

1680241. PS.FTS.B,

14.38%,

12/16/26

...

7,516

7,509

1680301. PS.FTS.B,

18.5%,

12/16/26

....

1,606

1,633

1675265. PS.FTS.B,

10.5%,

12/20/26

....

6,489

6,482

1688964. PS.FTS.B,

13.93%,

12/21/26

...

4,482

4,477

1689036. PS.FTS.B,

14.6%,

12/21/26

....

6,200

6,242

1676534. PS.FTS.B,

15.29%,

12/21/26

...

4,336

4,363

1676819. PS.FTS.B,

14.68%,

12/22/26

...

9,678

9,669

b

1677269. PS.FTS.B,

25.9%,

12/22/26

....

2,799

#### Description

#### Principal

#### Amount

#### Value
Prosper

Funding

LLC

(continued)

1680116. PS.FTS.B,

14%,

12/29/26

......

$

8,604

$

8,678

1690116. PS.FTS.B,

23.11%,

12/31/26

....

5,539

5,779

1694608. PS.FTS.B,

10.62%,

1/13/27

....

2,721

2,714

1694572. PS.FTS.B,

11.6%,

1/13/27

.....

6,677

6,663

1694605. PS.FTS.B,

15.2%,

1/13/27

.....

681

685

1702152. PS.FTS.B,

12.87%,

1/14/27

....

1,876

1,872

1688534. PS.FTS.B,

12.9%,

1/16/27

.....

7,848

7,821

1704984. PS.FTS.B,

10.29%,

1/19/27

....

3,897

3,894

1698709. PS.FTS.B,

15.2%,

1/20/27

.....

4,865

4,901

1674146. PS.FTS.B,

18.78%,

1/20/27

....

3,670

3,733

1708451. PS.FTS.B,

10.26%,

2/15/27

....

727

724

1721439. PS.FTS.B,

12%,

2/15/27

.......

984

980

1708901. PS.FTS.B,

18.33%,

2/15/27

....

7,193

7,332

1720974. PS.FTS.B,

18.4%,

2/15/27

.....

7,093

7,217

1709498. PS.FTS.B,

25.9%,

2/16/27

.....

3,989

4,155

b

1611804. PS.FTS.B,

18%,

2/22/27

.......

12,699

–

1708466. PS.FTS.B,

18.6%,

2/22/27

.....

2,359

2,399

1719415. PS.FTS.B,

10.8%,

2/23/27

.....

3,817

3,816

1722171. PS.FTS.B,

18.78%,

3/14/27

....

3,029

3,083

1709507. PS.FTS.B,

13.5%,

3/15/27

.....

2,677

2,691

1739157. PS.FTS.B,

11.5%,

3/18/27

.....

13,864

11,736

1749006. PS.FTS.B,

19.53%,

3/31/27

....

4,482

4,596

1749429. PS.FTS.B,

25.9%,

4/01/27

.....

2,667

2,800

b

1603750. PS.FTS.B,

15.9%,

5/20/27

.....

3,245

b

1629628. PS.FTS.B,

14.31%,

7/02/27

....

6,074

–

b

1626833. PS.FTS.B,

14.7%,

7/25/27

.....

8,340

–

b

1708907. PS.FTS.B,

18.13%,

11/20/27

....

10,710

b

1682455. PS.FTS.B,

11.43%,

11/21/27

....

18,286

1,193

b

1689368. PS.FTS.B,

16.2%,

1/14/35

.....

–

b

1638183. PS.FTS.B,

17.71%,

10/26/35

...

782

290,328

Upgrade,

Inc.

25595802. UG.FTS.B,

28.99%,

1/22/26

...

1,345

1,376

b

24468287. UG.FTS.B,

29.69%,

11/26/29

..

17,864

1,374

2,750

Upgrade,

Inc.

-

Card

991738330. UG.FTS.B,

29.49%,

12/21/25

.

991730761. UG.FTS.B,

28.98%,

12/24/25

.

b

991702178. UG.FTS.B,

28.98%,

1/06/26

..

991883200. UG.FTS.B,

29.49%,

1/07/26

..

991758368. UG.FTS.B,

29.49%,

1/20/26

..

b

991762816. UG.FTS.B,

29.49%,

2/20/26

..

991754815. UG.FTS.B,

29.49%,

2/24/26

..

991695320. UG.FTS.B,

29.49%,

3/05/26

..

b

991933771. UG.FTS.B,

29.49%,

4/06/26

..

991721350. UG.FTS.B,

29.49%,

5/16/26

..

765

793

b

991601320. UG.FTS.B,

28.98%,

7/17/26

..

535

–

991771961. UG.FTS.B,

29.49%,

8/07/26

..

991545568. UG.FTS.B,

29.49%,

8/16/26

..

511

991645022. UG.FTS.B,

29.49%,

8/21/26

..

991693967. UG.FTS.B,

19.99%,

9/05/26

..

991573331. UG.FTS.B,

29.49%,

9/17/26

..

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upgrade,

Inc.

-

Card

(continued)

991579043. UG.FTS.B,

19.99%,

11/17/26

.

$

1,316

$

1,030

b

991727635. UG.FTS.B,

28.98%,

1/07/27

..

–

991658250. UG.FTS.B,

16.99%,

1/20/27

..

991721939. UG.FTS.B,

16.99%,

2/02/27

..

518

991894965. UG.FTS.B,

16.99%,

2/03/27

..

2,104

2,179

991579317. UG.FTS.B,

29.49%,

2/16/27

..

991693097. UG.FTS.B,

26.94%,

5/20/27

..

991664785. UG.FTS.B,

18.98%,

5/26/27

..

991663324. UG.FTS.B,

22.36%,

5/29/27

..

991742865. UG.FTS.B,

29.49%,

9/21/27

..

991716805. UG.FTS.B,

22.97%,

11/08/27

.

991735384. UG.FTS.B,

29.49%,

6/06/28

..

991571658. UG.FTS.B,

28.98%,

6/15/28

..

991678457. UG.FTS.B,

19.99%,

10/30/28

.

991719643. UG.FTS.B,

29.49%,

3/22/29

..

991757545. UG.FTS.B,

28.98%,

11/06/29

.

b

991536394. UG.FTS.B,

28.98%,

1/15/30

..

4,143

991587677. UG.FTS.B,

29.49%,

1/17/30

..

518

b

991554451. UG.FTS.B,

29.46%,

4/17/30

..

991718934. UG.FTS.B,

20.97%,

10/06/30

.

991588559. UG.FTS.B,

29.46%,

10/17/30

.

991687274. UG.FTS.B,

19.99%,

11/23/30

.

8,387

Upstart

Network,

Inc.

L1711804.UP.FTS.B,

9.08%,

9/14/26

.....

2,185

2,142

L1709773.UP.FTS.B,

9.1%,

9/14/26

.....

L1710250.UP.FTS.B,

9.72%,

9/14/26

....

1,770

1,739

L1711112.UP.FTS.B,

12.03%,

9/14/26

....

3,128

3,080

L1711960.UP.FTS.B,

12.48%,

9/14/26

....

697

L1709990.UP.FTS.B,

12.82%,

9/14/26

....

L1711626.UP.FTS.B,

13.98%,

9/14/26

....

4,772

4,692

FW1711241.UP.FTS.B,

16.08%,

9/14/26

..

989

977

L1707201.UP.FTS.B,

16.24%,

9/14/26

....

3,721

3,676

L1711610.UP.FTS.B,

17.32%,

9/14/26

....

6,308

6,207

L1708807.UP.FTS.B,

17.72%,

9/14/26

....

2,541

2,510

L1710981.UP.FTS.B,

17.81%,

9/14/26

....

2,632

2,590

FW1709424.UP.FTS.B,

18.79%,

9/14/26

..

3,885

3,839

b

L1712201.UP.FTS.B,

18.94%,

9/14/26

....

758

L1711904.UP.FTS.B,

19.49%,

9/14/26

....

5,091

5,002

L1709643.UP.FTS.B,

20.04%,

9/14/26

....

1,053

1,037

L1708429.UP.FTS.B,

20.63%,

9/14/26

....

799

785

L1709924.UP.FTS.B,

24.74%,

9/14/26

....

L1710379.UP.FTS.B,

24.83%,

9/14/26

....

L1710592.UP.FTS.B,

25.03%,

9/14/26

....

L1706788.UP.FTS.B,

25.12%,

9/14/26

....

531

522

L1712014.UP.FTS.B,

25.46%,

9/14/26

....

L1710375.UP.FTS.B,

25.49%,

9/14/26

....

571

561

L1711582.UP.FTS.B,

25.87%,

9/14/26

....

8,101

7,971

L1709668.UP.FTS.B,

25.91%,

9/14/26

....

FW1708159.UP.FTS.B,

30.6%,

9/14/26

...

542

FW1708283.UP.FTS.B,

30.95%,

9/14/26

..

1,265

1,246

FW1709045.UP.FTS.B,

31.04%,

9/14/26

..

938

924

FW1709237.UP.FTS.B,

31.24%,

9/14/26

..

1,560

1,537

FW1712567.UP.FTS.B,

31.44%,

9/14/26

..

916

902

L1709686.UP.FTS.B,

14.5%,

9/16/26

....

4,824

4,744

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW1711817.UP.FTS.B,

20.95%,

9/20/26

..

$

1,291

$

1,269

L1873953.UP.FTS.B,

6.89%,

10/18/26

....

11,284

11,050

L1873001.UP.FTS.B,

11.14%,

10/18/26

...

2,005

1,473

L1872155.UP.FTS.B,

11.36%,

10/18/26

...

L1873842.UP.FTS.B,

11.7%,

10/18/26

....

4,332

4,258

L1873090.UP.FTS.B,

11.9%,

10/18/26

....

L1874284.UP.FTS.B,

13.39%,

10/18/26

...

2,224

1,636

FW1873975.UP.FTS.B,

13.55%,

10/18/26

.

1,671

1,643

L1874369.UP.FTS.B,

14.32%,

10/18/26

...

2,097

2,073

FW1874328.UP.FTS.B,

14.8%,

10/18/26

..

2,628

2,598

L1860167.UP.FTS.B,

14.86%,

10/18/26

...

L1873835.UP.FTS.B,

15.93%,

10/18/26

...

2,881

919

L1872814.UP.FTS.B,

16.38%,

10/18/26

...

3,852

3,809

L1873320.UP.FTS.B,

16.64%,

10/18/26

...

542

536

b

L1873808.UP.FTS.B,

16.88%,

10/18/26

...

2,154

L1873707.UP.FTS.B,

17.21%,

10/18/26

...

2,551

2,523

FW1869707.UP.FTS.B,

17.52%,

10/18/26

.

4,122

4,060

L1874163.UP.FTS.B,

17.64%,

10/18/26

...

1,899

1,870

L1868602.UP.FTS.B,

18.18%,

10/18/26

...

758

747

L1873350.UP.FTS.B,

19.42%,

10/18/26

...

3,641

1,133

L1873356.UP.FTS.B,

19.63%,

10/18/26

...

L1872983.UP.FTS.B,

19.88%,

10/18/26

...

1,480

529

FW1873856.UP.FTS.B,

20.15%,

10/18/26

.

1,721

1,696

L1873825.UP.FTS.B,

20.43%,

10/18/26

...

14,400

14,168

L1873221.UP.FTS.B,

20.79%,

10/18/26

...

581

572

L1873820.UP.FTS.B,

21.93%,

10/18/26

...

999

984

L1872738.UP.FTS.B,

21.97%,

10/18/26

...

L1873504.UP.FTS.B,

22.55%,

10/18/26

...

L1874034.UP.FTS.B,

22.67%,

10/18/26

...

656

646

L1873307.UP.FTS.B,

23.79%,

10/18/26

...

522

L1874063.UP.FTS.B,

24.01%,

10/18/26

...

2,131

2,099

L1873180.UP.FTS.B,

24.02%,

10/18/26

...

L1873408.UP.FTS.B,

24.34%,

10/18/26

...

918

904

L1870381.UP.FTS.B,

24.72%,

10/18/26

...

2,035

2,005

L1868887.UP.FTS.B,

24.97%,

10/18/26

...

4,228

4,165

L1872784.UP.FTS.B,

25.04%,

10/18/26

...

2,014

1,984

L1873304.UP.FTS.B,

25.15%,

10/18/26

...

FW1873077.UP.FTS.B,

25.29%,

10/18/26

.

930

917

L1872764.UP.FTS.B,

25.4%,

10/18/26

....

L1874416.UP.FTS.B,

25.46%,

10/18/26

...

8,593

8,467

L1874151.UP.FTS.B,

25.48%,

10/18/26

...

b

L1874395.UP.FTS.B,

25.5%,

10/18/26

....

3,896

L1870887.UP.FTS.B,

26.18%,

10/18/26

...

534

526

FW1874429.UP.FTS.B,

27.19%,

10/18/26

.

1,215

1,197

FW1873344.UP.FTS.B,

27.72%,

10/18/26

.

4,499

4,436

FW1872622.UP.FTS.B,

28.59%,

10/18/26

.

1,086

819

FW1874208.UP.FTS.B,

29.47%,

10/18/26

.

1,153

1,137

FW1873268.UP.FTS.B,

30.52%,

10/18/26

.

602

594

FW1872558.UP.FTS.B,

30.55%,

10/18/26

.

FW1874112.UP.FTS.B,

31.18%,

10/18/26

.

1,654

1,632

FW1873980.UP.FTS.B,

31.12%,

10/28/26

.

853

841

L1874280.UP.FTS.B,

15.62%,

11/01/26

...

8,546

8,450

L2010047.UP.FTS.B,

7.23%,

11/09/26

....

2,279

2,231

FW2005584.UP.FTS.B,

8.98%,

11/09/26

..

4,097

4,008

L2009940.UP.FTS.B,

9.06%,

11/09/26

....

8,711

8,523

L1982018.UP.FTS.B,

9.85%,

11/09/26

....

1,299

1,271

L2008329.UP.FTS.B,

10.3%,

11/09/26

....

1,572

1,538

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2009188.UP.FTS.B,

10.68%,

11/09/26

...

$

6,303

$

6,190

L2009665.UP.FTS.B,

10.88%,

11/09/26

...

2,248

2,206

L2006518.UP.FTS.B,

11.38%,

11/09/26

...

818

803

L1977043.UP.FTS.B,

11.43%,

11/09/26

...

1,441

1,415

L2007707.UP.FTS.B,

12.19%,

11/09/26

...

3,921

3,850

L2005066.UP.FTS.B,

12.51%,

11/09/26

...

4,117

4,041

FW2009636.UP.FTS.B,

13.06%,

11/09/26

.

724

713

FW2004957.UP.FTS.B,

13.66%,

11/09/26

.

693

681

L2006397.UP.FTS.B,

13.66%,

11/09/26

...

2,775

2,725

L2008524.UP.FTS.B,

14.03%,

11/09/26

...

5,470

5,372

b

L2008113.UP.FTS.B,

14.06%,

11/09/26

...

7,265

1,104

L2009234.UP.FTS.B,

14.43%,

11/09/26

...

3,318

3,262

L2008618.UP.FTS.B,

14.73%,

11/09/26

...

1,692

1,662

L2009287.UP.FTS.B,

14.91%,

11/09/26

...

1,641

1,612

L2008691.UP.FTS.B,

15.38%,

11/09/26

...

1,410

1,385

L2008772.UP.FTS.B,

15.55%,

11/09/26

...

2,859

2,822

L2009243.UP.FTS.B,

15.94%,

11/09/26

...

2,878

2,841

FW2010280.UP.FTS.B,

16.52%,

11/09/26

.

4,650

4,590

FW2009372.UP.FTS.B,

16.77%,

11/09/26

.

4,373

4,318

L2008272.UP.FTS.B,

17.06%,

11/09/26

...

5,871

5,795

L2006918.UP.FTS.B,

18.03%,

11/09/26

...

9,626

9,458

FW2005538.UP.FTS.B,

18.4%,

11/09/26

..

1,754

1,724

FW2005908.UP.FTS.B,

18.71%,

11/09/26

.

1,353

1,329

L2006524.UP.FTS.B,

18.79%,

11/09/26

...

1,626

FW2009511.UP.FTS.B,

18.82%,

11/09/26

.

1,801

1,770

L2007966.UP.FTS.B,

18.98%,

11/09/26

...

604

593

L2007377.UP.FTS.B,

19.06%,

11/09/26

...

5,131

5,067

L2007099.UP.FTS.B,

20.26%,

11/09/26

...

10,064

9,867

L2008551.UP.FTS.B,

20.27%,

11/09/26

...

6,660

6,530

b

L2009017.UP.FTS.B,

20.52%,

11/09/26

...

2,610

FW2004995.UP.FTS.B,

21%,

11/09/26

...

1,806

1,775

FW2006513.UP.FTS.B,

21.09%,

11/09/26

.

565

556

L2006375.UP.FTS.B,

21.38%,

11/09/26

...

900

883

L2008251.UP.FTS.B,

21.4%,

11/09/26

....

FW2009886.UP.FTS.B,

22.16%,

11/09/26

.

1,267

1,246

L2009468.UP.FTS.B,

22.18%,

11/09/26

...

4,118

4,040

L2009034.UP.FTS.B,

22.22%,

11/09/26

...

1,520

1,490

L2008599.UP.FTS.B,

22.35%,

11/09/26

...

636

625

L2008480.UP.FTS.B,

22.94%,

11/09/26

...

731

717

L2007056.UP.FTS.B,

24.37%,

11/09/26

...

810

795

L2009896.UP.FTS.B,

24.89%,

11/09/26

...

FW2006718.UP.FTS.B,

24.97%,

11/09/26

.

1,656

1,625

L2007001.UP.FTS.B,

25.04%,

11/09/26

...

L2009837.UP.FTS.B,

25.1%,

11/09/26

....

b

L2006519.UP.FTS.B,

25.11%,

11/09/26

...

1,012

L2008646.UP.FTS.B,

25.12%,

11/09/26

...

L2005357.UP.FTS.B,

25.2%,

11/09/26

....

1,656

1,626

L2006252.UP.FTS.B,

25.33%,

11/09/26

...

1,747

1,714

L2007046.UP.FTS.B,

25.34%,

11/09/26

...

598

587

FW2009941.UP.FTS.B,

25.35%,

11/09/26

.

2,715

2,665

L2009460.UP.FTS.B,

25.35%,

11/09/26

...

1,029

1,010

L2007026.UP.FTS.B,

25.44%,

11/09/26

...

599

588

L1976857.UP.FTS.B,

25.45%,

11/09/26

...

2,659

2,611

L2008185.UP.FTS.B,

25.45%,

11/09/26

...

1,334

1,309

L2007383.UP.FTS.B,

25.64%,

11/09/26

...

1,300

1,277

FW2007576.UP.FTS.B,

26.1%,

11/09/26

..

2,020

1,984

L2009167.UP.FTS.B,

26.14%,

11/09/26

...

3,357

3,297

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2006658.UP.FTS.B,

26.38%,

11/09/26

.

$

2,021

$

1,988

FW2008080.UP.FTS.B,

27.3%,

11/09/26

..

512

503

FW2009450.UP.FTS.B,

27.39%,

11/09/26

.

2,792

2,742

FW2005768.UP.FTS.B,

27.98%,

11/09/26

.

539

FW2005859.UP.FTS.B,

28.42%,

11/09/26

.

4,650

4,568

FW2005194.UP.FTS.B,

29.14%,

11/09/26

.

2,186

2,148

FW2009687.UP.FTS.B,

29.61%,

11/09/26

.

1,852

1,820

b

FW2009414.UP.FTS.B,

30.01%,

11/09/26

.

5,647

FW2007936.UP.FTS.B,

30.89%,

11/09/26

.

1,469

1,444

FW2005025.UP.FTS.B,

31.15%,

11/09/26

.

2,679

2,634

FW2008432.UP.FTS.B,

31.3%,

11/09/26

..

1,795

531

FW2008400.UP.FTS.B,

31.31%,

11/09/26

.

1,319

849

FW2009323.UP.FTS.B,

31.47%,

11/09/26

.

2,179

2,142

FW2009221.UP.FTS.B,

30.79%,

11/12/26

.

4,900

4,818

L2005604.UP.FTS.B,

7.24%,

11/15/26

....

5,965

5,835

L2009697.UP.FTS.B,

20.69%,

11/15/26

...

1,565

1,538

L2077278.UP.FTS.B,

10.24%,

11/19/26

...

L2079683.UP.FTS.B,

10.46%,

11/19/26

...

1,147

1,127

L2077229.UP.FTS.B,

11.22%,

11/19/26

...

5,319

5,227

L2079790.UP.FTS.B,

11.54%,

11/19/26

...

2,286

2,246

L2078831.UP.FTS.B,

11.67%,

11/19/26

...

553

L2069545.UP.FTS.B,

12.88%,

11/19/26

...

1,642

1,614

L2077586.UP.FTS.B,

13.74%,

11/19/26

...

1,439

1,415

L2080759.UP.FTS.B,

14.39%,

11/19/26

...

4,067

3,999

L2077934.UP.FTS.B,

15.05%,

11/19/26

...

2,128

2,093

L2079762.UP.FTS.B,

15.07%,

11/19/26

...

1,258

1,244

L2080949.UP.FTS.B,

16.51%,

11/19/26

...

1,039

1,028

L2077345.UP.FTS.B,

16.52%,

11/19/26

...

L2077136.UP.FTS.B,

16.73%,

11/19/26

...

2,913

2,883

FW2080998.UP.FTS.B,

16.87%,

11/19/26

.

FW2078513.UP.FTS.B,

16.88%,

11/19/26

.

5,261

5,206

L2079147.UP.FTS.B,

16.93%,

11/19/26

...

4,841

4,790

L2073789.UP.FTS.B,

17.39%,

11/19/26

...

1,029

FW2080677.UP.FTS.B,

18.72%,

11/19/26

.

5,118

5,066

FW2078252.UP.FTS.B,

19.1%,

11/19/26

..

L2079089.UP.FTS.B,

19.11%,

11/19/26

...

1,796

1,778

L2077889.UP.FTS.B,

19.41%,

11/19/26

...

2,218

2,186

L2079136.UP.FTS.B,

19.7%,

11/19/26

....

5,038

4,960

FW2076082.UP.FTS.B,

20.04%,

11/19/26

.

5,317

5,242

L2077864.UP.FTS.B,

20.33%,

11/19/26

...

6,776

6,680

L2077767.UP.FTS.B,

20.73%,

11/19/26

...

3,102

3,055

FW2080860.UP.FTS.B,

21.93%,

11/19/26

.

5,927

5,838

L2080597.UP.FTS.B,

22.59%,

11/19/26

...

702

691

L2079001.UP.FTS.B,

24.08%,

11/19/26

...

3,386

3,337

FW2076263.UP.FTS.B,

24.18%,

11/19/26

.

1,012

1,003

FW2078837.UP.FTS.B,

25.18%,

11/19/26

.

861

849

L2079636.UP.FTS.B,

25.5%,

11/19/26

....

L2080879.UP.FTS.B,

25.51%,

11/19/26

...

1,397

1,377

L2080301.UP.FTS.B,

25.61%,

11/19/26

...

1,455

1,434

L2077747.UP.FTS.B,

25.84%,

11/19/26

...

903

890

FW2080275.UP.FTS.B,

26.15%,

11/19/26

.

1,174

1,158

L2075827.UP.FTS.B,

27%,

11/19/26

.....

3,160

3,118

L2078364.UP.FTS.B,

15.16%,

11/20/26

...

1,707

1,689

L2008677.UP.FTS.B,

10.77%,

11/23/26

...

2,651

2,601

L2010117.UP.FTS.B,

24.96%,

11/23/26

...

1,336

1,311

FW2007433.UP.FTS.B,

21.02%,

11/24/26

.

2,335

2,291

L2079956.UP.FTS.B,

14.89%,

12/01/26

...

2,137

2,114

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2196810.UP.FTS.B,

7.42%,

12/07/26

....

$

1,604

$

1,568

L2198501.UP.FTS.B,

8.94%,

12/07/26

....

1,097

1,072

L2195995.UP.FTS.B,

9.12%,

12/07/26

....

1,184

1,158

L2199695.UP.FTS.B,

9.66%,

12/07/26

....

1,668

1,630

L2199924.UP.FTS.B,

9.76%,

12/07/26

....

1,949

1,906

L2197856.UP.FTS.B,

11.23%,

12/07/26

...

1,542

1,512

FW2199260.UP.FTS.B,

12.51%,

12/07/26

.

7,142

7,005

L2200250.UP.FTS.B,

13.28%,

12/07/26

...

1,477

1,449

L2197658.UP.FTS.B,

13.72%,

12/07/26

...

1,487

1,459

FW2198593.UP.FTS.B,

14.12%,

12/07/26

.

1,931

1,104

L2199997.UP.FTS.B,

14.15%,

12/07/26

...

1,108

1,087

L2198350.UP.FTS.B,

15.19%,

12/07/26

...

L2199879.UP.FTS.B,

16.31%,

12/07/26

...

3,567

3,505

L2198446.UP.FTS.B,

16.58%,

12/07/26

...

14,947

14,746

b

L2198880.UP.FTS.B,

16.74%,

12/07/26

...

1,466

L2198345.UP.FTS.B,

17.18%,

12/07/26

...

7,480

7,380

L2198376.UP.FTS.B,

17.42%,

12/07/26

...

7,025

6,891

L2199726.UP.FTS.B,

18.1%,

12/07/26

....

1,912

1,887

L2196412.UP.FTS.B,

18.83%,

12/07/26

...

580

572

L2199248.UP.FTS.B,

19.04%,

12/07/26

...

4,899

4,834

b

L2199663.UP.FTS.B,

19.69%,

12/07/26

...

2,456

L2199129.UP.FTS.B,

20.12%,

12/07/26

...

724

714

L2197655.UP.FTS.B,

20.75%,

12/07/26

...

1,662

1,627

L2196680.UP.FTS.B,

21.47%,

12/07/26

...

2,046

2,008

L2197631.UP.FTS.B,

21.55%,

12/07/26

...

1,529

1,501

L2199874.UP.FTS.B,

22.34%,

12/07/26

...

2,790

2,732

L2192706.UP.FTS.B,

22.47%,

12/07/26

...

3,418

3,348

FW2196522.UP.FTS.B,

23.26%,

12/07/26

.

1,233

FW2192438.UP.FTS.B,

23.66%,

12/07/26

.

4,423

2,707

L2200210.UP.FTS.B,

24.56%,

12/07/26

...

7,535

2,218

L2196219.UP.FTS.B,

25.27%,

12/07/26

...

2,938

2,880

L2198546.UP.FTS.B,

25.32%,

12/07/26

...

532

521

b

L2198050.UP.FTS.B,

25.44%,

12/07/26

...

2,602

L2197183.UP.FTS.B,

25.46%,

12/07/26

...

605

593

L2197844.UP.FTS.B,

25.47%,

12/07/26

...

1,457

1,428

L2199814.UP.FTS.B,

25.68%,

12/07/26

...

2,137

2,096

FW2199793.UP.FTS.B,

25.9%,

12/07/26

..

2,859

2,803

FW2200076.UP.FTS.B,

28.24%,

12/07/26

.

18,455

18,105

FW2200069.UP.FTS.B,

28.54%,

12/07/26

.

1,435

1,408

b

FW2198176.UP.FTS.B,

29.22%,

12/07/26

.

1,527

FW2199632.UP.FTS.B,

32.42%,

12/07/26

.

1,913

1,878

L2201511.UP.FTS.B,

5.03%,

12/08/26

....

979

964

L2201100.UP.FTS.B,

5.82%,

12/08/26

....

2,600

2,530

L2203382.UP.FTS.B,

6.5%,

12/08/26

....

2,631

2,560

L2206413.UP.FTS.B,

7.44%,

12/08/26

....

2,161

2,114

L2201126.UP.FTS.B,

7.87%,

12/08/26

....

4,368

4,282

L2200918.UP.FTS.B,

8.74%,

12/08/26

....

1,177

1,150

FW2202215.UP.FTS.B,

9.76%,

12/08/26

..

9,800

9,624

L2205692.UP.FTS.B,

10.33%,

12/08/26

...

4,642

4,538

L2205258.UP.FTS.B,

10.97%,

12/08/26

...

957

940

L2202707.UP.FTS.B,

11.01%,

12/08/26

...

2,846

2,791

L2200873.UP.FTS.B,

11.09%,

12/08/26

...

2,563

2,514

L2205661.UP.FTS.B,

11.13%,

12/08/26

...

3,419

3,353

FW2202691.UP.FTS.B,

11.21%,

12/08/26

.

856

837

FW2201210.UP.FTS.B,

12.48%,

12/08/26

.

582

571

L2202867.UP.FTS.B,

13.27%,

12/08/26

...

1,097

1,078

L2202534.UP.FTS.B,

13.68%,

12/08/26

...

4,459

4,376

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2200884.UP.FTS.B,

13.99%,

12/08/26

...

$

2,211

$

2,170

L2201701.UP.FTS.B,

14.19%,

12/08/26

...

2,098

2,059

b

L2200543.UP.FTS.B,

14.23%,

12/08/26

...

1,812

FW2206534.UP.FTS.B,

14.38%,

12/08/26

.

960

942

FW2201365.UP.FTS.B,

14.41%,

12/08/26

.

4,360

4,279

L2205970.UP.FTS.B,

14.78%,

12/08/26

...

805

790

L2203172.UP.FTS.B,

14.86%,

12/08/26

...

3,031

2,975

L2201429.UP.FTS.B,

15.27%,

12/08/26

...

3,598

3,532

L2203888.UP.FTS.B,

15.35%,

12/08/26

...

916

899

L2193881.UP.FTS.B,

15.75%,

12/08/26

...

1,353

1,335

L2205432.UP.FTS.B,

15.94%,

12/08/26

...

7,397

7,300

L2195672.UP.FTS.B,

16.2%,

12/08/26

....

3,965

3,912

L2203269.UP.FTS.B,

16.66%,

12/08/26

...

1,403

1,385

L2200406.UP.FTS.B,

17.28%,

12/08/26

...

1,386

1,368

L2203876.UP.FTS.B,

17.53%,

12/08/26

...

6,468

6,384

L2202653.UP.FTS.B,

17.59%,

12/08/26

...

3,924

3,873

L2200437.UP.FTS.B,

17.72%,

12/08/26

...

792

777

L2206114.UP.FTS.B,

17.92%,

12/08/26

...

641

633

L2201870.UP.FTS.B,

17.98%,

12/08/26

...

955

938

L2202316.UP.FTS.B,

18.78%,

12/08/26

...

807

792

b

FW2204149.UP.FTS.B,

19.13%,

12/08/26

.

2,090

L2171699.UP.FTS.B,

19.26%,

12/08/26

...

3,019

2,957

FW2201480.UP.FTS.B,

19.28%,

12/08/26

.

2,275

2,246

L2201833.UP.FTS.B,

19.78%,

12/08/26

...

1,629

1,600

L2203346.UP.FTS.B,

19.86%,

12/08/26

...

2,097

2,071

b

L2200446.UP.FTS.B,

20.19%,

12/08/26

...

L2200528.UP.FTS.B,

20.47%,

12/08/26

...

1,157

1,137

L2201790.UP.FTS.B,

20.6%,

12/08/26

....

928

911

L2203266.UP.FTS.B,

21.37%,

12/08/26

...

1,721

1,686

L2203685.UP.FTS.B,

21.52%,

12/08/26

...

1,175

1,152

L2206634.UP.FTS.B,

21.58%,

12/08/26

...

739

724

FW2202543.UP.FTS.B,

22.46%,

12/08/26

.

519

510

L2200624.UP.FTS.B,

22.5%,

12/08/26

....

681

669

L2203293.UP.FTS.B,

22.93%,

12/08/26

...

582

572

L2203557.UP.FTS.B,

23.55%,

12/08/26

...

L2200929.UP.FTS.B,

23.61%,

12/08/26

...

904

554

L2197277.UP.FTS.B,

23.68%,

12/08/26

...

2,399

1,469

b

L2205882.UP.FTS.B,

23.83%,

12/08/26

...

1,291

FW2200085.UP.FTS.B,

23.88%,

12/08/26

.

1,106

671

L2204440.UP.FTS.B,

24.51%,

12/08/26

...

L2200752.UP.FTS.B,

24.63%,

12/08/26

...

FW2200668.UP.FTS.B,

24.66%,

12/08/26

.

4,392

4,309

L2201876.UP.FTS.B,

24.84%,

12/08/26

...

L2200418.UP.FTS.B,

24.91%,

12/08/26

...

2,529

2,485

L2201388.UP.FTS.B,

24.93%,

12/08/26

...

954

935

L2203217.UP.FTS.B,

25.16%,

12/08/26

...

L2203014.UP.FTS.B,

25.25%,

12/08/26

...

1,770

1,737

L2204236.UP.FTS.B,

25.3%,

12/08/26

....

1,427

1,400

L2201267.UP.FTS.B,

25.35%,

12/08/26

...

L2207019.UP.FTS.B,

25.36%,

12/08/26

...

L2204385.UP.FTS.B,

25.38%,

12/08/26

...

L2204272.UP.FTS.B,

25.42%,

12/08/26

...

L2200539.UP.FTS.B,

25.48%,

12/08/26

...

1,934

1,897

L2202382.UP.FTS.B,

25.5%,

12/08/26

....

640

628

L2206619.UP.FTS.B,

25.63%,

12/08/26

...

2,671

2,621

L2205529.UP.FTS.B,

25.96%,

12/08/26

...

2,503

2,457

FW2200840.UP.FTS.B,

27.39%,

12/08/26

.

3,066

3,010

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2200263.UP.FTS.B,

28.29%,

12/08/26

.

$

6,860

$

6,736

FW2202084.UP.FTS.B,

28.33%,

12/08/26

.

541

531

FW2206080.UP.FTS.B,

28.43%,

12/08/26

.

694

681

FW2203128.UP.FTS.B,

28.72%,

12/08/26

.

b

FW2200463.UP.FTS.B,

28.91%,

12/08/26

.

525

FW2201641.UP.FTS.B,

29.67%,

12/08/26

.

3,084

3,029

FW2206862.UP.FTS.B,

29.87%,

12/08/26

.

1,812

1,780

FW2204427.UP.FTS.B,

30.34%,

12/08/26

.

3,037

2,983

FW2202866.UP.FTS.B,

30.6%,

12/08/26

..

FW2203290.UP.FTS.B,

31.07%,

12/08/26

.

536

527

b

FW2206683.UP.FTS.B,

31.07%,

12/08/26

.

878

FW2205002.UP.FTS.B,

31.08%,

12/08/26

.

1,189

1,168

FW2200524.UP.FTS.B,

31.14%,

12/08/26

.

1,961

1,925

FW2199311.UP.FTS.B,

31.18%,

12/08/26

.

538

528

FW2199186.UP.FTS.B,

25.95%,

12/09/26

.

817

802

FW2201142.UP.FTS.B,

31.05%,

12/12/26

.

L2206744.UP.FTS.B,

13.51%,

12/14/26

...

8,928

8,760

L2202911.UP.FTS.B,

21.13%,

12/14/26

...

2,129

2,091

FW2203667.UP.FTS.B,

23.01%,

12/14/26

.

5,181

5,081

L2196899.UP.FTS.B,

24.65%,

12/15/26

...

2,049

2,009

FW2199126.UP.FTS.B,

31.54%,

12/15/26

.

2,406

2,365

FW2198165.UP.FTS.B,

14.07%,

12/16/26

.

L2200110.UP.FTS.B,

25.93%,

12/16/26

...

2,889

2,123

L2203117.UP.FTS.B,

13.79%,

12/17/26

...

2,570

2,523

L2201499.UP.FTS.B,

21.34%,

12/17/26

...

3,703

3,630

FW2205704.UP.FTS.B,

28.05%,

12/18/26

.

1,840

1,808

L2206448.UP.FTS.B,

16%,

12/19/26

.....

3,218

3,160

L2196775.UP.FTS.B,

22.04%,

12/19/26

...

L2203118.UP.FTS.B,

8.78%,

12/20/26

....

2,192

1,565

L2195912.UP.FTS.B,

25.21%,

12/22/26

...

3,148

2,304

L2196637.UP.FTS.B,

24.42%,

12/28/26

...

5,291

5,188

FW2197646.UP.FTS.B,

16.34%,

1/01/27

..

2,680

2,632

L2411009.UP.FTS.B,

5.26%,

1/11/27

.....

9,624

9,352

L2402399.UP.FTS.B,

6.09%,

1/11/27

.....

7,560

7,347

L2413519.UP.FTS.B,

6.19%,

1/11/27

.....

6,550

6,373

FW2411884.UP.FTS.B,

6.2%,

1/11/27

....

5,068

4,949

L2411160.UP.FTS.B,

7.26%,

1/11/27

.....

4,270

4,151

FW2406810.UP.FTS.B,

7.3%,

1/11/27

....

1,558

1,519

L2408660.UP.FTS.B,

7.61%,

1/11/27

.....

1,976

1,930

L2412785.UP.FTS.B,

7.81%,

1/11/27

.....

575

561

L2413727.UP.FTS.B,

8.61%,

1/11/27

.....

1,253

1,224

FW2410081.UP.FTS.B,

8.78%,

1/11/27

...

5,919

1,588

L2407187.UP.FTS.B,

8.85%,

1/11/27

.....

1,458

1,425

FW2411415.UP.FTS.B,

9.04%,

1/11/27

...

1,915

1,872

L2410685.UP.FTS.B,

9.48%,

1/11/27

.....

2,929

1,568

FW2406985.UP.FTS.B,

9.83%,

1/11/27

...

891

871

L2411458.UP.FTS.B,

10.12%,

1/11/27

....

657

642

L2413945.UP.FTS.B,

10.53%,

1/11/27

....

6,613

6,485

L2413044.UP.FTS.B,

11.78%,

1/11/27

....

2,503

2,454

L2405206.UP.FTS.B,

12.1%,

1/11/27

.....

7,489

7,343

b

L2370107.UP.FTS.B,

12.85%,

1/11/27

....

1,899

L2412100.UP.FTS.B,

13.07%,

1/11/27

....

2,050

2,011

L2411596.UP.FTS.B,

13.42%,

1/11/27

....

1,460

1,433

FW2412293.UP.FTS.B,

13.57%,

1/11/27

..

1,347

1,323

FW2412839.UP.FTS.B,

13.8%,

1/11/27

...

3,427

3,362

FW2407206.UP.FTS.B,

13.82%,

1/11/27

..

1,902

1,866

L2409821.UP.FTS.B,

14.42%,

1/11/27

....

1,728

1,696

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2410324.UP.FTS.B,

14.46%,

1/11/27

....

$

6,313

$

6,193

L2408774.UP.FTS.B,

14.55%,

1/11/27

....

1,283

1,266

L2408843.UP.FTS.B,

14.84%,

1/11/27

....

834

820

L2408436.UP.FTS.B,

15.99%,

1/11/27

....

13,243

13,074

L2406986.UP.FTS.B,

16.62%,

1/11/27

....

1,656

1,635

L2412621.UP.FTS.B,

16.62%,

1/11/27

....

1,325

1,308

FW2411635.UP.FTS.B,

17.05%,

1/11/27

..

1,700

1,669

L2411840.UP.FTS.B,

17.48%,

1/11/27

....

10,268

2,943

L2406982.UP.FTS.B,

17.53%,

1/11/27

....

3,295

1,897

L2412808.UP.FTS.B,

17.54%,

1/11/27

....

3,358

3,316

FW2411466.UP.FTS.B,

17.75%,

1/11/27

..

674

666

L2407285.UP.FTS.B,

17.96%,

1/11/27

....

1,752

1,026

L2410765.UP.FTS.B,

18.19%,

1/11/27

....

2,470

2,440

L2412345.UP.FTS.B,

18.51%,

1/11/27

....

1,134

682

FW2406958.UP.FTS.B,

18.83%,

1/11/27

..

666

657

L2407160.UP.FTS.B,

18.83%,

1/11/27

....

5,990

5,917

L2412374.UP.FTS.B,

19.25%,

1/11/27

....

4,192

4,107

FW2410395.UP.FTS.B,

20.34%,

1/11/27

..

1,750

1,719

FW2412890.UP.FTS.B,

20.68%,

1/11/27

..

3,607

3,536

L2407644.UP.FTS.B,

21.08%,

1/11/27

....

1,414

1,387

L2410907.UP.FTS.B,

21.6%,

1/11/27

.....

1,272

1,248

b

L2413345.UP.FTS.B,

22.45%,

1/11/27

....

2,706

L2410622.UP.FTS.B,

23.11%,

1/11/27

....

1,748

1,715

FW2412083.UP.FTS.B,

23.34%,

1/11/27

..

1,679

1,647

L2413379.UP.FTS.B,

24.03%,

1/11/27

....

7,401

7,261

FW2412786.UP.FTS.B,

24.26%,

1/11/27

..

3,147

3,090

FW2407461.UP.FTS.B,

25.01%,

1/11/27

..

1,869

1,835

L2407824.UP.FTS.B,

25.08%,

1/11/27

....

1,534

1,506

L2406959.UP.FTS.B,

25.22%,

1/11/27

....

2,342

2,299

L2413560.UP.FTS.B,

25.29%,

1/11/27

....

1,345

1,320

FW2411982.UP.FTS.B,

25.34%,

1/11/27

..

1,887

1,852

L2411780.UP.FTS.B,

25.37%,

1/11/27

....

601

512

L2409900.UP.FTS.B,

25.4%,

1/11/27

.....

L2411491.UP.FTS.B,

25.4%,

1/11/27

.....

561

552

L2411973.UP.FTS.B,

25.47%,

1/11/27

....

L2411173.UP.FTS.B,

25.49%,

1/11/27

....

FW2412928.UP.FTS.B,

25.61%,

1/11/27

..

755

741

FW2411046.UP.FTS.B,

26.47%,

1/11/27

..

3,417

3,358

L2409231.UP.FTS.B,

26.66%,

1/11/27

....

1,583

1,555

FW2406988.UP.FTS.B,

27.86%,

1/11/27

..

1,942

1,908

FW2410159.UP.FTS.B,

27.94%,

1/11/27

..

1,654

1,625

FW2411293.UP.FTS.B,

29.42%,

1/11/27

..

634

623

FW2407567.UP.FTS.B,

29.43%,

1/11/27

..

1,585

1,559

FW2408568.UP.FTS.B,

29.5%,

1/11/27

...

1,782

1,752

FW2412942.UP.FTS.B,

30.18%,

1/11/27

..

1,593

1,566

FW2413390.UP.FTS.B,

30.33%,

1/11/27

..

1,696

1,667

b

FW2407748.UP.FTS.B,

30.43%,

1/11/27

..

1,259

b

FW2413147.UP.FTS.B,

30.55%,

1/11/27

..

2,055

FW2412502.UP.FTS.B,

30.76%,

1/11/27

..

6,034

5,934

FW2410401.UP.FTS.B,

30.79%,

1/11/27

..

545

536

FW2411299.UP.FTS.B,

30.92%,

1/11/27

..

677

665

FW2392367.UP.FTS.B,

30.94%,

1/11/27

..

890

875

FW2411010.UP.FTS.B,

31.02%,

1/11/27

..

1,820

1,790

FW2407947.UP.FTS.B,

31.05%,

1/11/27

..

1,479

909

FW2411738.UP.FTS.B,

31.08%,

1/11/27

..

704

692

FW2410751.UP.FTS.B,

34.47%,

1/11/27

..

2,063

2,052

L2414801.UP.FTS.B,

6.11%,

1/12/27

.....

3,052

2,967

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

L2419361.UP.FTS.B,

6.41%,

1/12/27

....

$

$

L2402757.UP.FTS.B,

6.51%,

1/12/27

....

1,828

1,779

L2416784.UP.FTS.B,

6.53%,

1/12/27

....

562

547

L2418799.UP.FTS.B,

6.56%,

1/12/27

....

3,399

3,303

L2417049.UP.FTS.B,

6.6%,

1/12/27

.....

737

725

FW2414856.UP.FTS.B,

6.64%,

1/12/27

...

L2416695.UP.FTS.B,

6.86%,

1/12/27

....

1,273

1,237

L2414595.UP.FTS.B,

7.05%,

1/12/27

....

2,128

2,078

FW2415988.UP.FTS.B,

7.29%,

1/12/27

...

2,255

2,220

L2410292.UP.FTS.B,

7.3%,

1/12/27

.....

1,111

1,085

L2417990.UP.FTS.B,

7.34%,

1/12/27

....

14,255

13,925

L2417199.UP.FTS.B,

7.43%,

1/12/27

....

12,123

11,853

FW2419541.UP.FTS.B,

7.5%,

1/12/27

....

3,980

3,891

L2414153.UP.FTS.B,

7.51%,

1/12/27

....

715

695

L2417691.UP.FTS.B,

7.69%,

1/12/27

....

6,465

6,287

L2417969.UP.FTS.B,

8.13%,

1/12/27

....

2,138

2,089

L2418009.UP.FTS.B,

9.08%,

1/12/27

....

3,522

3,442

L2414926.UP.FTS.B,

9.43%,

1/12/27

....

9,271

9,057

L2413887.UP.FTS.B,

9.49%,

1/12/27

....

1,777

1,742

FW2415990.UP.FTS.B,

9.9%,

1/12/27

....

9,614

5,318

L2414275.UP.FTS.B,

9.91%,

1/12/27

....

11,032

10,790

L2417012.UP.FTS.B,

10.17%,

1/12/27

....

554

542

FW2417548.UP.FTS.B,

10.24%,

1/12/27

..

4,489

4,387

FW2417403.UP.FTS.B,

10.31%,

1/12/27

..

2,100

2,059

L2414718.UP.FTS.B,

10.85%,

1/12/27

....

1,209

1,186

b

FW2419104.UP.FTS.B,

11.58%,

1/12/27

..

3,301

L2414779.UP.FTS.B,

11.77%,

1/12/27

....

1,228

1,205

L2419353.UP.FTS.B,

12.95%,

1/12/27

....

10,202

10,012

L2414553.UP.FTS.B,

14.38%,

1/12/27

....

6,457

6,339

L2419563.UP.FTS.B,

14.64%,

1/12/27

....

9,348

9,179

L2418960.UP.FTS.B,

15.54%,

1/12/27

....

6,514

6,435

b

L2416354.UP.FTS.B,

15.71%,

1/12/27

....

2,092

L2414253.UP.FTS.B,

16.15%,

1/12/27

....

2,642

2,610

L2414473.UP.FTS.B,

16.4%,

1/12/27

....

L2420474.UP.FTS.B,

16.75%,

1/12/27

....

5,039

2,895

L2417581.UP.FTS.B,

17.27%,

1/12/27

....

1,471

1,454

FW2394068.UP.FTS.B,

18.18%,

1/12/27

..

2,472

2,431

FW2415024.UP.FTS.B,

19.94%,

1/12/27

..

3,029

2,972

L2418100.UP.FTS.B,

20.74%,

1/12/27

....

6,373

6,268

L2389418.UP.FTS.B,

22.12%,

1/12/27

....

2,214

2,174

L2415799.UP.FTS.B,

22.22%,

1/12/27

....

1,263

1,241

L2416737.UP.FTS.B,

23.4%,

1/12/27

....

994

976

FW2416362.UP.FTS.B,

23.42%,

1/12/27

..

1,679

1,649

L2409743.UP.FTS.B,

23.49%,

1/12/27

....

4,452

2,393

FW2414282.UP.FTS.B,

23.79%,

1/12/27

..

734

721

L2415306.UP.FTS.B,

24.21%,

1/12/27

....

3,990

3,921

L2411740.UP.FTS.B,

25.36%,

1/12/27

....

601

591

L2414777.UP.FTS.B,

25.43%,

1/12/27

....

506

L2417114.UP.FTS.B,

25.49%,

1/12/27

....

775

L2418684.UP.FTS.B,

25.49%,

1/12/27

....

1,083

1,064

FW2418174.UP.FTS.B,

25.89%,

1/12/27

..

3,671

3,609

b

L2413654.UP.FTS.B,

25.91%,

1/12/27

....

2,769

FW2419574.UP.FTS.B,

26.43%,

1/12/27

..

7,020

6,901

FW2411493.UP.FTS.B,

28.18%,

1/12/27

..

4,591

4,515

FW2418008.UP.FTS.B,

28.88%,

1/12/27

..

744

FW2418306.UP.FTS.B,

29.61%,

1/12/27

..

3,073

910

FW2417562.UP.FTS.B,

30.84%,

1/12/27

..

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

FW2418392.UP.FTS.B,

30.87%,

1/12/27

..

$

847

$

834

FW2416140.UP.FTS.B,

30.99%,

1/12/27

..

889

876

FW2414984.UP.FTS.B,

31.12%,

1/12/27

..

FW2419527.UP.FTS.B,

33.12%,

1/12/27

..

L2418737.UP.FTS.B,

5.93%,

1/16/27

....

1,114

1,083

L2410494.UP.FTS.B,

17.56%,

1/16/27

....

6,760

6,675

FW2415348.UP.FTS.B,

30.45%,

1/19/27

..

8,188

8,052

L2412142.UP.FTS.B,

8.74%,

1/26/27

....

5,318

5,190

L2415942.UP.FTS.B,

10.21%,

1/26/27

....

4,507

4,405

L2417088.UP.FTS.B,

15.78%,

2/12/27

....

2,706

2,674

L1708544.UP.FTS.B,

12.57%,

2/14/27

....

1,189

1,165

FW1708581.UP.FTS.B,

23.53%,

2/14/27

..

1,326

1,304

L1709217.UP.FTS.B,

25.78%,

2/14/27

....

11,193

11,008

L2632551.UP.FTS.B,

5.37%,

2/15/27

....

3,519

3,415

L2632779.UP.FTS.B,

5.63%,

2/15/27

....

2,060

2,000

L2630774.UP.FTS.B,

8.69%,

2/15/27

....

1,240

1,204

L2635638.UP.FTS.B,

9.41%,

2/15/27

....

2,461

2,409

FW2633029.UP.FTS.B,

9.57%,

2/15/27

...

L2633022.UP.FTS.B,

9.86%,

2/15/27

....

4,724

4,613

FW2635247.UP.FTS.B,

10.37%,

2/15/27

..

2,699

2,646

L2632232.UP.FTS.B,

11.83%,

2/15/27

....

1,252

1,233

L2633836.UP.FTS.B,

12%,

2/15/27

......

3,509

3,440

L2630147.UP.FTS.B,

12.15%,

2/15/27

....

13,111

12,859

L2635861.UP.FTS.B,

12.41%,

2/15/27

....

2,794

2,740

L2637042.UP.FTS.B,

13.14%,

2/15/27

....

2,661

2,611

L2631332.UP.FTS.B,

13.22%,

2/15/27

....

1,665

1,633

FW2633237.UP.FTS.B,

13.24%,

2/15/27

..

1,335

1,309

L2632724.UP.FTS.B,

14.48%,

2/15/27

....

1,799

1,766

L2637603.UP.FTS.B,

14.83%,

2/15/27

....

2,174

2,134

FW2631558.UP.FTS.B,

15.18%,

2/15/27

..

5,144

5,048

L2635221.UP.FTS.B,

15.45%,

2/15/27

....

2,338

2,296

FW2631951.UP.FTS.B,

15.91%,

2/15/27

..

3,274

2,271

FW2634727.UP.FTS.B,

16.18%,

2/15/27

..

2,299

2,272

L2635424.UP.FTS.B,

16.37%,

2/15/27

....

13,966

13,804

FW2635945.UP.FTS.B,

17.32%,

2/15/27

..

1,946

1,913

FW2635531.UP.FTS.B,

18.53%,

2/15/27

..

4,250

4,202

FW1709115.UP.FTS.B,

20.14%,

2/15/27

..

2,251

2,214

L2633648.UP.FTS.B,

20.29%,

2/15/27

....

3,676

3,635

L2632212.UP.FTS.B,

21.09%,

2/15/27

....

1,469

1,445

FW2631142.UP.FTS.B,

21.84%,

2/15/27

..

1,164

1,144

L2636740.UP.FTS.B,

22.15%,

2/15/27

....

L2633500.UP.FTS.B,

22.28%,

2/15/27

....

1,929

1,894

FW2633249.UP.FTS.B,

23.49%,

2/15/27

..

2,117

2,080

L2629665.UP.FTS.B,

24.47%,

2/15/27

....

2,869

2,056

L2634268.UP.FTS.B,

25.05%,

2/15/27

....

913

897

b

FW2635941.UP.FTS.B,

25.09%,

2/15/27

..

2,262

L2632154.UP.FTS.B,

25.31%,

2/15/27

....

9,291

9,136

L2636370.UP.FTS.B,

25.4%,

2/15/27

....

1,187

1,167

L2631893.UP.FTS.B,

25.41%,

2/15/27

....

1,383

1,360

L2634591.UP.FTS.B,

25.45%,

2/15/27

....

FW2631141.UP.FTS.B,

25.72%,

2/15/27

..

5,230

5,144

L2634677.UP.FTS.B,

25.78%,

2/15/27

....

1,591

1,565

L2636195.UP.FTS.B,

25.92%,

2/15/27

....

5,975

5,877

L2635199.UP.FTS.B,

26.23%,

2/15/27

....

2,519

2,478

FW2635628.UP.FTS.B,

26.36%,

2/15/27

..

1,072

FW2634760.UP.FTS.B,

26.38%,

2/15/27

..

2,363

2,325

FW2637086.UP.FTS.B,

26.68%,

2/15/27

..

1,328

1,306

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2632183.UP.FTS.B,

27.72%,

2/15/27

..

$

2,879

$

2,831

FW2634087.UP.FTS.B,

29.37%,

2/15/27

..

581

572

FW2632506.UP.FTS.B,

29.8%,

2/15/27

...

1,508

1,484

FW2636372.UP.FTS.B,

30.35%,

2/15/27

..

2,654

FW2629864.UP.FTS.B,

30.9%,

2/15/27

...

1,044

749

FW2631968.UP.FTS.B,

30.98%,

2/15/27

..

2,046

2,014

FW2633314.UP.FTS.B,

31.08%,

2/15/27

..

FW2633604.UP.FTS.B,

31.13%,

2/15/27

..

1,107

1,090

L2640422.UP.FTS.B,

7.19%,

2/16/27

....

1,385

1,357

L2641249.UP.FTS.B,

9.09%,

2/16/27

....

4,585

4,477

FW2640044.UP.FTS.B,

9.77%,

2/16/27

...

1,791

1,750

L2628258.UP.FTS.B,

10.4%,

2/16/27

....

5,188

5,089

L2639939.UP.FTS.B,

10.73%,

2/16/27

....

4,612

4,524

L2640107.UP.FTS.B,

11.57%,

2/16/27

....

3,473

3,407

L2642580.UP.FTS.B,

11.66%,

2/16/27

....

1,137

1,116

L2642829.UP.FTS.B,

11.96%,

2/16/27

....

6,987

6,855

L2643133.UP.FTS.B,

12.13%,

2/16/27

....

3,319

3,259

L2640589.UP.FTS.B,

12.31%,

2/16/27

....

16,409

16,101

L2637999.UP.FTS.B,

12.45%,

2/16/27

....

3,682

3,613

L2639543.UP.FTS.B,

14.06%,

2/16/27

....

3,374

3,311

L2637807.UP.FTS.B,

14.59%,

2/16/27

....

4,995

4,905

L2643572.UP.FTS.B,

14.72%,

2/16/27

....

681

669

FW2640160.UP.FTS.B,

14.88%,

2/16/27

..

7,854

7,711

L2643245.UP.FTS.B,

15.83%,

2/16/27

....

7,516

7,381

b

FW2637690.UP.FTS.B,

16.3%,

2/16/27

...

2,647

FW2643607.UP.FTS.B,

16.31%,

2/16/27

..

17,435

17,244

FW2638305.UP.FTS.B,

16.48%,

2/16/27

..

3,794

3,751

L2639711.UP.FTS.B,

16.7%,

2/16/27

.....

561

555

L2641429.UP.FTS.B,

17.81%,

2/16/27

....

4,634

4,585

L2638277.UP.FTS.B,

18.32%,

2/16/27

....

1,802

1,783

L2640102.UP.FTS.B,

19.59%,

2/16/27

....

8,728

8,636

L2639587.UP.FTS.B,

20.1%,

2/16/27

....

1,473

1,450

FW2640938.UP.FTS.B,

20.16%,

2/16/27

..

4,027

3,958

L2643431.UP.FTS.B,

20.38%,

2/16/27

....

5,779

4,020

FW2639130.UP.FTS.B,

21.01%,

2/16/27

..

1,492

1,467

L2641584.UP.FTS.B,

21.92%,

2/16/27

....

21,061

14,663

L2631819.UP.FTS.B,

22.11%,

2/16/27

....

8,666

8,522

L2637903.UP.FTS.B,

22.13%,

2/16/27

....

4,432

4,364

L2639752.UP.FTS.B,

22.85%,

2/16/27

....

19,128

18,839

FW2639691.UP.FTS.B,

23.69%,

2/16/27

..

7,508

5,369

FW2643737.UP.FTS.B,

23.79%,

2/16/27

..

5,896

5,799

L2644184.UP.FTS.B,

24.14%,

2/16/27

....

3,942

1,096

L2638887.UP.FTS.B,

24.84%,

2/16/27

....

786

774

L2642235.UP.FTS.B,

24.97%,

2/16/27

....

595

586

L2644251.UP.FTS.B,

25.49%,

2/16/27

....

L2643938.UP.FTS.B,

25.5%,

2/16/27

....

614

604

L2638678.UP.FTS.B,

25.84%,

2/16/27

....

3,061

3,013

FW2638017.UP.FTS.B,

27.09%,

2/16/27

..

3,478

3,426

FW2636711.UP.FTS.B,

27.4%,

2/16/27

...

4,064

4,004

FW2644630.UP.FTS.B,

28.55%,

2/16/27

..

4,530

3,215

FW2639696.UP.FTS.B,

30.14%,

2/16/27

..

FW2638255.UP.FTS.B,

31.12%,

2/16/27

..

FW2642792.UP.FTS.B,

31.15%,

2/16/27

..

FW2639361.UP.FTS.B,

31.17%,

2/16/27

..

595

586

FW2638060.UP.FTS.B,

31.21%,

2/16/27

..

1,108

1,093

FW2645630.UP.FTS.B,

12.87%,

2/17/27

..

3,820

3,752

L2644980.UP.FTS.B,

12.95%,

2/17/27

....

588

578

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2645342.UP.FTS.B,

13.93%,

2/17/27

....

$

9,921

$

9,740

FW2645588.UP.FTS.B,

15.61%,

2/17/27

..

1,323

1,308

L2645010.UP.FTS.B,

20.52%,

2/17/27

....

4,138

4,073

FW2642053.UP.FTS.B,

21.61%,

2/17/27

..

1,571

1,545

L2645131.UP.FTS.B,

25.45%,

2/17/27

....

522

514

b

FW2645900.UP.FTS.B,

26.25%,

2/17/27

..

1,038

FW2645571.UP.FTS.B,

26.48%,

2/17/27

..

1,606

1,582

FW2645842.UP.FTS.B,

30.86%,

2/17/27

..

1,242

1,224

L2633374.UP.FTS.B,

7.21%,

2/18/27

....

5,752

5,585

FW2639867.UP.FTS.B,

26.3%,

2/19/27

...

826

813

FW2645832.UP.FTS.B,

18.88%,

2/21/27

..

5,452

5,396

b

L2642691.UP.FTS.B,

8.69%,

2/23/27

....

11,979

1,766

L2644708.UP.FTS.B,

25.19%,

2/25/27

....

1,834

1,806

L2633588.UP.FTS.B,

6.56%,

2/28/27

....

9,896

9,607

FW2636201.UP.FTS.B,

12.12%,

2/28/27

..

2,304

2,260

FW2645675.UP.FTS.B,

15.8%,

2/28/27

...

9,463

9,362

L2643974.UP.FTS.B,

25.5%,

2/28/27

....

1,452

1,429

FW2644598.UP.FTS.B,

29.38%,

3/01/27

..

4,769

4,698

L1874238.UP.FTS.B,

17.32%,

3/18/27

....

1,881

1,847

L1873877.UP.FTS.B,

25.05%,

3/18/27

....

2,043

1,464

FW1873866.UP.FTS.B,

28.25%,

3/18/27

..

FW1874435.UP.FTS.B,

31.05%,

3/18/27

..

830

819

FW1872975.UP.FTS.B,

32.03%,

3/18/27

..

1,693

1,652

L1874548.UP.FTS.B,

26.04%,

3/26/27

....

2,914

2,871

L1873528.UP.FTS.B,

25.71%,

3/28/27

....

3,387

3,331

b

FW1874302.UP.FTS.B,

13.81%,

4/02/27

..

26,379

3,735

L1947969.UP.FTS.B,

8.25%,

4/09/27

....

1,013

516

L1991534.UP.FTS.B,

12.48%,

4/09/27

....

2,109

2,069

L2004674.UP.FTS.B,

22.44%,

4/09/27

....

4,667

4,559

L2006933.UP.FTS.B,

23.7%,

4/09/27

....

2,554

2,506

L2006560.UP.FTS.B,

24.67%,

4/09/27

....

3,554

3,486

L2004971.UP.FTS.B,

25.6%,

4/09/27

....

4,084

3,996

FW2007255.UP.FTS.B,

28.65%,

4/09/27

..

2,771

2,718

FW2009107.UP.FTS.B,

29.81%,

4/09/27

..

1,654

1,622

FW2008461.UP.FTS.B,

31.23%,

4/09/27

..

722

709

L2008701.UP.FTS.B,

10.48%,

4/16/27

....

2,015

1,976

L2078117.UP.FTS.B,

17.47%,

4/19/27

....

1,794

L2079526.UP.FTS.B,

17.98%,

4/19/27

....

1,384

965

L2078541.UP.FTS.B,

18.53%,

4/19/27

....

1,287

1,265

L2080091.UP.FTS.B,

20.35%,

4/19/27

....

1,136

L2076557.UP.FTS.B,

21.86%,

4/19/27

....

11,306

11,152

L2078089.UP.FTS.B,

22.76%,

4/19/27

....

8,909

8,765

FW2078029.UP.FTS.B,

23.15%,

4/19/27

..

1,701

1,675

FW2077484.UP.FTS.B,

23.29%,

4/19/27

..

8,118

2,230

FW2076494.UP.FTS.B,

27.89%,

4/19/27

..

2,379

2,350

b

FW2079921.UP.FTS.B,

29.67%,

4/19/27

..

1,622

L2005313.UP.FTS.B,

17.04%,

4/20/27

....

21,783

21,515

FW2009466.UP.FTS.B,

29.96%,

4/24/27

..

1,009

706

L2196542.UP.FTS.B,

14.21%,

5/07/27

....

3,986

1,978

FW2198673.UP.FTS.B,

15.71%,

5/07/27

..

10,177

5,145

b

L2199844.UP.FTS.B,

16.94%,

5/07/27

....

5,959

L2197174.UP.FTS.B,

17.08%,

5/07/27

....

6,110

6,018

L2197670.UP.FTS.B,

22.54%,

5/07/27

....

1,416

866

L2197891.UP.FTS.B,

23.8%,

5/07/27

....

1,488

1,458

FW2198564.UP.FTS.B,

27.96%,

5/07/27

..

2,281

2,236

FW2197220.UP.FTS.B,

29.81%,

5/07/27

..

1,296

1,272

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Description

#### Principal

#### Amount

#### Value

#### Marketplace

#### Loans
(continued)

Upstart

Network,

Inc.

(continued)

FW2196279.UP.FTS.B,

31.01%,

5/07/27

..

$

1,865

$

L2203856.UP.FTS.B,

13.82%,

5/08/27

....

12,560

12,268

L2205206.UP.FTS.B,

15.97%,

5/08/27

....

13,305

13,129

L2205436.UP.FTS.B,

16.02%,

5/08/27

....

13,386

6,956

L2201272.UP.FTS.B,

16.5%,

5/08/27

....

1,971

1,928

L2205691.UP.FTS.B,

16.93%,

5/08/27

....

11,932

864

L2203740.UP.FTS.B,

19.62%,

5/08/27

....

1,004

983

FW2202220.UP.FTS.B,

20.45%,

5/08/27

..

11,382

6,141

L2198053.UP.FTS.B,

20.47%,

5/08/27

....

1,817

1,780

L2203340.UP.FTS.B,

21.11%,

5/08/27

....

1,861

1,820

L2201398.UP.FTS.B,

22.49%,

5/08/27

....

6,674

1,730

L2204624.UP.FTS.B,

23.54%,

5/08/27

....

11,933

6,378

L2204118.UP.FTS.B,

23.56%,

5/08/27

....

8,618

8,444

FW2202542.UP.FTS.B,

24.64%,

5/08/27

..

2,674

2,626

FW2201944.UP.FTS.B,

25.52%,

5/08/27

..

3,096

1,640

L2195192.UP.FTS.B,

17.22%,

5/15/27

....

1,574

1,552

L2197038.UP.FTS.B,

12.26%,

5/16/27

....

1,465

1,431

FW2198942.UP.FTS.B,

24.77%,

5/18/27

..

8,983

6,167

L2194879.UP.FTS.B,

17.51%,

5/22/27

....

8,124

5,412

FW2195399.UP.FTS.B,

29.81%,

5/22/27

..

1,241

1,218

L2203741.UP.FTS.B,

7.33%,

5/23/27

....

6,160

6,002

FW2199867.UP.FTS.B,

13.82%,

5/23/27

..

7,380

7,223

L2203381.UP.FTS.B,

18.04%,

5/23/27

....

3,951

3,899

L2204897.UP.FTS.B,

23.87%,

5/23/27

....

13,723

13,557

FW2185665.UP.FTS.B,

20.17%,

6/08/27

..

3,453

L2412468.UP.FTS.B,

7.67%,

6/11/27

.....

18,697

8,783

L2412874.UP.FTS.B,

8.03%,

6/11/27

.....

2,577

2,508

L2412901.UP.FTS.B,

8.44%,

6/11/27

.....

5,519

5,374

L2408318.UP.FTS.B,

10.27%,

6/11/27

....

1,665

1,627

L2413229.UP.FTS.B,

11.26%,

6/11/27

....

7,723

7,548

L2410725.UP.FTS.B,

15.84%,

6/11/27

....

8,136

7,957

FW2407472.UP.FTS.B,

18.08%,

6/11/27

..

12,479

12,218

L2413373.UP.FTS.B,

23.72%,

6/11/27

....

16,876

16,562

FW2409812.UP.FTS.B,

24.81%,

6/11/27

..

1,602

1,572

FW2411228.UP.FTS.B,

26.37%,

6/11/27

..

2,138

2,100

FW2413018.UP.FTS.B,

30.69%,

6/11/27

..

b

L2417948.UP.FTS.B,

8.36%,

6/12/27

....

L2415490.UP.FTS.B,

12.71%,

6/12/27

....

6,318

6,178

L2415810.UP.FTS.B,

22.13%,

6/12/27

....

2,135

2,094

L2418697.UP.FTS.B,

22.86%,

6/12/27

....

2,091

2,052

L2417411.UP.FTS.B,

24%,

6/12/27

......

6,376

1,620

FW2414026.UP.FTS.B,

30.61%,

6/12/27

..

587

577

b

FW2418950.UP.FTS.B,

30.94%,

6/12/27

..

1,394

FW2418092.UP.FTS.B,

30.98%,

6/12/27

..

762

750

b

FW2420156.UP.FTS.B,

31.98%,

6/12/27

..

2,252

L2412701.UP.FTS.B,

25.09%,

6/15/27

....

554

543

FW2411936.UP.FTS.B,

13.61%,

6/26/27

..

3,114

3,044

FW1711888.UP.FTS.B,

15.29%,

7/14/27

..

2,954

2,917

L1711759.UP.FTS.B,

15.35%,

7/14/27

....

3,518

1,994

L2637476.UP.FTS.B,

21.48%,

7/15/27

....

5,431

3,557

L2633167.UP.FTS.B,

24.54%,

7/15/27

....

3,181

3,124

b

L2605748.UP.FTS.B,

25.45%,

7/15/27

....

1,184

FW2634310.UP.FTS.B,

27.59%,

7/15/27

..

4,447

4,379

FW2634423.UP.FTS.B,

28.99%,

7/15/27

..

13,297

13,109

L2638227.UP.FTS.B,

10.2%,

7/16/27

....

6,656

6,486

FW2637881.UP.FTS.B,

14.54%,

7/16/27

..

2,512

2,456

L2631654.UP.FTS.B,

20.62%,

7/16/27

....

10,466

10,259

#### Description

#### Principal

#### Amount

#### Value
Upstart

Network,

Inc.

(continued)

L2639355.UP.FTS.B,

21.49%,

7/16/27

....

$

1,857

$

1,228

L2645113.UP.FTS.B,

10.21%,

7/17/27

....

3,317

3,240

b

L2641861.UP.FTS.B,

16.53%,

7/17/27

....

9,232

1,380

FW2645472.UP.FTS.B,

26.31%,

7/17/27

..

8,610

8,469

FW2632915.UP.FTS.B,

24.46%,

7/20/27

..

7,373

7,229

FW2644628.UP.FTS.B,

30.88%,

7/24/27

..

895

884

L2642277.UP.FTS.B,

22.82%,

7/28/27

....

3,329

3,270

L2407955.UP.FTS.B,

27%,

8/11/27

......

3,558

L2645397.UP.FTS.B,

26.19%,

8/19/27

....

1,315

878

L2009631.UP.FTS.B,

16.91%,

9/09/27

....

3,413

3,363

L2004813.UP.FTS.B,

23.68%,

9/09/27

....

3,310

1,659

FW2007802.UP.FTS.B,

23.93%,

9/09/27

..

17,403

16,991

L2004302.UP.FTS.B,

21.93%,

9/24/27

....

1,622

1,585

FW2005949.UP.FTS.B,

25.57%,

9/24/27

..

3,838

3,761

b

FW2199121.UP.FTS.B,

15.58%,

10/07/27

.

11,773

844

L2202159.UP.FTS.B,

13.54%,

10/08/27

...

10,856

10,575

L2201626.UP.FTS.B,

25.65%,

10/08/27

...

3,150

3,078

L2206615.UP.FTS.B,

25.87%,

10/08/27

...

9,897

4,752

FW2202975.UP.FTS.B,

30.2%,

10/08/27

..

2,468

1,191

L2200600.UP.FTS.B,

11.71%,

10/23/27

...

2,144

1,373

L2413593.UP.FTS.B,

23.06%,

11/11/27

...

5,038

4,930

FW2410499.UP.FTS.B,

31.67%,

11/11/27

.

918

902

FW2415964.UP.FTS.B,

31.16%,

11/12/27

.

654

643

FW2406392.UP.FTS.B,

23.41%,

12/11/27

.

3,965

L2644100.UP.FTS.B,

5.16%,

12/16/27

....

1,596

1,554

FW2643411.UP.FTS.B,

29.58%,

12/16/27

.

3,358

3,314

L1710242.UP.FTS.B,

16.42%,

9/14/28

....

1,635

1,608

L1973640.UP.FTS.B,

20.1%,

11/09/28

....

6,342

6,243

L2009558.UP.FTS.B,

26.34%,

11/09/28

...

10,986

10,954

L2195991.UP.FTS.B,

26.01%,

12/07/28

...

6,048

6,030

L2204377.UP.FTS.B,

25.94%,

12/08/28

...

2,935

2,895

L2635238.UP.FTS.B,

13.81%,

2/15/29

....

8,885

8,810

L2631621.UP.FTS.B,

15.64%,

2/15/29

....

13,102

12,835

L2633434.UP.FTS.B,

17.36%,

2/15/29

....

2,863

2,845

FW2414692.UP.FTS.B,

6.84%,

11/12/35

..

FW2411155.UP.FTS.B,

7.59%,

11/26/35

..

2,060,481

#### Total

#### Marketplace

#### Loans

#### (Cost

#### $14,632,102

####)
......................

#### $7,671,511
a

The

rate

shown

represents

the

yield

at

period

end.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

6. Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

October

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(d).

At

October

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(d).

At

October

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(d)

.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
Euro-Bund

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

Short

$

3,131,987

12/08/25

$

(8,249)

U.S.

Treasury

Year

Notes

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

Short

45,970,125

12/19/25

(45,184)

U.S.

Treasury

Year

Ultra

Notes

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

Long

28,871,094

12/19/25

(144,105)

U.S.

Treasury

Year

Notes

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

Short

208,242

12/31/25

U.S.

Treasury

Year

Notes

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

Long

34,073,813

12/31/25

(66,240)

U.S.

Treasury

Long

Bonds

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

Long

1,349

158,254,562

12/19/25

4,129,464

U.S.

Treasury

Ultra

Bonds

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

Long

13,826,062

12/19/25

527,094

Total

Futures

Contracts

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

$4,393,029

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

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

JPHQ

Buy

850,000

986,515

12/01/25

$

—

$

(5,264)

Euro

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

JPHQ

Sell

4,160,000

4,859,499

12/01/25

57,136

—

Euro

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

JPHQ

Sell

2,600,000

3,056,827

12/29/25

50,267

—

Euro

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

JPHQ

Sell

485,000

566,309

4/30/26

2,051

—

Total

Forward

Exchange

Contracts

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

$109,454

$(5,264)

Net

unrealized

appreciation

(depreciation)

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

$104,190

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CDX.NA.HY.44

.

(5.00)%

Quarterly

6/20/30

60,650,000

$

(4,911,958)

$

(3,086,597)

$

(1,825,361)

Total

Centrally

Cleared

Swap

Contracts

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

$(4,911,958)

$(3,086,597)

$(1,825,361)

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Note 9 regarding

other

derivative

information.

See

Abbreviations

on

page

165. #### Credit

#### Default

#### Swap

#### Contracts
(continued)

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount

#### a

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating

#### b

#### OTC

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Single

#### Name
Carnival

Corp.

..

1.00%

Quarterly

CITI

6/20/27

7,090,000

$

75,095

$

(419,473)

$

494,568

BB+

Total

OTC

Swap

Contracts

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

$75,095

$(419,473)

$494,568

Total

Credit

Default

Swap

Contracts

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

$(4,836,863)

$

(3,506,070)

$(1,330,793)

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Growth

#### Opportunities

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$44.86

$45.99

$39.15

$43.14

$56.25

$39.60

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.12)

(0.16)

(0.20)

(0.12)

(0.28)

(0.26)

Net

realized

and

unrealized

gains

(losses)

9.16 4.24 12.81 (2.19)

(7.76)

20.03 Total

from

investment

operations

........

9.04 4.08 12.61 (2.31)

(8.04)

19.77 Less

distributions

from:

Net

realized

gains

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

—

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

of

period

..........

$53.90

$44.86

$45.99

$39.15

$43.14

$56.25

Total

return

c

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

20.15%

7.85%

33.49%

(4.98)%

(16.57)%

50.64%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.89%

0.89%

0.91%

0.95%

0.90%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.89%

e

0.89%

e

0.91%

e,f

0.94%

f

0.89%

f

0.91%

e,f

Net

investment

(loss)

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

(0.48)%

(0.32)%

(0.45)%

(0.30)%

(0.49)%

(0.51)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$3,879,777

$3,383,277

$3,453,647

$2,765,017

$3,215,834

$4,203,693

Portfolio

turnover

rate

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

19.48%

27.59%

27.49%

16.52%

g

17.20%

17.54%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$29.51

$31.99

$28.86

$32.55

$43.87

$31.61

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.21)

(0.36)

(0.38)

(0.30)

(0.54)

(0.50)

Net

realized

and

unrealized

gains

(losses)

6.02 3.09 9.28 (1.71)

(5.71)

15.88 Total

from

investment

operations

........

5.81 2.73 8.90 (2.01)

(6.25)

15.38 Less

distributions

from:

Net

realized

gains

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

—

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

of

period

..........

$35.32

$29.51

$31.99

$28.86

$32.55

$43.87

Total

return

c

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

19.69%

7.03%

32.52%

(5.69)%

(17.20)%

49.47%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.64%

1.64%

1.66%

1.70%

1.65%

1.66%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.64%

e

1.64%

e

1.66%

e,f

1.69%

f

1.64%

f

1.66%

e,f

Net

investment

(loss)

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

(1.23)%

(1.07)%

(1.18)%

(1.05)%

(1.23)%

(1.26)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$80,464

$75,994

$87,686

$119,070

$158,895

$278,804

Portfolio

turnover

rate

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

19.48%

27.59%

27.49%

16.52%

g

17.20%

17.54%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$40.28

$41.85

$36.13

$40.06

$52.69

$37.32

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.17)

(0.26)

(0.29)

(0.20)

(0.39)

(0.36)

Net

realized

and

unrealized

gains

(losses)

8.22 3.90 11.78 (2.05)

(7.17)

18.85 Total

from

investment

operations

........

8.05 3.64 11.49 (2.25)

(7.56)

18.49 Less

distributions

from:

Net

realized

gains

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

—

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

of

period

..........

$48.33

$40.28

$41.85

$36.13

$40.06

$52.69

Total

return

c

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

19.99%

7.57%

33.18%

(5.21)%

(16.79)%

50.26%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.14%

1.14%

1.16%

1.20%

1.15%

1.15%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.14%

e

1.14%

e

1.16%

e,f

1.19%

f

1.14%

f

1.15%

e,f

Net

investment

(loss)

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

(0.73)%

(0.57)%

(0.70)%

(0.55)%

(0.73)%

(0.75)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$27,758

$25,260

$28,933

$22,664

$27,009

$40,396

Portfolio

turnover

rate

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

19.48%

27.59%

27.49%

16.52%

g

17.20%

17.54%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$53.48

$53.82

$44.87

$48.98

$63.06

$43.97

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

(0.05)

(—)

c

(0.05)

0.02 (0.10)

(0.10)

Net

realized

and

unrealized

gains

(losses)

10.94 4.87 14.77 (2.45)

(8.91)

22.31 Total

from

investment

operations

........

10.89 4.87 14.72 (2.43)

(9.01)

22.21 Less

distributions

from:

Net

realized

gains

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

—

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

of

period

..........

$64.37

$53.48

$53.82

$44.87

$48.98

$63.06

Total

return

d

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

20.36%

8.19%

33.94%

(4.62)%

(16.32)%

51.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.57%

0.57%

0.58%

0.59%

0.57%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.57%

f

0.57%

f

0.58%

f,g

0.58%

g

0.57%

f,g

0.57%

f,g

Net

investment

income

(loss)

..........

(0.16)%

(—)%

h

(0.11)%

0.05%

(0.16)%

(0.17)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$428,882

$371,773

$375,777

$449,119

$461,475

$563,918

Portfolio

turnover

rate

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

19.48%

27.59%

27.49%

16.52%

i

17.20%

17.54%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Rounds

to

less

than

0.01%.

i

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$52.06

$52.54

$43.96

$48.07

$62.01

$43.31

Income

from

investment

operations

a

:

Net

investment

(loss)

b

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

(0.07)

(0.04)

(0.10)

(0.02)

(0.15)

(0.14)

Net

realized

and

unrealized

gains

(losses)

10.64 4.77 14.45 (2.41)

(8.72)

21.96 Total

from

investment

operations

........

10.57 4.73 14.35 (2.43)

(8.87)

21.82 Less

distributions

from:

Net

realized

gains

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

—

(5.21)

(5.77)

(1.68)

(5.07)

(3.12)

Net

asset

value,

end

of

period

..........

$62.63

$52.06

$52.54

$43.96

$48.07

$62.01

Total

return

c

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

20.30%

8.12%

33.80%

(4.71)%

(16.37)%

51.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.64%

0.64%

0.66%

0.69%

0.65%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.64%

e

0.64%

e

0.66%

e,f

0.68%

f

0.64%

f

0.66%

e,f

Net

investment

(loss)

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

(0.23)%

(0.08)%

(0.19)%

(0.05)%

(0.24)%

(0.26)%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$355,357

$304,150

$291,914

$325,234

$636,524

$643,449

Portfolio

turnover

rate

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

19.48%

27.59%

27.49%

16.52%

g

17.20%

17.54%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Growth

#### Opportunities

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 97.4%

#### Aerospace

#### &

#### Defense

#### 3.6%
a,b,c

Anduril

Industries,

Inc.

,

B

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

United

States

117,526

$

6,666,157

a,b,c

Anduril

Industries,

Inc.

,

C

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

United

States

3,120

b

Axon

Enterprise,

Inc.

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

United

States

99,766

73,051,658

Curtiss-Wright

Corp.

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

United

States

42,535

25,339,376

Howmet

Aerospace,

Inc.

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

United

States

183,253

37,740,955

a,b,c

Space

Exploration

Technologies

Corp.

,

A

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

United

States

142,857

30,285,684

173,086,950

#### Automobiles

#### 2.4%
b

Tesla,

Inc.

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

United

States

248,428

113,422,288

#### Beverages

#### 0.5%
Coca-Cola

Co.

(The)

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

United

States

354,777

24,444,135

#### Biotechnology

#### 0.9%
b

Natera,

Inc.

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

United

States

216,932

43,154,283

#### Broadline

#### Retail

#### 5.4%
b

Amazon.com,

Inc.

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

United

States

1,004,550

245,331,201

b

MercadoLibre,

Inc.

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

Brazil

4,890

11,380,301

256,711,502

#### Building

#### Products

#### 1.3%
Trane

Technologies

plc

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

United

States

139,912

62,771,519

#### Capital

#### Markets

#### 2.2%
Ares

Management

Corp.

,

A

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

United

States

233,160

34,673,223

b

Robinhood

Markets,

Inc.

,

A

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

United

States

243,955

35,807,715

S&P

Global,

Inc.

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

United

States

73,922

36,015,538

106,496,476

#### Chemicals

#### 0.8%
Linde

plc

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

United

States

88,772

37,133,328

#### Commercial

#### Services

#### &

#### Supplies

#### 1.0%
a,b,c

Celonis

SE

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

Germany

4,619

913,237

a,b,c

Celonis

SE

,

D

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

Germany

25,571

5,055,725

a,b

Optoro,

Inc.

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

United

States

556,026

—

Republic

Services,

Inc.

,

A

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

United

States

209,953

43,720,613

49,689,575

#### Communications

#### Equipment

#### 1.1%
b

Arista

Networks,

Inc.

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

United

States

319,919

50,448,027

#### Construction

#### Materials

#### 0.7%
Martin

Marietta

Materials,

Inc.

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

United

States

57,275

35,115,302

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.5%
Casey's

General

Stores,

Inc.

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

United

States

42,711

21,918,858

#### Electrical

#### Equipment

#### 0.8%
GE

Vernova,

Inc.

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

United

States

63,348

37,067,449

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 2.2%
Amphenol

Corp.

,

A

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

United

States

766,808

106,847,027

#### Entertainment

#### 4.7%
b

Netflix,

Inc.

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

United

States

94,491

105,722,200

b

ROBLOX

Corp.

,

A

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

United

States

648,827

73,784,607

b

Spotify

Technology

SA

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

United

States

69,647

45,641,072

225,147,879

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Financial

#### Services

#### 2.5%
Mastercard,

Inc.

,

A

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

United

States

214,950

$

118,650,251

#### Ground

#### Transportation

#### 1.0%
b

Uber

Technologies,

Inc.

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

United

States

468,070

45,168,755

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.2%
b

Boston

Scientific

Corp.

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

United

States

366,891

36,953,262

b

Dexcom,

Inc.

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

United

States

359,238

20,914,836

b

Intuitive

Surgical,

Inc.

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

United

States

84,683

45,244,433

103,112,531

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.5%
McKesson

Corp.

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

United

States

88,962

72,178,429

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.4%
b

DoorDash,

Inc.

,

A

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

United

States

175,208

44,567,659

Wingstop,

Inc.

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

United

States

93,528

20,260,971

64,828,630

#### Interactive

#### Media

#### &

#### Services

#### 9.7%
Alphabet,

Inc.

,

C

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

United

States

600,705

169,290,683

Meta

Platforms,

Inc.

,

A

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

United

States

415,513

269,397,854

b

Pinterest,

Inc.

,

A

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

United

States

794,782

26,307,284

464,995,821

#### IT

#### Services

#### 1.6%
a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

A

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

Australia

3,094

5,093,157

a,b,c

Canva

Australia

Holdings

Pty.

Ltd.

,

B

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

Australia

11,829

19,472,190

b

Shopify,

Inc.

,

A

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

Canada

300,846

52,305,086

76,870,433

#### Leisure

#### Products

#### 1.3%
a,b,c

Fanatics

Holdings,

Inc.

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

United

States

1,029,939

63,809,784

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.6%
b

Repligen

Corp.

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

United

States

74,452

11,097,815

b

Tempus

AI,

Inc.

,

A

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

United

States

186,393

16,747,411

27,845,226

#### Machinery

#### 0.8%
Parker-Hannifin

Corp.

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

United

States

47,348

36,591,955

#### Personal

#### Care

#### Products

#### 0.8%
b

BellRing

Brands,

Inc.

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

United

States

671,117

20,220,755

b

Oddity

Tech

Ltd.

,

A

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

Israel

373,526

16,902,052

37,122,807

#### Pharmaceuticals

#### 2.0%
Eli

Lilly

&

Co.

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

United

States

112,675

97,222,750

#### Professional

#### Services

#### 0.5%
Verisk

Analytics,

Inc.

,

A

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

United

States

98,714

21,594,675

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.5%
b

CoStar

Group,

Inc.

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

United

States

344,830

23,727,752

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 20.6%
b

Advanced

Micro

Devices,

Inc.

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

United

States

188,285

48,223,554

Analog

Devices,

Inc.

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

United

States

100,531

23,537,323

Broadcom,

Inc.

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

United

States

790,413

292,160,357

b

Lattice

Semiconductor

Corp.

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

United

States

437,397

31,912,485

Monolithic

Power

Systems,

Inc.

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

United

States

54,601

54,874,005

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

NVIDIA

Corp.

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

United

States

2,399,364

$

485,847,216

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

.........

Taiwan

160,443

48,201,891

984,756,831

#### Software

#### 15.2%
a,b,c

Aestas

Management

Co.

LLC

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

United

States

8,668

3,727,240

b

AppLovin

Corp.

,

A

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

United

States

111,360

70,973,069

b

Autodesk,

Inc.

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

United

States

39,996

12,052,395

a,b,c

ClearMotion,

Inc.

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

United

States

6,309,366

797,649

b

Crowdstrike

Holdings,

Inc.

,

A

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

United

States

108,236

58,773,230

b

Fair

Isaac

Corp.

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

United

States

18,911

31,383,372

a,b

Fortinet,

Inc.

.......................................

United

States

810,440

—

b

HubSpot,

Inc.

......................................

United

States

49,907

24,550,252

Microsoft

Corp.

.....................................

United

States

626,269

324,288,351

b

Navan,

Inc.

,

A

......................................

United

States

184,983

3,750,530

Oracle

Corp.

.......................................

United

States

248,651

65,298,239

a,b,c

Plaid,

Inc.

,

A

.......................................

Japan

56,433

10,637,834

b

ServiceNow,

Inc.

....................................

United

States

55,118

50,668,875

a,b,c

Stripe,

Inc.

,

B

......................................

United

States

260,482

9,769,738

b

Synopsys,

Inc.

.....................................

United

States

53,327

24,200,859

b

Tyler

Technologies,

Inc.

...............................

United

States

70,055

33,364,394

724,236,027

#### Specialty

#### Retail

#### 1.1%
b

AutoZone,

Inc.

.....................................

United

States

11,877

43,641,205

b

Carvana

Co.

,

A

.....................................

United

States

34,622

10,613,028

54,254,233

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 5.2%
Apple,

Inc.

........................................

United

States

919,424

248,584,667

#### Trading

#### Companies

#### &

#### Distributors

#### 0.4%
b,d

QXO,

Inc.

.........................................

United

States

931,611

16,461,566

#### Wireless

#### Telecommunication

#### Services

#### 0.4%
T-Mobile

US,

Inc.

...................................

United

States

100,124

21,031,046

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,081,251,690

####)
..................................

#### 4,646,498,767

#### Convertible

#### Preferred

#### Stocks

#### 1.7%

#### Aerospace

#### &

#### Defense

#### 0.2%
a,b,c

Anduril

Industries,

Inc.

,

G

.............................

United

States

180,222

10,222,318

#### Automobile

#### Components

#### 0.2%
a,b,c

Flock

Group,

Inc.

,

B

.................................

United

States

750,387

11,133,779

a,b,c

Flock

Group,

Inc.

,

C

.................................

United

States

80,684

1,197,139

a,b,c

Flock

Group,

Inc.

,

................................

United

States

21,303

316,081

12,646,999

#### Software

#### 1.3%
a,b,c

Databricks,

Inc.

,

G

..................................

United

States

338,280

50,742,000

a,b,c

OneTrust

LLC

,

C

....................................

United

States

517,056

10,097,861

60,839,861

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 50,096,490

####)
.........................

#### 83,709,178
Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Preferred

#### Stocks

#### 0.3%

#### Software

#### 0.3%
a,b,c

Anthropic

PBC

,

..................................

United

States

49,656

$

6,999,887

a,b,c

ClearMotion,

Inc.

,

................................

United

States

417,667

65,717

a,b,c

ClearMotion,

Inc.

,

................................

United

States

2,606,463

383,950

a,b,c

Tanium,

Inc.

,

G

.....................................

United

States

805,800

5,515,226

12,964,780

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 11,251,620

####)
....................................

#### 12,964,780

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%
a,b

Wheels

Up

Experience,

Inc.,

Escrow

Account

..............

United

States

10,278

—

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
.................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,142,599,800

####)
...........................

#### 4,743,172,725

#### a

#### Short

#### Term

#### Investments

#### 0.8%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.6%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

30,114,946

30,114,946

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 30,114,946

####)
................................

#### 30,114,946
g

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.2%

#### Money

#### Market

#### Funds

#### 0.2%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

8,258,125

8,258,125

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 8,258,125

####)
..........................................................

#### 8,258,125

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 38,373,071

####)
..............................

#### 38,373,071

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,180,972,871

####)
100.2 #### %
..............................

#### $4,781,545,796

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
.........................................

#### (9,306,629)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $4,772,239,167

#### a
See

Abbreviations

on

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

See

Note

regarding

restricted

securities.

d

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(e).

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(e)

regarding

securities

on

loan.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Natural

#### Resources

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$28.15

$30.98

$28.10

$27.01

$20.02

$13.60

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.24 0.52 0.55 0.68 0.50 0.28 Net

realized

and

unrealized

gains

(losses)

5.90 (2.67)

2.90 1.09 6.77 6.54 Total

from

investment

operations

........

6.14 (2.15)

3.45 1.77 7.27 6.82 Less

distributions

from:

Net

investment

income

..............

—

(0.68)

(0.57)

(0.68)

(0.28)

(0.40)

Net

asset

value,

end

of

period

..........

$34.29

$28.15

$30.98

$28.10

$27.01

$20.02

Total

return

c

.......................

21.81%

(6.87)%

12.41%

6.56%

36.63%

50.55%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.02%

1.00%

1.02%

0.97%

1.10%

1.24%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.01%

0.99%

1.01%

e

0.96%

e

1.10%

f

1.24%

e,f

Net

investment

income

...............

1.53%

1.72%

1.90%

2.45%

2.17%

1.71%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$264,071

$221,768

$272,081

$301,153

$289,403

$176,127

Portfolio

turnover

rate

................

9.25%

19.72%

11.86%

23.76%

27.45%

49.23%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Natural

#### Resources

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$27.48

$30.12

$27.43

$26.45

$19.58

$13.25

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.12 0.29 0.33 0.46 0.32 0.15 Net

realized

and

unrealized

gains

(losses)

5.75 (2.58)

2.82 1.06 6.63 6.38 Total

from

investment

operations

........

5.87 (2.29)

3.15 1.52 6.95 6.53 Less

distributions

from:

Net

investment

income

..............

—

(0.35)

(0.46)

(0.54)

(0.08)

(0.20)

Net

asset

value,

end

of

period

..........

$33.35

$27.48

$30.12

$27.43

$26.45

$19.58

Total

return

c

.......................

21.36%

(7.58)%

11.60%

5.75%

35.59%

49.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.77%

1.75%

1.77%

1.72%

1.86%

1.99%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.76%

1.74%

1.76%

e

1.71%

e

1.86%

f

1.99%

e,f

Net

investment

income

...............

0.79%

0.99%

1.16%

1.72%

1.41%

0.93%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$14,514

$13,076

$17,371

$25,090

$30,427

$27,753

Portfolio

turnover

rate

................

9.25%

19.72%

11.86%

23.76%

27.45%

49.23%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Natural

#### Resources

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.67

$33.71

$30.45

$29.17

$21.58

$14.63

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.33 0.69 0.73 0.79 0.64 0.39 Net

realized

and

unrealized

gains

(losses)

6.44 (2.91)

3.15 1.24 7.31 7.05 Total

from

investment

operations

........

6.77 (2.22)

3.88 2.03 7.95 7.44 Less

distributions

from:

Net

investment

income

..............

—

(0.82)

(0.62)

(0.75)

(0.36)

(0.49)

Net

asset

value,

end

of

period

..........

$37.44

$30.67

$33.71

$30.45

$29.17

$21.58

Total

return

c

.......................

22.07%

(6.56)%

12.90%

6.99%

37.24%

51.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.68%

0.67%

0.67%

0.65%

0.80%

0.89%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.62%

0.62%

0.61%

e

0.56%

e

0.65%

0.72%

e

Net

investment

income

...............

1.87%

2.09%

2.34%

2.65%

2.53%

2.22%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$10,599

$6,894

$7,995

$12,387

$4,943

$1,722

Portfolio

turnover

rate

................

9.25%

19.72%

11.86%

23.76%

27.45%

49.23%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Natural

#### Resources

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.43

$33.43

$30.23

$28.97

$21.44

$14.54

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.31 0.65 0.67 0.80 0.60 0.33 Net

realized

and

unrealized

gains

(losses)

6.38 (2.89)

3.13 1.18 7.24 7.01 Total

from

investment

operations

........

6.69 (2.24)

3.80 1.98 7.84 7.34 Less

distributions

from:

Net

investment

income

..............

—

(0.76)

(0.60)

(0.72)

(0.31)

(0.44)

Net

asset

value,

end

of

period

..........

$37.12

$30.43

$33.43

$30.23

$28.97

$21.44

Total

return

c

.......................

21.98%

(6.68)%

12.72%

6.86%

36.93%

50.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.77%

0.75%

0.77%

0.72%

0.85%

1.00%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.76%

0.74%

0.76%

e

0.71%

e

0.85%

f

1.00%

e,f

Net

investment

income

...............

1.76%

1.97%

2.15%

2.71%

2.39%

1.93%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$67,342

$52,147

$76,028

$82,840

$87,707

$39,562

Portfolio

turnover

rate

................

9.25%

19.72%

11.86%

23.76%

27.45%

49.23%

a

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

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Natural

#### Resources

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 97.6%

#### Agricultural

#### Products

#### &

#### Services

#### 0.7%
Bunge

Global

SA

.....................................

United

States

25,600

$

2,421,760

#### Coal

#### &

#### Consumable

#### Fuels

#### 0.7%
Cameco

Corp.

.......................................

Canada

25,900

2,647,239

#### Construction

#### &

#### Engineering

#### 0.5%
a

Cadeler

A/S

,

ADR

.....................................

Denmark

90,424

1,675,557

a

#### Construction

#### Materials

#### 2.0%
Martin

Marietta

Materials,

Inc.

............................

United

States

11,500

7,050,650

#### Copper

#### 7.4%
Antofagasta

plc

.......................................

Chile

129,600

4,756,628

a

Capstone

Copper

Corp.

................................

Canada

495,300

4,421,344

a

ERO

Copper

Corp.

....................................

Brazil

219,200

4,680,788

Freeport-McMoRan,

Inc.

................................

United

States

166,200

6,930,540

Lundin

Mining

Corp.

...................................

Chile

376,700

6,059,215

26,848,515

#### Diversified

#### Chemicals

#### 0.2%
Huntsman

Corp.

......................................

United

States

64,100

530,748

#### Diversified

#### Metals

#### &

#### Mining

#### 12.0%
a

Aclara

Resources,

Inc.

.................................

United

Kingdom

321,000

727,803

a,b

Aclara

Resources,

Inc.

,

144A

............................

United

Kingdom

510,754

1,158,032

Anglo

American

plc

....................................

South

Africa

51,516

1,948,987

c

BHP

Group

Ltd.

,

ADR

..................................

Australia

190,000

10,839,500

a

Brazilian

Rare

Earths

Ltd.

...............................

Australia

581,286

2,175,519

Glencore

plc

.........................................

Australia

313,300

1,500,885

Hudbay

Minerals,

Inc.

..................................

Canada

167,500

2,684,681

a

IperionX

Ltd.

.........................................

Australia

618,700

2,747,134

a

Ivanhoe

Electric,

Inc.

...................................

United

States

56,101

829,734

a

Ivanhoe

Mines

Ltd.

,

A

..................................

Congo

180,700

1,807,580

a

Lindian

Resources

Ltd.

.................................

Australia

5,933,452

1,261,734

a

MP

Materials

Corp.

....................................

United

States

37,400

2,359,566

Rio

Tinto

plc

,

ADR

.....................................

Australia

77,900

5,588,546

South32

Ltd.

.........................................

Australia

685,800

1,418,295

Teck

Resources

Ltd.

,

B

.................................

Canada

133,200

5,716,944

42,764,940

#### Electrical

#### Components

#### &

#### Equipment

#### 0.6%
a

T1

Energy,

Inc.

.......................................

Norway

572,300

2,128,956

a

#### Electronic

#### Equipment

#### &

#### Instruments

#### 0.3%
Badger

Meter,

Inc.

.....................................

United

States

7,000

1,263,150

#### Fertilizers

#### &

#### Agricultural

#### Chemicals

#### 3.5%
Corteva,

Inc.

.........................................

United

States

114,300

7,022,592

Nutrien

Ltd.

..........................................

Canada

98,500

5,363,325

12,385,917

#### Gold

#### 13.4%
Agnico

Eagle

Mines

Ltd.

................................

Canada

57,900

9,312,382

Alamos

Gold,

Inc.

,

A

...................................

Canada

192,900

5,947,022

B2Gold

Corp.

........................................

Canada

283,200

1,239,776

Barrick

Mining

Corp.

...................................

Canada

358,500

11,758,800

a,c

Equinox

Gold

Corp.

....................................

Canada

414,700

4,549,259

Newmont

Corp.

.......................................

United

States

181,400

14,687,958

47,495,197

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Natural

#### Resources

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Heavy

#### Electrical

#### Equipment

#### 0.6%
GE

Vernova,

Inc.

......................................

United

States

4,000

$

2,340,560

#### Industrial

#### Gases

#### 3.6%
Air

Products

and

Chemicals,

Inc.

..........................

United

States

26,700

6,477,153

Linde

plc

............................................

United

States

15,700

6,567,310

13,044,463

#### Industrial

#### Machinery

#### &

#### Supplies

#### &

#### Components

#### 0.8%
Xylem,

Inc.

..........................................

United

States

18,500

2,790,725

#### Integrated

#### Oil

#### &

#### Gas

#### 13.7%
Chevron

Corp.

.......................................

United

States

83,340

13,144,385

Exxon

Mobil

Corp.

.....................................

United

States

143,106

16,365,602

Occidental

Petroleum

Corp.

.............................

United

States

78,400

3,230,080

Shell

plc

,

ADR

........................................

United

States

90,900

6,810,228

Suncor

Energy,

Inc.

....................................

Canada

129,300

5,148,768

c

TotalEnergies

SE

,

ADR

.................................

France

63,100

3,927,344

48,626,407

#### Metal,

#### Glass

#### &

#### Plastic

#### Containers

#### 1.0%
Ball

Corp.

...........................................

United

States

36,600

1,720,200

Crown

Holdings,

Inc.

...................................

United

States

19,300

1,875,574

3,595,774

#### Oil

#### &

#### Gas

#### Drilling

#### 0.3%
a

Precision

Drilling

Corp.

.................................

Canada

17,200

1,030,452

a

#### Oil

#### &

#### Gas

#### Equipment

#### &

#### Services

#### 6.9%
Baker

Hughes

Co.

,

A

...................................

United

States

60,100

2,909,441

Cactus,

Inc.

,

A

........................................

United

States

37,000

1,634,290

Halliburton

Co.

.......................................

United

States

75,300

2,021,052

Liberty

Energy,

Inc.

,

A

..................................

United

States

149,400

2,705,634

a

Oceaneering

International,

Inc.

...........................

United

States

38,600

898,994

Ranger

Energy

Services,

Inc.

,

A

..........................

United

States

68,800

945,312

Select

Water

Solutions,

Inc.

,

A

............................

United

States

79,400

917,864

SLB

Ltd.

............................................

United

States

135,500

4,886,130

Solaris

Energy

Infrastructure,

Inc.

,

A

.......................

United

States

25,400

1,352,042

Technip

Energies

NV

...................................

France

39,199

1,592,815

TechnipFMC

plc

......................................

United

Kingdom

92,600

3,829,010

Trican

Well

Service

Ltd.

.................................

Canada

249,600

934,298

24,626,882

#### Oil

#### &

#### Gas

#### Exploration

#### &

#### Production

#### 14.9%
Aker

BP

ASA

.........................................

Norway

91,900

2,381,766

Canadian

Natural

Resources

Ltd.

.........................

Canada

204,200

6,532,711

ConocoPhillips

.......................................

United

States

150,800

13,400,088

Coterra

Energy,

Inc.

...................................

United

States

375,300

8,879,598

EOG

Resources,

Inc.

..................................

United

States

54,900

5,810,616

EQT

Corp.

..........................................

United

States

80,500

4,313,190

a

Infinity

Natural

Resources,

Inc.

,

A

.........................

United

States

204,900

2,352,252

Matador

Resources

Co.

................................

United

States

59,700

2,355,762

Ovintiv,

Inc.

..........................................

United

States

60,800

2,280,608

Permian

Resources

Corp.

,

A

.............................

United

States

146,500

1,840,040

a

Tamboran

Resources

Corp.

..............................

Australia

45,074

1,116,934

Tourmaline

Oil

Corp.

...................................

Canada

41,600

1,829,741

53,093,306

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Natural

#### Resources

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

#### Common

#### Stocks
(continued)

#### Oil

#### &

#### Gas

#### Refining

#### &

#### Marketing

#### 4.4%
Marathon

Petroleum

Corp.

..............................

United

States

23,600

$

4,599,876

Phillips

...........................................

United

States

46,300

6,303,282

Valero

Energy

Corp.

...................................

United

States

26,600

4,510,296

15,413,454

#### Oil

#### &

#### Gas

#### Storage

#### &

#### Transportation

#### 7.1%
Cheniere

Energy,

Inc.

..................................

United

States

16,300

3,455,600

Enbridge,

Inc.

........................................

Canada

64,300

2,997,666

Kinder

Morgan,

Inc.

....................................

United

States

164,000

4,295,160

a

New

Fortress

Energy,

Inc.

...............................

United

States

91,300

117,777

Targa

Resources

Corp.

.................................

United

States

33,200

5,114,128

TC

Energy

Corp.

......................................

Canada

104,300

5,231,688

Williams

Cos.,

Inc.

(The)

................................

United

States

75,900

4,392,333

25,604,352

#### Paper

#### &

#### Plastic

#### Packaging

#### Products

#### &

#### Materials

#### 0.5%
Packaging

Corp.

of

America

.............................

United

States

8,400

1,644,384

#### Precious

#### Metals

#### &

#### Minerals

#### 0.1%
Valterra

Platinum

Ltd.

..................................

South

Africa

5,648

345,020

#### Specialty

#### Chemicals

#### 1.1%
Albemarle

Corp.

......................................

United

States

22,200

2,180,706

Neo

Performance

Materials,

Inc.

..........................

Canada

45,400

626,028

b

Neo

Performance

Materials,

Inc.

,

144A

.....................

Canada

85,000

1,172,080

3,978,814

#### Steel

#### 1.3%
Reliance,

Inc.

........................................

United

States

7,300

2,061,739

Vale

SA

,

ADR

,

B

......................................

Brazil

199,400

2,410,746

4,472,485

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 203,200,422

####)
.....................................

#### 347,819,707
a

#### Convertible

#### Preferred

#### Stocks

#### 0.9%

#### Environmental

#### &

#### Facilities

#### Services

#### 0.5%
a,d,e

Redwood

Materials,

Inc.

,

E

..............................

United

States

39,802

1,899,983

a

#### Specialty

#### Chemicals

#### 0.4%
Albemarle

Corp.

,

7.25 %

................................

United

States

30,800

1,362,284

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 3,439,983

####)
............................

#### 3,262,267

#### Warrants
a

#### a
a

#### Warrants

#### 0.1%

#### Integrated

#### Oil

#### &

#### Gas

#### 0.1%
a

Occidental

Petroleum

Corp.

,

8/03/27

.......................

United

States

17,900

347,618

#### Total

#### Warrants

#### (Cost

#### $

#### 88,605

####)
.................................................

#### 347,618

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.7%

#### Gold

#### 0.4%
b

B2Gold

Corp.

,

Senior

Note

,

144A,

2.75 %

,

2/01/30

.............

Canada

933,000

1,453,847

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Natural

#### Resources

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Oil

#### &

#### Gas

#### Equipment

#### &

#### Services

#### 0.3%
Oil

States

International,

Inc.

,

Senior

Note

,

4.75 %

,

4/01/26

.......

United

States

1,200,000

$

1,200,000

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 2,133,000

####)
.....................................

#### 2,653,847

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 208,862,010

####)
...............................

#### 354,083,439

#### a

#### Short

#### Term

#### Investments

#### 4.0%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.7%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

United

States

2,522,626

2,522,626

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,522,626

####)
...................................

#### 2,522,626
h

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 3.3%

#### Money

#### Market

#### Funds

#### 3.3%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

United

States

11,629,425

11,629,425

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 11,629,425

####)
................................................................

#### 11,629,425

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 14,152,051

####)
................................

#### 14,152,051

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 223,014,061

####)
103.3 #### %
..................................

#### $368,235,490

#### Other

#### Assets,

#### less

#### Liabilities

#### (3.3 ####)

#### %
...........................................

#### (11,708,705)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $356,526,785
See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

a

Non-income

producing.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$3,783,959,

representing

1.1%

of

net

assets.

c

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(e).

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

See

Note

regarding

restricted

securities.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(e)

regarding

securities

on

loan.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$20.25

$20.93

$17.19

$17.78

$30.08

$18.85

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.07)

(0.14)

(0.09)

(0.09)

(0.14)

(0.18)

Net

realized

and

unrealized

gains

(losses)

3.46 (0.54)

3.83 (0.40)

(7.89)

14.24 Total

from

investment

operations

........

3.39 (0.68)

3.74 (0.49)

(8.03)

14.06 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

of

period

..........

$23.64

$20.25

$20.93

$17.19

$17.78

$30.08

Total

return

c

.......................

16.74%

(3.25)%

21.76%

(2.73)%

(29.53)%

76.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.08%

1.04%

1.08%

1.11%

1.03%

1.03%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.07%

1.04%

e

1.07%

f

1.10%

f

1.03%

e,f

1.02%

f

Net

investment

(loss)

................

(0.61)%

(0.64)%

(0.48)%

(0.54)%

(0.54)%

(0.69)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$854,358

$778,491

$881,445

$763,871

$860,536

$1,244,591

Portfolio

turnover

rate

................

17.47%

16.31%

g

15.99%

16.86%

30.88%

47.80%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$13.75

$14.32

$11.84

$12.37

$22.57

$14.69

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.10)

(0.21)

(0.16)

(0.15)

(0.25)

(0.29)

Net

realized

and

unrealized

gains

(losses)

2.35 (0.36)

2.64 (0.28)

(5.68)

11.00 Total

from

investment

operations

........

2.25 (0.57)

2.48 (0.43)

(5.93)

10.71 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

of

period

..........

$16.00

$13.75

$14.32

$11.84

$12.37

$22.57

Total

return

c

.......................

16.36%

(3.98)%

20.95%

(3.44)%

(30.07)%

75.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.83%

1.79%

1.83%

1.86%

1.78%

1.78%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.82%

1.79%

e

1.82%

f

1.84%

f

1.78%

e,f

1.77%

f

Net

investment

(loss)

................

(1.36)%

(1.39)%

(1.23)%

(1.28)%

(1.31)%

(1.43)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$18,788

$19,333

$22,351

$20,551

$32,755

$86,394

Portfolio

turnover

rate

................

17.47%

16.31%

g

15.99%

16.86%

30.88%

47.80%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$18.18

$18.85

$15.52

$16.10

$27.76

$17.58

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.09)

(0.18)

(0.12)

(0.12)

(0.19)

(0.23)

Net

realized

and

unrealized

gains

(losses)

3.11 (0.49)

3.45 (0.36)

(7.20)

13.24 Total

from

investment

operations

........

3.02 (0.67)

3.33 (0.48)

(7.39)

13.01 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

of

period

..........

$21.20

$18.18

$18.85

$15.52

$16.10

$27.76

Total

return

c

.......................

16.55%

(3.50)%

21.46%

(2.95)%

(29.71)%

75.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.33%

1.29%

1.33%

1.36%

1.28%

1.28%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.32%

1.29%

e

1.32%

f

1.35%

f

1.28%

e,f

1.27%

f

Net

investment

(loss)

................

(0.86)%

(0.89)%

(0.73)%

(0.79)%

(0.79)%

(0.93)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$45,123

$40,535

$39,963

$39,777

$50,324

$79,314

Portfolio

turnover

rate

................

17.47%

16.31%

g

15.99%

16.86%

30.88%

47.80%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.92

$24.63

$20.15

$20.73

$34.14

$21.07

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.03)

(0.07)

(0.02)

(0.02)

(0.04)

(0.09)

Net

realized

and

unrealized

gains

(losses)

4.09 (0.64)

4.50 (0.46)

(9.10)

15.99 Total

from

investment

operations

........

4.06 (0.71)

4.48 (0.48)

(9.14)

15.90 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

of

period

..........

$27.98

$23.92

$24.63

$20.15

$20.73

$34.14

Total

return

c

.......................

16.97%

(2.88)%

22.23%

(2.29)%

(29.26)%

77.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.67%

0.66%

0.67%

0.68%

0.65%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.66%

0.65%

e

0.66%

f

0.66%

f

0.64%

f

0.64%

f

Net

investment

(loss)

................

(0.20)%

(0.25)%

(0.07)%

(0.10)%

(0.15)%

(0.31)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,181,301

$1,113,133

$1,458,516

$1,345,064

$1,529,170

$2,149,795

Portfolio

turnover

rate

................

17.47%

16.31%

g

15.99%

16.86%

30.88%

47.80%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$23.19

$23.91

$19.59

$20.19

$33.43

$20.70

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.05)

(0.10)

(0.05)

(0.05)

(0.08)

(0.13)

Net

realized

and

unrealized

gains

(losses)

3.97 (0.62)

4.37 (0.45)

(8.89)

15.69 Total

from

investment

operations

........

3.92 (0.72)

4.32 (0.50)

(8.97)

15.56 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(0.10)

(4.27)

(2.83)

Net

asset

value,

end

of

period

..........

$27.11

$23.19

$23.91

$19.59

$20.19

$33.43

Total

return

c

.......................

16.90%

(3.05)%

22.10%

(2.50)%

(29.34)%

76.86%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.83%

0.79%

0.83%

0.86%

0.78%

0.78%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.82%

0.79%

e

0.82%

f

0.85%

f

0.77%

f

0.77%

f

Net

investment

(loss)

................

(0.36)%

(0.38)%

(0.23)%

(0.29)%

(0.29)%

(0.44)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$349,085

$326,857

$390,099

$341,973

$433,191

$739,985

Portfolio

turnover

rate

................

17.47%

16.31%

g

15.99%

16.86%

30.88%

47.80%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.6%

#### Aerospace

#### &

#### Defense

#### 8.0%
a

AAR

Corp.

........................................

United

States

732,146

$

61,654,015

BWX

Technologies,

Inc.

..............................

United

States

439,813

93,948,455

a

Karman

Holdings,

Inc.

................................

United

States

27,472

2,314,241

a

Kratos

Defense

&

Security

Solutions,

Inc.

.................

United

States

419,501

38,006,790

195,923,501

#### Banks

#### 1.4%
FB

Financial

Corp.

..................................

United

States

233,541

12,613,550

Western

Alliance

Bancorp

.............................

United

States

284,338

21,993,544

34,607,094

#### Biotechnology

#### 9.4%
a

Apogee

Therapeutics,

Inc.

.............................

United

States

284,358

16,091,819

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

89,283

17,999,453

a,b

Bicara

Therapeutics,

Inc.

..............................

United

States

274,696

4,463,810

a

Bridgebio

Pharma,

Inc.

...............................

United

States

313,040

19,608,826

a

Centessa

Pharmaceuticals

plc

,

ADR

.....................

United

States

607,627

15,129,912

a

CG

oncology,

Inc.

...................................

United

States

256,230

11,087,072

a

Cytokinetics,

Inc.

....................................

United

States

220,264

14,006,588

a

Day

One

Biopharmaceuticals,

Inc.

.......................

United

States

681,455

5,070,025

a

Dyne

Therapeutics,

Inc.

..............................

United

States

483,866

10,925,694

a

Insmed,

Inc.

.......................................

United

States

126,294

23,945,343

a

Janux

Therapeutics,

Inc.

..............................

United

States

258,417

7,419,152

a

Newamsterdam

Pharma

Co.

NV

........................

Netherlands

139,187

5,282,147

a

Olema

Pharmaceuticals,

Inc.

...........................

United

States

893,200

8,012,004

a

Revolution

Medicines,

Inc.

.............................

United

States

275,473

16,208,831

a

Soleno

Therapeutics,

Inc.

.............................

United

States

173,524

11,653,872

a

Syndax

Pharmaceuticals,

Inc.

..........................

United

States

697,482

9,555,503

a

Twist

Bioscience

Corp.

...............................

United

States

178,868

5,882,969

a

uniQure

NV

........................................

Netherlands

418,486

28,327,317

230,670,337

#### Building

#### Products

#### 2.3%
b

AAON,

Inc.

........................................

United

States

468,511

46,096,797

a

Trex

Co.,

Inc.

......................................

United

States

234,425

11,327,416

57,424,213

#### Capital

#### Markets

#### 3.8%
Evercore,

Inc.

,

A

....................................

United

States

123,345

36,332,503

Houlihan

Lokey,

Inc.

,

A

...............................

United

States

222,320

39,813,066

a,b

Miami

International

Holdings,

Inc.

.......................

United

States

377,321

16,488,928

92,634,497

#### Commercial

#### Services

#### &

#### Supplies

#### 0.0%
a,c

Optoro,

Inc.

........................................

United

States

554,878

—

#### Communications

#### Equipment

#### 1.6%
a

Lumentum

Holdings,

Inc.

..............................

United

States

190,979

38,493,727

#### Construction

#### &

#### Engineering

#### 4.7%
Arcosa,

Inc.

.......................................

United

States

667,789

68,114,478

Granite

Construction,

Inc.

.............................

United

States

459,457

47,282,720

115,397,198

#### Construction

#### Materials

#### 0.3%
b

Titan

America

SA

...................................

Belgium

407,602

6,016,206

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.8%
a

Performance

Food

Group

Co.

..........................

United

States

213,548

$

20,658,634

#### Diversified

#### Consumer

#### Services

#### 0.1%
a,b

Nerdy,

Inc.

........................................

United

States

3,165,586

3,133,614

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 3.0%
Badger

Meter,

Inc.

...................................

United

States

98,320

17,741,844

a

Mirion

Technologies,

Inc.

,

A

............................

United

States

395,540

11,617,010

Vontier

Corp.

.......................................

United

States

1,153,015

44,391,077

73,749,931

#### Energy

#### Equipment

#### &

#### Services

#### 1.9%
Cactus,

Inc.

,

A

......................................

United

States

295,669

13,059,700

Liberty

Energy,

Inc.

,

A

................................

United

States

1,787,433

32,370,411

45,430,111

#### Financial

#### Services

#### 2.1%
a

Flywire

Corp.

......................................

United

States

1,197,181

15,946,451

a

Paymentus

Holdings,

Inc.

,

A

...........................

United

States

1,210,594

34,622,988

50,569,439

#### Food

#### Products

#### 1.5%
a

Freshpet,

Inc.

......................................

United

States

426,954

21,010,406

a

Simply

Good

Foods

Co.

(The)

..........................

United

States

820,380

16,054,837

37,065,243

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3.1%
a

Ceribell,

Inc.

.......................................

United

States

448,028

5,107,519

a

Haemonetics

Corp.

..................................

United

States

523,718

26,191,137

a

Inspire

Medical

Systems,

Inc.

..........................

United

States

192,444

13,871,363

a

Integer

Holdings

Corp.

...............................

United

States

428,049

27,639,124

a

Kestra

Medical

Technologies

Ltd.

.......................

United

States

108,299

2,965,227

75,774,370

#### Health

#### Care

#### Providers

#### &

#### Services

#### 5.0%
Ensign

Group,

Inc.

(The)

..............................

United

States

94,130

16,952,813

a

GeneDx

Holdings

Corp.

,

A

.............................

United

States

140,122

19,184,103

a

Guardant

Health,

Inc.

................................

United

States

292,086

27,169,840

a

HealthEquity,

Inc.

...................................

United

States

305,912

28,933,157

a

Privia

Health

Group,

Inc.

..............................

United

States

1,204,344

29,265,559

121,505,472

#### Health

#### Care

#### Technology

#### 1.2%
a

Phreesia,

Inc.

......................................

United

States

1,270,806

28,771,048

#### Hotel

#### &

#### Resort

#### REITs

#### 0.4%
Pebblebrook

Hotel

Trust

..............................

United

States

905,327

9,469,720

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 4.5%
a

Cava

Group,

Inc.

....................................

United

States

305,660

16,423,112

a,b

Portillo's,

Inc.

,

A

....................................

United

States

1,134,884

6,071,629

Red

Rock

Resorts,

Inc.

,

A

.............................

United

States

595,912

31,768,069

Texas

Roadhouse,

Inc.

,

A

.............................

United

States

188,145

30,776,759

Wingstop,

Inc.

......................................

United

States

115,140

24,942,778

109,982,347

#### Household

#### Durables

#### 1.8%
a

M/I

Homes,

Inc.

.....................................

United

States

189,448

23,716,995

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Household

#### Durables
(continued)

a

Tri

Pointe

Homes,

Inc.

................................

United

States

670,468

$

21,354,406

45,071,401

#### Interactive

#### Media

#### &

#### Services

#### 0.4%
a

ZoomInfo

Technologies,

Inc.

,

A

.........................

United

States

822,263

9,225,791

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.0%
a

Repligen

Corp.

.....................................

United

States

159,948

23,841,849

#### Machinery

#### 2.0%
a,b

Alliance

Laundry

Holdings,

Inc.

.........................

United

States

316,376

8,383,964

a

RBC

Bearings,

Inc.

..................................

United

States

93,064

39,880,716

48,264,680

#### Media

#### 1.8%
New

York

Times

Co.

(The)

,

A

...........................

United

States

780,994

44,508,848

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.3%
a

Infinity

Natural

Resources,

Inc.

,

A

.......................

United

States

756,805

8,688,121

Matador

Resources

Co.

..............................

United

States

567,660

22,399,864

31,087,985

#### Passenger

#### Airlines

#### 2.1%
a

Alaska

Air

Group,

Inc.

................................

United

States

553,921

23,115,123

a

Allegiant

Travel

Co.

..................................

United

States

448,122

27,864,226

50,979,349

#### Personal

#### Care

#### Products

#### 1.3%
a

BellRing

Brands,

Inc.

.................................

United

States

894,607

26,954,509

a

Oddity

Tech

Ltd.

,

A

..................................

Israel

126,152

5,708,378

32,662,887

#### Pharmaceuticals

#### 1.5%
a

EyePoint

Pharmaceuticals,

Inc.

.........................

United

States

1,336,660

17,496,879

a,b

LENZ

Therapeutics,

Inc.

..............................

United

States

206,641

6,141,371

a,b

MBX

Biosciences,

Inc.

...............................

United

States

348,601

7,655,278

a

Structure

Therapeutics,

Inc.

,

ADR

.......................

United

States

192,017

6,398,006

37,691,534

#### Professional

#### Services

#### 0.9%
a

Legalzoom.com,

Inc.

.................................

United

States

2,305,775

22,988,577

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 8.6%
a

Credo

Technology

Group

Holding

Ltd.

....................

United

States

243,228

45,634,437

a

Lattice

Semiconductor

Corp.

...........................

United

States

739,278

53,937,723

a

Onto

Innovation,

Inc.

.................................

United

States

347,858

46,946,916

a

Silicon

Laboratories,

Inc.

..............................

United

States

141,818

18,589,504

a

SiTime

Corp.

.......................................

United

States

159,619

46,232,047

211,340,627

#### Software

#### 14.8%
a,b

Alkami

Technology,

Inc.

...............................

United

States

658,225

13,355,385

a

AvePoint,

Inc.

......................................

United

States

1,121,738

15,782,854

a,c,d

ClearMotion,

Inc.

....................................

United

States

3,698,772

467,610

a

Confluent,

Inc.

,

A

....................................

United

States

1,217,352

28,449,516

a

Freshworks,

Inc.

,

A

..................................

United

States

2,220,622

24,648,904

a

Gitlab,

Inc.

,

A

......................................

United

States

818,596

39,906,555

a

Intapp,

Inc.

........................................

United

States

544,565

20,900,405

a

JFrog

Ltd.

.........................................

United

States

452,643

21,491,490

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Software
(continued)

a

Klaviyo,

Inc.

,

A

.....................................

United

States

673,756

$

17,517,656

a

LiveRamp

Holdings,

Inc.

..............................

United

States

925,805

25,311,509

a

Monday.com

Ltd.

....................................

United

States

69,788

14,323,289

a

Navan,

Inc.

,

A

......................................

United

States

210,603

4,269,976

a

nCino,

Inc.

........................................

United

States

1,182,083

31,537,974

a,b

Netskope,

Inc.

,

A

....................................

United

States

435,832

10,303,068

a

Procore

Technologies,

Inc.

............................

United

States

565,275

41,728,600

a

ServiceTitan,

Inc.

,

A

.................................

United

States

439,214

41,444,233

a

SPS

Commerce,

Inc.

.................................

United

States

143,111

11,769,449

363,208,473

#### Specialty

#### Retail

#### 2.2%
a

Boot

Barn

Holdings,

Inc.

..............................

United

States

143,017

27,123,174

Lithia

Motors,

Inc.

,

A

.................................

United

States

84,387

26,504,269

53,627,443

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.8%
Steven

Madden

Ltd.

.................................

United

States

597,124

20,248,475

#### Trading

#### Companies

#### &

#### Distributors

#### 1.0%
Herc

Holdings,

Inc.

..................................

United

States

164,360

23,347,338

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,626,213,347

####)
..................................

#### 2,365,371,959

#### Convertible

#### Preferred

#### Stocks

#### 3.0%

#### Automobile

#### Components

#### 0.6%
a,c,d

Flock

Group,

Inc.

,

G

.................................

United

States

987,540

14,652,509

#### Diversified

#### Consumer

#### Services

#### 0.5%
a,c,d

Newsela,

Inc.

,

D

....................................

United

States

709,046

12,832,121

#### Software

#### 1.7%
a,c,d

Benchling,

Inc.

,

F

...................................

United

States

382,306

4,298,043

a,c,d

Checkr,

Inc.

,

E

.....................................

United

States

1,388,889

22,456,327

a,c,d

OneTrust

LLC

,

A

....................................

United

States

625,361

12,213,006

a,c,d

OneTrust

LLC

,

..................................

United

States

56,457

1,102,579

a,c,d

Smule,

Inc.

,

J

......................................

United

States

162,712

1,816,505

41,886,460

#### Specialty

#### Retail

#### 0.2%
a,c,d

1661,

Inc.

,

F

.......................................

United

States

3,436,485

3,944,033

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 90,764,293

####)
.........................

#### 73,315,123

#### Preferred

#### Stocks

#### 0.4%

#### Automobile

#### Components

#### 0.3%
a,c,d

Tula

eTechnology,

Inc.

................................

United

States

361,111

—

a,c,d

Tula

eTechnology,

Inc.

,

E

.............................

United

States

3,611,111

8,454,626

8,454,626

#### Software

#### 0.1%
a,c,d

ClearMotion,

Inc.

,

................................

United

States

1,037,942

163,312

a,c,d

ClearMotion,

Inc.

,

................................

United

States

6,477,294

954,150

a,c,d

Smule,

Inc.

,

144A

,

G

.................................

United

States

1,542,673

316,510

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Preferred

#### Stocks
(continued)

#### Software
(continued)

a,c,d

Smule,

Inc.

,

144A

,

H

.................................

United

States

352,675

$

85,535

1,519,507

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 21,224,989

####)
....................................

#### 9,974,133

#### Rights

#### 0.0%

#### Biotechnology

#### 0.0%
a,c,d

Chinook

Therapeutics,

Inc.,

CVR

,

6/30/30

.................

United

States

410,500

—

#### Total

#### Rights

#### (Cost

#### $

#### –

####)
......................................................

#### —

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%
a,c

Wheels

Up

Experience,

Inc.,

Escrow

Account

..............

United

States

8,808

—

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
.................................

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,738,202,629

####)
...........................

#### 2,448,661,215

#### a

#### Short

#### Term

#### Investments

#### 2.6%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.3%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

7,371,123

7,371,123

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 7,371,123

####)
.................................

#### 7,371,123
g

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 2.3%

#### Money

#### Market

#### Funds

#### 2.3%
e,f

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

55,073,471

55,073,471

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 55,073,471

####)
.........................................................

#### 55,073,471

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 62,444,594

####)
..............................

#### 62,444,594

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,800,647,223

####)
102.6 #### %
..............................

#### $2,511,105,809

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.6 ####)

#### %
.........................................

#### (62,451,687)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $2,448,654,122

#### a
Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

Non-income

producing.

b

A

portion

or

all

of

the

security

is

on

loan

at

October

31,

2025. See

Note

1(e).

c

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

d

See

Note

regarding

restricted

securities.

e

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

f

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

g

See

Note

1(e)

regarding

securities

on

loan.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$36.02

$35.22

$29.75

$33.07

$49.66

$32.15

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.04)

(0.08)

(0.01)

(0.05)

(0.25)

(0.24)

Net

realized

and

unrealized

gains

(losses)

5.27 0.88 5.48 (1.39)

(9.42)

21.89 Total

from

investment

operations

........

5.23 0.80 5.47 (1.44)

(9.67)

21.65 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

of

period

..........

$41.25

$36.02

$35.22

$29.75

$33.07

$49.66

Total

return

c

.......................

14.52%

2.27%

18.39%

(4.07)%

(22.83)%

68.37%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.86%

0.84%

0.87%

0.90%

0.85%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.86%

e

0.84%

e

0.85%

f

0.88%

f

0.84%

f

0.85%

f

Net

investment

(loss)

................

(0.20)%

(0.20)%

(0.02)%

(0.17)%

(0.54)%

(0.54)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,802,413

$2,596,499

$2,822,866

$2,578,199

$3,019,703

$4,217,167

Portfolio

turnover

rate

................

21.33%

33.86%

g

37.02%

27.75%

48.89%

53.69%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$16.04

$15.80

$13.45

$16.20

$27.98

$19.41

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.09)

(0.16)

(0.11)

(0.13)

(0.32)

(0.33)

Net

realized

and

unrealized

gains

(losses)

2.35 0.40 2.46 (0.74)

(4.54)

13.04 Total

from

investment

operations

........

2.26 0.24 2.35 (0.87)

(4.86)

12.71 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

of

period

..........

$18.30

$16.04

$15.80

$13.45

$16.20

$27.98

Total

return

c

.......................

14.09%

1.52%

17.47%

(4.76)%

(23.43)%

67.11%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.61%

1.59%

1.62%

1.65%

1.60%

1.61%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.61%

e

1.59%

e

1.60%

f

1.63%

f

1.59%

f

1.60%

f

Net

investment

(loss)

................

(0.94)%

(0.95)%

(0.77)%

(0.92)%

(1.29)%

(1.28)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$48,558

$48,685

$60,281

$82,982

$110,596

$198,713

Portfolio

turnover

rate

................

21.33%

33.86%

g

37.02%

27.75%

48.89%

53.69%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$30.04

$29.44

$24.93

$28.11

$43.32

$28.45

Income

from

investment

operations

a

:

Net

investment

(loss)

b

..............

(0.08)

(0.14)

(0.07)

(0.11)

(0.32)

(0.30)

Net

realized

and

unrealized

gains

(losses)

4.39 0.74 4.58 (1.19)

(7.97)

19.31 Total

from

investment

operations

........

4.31 0.60 4.51 (1.30)

(8.29)

19.01 Less

distributions

from:

Net

realized

gains

.................

—

—

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

of

period

..........

$34.35

$30.04

$29.44

$24.93

$28.11

$43.32

Total

return

........................

14.35%

2.04%

18.09%

(4.30)%

(23.00)%

67.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### c
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.11%

1.09%

1.12%

1.15%

1.10%

1.10%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.11%

d

1.09%

d

1.10%

e

1.13%

e

1.09%

e

1.09%

e

Net

investment

(loss)

................

(0.45)%

(0.45)%

(0.27)%

(0.42)%

(0.79)%

(0.78)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$35,373

$33,211

$37,276

$34,371

$38,761

$60,264

Portfolio

turnover

rate

................

21.33%

33.86%

f

37.02%

27.75%

48.89%

53.69%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Ratios

are

annualized

for

periods

less

than

one

year.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$44.32

$43.23

$36.39

$39.84

$58.24

$37.12

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.04 0.07 0.14 0.08 (0.10)

(0.10)

Net

realized

and

unrealized

gains

(losses)

6.49 1.07 6.70 (1.65)

(11.38)

25.36 Total

from

investment

operations

........

6.53 1.14 6.84 (1.57)

(11.48)

25.26 Less

distributions

from:

Net

investment

income

..............

—

(0.05)

—

—

—

—

Net

realized

gains

.................

—

—

—

(1.88)

(6.92)

(4.14)

Total

distributions

...................

—

(0.05)

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

of

period

..........

$50.85

$44.32

$43.23

$36.39

$39.84

$58.24

Total

return

........................

14.73%

2.61%

18.82%

(3.70)%

(22.57)%

68.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### c
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.51%

0.51%

0.51%

0.53%

0.51%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

0.49%

d

0.49%

d

0.50%

d

0.49%

d

Net

investment

income

(loss)

..........

0.16%

0.14%

0.34%

0.23%

(0.19)%

(0.19)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$472,440

$437,087

$539,962

$451,447

$540,509

$648,078

Portfolio

turnover

rate

................

21.33%

33.86%

e

37.02%

27.75%

48.89%

53.69%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Ratios

are

annualized

for

periods

less

than

one

year.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$42.85

$41.79

$35.22

$38.68

$56.79

$36.30

Income

from

investment

operations

a

:

Net

investment

income

(loss)

b

........

0.01 0.02 0.09 0.03 (0.15)

(0.14)

Net

realized

and

unrealized

gains

(losses)

6.28 1.04 6.48 (1.61)

(11.04)

24.77 Total

from

investment

operations

........

6.29 1.06 6.57 (1.58)

(11.19)

24.63 Less

distributions

from:

Net

investment

income

..............

—

(—)

c

—

—

—

—

Net

realized

gains

.................

—

—

—

(1.88)

(6.92)

(4.14)

Net

asset

value,

end

of

period

..........

$49.14

$42.85

$41.79

$35.22

$38.68

$56.79

Total

return

........................

14.68%

2.52%

18.68%

(3.81)%

(22.65)%

68.77%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.61%

0.59%

0.62%

0.65%

0.60%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.61%

e

0.59%

e

0.60%

f

0.63%

f

0.59%

f

0.60%

f

Net

investment

income

(loss)

..........

0.05%

0.05%

0.23%

0.08%

(0.28)%

(0.29)%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$452,894

$416,492

$435,671

$469,050

$532,573

$552,987

Portfolio

turnover

rate

................

21.33%

33.86%

g

37.02%

27.75%

48.89%

53.69%

a

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

repurchas-

es

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Excludes

the

value

of

portfolio

activity

as

a

result

of

in-kind

transactions.

See

Note

for

current

year

information.

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited),

October

31,

2025

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 96.1%

#### Aerospace

#### &

#### Defense

#### 7.3%
a

Axon

Enterprise,

Inc.

.................................

United

States

121,957

$

89,300,574

BWX

Technologies,

Inc.

..............................

United

States

303,556

64,842,597

Howmet

Aerospace,

Inc.

..............................

United

States

476,896

98,216,731

a

StandardAero,

Inc.

..................................

United

States

839,610

24,256,333

276,616,235

#### Banks

#### 0.9%
Fifth

Third

Bancorp

..................................

United

States

851,600

35,443,592

#### Biotechnology

#### 5.4%
a

Alnylam

Pharmaceuticals,

Inc.

..........................

United

States

164,505

75,020,861

a

Ascendis

Pharma

A/S

,

ADR

...........................

Denmark

50,232

10,126,771

a

CG

oncology,

Inc.

...................................

United

States

385,071

16,662,022

a

Insmed,

Inc.

.......................................

United

States

215,800

40,915,680

a

Natera,

Inc.

........................................

United

States

324,800

64,612,464

207,337,798

#### Building

#### Products

#### 1.5%
AAON,

Inc.

........................................

United

States

585,300

57,587,667

#### Capital

#### Markets

#### 8.3%
Ares

Management

Corp.

,

A

............................

United

States

569,336

84,665,956

Blue

Owl

Capital,

Inc.

,

A

..............................

United

States

2,935,479

46,292,504

LPL

Financial

Holdings,

Inc.

...........................

United

States

139,948

52,803,780

MSCI,

Inc.

,

A

.......................................

United

States

109,440

64,410,912

Nasdaq,

Inc.

.......................................

United

States

443,736

37,934,991

Tradeweb

Markets,

Inc.

,

A

.............................

United

States

296,376

31,235,067

317,343,210

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.6%
Casey's

General

Stores,

Inc.

...........................

United

States

46,457

23,841,268

#### Electrical

#### Equipment

#### 4.1%
AMETEK,

Inc.

......................................

United

States

265,345

53,628,878

Vertiv

Holdings

Co.

,

A

................................

United

States

530,646

102,340,387

155,969,265

#### Entertainment

#### 3.8%
a

ROBLOX

Corp.

,

A

...................................

United

States

1,264,428

143,790,752

#### Financial

#### Services

#### 0.5%
a

Paymentus

Holdings,

Inc.

,

A

...........................

United

States

690,657

19,752,790

#### Ground

#### Transportation

#### 0.9%
Old

Dominion

Freight

Line,

Inc.

.........................

United

States

244,488

34,331,005

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 3.5%
a

Dexcom,

Inc.

.......................................

United

States

949,600

55,285,712

a

IDEXX

Laboratories,

Inc.

..............................

United

States

72,732

45,785,521

a

Penumbra,

Inc.

.....................................

United

States

144,373

32,826,089

133,897,322

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.5%
Cencora,

Inc.

......................................

United

States

212,070

71,639,367

a

HealthEquity,

Inc.

...................................

United

States

227,939

21,558,470

93,197,837

#### Health

#### Care

#### Technology

#### 2.0%
a

Veeva

Systems,

Inc.

,

A

...............................

United

States

258,827

75,370,422

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 11.3%
a

Cava

Group,

Inc.

....................................

United

States

740,509

$

39,787,549

a

DoorDash,

Inc.

,

A

...................................

United

States

355,519

90,433,368

Hilton

Worldwide

Holdings,

Inc.

.........................

United

States

257,676

66,212,425

Marriott

International,

Inc.

,

A

...........................

United

States

156,800

40,858,944

Royal

Caribbean

Cruises

Ltd.

..........................

United

States

387,633

111,184,773

Texas

Roadhouse,

Inc.

,

A

.............................

United

States

288,800

47,241,904

Wingstop,

Inc.

......................................

United

States

168,225

36,442,582

432,161,545

#### Household

#### Durables

#### 1.0%
a

NVR,

Inc.

.........................................

United

States

5,278

38,058,708

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 1.8%
Vistra

Corp.

........................................

United

States

365,578

68,838,337

#### Interactive

#### Media

#### &

#### Services

#### 1.2%
a

Pinterest,

Inc.

,

A

....................................

United

States

1,379,579

45,664,065

#### IT

#### Services

#### 1.8%
a

Cloudflare,

Inc.

,

A

...................................

United

States

267,561

67,773,201

#### Leisure

#### Products

#### 1.3%
a,b,c

Fanatics

Holdings,

Inc.

...............................

United

States

793,714

49,174,484

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.2%
a

Repligen

Corp.

.....................................

United

States

305,031

45,467,921

#### Machinery

#### 1.4%
Xylem,

Inc.

........................................

United

States

353,508

53,326,682

#### Media

#### 1.8%
a,b

Blaize

Events

&

Media,

Inc.

............................

United

States

343,168

—

New

York

Times

Co.

(The)

,

A

...........................

United

States

810,828

46,209,088

a

Trade

Desk,

Inc.

(The)

,

A

..............................

United

States

426,591

21,448,995

67,658,083

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.9%
Cheniere

Energy,

Inc.

................................

United

States

103,485

21,938,820

Targa

Resources

Corp.

...............................

United

States

325,116

50,080,869

72,019,689

#### Personal

#### Care

#### Products

#### 0.2%
a

BellRing

Brands,

Inc.

.................................

United

States

263,031

7,925,124

#### Professional

#### Services

#### 3.5%
Paychex,

Inc.

......................................

United

States

411,927

48,207,817

TransUnion

........................................

United

States

254,166

20,633,196

Verisk

Analytics,

Inc.

,

A

...............................

United

States

297,234

65,022,910

133,863,923

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.2%
a

Jones

Lang

LaSalle,

Inc.

..............................

United

States

28,439

8,676,455

#### Residential

#### REITs

#### 0.5%
Equity

LifeStyle

Properties,

Inc.

.........................

United

States

323,560

19,753,338

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 5.5%
a

Astera

Labs,

Inc.

....................................

United

States

51,086

9,536,734

a,b

Blaize

Holdings,

Inc.

.................................

United

States

114,150

—

a

Lattice

Semiconductor

Corp.

...........................

United

States

903,326

65,906,665

Monolithic

Power

Systems,

Inc.

.........................

United

States

91,727

92,185,635

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

a

Onto

Innovation,

Inc.

.................................

United

States

241,029

$

32,529,274

a

SiTime

Corp.

.......................................

United

States

30,381

8,799,553

208,957,861

#### Software

#### 11.4%
a

Alkami

Technology,

Inc.

...............................

United

States

1,020,496

20,705,864

a

Arteris,

Inc.

........................................

United

States

1,456,454

19,822,339

a

Datadog,

Inc.

,

A

....................................

United

States

627,281

102,127,620

a

Fair

Isaac

Corp.

....................................

United

States

42,268

70,145,014

a

HubSpot,

Inc.

......................................

United

States

126,673

62,312,982

a

Manhattan

Associates,

Inc.

............................

United

States

233,500

42,513,345

a

Navan,

Inc.

,

A

......................................

United

States

150,724

3,055,929

a

Netskope,

Inc.

,

A

....................................

United

States

146,822

3,470,872

a,b,c

Plaid,

Inc.

,

A

.......................................

Japan

30,940

5,832,307

a

Procore

Technologies,

Inc.

............................

United

States

599,965

44,289,416

a

SailPoint,

Inc.

......................................

United

States

602,600

13,064,368

a

Tyler

Technologies,

Inc.

...............................

United

States

94,400

44,958,944

432,299,000

#### Specialty

#### Retail

#### 6.9%
a

AutoZone,

Inc.

.....................................

United

States

15,400

56,586,222

a

Burlington

Stores,

Inc.

................................

United

States

262,567

71,835,706

a

Carvana

Co.

,

A

.....................................

United

States

182,919

56,071,990

Tractor

Supply

Co.

..................................

United

States

1,415,180

76,575,390

261,069,308

#### Trading

#### Companies

#### &

#### Distributors

#### 1.9%
Fastenal

Co.

.......................................

United

States

613,597

25,249,517

United

Rentals,

Inc.

..................................

United

States

54,446

47,432,266

72,681,783

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 2,477,900,999

####)
..................................

#### 3,659,848,670

#### Convertible

#### Preferred

#### Stocks

#### 2.2%

#### Aerospace

#### &

#### Defense

#### 0.6%
a,b,c

Anduril

Industries,

Inc.

,

F

..............................

United

States

414,483

23,509,766

#### Diversified

#### Consumer

#### Services

#### 0.2%
a,b,c

Newsela,

Inc.

,

D

....................................

United

States

423,782

7,669,491

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
a,b,c

Phononic

Devices,

Inc.

,

F-S

...........................

United

States

2,970,061

#### Software

#### 1.4%
a,b,c

Benchling,

Inc.

,

F

...................................

United

States

347,106

3,902,309

a,b,c

Databricks,

Inc.

,

G

..................................

United

States

227,829

34,174,350

a,b,c

OneTrust

LLC

,

C

....................................

United

States

767,526

14,989,422

53,066,081

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 65,344,990

####)
.........................

#### 84,245,460

#### Preferred

#### Stocks

#### 0.0%

#### †

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
a,b,c

Phononic

Devices,

Inc.

,

G-2-S

..........................

United

States

513,050

Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Preferred

#### Stocks
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

a,b,c

Phononic,

Inc.

,

H-S

..................................

United

States

117,763

$

194,634

195,126

#### Total

#### Preferred

#### Stocks

#### (Cost

#### $

#### 460,692

####)
.......................................

#### 195,126

#### Warrants

#### 0.0%

#### †

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
a,b,c

Phononic,

Inc.

,

H-S

,

12/31/29

..........................

United

States

23,970

652

a,b,c

Phononic,

Inc.

,

H-S-X

,

12/31/29

........................

United

States

47,104

1,280

1,932

#### Total

#### Warrants

#### (Cost

#### $

#### 44,031

####)
...............................................

#### 1,932

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 0.0%

#### †

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
b,c

Phononic,

Inc.

,

5.31 %

,

11/30/27

........................

United

States

66,235

66,235

b,c

Phononic,

Inc.

,

H-S

,

5.31 %

,

11/30/27

....................

United

States

132,470

132,470

198,705

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 198,705

####)
.....................................

#### 198,705
d

#### Senior

#### Floating

#### Rate

#### Interests

#### 0.0%
b,e

Phononic,

Inc.,

First

Lien,

Term

Loan,

B

,

PIK,

%

,

11/30/25

...

United

States

1,105,933

914,855

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 1,098,288

####)
.........................

#### 914,855

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,545,047,705

####)
...........................

#### 3,745,404,748

#### a

#### Short

#### Term

#### Investments

#### 1.9%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 1.9%
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

69,875,892

69,875,892

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 69,875,892

####)
................................

#### 69,875,892
Franklin

Strategic

Series

Schedule

of

Investments

(unaudited)

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

h

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### 0.0%

#### †

#### Money

#### Market

#### Funds

#### 0.0%

#### †
f,g

Franklin

Institutional

U.S.

Government

Money

Market

Fund

,

4.038 %

.........................................

United

States

958,400

$

958,400

#### Total

#### Investments

#### from

#### Cash

#### Collateral

#### Received

#### for

#### Loaned

#### Securities

#### (Cost

#### $

#### 958,400

####)
...........................................................

#### 958,400

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 70,834,292

####)
..............................

#### 70,834,292

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,615,881,997

####)
100.2 #### %
..............................

#### $3,816,239,040

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.2 ####)

#### %
.........................................

#### (4,559,866)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $3,811,679,174

#### a
See

Abbreviations

on

.

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Non-income

producing.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

See

Note

regarding

restricted

securities.

d

See

Note

1(h)

regarding

senior

floating

rate

interests.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

g

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

h

See

Note

1(e)

regarding

securities

on

loan.

Franklin

Strategic

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$448,534,172

$3,031,554,730

$2,142,599,800

Cost

-

Non-controlled

affiliates

(Note

f)

......................

71,085,373

141,185,287

38,373,071

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$31,752,154,

$511,049

and

$8,516,940,

respectively)

......................

$917,438,660

$2,977,257,938

$4,743,172,725

Value

-

Non-controlled

affiliates

(Note

f)

......................

71,085,373

141,185,287

38,373,071

Cash

..................................................

709,017

1,409,766

—

Receivables:

Investment

securities

sold

(Includes

securities

loaned

of

$147,967,

$–

and

$–

,

respectively)

.....................................

340,130

4,108,729

6,362,080

Capital

shares

sold

......................................

418,832

2,216,510

691,312

Dividends

and

interest

...................................

156,202

16,767,128

238,286

Deposits

with

brokers

for:

TBA

transactions

.....................................

—

260,000

—

Futures

contracts

......................................

—

6,170,645

—

Centrally

cleared

swap

contracts

..........................

—

9,869,417

—

Variation

margin

on

centrally

cleared

swap

contracts

.............

—

44,572

—

Due

from

custodian

......................................

2,033,425

—

538,375

Unrealized

appreciation

on

OTC

forward

exchange

contracts

........

—

109,454

—

Unrealized

appreciation

on

OTC

swap

contracts

..................

—

494,568

—

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

.....

—

—

Deferred

tax

benefit

.......................................

—

287,971

—

Other

assets

............................................

—

514

—

Total

assets

........................................

992,181,639

3,160,182,785

4,789,375,849

Liabilities:

Payables:

Investment

securities

purchased

............................

3,524,795

43,903,125

—

Payable

for

purchases

of

TBA

securities

(Note

c)

...............

—

552,694,862

—

Capital

shares

redeemed

.................................

412,384

1,300,999

3,972,716

Management

fees

.......................................

452,466

558,382

2,156,443

Distribution

fees

........................................

175,961

471,779

898,702

Transfer

agent

fees

......................................

263,956

645,759

1,114,228

Trustees'

fees

and

expenses

...............................

Distributions

to

shareholders

...............................

—

—

Variation

margin

on

futures

contracts

.........................

—

439,891

—

Deposits

from

brokers

for:

TBA

transactions

......................................

—

916,000

—

OTC

swap

contracts

(upfront

receipts

$–,

$1,347,100

and

$–,

respectively)

............................................

—

419,473

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

........

—

5,264

—

Payable

upon

return

of

securities

loaned

(Note

e)

................

33,119,640

531,000

8,796,500

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

8)

.....

—

—

Accrued

expenses

and

other

liabilities

.........................

91,849

132,551

198,025

Total

liabilities

.......................................

38,041,081

602,019,440

17,136,682

Net

assets,

at

value

...............................

$954,140,558

$2,558,163,345

$4,772,239,167

Net

assets

consist

of:

Paid-in

capital

...........................................

$402,796,435

$3,677,261,530

$1,445,731,083

Total

distributable

earnings

(losses)

...........................

551,344,123

(1,119,098,185)

3,326,508,084

Net

assets,

at

value

...............................

$954,140,558

$2,558,163,345

$4,772,239,167

Franklin

Strategic

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Class

#### A:
Net

assets,

at

value

.....................................

$789,672,972

$2,030,550,862

$3,879,777,245

Shares

outstanding

......................................

4,697,032

241,424,674

71,979,265

Net

asset

value

per

share

a,b

................................

$168.12

$8.41

$53.90

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%,

96.25%

and

94.50%,

respectively)

b

..........................

$177.90

$8.74

$57.04

#### Class

#### C:
Net

assets,

at

value

.....................................

$21,897,852

$47,992,146

$80,464,301

Shares

outstanding

......................................

145,241

5,698,261

2,277,980

Net

asset

value

and

maximum

offering

price

per

share

a,b

..........

$150.77

$8.42

$35.32

#### Class

#### R:
Net

assets,

at

value

.....................................

$—

$34,219,739

$27,757,776

Shares

outstanding

......................................

—

4,089,938

574,320

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$—

$8.37

$48.33

#### Class

#### R6:
Net

assets,

at

value

.....................................

$13,004,175

$156,330,993

$428,882,405

Shares

outstanding

......................................

71,831

18,552,497

6,663,116

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$181.04

$8.43

$64.37

#### Advisor

#### Class:
Net

assets,

at

value

.....................................

$129,565,559

$289,069,605

$355,357,440

Shares

outstanding

......................................

729,653

34,314,278

5,673,665

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$177.57

$8.42

$62.63

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Strategic

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

.................................

$208,862,010

$1,738,202,629

$2,545,047,705

Cost

-

Non-controlled

affiliates

(Note

f)

......................

14,152,051

62,444,594

70,834,292

Value

-

Unaffiliated

issuers

(Includes

securities

loaned

of

$14,109,953,

$53,494,867

and

$936,836,

respectively)

.....................

$354,083,439

$2,448,661,215

$3,745,404,748

Value

-

Non-controlled

affiliates

(Note

f)

......................

14,152,051

62,444,594

70,834,292

Cash

..................................................

42,950

—

Foreign

currency,

at

value

(cost

$53,728,

$–

and

$–,

respectively)

....

53,728

—

—

Receivables:

Investment

securities

sold

(Includes

securities

loaned

of

$–,

$–

and

$936,836

,

respectively)

...................................

—

1,210,038

974,980

Capital

shares

sold

......................................

100,503

786,142

1,366,131

Dividends

and

interest

...................................

193,824

32,986

517,140

European

Union

tax

reclaims

(Note

j)

.......................

102,250

—

—

Due

from

custodian

......................................

2,797,200

261,675

—

Total

assets

........................................

371,525,945

2,513,396,851

3,819,097,291

Liabilities:

Payables:

Investment

securities

purchased

............................

—

5,254,803

—

Capital

shares

redeemed

.................................

152,413

1,947,746

2,217,760

Management

fees

.......................................

157,676

1,289,481

1,494,739

Distribution

fees

........................................

69,352

217,601

663,982

Transfer

agent

fees

......................................

128,261

526,406

1,361,870

Trustees'

fees

and

expenses

...............................

Funds

advanced

by

custodian

...............................

—

—

483,281

Payable

upon

return

of

securities

loaned

(Note

e)

................

14,426,625

55,335,146

958,400

Accrued

expenses

and

other

liabilities

.........................

64,818

171,509

237,938

Total

liabilities

.......................................

14,999,160

64,742,729

7,418,117

Net

assets,

at

value

...............................

$356,526,785

$2,448,654,122

$3,811,679,174

Net

assets

consist

of:

Paid-in

capital

...........................................

$353,949,790

$1,492,404,100

$2,349,295,833

Total

distributable

earnings

(losses)

...........................

2,576,995

956,250,022

1,462,383,341

Net

assets,

at

value

...............................

$356,526,785

$2,448,654,122

$3,811,679,174

Franklin

Strategic

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

October

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund

#### Class

#### A:
Net

assets,

at

value

.....................................

$264,071,212

$854,358,171

$2,802,413,012

Shares

outstanding

......................................

7,700,771

36,139,519

67,937,919

Net

asset

value

per

share

a,b

................................

$34.29

$23.64

$41.25

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

94.50%)

b

..............................................

$36.29

$25.02

$43.65

#### Class

#### C:
Net

assets,

at

value

.....................................

$14,513,716

$18,787,567

$48,558,325

Shares

outstanding

......................................

435,219

1,174,518

2,653,118

Net

asset

value

and

maximum

offering

price

per

share

a,b

..........

$33.35

$16.00

$18.30

#### Class

#### R:
Net

assets,

at

value

.....................................

$—

$45,122,747

$35,373,314

Shares

outstanding

......................................

—

2,127,936

1,029,665

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$—

$21.20

$34.35

#### Class

#### R6:
Net

assets,

at

value

.....................................

$10,599,454

$1,181,301,135

$472,440,272

Shares

outstanding

......................................

283,110

42,214,798

9,291,059

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$37.44

$27.98

$50.85

#### Advisor

#### Class:
Net

assets,

at

value

.....................................

$67,342,403

$349,084,502

$452,894,251

Shares

outstanding

......................................

1,814,153

12,876,059

9,217,149

Net

asset

value

and

maximum

offering

price

per

share

b

...........

$37.12

$27.11

$49.14

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Strategic

Series

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

......................................

$1,790,142

$52,173

$8,931,382

Non-controlled

affiliates

(Note

f)

...........................

345,000

1,694,566

559,023

Interest:

Unaffiliated

issuers

......................................

—

63,896,681

—

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

...................

(332,719)

12,855

(352,677)

Non-controlled

affiliates

(Note

f)

...........................

543,857

1,600

390,276

Total

investment

income

.................................

2,346,280

65,657,875

9,528,004

Expenses:

Management

fees

(Note

a)

.................................

2,344,888

4,439,024

12,549,175

Distribution

fees:

(Note

3c)

Class

A

..............................................

789,084

2,513,537

4,741,506

Class

C

..............................................

88,619

155,810

409,605

Class

R

..............................................

—

85,782

68,516

Transfer

agent

fees:

(Note

3e)

Class

A

..............................................

490,028

1,396,139

1,733,231

Class

C

..............................................

13,774

33,288

37,546

Class

R

..............................................

—

23,824

12,542

Class

R6

.............................................

5,277

26,644

31,524

Advisor

Class

..........................................

77,937

192,754

158,010

Custodian

fees

..........................................

2,661

8,643

13,406

Reports

to

shareholders

fees

................................

42,807

146,873

103,483

Registration

and

filing

fees

..................................

40,136

43,478

74,329

Professional

fees

.........................................

46,452

97,916

63,533

Trustees'

fees

and

expenses

................................

4,171

13,765

24,996

Marketplace

lending

fees

(Note

i)

............................

—

355,743

—

Other

..................................................

20,888

116,018

61,819

Total

expenses

.......................................

3,966,722

9,649,238

20,083,221

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

............

(46,842)

(1,052,934)

(50,437)

Net

expenses

.......................................

3,919,880

8,596,304

20,032,784

Net

investment

income

(loss)

..........................

(1,573,600)

57,061,571

(10,504,780)

Franklin

Strategic

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

October

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

47,231,540

(10,119,219)

396,998,931

Non-controlled

affiliates

(Note

f)

..........................

—

338,565

—

Written

options

.........................................

—

1,223,062

—

Foreign

currency

transactions

..............................

—

(24,221)

—

Forward

exchange

contracts

...............................

—

(393,615)

—

Futures

contracts

.......................................

—

(5,663,044)

—

TBA

sale

commitments

...................................

—

(65,619)

—

Swap

contracts

.........................................

—

(1,261,470)

—

Net

realized

gain

(loss)

................................

47,231,540

(15,965,561)

396,998,931

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

251,110,535

55,402,777

441,530,396

Non-controlled

affiliates

(Note

f)

..........................

—

(1,061,917)

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

(6,252)

—

Unfunded

loan

commitments

(Note

8)

........................

—

—

Forward

exchange

contracts

...............................

—

274,962

—

Futures

contracts

.......................................

—

5,955,047

—

Swap

contracts

.........................................

—

(1,851,264)

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

251,110,565

58,713,668

441,530,396

Net

realized

and

unrealized

gain

(loss)

..........................

298,342,105

42,748,107

838,529,327

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$296,768,505

$99,809,678

$828,024,547

Franklin

Strategic

Series

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$208,102,

$–

and

$–,

respectively)

Unaffiliated

issuers

......................................

$3,964,239

$4,417,998

$11,202,830

Non-controlled

affiliates

(Note

f)

...........................

145,543

1,085,973

1,542,859

Interest:

Unaffiliated

issuers

......................................

41,329

—

71,142

Income

from

securities

loaned:

Unaffiliated

entities

(net

of

fees

and

rebates)

...................

(157,182)

(930,269)

(79,681)

Non-controlled

affiliates

(Note

f)

...........................

209,562

1,085,716

167,002

Other

income

(Note

j)

.....................................

4,889

—

—

Total

investment

income

.................................

4,208,380

5,659,418

12,904,152

Expenses:

Management

fees

(Note

a)

.................................

873,714

7,679,292

8,908,847

Distribution

fees:

(Note

3c)

Class

A

..............................................

310,944

1,057,234

3,580,462

Class

C

..............................................

71,019

99,625

259,190

Class

R

..............................................

—

110,551

91,381

Transfer

agent

fees:

(Note

3e)

Class

A

..............................................

207,885

793,250

1,971,121

Class

C

..............................................

11,877

18,696

35,676

Class

R

..............................................

—

41,473

25,153

Class

R6

.............................................

3,215

161,318

80,020

Advisor

Class

..........................................

50,726

329,990

322,649

Custodian

fees

..........................................

2,575

7,881

14,939

Reports

to

shareholders

fees

................................

25,418

91,202

141,493

Registration

and

filing

fees

..................................

33,183

38,176

51,525

Professional

fees

.........................................

35,564

54,820

55,910

Trustees'

fees

and

expenses

................................

1,990

13,574

21,260

Other

..................................................

28,017

45,896

64,967

Total

expenses

.......................................

1,656,127

10,542,978

15,624,593

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

............

(21,469)

(111,719)

(96,287)

Net

expenses

.......................................

1,634,658

10,431,259

15,528,306

Net

investment

income

(loss)

..........................

2,573,722

(4,771,841)

(2,624,154)

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

....................................

4,879,799

97,742,085

175,713,931

Foreign

currency

transactions

..............................

(1,910)

—

—

Net

realized

gain

(loss)

................................

4,877,889

97,742,085

175,713,931

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

....................................

56,257,207

283,185,741

337,691,421

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

...........................................

2,531

—

—

Net

change

in

unrealized

appreciation

(depreciation)

..........

56,259,738

283,185,741

337,691,421

Net

realized

and

unrealized

gain

(loss)

..........................

61,137,627

380,927,826

513,405,352

Net

increase

(decrease)

in

net

assets

resulting

from

operations

........

$63,711,349

$376,155,985

$510,781,198

Franklin

Strategic

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(1,573,600)

$(2,590,143)

$57,061,571

$119,294,173

Net

realized

gain

(loss)

............

47,231,540

73,170,652

(15,965,561)

(38,648,459)

Net

change

in

unrealized

appreciation

(depreciation)

.................

251,110,565

(94,432,247)

58,713,668

93,676,023

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

296,768,505

(23,851,738)

99,809,678

174,321,737

Distributions

to

shareholders:

Class

A

........................

—

(58,160,749)

(45,409,929)

(95,594,345)

Class

C

........................

—

(2,094,936)

(977,498)

(2,412,060)

Class

R

........................

—

—

(736,256)

(1,613,364)

Class

R6

.......................

—

(718,012)

(3,344,979)

(6,689,754)

Advisor

Class

...................

—

(10,336,804)

(6,642,933)

(13,313,957)

Total

distributions

to

shareholders

.....

—

(71,310,501)

(57,111,595)

(119,623,480)

Capital

share

transactions:

(Note

2)

Class

A

........................

(46,764,700)

(38,843,761)

7,249,635

(133,993,404)

Class

C

........................

(2,064,567)

(7,618,126)

(2,599,323)

(16,499,318)

Class

R

........................

—

—

(1,307,941)

(1,822,597)

Class

R6

.......................

3,116,228

(2,735,688)

23,373,182

(5,214,894)

Advisor

Class

...................

(4,331,174)

(22,539,823)

20,504,140

(14,309,594)

Total

capital

share

transactions

.......

(50,044,213)

(71,737,398)

47,219,693

(171,839,807)

Net

increase

(decrease)

in

net

assets

.....................

246,724,292

(166,899,637)

89,917,776

(117,141,550)

Net

assets:

Beginning

of

period

................

707,416,266

874,315,903

2,468,245,569

2,585,387,119

End

of

period

.....................

$954,140,558

$707,416,266

$2,558,163,345

$2,468,245,569

Franklin

Strategic

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Franklin

#### Natural

#### Resources

#### Fund

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(10,504,780)

$(13,326,269)

$2,573,722

$5,936,093

Net

realized

gain

(loss)

............

396,998,931

635,930,982

4,877,889

40,252,844

Net

change

in

unrealized

appreciation

(depreciation)

.................

441,530,396

(271,511,394)

56,259,738

(69,393,925)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

828,024,547

351,093,319

63,711,349

(23,204,988)

Distributions

to

shareholders:

Class

A

........................

—

(369,084,244)

—

(5,502,509)

Class

C

........................

—

(12,622,834)

—

(182,237)

Class

R

........................

—

(3,415,709)

—

—

Class

R6

.......................

—

(34,745,269)

—

(189,377)

Advisor

Class

...................

—

(28,758,057)

—

(1,473,063)

Total

distributions

to

shareholders

.....

—

(448,626,113)

—

(7,347,186)

Capital

share

transactions:

(Note

2)

Class

A

........................

(175,991,413)

13,326,108

(5,468,563)

(27,661,206)

Class

C

........................

(9,972,213)

(6,183,112)

(1,263,642)

(2,902,346)

Class

R

........................

(2,400,600)

(2,540,912)

—

—

Class

R6

.......................

(17,608,699)

(1,469,348)

2,090,096

(408,268)

Advisor

Class

...................

(10,266,315)

16,896,851

3,572,144

(18,065,354)

Total

capital

share

transactions

.......

(216,239,240)

20,029,587

(1,069,965)

(49,037,174)

Net

increase

(decrease)

in

net

assets

.....................

611,785,307

(77,503,207)

62,641,384

(79,589,348)

Net

assets:

Beginning

of

period

................

4,160,453,860

4,237,957,067

293,885,401

373,474,749

End

of

period

.....................

$4,772,239,167

$4,160,453,860

$356,526,785

$293,885,401

Franklin

Strategic

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

(loss)

.......

$(4,771,841)

$(11,377,359)

$(2,624,154)

$(5,524,130)

Net

realized

gain

(loss)

............

97,742,085

144,656,230

175,713,931

307,720,259

Net

change

in

unrealized

appreciation

(depreciation)

.................

283,185,741

(178,380,414)

337,691,421

(192,741,089)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

376,155,985

(45,101,543)

510,781,198

109,455,040

Distributions

to

shareholders:

Class

R6

.......................

—

—

—

(584,008)

Advisor

Class

...................

—

—

—

(36,409)

Total

distributions

to

shareholders

.....

—

—

—

(620,417)

Capital

share

transactions:

(Note

2)

Class

A

........................

(52,010,792)

(82,255,977)

(167,996,117)

(300,799,425)

Class

C

........................

(3,530,909)

(2,290,623)

(6,873,813)

(13,148,119)

Class

R

........................

(2,055,115)

3,114,250

(2,566,203)

(5,075,773)

Class

R6

.......................

(116,671,242)

(332,174,220)

(28,498,097)

(122,929,048)

Advisor

Class

...................

(31,581,933)

(55,318,476)

(25,140,999)

(30,964,132)

Total

capital

share

transactions

.......

(205,849,991)

(468,925,046)

(231,075,229)

(472,916,497)

Net

increase

(decrease)

in

net

assets

.....................

170,305,994

(514,026,589)

279,705,969

(364,081,874)

Net

assets:

Beginning

of

period

................

2,278,348,128

2,792,374,717

3,531,973,205

3,896,055,079

End

of

period

.....................

$2,448,654,122

$2,278,348,128

$3,811,679,174

$3,531,973,205

Franklin

Strategic

Series

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Strategic

Series

(Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of ten

separate

funds,

six

of

which

are

included

in

this

report (Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### C,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Biotechnology

Discovery

Fund

Franklin

Natural

Resources

Fund

#### A,

#### Class

#### C,

#### Class

#### R,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Core

Plus

Bond

Fund

Franklin

Growth

Opportunities

Fund

Franklin

Small

Cap

Growth

Fund

Franklin

Small-Mid

Cap

Growth

Fund

The

following

summarizes

the Funds'

significant

accounting

policies

.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds, and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded,

or

as

of

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-

counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds'

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

fair

value

of

those

instruments.

The

Funds'

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Funds'

business

day.

Events

can occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Funds'

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Funds'

portfolio

securities

to

the

latest

indications

of

fair

value

at

p.m.

Eastern

time.

At

October

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Funds'

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Funds'

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Funds

for

financial

reporting

purposes.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Funds

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Funds

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statements

of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment

or

delayed

delivery and to-

be-announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

d. #### Derivative

#### Financial

#### Instruments
Certain

or

all

Funds

invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statements

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statements

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

Certain

or

all

Funds

attempt

to

reduce

their

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Funds

include

failure

of

the

Funds

to

maintain

certain

net

asset

levels

and/

or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statements

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Funds

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

At

October

31,

2025,

the

Funds

had

no

OTC

derivatives

in

a

net

liability

position

for

such

contracts.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of

agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Funds'

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Certain

or

all

Funds

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk. A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statements

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Certain

or

all

Funds

entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain

exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date. Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds

Schedules

of

Investments.

Certain

or

all

Funds

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Consolidated

Statements

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statements

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the

Statements

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

Certain

or

all

Funds

purchased

or

wrote

exchange

traded and/or

OTC option

contracts

primarily

to

manage

and/

or

gain

exposure

to

equity

volatility

and

credit risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

See

Note

9 regarding

other

derivative

information.

e. #### Securities

#### Lending
Certain

or

all

Funds

participate

in

an

agency

based

securities

lending

program

to

earn

additional

income.

The

Fund

receives

collateral

in

the

form

of

cash

and/or

U.S.

Government

and

Agency

securities

against

the

loaned

securities

in

an

amount

equal

to

at

least

102%

of

the

fair

value

of

the

loaned

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

100%

of

the

fair

value

of

loaned

securities,

as

determined

at

the

close

of

Fund

business

each

day;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

Fund

on

the

next

business

day.

Any

cash

collateral

received

is

deposited

into

a

joint

cash

account

with

other

funds

and

is

used

to

invest

in

a

money

market

fund

managed

by

Franklin

Advisers,

Inc.,

an

affiliate

of

the

Funds,

and/or

uninvested

cash

as

included

in

due

from

custodian

in

the

Statements

of

Assets

and

Liabilities. The

Fund

may

receive

income

from

the

investment

of

cash

collateral,

in

addition

to

lending

fees

paid

by

the

borrower.

Income

from

securities

loaned,

net

of

fees

paid

to

the

securities

lending

agent

and/or

third-

party

vendor,

is

reported

separately

in

the Statements of

Operations.

The

Fund

bears

the

market

risk

with

respect

to

any

cash

collateral

investment,

securities

loaned,

and

the

risk

that

the

agent

may

default

on

its

obligations

to

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Fund.

If

the

borrower

defaults

on

its

obligation

to

return

the

securities

loaned,

the

Fund

has

the

right

to

repurchase

the

securities

in

the

open

market

using

the

collateral

received.

The

securities

lending

agent

has

agreed

to

indemnify

the

Fund

in

the

event

of

default

by

a

third

party

borrower.

Securities

on

loan

outstanding

at

period

end,

if

any,

are

listed

in

the

Funds'

Schedules

of

Investments.

f. #### Business

#### Development

#### Companies
Certain

or

all

Funds may

invest

in

securities

of

closed-end

investment

companies

that

have

elected

to

be

treated

as

a

business

development

company

under

the

1940

Act.

The

Funds

may

purchase

a

business

development

company

to

gain

exposure

to

the

securities

in

the

underlying

portfolio.

The

risks

of

owning

a

business

development

company

generally

reflect

the

risks

of

owning

the

underlying

securities.

Business

development

companies

have

expenses

that

reduce

their

value.

g. #### Mortgage

#### Dollar

#### Rolls
Certain

or

all

Funds

enter

into

mortgage

dollar

rolls,

typically

on

a

TBA

basis.

Mortgage

dollar

rolls

are

agreements

between

the

Fund

and

a

financial

institution

where

the

Fund

sells

(or

buys)

mortgage-backed

securities

for

delivery

on

a

specified

date

and

simultaneously

contracts

to

repurchase

(or

sell)

substantially

similar

(same

type,

coupon,

and

maturity)

securities

at

a

future

date

and

at

a

predetermined

price.

Gains

or

losses

are

realized

on

the

initial

sale,

and

the

difference

between

the

repurchase

price

and

the

sale

price

is

recorded

as

an

unrealized

gain

or

loss

to

the

Fund

upon

entering

into

the

mortgage

dollar

roll.

In

addition,

the

Fund

may

invest

the

cash

proceeds

that

are

received

from

the

initial

sale.

During

the

period

between

the

sale

and

repurchase,

the

Fund

is

not

entitled

to

principal

and

interest

paid

on

the

mortgage

backed

securities.

Transactions

in

mortgage

dollar

rolls

are

accounted

for

as

purchases

and

sales

and

may

result

in

an

increase

to

the

Fund's

portfolio

turnover

rate.

The

risks

of

mortgage

dollar

roll

transactions

include

the

potential

inability

of

the

counterparty

to

fulfill

its

obligations.

h. #### Senior

#### Floating

#### Rate

#### Interests
Certain

or

all

Funds

invest

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the

Funds

invest

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

i. #### Marketplace

#### Lending
Certain

or

all

Funds

invest in

loans

obtained

through

marketplace

lending.

Marketplace

lending,

sometimes

referred

to

as

peer-to-peer

lending,

is

a

method

of

financing

in

which

a

platform

facilitates

the

borrowing

and

lending

of

money.

It

is

considered

an

alternative

to

more

traditional

forms

of

debt

financing.

Prospective

borrowers

are

required

to

provide

certain

financial

information

to

the

platform,

including,

but

not

limited

to,

the

intended

purpose

of

the

loan,

income,

employment

information,

credit

score,

debt-

to-income

ratio,

credit

history

(including

defaults

and

delinquencies)

and

home

ownership

status.

Based

on

this

and

other

information,

the

platform

assigns

its

own

credit

rating

to

the

borrower

and

sets

the

interest

rate

for

the

requested

loan.

The

platform

then

posts

the

borrowing

requests

online,

giving

investors

the

opportunity

to

purchase

the

loans

based

on

factors

such

as

the

interest

rates

and

expected

yields

of

the

loans,

the

borrower

background

data,

and

the

credit

rating

assigned

by

the

platform.

When

the

Funds

invest

in

these

loans,

they

usually

purchase

all

rights,

title

and

interest

in

the

loans

pursuant

to

a

loan

purchase

agreement

directly

from

the

platform.

The

platform

or

a

third-party

servicer

typically

continues

to

service

the

loans,

collecting

payments

and

distributing

them

to

the

Funds,

less

any

servicing

fees

assessed.

The

servicer

is

typically

responsible

for

taking

actions

against

a

borrower

in

the

event

of

a

default

on

the

loan.

Servicing

fees,

along

with

other

administration

fees,

are

included

in

marketplace

lending

fees

in

the

Statements

of

Operations.

The

Funds,

as

investors

in

a

loan,

would

be

entitled

to

receive

payment

only

from

the

borrower

and

would

not

be

able

to

recover

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Securities

#### Lending
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

any

deficiency

from

the

platform,

except

under

very

narrow

circumstances.

The

loans

in

which

the

Funds

may

invest

are

unsecured.

j. #### Income

#### and

#### Deferred

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Funds

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which the

Funds invest.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Funds

invest.

When

a

capital

gain

tax

is

determined

to

apply, certain

or all Funds record

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

As

a

result

of

several

court

cases,

in

certain

countries

across

the

European

Union, certain

or

all Funds

filed

additional

tax

reclaims

for

previously

withheld

taxes

on

dividends

earned

in

those

countries

(EU

reclaims). Income

recognized,

if

any,

for

EU

reclaims

is

reflected

as

other

income

in

the

Statements

of

Operations

and

any

related

receivable,

if

any,

is

reflected

as

European

Union

tax

reclaims

in

the

Statements

of

Assets

and

Liabilities.

Any

fees

associated

with

these

filings

are

reflected

in

other

expenses in

the

Statements

of

Operations.

When

uncertainty

exists

as

to

the

ultimate

resolution

of

these

proceedings,

the

likelihood

of

receipt

of

these

EU

reclaims,

and

the

potential

timing

of

payment,

no

amounts

are

reflected

in

the

financial

statements.

For

U.S.

income

tax

purposes,

EU

reclaims

received

by

the

Funds,

if

any,

reduce

the

amount

of

foreign

taxes

Fund

shareholders

can

use

as

tax

deductions

or credits

on

their

income

tax

returns.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

October

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

k. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

separately

in

the

Statements

of

Operations.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Funds.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Funds.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

i. #### Marketplace

#### Lending
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

Inflation-indexed

bonds

are

adjusted

for

inflation

through

periodic

increases

or

decreases

in

the

security's

interest

accruals,

face

amount,

or

principal

redemption

value,

by

amounts

corresponding

to

the

rate

of

inflation

as

measured

by

an

index.

Any

increase

or

decrease

in

the

face

amount

or

principal

redemption

value

will

be

included

as

interest

income in

the

Statements of

Operations.

l. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

m. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

a

...................................

155,119

$20,629,013

16,683,165

$139,144,756

Shares

issued

in

reinvestment

of

distributions

..........

—

—

5,192,968

43,146,788

Shares

redeemed

...............................

(525,003)

(67,393,713)

(21,042,682)

(175,041,909)

Net

increase

(decrease)

..........................

(369,884)

$(46,764,700)

833,451

$7,249,635

Year

ended

April

30,

2025

Shares

sold

a

...................................

332,355

$44,053,974

22,481,003

$186,387,121

Shares

issued

in

reinvestment

of

distributions

..........

458,575

55,359,208

10,959,008

90,763,522

Shares

redeemed

...............................

(1,051,742)

(138,256,943)

(49,596,623)

(411,144,047)

Net

increase

(decrease)

..........................

(260,812)

$(38,843,761)

(16,156,612)

$(133,993,404)

Class

C

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

k. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

16,616

$2,028,696

757,056

$6,329,883

Shares

issued

in

reinvestment

of

distributions

..........

—

—

114,046

948,594

Shares

redeemed

a

..............................

(35,728)

(4,093,263)

(1,188,098)

(9,877,800)

Net

increase

(decrease)

..........................

(19,112)

$(2,064,567)

(316,996)

$(2,599,323)

Year

ended

April

30,

2025

Shares

sold

...................................

19,046

$2,353,553

753,774

$6,257,260

Shares

issued

in

reinvestment

of

distributions

..........

19,065

2,077,266

281,445

2,334,099

Shares

redeemed

a

..............................

(99,243)

(12,048,945)

(3,024,923)

(25,090,677)

Net

increase

(decrease)

..........................

(61,132)

$(7,618,126)

(1,989,704)

$(16,499,318)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

—

$—

618,489

$5,119,196

Shares

issued

in

reinvestment

of

distributions

..........

—

—

88,957

735,361

Shares

redeemed

...............................

—

—

(866,484)

(7,162,498)

Net

increase

(decrease)

..........................

—

$—

(159,038)

$(1,307,941)

Year

ended

April

30,

2025

Shares

sold

...................................

—

$—

1,024,893

$8,467,666

Shares

issued

in

reinvestment

of

distributions

..........

—

—

195,600

1,611,622

Shares

redeemed

...............................

—

—

(1,443,030)

(11,901,885)

Net

increase

(decrease)

..........................

—

$—

(222,537)

$(1,822,597)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

31,442

$4,999,643

4,203,862

$35,328,902

Shares

issued

in

reinvestment

of

distributions

..........

—

—

338,775

2,821,136

Shares

redeemed

...............................

(13,703)

(1,883,415)

(1,773,951)

(14,776,856)

Net

increase

(decrease)

..........................

17,739

$3,116,228

2,768,686

$23,373,182

Year

ended

April

30,

2025

Shares

sold

...................................

16,934

$2,422,327

2,929,164

$24,331,763

Shares

issued

in

reinvestment

of

distributions

..........

5,289

685,392

691,054

5,733,962

Shares

redeemed

...............................

(41,454)

(5,843,407)

(4,242,650)

(35,280,619)

Net

increase

(decrease)

..........................

(19,231)

$(2,735,688)

(622,432)

$(5,214,894)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

94,809

$14,083,211

6,683,931

$55,687,625

Shares

issued

in

reinvestment

of

distributions

..........

—

—

572,710

4,767,078

Shares

redeemed

...............................

(135,822)

(18,414,385)

(4,793,190)

(39,950,563)

Net

increase

(decrease)

..........................

(41,013)

$(4,331,174)

2,463,451

$20,504,140

Year

ended

April

30,

2025

Shares

sold

...................................

220,200

$30,743,369

6,280,226

$52,139,748

Shares

issued

in

reinvestment

of

distributions

..........

80,296

10,216,149

1,138,066

9,442,088

Shares

redeemed

...............................

(477,052)

(63,499,341)

(9,142,865)

(75,891,430)

Net

increase

(decrease)

..........................

(176,556)

$(22,539,823)

(1,724,573)

$(14,309,594)

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Franklin

#### Natural

#### Resources

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

a

...................................

2,002,086

$102,274,454

664,751

$21,229,334

Shares

issued

in

reinvestment

of

distributions

..........

—

—

—

Shares

redeemed

...............................

(5,441,513)

(278,265,878)

(843,041)

(26,697,897)

Net

increase

(decrease)

..........................

(3,439,427)

$(175,991,413)

(178,290)

$(5,468,563)

Year

ended

April

30,

2025

Shares

sold

a

...................................

5,031,942

$250,874,920

925,041

$27,838,462

Shares

issued

in

reinvestment

of

distributions

..........

7,302,641

359,874,058

194,399

5,414,009

Shares

redeemed

...............................

(12,005,894)

(597,422,870)

(2,024,155)

(60,913,677)

Net

increase

(decrease)

..........................

328,689

$13,326,108

(904,715)

$(27,661,206)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

143,282

$4,795,971

28,180

$875,658

Shares

redeemed

a

..............................

(440,525)

(14,768,184)

(68,864)

(2,139,300)

Net

increase

(decrease)

..........................

(297,243)

$(9,972,213)

(40,684)

$(1,263,642)

Year

ended

April

30,

2025

Shares

sold

...................................

356,759

$12,096,577

94,231

$2,813,600

Shares

issued

in

reinvestment

of

distributions

..........

387,090

12,580,477

6,634

180,856

Shares

redeemed

a

..............................

(910,033)

(30,860,166)

(201,667)

(5,896,802)

Net

increase

(decrease)

..........................

(166,184)

$(6,183,112)

(100,802)

$(2,902,346)

Class

R

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Franklin

#### Natural

#### Resources

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

34,015

$1,559,059

—

$—

Shares

redeemed

...............................

(86,888)

(3,959,659)

—

—

Net

increase

(decrease)

..........................

(52,873)

$(2,400,600)

—

$—

Year

ended

April

30,

2025

Shares

sold

...................................

93,018

$4,125,976

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

77,139

3,415,709

—

—

Shares

redeemed

...............................

(234,362)

(10,082,597)

—

—

Net

increase

(decrease)

..........................

(64,205)

$(2,540,912)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

172,282

$10,540,220

88,957

$3,152,478

Shares

redeemed

...............................

(460,542)

(28,148,919)

(30,635)

(1,062,382)

Net

increase

(decrease)

..........................

(288,260)

$(17,608,699)

58,322

$2,090,096

Year

ended

April

30,

2025

Shares

sold

...................................

455,037

$26,879,630

60,752

$1,999,816

Shares

issued

in

reinvestment

of

distributions

..........

591,573

34,713,486

6,248

189,377

Shares

redeemed

...............................

(1,077,443)

(63,062,464)

(79,392)

(2,597,461)

Net

increase

(decrease)

..........................

(30,833)

$(1,469,348)

(12,392)

$(408,268)

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

276,054

$16,232,272

228,579

$7,967,378

Shares

redeemed

...............................

(444,524)

(26,498,587)

(128,057)

(4,395,234)

Net

increase

(decrease)

..........................

(168,470)

$(10,266,315)

100,522

$3,572,144

Year

ended

April

30,

2025

Shares

sold

...................................

841,794

$48,289,642

299,136

$9,817,889

Shares

issued

in

reinvestment

of

distributions

..........

487,232

27,840,441

48,788

1,467,544

Shares

redeemed

...............................

(1,042,578)

(59,233,232)

(908,746)

(29,350,787)

Net

increase

(decrease)

..........................

286,448

$16,896,851

(560,822)

$(18,065,354)

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

a

...................................

1,488,398

$33,485,063

1,977,546

$80,403,487

Shares

redeemed

...............................

(3,797,059)

(85,495,855)

(6,128,500)

(248,399,604)

Net

increase

(decrease)

..........................

(2,308,661)

$(52,010,792)

(4,150,954)

$(167,996,117)

Year

ended

April

30,

2025

Shares

sold

a

...................................

4,955,470

$109,647,310

5,367,190

$203,572,054

Shares

redeemed

...............................

(8,615,492)

(191,903,287)

(13,437,841)

(504,371,479)

Net

increase

(decrease)

..........................

(3,660,022)

$(82,255,977)

(8,070,651)

$(300,799,425)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

87,823

$1,345,714

163,511

$2,966,136

Shares

redeemed

a

..............................

(319,118)

(4,876,623)

(545,154)

(9,839,949)

Net

increase

(decrease)

..........................

(231,295)

$(3,530,909)

(381,643)

$(6,873,813)

Year

ended

April

30,

2025

Shares

sold

...................................

223,183

$3,388,766

364,289

$6,156,727

Shares

redeemed

a

..............................

(377,681)

(5,679,389)

(1,144,009)

(19,304,846)

Net

increase

(decrease)

..........................

(154,498)

$(2,290,623)

(779,720)

$(13,148,119)

Class

R

#### Class

#### R

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

167,569

$3,394,038

82,169

$2,702,397

Shares

redeemed

...............................

(268,783)

(5,449,153)

(158,238)

(5,268,600)

Net

increase

(decrease)

..........................

(101,214)

$(2,055,115)

(76,069)

$(2,566,203)

Year

ended

April

30,

2025

Shares

sold

...................................

798,778

$16,855,590

194,991

$6,053,095

Shares

redeemed

...............................

(690,039)

(13,741,340)

(355,454)

(11,128,868)

Net

increase

(decrease)

..........................

108,739

$3,114,250

(160,463)

$(5,075,773)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

4,406,636

$116,715,734

847,106

$42,467,865

Shares

redeemed

...............................

(8,732,272)

(233,386,976)

(1,418,106)

(70,965,962)

Net

increase

(decrease)

..........................

(4,325,636)

$(116,671,242)

(571,000)

$(28,498,097)

Year

ended

April

30,

2025

Shares

sold

...................................

8,186,126

$213,802,927

2,024,595

$92,994,472

Shares

issued

in

reinvestment

of

distributions

..........

—

—

10,403

510,275

Shares

redeemed

in-kind

(Note

11)

..................

(2,046,951)

(51,319,956)

(530,869)

(23,798,846)

Shares

redeemed

...............................

(18,809,271)

(494,657,191)

(4,131,407)

(192,634,949)

Net

increase

(decrease)

..........................

(12,670,096)

$(332,174,220)

(2,627,278)

$(122,929,048)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
Franklin

Biotechnology

Discovery

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

October

31,

2025

Shares

sold

...................................

812,499

$20,923,620

705,862

$33,803,146

Shares

redeemed

...............................

(2,030,666)

(52,505,553)

(1,208,427)

(58,944,145)

Net

increase

(decrease)

..........................

(1,218,167)

$(31,581,933)

(502,565)

$(25,140,999)

Year

ended

April

30,

2025

Shares

sold

...................................

2,433,680

$61,722,891

1,568,765

$70,783,754

Shares

issued

in

reinvestment

of

distributions

..........

—

—

743

35,253

Shares

redeemed

...............................

(4,651,378)

(117,041,367)

(2,274,042)

(101,783,139)

Net

increase

(decrease)

..........................

(2,217,698)

$(55,318,476)

(704,534)

$(30,964,132)

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.775%

Up

to

and

including

$100

million

0.650%

Over

$100

million,

up

to

and

including

$200

million

0.635%

Over

$200

million,

up

to

and

including

$250

million

0.585%

Over

$250

million,

up

to

and

including

$700

million

0.550%

Over

$700

million,

up

to

and

including

$1.2

billion

0.525%

Over

$1.2

billion,

up

to

and

including

$7.5

billion

0.515%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.505%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.495%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.475%

In

excess

of

$15

billion

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Core

Plus

Bond

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Effective

May

8,

2025,

Franklin

Core

Plus

Bond

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

Franklin

Growth

Opportunities

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

Over

$20

billion,

up

to

and

including

$35

billion

0.355%

Over

$35

billion,

up

to

and

including

$50

billion

0.350%

In

excess

of

$50

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.350%

Up

to

and

including

$5

billion

0.330%

Over

$5

billion,

up

to

and

including

$10

billion

0.310%

Over

$10

billion,

up

to

and

including

$20

billion

0.290%

In

excess

of

$20

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.700%

Up

to

and

including

$500

million

0.600%

Over

$500

million,

up

to

and

including

$1

billion

0.550%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.500%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.475%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.450%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.440%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.430%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.420%

In

excess

of

$21.5

billion

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Franklin

Natural

Resources

Fund

and

Franklin

Small-Mid

Cap

Growth

Fund pay

an

investment

management fee,

calculated

daily and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

each

of

the

Funds

as

follows:

Franklin

Small

Cap

Growth

Fund pays

an

investment

management fee,

calculated

daily

and

paid

monthly,

to Advisers based

on the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

October

31,

2025,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

In

excess

of

$15

billion

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

Up

to

and

including

$500

million

0.650%

Over

$500

million,

up

to

and

including

$1

billion

0.600%

Over

$1

billion,

up

to

and

including

$1.5

billion

0.550%

Over

$1.5

billion,

up

to

and

including

$6.5

billion

0.525%

Over

$6.5

billion,

up

to

and

including

$11.5

billion

0.500%

Over

$11.5

billion,

up

to

and

including

$16.5

billion

0.490%

Over

$16.5

billion,

up

to

and

including

$19

billion

0.480%

Over

$19

billion,

up

to

and

including

$21.5

billion

0.470%

In

excess

of

$21.5

billion

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.620%

0.354%

0.538%

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.526%

0.621%

0.456%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate.

Under

the

Class

A

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds'

Class

C

and

R compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

For

Franklin

Biotechnology

Discovery

Fund,

Franklin

Growth

Opportunities

Fund,

Franklin

Natural

Resources

Fund

and

Franklin

Small

Cap

Growth

Fund,

the

Board

has

set

the

current

rate

at

0.25%

per

year

for

Class

A

shares

until

further

notice

and

approval

by

the

Board.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Class

A

................................................

0.35%

0.25%

0.35%

Class

C

................................................

1.00%

0.65%

1.00%

Class

R

................................................

—%

0.50%

0.50%

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Class

A

................................................

0.35%

0.35%

0.25%

Class

C

................................................

1.00%

1.00%

1.00%

Class

R

................................................

—%

0.50%

0.50%

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/

dealers

..................................................

$17,550

$24,917

$113,950

CDSC

retained

............................................

$6,290

$17,756

$9,184

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

October

31,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

October

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/

dealers

..................................................

$15,726

$39,583

$84,748

CDSC

retained

............................................

$986

$3,494

$6,405

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Transfer

agent

fees

.........................................

$170,108

$706,116

$665,213

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Transfer

agent

fees

.........................................

$100,476

$621,098

$681,895

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$17,698,635

$124,126,744

$(101,826,221)

$—

$—

$39,999,158

39,999,158

$345,000

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$6,416,814

$265,935,473

$(241,266,072)

$—

$—

$31,086,215

31,086,215

$543,857

#### Total

#### Affiliated

#### Securities

#### ...
$24,115,449

$390,062,217

$(343,092,293)

$—

$—

$71,085,373

$888,857

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

BSP

Real

Estate

Debt

BDC

..................

$24,292,230

$—

$(23,568,878)

$338,565

$(1,061,917)

$—

—

$663,723

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$

20,674,651

$

346,969,948

$

(226,990,312)

$

—

$

—

$

140,654,287

140,654,287

$

1,030,843

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$—

$4,033,000

$(3,502,000)

$—

$—

$531,000

531,000

$1,600

#### Total

#### Affiliated

#### Securities

#### ...
$44,966,881

$351,002,948

$(254,061,190)

$338,565

$(1,061,917)

$141,185,287

$1,696,166

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$40,512,033

$443,309,409

$(453,706,496)

$—

$—

$30,114,946

30,114,946

$559,023

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$9,816,000

$165,100,037

$(166,657,912)

$—

$—

$8,258,125

8,258,125

$390,276

#### Total

#### Affiliated

#### Securities

#### ...
$50,328,033

$608,409,446

$(620,364,408)

$—

$—

$38,373,071

$949,299

#### Franklin

#### Natural

#### Resources

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$12,963,979

$28,972,338

$(39,413,691)

$—

$—

$2,522,626

2,522,626

$145,543

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$8,457,500

$144,040,785

$(140,868,860)

$—

$—

$11,629,425

11,629,425

$209,562

#### Total

#### Affiliated

#### Securities

#### ...
$21,421,479

$173,013,123

$(180,282,551)

$—

$—

$14,152,051

$355,105

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$27,922,674

$298,061,515

$(318,613,066)

$—

$—

$7,371,123

7,371,123

$1,085,973

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$19,765,870

$489,958,284

$(454,650,683)

$—

$—

$55,073,471

55,073,471

$1,085,716

#### Total

#### Affiliated

#### Securities

#### ...
$47,688,544

$788,019,799

$(773,263,749)

$—

$—

$62,444,594

$2,171,689

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Effective

May

8,

2025,

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

respective

fees

and

to

assume

as

their

own

expense

certain

expenses

otherwise

payable

by

Franklin

Core

Plus

Bond

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

such

as

those

relating

to

litigation,

indemnification,

reorganizations

and

liquidations)

for

each

Class

do

not

exceed

0.47%,

and

for

Class

R6

do

not

exceed

0.37%,

based

on

the

average

net

assets

of

each

Class

until

August

31,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Prior

to

May

8,

2025,

the

expenses

(excluding

certain

fees

and

expenses

as

previously

disclosed)

for

each

Class

of

Franklin

Core

Plus

Bond

were

limited

to

0.58%

and

for

Class

R6

were

limited

to

0.48%

based

on

average

net

assets

of

each

Class.

Effective

September

1,

2025,

operating

expenses

include

acquired

fund

fees

and

expenses.

Transfer

agent

fees

on

Class

R6

shares

of

the

Funds have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

August

31,

2026. #### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$67,276,399

$372,864,430

$(370,264,937)

$—

$—

$69,875,892

69,875,892

$1,542,859

#### Non-Controlled

#### Affiliates
Income

from

securities

loaned

Franklin

Institutional

U.S.

Government

Money

Market

Fund,

4.038%

............

$8,437,275

$124,473,564

$(131,952,439)

$—

$—

$958,400

958,400

$167,002

#### Total

#### Affiliated

#### Securities

#### ...
$75,713,674

$497,337,994

$(502,217,376)

$—

$—

$70,834,292

$1,709,861

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

April

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

For

tax

purposes,

the

Funds

may

elect

to

defer

any

portion

of

a

post-October

capital

loss

or

late-year

ordinary

loss

to

the

first

day

of

the

following

fiscal

year.

At April

30,

2025,

the

deferred

losses

were

as

follows:

At

October

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales,

passive

foreign

investment

company

shares,

paydown

losses,

payments-

in-kind,

bond

discounts

and

premiums,

derivative

financial

instruments,

corporate

actions,

net

operating

losses

and

in-kind

transactions.

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Natural

#### Resources

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

...............................................................

$

166,666,645

$

4,690,176

Long

term

...............................................................

867,909,258

150,346,811

Total

capital

loss

carryforwards

..............................................

$1,034,575,903

$155,036,987

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Late-year

ordinary

loss

..........................................................

$4,335,686

$3,329,876

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
a

a

a

a

Cost

of

investments

........................................

$527,283,063

$3,188,717,951

$2,191,114,977

Unrealized

appreciation

......................................

$500,995,204

$50,930,369

$2,659,491,809

Unrealized

depreciation

......................................

(39,754,234)

(121,544,739)

(69,060,990)

Net

unrealized

appreciation

(depreciation)

........................

$461,240,970

$(70,614,370)

$2,590,430,819

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
a

a

a

a

Cost

of

investments

........................................

$226,380,929

$1,805,866,312

$2,635,834,331

Unrealized

appreciation

......................................

$156,158,638

$954,780,506

$1,317,875,168

Unrealized

depreciation

......................................

(14,304,077)

(249,541,009)

(137,470,459)

Net

unrealized

appreciation

(depreciation)

........................

$141,854,561

$705,239,497

$1,180,404,709

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities

and

in-kind

transactions)

for

the

period

ended

October

31,

2025,

were

as

follows:

At

October

31,

2025,

in

connection

with

securities

lending

transactions,

certain

or

all

Funds

loaned

investments

and

received

cash

collateral

as

follows:

6. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

October

31,

2025,

Franklin

Core

Plus

Bond

Fund

had 14.9% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Franklin

Core

Plus

Bond

Fund held

a defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

October

31,

2025,

the

value

of

these

securities represents

less

than

0.1% of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund
Purchases

...............................................

$145,740,906

$4,274,183,771

$890,445,377

Sales

...................................................

$218,328,243

$4,241,252,819

$1,117,449,835

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund
Purchases

...............................................

$40,613,923

$416,260,543

$802,397,088

Sales

...................................................

$29,633,219

$560,108,379

$1,031,761,210

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

.........................................

$33,119,640

$531,000

$8,796,500

#### Franklin

#### Natural

#### Resources

#### Fund

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Franklin

#### Small-

#### Mid

#### Cap

#### Growth

#### Fund

#### Securities

#### lending

#### transactions

#### a

#### :
Equity

investments

b

.........................................

$14,426,625

$55,335,146

$958,400

a

The

agreements

can

be

terminated

at

any

time.

b

The

gross

amount

of

recognized

liability

for

such

transactions

is

included

in

payable

upon

return

of

securities

loaned

in

the

Statements

of

Assets

and

Liabilities.

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

7. #### Restricted

#### Securities
Certain

or

all

Funds

invest

in

securities

that

are

restricted

under

the

Securities

Act

of

1933

(1933

Act).

Restricted

securities

are

often

purchased

in

private

placement

transactions,

and

cannot

be

sold

without

prior

registration

unless

the

sale

is

pursuant

to

an

exemption

under

the

1933

Act.

Disposal

of

these

securities

may

require

greater

effort

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

The

Funds

may

have

registration

rights

for

restricted

securities.

The

issuer

generally

incurs

all

registration

costs.

At

October

31,

2025,

investments

in

restricted

securities,

excluding

securities

exempt

from

registration

under

the

1933

Act,

were

as

follows:

#### Shares

#### /

#### Warrants

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
1,519,609

Candid,

Inc.,

B

..............................

8/19/24

$

1,823,531

$

2,154,745

69,673

a

IN8bio,

Inc.,

C,

10/04/27

.......................

10/10/24

—

2,817

859,370

Lycia

LLC,

C

...............................

4/26/24

1,754,576

2,217,006

#### Total

#### Restricted

#### Securities
(Value

is

0.5%

of

Net

Assets)

#### ...............
$3,578,107

$4,374,568

#### Shares

#### /

#### Warrants

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
6,000,000

b

WorkCapital

BSD

SARL,

2/13/26

................

2/15/19

$

750,000

$

—

#### Total

#### Restricted

#### Securities
(Value

is

—%

of

Net

Assets)

#### ...............
$750,000

$—

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Growth

#### Opportunities

#### Fund
8,668

Aestas

Management

Co

LLC

...................

10/03/25

$

3,727,240

$

3,727,240

117,526

Anduril

Industries,

Inc.,

B

......................

7/22/25

4,804,792

6,666,157

Anduril

Industries,

Inc.,

C

......................

7/22/25

2,249

3,120

180,222

Anduril

Industries,

Inc.,

G

......................

5/08/25

7,367,980

10,222,318

49,656

Anthropic

PBC,

..........................

8/29/25

6,999,887

6,999,887

3,094

Canva

Australia

Holdings

Pty.

Ltd.,

A

.............

3/18/24

3,300,249

5,093,157

11,829

Canva

Australia

Holdings

Pty.

Ltd.,

B

.............

12/22/21

20,158,531

19,472,190

4,619

Celonis

SE

.................................

6/16/21

1,708,060

913,237

25,571

Celonis

SE,

D

..............................

6/16/21

-

10/04/22

9,427,681

5,055,725

6,309,366

ClearMotion

,

Inc.

............................

11/06/17

-

12/21/18

15,500,000

797,649

417,667

ClearMotion

,

Inc.,

.........................

3/23/23

—

65,717

2,606,463

ClearMotion

,

Inc.,

.........................

12/21/21

251,500

383,950

338,280

Databricks,

Inc.,

G

...........................

2/01/21

20,000,005

50,742,000

1,029,939

Fanatics

Holdings,

Inc.

........................

8/13/20

-

3/22/21

19,730,229

63,809,784

750,387

Flock

Group,

Inc.,

B

..........................

3/26/25

11,082,616

11,133,779

80,684

Flock

Group,

Inc.,

C

..........................

3/26/25

1,191,638

1,197,139

21,303

Flock

Group,

Inc.,

........................

3/26/25

314,628

316,081

517,056

OneTrust

LLC,

C

............................

4/01/21

10,139,623

10,097,861

56,433

Plaid,

Inc.,

A

................................

3/31/25

11,511,011

10,637,834

142,857

Space

Exploration

Technologies

Corp.,

A

..........

5/25/22

9,999,990

30,285,684

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

260,482

Stripe,

Inc.,

B

...............................

4/30/25

$

9,377,352

$

9,769,738

805,800

Tanium,

Inc.,

G

..............................

9/14/15

4,000,233

5,515,226

#### Total

#### Restricted

#### Securities
(Value

is

5.3%

of

Net

Assets)

#### ...............
$170,595,494

$252,905,473

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Natural

#### Resources

#### Fund
39,802

Redwood

Materials,

Inc.,

E

.....................

10/20/25

$

1,899,983

$

1,899,983

#### Total

#### Restricted

#### Securities
(Value

is

0.5%

of

Net

Assets)

#### ...............
$1,899,983

$1,899,983

#### Shares

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
3,436,485

1661,

Inc.,

F

................................

5/28/21

$

19,999,999

$

3,944,033

382,306

Benchling

,

Inc.,

F

............................

10/20/21

12,499,992

4,298,043

1,388,889

Checkr

,

Inc.,

E

..............................

8/24/21

25,000,002

22,456,327

410,500

Chinook

Therapeutics,

Inc.,

CVR,

6/30/30

.........

8/14/23

—

—

3,698,772

ClearMotion

,

Inc.

............................

12/21/18

10,000,000

467,610

1,037,942

ClearMotion

,

Inc.,

.........................

3/23/23

—

163,312

6,477,294

ClearMotion

,

Inc.,

.........................

12/21/21

625,000

954,150

987,540

Flock

Group,

Inc.,

G

..........................

3/08/24

9,999,899

14,652,509

709,046

Newsela,

Inc.,

D

.............................

1/21/21

15,000,010

12,832,121

625,361

OneTrust

LLC,

A

............................

3/10/23

6,878,971

12,213,006

56,457

OneTrust

LLC,

...........................

3/10/23

621,027

1,102,579

1,542,673

Smule

,

Inc.,

G,

144A

.........................

5/31/16

11,099,995

316,510

352,675

Smule

,

Inc.,

H,

144A

.........................

4/27/17

2,999,995

85,535

162,712

Smule

,

Inc.,

J

...............................

8/05/22

-

11/18/22

764,393

1,816,505

361,111

Tula

eTechnology

,

Inc.

........................

11/01/18

—

—

3,611,111

Tula

eTechnology

,

Inc.,

E

......................

9/08/17

6,500,000

8,454,626

#### Total

#### Restricted

#### Securities
(Value

is

3.4%

of

Net

Assets)

#### ...............
$121,989,283

$83,756,866

#### Principal

#### Amount

#### \*

#### /

#### Shares

#### /

#### Warrants

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
414,483

Anduril

Industries,

Inc.,

F

......................

7/17/24

$

9,009,451

$

23,509,766

347,106

Benchling

,

Inc.,

F

............................

10/20/21

11,349,082

3,902,309

227,829

Databricks,

Inc.,

G

...........................

2/01/21

13,469,851

34,174,350

793,714

Fanatics

Holdings,

Inc.

........................

8/13/20

-

3/22/21

14,052,061

49,174,484

423,782

Newsela,

Inc.,

D

.............................

1/21/21

8,965,193

7,669,491

767,526

OneTrust

LLC,

C

............................

4/01/21

15,051,415

14,989,422

2,970,061

Phononic

Devices,

Inc.,

F-S

....................

6/06/19

7,499,998

7. #### Restricted

#### Securities
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

8. #### Unfunded

#### Loan

#### Commitments
Certain

or

all

Funds

enter

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Funds

are

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedules

of

Investments.

At

October

31,

2025,

unfunded

commitments

were

as

follows:

9. #### Other

#### Derivative

#### Information
At

October

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

follows:

#### Principal

#### Amount\*/

#### Shares/

#### Warrants

#### Issuer

#### Acquisition

#### Date

#### Cost

#### Value

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

513,050

Phononic

Devices,

Inc.,

G-2-S

..................

1/17/20

-

11/03/20

$

$

66,235

Phononic

,

Inc.,

5.31%,

11/30/27

.................

2/11/25

66,235

66,235

117,763

Phononic

,

Inc.,

H-S

..........................

10/17/22

460,645

194,634

23,970

Phononic

,

Inc.,

H-S,

12/31/29

...................

5/15/24

-

2/11/25

652

132,470

Phononic

,

Inc.,

H-S,

5.31%,

11/30/27

.............

5/15/24

132,470

132,470

47,104

Phononic

,

Inc.,

H-S-X,

12/31/29

.................

10/17/22

44,029

1,280

30,940

Plaid,

Inc.,

A

................................

3/31/25

6,311,036

5,832,307

#### Total

#### Restricted

#### Securities
(Value

is

3.7%

of

Net

Assets)

#### ...............
$86,411,515

$139,648,014

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$135,862

as

of

October

31,

2025. b

The

Fund

also

invests

in

unrestricted

securities

of

the

issuer,

valued

at

$—

as

of

October

31,

2025. #### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
Clydesdale

Acquisition

Holdings,

Inc.

$

9,852

GC

Ferry

Acquisition

I,

Inc.

82,642

Pinnacle

Buyer

LLC

35,124

$

127,618

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

4,656,807

a

Variation

margin

on

futures

contracts

$

263,778

a

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

109,454

Unrealized

depreciation

on

OTC

forward

exchange

contracts

5,264

7. #### Restricted

#### Securities
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

October

31,

2025

,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

period

ended

October

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average

month

end

contract

value

of

forward

exchange

contracts,

were

as

follows:

See

Note

1(d) regarding

derivative

financial

instruments.

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

$

—

Variation

margin

on

centrally

cleared

swap

contracts

$

1,825,361

a

OTC

swap

contracts

(upfront

payments)

—

OTC

swap

contracts

(upfront

receipts)

419,473

Unrealized

appreciation

on

OTC

swap

contracts

494,568

Unrealized

depreciation

on

OTC

swap

contracts

—

Total

....................

$5,260,829

$2,513,876

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(5,663,044)

Futures

contracts

$5,955,047

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(393,615)

Forward

exchange

contracts

274,962

Credit

contracts

...............

Investments

(2,325,086)

a

Investments

—

Written

options

1,223,062

Written

options

—

Swap

contracts

(1,261,470)

Swap

contracts

(1,851,264)

Total

.......................

$(8,420,153)

$4,378,745

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
Futures

contracts

..........................................................................

$

370,640,077

Swap

contracts

............................................................................

67,740,000

Forwards

exchange

contracts

.................................................................

9,248,741

Options

..................................................................................

64,971,429

9. #### Other

#### Derivative

#### Information
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

10. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

October

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

11. #### Redemption

#### In-Kind
During

the year

ended

April

30,

2025,

Franklin

Small

Cap

Growth

Fund

realized

$11,579,715

of

net

gains

resulting

from

redemptions in-kind

in

which

shareholders

redeemed

fund

shares

for

cash

and

securities

held

by

the

Fund.

Because

such

gains

are

not

taxable

to

the

Fund,

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

During

the year

ended

April

30,

2025,

Franklin

Small-Mid

Cap

Growth

Fund

realized

$5,735,544

of

net

gains

resulting

from

a

redemption in-kind

in

which

a

shareholder

redeemed

fund

shares

for

cash

and

securities

held

by

the

Fund.

Because

such

gains

are

not

taxable

to

the

Fund,

and

are

not

distributed

to

remaining

shareholders,

they

are

reclassified

from

accumulated

net

realized

gains

to

paid-in

capital.

12. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

October

31,

2025,

in

valuing

the

Funds'

assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Biotechnology

.........................

$

734,979,579

$

5,518,467

$

435,455

$

740,933,501

Health

Care

Providers

&

Services

..........

24,735,506

—

—

24,735,506

Life

Sciences

Tools

&

Services

............

4,867,639

2,415,612

—

7,283,251

Pharmaceuticals

.......................

127,145,937

—

—

127,145,937

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Convertible

Preferred

Stocks

................

$

—

$

—

$

2,154,745

$

2,154,745

Preferred

Stocks

:

Life

Sciences

Tools

&

Services

............

—

2,531,178

—

2,531,178

Real

Estate

Management

&

Development

....

—

—

2,217,006

2,217,006

Warrants

:

Biotechnology

.........................

—

5,085,982

5,338,921

10,424,903

Pharmaceuticals

.......................

12,633

—

—

12,633

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

71,085,373

—

—

71,085,373

Total

Investments

in

Securities

...........

$962,826,667

$15,551,239

b

$10,146,127

$988,524,033

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Hotels,

Restaurants

&

Leisure

.............

—

12,350

—

12,350

Machinery

............................

—

—

871,268

871,268

Oil,

Gas

&

Consumable

Fuels

.............

24,008

241,500

—

265,508

Warrants

...............................

—

—

—

a

—

Corporate

Bonds

:

Aerospace

&

Defense

...................

—

27,046,902

—

27,046,902

Air

Freight

&

Logistics

...................

—

927,507

—

927,507

Automobile

Components

.................

—

4,266,410

—

4,266,410

Automobiles

..........................

—

7,371,870

—

7,371,870

Banks

...............................

—

130,442,710

—

130,442,710

Biotechnology

.........................

—

10,738,365

—

10,738,365

Broadline

Retail

.......................

—

4,664,565

—

a

4,664,565

Building

Products

......................

—

13,392,547

—

13,392,547

Capital

Markets

........................

—

77,356,987

—

77,356,987

Chemicals

...........................

—

11,178,764

—

11,178,764

Commercial

Services

&

Supplies

...........

—

16,004,476

—

16,004,476

Communications

Equipment

..............

—

7,563,900

—

7,563,900

Construction

&

Engineering

...............

—

3,936,037

—

3,936,037

Consumer

Finance

.....................

—

41,877,053

—

41,877,053

Containers

&

Packaging

.................

—

8,517,606

—

8,517,606

Diversified

Consumer

Services

............

—

4,269,667

—

4,269,667

Diversified

REITs

......................

—

8,012,708

—

8,012,708

Diversified

Telecommunication

Services

.....

—

15,670,329

—

15,670,329

Electric

Utilities

........................

—

67,052,581

—

67,052,581

Electronic

Equipment,

Instruments

&

Components

........................

—

20,743,042

—

20,743,042

Energy

Equipment

&

Services

.............

—

10,979,080

—

10,979,080

Entertainment

.........................

—

4,756,060

—

4,756,060

Financial

Services

......................

—

16,073,975

—

16,073,975

Food

Products

........................

—

13,990,269

—

13,990,269

Gas

Utilities

..........................

—

1,975,626

—

1,975,626

Ground

Transportation

..................

—

16,595,143

—

16,595,143

Health

Care

Equipment

&

Supplies

.........

—

8,597,642

—

8,597,642

Health

Care

Providers

&

Services

..........

—

59,697,400

—

59,697,400

Health

Care

REITs

.....................

—

10,166,526

—

10,166,526

Health

Care

Technology

.................

—

3,861,009

—

3,861,009

Hotel

&

Resort

REITs

...................

—

5,933,471

—

5,933,471

Hotels,

Restaurants

&

Leisure

.............

—

24,853,166

—

24,853,166

Household

Durables

....................

—

11,032,362

—

11,032,362

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Corporate

Bonds:

(continued)

Independent

Power

and

Renewable

Electricity

Producers

..........................

$

—

$

21,855,892

$

—

$

21,855,892

Insurance

............................

—

55,864,660

—

55,864,660

Interactive

Media

&

Services

..............

—

2,126,252

—

2,126,252

IT

Services

...........................

—

18,133,134

—

18,133,134

Leisure

Products

.......................

—

1,131,532

—

1,131,532

Machinery

............................

—

5,514,316

—

5,514,316

Media

...............................

—

53,503,655

—

53,503,655

Metals

&

Mining

.......................

—

11,194,518

—

11,194,518

Mortgage

Real

Estate

Investment

Trusts

(REITs)

............................

—

1,061,053

—

1,061,053

Multi-Utilities

..........................

—

18,728,516

—

18,728,516

Oil,

Gas

&

Consumable

Fuels

.............

—

129,622,867

—

129,622,867

Passenger

Airlines

.....................

—

744,614

—

744,614

Personal

Care

Products

.................

—

11,168,958

—

11,168,958

Pharmaceuticals

.......................

—

22,898,142

—

22,898,142

Professional

Services

...................

—

1,327,237

—

1,327,237

Residential

REITs

......................

—

2,691,946

—

2,691,946

Semiconductors

&

Semiconductor

Equipment

.

—

9,531,893

—

9,531,893

Software

.............................

—

9,180,515

—

9,180,515

Specialized

REITs

......................

—

7,890,350

—

7,890,350

Specialty

Retail

........................

—

1,906,834

—

1,906,834

Technology

Hardware,

Storage

&

Peripherals

.

—

14,233,655

—

14,233,655

Textiles,

Apparel

&

Luxury

Goods

..........

—

2,198,776

—

2,198,776

Tobacco

.............................

—

9,309,749

—

9,309,749

Trading

Companies

&

Distributors

..........

—

6,134,550

—

6,134,550

Transportation

Infrastructure

..............

—

154,275

—

154,275

Wireless

Telecommunication

Services

.......

—

27,443,085

30,370

27,473,455

Senior

Floating

Rate

Interests

...............

—

50,888,585

126,345

a

51,014,930

Marketplace

Loans

.......................

—

—

7,671,511

7,671,511

Foreign

Government

and

Agency

Securities

....

—

66,690,578

—

66,690,578

U.S.

Government

and

Agency

Securities

.......

—

414,716,309

—

414,716,309

Asset-Backed

Securities

...................

—

203,960,962

—

203,960,962

Commercial

Mortgage-Backed

Securities

......

—

109,810,764

—

109,810,764

Mortgage-Backed

Securities

................

—

824,694,306

—

824,694,306

Residential

Mortgage-Backed

Securities

.......

—

76,605,899

—

76,605,899

Agency

Commercial

Mortgage-Backed

Securities

—

105,776,726

—

105,776,726

Escrows

and

Litigation

Trusts

...............

—

30,300

9,428

39,728

Short

Term

Investments

...................

141,185,287

—

—

141,185,287

Total

Investments

in

Securities

...........

$141,209,295

$2,968,525,008

$8,708,922

$3,118,443,225

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$109,454

$—

$109,454

Futures

Contracts

.......................

4,656,807

—

—

4,656,807

Swap

Contracts

.........................

—

494,568

—

494,568

Unfunded

Loan

Commitments

..............

—

—

Total

Other

Financial

Instruments

.........

$4,656,807

$604,307

$—

$5,261,114

#### Liabilities:
Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

—

5,264

—

5,264

Futures

Contracts

........................

263,778

—

—

263,778

Swap

Contracts

.........................

—

1,825,361

—

1,825,361

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund
(continued)

#### Liabilities:
(continued)

Other

Financial

Instruments:

(continued)

Unfunded

Loan

Commitments

...............

$—

$39

$—

$39

Total

Other

Financial

Instruments

.........

$263,778

$1,830,664

$—

$2,094,442

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

136,131,989

—

36,954,961

173,086,950

Automobiles

..........................

113,422,288

—

—

113,422,288

Beverages

...........................

24,444,135

—

—

24,444,135

Biotechnology

.........................

43,154,283

—

—

43,154,283

Broadline

Retail

.......................

256,711,502

—

—

256,711,502

Building

Products

......................

62,771,519

—

—

62,771,519

Capital

Markets

........................

106,496,476

—

—

106,496,476

Chemicals

...........................

37,133,328

—

—

37,133,328

Commercial

Services

&

Supplies

...........

43,720,613

—

5,968,962

a

49,689,575

Communications

Equipment

..............

50,448,027

—

—

50,448,027

Construction

Materials

..................

35,115,302

—

—

35,115,302

Consumer

Staples

Distribution

&

Retail

......

21,918,858

—

—

21,918,858

Electrical

Equipment

....................

37,067,449

—

—

37,067,449

Electronic

Equipment,

Instruments

&

Components

........................

106,847,027

—

—

106,847,027

Entertainment

.........................

225,147,879

—

—

225,147,879

Financial

Services

......................

118,650,251

—

—

118,650,251

Ground

Transportation

..................

45,168,755

—

—

45,168,755

Health

Care

Equipment

&

Supplies

.........

103,112,531

—

—

103,112,531

Health

Care

Providers

&

Services

..........

72,178,429

—

—

72,178,429

Hotels,

Restaurants

&

Leisure

.............

64,828,630

—

—

64,828,630

Interactive

Media

&

Services

..............

464,995,821

—

—

464,995,821

IT

Services

...........................

52,305,086

—

24,565,347

76,870,433

Leisure

Products

.......................

—

—

63,809,784

63,809,784

Life

Sciences

Tools

&

Services

............

27,845,226

—

—

27,845,226

Machinery

............................

36,591,955

—

—

36,591,955

Personal

Care

Products

.................

37,122,807

—

—

37,122,807

Pharmaceuticals

.......................

97,222,750

—

—

97,222,750

Professional

Services

...................

21,594,675

—

—

21,594,675

Real

Estate

Management

&

Development

....

23,727,752

—

—

23,727,752

Semiconductors

&

Semiconductor

Equipment

.

984,756,831

—

—

984,756,831

Software

.............................

699,303,566

—

24,932,461

a

724,236,027

Specialty

Retail

........................

54,254,233

—

—

54,254,233

Technology

Hardware,

Storage

&

Peripherals

.

248,584,667

—

—

248,584,667

Trading

Companies

&

Distributors

..........

16,461,566

—

—

16,461,566

Wireless

Telecommunication

Services

.......

21,031,046

—

—

21,031,046

Convertible

Preferred

Stocks

................

—

—

83,709,178

83,709,178

Preferred

Stocks

.........................

—

—

12,964,780

12,964,780

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

38,373,071

—

—

38,373,071

Total

Investments

in

Securities

...........

$4,528,640,323

$—

$252,905,473

$4,781,545,796

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Natural

#### Resources

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Agricultural

Products

&

Services

...........

$

2,421,760

$

—

$

—

$

2,421,760

Coal

&

Consumable

Fuels

................

2,647,239

—

—

2,647,239

Construction

&

Engineering

...............

1,675,557

—

—

1,675,557

Construction

Materials

..................

7,050,650

—

—

7,050,650

Copper

..............................

22,091,887

4,756,628

—

26,848,515

Diversified

Chemicals

...................

530,748

—

—

530,748

Diversified

Metals

&

Mining

...............

35,149,639

7,615,301

—

42,764,940

Electrical

Components

&

Equipment

........

2,128,956

—

—

2,128,956

Electronic

Equipment

&

Instruments

........

1,263,150

—

—

1,263,150

Fertilizers

&

Agricultural

Chemicals

.........

12,385,917

—

—

12,385,917

Gold

................................

47,495,197

—

—

47,495,197

Heavy

Electrical

Equipment

..............

2,340,560

—

—

2,340,560

Industrial

Gases

.......................

13,044,463

—

—

13,044,463

Industrial

Machinery

&

Supplies

&

Components

2,790,725

—

—

2,790,725

Integrated

Oil

&

Gas

....................

48,626,407

—

—

48,626,407

Metal,

Glass

&

Plastic

Containers

..........

3,595,774

—

—

3,595,774

Oil

&

Gas

Drilling

......................

1,030,452

—

—

1,030,452

Oil

&

Gas

Equipment

&

Services

...........

23,034,067

1,592,815

—

24,626,882

Oil

&

Gas

Exploration

&

Production

.........

50,711,540

2,381,766

—

53,093,306

Oil

&

Gas

Refining

&

Marketing

............

15,413,454

—

—

15,413,454

Oil

&

Gas

Storage

&

Transportation

.........

25,604,352

—

—

25,604,352

Paper

&

Plastic

Packaging

Products

&

Materials

1,644,384

—

—

1,644,384

Precious

Metals

&

Minerals

...............

345,020

—

—

345,020

Specialty

Chemicals

....................

3,978,814

—

—

3,978,814

Steel

................................

4,472,485

—

—

4,472,485

Convertible

Preferred

Stocks

:

Environmental

&

Facilities

Services

.........

—

—

1,899,983

1,899,983

Specialty

Chemicals

....................

1,362,284

—

—

1,362,284

Warrants

..............................

347,618

—

—

347,618

Convertible

Bonds

.......................

—

2,653,847

—

2,653,847

Short

Term

Investments

...................

14,152,051

—

—

14,152,051

Total

Investments

in

Securities

...........

$347,335,150

$19,000,357

c

$1,899,983

$368,235,490

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

$

195,923,501

$

—

$

—

$

195,923,501

Banks

...............................

34,607,094

—

—

34,607,094

Biotechnology

.........................

230,670,337

—

—

230,670,337

Building

Products

......................

57,424,213

—

—

57,424,213

Capital

Markets

........................

92,634,497

—

—

92,634,497

Commercial

Services

&

Supplies

...........

—

—

—

a

—

Communications

Equipment

..............

38,493,727

—

—

38,493,727

Construction

&

Engineering

...............

115,397,198

—

—

115,397,198

Construction

Materials

..................

6,016,206

—

—

6,016,206

Consumer

Staples

Distribution

&

Retail

......

20,658,634

—

—

20,658,634

Diversified

Consumer

Services

............

3,133,614

—

—

3,133,614

Electronic

Equipment,

Instruments

&

Components

........................

73,749,931

—

—

73,749,931

Energy

Equipment

&

Services

.............

45,430,111

—

—

45,430,111

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Financial

Services

......................

$

50,569,439

$

—

$

—

$

50,569,439

Food

Products

........................

37,065,243

—

—

37,065,243

Health

Care

Equipment

&

Supplies

.........

75,774,370

—

—

75,774,370

Health

Care

Providers

&

Services

..........

121,505,472

—

—

121,505,472

Health

Care

Technology

.................

28,771,048

—

—

28,771,048

Hotel

&

Resort

REITs

...................

9,469,720

—

—

9,469,720

Hotels,

Restaurants

&

Leisure

.............

109,982,347

—

—

109,982,347

Household

Durables

....................

45,071,401

—

—

45,071,401

Interactive

Media

&

Services

..............

9,225,791

—

—

9,225,791

Life

Sciences

Tools

&

Services

............

23,841,849

—

—

23,841,849

Machinery

............................

48,264,680

—

—

48,264,680

Media

...............................

44,508,848

—

—

44,508,848

Oil,

Gas

&

Consumable

Fuels

.............

31,087,985

—

—

31,087,985

Passenger

Airlines

.....................

50,979,349

—

—

50,979,349

Personal

Care

Products

.................

32,662,887

—

—

32,662,887

Pharmaceuticals

.......................

37,691,534

—

—

37,691,534

Professional

Services

...................

22,988,577

—

—

22,988,577

Semiconductors

&

Semiconductor

Equipment

.

211,340,627

—

—

211,340,627

Software

.............................

362,740,863

—

467,610

363,208,473

Specialty

Retail

........................

53,627,443

—

—

53,627,443

Textiles,

Apparel

&

Luxury

Goods

..........

20,248,475

—

—

20,248,475

Trading

Companies

&

Distributors

..........

23,347,338

—

—

23,347,338

Convertible

Preferred

Stocks

................

—

—

73,315,123

73,315,123

Preferred

Stocks

.........................

—

—

9,974,133

a

9,974,133

Rights

.................................

—

—

—

a

—

Escrows

and

Litigation

Trusts

...............

—

—

—

a

—

Short

Term

Investments

...................

62,444,594

—

—

62,444,594

Total

Investments

in

Securities

...........

$2,427,348,943

$—

$83,756,866

$2,511,105,809

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

...................

276,616,235

—

—

276,616,235

Banks

...............................

35,443,592

—

—

35,443,592

Biotechnology

.........................

207,337,798

—

—

207,337,798

Building

Products

......................

57,587,667

—

—

57,587,667

Capital

Markets

........................

317,343,210

—

—

317,343,210

Consumer

Staples

Distribution

&

Retail

......

23,841,268

—

—

23,841,268

Electrical

Equipment

....................

155,969,265

—

—

155,969,265

Entertainment

.........................

143,790,752

—

—

143,790,752

Financial

Services

......................

19,752,790

—

—

19,752,790

Ground

Transportation

..................

34,331,005

—

—

34,331,005

Health

Care

Equipment

&

Supplies

.........

133,897,322

—

—

133,897,322

Health

Care

Providers

&

Services

..........

93,197,837

—

—

93,197,837

Health

Care

Technology

.................

75,370,422

—

—

75,370,422

Hotels,

Restaurants

&

Leisure

.............

432,161,545

—

—

432,161,545

Household

Durables

....................

38,058,708

—

—

38,058,708

Independent

Power

and

Renewable

Electricity

Producers

..........................

68,838,337

—

—

68,838,337

Interactive

Media

&

Services

..............

45,664,065

—

—

45,664,065

IT

Services

...........................

67,773,201

—

—

67,773,201

Leisure

Products

.......................

—

—

49,174,484

49,174,484

Life

Sciences

Tools

&

Services

............

45,467,921

—

—

45,467,921

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

At

October

31,

2025,

the

reconciliations

are

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Common

Stocks:

(continued)

Machinery

............................

$

53,326,682

$

—

$

—

$

53,326,682

Media

...............................

67,658,083

—

—

a

67,658,083

Oil,

Gas

&

Consumable

Fuels

.............

72,019,689

—

—

72,019,689

Personal

Care

Products

.................

7,925,124

—

—

7,925,124

Professional

Services

...................

133,863,923

—

—

133,863,923

Real

Estate

Management

&

Development

....

8,676,455

—

—

8,676,455

Residential

REITs

......................

19,753,338

—

—

19,753,338

Semiconductors

&

Semiconductor

Equipment

.

208,957,861

—

—

a

208,957,861

Software

.............................

426,466,693

—

5,832,307

432,299,000

Specialty

Retail

........................

261,069,308

—

—

261,069,308

Trading

Companies

&

Distributors

..........

72,681,783

—

—

72,681,783

Convertible

Preferred

Stocks

................

—

—

84,245,460

84,245,460

Preferred

Stocks

.........................

—

—

195,126

195,126

Warrants

...............................

—

—

1,932

1,932

Convertible

Bonds

.......................

—

—

198,705

198,705

Senior

Floating

Rate

Interests

...............

—

—

914,855

914,855

Short

Term

Investments

...................

70,834,292

—

—

70,834,292

Total

Investments

in

Securities

...........

$3,675,676,171

$—

$140,562,869

$3,816,239,040

a

Includes

financial

instruments

determined

to

have

no

value.

b

Includes

foreign

securities

valued

at

$10,465,257,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

c

Includes

foreign

securities

valued

at

$16,346,510,

which

were

categorized

as

Level

as

a

result

of

the

application

of

market

level

fair

value

procedures.

See

the

Financial

Instrument

Valuation

note

for

more

information.

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (#### Amortiza

#### -

#### tion

####)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciatio

#### n

#### (#### Depreciation

####)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Biotechnology

#### Discovery

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Biotechnology

......

$

400,031

$

—

$

—

$

—

$

—

$

—

$

—

$

35,424

$

435,455

$

35,424

Convertible

Preferred

Stocks

:

Household

Products

..

1,275,136

—

—

—

—

—

—

879,609

2,154,745

879,609

Preferred

Stocks

:

Real

Estate

Management

&

Development

.....

1,311,980

—

—

—

—

—

—

905,026

2,217,006

905,026

Warrants

:

Biotechnology

......

289,723

1,020,138

(9) c

—

—

—

(13) 4,029,082

5,338,921

4,029,082

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Biotechnology

#### Discovery

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Escrows

and

Litigation

Trusts

:

$

—

c

$

—

$

(776,290)

$

—

$

—

$

—

$

776,290

$

—

$

—

c

$

—

Total

Investments

in

Securities

............

$3,276,870

$1,020,138

$(776,299)

$—

$—

$—

$776,277

$5,849,141

$10,146,127

$5,849,141

#### Franklin

#### Core

#### Plus

#### Bond

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Broadline

Retail

.....

—

c

—

—

c

—

—

—

(986,430)

986,430

—

—

Machinery

.........

750,386

—

—

—

—

—

—

120,882

871,268

120,882

Management

Investment

Companies

:

Capital

Markets

.....

24,292,230

—

(23,568,878)

—

—

—

338,565

(1,061,917)

—

—

Warrants

:

Machinery

.........

1,787

—

—

—

—

—

—

(1,787)

—

c

(1,787)

Oil,

Gas

&

Consumable

Fuels

..........

—

c

—

—

c

—

—

—

—

—

—

—

Software

..........

—

c

—

—

—

—

—

—

—

—

c

—

Corporate

Bonds

:

Broadline

Retail

.....

—

c

—

—

—

—

—

—

—

—

c

—

Financial

Services

...

—

c

—

(20,345)

—

—

—

(1,446,931)

1,467,276

—

—

Wireless

Telecommunication

Services

........

30,370

—

—

—

—

10,342

—

(10,342)

30,370

(10,342)

Senior

Floating

Rate

Interests

:

Containers

&

Packaging

—

123,867

—

—

—

7,889

—

(5,411)

126,345

(5,411)

Software

..........

—

c

—

—

—

—

—

—

—

—

c

—

Marketplace

Loans

:

Financial

Services

...

29,226,804

78,621

(21,414,318)

—

—

—

116,402

(335,998)

7,671,511

(4,314,402)

Escrows

and

Litigation

Trusts

...........

8,787

—

—

—

—

—

—

641

9,428

641

Total

Investments

in

Securities

............

$54,310,364

$202,488

$(45,003,541)

$—

$—

$18,231

$(1,978,394)

$1,159,774

$8,708,922

$(4,210,419)

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

.

26,428,545

4,807,041

—

—

—

—

—

5,719,375

36,954,961

5,719,375

Commercial

Services

&

Supplies

........

6,471,119

—

c

—

—

—

—

—

(502,157)

5,968,962

c

(502,157)

IT

Services

........

19,175,724

—

—

—

—

—

—

5,389,623

24,565,347

5,389,623

Leisure

Products

....

55,397,163

—

—

—

—

—

—

8,412,621

63,809,784

8,412,621

Software

..........

21,592,488

c

3,727,240

—

—

—

—

—

(387,267)

24,932,461

c

(387,267)

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

.

—

7,367,980

—

—

—

—

—

2,854,338

10,222,318

2,854,338

Automobile

Components

12,588,882

—

—

—

—

—

—

58,117

12,646,999

58,117

Software

..........

37,296,393

—

—

—

—

—

—

23,543,468

60,839,861

23,543,468

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Growth

#### Opportunities

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Preferred

Stocks

:

Commercial

Services

&

Supplies

........

$

7,445,041

$

—

$

(549,993)

$

—

$

—

$

—

$

(10,392,598)

$

3,497,550

$

—

$

—

Software

..........

5,669,986

6,999,887

—

—

—

—

—

294,907

12,964,780

294,907

Escrows

and

Litigation

Trusts

:

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$192,065,341

$22,902,148

$(549,993)

$—

$—

$—

$(10,392,598)

$48,880,575

$252,905,473

$45,383,025

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Commercial

Services

&

Supplies

........

—

—

c

—

—

—

—

—

—

—

c

—

Software

..........

412,783

—

—

—

—

—

—

54,827

467,610

54,827

Convertible

Preferred

Stocks

:

Automobile

Components

14,585,176

—

—

—

—

—

—

67,333

14,652,509

67,333

Diversified

Consumer

Services

........

11,929,905

—

—

—

—

—

—

902,216

12,832,121

902,216

Software

..........

36,310,373

—

—

—

—

—

—

5,576,087

41,886,460

5,576,086

Specialty

Retail

.....

5,047,362

—

—

—

—

—

—

(1,103,329)

3,944,033

(1,103,329)

Preferred

Stocks

:

Automobile

Components

7,317,732

c

—

—

—

—

—

—

1,136,894

8,454,626

c

1,136,894

Commercial

Services

&

Supplies

........

7,429,670

—

(548,857)

—

—

—

(10,371,141)

3,490,328

—

—

Software

..........

1,456,951

—

—

—

—

—

—

62,556

1,519,507

62,556

Rights

:

Biotechnology

......

802,045

—

(820,999)

—

—

—

660,905

(641,951)

—

c

(802,046)

Escrows

and

Litigation

Trusts

...........

—

c

—

—

—

—

—

—

—

—

c

—

Total

Investments

in

Securities

............

$85,291,997

$—

$(1,369,856)

$—

$—

$—

$(9,710,236)

$9,544,961

$83,756,866

$5,894,537

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Leisure

Products

....

42,691,367

—

—

—

—

—

—

6,483,117

49,174,484

6,483,117

Media

...........

—

c

—

—

—

—

—

—

—

—

c

—

Semiconductors

&

Semiconductor

Equipment

.......

—

c

—

—

—

—

—

—

—

—

c

—

Software

..........

6,311,036

—

—

—

—

—

—

(478,729)

5,832,307

(478,729)

Convertible

Preferred

Stocks

:

Aerospace

&

Defense

.

16,944,894

—

—

—

—

—

—

6,564,872

23,509,766

6,564,872

Diversified

Consumer

Services

........

7,130,256

—

—

—

—

—

—

539,235

7,669,491

539,235

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unrealized

#### Appreciation
(Depreciation)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Convertible

Preferred

Stocks:

(continued)

Semiconductors

&

Semiconductor

Equipment

.......

$

135,046

$

—

$

—

$

—

$

—

$

—

$

—

$

(134,924)

$

$

(134,924)

Software

..........

35,005,434

—

—

—

—

—

—

18,060,64

53,066,081

18,060,64

Preferred

Stocks

:

Semiconductors

&

Semiconductor

Equipment

.......

180,297

—

—

—

—

—

—

14,829

195,126

14,829

Warrants

:

Semiconductors

&

Semiconductor

Equipment

.......

6,183

—

—

—

—

—

—

(4,251)

1,932

(4,251)

Convertible

Bonds

:

Semiconductors

&

Semiconductor

Equipment

.......

198,705

—

—

—

—

—

—

—

198,705

—

Senior

Floating

Rate

Interests

:

Semiconductors

&

Semiconductor

Equipment

.......

824,303

52,056

—

—

—

14,007

—

24,489

914,855

24,489

Total

Investments

in

Securities

............

$109,427,521

$52,056

$—

$—

$—

$14,007

$—

$31,069,285

$140,562,869

$31,069,285

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Includes

financial

instruments

determined

to

have

no

value.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Significant

unobservable

valuation

inputs

for

material

Level

3 assets

and/or

liabilities and

impact

to

fair

value

as

a

result

of

changes

in

unobservable

valuation

inputs

as

of

October

31,

2025,

are

as

follows:

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Period

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### /

#### Range

#### (Weighted

#### Average)

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Growth

#### Opportunities

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks:

Leisure

Products.

.

.

.

.

.

.

$63,809,784

Market

comparables

Discount

for

lack

of

marketability

10.4%

Decrease

EV

/

revenue

multiple

3.1x

Increase

Revenue

$9.2

bil

Increase

Trade

Price

$60.9

Increase

All

Other

Investments.

.

.

.

189,095,689

b,c,d

Total.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$252,905,473

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Period

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### /

#### Range

#### (Weighted

#### Average)

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Small

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Convertible

Preferred

Stocks:

Automobile

Components.

.

.

.

.

$14,652,509

Market

comparables

Discount

for

lack

of

marketability

8.5%

Decrease

Estimated

Revenue

$314.5

mil

Increase

EV

/

revenue

multiple

24.8x

Increase

Trade

Price

$14.8

Increase

Volatility

39.0%

Increase

Diversified

Consumer

Services.

.

.

.

.

$12,832,121

Market

comparables

Discount

for

lack

of

marketability

9.5%

Decrease

Estimated

EBITDA

$46.8

mil

Increase

EV

/

EBITDA

multiple

7.7x

Increase

EV

/

revenue

multiple

1.2x

Increase

Estimated

Revenue

$124.7

mil

Increase

Volatility

51.3%

Increase

Software

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$22,456,327

Market

comparables

Discount

for

lack

of

marketability

7.1%

Decrease

Estimated

Revenue

$447.0

mil

Increase

EV

/

revenue

multiple

4.6x

Increase

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

13. #### Operating

#### Segments
Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Period

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### /

#### Range

#### (Weighted

#### Average)

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a
Volatility

32.5%

Increase

All

Other

Investments.

.

.

.

33,815,909

b,c

Total.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$83,756,866

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Period

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### /

#### Range

#### (Weighted

#### Average)

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Small-Mid

#### Cap

#### Growth

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks:

Leisure

Products

...............

$49,174,484

Market

comparables

Discount

for

lack

of

marketability

10.4%

Decrease

EV

/

revenue

multiple

3.1x

Increase

Revenue

$9.2

bil

Increase

Trade

Price

$60.9

Increase

All

Other

Investments.

.

.

.

.

.

.

.

.

91,388,385

b,c,d

Total.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

$140,562,869

a

Represents

the

directional

change

in

the

fair

value

of

the

Level

financial

instruments

that

would

result

from

a

significant

and

reasonable

increase

in

the

corresponding

input.

A

significant

and

reasonable

decrease

in

the

input

would

have

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

b

Includes

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs.

c

Includes

financial

instruments

determined

to

have

no

value.

d

Includes

the

fair

value

of

assets

and/or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

or

non-public

third-party

pricing

information

that

is

unobservable.

#### Abbreviations

#### List

#### EBITDA

#### -
Earnings

before

interest,

taxes,

depreciation

and

amortization

#### EV
-

Enterprise

value

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

14. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

15. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

13. #### Operating

#### Segments
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Counterparty

#### CITI
Citibank

NA

#### JPHQ
JPMorgan

Chase

Bank

NA

#### Currency

#### EUR
Euro

#### GBP
British

Pound

#### USD
United

States

Dollar

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### BDC
Business

Development

Company

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### CVR
Contingent

Value

Right

#### FFCB
Federal

Farm

Credit

Banks

Funding

Corp.

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### IO
Interest

Only

#### MBS
Mortgage-Backed

Security

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

Franklin

Strategic

Series

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FSS-SFSOI

12/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fss-efp20778_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fss-efp20778_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Franklin Strategic Series**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | December 29, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Strategic Series**;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| Date: | December 29, 2025 |
| /s/ Christopher Kings | /s/ Christopher Kings |
| Christopher Kings | Christopher Kings |
| Chief Executive Officer – Finance and Administration | Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Strategic Series**;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, 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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | |
|:---|:---|
| Date: | December 29, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Strategic Series.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Strategic Series | Franklin Strategic Series |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: December 29, 2025 | Date: December 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.