# EDGAR Filing Document

**Accession Number:** 0000872625
**File Stem:** 0001133228-25-011464
**Filing Date:** 2025-10
**Character Count:** 269035
**Document Hash:** 7653e661153b3f3ca41a1aa6fbcaab04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011464.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011464

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06243
- **FILM NUMBER:** 251432121

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-09-1174200004100_FranklinTempletonSMACSSeriesE_ClassA_TSRAnnual

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: **August 31**

Date of reporting period: **August 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 Templeton SMACS: Series E**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Templeton SMACS: Series E for the period September 1, 2024, to August 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 YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Templeton SMACS: Series E<sup>1</sup>  | $0 | 0.00% |

---

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

1 Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series E returned 12.34%. The Fund compares its performance to the MSCI USA High Dividend Yield Index, which returned 6.68% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Information technology (IT), industrials, and materials sectors led absolute returns during the period. |
| ↑ | Boeing and Broadcom added value within industrials and IT, respectively, while Philip Morris International contributed within consumer staples. |
| ↑ | Selection within the industrials and IT sectors assisted relative returns, as did an underweight allocation to consumer staples. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | The energy sector detracted from absolute returns. |
| ↓ | In terms of individual issuers, PepsiCo and Target hindered performance within consumer staples. UnitedHealth Group also detracted within health care. |
| ↓ | Relative returns were weakened by selection and underweight positioning within the financials and health care sectors, as well as selection within energy. |

---

Franklin Templeton SMACS: Series E PAGE 1 3001-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares, or the effect of fees and expenses borne by investors at the separately managed account level.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Templeton SMACS: Series E** 6/3/2019 — 8/31/2025

![image](ts4963img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/3/2019)** |
| **Franklin Templeton SMACS: Series E**  | 12.34 | 14.02 | 12.66 |
| **Russell 3000 Index**  | 15.84 | 14.11 | 16.06 |
| **MSCI USA High Dividend Yield Index**  | 6.68 | 10.44 | 9.77 |

---

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $413849433 |
| **Total Number of Portfolio Holdings** | 110 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 103.34% |

---

Franklin Templeton SMACS: Series E PAGE 2 3001-ATSR-1025

------

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

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

![image](ts4963img004.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 Templeton SMACS: Series E PAGE 3 3001-ATSR-1025

10000107311092114301143551590718736210481000010640129211719114908171082158024999100001065411012137641317314195169581809027.416.311.79.39.08.25.44.94.03.10.7 ------

---

| | |
|:---|:---|
| **Franklin Templeton SMACS: Series I**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Templeton SMACS: Series I for the period September 1, 2024, to August 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 YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Templeton SMACS: Series I<sup>1</sup>  | $0 | 0.00% |

---

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

1 Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series I returned 7.57%. The Fund compares its performance to the Bloomberg High Yield Very Liquid Index and the 50% Bloomberg High Yield Very Liquid Index and 50% Bloomberg U.S. Corporate Index, which returned 7.98% and 5.95%, respectively, for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Returns were driven by health care, in addition to securitized products and the consumer discretionary sector. |
| ↑ | The Federal Home Loan Mortgage Corporation (Freddie Mac) led returns within securitized products, while Community Health Systems contributed within health care. CommScope Holding also added value within information technology (IT). |
| ↑ | Relative performance benefited from selection and underweight allocations to the IT, consumer discretionary, and energy sectors. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | U.S. Treasuries (USTs) detracted from returns. |
| ↓ | In addition to USTs, Ardagh Holdings and Pfizer hindered results within the materials and health care sectors, respectively. |
| ↓ | Selection and underweight positioning within the communication services sector weakened relative returns, as did overweight allocations to USTs and securitized products. |

---

Franklin Templeton SMACS: Series I PAGE 1 3003-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares, or the effect of fees and expenses borne by investors at the separately managed account level.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Templeton SMACS: Series I** 6/3/2019 — 8/31/2025

![image](ts4950img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/3/2019)** |
| **Franklin Templeton SMACS: Series I**  | 7.57 | 5.77 | 4.19 |
| **Bloomberg U.S. Aggregate Index**  | 3.14 | -0.68 | 1.06 |
| **Bloomberg High Yield Very Liquid Index**  | 7.98 | 4.67 | 5.01 |
| **50% Bloomberg High Yield Very Liquid Index and 50%** **Bloomberg U.S. Corporate Index**  | 5.95 | 2.34 | 3.59 |

---

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $615016164 |
| **Total Number of Portfolio Holdings** | 167 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 52.45% |

---

Franklin Templeton SMACS: Series I PAGE 2 3003-ATSR-1025

------

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

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

![image](ts4950img004.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 Templeton SMACS: Series I PAGE 3 3003-ATSR-1025

10000102259763113729908106591201312922100001041111085110759800968310390107151000010359107871173310409111531255213553100001049311111117361020210614117751247622.020.412.412.08.78.35.34.44.11.50.40.5 ------

---

| | |
|:---|:---|
| **Franklin Templeton SMACS: Series CH**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Templeton SMACS: Series CH for the period September 1, 2024, to August 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 YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Templeton SMACS: Series CH<sup>1</sup>  | $0 | 0.00% |

---

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

1 Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series CH Fund returned -1.39%. The Fund compares its performance to the Bloomberg Municipal Bond California Exempt Index, which returned 0.19% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in BBB rated bonds |
| ↑ | Overweight allocation to 6% coupon bonds |
| ↑ | Security selection in AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight allocation to bonds five or more years to maturity |
| ↓ | Overweight allocation to bonds rated below investment-grade |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Templeton SMACS: Series CH PAGE 1 3000-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares, or the effect of fees and expenses borne by investors at the separately managed account level.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Templeton SMACS: Series CH** 6/3/2019 — 8/31/2025

![image](ts4966img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/3/2019)** |
| **Franklin Templeton SMACS: Series CH**  | -1.39 | 1.29 | 1.56 |
| **Bloomberg Municipal Bond Index**  | 0.08 | 0.40 | 1.26 |
| **Bloomberg Municipal Bond California Exempt Index**  | 0.19 | 0.33 | 1.24 |

---

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $27406851 |
| **Total Number of Portfolio Holdings** | 64 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 28.21% |

---

Franklin Templeton SMACS: Series CH PAGE 2 3000-ATSR-1025

------

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

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

![image](ts4966img004.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 Templeton SMACS: Series CH PAGE 3 3000-ATSR-1025

1000010306103321144099971008211166110101000010277106101097010023101941081510823100001028210629109291000410211107861080760.018.312.35.51.00.50.22.2 ------

---

| | |
|:---|:---|
| **Franklin Templeton SMACS: Series H**  | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Templeton SMACS: Series H for the period September 1, 2024, to August 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 YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Franklin Templeton SMACS: Series H<sup>1</sup>  | $0 | 0.00% |

---

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

1 Does not reflect the effect of fees and expenses associated with a separately managed account, or a management fee or other operating expenses of the Fund.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, Franklin Templeton SMACS: Series H returned -0.84%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 0.08% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight exposure to bonds rated AAA |
| ↑ | Overweight exposure to bonds rated below investment-grade |
| ↑ | Security selection in bonds rated below investment-grade |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight exposure to municipal bonds with 10 or more years to maturity |
| ↓ | Security selection in AAA rated bonds |
| ↓ | Underweight exposure to AA rated bonds |

---

Franklin Templeton SMACS: Series H PAGE 1 3002-ATSR-1025

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares, or the effect of fees and expenses borne by investors at the separately managed account level.

**VALUE OF A $** **10,000 INVESTMENT –** **Franklin Templeton SMACS: Series H** 6/3/2019 — 8/31/2025

![image](ts5037img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended August 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(6/3/2019)** |
| **Franklin Templeton SMACS: Series H**  | -0.84 | 2.28 | 1.99 |
| **Bloomberg Municipal Bond Index**  | 0.08 | 0.40 | 1.26 |

---

Performance figures do not reflect the effect of fees and expenses associated with a separately managed account or a management fee or other operating expenses of the Fund, which if reflected, would reduce performance of the Fund.

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

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

---

| | |
|:---|:---|
| **Total Net Assets** | $26831070 |
| **Total Number of Portfolio Holdings** | 175 |
| **Total Management Fee Paid** | $0 |
| **Portfolio Turnover Rate** | 7.25% |

---

Franklin Templeton SMACS: Series H PAGE 2 3002-ATSR-1025

------

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

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

![image](ts5037img004.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 Templeton SMACS: Series H PAGE 3 3002-ATSR-1025

100001013110102113009964101991140211306100001027710610109701002310194108151082338.511.910.810.29.58.15.12.41.01.00.90.6 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending August 31, 2024 and August 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $132,272 in August 31, 2024 and $183,612 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in August 31, 2024 and $0 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in August 31, 2024 and $39,000 in August 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

The aggregate fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee were $140,000 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included global access to tax platform International Tax View.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in August 31, 2024 and $0 in August 31, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $163,638 in August 31, 2024 and $0 in August 31, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 reports and professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $303,638 in August 31, 2024 and $377,023 in August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

#### Annual
\|

August

31,

2025

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 30
Notes

to

Financial

Statements

#### 34
Report

of

Independent

Registered

Public

Accounting

Firm

#### 48
Tax

Information

#### 49
Changes

In

and

Disagreements

with

Accountants

#### 50
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

#### Templeton

#### SMACS:

#### Series

#### CH
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.96

$8.52

$8.85

$10.51

$9.82

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.48 0.45 0.39 0.36 0.35 Net

realized

and

unrealized

gains

(losses)

...........

(0.60)

0.43 (0.32)

(1.66)

0.69 Total

from

investment

operations

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

(0.12)

0.88 0.07 (1.30)

1.04 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.44)

(0.40)

(0.36)

(0.35)

Net

asset

value,

end

of

year

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

$8.37

$8.96

$8.52

$8.85

$10.51

Total

return

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

(1.39)%

10.75%

0.85%

(12.61)%

10.75%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.50%

2.48%

2.37%

3.11%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

—%

—%

—%

—%

—%

Net

investment

income

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

5.49%

5.27%

4.56%

3.71%

3.44%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$27,407

$22,910

$3,898

$2,957

$3,512

Portfolio

turnover

rate

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

28.21%

38.97%

45.25%

5.65%

2.74%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Schedule

of

Investments,

August

31,

2025

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.9%

#### Diversified

#### Consumer

#### Services

#### 0.9%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

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

$

250,000

$

246,235

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 232,858

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

#### 246,235

#### Municipal

#### Bonds

#### 96.9%

#### Arizona

#### 1.9%
a

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

505,000

530,416

#### California

#### 94.3%
a

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75 %

,

7/01/60

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

500,000

409,437

a

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

4/01/49

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

1,200,000

971,942

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue

,

144A,

2021

,

%

,

8/01/47

200,000

146,021

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

%

,

2/01/56

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

300,000

147,469

Serenity

at

Larkspur

Apartments

,

Revenue

,

144A,

2020

A

,

%

,

2/01/50

.........

1,000,000

649,521

b

Twin

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

8.06 %,

8/01/65

...

1,250,000

42,561

California

Educational

Facilities

Authority

,

St.

Mary's

College

of

California

,

Revenue

,

2023

A

,

Refunding

,

5.5 %

,

10/01/53

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

1,000,000

938,948

a

California

Enterprise

Development

Authority

,

Real

Journey

Academies

Obligated

Group

,

Revenue

,

144A,

2024

A

,

%

,

6/01/54

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

500,000

445,162

a,c

California

Infrastructure

&

Economic

Development

Bank

,

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2025

A

,

Refunding

,

Mandatory

Put

,

9.5 %

,

1/01/35

........

285,000

262,068

California

Municipal

Finance

Authority

,

d

%

,

12/01/42

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

600,000

603,985

a

Revenue

,

144A,

2025

B

,

7.375 %

,

8/01/37

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

300,000

300,130

Special

Tax

,

2024

D

,

%

,

9/01/54

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

380,000

361,084

a

Ascent

613

,

Revenue

,

144A,

2025

A

,

5.375 %

,

1/01/55

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

500,000

454,326

BOLD

Program

,

Special

Tax

,

2022

B

,

Refunding

,

%

,

9/01/52

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

150,000

155,471

BOLD

Program

,

Special

Tax

,

2022

C

,

6.25 %

,

9/01/52

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

150,000

157,635

BOLD

Program

,

Special

Tax

,

2022

D

,

6.125 %

,

9/01/52

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

150,000

156,553

BOLD

Program

,

Special

Tax

,

2023

A

,

5.5 %

,

9/01/53

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

100,000

102,346

BOLD

Program

,

Special

Tax

,

2023

C

,

5.25 %

,

9/01/53

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

1,000,000

994,391

BOLD

Program

,

Special

Tax

,

2024

A

,

%

,

9/01/48

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

100,000

97,793

a

Claremont

Graduate

University

,

Revenue

,

144A,

2020

B

,

Refunding

,

%

,

10/01/49

.

125,000

108,719

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

,

Special

Tax

,

2022

,

%

,

9/01/52

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

150,000

155,471

e

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.375 %

,

9/01/55

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

200,000

198,670

Community

Facilities

District

No.

2023-5

Area

No.

,

Special

Tax

,

2023

,

5.8 %

,

9/01/53

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

1,000,000

1,036,295

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

500,000

475,110

a,b

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

2.617 %,

9/01/43

...........

250,000

178,109

a

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

144A,

2024

A

,

5.75 %

,

5/01/54

.

200,000

193,819

a

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

6.375 %

,

6/15/64

........

250,000

257,616

a

California

Public

Finance

Authority

,

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

11/15/46

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

1,250,000

1,088,226

a

California

School

Finance

Authority

,

Integrity

Charter

School

,

Revenue

,

144A,

2024

,

5.6 %

,

7/01/64

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

500,000

445,460

Orange

County

Educational

Arts

Academy

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.875 %

,

6/01/53

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

100,000

96,017

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

A

,

5.25 %

,

9/01/51

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

100,000

100,347

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

%

,

9/01/53

........

150,000

145,847

Community

Facilities

District

No.

2022-03

,

Special

Tax

,

2023

,

%

,

9/01/53

.......

150,000

145,202

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Community

Facilities

District

No.

2022-07

Improvement

Area

No.

,

Special

Tax

,

2023

,

%

,

9/01/53

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

$

150,000

$

146,713

Community

Facilities

District

No.

2023-08

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

300,000

292,918

Community

Facilities

District

No.

2024-9

,

Special

Tax

,

2024

,

%

,

9/01/54

........

100,000

95,447

Community

Infrastructure

Program

Assessment

District

No.

20-02

,

Special

Assessment

,

2023

,

5.75 %

,

9/02/53

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

1,000,000

1,010,298

c

Foothill

Oak

Park

Apartments

LLC

,

Revenue

,

2025

H-S-A

,

Mandatory

Put

,

7.5 %

,

3/01/36

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

300,000

295,311

a

Loma

Linda

University

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5.25 %

,

12/01/56

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

250,000

228,236

a

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25 %

,

7/01/49

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

100,000

94,964

a

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25 %

,

7/01/52

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

200,000

187,273

Chino

Community

Facilities

District

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2023

,

5.625 %

,

9/01/53

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

1,000,000

1,029,586

a

City

&

County

of

San

Francisco

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

144A,

2023

A

,

5.25 %

,

9/01/48

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

965,000

961,793

District

No.

2020-1

Shoreline

Tax

Zone

,

Special

Tax

,

144A,

2023

C

,

5.75 %

,

9/01/53

1,500,000

1,536,800

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.375 %

,

9/01/51

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

1,250,000

1,262,951

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-8

,

Special

Tax

,

2023

,

%

,

9/01/53

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

150,000

145,631

City

of

Rancho

Cordova

,

Arista

Del

Sol

Community

Facilities

District

No.

2022-1

Improvement

Area

No.

,

Special

Tax

,

2023

,

5.375 %

,

9/01/53

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

200,000

202,047

a

CSCDA

Community

Improvement

Authority

,

CTR

City

Anaheim

,

Revenue

,

144A,

2020

A

,

%

,

1/01/54

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

400,000

346,165

Dublin

,

Revenue

,

144A,

2021

B

,

%

,

2/01/57

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

140,000

100,461

Galt

Community

Facilities

District

,

City

of

Galt

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

,

Special

Tax

,

2023

A

,

%

,

9/01/53

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

1,500,000

1,559,936

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2024-1

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

250,000

247,393

a

Los

Angeles

Housing

Authority

,

Housing

Pathways,

Inc.

,

Revenue

,

144A,

2024

B

,

%

,

12/01/62

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

600,000

545,652

Moreno

Valley

Unified

School

District

,

Community

Facilities

District

No.

2022-1

,

Special

Tax

,

2025

,

5.125 %

,

9/01/55

.....

250,000

240,203

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2025

,

%

,

9/01/55

........

250,000

239,159

Orange

County

Community

Facilities

District

,

Community

Facilities

District

No.

2023-1

,

Special

Tax

,

2023

A

,

5.5 %

,

8/15/53

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

1,000,000

1,016,144

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

2023-1

Area

No.

,

Special

Tax

,

2023

,

5.625 %

,

9/01/53

1,000,000

1,014,545

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

,

Special

Tax

,

2024

,

%

,

9/01/54

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

670,000

631,008

Root

Creek

Water

District

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

,

Special

Tax

,

2025

,

5.25 %

,

9/01/55

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

225,000

219,689

Washington

Township

Health

Care

District

,

Revenue

,

2023

A

,

5.75 %

,

7/01/48

......

150,000

155,482

25,827,556

#### Florida

#### 0.2%
a

,c

Florida

Development

Finance

Corp.

,

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

%

,

7/15/28

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

100,000

62,000

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories

#### 0.5%

#### Puerto

#### Rico

#### 0.5%
GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5 %

,

8/20/40

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

$

135,148

$

130,497

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 26,780,073

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

#### 26,550,469

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 27,012,931

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

#### 26,796,704

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.5%

#### Municipal

#### Bonds

#### 1.5%

#### California

#### 1.5%
f

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.75 %

,

7/01/48

.

400,000

400,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 400,000

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

#### 400,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 400,000

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

#### 400,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 27,412,931

####)
99.3 #### %
....................................

#### $27,196,704

#### Other

#### Assets,

#### less

#### Liabilities
0.7 #### %
.............................................

#### 210,147

#### Net

#### Assets

#### 100.0%

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

#### $27,406,851
See

A

bbreviations

on

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$10,790,363,

representing

39.4%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

Security

purchased

on

a

when-issued

basis.

See

Note

1(c).

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$12.77

$11.56

$11.29

$12.77

$10.15

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.33 0.37 0.42 0.37 0.35 Net

realized

and

unrealized

gains

(losses)

...........

1.18 1.60 0.75 (0.31)

2.72 Total

from

investment

operations

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

1.51 1.97 1.17 0.06 3.07 Less

distributions

from:

Net

investment

income

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

(0.80)

(0.76)

(0.72)

(0.83)

(0.45)

Net

realized

gains

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

—

—

(0.18)

(0.71)

—

Tax

return

of

capital

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

—

—

(—)

c

—

—

Total

distributions

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

(0.80)

(0.76)

(0.90)

(1.54)

(0.45)

Net

asset

value,

end

of

year

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

$13.48

$12.77

$11.56

$11.29

$12.77

Total

return

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

12.34%

17.78%

10.81%

0.38%

30.95%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.08%

0.10%

0.27%

1.36%

2.19%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

d

—%

—%

d

Net

investment

income

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

2.62%

3.12%

3.70%

3.11%

3.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$413,849

$217,932

$61,992

$12,863

$5,155

Portfolio

turnover

rate

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

103.34%

93.40%

123.80%

117.70%

49.90%

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

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Schedule

of

Investments,

August

31,

2025

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Common

#### Stocks

#### 41.3%

#### Aerospace

#### &

#### Defense

#### 5.7%
a

Boeing

Co.

(The)

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

United

States

15,000

$

3,520,200

Northrop

Grumman

Corp.

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

United

States

10,000

5,900,400

TransDigm

Group,

Inc.

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

United

States

10,000

13,988,800

23,409,400

#### Banks

#### 2.9%
Fifth

Third

Bancorp

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

United

States

135,000

6,178,950

Truist

Financial

Corp.

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

United

States

69,000

3,230,580

US

Bancorp

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

United

States

50,000

2,441,500

11,851,030

#### Biotechnology

#### 1.0%
AbbVie,

Inc.

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

United

States

20,000

4,208,000

#### Capital

#### Markets

#### 0.7%
BlackRock,

Inc.

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

United

States

2,500

2,817,850

#### Electric

#### Utilities

#### 1.1%
NextEra

Energy,

Inc.

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

United

States

25,002

1,801,394

Xcel

Energy,

Inc.

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

United

States

40,000

2,895,600

4,696,994

#### Energy

#### Equipment

#### &

#### Services

#### 2.2%
Schlumberger

NV

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

United

States

245,000

9,025,800

#### Ground

#### Transportation

#### 1.0%
Norfolk

Southern

Corp.

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

United

States

15,000

4,199,700

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 2.1%
Abbott

Laboratories

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

United

States

20,000

2,653,200

Medtronic

plc

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

United

States

65,000

6,032,650

8,685,850

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.5%
UnitedHealth

Group,

Inc.

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

United

States

33,000

10,225,710

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.5%
McDonald's

Corp.

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

United

States

20,000

6,270,800

#### Interactive

#### Media

#### &

#### Services

#### 1.0%
Alphabet,

Inc.

,

A

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

United

States

20,000

4,258,200

#### IT

#### Services

#### 1.6%
Accenture

plc

,

A

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

Ireland

25,000

6,499,250

#### Machinery

#### 0.6%
Caterpillar,

Inc.

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

United

States

6,000

2,514,240

#### Media

#### 0.6%
Comcast

Corp.

,

A

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

United

States

70,000

2,377,900

#### Metals

#### &

#### Mining

#### 0.6%
Newmont

Corp.

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

United

States

35,000

2,604,000

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 4.9%
Chevron

Corp.

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

United

States

25,000

4,015,000

Shell

plc

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

United

States

225,000

8,284,358

TotalEnergies

SE

,

ADR

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

France

130,000

8,157,500

20,456,858

#### Pharmaceuticals

#### 3.8%
AstraZeneca

plc

,

ADR

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

United

Kingdom

45,000

3,595,500

Bristol-Myers

Squibb

Co.

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

United

States

36,987

1,745,047

Merck

&

Co.,

Inc.

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

United

States

80,000

6,729,600

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
(continued)

franklintempleton.com

Annual

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)

#### Pharmaceuticals
(continued)

Pfizer,

Inc.

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

United

States

150,000

$

3,714,000

15,784,147

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.7%
Analog

Devices,

Inc.

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

United

States

21,200

5,327,772

Broadcom,

Inc.

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

United

States

20,000

5,947,800

Marvell

Technology,

Inc.

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

United

States

62,000

3,897,630

15,173,202

#### Software

#### 0.6%
Salesforce,

Inc.

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

United

States

10,000

2,562,500

#### Tobacco

#### 3.2%
Philip

Morris

International,

Inc.

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

United

States

80,000

13,370,400

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 149,233,582

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

#### 170,991,831
b

#### Equity-Linked

#### Securities

#### 48.1%

#### Aerospace

#### &

#### Defense

#### 1.9%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

Boeing

Co.

(The)

,

144A,

8.5 %

,

12/08/25

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

United

States

24,452

4,399,641

c

Goldman

Sachs

Bank

USA

into

RTX

Corp.

,

144A,

7.5 %

,

3/31/26

United

States

25,000

3,561,539

7,961,180

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
c

Toronto-Dominion

Bank

(The)

into

United

Parcel

Service,

Inc.

,

144A,

%

,

8/05/26

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

United

States

10,000

917,655

#### Banks

#### 1.8%
c

JPMorgan

Chase

Bank

NA

into

Truist

Financial

Corp.

,

144A,

9.5 %

,

3/02/26

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

United

States

12,000

557,564

c

Mizuho

Markets

Cayman

LP

into

US

Bancorp

,

144A,

%

,

2/25/26

United

States

65,000

3,172,772

c

UBS

AG

into

Bank

of

America

Corp.

,

144A,

%

,

1/28/26

......

United

States

78,000

3,852,306

7,582,642

#### Biotechnology

#### 0.7%
c

Mizuho

Markets

Cayman

LP

into

Amgen,

Inc.

,

144A,

%

,

6/15/26

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

United

States

10,400

3,054,847

#### Broadline

#### Retail

#### 1.9%
c

Barclays

Bank

plc

into

Amazon.com,

Inc.

,

144A,

%

,

3/25/26

..

United

States

12,500

2,758,147

c

Toronto-Dominion

Bank

(The)

into

Amazon.com,

Inc.

,

144A,

%

,

3/31/26

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

United

States

22,800

4,978,100

7,736,247

#### Chemicals

#### 0.1%
c

BofA

Finance

LLC

into

Albemarle

Corp.

,

144A,

12.5 %

,

8/28/26

.

United

States

5,000

415,739

#### Communications

#### Equipment

#### 0.7%
c

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

7.5 %

,

3/18/26

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

United

States

30,000

2,044,832

c

Royal

Bank

of

Canada

into

Cisco

Systems,

Inc.

,

144A,

%

,

9/17/25

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

United

States

15,000

831,313

2,876,145

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.8%
c

Toronto-Dominion

Bank

(The)

into

Target

Corp.

,

144A,

%

,

6/30/26

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

United

States

25,000

2,481,907

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail
(continued)

c

UBS

AG

into

Target

Corp.

,

144A,

%

,

9/15/25

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

United

States

7,300

$

718,723

3,200,630

#### Containers

#### &

#### Packaging

#### 0.3%
c

BNP

Paribas

SA

into

International

Paper

Co.

,

144A,

%

,

10/20/25

United

States

26,000

1,305,681

#### Energy

#### Equipment

#### &

#### Services

#### 1.2%
c

Barclays

Bank

plc

into

Halliburton

Co.

,

144A,

%

,

5/21/26

....

United

States

186,567

4,062,519

c

Wells

Fargo

Bank

NA

into

Schlumberger

NV

,

144A,

%

,

11/26/25

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

United

States

25,000

937,558

5,000,077

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.2%
c

Toronto-Dominion

Bank

(The)

into

Medtronic

plc

,

144A,

%

,

4/13/26

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

United

States

8,000

754,845

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.4%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

1/27/26

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

United

States

1,780

584,117

c

JPMorgan

Chase

Bank

NA

into

CVS

Health

Corp.

,

144A,

%

,

11/25/25

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

United

States

30,000

2,059,459

c

Merrill

Lynch

BV

into

UnitedHealth

Group,

Inc.

,

144A,

%

,

7/01/26

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

United

States

1,854

591,990

c

Wells

Fargo

Bank

NA

into

CVS

Health

Corp.

,

144A,

%

,

4/09/26

United

States

33,000

2,416,341

5,651,907

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.7%
c

Toronto-Dominion

Bank

(The)

into

Starbucks

Corp.

,

144A,

%

,

1/12/26

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

United

States

50,000

4,544,715

c

Wells

Fargo

Bank

NA

into

Starbucks

Corp.

,

144A,

%

,

8/10/26

.

United

States

25,500

2,340,723

6,885,438

#### Interactive

#### Media

#### &

#### Services

#### 2.7%
c

Barclays

Bank

plc

into

Alphabet,

Inc.

,

144A,

8.5 %

,

4/23/26

....

United

States

4,850

868,188

c

UBS

AG

into

Alphabet,

Inc.

,

144A,

%

,

4/16/26

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

United

States

20,000

3,518,432

c

Wells

Fargo

Bank

NA

into

Alphabet,

Inc.

,

144A,

%

,

3/31/26

...

United

States

36,000

6,755,374

11,141,994

#### IT

#### Services

#### 1.6%
c

Citigroup

Global

Markets

Holdings,

Inc.

into

International

Business

Machines

Corp.

,

144A,

8.5 %

,

8/21/26

...........

United

States

13,500

3,319,175

c

UBS

AG

into

Accenture

plc

,

144A,

%

,

7/13/26

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

Ireland

12,400

3,380,855

6,700,030

#### Machinery

#### 1.4%
c

Toronto-Dominion

Bank

(The)

into

Caterpillar,

Inc.

,

144A,

7.5 %

,

2/25/26

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

United

States

15,000

5,810,115

#### Media

#### 0.6%
c

Merrill

Lynch

BV

into

Comcast

Corp.

,

144A,

8.5 %

,

6/22/26

.....

United

States

64,923

2,256,537

#### Metals

#### &

#### Mining

#### 5.0%
c

BNP

Paribas

Issuance

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

8/28/26

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

United

States

19,000

820,477

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

6/09/26

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

United

States

149,300

6,462,117

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Newmont

Corp.

,

144A,

9.5 %

,

2/18/26

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

United

States

19,000

945,120

c

J.P.

Morgan

Structured

Products

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

5/19/26

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

United

States

107,000

4,484,373

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Metals

#### &

#### Mining
(continued)

c

Merrill

Lynch

BV

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

5/12/26

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

United

States

22,869

$

954,951

c

Mizuho

Markets

Cayman

LP

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

12/24/25

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

United

States

20,000

896,452

c

Morgan

Stanley

Finance

LLC

into

Freeport-McMoRan,

Inc.

,

144A,

%

,

11/18/26

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

United

States

142,593

5,911,250

20,474,740

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.6%
c

JPMorgan

Chase

Bank

NA

into

Exxon

Mobil

Corp.

,

144A,

8.5 %

,

11/03/25

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

United

States

2,500

288,490

c

Mizuho

Markets

Cayman

LP

into

Exxon

Mobil

Corp.

,

144A,

8.5 %

,

4/07/26

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

United

States

20,000

2,334,093

2,622,583

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 14.8%
c

Bank

of

America

NA

into

Microchip

Technology,

Inc.

,

144A,

%

,

9/03/26

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

United

States

19,651

1,279,686

c

Barclays

Bank

plc

into

Microchip

Technology,

Inc.

,

144A,

%

,

6/23/26

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

United

States

16,000

1,077,790

c

Barclays

Bank

plc

into

Micron

Technology,

Inc.

,

144A,

%

,

9/08/26

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

United

States

32,500

3,854,053

c

BNP

Paribas

Issuance

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

%

,

3/02/26

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

United

States

27,000

3,691,148

c

BNP

Paribas

Issuance

BV

into

Applied

Materials,

Inc.

,

144A,

%

,

12/10/25

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

United

States

26,000

4,354,853

c

BNP

Paribas

Issuance

BV

into

Microchip

Technology,

Inc.

,

144A,

%

,

5/18/26

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

United

States

153,820

9,164,172

c

Citigroup

Global

Markets

Holdings,

Inc.

into

Intel

Corp.

,

144A,

%

,

3/03/26

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

United

States

19,000

481,607

c

Goldman

Sachs

Bank

USA

into

Applied

Materials,

Inc.

,

144A,

%

,

5/05/26

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

United

States

29,000

4,454,631

c

Goldman

Sachs

International

Bank

into

Texas

Instruments,

Inc.

,

144A,

%

,

11/10/25

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

United

States

8,000

1,428,960

c

J.P.

Morgan

Structured

Products

BV

into

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

144A,

%

,

4/15/26

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

Taiwan

15,000

3,104,666

c

JPMorgan

Chase

Bank

NA

into

Analog

Devices,

Inc.

,

144A,

%

,

2/19/26

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

United

States

13,000

2,991,400

c

Merrill

Lynch

BV

into

Advanced

Micro

Devices,

Inc.

,

144A,

%

,

5/06/26

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

United

States

53,614

5,959,374

c

Mizuho

Markets

Cayman

LP

into

Analog

Devices,

Inc.

,

144A,

8.5 %

,

5/18/26

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

United

States

13,000

2,912,390

c

Mizuho

Markets

Cayman

LP

into

Intel

Corp.

,

144A,

%

,

12/08/25

United

States

125,200

3,107,997

c

Royal

Bank

of

Canada

into

Microchip

Technology,

Inc.

,

144A,

%

,

5/05/26

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

United

States

62,000

3,385,303

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

8.5 %

,

8/20/26

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

United

States

12,500

2,439,794

c

Royal

Bank

of

Canada

into

Texas

Instruments,

Inc.

,

144A,

%

,

7/21/26

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

United

States

7,000

1,476,863

c

Toronto-Dominion

Bank

(The)

into

Intel

Corp.

,

144A,

10.5 %

,

9/01/26

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

United

States

23,000

564,631

c

UBS

AG

into

Marvell

Technology,

Inc.

,

144A,

%

,

5/14/26

....

United

States

67,000

4,218,968

c

Wells

Fargo

Bank

NA

into

QUALCOMM,

Inc.

,

144A,

%

,

10/22/25

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

United

States

7,500

1,228,108

61,176,394

#### Software

#### 3.2%
c

Barclays

Bank

plc

into

Salesforce,

Inc.

,

144A,

%

,

4/01/26

...

United

States

10,000

2,671,472

c

Merrill

Lynch

BV

into

Microsoft

Corp

,

144A,

7.5 %

,

10/06/25

....

United

States

5,000

2,362,217

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

b

#### Equity-Linked

#### Securities
(continued)

#### Software
(continued)

c

Royal

Bank

of

Canada

into

Oracle

Corp.

,

144A,

%

,

5/13/26

..

United

States

31,000

$

5,104,291

c

Wells

Fargo

Bank

NA

into

Salesforce,

Inc.

,

144A,

%

,

6/15/26

..

United

States

12,000

3,169,026

13,307,006

#### Specialty

#### Retail

#### 2.0%
c

Barclays

Bank

plc

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

2/25/26

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

United

States

7,000

2,874,146

c

Goldman

Sachs

Bank

USA

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

5/18/27

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

United

States

10,000

3,912,896

c

J.P.

Morgan

Structured

Products

BV

into

Home

Depot,

Inc.

(The)

,

144A,

%

,

10/15/25

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

United

States

4,100

1,648,862

8,435,904

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 1.1%
c

Barclays

Bank

plc

into

Dell

Technologies

Inc

,

144A,

%

,

9/03/25

United

States

18,000

2,444,367

c

Merrill

Lynch

BV

into

Dell

Technologies,

Inc.

,

144A,

%

,

3/09/26

United

States

7,000

882,659

c

Mizuho

Markets

Cayman

LP

into

Hewlett

Packard

Enterprise

Co.

,

144A,

9.5 %

,

9/30/25

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

United

States

64,000

1,322,060

4,649,086

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 2.2%
c

Goldman

Sachs

International

Bank

into

NIKE,

Inc.

,

144A,

%

,

3/31/26

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

United

States

50,000

3,922,095

c

Merrill

Lynch

BV

into

NIKE,

Inc.

,

144A,

%

,

8/10/26

..........

United

States

23,000

1,798,694

c

Royal

Bank

of

Canada

into

NIKE,

Inc.

,

144A,

%

,

12/24/25

...

United

States

43,000

3,377,687

9,098,476

#### Total

#### Equity-Linked

#### Securities

#### (Cost

#### $

#### 183,804,872

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

#### 199,015,898

#### Convertible

#### Preferred

#### Stocks

#### 9.5%

#### Aerospace

#### &

#### Defense

#### 5.4%
Boeing

Co.

(The)

,

%

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

United

States

300,000

22,326,000

#### Chemicals

#### 2.2%
Albemarle

Corp.

,

7.25 %

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

United

States

225,000

8,883,000

#### Electric

#### Utilities

#### 1.9%
NextEra

Energy,

Inc.

,

7.234 %

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

United

States

175,000

7,959,000

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost

#### $

#### 32,528,410

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

#### 39,168,000

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 365,566,864

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

#### 409,175,729

#### a

#### Short

#### Term

#### Investments

#### 0.7%
a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.7%
d,e

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.25 %

...

United

States

2,925,813

2,925,813

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,925,813

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

#### 2,925,813

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,925,813

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

#### 2,925,813

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 368,492,677

####)
99.6 #### %
.................................

#### $412,101,542

#### Other

#### Assets,

#### less

#### Liabilities
0.4 #### %
...........................................

#### 1,747,891

#### Net

#### Assets

#### 100.0%

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

#### $413,849,433

#### a
Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

Non-income

producing.

b

See

Note

1(e)

regarding

equity-linked

securities.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$199,015,898,

representing

48.1%

of

net

assets.

d

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

e

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.41

$8.86

$9.03

$10.57

$9.75

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.47 0.48 0.38 0.31 0.32 Net

realized

and

unrealized

gains

(losses)

...........

(0.54)

0.53 (0.18)

(1.54)

0.82 Total

from

investment

operations

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

(0.07)

1.01 0.20 (1.23)

1.14 Less

distributions

from:

Net

investment

income

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

(0.47)

(0.46)

(0.37)

(0.31)

(0.32)

Net

asset

value,

end

of

year

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

$8.87

$9.41

$8.86

$9.03

$10.57

Total

return

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

(0.84)%

11.79%

2.36%

c

(11.82)%

c

11.88%

c

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.85%

0.85%

1.88%

2.51%

3.44%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

d

—%

d

—%

—%

d

—%

d

Net

investment

income

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

5.20%

5.33%

4.34%

3.14%

3.16%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$26,831

$12,653

$10,059

$3,019

$3,187

Portfolio

turnover

rate

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

7.25%

42.17%

11.82%

6.89%

5.37%

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

excluding

payments

by

Advisers

for

acquired

fund

fees

and

expenses

is

2.25%

for

the

year

ended

August

31,

2023,

(11.90)%

for

the

year

ended

August

31,

2022

and

11.78%

for

the

year

ended

August

31,

2021. See

Note

3e.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Schedule

of

Investments,

August

31,

2025

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Management

#### Investment

#### Companies

#### 2.0%

#### Capital

#### Markets

#### 2.0%
a

Franklin

Dynamic

Municipal

Bond

ETF

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

22,000

$

531,300

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 520,916

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

#### 531,300

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 0.9%

#### Diversified

#### Consumer

#### Services

#### 0.9%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

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

$

250,000

246,234

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 232,858

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

#### 246,234

#### Municipal

#### Bonds

#### 97.2%

#### Alabama

#### 3.2%
Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

%

,

10/01/56

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

300,000

269,970

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.5 %

,

11/01/42

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

150,000

126,272

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

11/01/49

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

100,000

81,910

Mobile

County

Industrial

Development

Authority

,

AM/NS

Calvert

LLC

,

Revenue

,

2024

B

,

4.75 %

,

12/01/54

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

260,000

226,276

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2024

A

,

%

,

11/01/35

..

150,000

155,245

859,673

#### Arizona

#### 3.7%
b

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

405,000

425,383

b

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75 %

,

6/15/58

......

150,000

143,807

c

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

A

,

0.522 %,

10/01/56

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

250,000

193,093

Tempe

Industrial

Development

Authority

,

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/50

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

250,000

217,999

980,282

#### Arkansas

#### 0.6%
Arkansas

Development

Finance

Authority

,

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7 %

,

5/01/53

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

150,000

150,959

#### California

#### 6.2%
d

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

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

130,000

136,744

b

California

Community

Housing

Agency

,

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

%

,

8/01/50

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

125,000

111,281

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..........

230,000

201,718

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

195,000

158,461

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

8/01/49

.......

105,000

92,015

b,d

California

Infrastructure

&

Economic

Development

Bank

,

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2025

A

,

Refunding

,

Mandatory

Put

,

9.5 %

,

1/01/35

........

215,000

197,701

b,c

California

Municipal

Finance

Authority

,

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

2.617 %,

9/01/43

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

150,000

106,865

b

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/45

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

100,000

83,851

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

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

195,000

172,183

b

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/47

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

125,000

108,097

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

b

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

,

4.375 %

,

8/01/49

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

$

100,000

$

80,933

b

CSCDA

Community

Improvement

Authority

,

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

%

,

7/01/51

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

110,000

98,382

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

9/01/46

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

135,000

106,326

1,654,557

#### Colorado

#### 1.9%
Colorado

Health

Facilities

Authority

,

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.25 %

,

9/15/45

.........

195,000

186,112

Christian

Living

Neighborhoods

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/38

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

100,000

89,989

Denver

Health

&

Hospital

Authority

,

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/39

....

250,000

225,106

501,207

#### Connecticut

#### 0.4%
Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.5 %

,

10/01/55

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

100,000

98,822

#### Florida

#### 26.5%
Avenir

Community

Development

District

,

Parcel

,

Special

Assessment

,

2024

A

,

%

,

5/01/55

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

100,000

96,029

b

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

5/01/55

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

150,000

141,064

Bella

Tara

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

6.125 %

,

5/01/56

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

100,000

99,922

Bridle

Creek

Community

Development

District

,

Special

Assessment

,

2025

,

6.375 %

,

5/01/56

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

160,000

159,876

b

Capital

Projects

Finance

Authority

,

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

,

%

,

6/01/58

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

250,000

224,272

Chaparral

Palm

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

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

100,000

93,539

Charlotte

County

Industrial

Development

Authority

,

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

2025

,

6.125 %

,

10/01/55

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

150,000

151,465

Cypress

Bluff

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.55 %

,

5/01/55

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

100,000

93,967

b,e

Deering

Park

Stewardship

District

,

DPSD

JV1

No.

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/45

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

115,000

115,248

Epperson

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/55

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

110,000

102,968

b

Everlands

Community

Development

District

,

Assessment

Area

Phase

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

6/15/54

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

150,000

140,012

b

Florida

Development

Finance

Corp.

,

d

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

%

,

7/15/28

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

100,000

62,000

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

6/01/55

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

100,000

67,099

Fox

Branch

Ranch

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.4 %

,

5/01/55

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

100,000

92,941

b

Gas

Worx

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/57

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

150,000

146,457

GIR

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.5 %

,

5/01/55

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

100,000

91,854

Hammock

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.85 %

,

5/01/44

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

125,000

121,886

b

Hillcrest

Preserve

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.3 %

,

5/01/54

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

180,000

163,163

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

b

K-Bar

Ranch

III

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

5/01/55

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

$

110,000

$

110,804

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

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

100,000

81,575

Kings

Creek

I

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/55

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

100,000

97,603

Kingston

One

Community

Development

District

,

Assessment

Area

-

2025

Project

,

Special

Assessment

,

2025

,

%

,

5/01/57

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

130,000

127,996

Kissimmee

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

6.125 %

,

5/01/56

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

100,000

99,922

b

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

6/15/54

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

135,000

131,055

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6.375 %

,

5/01/54

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

100,000

102,049

Langley

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/55

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

85,000

79,224

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

C

,

%

,

11/15/54

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

270,000

246,754

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

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

95,000

92,816

North

Pasco

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/54

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

70,000

69,842

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.625 %

,

5/01/54

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

130,000

135,361

Pacific

Ace

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

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

125,000

118,753

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

6/15/43

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

100,000

97,034

Assessment

Area

,

Special

Assessment

,

2025

,

5.5 %

,

6/15/55

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

100,000

98,154

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

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

100,000

96,917

Parker

Pointe

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

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

100,000

96,223

Parrish

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

A

,

5.625 %

,

5/01/53

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

90,000

87,653

Pasadena

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/55

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

105,000

96,537

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

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

140,000

136,878

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

12/15/53

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

160,000

165,794

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

%

,

12/15/51

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

70,000

56,321

Reflection

Bay

Community

Development

District

,

Special

Assessment

,

2025

,

5.875 %

,

5/01/55

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

160,000

155,364

Regal

Village

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

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

145,000

137,283

Ridge

at

Apopka

Community

Development

District

,

Parcel

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

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

100,000

99,647

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

A

,

6.5 %

,

5/01/54

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

105,000

108,097

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45 %

,

5/01/55

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

100,000

93,505

b

Saltmeadows

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/55

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

150,000

149,029

Savanna

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

6/15/54

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

135,000

127,422

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Sawgrass

Village

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

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

$

100,000

$

97,359

Assessment

Area

,

Special

Assessment

,

2023

,

6.375 %

,

11/01/53

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

155,000

157,987

b

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

6/15/53

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

100,000

98,225

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

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

95,000

94,824

Springs

at

Lake

Alfred

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/54

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

145,000

137,173

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6.125 %

,

12/15/53

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

150,000

155,634

Special

Assessment

,

2025

,

5.875 %

,

6/15/55

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

125,000

122,697

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

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

100,000

97,863

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/54

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

75,000

75,535

V-Dana

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.55 %

,

5/01/55

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

100,000

94,099

b

Wellness

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

6/15/55

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

100,000

90,903

b

West

Port

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/55

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

120,000

118,247

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

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

130,000

128,016

Winding

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/55

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

100,000

93,932

b

Woodland

Preserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.5 %

,

5/01/55

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

100,000

93,539

7,115,407

#### Georgia

#### 0.9%
Georgia

Housing

&

Finance

Authority

,

Revenue

,

2025

C

,

5.125 %

,

12/01/50

........

250,000

250,868

#### Illinois

#### 10.5%
Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.75 %

,

4/01/48

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

225,000

229,219

City

of

Chicago

,

GO

,

2025

A

,

%

,

1/01/50

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

350,000

356,672

Illinois

Finance

Authority

,

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/01/48

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

100,000

81,756

Illinois

Housing

Development

Authority

,

Revenue

,

2024

I

,

Refunding

,

GNMA

Insured

,

4.625 %

,

4/01/50

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

250,000

236,014

State

of

Illinois

,

GO

,

2020

C

,

4.25 %

,

10/01/45

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

100,000

86,871

GO

,

2021

A

,

%

,

3/01/41

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

360,000

319,205

GO

,

2024

B

,

5.25 %

,

5/01/47

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

1,500,000

1,510,862

2,820,599

#### Indiana

#### 0.7%
b

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

%

,

8/01/41

..

100,000

81,548

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

Senior

Lien

,

2023

E

,

6.125 %

,

3/01/57

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

110,000

112,551

194,099

#### Iowa

#### 1.7%
Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

12/01/50

..........

235,000

266,838

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/36

....

100,000

100,147

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Iowa
(continued)

Iowa

Higher

Education

Loan

Authority

,

University

of

Dubuque

,

Revenue

,

2025

,

%

,

10/01/55

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

$

100,000

$

101,887

468,872

#### Louisiana

#### 2.7%
Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/39

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

100,000

94,118

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment

,

2025

,

%

,

6/01/54

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

170,000

169,593

b

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4 %

,

11/01/44

...........

135,000

122,576

Louisiana

Public

Facilities

Authority

,

b

Acadiana

Renaissance

Charter

Academy

,

Revenue

,

144A,

2025

,

%

,

6/15/59

....

100,000

96,218

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

255,000

254,604

737,109

#### Maryland

#### 1.2%
Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4.25 %

,

7/01/50

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

170,000

143,983

b

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5 %

,

2/15/53

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

190,000

183,109

327,092

#### Michigan

#### 1.4%
City

of

Detroit

,

GO

,

2023

C

,

%

,

5/01/43

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

100,000

106,846

Michigan

Finance

Authority

,

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

4.375 %

,

2/28/54

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

295,000

260,921

367,767

#### Minnesota

#### 0.4%
City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.

,

Revenue

,

2021

,

%

,

9/01/36

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

105,000

96,919

#### Nevada

#### 0.3%
Henderson

Local

Improvement

Districts

,

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

5.25 %

,

3/01/53

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

100,000

92,315

#### New

#### Hampshire

#### 1.8%
New

Hampshire

Business

Finance

Authority

,

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

%

,

8/01/65

.....

250,000

241,198

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

7/01/48

........

250,000

240,316

481,514

#### New

#### York

#### 4.8%
New

York

City

Housing

Development

Corp.

,

Spruce

NY

Owner

LLC

,

Revenue

,

2024

,

F

,

Refunding

,

5.25 %

,

12/15/31

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

250,000

256,639

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/30

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

100,000

100,226

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

4.375 %

,

10/01/45

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

460,000

399,561

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

%

,

12/01/41

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

185,000

183,889

JFK

NTO

LLC

,

Revenue

,

2024

,

5.5 %

,

6/30/60

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

250,000

240,620

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

B

,

%

,

9/01/43

..........

100,000

104,591

1,285,526

#### Ohio

#### 1.5%
Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/55

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

200,000

161,822

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

%

,

8/01/34

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

100,000

102,082

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Summit

County

Development

Finance

Authority

,

UAkronPark,

Inc.

,

Revenue

,

2023

,

%

,

12/01/58

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

$

125,000

$

128,837

392,741

#### Oklahoma

#### 0.5%
Tulsa

Municipal

Airport

Trust

Trustees

,

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25 %

,

12/01/40

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

135,000

146,361

#### Pennsylvania

#### 1.8%
b

Allentown

Commercial

and

Industrial

Development

Authority

,

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

........

250,000

218,491

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/34

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

18,000

18,420

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/34

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

8,000

8,326

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/39

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

120,000

107,513

c

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

1.368 %,

6/30/44

...........

59,000

41,396

Philadelphia

Authority

for

Industrial

Development

,

St.

Joseph's

University

,

Revenue

,

2022

,

5.5 %

,

11/01/60

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

90,000

91,215

485,361

#### South

#### Dakota

#### 0.5%
South

Dakota

Housing

Development

Authority

,

Revenue

,

2024

C

,

Refunding

,

GNMA

Insured

,

4.5 %

,

11/01/44

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

150,000

145,250

#### Texas

#### 11.6%
b

Arlington

Higher

Education

Finance

Corp.

,

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

4.875 %

,

6/15/59

......

100,000

85,055

f

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2025

,

Refunding

,

5.875 %

,

6/15/65

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

150,000

147,158

b

City

of

Anna

,

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

,

Special

Assessment

,

144A,

2023

,

5.875 %

,

9/15/53

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

116,000

116,498

b

City

of

Austin

,

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

11/01/51

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

100,000

97,046

b

City

of

Celina

,

Lakes

at

Mustang

Ranch

Public

Improvement

District

Phases

8-9

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

9/01/55

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

150,000

141,227

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75 %

,

9/01/53

100,000

96,136

b

City

of

Fate

,

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

8/15/53

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

100,000

96,315

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.5 %

,

7/15/39

350,000

363,640

b

City

of

Hutto

,

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/58

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

115,000

111,564

b

City

of

Kyle

,

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/01/50

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

141,000

129,667

Southwest

Kyle

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.75 %

,

9/01/48

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

100,000

101,694

b

City

of

Manor

,

EntradenGlen

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

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

100,000

99,500

b

City

of

Princeton

,

Southbridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

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

132,000

121,802

b

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/15/52

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

112,000

108,299

b

County

of

Bastrop

,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/44

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

105,000

99,657

b

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

12/31/55

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

100,000

99,241

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

b

County

of

Denton,

(continued)

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.625 %

,

12/31/54

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

$

106,000

$

99,799

b

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/15/30

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

100,000

93,522

County

of

Montgomery

,

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.5 %

,

9/15/54

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

123,000

114,271

b

East

Waller

County

Management

District

,

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

9/15/55

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

131,000

129,076

EP

Cimarron

Ventanas

PFC

,

Revenue

,

2024

,

Refunding

,

4.125 %

,

12/01/39

........

250,000

234,063

Harris

County

Municipal

Utility

District

No.

540

,

GO

,

2022

,

5.5 %

,

9/01/49

..........

100,000

90,928

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

%

,

7/01/47

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

50,000

46,000

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/39

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

85,000

80,781

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5 %

,

12/01/54

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

180,000

157,777

Walden

Pond

Fresh

Water

Supply

District

,

GO

,

2022

,

6.25 %

,

9/01/47

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

45,000

43,652

3,104,368

#### Washington

#### 0.7%
Washington

State

Housing

Finance

Commission

,

Eastside

Retirement

Association

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

7/01/48

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

120,000

113,574

b

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

%

,

1/01/55

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

100,000

85,500

199,074

#### Wisconsin

#### 3.5%
Public

Finance

Authority

,

b

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

%

,

7/01/60

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

300,000

254,823

b

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

9/01/49

..

125,000

111,387

KSU

Bixby

Real

Estate

Foundation

LLC

,

Revenue

,

2025

B

,

5.5 %

,

6/15/55

.......

100,000

98,408

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

%

,

9/30/51

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

345,000

268,329

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5 %

,

12/31/65

.......

100,000

105,255

Wisconsin

Health

&

Educational

Facilities

Authority

,

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125 %

,

10/01/59

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

100,000

100,097

938,299

#### U.S.

#### Territories

#### 8.2%

#### District

#### of

#### Columbia

#### 0.9%
District

of

Columbia

,

International

School

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/49

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

140,000

131,817

Plenary

Infrastructure

DC

LLC

,

Revenue

,

2022

A

,

5.5 %

,

8/31/33

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

100,000

111,598

243,415

#### Puerto

#### Rico

#### 7.3%
Commonwealth

of

Puerto

Rico

,

GO

,

2022

,

%

,

7/01/41

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

223,382

194,497

GO

,

2022

,

%

,

7/01/46

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

515,826

426,326

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

A

bbreviations

on

.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5 %

,

8/20/40

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

$

84,468

$

81,561

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

1,362,000

1,249,306

1,951,690

#### Total

#### U.S.

#### Territories

#### ....................................................................
2,195,105

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 26,930,718

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

#### 26,090,146

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 27,684,492

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

#### 26,867,680

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.4%

#### Municipal

#### Bonds

#### 0.4%

#### Colorado

#### 0.4%
g

Colorado

Health

Facilities

Authority

,

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

D

,

Daily

VRDN

and

Put

,

3.85 %

,

5/15/64

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

100,000

100,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 100,000

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

#### 100,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 100,000

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

#### 100,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 27,784,492

####)
100.5 #### %
...................................

#### $26,967,680

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.5 ####)

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

#### (136,610)

#### Net

#### Assets

#### 100.0%

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

#### $26,831,070
a

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

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

August

31,

2025,

the

aggregate

value

of

these

securities

was

$7,362,712,

representing

27.4%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Security

purchased

on

a

when-issued

basis.

See

Note

1(c).

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(c).

g

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Strategic

Series

Financial

Highlights

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$8.11

$7.78

$7.83

$9.73

$8.95

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.61 0.61 0.64 0.65 0.66 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.33 (0.07)

(1.85)

0.78 Total

from

investment

operations

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

0.58 0.94 0.57 (1.20)

1.44 Less

distributions

from:

Net

investment

income

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

(0.62)

(0.61)

(0.62)

(0.70)

(0.66)

Tax

return

of

capital

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

—

—

(—)

c

(—)

c

—

Total

distributions

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

(0.62)

(0.61)

(0.62)

(0.70)

(0.66)

Net

asset

value,

end

of

year

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

$8.07

$8.11

$7.78

$7.83

$9.73

Total

return

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

7.57%

12.71%

7.57%

(12.87)%

16.48%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.06%

0.08%

0.20%

1.27%

3.10%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

—%

—%

—%

d

—%

—%

d

Net

investment

income

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

7.68%

7.81%

8.24%

7.72%

7.01%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$615,016

$373,874

$109,051

$19,910

$3,699

Portfolio

turnover

rate

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

52.45%

16.69%

27.73%

30.22%

32.50%

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

Amount

rounds

to

less

than

$0.01

per

share.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Strategic

Series

Schedule

of

Investments,

August

31,

2025

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 0.4%

#### Banks

#### 0.4%
Bank

of

America

Corp.

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

45,000

$

2,283,300

#### Pharmaceuticals

#### 0.0%

#### †
a,b

Mallinckrodt

ARD

LLC

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

1,196

117,208

b

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### 1,346,417

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

#### 2,400,508

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 76.6%

#### Aerospace

#### &

#### Defense

#### 3.0%
c

Bombardier,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

11/15/30

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

$

1,500,000

1,618,406

c

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

8/15/28

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

1,500,000

1,543,931

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

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

2,500,000

2,594,262

Senior

Secured

Note

,

144A,

6.625 %

,

3/01/32

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

8,000,000

8,247,552

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

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

4,250,000

4,390,215

18,394,366

#### Automobile

#### Components

#### 0.7%
c

Dornoch

Debt

Merger

Sub,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

10/15/29

...........

5,000,000

4,345,632

#### Automobiles

#### 0.3%
c

Rivian

Holdings

LLC

/

Rivian

LLC

/

Rivian

Automotive

LLC

,

Senior

Secured

Note

,

144A,

%

,

1/15/31

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

2,000,000

1,891,250

#### Banks

#### 1.2%
Bank

of

America

Corp.

,

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

50,000

50,346

Barclays

plc

,

d

Junior

Sub.

Bond

,

7.625%

to

9/14/35,

FRN

thereafter

,

Perpetual

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

2,000,000

2,070,884

Sub.

Bond

,

7.119%

to

6/26/33,

FRN

thereafter

,

6/27/34

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

200,000

221,248

d

Citigroup,

Inc.

,

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

.

5,000,000

5,100,045

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

......

50,000

52,787

Wells

Fargo

&

Co.

,

Senior

Bond

,

6.491%

to

10/22/33,

FRN

thereafter

,

10/23/34

.....

100,000

110,009

7,605,319

#### Building

#### Products

#### 1.0%
c

Camelot

Return

Merger

Sub,

Inc.

,

Senior

Secured

Note

,

144A,

8.75 %

,

8/01/28

.....

800,000

770,506

c

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

6.625 %

,

12/15/30

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

2,000,000

2,056,552

c

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

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

3,000,000

3,095,928

5,922,986

#### Capital

#### Markets

#### 0.4%
Charles

Schwab

Corp.

(The)

,

Senior

Note

,

5.643%

to

5/18/28,

FRN

thereafter

,

5/19/29

50,000

52,022

d

Goldman

Sachs

Group,

Inc.

(The)

,

Junior

Sub.

Bond

,

6.85%

to

2/09/30,

FRN

thereafter

,

Perpetual

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

2,000,000

2,064,746

Morgan

Stanley

,

Senior

Bond

,

6.627%

to

10/31/33,

FRN

thereafter

,

11/01/34

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

100,000

111,052

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

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

50,000

51,971

2,279,791

#### Chemicals

#### 4.0%
Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879 %

,

7/15/32

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

2,000,000

2,067,284

Senior

Bond

,

7.2 %

,

11/15/33

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

3,500,000

3,644,039

Senior

Note

,

7.05 %

,

11/15/30

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

1,000,000

1,040,512

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

5,000,000

5,236,425

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Chemicals
(continued)

c

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

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

$

1,000,000

$

1,034,973

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

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

1,500,000

1,526,744

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

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

3,500,000

3,762,010

c

SCIH

Salt

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

5/01/29

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

6,000,000

6,030,600

24,342,587

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
c

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

...........

2,500,000

2,538,664

#### Communications

#### Equipment

#### 3.5%
c

CommScope

LLC

,

Senior

Note

,

144A,

8.25 %

,

3/01/27

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

11,000,000

11,138,831

Senior

Secured

Note

,

144A,

9.5 %

,

12/15/31

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

10,000,000

10,348,170

21,487,001

#### Consumer

#### Finance

#### 0.6%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

5.3 %

,

1/19/34

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

200,000

202,930

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

7.2 %

,

6/10/30

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

3,000,000

3,188,812

c

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

6.4 %

,

3/26/29

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

50,000

52,628

3,444,370

#### Containers

#### &

#### Packaging

#### 5.2%
c

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

plc

,

Senior

Note

,

144A,

%

,

9/01/29

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

2,500,000

2,296,097

c

Ardagh

Packaging

Finance

plc

/

Ardagh

Holdings

USA,

Inc.

,

Senior

Note

,

144A,

5.25 %

,

8/15/27

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

8,700,000

3,841,485

Senior

Secured

Note

,

144A,

4.125 %

,

8/15/26

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

6,000,000

5,705,700

c

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

..

2,500,000

2,570,375

c

Mauser

Packaging

Solutions

Holding

Co.

,

Secured

Note

,

144A,

9.25 %

,

4/15/27

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

10,000,000

9,963,908

Senior

Secured

Note

,

144A,

7.875 %

,

4/15/27

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

5,500,000

5,572,342

c

Toucan

FinCo

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

,

Senior

Secured

Note

,

144A,

9.5 %

,

5/15/30

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

2,000,000

2,000,370

31,950,277

#### Diversified

#### REITs

#### 0.0%

#### †
c

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Bond

,

144A,

4.625 %

,

12/01/29

.....

50,000

49,501

#### Diversified

#### Telecommunication

#### Services

#### 3.5%
c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

5.125 %

,

5/01/27

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

5,000,000

4,977,927

Senior

Note

,

144A,

6.375 %

,

9/01/29

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

11,000,000

11,174,911

c

Connect

Holding

II

LLC

,

Senior

Secured

Note

,

144A,

10.5 %

,

4/03/31

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

5,500,000

5,418,756

21,571,594

#### Electric

#### Utilities

#### 1.7%
c

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25 %

,

11/01/34

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

3,000,000

3,077,616

Senior

Note

,

144A,

%

,

2/01/33

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

3,000,000

3,042,264

Senior

Secured

Bond

,

144A,

%

,

3/15/33

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

50,000

54,688

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

6.4 %

,

6/15/33

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

50,000

53,152

PG&E

Corp.

,

Senior

Secured

Note

,

%

,

7/01/28

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

50,000

49,462

c

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

6.875 %

,

4/15/32

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

4,000,000

4,200,528

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

c

Vistra

Operations

Co.

LLC,

(continued)

Senior

Secured

Bond

,

144A,

6.95 %

,

10/15/33

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

$

50,000

$

55,269

10,532,979

#### Electrical

#### Equipment

#### 0.0%

#### †
Regal

Rexnord

Corp.

,

Senior

Note

,

6.05 %

,

4/15/28

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

50,000

51,786

#### Energy

#### Equipment

#### &

#### Services

#### 1.1%
c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

8.625 %

,

4/30/30

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

6,500,000

6,665,964

#### Entertainment

#### 0.0%

#### †
c

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

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

100,000

104,814

#### Food

#### Products

#### 0.4%
JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

5.75 %

,

4/01/33

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

50,000

51,827

c

Post

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.5 %

,

12/15/29

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

500,000

498,802

Senior

Secured

Note

,

144A,

6.25 %

,

2/15/32

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

2,000,000

2,057,032

2,607,661

#### Ground

#### Transportation

#### 0.0%

#### †
c

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

5.95 %

,

10/15/33

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

200,000

209,354

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 1.1%
c

Medline

Borrower

LP

,

Senior

Note

,

144A,

5.25 %

,

10/01/29

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

5,000,000

4,954,714

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

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

2,000,000

1,921,744

6,876,458

#### Health

#### Care

#### Providers

#### &

#### Services

#### 17.3%
c

CHS/Community

Health

Systems,

Inc.

,

144A,

10.75 %

,

6/15/33

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

17,500,000

17,832,676

Secured

Note

,

144A,

6.875 %

,

4/15/29

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

15,000,000

11,939,603

Secured

Note

,

144A,

6.125 %

,

4/01/30

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

10,000,000

7,196,174

Senior

Secured

Note

,

144A,

10.875 %

,

1/15/32

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

16,000,000

16,951,696

Senior

Secured

Note

,

144A,

9.75 %

,

1/15/34

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

7,500,000

7,605,283

c

DaVita,

Inc.

,

Senior

Bond

,

144A,

3.75 %

,

2/15/31

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

6,000,000

5,478,771

Senior

Note

,

144A,

6.875 %

,

9/01/32

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

3,000,000

3,105,876

Senior

Note

,

144A,

6.75 %

,

7/15/33

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

500,000

518,602

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

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

1,000,000

982,845

Tenet

Healthcare

Corp.

,

Senior

Note

,

6.125 %

,

10/01/28

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

8,000,000

8,010,776

Senior

Secured

Note

,

6.125 %

,

6/15/30

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

11,000,000

11,182,127

Senior

Secured

Note

,

6.75 %

,

5/15/31

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

15,000,000

15,600,585

106,405,014

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 8.5%
c

Caesars

Entertainment,

Inc.

,

Senior

Note

,

144A,

%

,

10/15/32

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

8,000,000

7,848,786

Senior

Secured

Note

,

144A,

%

,

2/15/30

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

4,500,000

4,656,343

c

Carnival

Corp.

,

Senior

Note

,

144A,

%

,

5/01/29

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

5,000,000

5,067,960

Senior

Note

,

144A,

6.125 %

,

2/15/33

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

8,500,000

8,733,997

c

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

1/15/30

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

8,000,000

7,530,238

c

Mohegan

Tribal

Gaming

Authority

/

MS

Digital

Entertainment

Holdings

LLC

,

Senior

Secured

Note

,

144A,

8.25 %

,

4/15/30

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

3,000,000

3,102,285

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

2/01/32

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

$

750,000

$

773,954

c

Wynn

Macau

Ltd.

,

Senior

Note

,

144A,

5.625 %

,

8/26/28

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

3,500,000

3,482,660

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

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

10,000,000

10,770,420

51,966,643

#### Household

#### Durables

#### 0.9%
Newell

Brands,

Inc.

,

c

Senior

Note

,

144A,

8.5 %

,

6/01/28

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

1,750,000

1,851,894

Senior

Note

,

6.375 %

,

5/15/30

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

2,000,000

1,977,458

Shea

Homes

LP

/

Shea

Homes

Funding

Corp.

,

Senior

Note

,

4.75 %

,

4/01/29

.......

1,500,000

1,465,615

5,294,967

#### Household

#### Products

#### 0.2%
c

Energizer

Holdings,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

12/31/27

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

1,500,000

1,514,752

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 2.6%
c

Calpine

Corp.

,

Senior

Note

,

144A,

4.625 %

,

2/01/29

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

6,000,000

5,932,287

c

,d

Vistra

Corp.

,

Junior

Sub.

Bond

,

144A,

8%

to

10/14/26,

FRN

thereafter

,

Perpetual

....

10,000,000

10,214,010

16,146,297

#### Media

#### 0.5%
c

Stagwell

Global

LLC

,

Senior

Note

,

144A,

5.625 %

,

8/15/29

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

200,000

193,066

c

Univision

Communications,

Inc.

,

Senior

Secured

Note

,

144A,

9.375 %

,

8/01/32

.....

2,500,000

2,634,292

2,827,358

#### Metals

#### &

#### Mining

#### 2.6%
c

Alcoa

Nederland

Holding

BV

,

Senior

Note

,

144A,

4.125 %

,

3/31/29

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

750,000

722,828

ArcelorMittal

SA

,

Senior

Bond

,

6.8 %

,

11/29/32

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

50,000

55,398

c

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7.375 %

,

5/01/33

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

8,000,000

7,975,905

c

Fortescue

Treasury

Pty.

Ltd.

,

Senior

Bond

,

144A,

4.375 %

,

4/01/31

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

800,000

761,213

Senior

Bond

,

144A,

6.125 %

,

4/15/32

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

6,000,000

6,161,760

c

Mineral

Resources

Ltd.

,

Senior

Note

,

144A,

8.5 %

,

5/01/30

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

550,000

571,354

16,248,458

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 7.5%
c

Calumet

Specialty

Products

Partners

LP

/

Calumet

Finance

Corp.

,

Senior

Note

,

144A,

%

,

4/15/26

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

310,000

312,958

Senior

Note

,

144A,

8.125 %

,

1/15/27

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

7,500,000

7,487,078

Senior

Note

,

144A,

9.75 %

,

7/15/28

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

3,000,000

2,947,032

Senior

Secured

Note

,

144A,

9.25 %

,

7/15/29

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

3,000,000

3,075,000

Cheniere

Corpus

Christi

Holdings

LLC

,

Senior

Secured

Note

,

3.7 %

,

11/15/29

......

100,000

97,179

c

CITGO

Petroleum

Corp.

,

Senior

Secured

Note

,

144A,

6.375 %

,

6/15/26

...........

1,000,000

1,001,694

Energy

Transfer

LP

,

Senior

Bond

,

6.55 %

,

12/01/33

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

50,000

54,192

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

7.25 %

,

2/15/35

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

3,000,000

2,929,231

Senior

Note

,

144A,

%

,

4/15/30

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

1,000,000

990,279

c

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.5 %

,

4/15/32

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

4,000,000

4,060,820

Occidental

Petroleum

Corp.

,

Senior

Note

,

8.875 %

,

7/15/30

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

50,000

57,574

c

Venture

Global

LNG,

Inc.

,

d

Junior

Sub.

Bond

,

144A,

9%

to

9/29/29,

FRN

thereafter

,

Perpetual

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

7,000,000

6,955,703

Senior

Secured

Note

,

144A,

8.125 %

,

6/01/28

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

10,000,000

10,368,280

Senior

Secured

Note

,

144A,

9.875 %

,

2/01/32

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

3,000,000

3,268,512

c

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

.

2,000,000

2,228,148

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.65 %

,

3/15/33

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

$

100,000

$

104,144

45,937,824

#### Passenger

#### Airlines

#### 3.4%
c

,e

American

Airlines

Group,

Inc.

,

Senior

Secured

Note

,

144A,

PIK,

10.75 %

,

2/15/26

...

5,000,000

5,012,500

c

American

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

5/15/29

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

10,000,000

10,485,710

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP

Ltd.

,

c

Senior

Secured

Note

,

144A,

5.5 %

,

4/20/26

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

1,000,000

1,002,614

c

Delta

Air

Lines,

Inc.

/

SkyMiles

IP

Ltd.

,

Senior

Secured

Note

,

144A,

4.75 %

,

10/20/28

.

50,000

50,295

c

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

,

Senior

Secured

Note

,

144A,

9.875 %

,

9/20/31

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

4,500,000

4,475,089

21,026,208

#### Personal

#### Care

#### Products

#### 0.5%
c

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

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

3,000,000

3,054,747

#### Pharmaceuticals

#### 1.5%
c

1261229

BC

Ltd.

,

Senior

Secured

Note

,

144A,

%

,

4/15/32

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

5,000,000

5,195,730

c

Endo

Finance

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

4/15/31

..........

2,000,000

2,131,714

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125 %

,

9/15/31

....

1,500,000

1,706,046

9,033,490

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
Micron

Technology,

Inc.

,

Senior

Bond

,

5.875 %

,

2/09/33

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

200,000

210,062

#### Software

#### 0.8%
c

McAfee

Corp.

,

Senior

Note

,

144A,

7.375 %

,

2/15/30

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

5,000,000

4,623,128

#### Specialized

#### REITs

#### 0.4%
American

Tower

Corp.

,

Senior

Note

,

4.05 %

,

3/15/32

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

50,000

48,203

c

Millrose

Properties,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/30

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

2,500,000

2,524,187

2,572,390

#### Specialty

#### Retail

#### 0.0%

#### †
Lowe's

Cos.,

Inc.

,

Senior

Bond

,

%

,

4/15/33

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

60,000

61,064

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
Hewlett

Packard

Enterprise

Co.

,

Senior

Bond

,

%

,

10/15/34

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

50,000

49,175

HP,

Inc.

,

Senior

Bond

,

5.5 %

,

1/15/33

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

80,000

82,209

131,384

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.5%
c

,e

Beach

Acquisition

Bidco

LLC

,

Senior

Note

,

144A,

PIK,

%

,

7/15/33

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

6,500,000

6,915,707

c

Hanesbrands,

Inc.

,

Senior

Note

,

144A,

%

,

2/15/31

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

2,000,000

2,128,238

9,043,945

#### Tobacco

#### 0.0%

#### †
BAT

Capital

Corp.

,

Senior

Bond

,

6.421 %

,

8/02/33

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

50,000

54,535

#### Trading

#### Companies

#### &

#### Distributors

#### 0.3%
c

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

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

2,000,000

2,082,838

c

United

Rentals

North

America,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/15/29

.....

50,000

51,290

2,134,128

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 460,164,229

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

#### 471,158,748
Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests

#### 1.8%

#### Containers

#### &

#### Packaging

#### 0.4%
g

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.566 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

$

2,457,045

$

2,457,376

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.1%
g

MPH

Acquisition

Holdings

LLC,

First

Lien,

Exchange

First

Out

CME

Term

Loan

,

8.058 %

,

(3-month

SOFR

+

3.75 %),

12/31/30

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

536,057

537,130

#### IT

#### Services

#### 1.0%
g

X

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

10.958 %

,

(3-month

SOFR

+

6.5 %),

10/26/29

5,969,388

5,843,613

#### Personal

#### Care

#### Products

#### 0.3%
g

Opal

LLC,

First

Lien,

CME

Term

Loan,

B2

,

7.435 %

,

(6-month

SOFR

+

3.25 %),

4/23/32

2,000,000

2,014,060

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 10,769,897

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

#### 10,852,179

#### Mortgage-Backed

#### Securities

#### 18.9%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 8.6%
FHLMC

Pool,

Year

,

%,

5/01/53

-

11/01/54

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

6,370,598

6,291,545

FHLMC

Pool,

Year

,

%,

12/01/54

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

10,608,429

10,470,863

FHLMC

Pool,

Year

,

5.5 %,

7/01/53

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

5,624,347

5,683,884

FHLMC

Pool,

Year

,

5.5 %,

12/01/54

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

10,325,120

10,392,945

FHLMC

Pool,

Year

,

5.5 %,

11/01/53

-

2/01/55

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

11,126,833

11,202,029

FHLMC

Pool,

Year

,

%,

6/01/53

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

2,437,430

2,500,428

FHLMC

Pool,

Year

,

%,

2/01/55

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

6,612,867

6,760,774

53,302,468

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 2.6%
FNMA,

Year

,

%,

5/01/53

-

11/01/53

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

6,199,677

6,141,493

FNMA,

Year

,

5.5 %,

11/01/54

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

3,707,994

3,732,352

FNMA,

Year

,

%,

8/01/55

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

5,968,874

6,100,824

15,974,669

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 7.7%
GNMA

II,

Single-family,

Year

,

5.5 %,

3/20/55

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

5,676,272

5,723,368

GNMA

II,

Single-family,

Year

,

5.5 %,

5/20/55

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

8,977,226

9,051,710

GNMA

II,

Single-family,

Year

,

5.5 %,

6/20/55

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

3,730,497

3,761,449

GNMA

II,

Single-family,

Year

,

%,

2/20/55

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

4,838,163

4,938,715

GNMA

II,

Single-family,

Year

,

%,

3/20/55

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

9,112,864

9,301,233

GNMA

II,

Single-family,

Year

,

%,

1/20/55

-

6/20/55

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

7,038,685

7,186,625

GNMA

II,

Single-family,

Year

,

%,

8/20/55

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

7,116,646

7,267,879

47,230,979

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 114,882,753

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

#### 116,508,116

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%
a

,b

Endo,

Inc.,

Escrow

Account

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

300,000

—

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

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

#### —

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 587,163,296

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

#### 600,919,551

#### a
a

a

a

Franklin

Strategic

Series

Schedule

of

Investments

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 0.5%
a

a

#### Shares
a

#### Value
a

#### Money

#### Market

#### Funds

#### 0.5%
h,i

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio

,

4.25 %

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

2,921,629

$

2,921,629

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $

#### 2,921,629

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

#### 2,921,629

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,921,629

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

#### 2,921,629

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 590,084,925

####)
98.2 #### %
...................................

#### $603,841,180

#### Other

#### Assets,

#### less

#### Liabilities
1.8 #### %
.............................................

#### 11,174,984

#### Net

#### Assets

#### 100.0%

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

#### $615,016,164
†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$404,871,067,

representing

65.8%

of

net

assets.

d

Perpetual

security

with

no

stated

maturity

date.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

See

Note

1(f)

regarding

senior

floating

rate

interests.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

See

Note

3(d)

regarding

investments

in

affiliated

management

investment

companies.

i

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

Franklin

Strategic

Series

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$27,412,931

$365,566,864

$27,263,576

$587,163,296

Cost

-

Non-controlled

affiliates

(Note

d)

.....

—

2,925,813

520,916

2,921,629

Value

-

Unaffiliated

issuers

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

$27,196,704

$409,175,729

$26,436,380

$600,919,551

Value

-

Non-controlled

affiliates

(Note

d)

....

—

2,925,813

531,300

2,921,629

Cash

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

28,195

1,125

37,810

12,792

Foreign

currency,

at

value

(cost

$

–

,

$

,

$

–

and

$

–

,

respectively)

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

—

—

—

Receivables:

Capital

shares

sold

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

—

1,090,291

23,322

1,450,980

Dividends

and

interest

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

545,843

847,984

394,864

9,999,910

Affiliates

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

38,186

69,608

53,432

87,906

Total

assets

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

27,808,928

414,110,667

27,477,108

615,392,768

Liabilities:

Payables:

Investment

securities

purchased

...........

197,500

—

262,156

—

Capital

shares

redeemed

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

—

178,519

189,327

266,029

Transfer

agent

fees

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

889

13,963

767

15,077

Professional

fees

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

56,575

62,097

56,574

85,521

Trustees'

fees

and

expenses

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

Distributions

to

shareholders

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

133,035

—

123,643

Accrued

expenses

and

other

liabilities

........

13,749

6,358

13,248

9,207

Total

liabilities

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

402,077

261,234

646,038

376,604

Net

assets,

at

value

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

$27,406,851

$413,849,433

$26,831,070

$615,016,164

Net

assets

consist

of:

Paid-in

capital

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

$27,820,811

$374,669,116

$27,805,788

$602,607,905

Total

distributable

earnings

(losses)

..........

(413,960)

39,180,317

(974,718)

12,408,259

Net

assets,

at

value

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

$27,406,851

$413,849,433

$26,831,070

$615,016,164

Shares

outstanding

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

3,272,997

30,690,975

3,025,034

76,172,912

Net

asset

value

per

share

a

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

$8.37

$13.48

$8.87

$8.07

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Strategic

Series

Financial

Statements

Statements

of

Operations

for

the

year

ended

August

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Investment

income:

Dividends:

(net

of

foreign

taxes

of

$–,

$283,533,

$–

and

$–,

respectively)

Unaffiliated

issuers

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

$—

$7,847,820

$—

$71,720

Non-controlled

affiliates

(Note

d)

..........

—

148,996

21,184

216,570

Interest:

Unaffiliated

issuers

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

1,479,743

32,913

1,036,139

36,915,550

Other

income

a

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

—

14,159

1,642

19,043

Total

investment

income

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

1,479,743

8,043,888

1,058,965

37,222,883

Expenses:

Transfer

agent

fees

(Note

3c)

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

4,707

74,189

3,879

89,012

Custodian

fees

(Note

4)

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

—

2,881

—

3,867

Reports

to

shareholders

fees

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

2,189

6,169

1,536

6,171

Registration

and

filing

fees

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

32,421

50,415

32,002

65,468

Professional

fees

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

77,426

86,504

77,115

104,356

Trustees'

fees

and

expenses

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

623

3,421

534

5,298

Pricing

fees

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

24,623

3,300

50,232

8,997

Other

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

6,969

8,574

7,337

11,761

Total

expenses

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

148,958

235,453

172,635

294,930

Expense

reductions

(Note

4)

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

(349) —

(264) —

Expenses

waived/paid

by

affiliates

(Note

d

and

e)

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

(148,609)

(235,453)

(172,371)

(294,930)

Net

expenses

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

—

—

—

—

Net

investment

income

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

1,479,743

8,043,888

1,058,965

37,222,883

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(123,303)

8,964,439

18,698

1,474,162

Non-controlled

affiliates

(Note

d)

........

—

—

—

Foreign

currency

transactions

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

—

22,941

—

—

Futures

contracts

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

—

—

—

(1,027,010)

Net

realized

gain

(loss)

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

(123,303)

8,987,380

18,748

447,152

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(1,774,015)

23,985,791

(1,377,571)

887,591

Non-controlled

affiliates

(Note

d)

........

—

—

(7,110)

—

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

........

—

3,037

—

—

Written

options

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

—

100,718

—

—

Futures

contracts

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

—

—

—

225,182

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,774,015)

24,089,546

(1,384,681)

1,112,773

Net

realized

and

unrealized

gain

(loss)

.........

(1,897,318)

33,076,926

(1,365,933)

1,559,925

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(417,575)

$41,120,814

$(306,968)

$38,782,808

a

Other

income

includes

payments

by

Advisers

for

acquired

fund

fees

and

expenses

(See

Note

3e).

Franklin

Strategic

Series

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$1,479,743

$1,008,621

$8,043,888

$4,217,015

Net

realized

gain

(loss)

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

(123,303)

113,039

8,987,380

3,490,113

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,774,015)

1,841,890

24,089,546

18,221,254

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(417,575)

2,963,550

41,120,814

25,928,382

Distributions

to

shareholders

.........

(1,467,378)

(999,563)

(19,727,030)

(8,954,982)

Capital

share

transactions

(Note

2)

.....

6,382,300

17,047,897

174,524,065

138,966,409

Net

increase

(decrease)

in

net

assets

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

4,497,347

19,011,884

195,917,849

155,939,809

Net

assets:

Beginning

of

year

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

22,909,504

3,897,620

217,931,584

61,991,775

End

of

year

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

$27,406,851

$22,909,504

$413,849,433

$217,931,584

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.

Annual

Report

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024

#### Year

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### August

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$1,058,965

$616,049

$37,222,883

$18,607,654

Net

realized

gain

(loss)

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

18,748

(128,925)

447,152

2,249,814

Net

change

in

unrealized

appreciation

(depreciation)

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

(1,384,681)

892,548

1,112,773

12,458,862

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(306,968)

1,379,672

38,782,808

33,316,330

Distributions

to

shareholders

.........

(1,045,091)

(591,419)

(38,285,671)

(19,258,918)

Capital

share

transactions

(Note

2)

.....

15,530,069

1,805,810

240,644,721

250,765,768

Net

increase

(decrease)

in

net

assets

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

14,178,010

2,594,063

241,141,858

264,823,180

Net

assets:

Beginning

of

year

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

12,653,060

10,058,997

373,874,306

109,051,126

End

of

year

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

$26,831,070

$12,653,060

$615,016,164

$373,874,306

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

twelve

separate

funds, four of

which

are

included

in

this

report

(Funds).

The Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. 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.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Funds'

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Funds'

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

August

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
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment

or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

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.

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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.

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.

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.

Certain

or

all

Funds

purchased

or

wrote

exchange

traded

option

contracts

primarily

to

manage

and/or

gain exposure

to

equity

price

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

10 regarding

other

derivative

information.

e. #### Equity-Linked

#### Securities
Certain

or

all

Funds

invest in

equity-linked

securities.

Equity-linked

securities

are

hybrid

financial

instruments

that

generally

combine

both

debt

and

equity

characteristics

into

a

single

note

form.

Income

received

from

equity-linked

securities

is

recorded

as

realized

gains

in

the

Statements

of

Operations

and

may

be

based

on

the

performance

of

an

underlying

equity

security,

an

equity

index,

or

an

option

position.

The

risks

of

investing

in

equity-linked

securities

include

unfavorable

price

movements

in

the

underlying

security

and

the

credit

risk

of

the

issuing

financial

institution.

There

may

be

no

guarantee

of

a

return

of

principal

with

equity-linked

securities

and

the

appreciation

potential

may

be

limited.

Equity-linked

securities

may

be

more

volatile

and

less

liquid

than

other

investments

held

by

the

Funds.

f. #### 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.

g. #### 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

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Derivative

#### Financial

#### Instruments
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

August

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.

h. #### 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 as

an

adjustment

to

interest

income.

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.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to

shareholders

for

Franklin

Templeton

SMACS:

Series

CH

and

Franklin

Templeton

SMACS:

Series

H,

and

recorded

on

ex-dividend

date

for

Franklin

Templeton

SMACS:

Series

E

and

Franklin

Templeton SMACS:

Series

I. Distributions

from

realized

capital

gains

and

other

distributions,

if

any,

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.

i. #### 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.

j. #### 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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

g. #### Income

#### and

#### Deferred

#### Taxes
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

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
Advisers provides

investment

management

services

to

the

Funds.

The

Funds

do

not

pay

a

fee

for

these

services.

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

Year

ended

August

31,

2025

Shares

sold

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

1,560,906

$13,711,654

17,441,028

$222,731,933

Shares

issued

in

reinvestment

of

distributions

..........

602

Shares

redeemed

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

(846,140)

(7,329,828)

(3,811,874)

(48,208,470)

Net

increase

(decrease)

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

714,819

$6,382,300

13,629,202

$174,524,065

Year

ended

August

31,

2024

Shares

sold

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

2,515,268

$20,611,055

13,297,447

$158,010,193

Shares

redeemed

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

(414,471)

(3,563,158)

(1,599,105)

(19,043,784)

Net

increase

(decrease)

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

2,100,797

$17,047,897

11,698,342

$138,966,409

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

Year

ended

August

31,

2025

Shares

sold

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

2,030,344

$18,797,350

39,769,515

$318,217,572

Shares

issued

in

reinvestment

of

distributions

..........

1,539

Shares

redeemed

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

(350,266)

(3,267,759)

(9,715,769)

(77,574,390)

Net

increase

(decrease)

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

1,680,128

$15,530,069

30,053,939

$240,644,721

Year

ended

August

31,

2024

Shares

sold

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

743,279

$6,665,954

36,341,570

$283,974,624

Shares

redeemed

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

(533,815)

(4,860,144)

(4,247,905)

(33,208,856)

Net

increase

(decrease)

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

209,464

$1,805,810

32,093,665

$250,765,768

#### 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

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds

and

is

not

paid

by

the

Funds

for

the services.

c. #### Transfer

#### Agent

#### Fees
The

Funds

pay

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,

the

Fund reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and reimburses

shareholder

servicing

fees

paid

to

third

parties.

For

the

year

ended

August

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:

d. #### 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. Advisers

has

contractually

agreed

to

reimburse

expenses

of

the

Funds

in

an

amount

equal

to

fees

indirectly

borne

by

the

Funds

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations.

During

the year

ended

August

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Transfer

agent

fees

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

$4,070

$64,538

$3,570

$83,862

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.25%

.

$1,129,213

$238,711,128

$(236,914,528)

$—

$—

$2,925,813

2,925,813

$148,996

#### Total

#### Affiliated

#### Securities

#### ...
$1,129,213

$238,711,128

$(236,914,528)

$—

$—

$2,925,813

$148,996

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Dynamic

Municipal

Bond

ETF

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

$421,260

$599,500

$(482,400)

$50

$(7,110)

$531,300

22,000

$21,184

#### Total

#### Affiliated

#### Securities

#### ...
$421,260

$599,500

$(482,400)

$50

$(7,110)

$531,300

$21,184

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

e. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Funds

so

that

the

operating

expenses

(excluding

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

and

acquired

fund

fees

and

expenses

of

the

Funds do

not

exceed

0.00%

based

on

the

average

net

assets

of

each

class

until

December

31,

2025. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

Acquired

fund

fees

and

expenses

are

indirect

expenses,

and

therefore

Advisers

may

make

payments,

if

necessary,

to

the

Funds

to

offset

these

estimated

indirect

expenses.

Payments

by

Advisers for

the year

ended

August

31,

2025,

are

reflected

as

other

income

in

the

Statements

of

Operations.

f. #### Interfund

#### Transactions
Certain

or

all

Funds

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

These

purchases,

sales

and

the

related

net

realized

gains

(losses),

if

any,

for

the

year

ended

August

31,

2025,

were

as

follows:

4. #### Expense

#### Offset

#### Arrangement
Franklin

Templeton

SMACS:

Series

CH

and

Franklin

Templeton

SMACS:

Series

H

have

entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the

year

ended

August

31,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

#### Non-Controlled

#### Affiliates
Dividends

Institutional

Fiduciary

Trust

-

Money

Market

Portfolio,

4.25%

.

$2,116,283

$243,462,441

$(242,657,095)

$—

$—

$2,921,629

2,921,629

$216,570

#### Total

#### Affiliated

#### Securities

#### ...
$2,116,283

$243,462,441

$(242,657,095)

$—

$—

$2,921,629

$216,570

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
Purchases

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

$8,015,000

$10,620,000

Sales

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

$7,870,000

$10,815,000

Net

Realized

Gains

(Losses)

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

—

—

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

August

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended August

31,

2025,

the

utilized

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

August

31,

2025

and

2024,

was

as

follows:

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

103,150

$

2,428,166

$

35,455

$

842,302

Long

term

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

124,544

—

142,795

—

Total

capital

loss

carryforwards

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

$227,694

$2,428,166

$178,250

$842,302

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H
Capital

loss

utilized

carryforwards

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

$34,106

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$53,936

$15,566

$19,727,030

$8,954,982

Tax

exempt

income

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

1,413,442

983,997

—

—

$1,467,378

$999,563

$19,727,030

$8,954,982

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

#### 2025

#### 2024

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$46,839

$18,417

$38,285,671

$19,258,918

Tax

exempt

income

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

998,252

573,002

—

—

$1,045,091

$591,419

$38,285,671

$19,258,918

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

August

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

,

undistributed

tax

exempt

income

and

undistributed

ordinary

income

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

wash

sales,

bond

discounts

and

premiums

and

equity-linked

securities.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments

and

ETFs

(excluding

short

term

securities)

for

the

year

ended

August

31,

2025,

were

as

follows:

7. #### Credit

#### Risk
At

August

31,

2025, certain

or

all

Funds had a

portion of their

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

as

determined

by

Nationally

Recognized

Statistical

Credit

Ratings

Organizations

and/or

internally,

by

investment

management

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

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
a

a

a

a

a

Cost

of

investments

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

$27,383,354

$370,964,194

$27,751,506

$590,590,158

Unrealized

appreciation

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

$657,131

$48,759,671

$304,517

$17,251,262

Unrealized

depreciation

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

(843,781)

(7,622,323)

(1,088,343)

(4,000,240)

Net

unrealized

appreciation

(depreciation)

.......

$(186,650)

$41,137,348

$(783,826)

$13,251,022

Distributable

earnings:

Undistributed

ordinary

income

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

$—

$465,697

$—

$—

Undistributed

tax

exempt

income

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

133,418

—

111,002

—

Total

distributable

earnings

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

$133,418

$465,697

$111,002

$—

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Purchases

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

$13,484,752

$484,136,937

$17,360,484

$482,987,107

Sales

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

$7,461,358

$313,697,029

$1,424,437

$249,768,448

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Credit

risk

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

55.3%

43.2%

76.7%

5. #### Income

#### Taxes
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

8. #### Concentration

#### of

#### Risk
Franklin

Templeton

SMACS:

Series

CH

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within California

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. #### 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

August

31,

2025,

unfunded

commitments

were

as

follows:

10. #### Other

#### Derivative

#### Information
For

the

year

ended

August

31,

2025,

the

effect

of

derivative

contracts

in

the

Statements

of

Operations

was

as

follows:

For

the

year

ended

August

31,

2025,

the

average

month

end

notional

amount

of

futures

contracts

and

options

were

as

follows:

#### Borrower

#### Unfunded

#### Commitment

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Clydesdale

Acquisition

Holdings,

Inc.

$

42,955

$

42,955

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Equity

contracts

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

Written

options

$—

Written

options

$100,718

Total

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

$—

$100,718

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

(1,027,010)

Futures

contracts

225,182

Total

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

$(1,027,010)

$225,182

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Futures

contracts

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

$

–

$

8,267,668

Options

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

769

–

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

See

Note

1(d) regarding

derivative

financial

instruments.

11. #### 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

year ended

August

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

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

August

31,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

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

$

—

$

246,235

$

—

$

246,235

Municipal

Bonds

:

Arizona

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

—

530,416

—

530,416

California

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

—

25,223,571

603,985

25,827,556

Florida

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

—

62,000

—

62,000

U.S.

Territories

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

Puerto

Rico

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

—

130,497

—

130,497

Short

Term

Investments

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

—

400,000

—

400,000

Total

Investments

in

Securities

...........

$—

$26,592,719

$603,985

$27,196,704

10. #### Other

#### Derivative

#### Information
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Aerospace

&

Defense

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

$

23,409,400

$

—

$

—

$

23,409,400

Banks

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

11,851,030

—

—

11,851,030

Biotechnology

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

4,208,000

—

—

4,208,000

Capital

Markets

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

2,817,850

—

—

2,817,850

Electric

Utilities

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

4,696,994

—

—

4,696,994

Energy

Equipment

&

Services

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

9,025,800

—

—

9,025,800

Ground

Transportation

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

4,199,700

—

—

4,199,700

Health

Care

Equipment

&

Supplies

.........

8,685,850

—

—

8,685,850

Health

Care

Providers

&

Services

..........

10,225,710

—

—

10,225,710

Hotels,

Restaurants

&

Leisure

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

6,270,800

—

—

6,270,800

Interactive

Media

&

Services

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

4,258,200

—

—

4,258,200

IT

Services

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

6,499,250

—

—

6,499,250

Machinery

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

2,514,240

—

—

2,514,240

Media

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

2,377,900

—

—

2,377,900

Metals

&

Mining

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

2,604,000

—

—

2,604,000

Oil,

Gas

&

Consumable

Fuels

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

12,172,500

8,284,358

—

20,456,858

Pharmaceuticals

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

15,784,147

—

—

15,784,147

Semiconductors

&

Semiconductor

Equipment

.

15,173,202

—

—

15,173,202

Software

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

2,562,500

—

—

2,562,500

Tobacco

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

13,370,400

—

—

13,370,400

Equity-Linked

Securities

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

—

199,015,898

—

199,015,898

Convertible

Preferred

Stocks

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

39,168,000

—

—

39,168,000

Short

Term

Investments

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

2,925,813

—

—

2,925,813

Total

Investments

in

Securities

...........

$204,801,286

$207,300,256

b

$—

$412,101,542

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

531,300

—

—

531,300

Corporate

Bonds

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

—

246,234

—

246,234

Municipal

Bonds

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

—

26,090,146

—

26,090,146

Short

Term

Investments

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

—

100,000

—

100,000

Total

Investments

in

Securities

...........

$531,300

$26,436,380

$—

$26,967,680

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I

#### Assets:
Investments

in

Securities:

Common

Stocks

:

Banks

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

2,283,300

—

—

2,283,300

Pharmaceuticals

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

—

—

117,208

117,208

Corporate

Bonds

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

—

471,158,748

—

471,158,748

Senior

Floating

Rate

Interests

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

—

10,852,179

—

10,852,179

Mortgage-Backed

Securities

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

—

116,508,116

—

116,508,116

Escrows

and

Litigation

Trusts

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

—

—

—

c

—

Short

Term

Investments

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

2,921,629

—

—

2,921,629

Total

Investments

in

Securities

...........

$5,204,929

$598,519,043

$117,208

$603,841,180

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

foreign

securities

valued

at

$8,284,358,

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

financial

instruments

determined

to

have

no

value.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

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 year.

At

August

31,

2025,

the

reconciliation

is

as

follows:

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

August

31,

2025,

are

as

follows:

13. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

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.

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### a

#### Sales

#### b

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciation
(Depreciation)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Assets:
Investments

in

Securities:

Municipal

Bonds

:

United

States

.

$

14,263

$

600,000

$

(8,372)

$

—

$

—

$

—

$

(53,586)

$

51,680

$

603,985

$

3,985

Total

Investments

in

Securities

.......

$14,263

$600,000

$(8,372)

$—

$—

$—

$(53,586)

$51,680

$603,985

$3,985

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.

#### Description

#### Fair

#### Value

#### at

#### End

#### of

#### Year

#### Valuation

#### Technique

#### Unobservable

#### Inputs

#### Amount

#### (Weighted

#### Average)

#### Impact

#### to

#### Fair

#### Value

#### if

#### Input

#### Increases

#### a

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Assets:
Investments

in

Securities:

Municipal

Bonds

California

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

$603,985

Discounted

cash

flow

Discount

rate

8.2%

Decrease

All

Other

Investments

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

—

Total

$603,985

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.

12. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Strategic

Series

Notes

to

Financial

Statements

franklintempleton.com

Annual

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. #### 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.

#### Abbreviations

#### Selected

#### Portfolio

#### ADR
American

Depositary

Receipt

#### CME
Chicago

Mercantile

Exchange

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

#### SPA
Standby

Purchase

Agreement

13. #### Operating

#### Segments
(continued)

Franklin

Strategic

Series

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Strategic

Series

and

Shareholders

of

Franklin

Templeton

SMACS:

Series

CH,

Franklin

Templeton

SMACS:

Series

E,

Franklin

Templeton

SMACS:

Series

H

and

Franklin

Templeton

SMACS:

Series

I

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

Franklin

Templeton

SMACS:

Series

CH,

Franklin

Templeton

SMACS:

Series

E,

Franklin

Templeton

SMACS:

Series

H

and

Franklin

Templeton

SMACS:

Series

I

(four

of

the

funds

constituting

Franklin

Strategic

Series,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

August

31,

2025,

the

related

statements

of

operations

for

the

year

ended

August

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

August

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

August

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

August

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

August

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

October

20,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Strategic

Series

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

August

31,

2025:

Note

(1) -

The

Law

varies

in

each

state

as

to

whether

and

what

percentage

of

dividend

income

attributable

to

Federal

obiligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

consult

with

their

tax

advisors

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

taxes.

#### Pursuant

#### to:

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

—

$3,547,473

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

—

$5,164,644

Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$1,413,442

—

Section

163(j)

Interest

Dividends

Earned

§163(j)

—

$51,753

#### Pursuant

#### to:

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

—

$71,719

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

—

$71,719

Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$998,252

—

Section

163(j)

Interest

Dividends

Earned

§163(j)

—

$37,053,495

Interest

Earned

from

Federal

Obligations

Note

(1) —

$4,216,619

Franklin

Strategic

Series

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### STRATEGIC

#### SERIES

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### CH

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### E

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### H

#### Franklin

#### Templeton

#### SMACS:

#### Series

#### I
(each

a

Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Strategic

Series

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

#### 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

Franklin

Strategic

Series

franklintempleton.com

Annual

Report

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

*Franklin* 

*Templeton* 

*SMACS:* 

*Series* 

*CH* 

*and* 

*Franklin* 

*Templeton* 

*SMACS:* 

*Series* 

*H* 

-

The

Performance

Universe

for

the

Franklin

Templeton

SMACS:

Series

CH

included

the

Fund

and

all

retail

and

institutional

California

municipal

debt

funds.

The

Performance

Universe

for

the

Franklin

Templeton

SMACS:

Series

H

included

the

Fund

and

all

retail

and

institutional

high

yield

municipal

debt

funds.

The

Board

noted

that

the

Funds'

annualized

total

returns

for

the

one-,

three-

and

five-year

periods

were

above

the

medians

of

their

respective

Performance

Universes.

The

Board

concluded

that

each

Fund's

performance

was

satisfactory.

Franklin

Strategic

Series

franklintempleton.com

Annual

Report

*Franklin* 

*Templeton* 

*SMACS:* 

*Series* 

*E* 

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

equity

income

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

that,

although

below

median,

the

Fund's

annualized

total

return

for

the

one-year

period

was

11.38%.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Templeton* 

*SMACS:* 

*Series* 

*I*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

high

yield

funds.

The

Board

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund

is

used

as

a

completion

portfolio

in

the

Franklin

Income

SMA

and

that

performance

should

be

evaluated

within

the

context

of

performance

of

the

Franklin

Income

SMA,

which

outperformed

its

blended

benchmark,

the

50%

MSCI

USA

High

Dividend

Yield

Index

+

25%

Bloomberg

High

Yield

Very

Liquid

Index

+

25%

Bloomberg

US

Aggregate

Index,

over

the

three-

and

five-year

periods.

Management

further

explained

that

the

Fund's

Performance

Universe

is

not

a

direct

comparison

to

the

Fund

as

it

includes

funds

that

invest

in

short

duration

high

yield

bonds,

whereas

the

Fund

invests

in

securitized

instruments,

treasuries,

and

corporate

bonds.

The

Board

noted

that

the

Fund's

performance

was

positive

for

all

reporting

periods.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

actual

management

fee

rate

(Management

Rate),

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

(i) Class

A1,

Class

S,

Class

Z,

Investor

Class

and

Fund

Class

shares

for

other

funds

in

the

Franklin

Templeton

SMACS:

Series

CH

Expense

Group

with

multiple

classes

of

shares;

(ii) Investor

Class,

Retail

Class

and

Institutional

Class

shares

for

other

funds

in

the

Franklin

Templeton

SMACS:

Series

E

Expense

Group

with

multiple

classes

of

shares;

(iii) Class

S,

Class

Z,

Member

Class

and

Investor

Class

shares

for

other

funds

in

the

Franklin

Templeton

SMACS:

Series

H

Expense

Group

with

multiple

classes

of

shares;

and

(iv) Class

P,

Investor

Class,

and

Open

Class

and

Retail

Class

shares

for

other

funds

in

the

Franklin

Templeton

SMACS:

Series

I

Expense

Group

with

multiple

classes

of

shares.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Franklin

Templeton

SMACS:

Series

CH

included

the

Fund

and

other

California

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Templeton

SMACS:

Series

E

included

the

Fund

and

nine

other

equity

income

funds.

The

Expense

Group

for

the

Franklin

Templeton

SMACS:

Series

H

included

the

Fund

and

seven

other

high

yield

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Templeton

SMACS:

Series

I

included

the

Fund

and

high

yield

funds.

The

Board

noted

that

the

actual

total

expense

ratios

for

the

Funds

were

below

the

medians

and

in

the

first

quintile

(least

expensive)

of

their

respective

Expense

Groups.

The

Board

also

noted

that

the

Manager

provides

general

investment

management

and

administrative

services

to

each

Fund

for

a

zero

management

fee.

The

Board

further

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

also

noted

that

the

Manager

assumes

certain

expenses

incurred

by

each

Fund

(including

acquired

fund

fees

and

expenses,

but

excluding

certain

non-

routine

expenses,

such

as

those

relating

to

litigation,

indemnification,

reorganizations

and

liquidations)

so

that

total

annual

fund

operating

expenses

do

not

exceed

0.00%.

The

Board

concluded

that

each

Fund's

zero

contractual

management

fee

is

reasonable.

Franklin

Strategic

Series

franklintempleton.com

Annual

Report

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

In

connection

with

this

review,

the

Board

noted

that

because

each

Fund

pays

a

zero

management

fee,

the

consideration

of

possible

economies

of

scale

in

the

future

was

not

relevant.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

FSS3-AFSOI

10/25©

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fss-efp18093_ex99code.htm)

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-efp18093_ex99cert.htm)

Exhibit 99.CERT

([b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fss-efp18093_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: | October 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: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: October 29, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| 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;

&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: October 29, 2025

---

| |
|:---|
| /s/ Jeffrey White |
| Jeffrey White |
| 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 **August 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: October 29 , 2025 | Date: October 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.