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Form NPORT-P FRANKLIN STRATEGIC SERIE For: May 31

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July 23, 2021 3:01 PM EDT 

  
    NPORT-P
    false
    
      
      
        
          0000872625
          XXXXXXXX
        
      
      
      
      
        S000065648
        C000212373
      
      
      
    
  
  
    
      Franklin Strategic Series
      811-06243
      0000872625
      549300NDWC0J6DXVSX36
      One Franklin Parkway
      San Mateo
      
      94403-1906
      650-312-2000
      Franklin Templeton SMACS Series CH
      S000065648
      549300UG7DK9L71FV720
      2021-08-31
      2021-05-31
      N
    
    
      3243466.26
      68188.25
      3175278.01
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      38266.78000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        City of Rancho Cordova CA
        N/A
        City of Rancho Cordova
        75211RLF2
        
          
          
        
        100000.00000000
        PA
        USD
        115755.32000000
        3.645517640831
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Municipal Finance Authority
        5493000UQOV6R4ZWS346
        California Municipal Finance Authority
        13048VPX0
        
          
          
        
        125000.00000000
        PA
        USD
        145619.20000000
        4.586029933171
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Upland Community Facilities District
        N/A
        Upland Community Facilities District
        91535NDE9
        
          
          
        
        185000.00000000
        PA
        USD
        204768.82000000
        6.448846978283
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Municipal Finance Authority
        5493000UQOV6R4ZWS346
        California Municipal Finance Authority
        13049RBF2
        
          
          
        
        130000.00000000
        PA
        USD
        152880.87000000
        4.814723923969
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-11-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Folsom Ranch Financing Authority
        N/A
        Folsom Ranch Financing Authority
        344414CD7
        
          
          
        
        100000.00000000
        PA
        USD
        116135.21000000
        3.657481632608
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        California Statewide Communities Development Authority
        13078YQH1
        
          
          
        
        125000.00000000
        PA
        USD
        149576.04000000
        4.710643903586
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-02
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dublin Community Facilities District No. 2015-1
        N/A
        Dublin Community Facilities District No. 2015-1
        26362RAM9
        
          
          
        
        130000.00000000
        PA
        USD
        150270.85000000
        4.732525767090
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Santa Paula CA
        N/A
        City of Santa Paula
        802545AP8
        
          
          
        
        125000.00000000
        PA
        USD
        138410.28000000
        4.358997214231
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2050-09-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California County Tobacco Securitization Agency
        N/A
        California County Tobacco Securitization Agency
        13016NJA3
        
          
          
        
        100000.00000000
        PA
        USD
        113264.18000000
        3.567063408095
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Community Housing Agency
        N/A
        California Community Housing Agency
        13013HAA8
        
          
          
        
        200000.00000000
        PA
        USD
        228570.08000000
        7.198427327627
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-04-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Foothill-Eastern Transportation Corridor Agency
        N/A
        Foothill-Eastern Transportation Corridor Agency
        345105GU8
        
          
          
        
        190000.00000000
        PA
        USD
        213802.46000000
        6.733346161396
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2053-01-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tobacco Securitization Authority of Southern California
        N/A
        Tobacco Securitization Authority of Southern California
        888804CT6
        
          
          
        
        125000.00000000
        PA
        USD
        153294.25000000
        4.827742626542
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-06-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        California Statewide Communities Development Authority
        13078YQW8
        
          
          
        
        100000.00000000
        PA
        USD
        111902.24000000
        3.524171415781
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2050-09-02
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        California Statewide Communities Development Authority
        13080SVN1
        
          
          
        
        250000.00000000
        PA
        USD
        297061.35000000
        9.355443808839
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2058-12-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        California Statewide Communities Development Authority
        13081CAD0
        
          
          
        
        100000.00000000
        PA
        USD
        108196.28000000
        3.407458485816
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Tracy Community Facilities District
        N/A
        Tracy Community Facilities District
        892376RA4
        
          
          
        
        110000.00000000
        PA
        USD
        124580.97000000
        3.923466531360
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2048-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        California Statewide Communities Development Authority
        13081CAE8
        
          
          
        
        200000.00000000
        PA
        USD
        215963.38000000
        6.801400674834
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2052-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Roseville CA
        549300OH100KESVPND17
        City of Roseville
        777870B54
        
          
          
        
        130000.00000000
        PA
        USD
        149989.94000000
        4.723678982679
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        California Statewide Communities Development Authority
        549300KTNI2GCJNX2U48
        California Statewide Communities Development Authority
        13077EGQ7
        
          
          
        
        100000.00000000
        PA
        USD
        121567.69000000
        3.828568384158
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        City of Roseville CA
        549300OH100KESVPND17
        City of Roseville
        777870G91
        
          
          
        
        125000.00000000
        PA
        USD
        143615.56000000
        4.522928686801
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2049-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2021-06-30
      Franklin Strategic Series
      Robert Kubilis
      Robert Kubilis
      Chief Financial Officer, Chief Accounting Officer and Treasurer
    
  
  XXXX
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FSS3-Q3PH
See
Notes
to
Statements
of
Investments.
1
Statements
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
CH
2
Franklin
Templeton
SMACS:
Series
E
3
Franklin
Templeton
SMACS:
Series
H
6
Franklin
Templeton
SMACS:
Series
I
8
Notes
to
Financial
Statements
11
Franklin
Strategic
Series
Statement
of
Investments
(unaudited),
May
31,
2021
Franklin
Templeton
SMACS:
Series
CH
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
See
Abbreviations
on
page
15
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.4%
California
99.4%
a
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
......................................................
$
200,000
$
228,570
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
B-1
,
Refunding
,
4
%
,
6/01/49
........................
100,000
113,264
California
Municipal
Finance
Authority
,
a
Claremont
Graduate
University,
Revenue,
144A,
2020
B,
Refunding,
5%,
10/01/49
.
125,000
145,619
Congregational
Home
Obligated
Group
(The),
Revenue,
2019,
Refunding,
5%,
11/15/39
.......................................................
130,000
152,881
California
Statewide
Communities
Development
Authority
,
Special
Assessment,
2019
C,
5%,
9/02/49
...............................
125,000
149,576
Special
Assessment,
2020
A,
4%,
9/02/50
...............................
100,000
111,902
Community
Facilities
District
No.
2016-02,
Special
Tax,
2019,
5%,
9/01/39
.......
100,000
121,568
a
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
144A,
2018
A,
5.5%,
12/01/58
..................................................
250,000
297,061
a
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/49
.............
100,000
108,196
a
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/52
.............
200,000
215,964
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
130,000
150,271
City
of
Rancho
Cordova
,
Grantline
208
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
.......................................
100,000
115,755
City
of
Roseville
,
SVSP
Westpark
-Federico
Community
Facilities
District
No.
1,
Special
Tax,
2019,
5%,
9/01/49
........................................................
125,000
143,616
Villages
at
Sierra
Vista
Community
Facilities
District
No.
1,
Special
Tax,
2019,
5%,
9/01/49
........................................................
130,000
149,990
City
of
Santa
Paula
,
Harvest
Community
Facilities
District
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
......................................................
125,000
138,410
City
of
Tracy
,
Community
Facilities
District
No.
2016-01
,
Special
Tax
,
2018
,
5
%
,
9/01/48
.........................................................
110,000
124,581
City
of
Upland
,
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2019
A
,
4
%
,
9/01/49
.........................................................
185,000
204,769
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
19
,
Special
Tax
,
2019
,
5
%
,
9/01/49
.......................................
100,000
116,135
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
B-2
,
Refunding
,
3.5
%
,
1/15/53
.........................................................
190,000
213,803
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
6/01/48
.........
125,000
153,294
3,155,225
Total
Municipal
Bonds
(Cost
$2,958,130)
.......................................
3,155,225
a
a
a
a
a
Total
Investments
(Cost
$2,958,130)
99.4%
.....................................
$3,155,225
Other
Assets,
less
Liabilities
0.6%
.............................................
20,053
Net
Assets
100.0%
...........................................................
$3,175,278
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
May
31,
2021,
the
aggregate
value
of
these
securities
was
$995,410,
representing
31.3%
of
net
assets.
Franklin
Strategic
Series
Statement
of
Investments
(unaudited),
May
31,
2021
Franklin
Templeton
SMACS:
Series
E
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
79.0%
Aerospace
&
Defense
2.3%
General
Dynamics
Corp.
................................
United
States
600
$
113,946
Banks
2.0%
Bank
of
America
Corp.
.................................
United
States
2,400
101,736
Beverages
4.0%
PepsiCo,
Inc.
........................................
United
States
1,350
199,719
Biotechnology
1.6%
AbbVie,
Inc.
.........................................
United
States
700
79,240
Communications
Equipment
2.1%
Cisco
Systems,
Inc.
...................................
United
States
2,000
105,800
Diversified
Telecommunication
Services
2.1%
BCE,
Inc.
...........................................
Canada
2,150
107,006
Electric
Utilities
9.1%
Duke
Energy
Corp.
....................................
United
States
2,000
200,440
Edison
International
...................................
United
States
1,500
83,805
Exelon
Corp.
.........................................
United
States
1,000
45,120
Southern
Co.
(The)
....................................
United
States
2,000
127,840
457,205
Energy
Equipment
&
Services
1.0%
Baker
Hughes
Co.
.....................................
United
States
2,000
48,800
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
a
Host
Hotels
&
Resorts,
Inc.
..............................
United
States
3,000
51,510
Food
Products
1.2%
Nestle
SA
...........................................
Switzerland
510
62,826
Health
Care
Providers
&
Services
5.3%
CVS
Health
Corp.
.....................................
United
States
3,065
264,939
Insurance
2.6%
MetLife,
Inc.
.........................................
United
States
2,000
130,720
Interactive
Media
&
Services
3.3%
a
Alphabet,
Inc.,
A
......................................
United
States
70
164,979
IT
Services
2.3%
International
Business
Machines
Corp.
.....................
United
States
808
116,142
Media
1.5%
Comcast
Corp.,
A
.....................................
United
States
1,300
74,542
Metals
&
Mining
3.1%
Rio
Tinto
plc,
ADR
.....................................
Australia
1,800
157,374
Multiline
Retail
5.4%
Target
Corp.
.........................................
United
States
1,200
272,304
Multi-Utilities
3.1%
Dominion
Energy,
Inc.
..................................
United
States
1,400
106,596
DTE
Energy
Co.
......................................
United
States
350
48,296
154,892
Oil,
Gas
&
Consumable
Fuels
2.6%
TOTAL
SE,
ADR
......................................
France
2,800
130,732
Franklin
Strategic
Series
Statement
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
E
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Personal
Products
1.3%
Unilever
plc
..........................................
United
Kingdom
1,100
$
65,959
Pharmaceuticals
8.0%
Bristol-Myers
Squibb
Co.
................................
United
States
3,700
243,164
Merck
&
Co.,
Inc.
.....................................
United
States
2,100
159,369
402,533
Semiconductors
&
Semiconductor
Equipment
6.5%
Analog
Devices,
Inc.
...................................
United
States
650
106,990
Texas
Instruments,
Inc.
.................................
United
States
1,172
222,469
329,459
Specialty
Retail
3.8%
Home
Depot,
Inc.
(The)
.................................
United
States
600
191,346
Tobacco
3.8%
Philip
Morris
International,
Inc.
...........................
United
States
2,000
192,860
Total
Common
Stocks
(Cost
$3,022,712)
.......................................
3,976,569
Equity-Linked
Securities
12.8%
Automobiles
2.5%
b
National
Bank
of
Canada
into
General
Motors
Co.,
144A,
10%,
1/26/22
...........................................
United
States
2,500
127,541
Capital
Markets
2.5%
b
UBS
AG
into
Morgan
Stanley,
144A,
8.5%,
2/11/22
............
United
States
1,500
123,627
Energy
Equipment
&
Services
3.0%
b
Royal
Bank
of
Canada
into
Schlumberger
NV,
144A,
10%,
3/01/22
United
States
5,000
152,067
Internet
&
Direct
Marketing
Retail
2.6%
b
JPMorgan
Chase
Bank
NA
into
Amazon.com,
Inc.,
144A,
Reg
S,
9.5%,
12/07/21
.....................................
United
States
40
129,112
Road
&
Rail
2.2%
b
Goldman
Sachs
International
Bank
into
Union
Pacific
Corp.,
144A,
8%,
2/09/22
........................................
United
States
500
112,491
Total
Equity-Linked
Securities
(Cost
$585,318)
..................................
644,838
Convertible
Preferred
Stocks
5.3%
Electric
Utilities
2.3%
American
Electric
Power
Co.,
Inc.,
6.125%
..................
United
States
2,300
115,483
Semiconductors
&
Semiconductor
Equipment
3.0%
Broadcom,
Inc.,
8%,
A
..................................
United
States
100
152,088
Total
Convertible
Preferred
Stocks
(Cost
$212,594)
..............................
267,571
Franklin
Strategic
Series
Statement
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
E
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
See
Abbreviations
on
page
15
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Preferred
Stocks
2.8%
Banks
2.8%
Citigroup,
Inc.,
6.875%,
K
...............................
United
States
5,000
$
141,850
Total
Preferred
Stocks
(Cost
$137,118)
.........................................
141,850
Total
Long
Term
Investments
(Cost
$3,957,742)
.................................
5,030,828
a
a
Total
Investments
(Cost
$3,957,742)
99.9%
.....................................
$5,030,828
Other
Assets,
less
Liabilities
0.1%
.............................................
4,976
Net
Assets
100.0%
...........................................................
$5,035,804
a
Non-income
producing.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2021,
the
aggregate
value
of
these
securities
was
$644,838,
representing
12.8%
of
net
assets.
Franklin
Strategic
Series
Statement
of
Investments
(unaudited),
May
31,
2021
Franklin
Templeton
SMACS:
Series
H
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Shares
a
Value
a
Management
Investment
Companies
29.9%
Capital
Markets
29.9%
a
Franklin
Liberty
Federal
Intermediate
Tax-Free
Bond
Opportunities
ETF
..........
35,000
$
936,425
Total
Management
Investment
Com
panies
(Cost
$889,962)
.......................
936,425
Principal
Amount
a
a
a
a
Municipal
Bonds
65.5%
California
4.9%
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
6/01/48
.........
$
125,000
153,294
Colorado
19.1%
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/38
.................................
100,000
105,414
Denver
Health
&
Hospital
Authority
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/37
....
100,000
116,761
Hunters
Overlook
Metropolitan
District
No.
5
,
GO
,
2019
A
,
5
%
,
12/01/39
..........
150,000
163,880
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
200,000
212,083
598,138
Florida
1.9%
Windward
Community
Development
District
,
Special
Assessment
,
2020
A-1
,
3
%
,
5/01/25
.........................................................
60,000
61,187
Indiana
3.9%
Indiana
Finance
Authority
,
Marian
University,
Inc.
,
Revenue
,
2019
A
,
5
%
,
9/15/39
...
100,000
121,907
Louisiana
8.1%
Calcasieu
Parish
Memorial
Hospital
Service
District
,
Southwest
Louisiana
Healthcare
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
............
100,000
109,027
b
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Parish
of
St.
Martin
,
Revenue
,
144A,
2019
,
4.4
%
,
11/01/44
...........
135,000
146,356
255,383
Maryland
3.3%
b
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District
,
Tax
Allocation,
Senior
Lien
,
144A,
2019
A
,
Refunding
,
3.5
%
,
6/01/39
................................
100,000
104,223
Pennsylvania
3.8%
b
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
5/01/32
........................................
100,000
117,813
Texas
7.3%
b
County
of
Hays
,
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
...............................................
100,000
104,047
b
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
Cityscape
Schools,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
8/15/39
...................................
110,000
125,232
229,279
Washington
3.5%
b
Washington
State
Housing
Finance
Commission
,
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
1/01/49
...
100,000
110,729
Wisconsin
4.5%
b
Public
Finance
Authority
,
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/49
.............................................
125,000
141,108
Franklin
Strategic
Series
Statement
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
H
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
See
Abbreviations
on
page
15
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
5.2%
District
of
Columbia
5.2%
District
of
Columbia
,
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/49
......................................................
$
140,000
$
162,243
Total
Municipal
Bonds
(Cost
$1,943,151)
.......................................
2,055,304
Total
Long
Term
Investments
(Cost
$2,833,113)
.................................
2,991,729
a
a
a
a
a
Short
Term
Investments
3.2%
Municipal
Bonds
3.2%
New
York
3.2%
c
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008
A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
11/01/31
...........
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
$2,933,113)
98.6%
.....................................
$3,091,729
Other
Assets,
less
Liabilities
1.4%
.............................................
42,735
Net
Assets
100.0%
...........................................................
$3,134,464
a
See
Note
5
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
May
31,
2021,
the
aggregate
value
of
these
securities
was
$849,508,
representing
27.1%
of
net
assets.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Strategic
Series
Statement
of
Investments
(unaudited),
May
31,
2021
Franklin
Templeton
SMACS:
Series
I
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
93.3%
Airlines
2.7%
a
American
Airlines
Group,
Inc.
,
Senior
Note
,
144A,
5
%
,
6/01/22
.................
$
100,000
$
99,880
Automobiles
6.6%
Ford
Motor
Co.
,
Senior
Note
,
9
%
,
4/22/25
.................................
100,000
122,305
General
Motors
Co.
,
Senior
Note
,
6.125
%
,
10/01/25
.........................
100,000
118,949
241,254
Chemicals
2.7%
a
SCIH
Salt
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
5/01/29
..................
100,000
99,375
Communications
Equipment
1.3%
a
CommScope
Technologies
LLC
,
Senior
Note
,
144A,
6
%
,
6/15/25
...............
47,000
48,042
Containers
&
Packaging
4.0%
a
Mauser
Packaging
Solutions
Holding
Co.
,
Senior
Note
,
144A,
7.25
%
,
4/15/25
......
150,000
147,874
Diversified
Financial
Services
2.0%
a
MPH
Acquisition
Holdings
LLC
,
Senior
Note
,
144A,
5.75
%
,
11/01/28
.............
75,000
74,736
Energy
Equipment
&
Services
4.3%
a
Weatherford
International
Ltd.
,
144A,
8.75
%
,
9/01/24
........................
150,000
156,938
Entertainment
2.3%
Netflix,
Inc.
,
Senior
Bond
,
4.875
%
,
4/15/28
................................
75,000
86,374
Equity
Real
Estate
Investment
Trusts
(REITs)
1.3%
a
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
4.875
%
,
9/15/27
......................
45,000
46,744
Food
Products
3.2%
a
Post
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.625
%
,
1/15/28
.....................
110,000
116,476
Health
Care
Providers
&
Services
26.3%
a
CHS/Community
Health
Systems,
Inc.
,
Secured
Note,
144A,
6.125%,
4/01/30
..................................
50,000
49,858
Senior
Note,
144A,
6.875%,
4/01/28
....................................
425,000
408,423
Senior
Secured
Note,
144A,
8%,
3/15/26
................................
150,000
160,743
Senior
Secured
Note,
144A,
8%,
12/15/27
...............................
174,000
190,965
a
Tenet
Healthcare
Corp.
,
Senior
Note
,
144A,
6.125
%
,
10/01/28
..................
150,000
157,193
967,182
Hotels,
Restaurants
&
Leisure
5.1%
a
Golden
Nugget,
Inc.
,
Senior
Note
,
144A,
6.75
%
,
10/15/24
.....................
55,000
55,579
a
Vail
Resorts,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
5/15/25
........................
50,000
53,192
a
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
,
Senior
Bond
,
144A,
5.5
%
,
3/01/25
.........................................................
75,000
80,063
188,834
Media
12.4%
a
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
4/15/28
.........
150,000
153,855
a
Diamond
Sports
Group
LLC
/
Diamond
Sports
Finance
Co.
,
Senior
Secured
Note
,
144A,
5.375
%
,
8/15/26
..............................................
100,000
74,124
DISH
DBS
Corp.
,
Senior
Note
,
5.875
%
,
7/15/22
............................
110,000
114,537
a
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
5.125
%
,
2/15/25
.....
110,000
111,804
454,320
Metals
&
Mining
2.1%
a
Cleveland-Cliffs,
Inc.
,
Senior
Secured
Note
,
144A,
9.875
%
,
10/17/25
.............
66,000
77,308
Franklin
Strategic
Series
Statement
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
I
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
See
Abbreviations
on
page
15
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
6.0%
Calumet
Specialty
Products
Partners
LP
/
Calumet
Finance
Corp.
,
Senior
Note,
7.75%,
4/15/23
.........................................
$
110,000
$
109,023
a
Senior
Note,
144A,
11%,
4/15/25
......................................
50,000
53,763
Occidental
Petroleum
Corp.
,
Senior
Note
,
8
%
,
7/15/25
.......................
50,000
58,870
221,656
Pharmaceuticals
8.1%
a
Bausch
Health
Cos.,
Inc.
,
Senior
Bond
,
144A,
6.125
%
,
4/15/25
.................
180,000
184,318
a
Par
Pharmaceutical,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
4/01/27
.............
110,000
112,338
296,656
Trading
Companies
&
Distributors
1.5%
a
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
7.125
%
,
6/15/25
.................
50,000
54,062
Wireless
Telecommunication
Services
1.4%
Sprint
Communications,
Inc.
,
Senior
Note
,
6
%
,
11/15/22
......................
50,000
53,170
Total
Corporate
Bonds
(Cost
$3,115,807)
.......................................
3,430,881
Asset-Backed
Securities
2.9%
Airlines
2.9%
United
Airlines
Pass-Through
Trust
,
2020-1
,
A
,
5.875
%
,
10/15/27
...............
95,165
105,743
Total
Asset-Backed
Securities
(Cost
$95,165)
...................................
105,743
Shares
Escrows
and
Litigation
Trusts
2.9%
a
Chesapeake
Energy
Corp.,
Escrow
Account
,
144A
..........................
100,000
108,035
Total
Escrows
and
Litigation
Trusts
(Cost
$100,000)
.............................
108,035
Total
Long
Term
Investments
(Cost
$3,310,972)
.................................
3,644,659
a
a
a
a
a
Short
Term
Investments
0.1%
a
Money
Market
Funds
0.1%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
...................
2,765
2,765
Total
Money
Market
Funds
(Cost
$2,765)
.......................................
2,765
Total
Short
Term
Investments
(Cost
$2,765
)
....................................
2,765
a
Total
Investments
(Cost
$3,313,737)
99.2%
.....................................
$3,647,424
Other
Assets,
less
Liabilities
0.8%
.............................................
30,748
Net
Assets
100.0%
...........................................................
$3,678,172
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
May
31,
2021,
the
aggregate
value
of
these
securities
was
$2,875,688,
representing
78.2%
of
net
assets.
b
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
Franklin
Strategic
Series
Statement
of
Investments
(unaudited)
Franklin
Templeton
SMACS:
Series
I
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Strategic
Series
11
Notes
to
Statements
of
Investments
(unaudited)
1.
Organization
Franklin
Strategic
Series (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of eleven
separate
funds, four
of
which
are
included
in
this
report
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m. Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
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,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds’ business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds’
portfolio
securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
Franklin
Strategic
Series
Notes
to
Statements
of
Investments
(unaudited)
12
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
At
May
31,
2021,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
inputs
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.
3.
Concentration
of
Risk 
Franklin
Templeton
SMACS:
Series
CH
invests
a
large
percentage
of
its
total
assets
in
obligations
of
issuers
within
California.
Such
concentration
may
subject
the
Fund
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
California.
In
addition,
investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Funds
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell. 
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
2. Financial
Instrument
Valuation
(continued)
Franklin
Strategic
Series
Notes
to
Statements
of
Investments
(unaudited)
13
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
6. Fair
Value
Measurements 
The
Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Templeton
SMACS:
Series
E
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$165,509
$1,188,311
$(1,353,820)
$—
$—
$—
$—
Total
Affiliated
Securities
....
$165,509
$1,188,311
$(1,353,820)
$—
$—
$—
$—
Franklin
Templeton
SMACS:
Series
H
Non-Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Intermediate
Tax-Free
Bond
Opportunities
ETF
..........
$1,022,800
$—
$(127,659)
$522
$40,762
$936,425
35,000
$16,141
Total
Affiliated
Securities
....
$1,022,800
$—
$(127,659)
$522
$40,762
$936,425
$16,141
Franklin
Templeton
SMACS:
Series
I
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
0.01%
.......
$159,307
$990,374
$(1,146,916)
$—
$—
$2,765
2,765
$1
Total
Affiliated
Securities
....
$159,307
$990,374
$(1,146,916)
$—
$—
$2,765
$1
Franklin
Strategic
Series
Notes
to
Statements
of
Investments
(unaudited)
14
A
summary
of
inputs
used
as
of
May
31,
2021,
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:
Municipal
Bonds
.........................
$
—
$
3,155,225
$
—
$
3,155,225
Total
Investments
in
Securities
...........
$—
$3,155,225
$—
$3,155,225
Franklin
Templeton
SMACS:
Series
E
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
113,946
—
—
113,946
Banks
...............................
101,736
—
—
101,736
Beverages
...........................
199,719
—
—
199,719
Biotechnology
.........................
79,240
—
—
79,240
Communications
Equipment
..............
105,800
—
—
105,800
Diversified
Telecommunication
Services
.....
107,006
—
—
107,006
Electric
Utilities
........................
457,205
—
—
457,205
Energy
Equipment
&
Services
.............
48,800
—
—
48,800
Equity
Real
Estate
Investment
Trusts
(REITs)
.
51,510
—
—
51,510
Food
Products
........................
—
62,826
—
62,826
Health
Care
Providers
&
Services
..........
264,939
—
—
264,939
Insurance
............................
130,720
—
—
130,720
Interactive
Media
&
Services
..............
164,979
—
—
164,979
IT
Services
...........................
116,142
—
—
116,142
Media
...............................
74,542
—
—
74,542
Metals
&
Mining
.......................
157,374
—
—
157,374
Multiline
Retail
........................
272,304
—
—
272,304
Multi-Utilities
..........................
154,892
—
—
154,892
Oil,
Gas
&
Consumable
Fuels
.............
130,732
—
—
130,732
Personal
Products
.....................
—
65,959
—
65,959
Pharmaceuticals
.......................
402,533
—
—
402,533
Semiconductors
&
Semiconductor
Equipment
.
329,459
—
—
329,459
Specialty
Retail
........................
191,346
—
—
191,346
Tobacco
.............................
192,860
—
—
192,860
Equity-Linked
Securities
...................
—
644,838
—
644,838
Convertible
Preferred
Stocks
...............
267,571
—
—
267,571
Preferred
Stocks
........................
141,850
—
—
141,850
Total
Investments
in
Securities
...........
$4,257,205
$773,623
a
$—
$5,030,828
Franklin
Templeton
SMACS:
Series
H
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
936,425
—
—
936,425
Municipal
Bonds
.........................
—
2,055,304
—
2,055,304
Short
Term
Investments
...................
—
100,000
—
100,000
Total
Investments
in
Securities
...........
$936,425
$2,155,304
$—
$3,091,729
Franklin
Templeton
SMACS:
Series
I
Assets:
Investments
in
Securities:
b
Corporate
Bonds
........................
—
3,430,881
—
3,430,881
Asset-Backed
Securities
..................
—
105,743
—
105,743
Escrows
and
Litigation
Trusts
...............
—
108,035
—
108,035
Short
Term
Investments
...................
2,765
—
—
2,765
Total
Investments
in
Securities
...........
$2,765
$3,644,659
$—
$3,647,424
6. Fair
Value
Measurements 
(continued)
Franklin
Strategic
Series
Notes
to
Statements
of
Investments
(unaudited)
15
7.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
a
Inclu
des
foreign
securities
valued
at
$128,785,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
For
detailed
categories,
see
the
accompanying
Statement
of
Investments.
Selected
Portfolio
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
GO
General
Obligation
LOC
Letter
of
Credit
6. Fair
Value
Measurements 
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report. 

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