Franklin K2 Alternative Strategies Fund NPORTP K2 Alternative Strategies Fund (Feb 2024 report)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Consolidated Schedule of Investments, February 29, 2024 (unaudited)

K2 Alternative Strategies Fund


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests 28.1%
Aerospace & Defense 0.0%^†
^aRocket Lab USA Inc.		United States		3,500	$	16,047
^aSatellogic Inc., 1/25/27, wts.		United States		2,058		232

						16,279

Airlines 0.0%^†
^aJetblue Airways Corp.		United States		139		901

Automobile Components 0.1%
^aThe Goodyear Tire & Rubber Co.		United States		65,445		777,487

Automobiles 0.2%
^aFisker Inc.		United States		11,809		8,600
^a,bRivian Automotive Inc., A		United States		4,157		47,057
^aStellantis NV		United States		28,820		756,813
^aTesla Inc.		United States		3,457		697,899

						1,510,369

Biotechnology 3.6%
AbbVie Inc.		United States		18,883		3,324,352
^aAlpine Immune Sciences Inc.		United States		24,699		869,899
^a,cAmbrx Biopharma Inc.		United States		8,300		231,902
^aApellis Pharmaceuticals Inc.		United States		41,312		2,560,105
^aArgenx SE, ADR		Netherlands		3,260		1,238,833
^aBiohaven Ltd.		United States		13,192		635,063
^aCelldex Therapeutics Inc.		United States		11,971		575,326
^aCrinetics Pharmaceuticals Inc.		United States		48,369		1,980,227
^aExelixis Inc.		United States		20,720		453,768
^aIdeaya Biosciences Inc.		United States		8,111		362,562
^aInsmed Inc.		United States		15,248		422,675
^aKaruna Therapeutics Inc.		United States		5,432		1,705,485
^aKrystal Biotech Inc.		United States		9,635		1,536,493
^aKymera Therapeutics Inc.		United States		15,716		671,073
^aMorphosys AG		Germany		7,543		532,782
^a,dNeurocrine Biosciences Inc.		United States		6,713		875,375
^aRegeneron Pharmaceuticals Inc.		United States		1,052		1,016,327
^aVaxcyte Inc.		United States		20,239		1,494,043
^aVera Therapeutics Inc., A		United States		2,362		111,203
^a,dVertex Pharmaceuticals Inc.		United States		5,379		2,263,160
^aXenon Pharmaceuticals Inc.		Canada		16,060		758,032

						23,618,685

Building Products 0.2%
^aJohnson Controls International PLC		United States		24,561		1,455,730

Capital Markets 0.3%
Moody’s Corp.		United States		2,233		847,245
Morgan Stanley		United States		11,049		950,656
^aPalmer Square Capital BDC Inc.		United States		4,263		69,316

						1,867,217

Chemicals 0.5%
^a,eCovestro AG, 144A		Germany		13,873		755,077
The Sherwin-Williams Co.		United States		7,486		2,485,576

						3,240,653

Commercial Services & Supplies 0.5%
Cintas Corp.		United States		1,482		931,600
Republic Services Inc., A		United States		14,181		2,603,632

						3,535,232

Quarterly Consolidated Schedule of Investments | See Notes to the Consolidated Schedule of Investments.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)
Communications Equipment 0.0%^†
^a,fRiverbed Technology, Inc.		United States		1,499	$	—

Construction & Engineering 1.3%
^aMastec Inc.		United States		59,610		4,498,171
dQuanta Services Inc.		United States		16,883		4,077,413

						8,575,584

Construction Materials 0.7%
^aCRH PLC		United States		53,835		4,538,829

Consumer Finance 0.3%
^aNeoGames S.A.		Israel		66,593		1,885,914
^aZip Co. Ltd.		Australia		22,618		14,185

						1,900,099

Diversified Financial Services 0.1%
^aBerkshire Hathaway Inc., B		United States		2,303		942,848
^aBread Financial Holdings Inc.		United States		300		11,484
^aConx Corp., A, 10/30/27, wts.		United States		14,679		2,068
^aDHC Acquisition Corp., A, 12/31/27, wts.		United States		241		24
^a,fLandcadia Holdings IV Inc., A, 3/29/28, wts.		United States		1,171		—
^aNabors Energy Transition Corp. II, 9/05/28, wts.		United States		2,168		239
^a,fPegasus Acquisition Co. Europe BV, A		Netherlands		5,997		—
^a,fPershing Square Tontine Holdings Ltd., A		United States		42,829		—
^fPershing Square Tontine Holdings Ltd., A, Contingent Value, rts., 12/31/33		United States		10,707		—
^aSouthport Acquisition Corp., 5/24/28, wts.		United States		4,946		136
^aSpree Acquisition Corp. 1 Ltd., 12/22/28, wts.		Israel		3,069		77
^aTarget Global Acquisition I Corp., A, 12/31/27, wts.		Israel		3,516		325
^aTeract SA, 11/16/25, wts.		France		3,920		6

						957,207

Electric Utilities 2.8%
Constellation Energy Corp.		United States		32,477		5,470,751
^dEdison International		United States		35,893		2,441,442
^aEnergy Harbor Corp.		United States		55,329		4,647,636
Eversource Energy		United States		12,074		708,744
^dPG&E Corp.		United States		130,582		2,179,413
PPL Corp.		United States		110,937		2,925,409

						18,373,395

Electrical Equipment 1.8%
^a,dArray Technologies Inc.		United States		103,718		1,414,714
^aBloom Energy Corp., A		United States		42,220		370,269
Eaton Corp. PLC		United States		2,094		605,166
^a,dEnovix Corp.		United States		154,120		1,502,670
^aFluence Energy Inc., A		United States		48,034		734,440
^aNextracker Inc., A		United States		4,867		273,720
Rockwell Automation Inc.		United States		2,614		745,199
^aShoals Technologies Group Inc., A		United States		49,132		630,364
^c,dVertiv Holdings Co., A		United States		70,825		4,789,186
^aVestas Wind Systems AS		Denmark		24,864		692,911

						11,758,639

Electronic Equipment, Instruments & Components 0.2%
^aHollysys Automation Technologies Ltd.		China		59,219		1,517,191

Energy Equipment & Services 0.1%
^aNabors Industries Ltd.		United States		5,016		393,104

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)
Entertainment 0.2%
Endeavor Group Holdings Inc., A		United States		53,003	$	1,274,722
TKO Group Holdings Inc., A		United States		2,650		221,885

						1,496,607

Equity Real Estate Investment Trusts (REITs) 0.1%
^dVICI Properties Inc., A		United States		11,269		337,281

Food & Staples Retailing 0.6%
^dAlbertsons Cos. Inc., A		United States		84,428		1,712,200
^dCostco Wholesale Corp.		United States		3,229		2,402,021

						4,114,221

Food Products 0.1%
Chocoladefabriken Lindt & Spruengli AG		Switzerland		37		452,790

Ground Transportation 0.2%
Canadian Pacific Kansas City Ltd.		Canada		16,443		1,397,819

Health Care Equipment & Supplies 2.5%
^aAlign Technology Inc.		United States		5,993		1,812,403
^aAxonics Inc.		United States		7,738		525,720
Baxter International Inc.		United States		46,527		1,903,885
^dBecton Dickinson & Co.		United States		9,999		2,355,264
^a,dBoston Scientific Corp.		United States		15,087		998,910
The Cooper Cos. Inc.		United States		12,548		1,174,493
Dentsply Sirona Inc.		United States		32,014		1,046,218
^dGE Healthcare Technologies Inc.		United States		16,329		1,490,511
^aHologic Inc.		United States		22,133		1,633,415
^aInmode Ltd.		United States		54,697		1,203,334
^a^,dIntuitive Surgical Inc.		United States		4,406		1,698,954
^dStryker Corp.		United States		1,504		525,001

						16,368,108

Health Care Providers & Services 1.0%
^a,dAmedisys Inc.		United States		11,479		1,067,777
^aCentene Corp.		United States		14,214		1,114,804
The Cigna Group		United States		5,724		1,924,065
^aEnhabit Inc.		United States		45,143		406,287
Humana Inc.		United States		5,256		1,841,282
^dUnitedHealth Group Inc.		United States		934		461,022

						6,815,237

Hotels, Restaurants & Leisure 0.1%
^a888 Holdings PLC		United Kingdom		24,173		26,394
^aHomeToGo SE, 12/31/25, wts.		Luxembourg		716		8
Kindred Group PLC		Malta		26,946		319,442

						345,844


Independent Power & Renewable Electricity Producers 0.9%
The AES Corp.		United States		130,866		1,989,163
Clearway Energy Inc., C		United States		20,526		447,467
^a,dSunnova Energy International Inc.		United States		67,136		488,750
Vistra Corp.		United States		62,647		3,416,767

						6,342,147

Industrial Conglomerates 0.8%
General Electric Co.		United States		22,909		3,594,193
Hitachi Ltd.		Japan		19,359		1,640,105

						5,234,298

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)
Industrial REITs 0.1%
Intervest Offices & Warehouses NV		Belgium		20,113	$	452,153

Insurance 0.5%
^a,dAmerican Equity Investment Life Holding Co.		United States		5,115		284,087
Arthur J Gallagher & Co.		United States		6,049		1,475,533
The Progressive Corp.		United States		4,718		894,344
W.R. Berkley Corp.		United States		10,488		876,797

						3,530,761

Interactive Media & Services 0.2%
^aAdevinta ASA, B		France		154,291		1,647,312
^aSnap Inc., A		United States		2,400		26,448

						1,673,760

IT Services 0.8%
^aCore Scientific Inc., 1/19/27, wts.		United States		1,383		2,586
^aGlobal Payments Inc.		United States		467		60,570
International Business Machines Corp.		United States		6,680		1,236,001
MasterCard Inc., A		United States		2,578		1,223,931
^a,eNetwork International Holdings PLC, 144A		United Arab Emirates		578,548		2,797,054
^a,eNexi SpA, 144A		Italy		12,460		91,447
^a,cShift4 Payments Inc., A		United States		1,201		98,746

						5,510,335

Life Sciences Tools & Services 1.3%
^aAvantor Inc.		United States		61,014		1,503,385
^aIllumina Inc.		United States		6,284		878,692
Lonza Group AG		Switzerland		3,807		1,987,089
^aMettler-Toledo International Inc.		United States		1,691		2,109,049
^aQIAGEN NV		United States		43,376		1,856,059

						8,334,274

Machinery 0.0%^†
Deere & Co.		United States		106		38,695
^aDesktop Metal Inc., A		United States		22,134		13,540

						52,235

Marine 0.1%
aEagle Bulk Shipping Inc.		United States		10,747		658,469

Media 0.3%
^a,dAltice USA Inc., A		United States		31,718		94,202
^aAscential PLC		United Kingdom		84,900		320,369
^aClear Channel Outdoor Holdings Inc., A		United States		196,381		337,775
^aIheartmedia Inc., A		United States		25,061		69,419
^a,c,dLiberty Media Corp.-Liberty SiriusXM		United States		51,019		1,478,531

						2,300,296

Metals & Mining 0.0%^†
^cUnited States Steel Corp.		United States		4,092		193,715

Mortgage Real Estate Investment Trusts (REITs) 0.0%^†
^a,bArbor Realty Trust Inc.		United States		961		12,877

Oil, Gas & Consumable Fuels 1.0%
^a,fGazprom PJSC		Russia		615,160		—
^cGolar LNG Ltd.		Bermuda		4,776		96,905
^cHess Corp.		United States		13,726		2,000,564
^dNew Fortress Energy Inc., A		United States		39,184		1,377,318
^dPioneer Natural Resources Co.		United States		13,005		3,058,646

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares/ Warrants/ Rights		Value

Common Stocks and Other Equity Interests (continued)
Oil, Gas & Consumable Fuels (continued)
^dTarga Resources Corp.		United States		4,567	$	448,662

						6,982,095

Personal Products 0.3%
L’Oreal SA		France		4,037		1,928,352

Pharmaceuticals 1.1%
^dAstraZeneca PLC, ADR		United Kingdom		26,154		1,678,041
Eli Lilly & Co.		United States		2,590		1,952,031
^dMerck & Co. Inc.		United States		16,515		2,099,882
^dNovo Nordisk AS, ADR		Denmark		15,484		1,854,519

						7,584,473

Professional Services 0.1%
Applus Services SA		Spain		44,255		545,271
^aFalcon’s Beyond Global Inc., A, 3/16/26, wts.		United States		180		174

						545,445

Road & Rail 0.5%
^dCSX Corp.		United States		28,784		1,092,065
^aUber Technologies Inc.		United States		24,867		1,976,926

						3,068,991

Semiconductors & Semiconductor Equipment 0.1%
^aEnphase Energy Inc.		United States		2,760		350,548
^aSequans Communications SA, ADR		France		183,929		123,232

						473,780

Software 0.7%
^aAlteryx Inc., A		United States		8,503		408,484
Altium Ltd.		Australia		24,597		1,039,173
^aFive9 Inc.		United States		1		61
Infomedia Ltd.		Australia		930		967
Microsoft Corp.		United States		7,005		2,897,549

						4,346,234

Specialized REITs 0.4%
Digital Realty Trust Inc.		United States		10,001		1,468,247
Equinix Inc.		United States		1,722		1,530,548

						2,998,795

Specialty Retail 0.7%
^aAutozone Inc.		United States		309		928,860
The Home Depot Inc.		United States		6,142		2,337,707
^dMurphy USA Inc.		United States		2,106		878,223
Musti Group OYJ		Finland		8,218		232,096

						4,376,886

Textiles, Apparel & Luxury Goods 0.3%
^a,cCapri Holdings Ltd.		United States		14,702		678,203
Hermes International		France		473		1,183,609

						1,861,812

Trading Companies & Distributors 0.4%
^dHerc Holdings Inc.		United States		15,710		2,492,863

Total Common Stocks and Other Equity Interests (Cost $146,531,595)						186,319,554

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares			Value

Preferred Stocks 0.2%
Thrifts & Mortgage Finance 0.0%^†
FHLMC, 8.375%, pfd., Z		United States		27,956		$	97,008
FNMA, 8.25%, pfd., S		United States		26,716			96,979

							193,987

Trading Companies & Distributors 0.2%
Textainer Group Holdings Ltd.,
7.00%		Bermuda		22,121			549,928
B, 6.25%		Bermuda		37,707			933,625

							1,483,553

Total Preferred Stocks (Cost $1,684,763)							1,677,540


			Principal Amount*

Convertible Bonds 14.9%
Aerospace & Defense 0.2%
^dKaman Corp., senior note, 3.25%, 5/01/24		United States		1,219,000			1,214,490
^eRocket Lab USA Inc., senior note, 144A, 4.25%, 2/01/29		United States		60,000			67,800

							1,282,290

Airlines 0.3%
^eAir France-KLM, senior note, Reg S, 0.125%, 3/25/26		France		32,034	EUR		620,738
American Airlines Group Inc., senior note, 6.50%, 7/01/25		United States		12,000			14,130
^eCathay Pacific Finance III Ltd., senior note, Reg S, 2.75%, 2/05/26		Hong Kong		8,000,000	HKD		1,081,040
^eGOL Equity Finance SA, senior note, 144A, 3.75%, 7/15/24		Brazil		977,000			136,780

							1,852,688

Automobiles 0.0%^†
^eFisker Inc., senior note, 144A, 2.50%, 9/15/26		United States		951,000			64,668
Ford Motor Co., senior note, zero cpn., 3/15/26		United States		72,000			72,730

							137,398

Biotechnology 0.9%
Apellis Pharmaceuticals Inc., senior note, 3.50%, 9/15/26		United States		132,000			223,733
BioMarin Pharmaceutical Inc., senior sub. note, 0.599%, 8/01/24		United States		466,000			458,973
^eCerevel Therapeutics Holdings Inc., senior note, 144A, 2.50%, 8/15/27		United States		1,503,000			1,660,063
^dCoherus Biosciences Inc., senior sub. note, 1.50%, 4/15/26		United States		657,000			419,617
^dDynavax Technologies Corp., senior note, 2.50%, 5/15/26		United States		1,111,000			1,517,070
Halozyme Therapeutics Inc., senior note, 0.25%, 3/01/27		United States		59,000			52,021
^eImmunocore Holdings PLC, senior note, 144A, 2.50%, 2/01/30		United Kingdom		12,000			12,492
Insmed Inc., senior note, 0.75%, 6/01/28		United States		240,000			261,600
Karyopharm Therapeutics Inc., senior note, 3.00%, 10/15/25		United States		137,000			74,566
^eMirum Pharmaceuticals Inc., senior note, 144A, 4.00%, 5/01/29		United States		22,000			26,711
^ePharming Group NV, senior note, Reg S, 3.00%, 1/21/25		Netherlands		400,000	EUR		424,902
^dTravere Therapeutics Inc., senior note, 2.25%, 3/01/29		United States		732,000			466,774

							5,598,522

Chemicals 0.1%
^eDanimer Scientific Inc., senior note, 144A, 3.25%, 12/15/26		United States		189,000			20,979
Livent Corp., senior note, 4.125%, 7/15/25		United States		455,000			707,070
^ePurecycle Technologies Inc., senior note, 144A, 7.25%, 8/15/30		United States		99,000			50,383

							778,432

Commercial Services & Supplies 0.0%^†
^eGlobal Payments Inc., senior note, 144A, 1.50%, 3/01/31		United States		24,000			24,420

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Convertible Bonds (continued)
Commercial Services & Supplies (continued)
^eWorldline SA, senior note, Reg S, zero cpn., 7/30/26		France		193,087	EUR	$	187,920

							212,340

Communications Equipment 0.1%
Harmonic Inc., senior note, 2.00%, 9/01/24		United States		428,000			660,746

Construction & Engineering 0.0%†
^eGranite Construction Inc., senior note, 144A, 3.75%, 5/15/28		United States		25,000			31,838

Consumer Finance 0.2%
EZCORP Inc., senior note,
2.875%, 7/01/24		United States		618,000			671,148
^e144A, 3.75%, 12/15/29		United States		465,000			537,772
^eSoFi Technologies Inc., senior note, 144A, zero cpn., 10/15/26		United States		297,000			251,708

							1,460,628

Consumer Non-Durables 0.2%
Encore Capital Group Inc., senior note,
3.25%, 10/01/25		United States		371,000			481,929
^e144A, 4.00%, 3/15/29		United States		643,000			620,173

							1,102,102

Diversified Consumer Services 0.1%
Chegg Inc., senior note, 0.125%, 3/15/25		United States		491,000			458,103
^eNexi SpA, senior note, Reg S, 1.75%, 4/24/27		Italy		200,000	EUR		201,270

							659,373

Diversified Financial Services 0.2%
^eBread Financial Holdings Inc., senior note, 144A, 4.25%, 6/15/28		United States		399,000			474,784
Coinbase Global Inc., senior note, 0.50%, 6/01/26		United States		423,000			421,308
Wisdomtree Inc., senior note, 5.75%, 8/15/28		United States		148,000			163,022

							1,059,114

Diversified Telecommunication Services 0.2%
^d,eMatch Group Financeco 2 Inc., senior note, 144A, 0.875%, 6/15/26		United States		1,428,000			1,299,793
^eMatch Group Financeco 3 Inc., senior bond, 144A, 2.00%, 1/15/30		United States		119,000			102,103

							1,401,896

Electric Utilities 0.1%
^eDuke Energy Corp., senior note, 144A, 4.125%, 4/15/26		United States		24,000			23,604
^eNextera Energy Capital Holdings Inc., senior note, 144A, 3.00%, 3/01/27		United States		137,000			138,027
^ePG&E Corp., senior secured note, 144A, 4.25%, 12/01/27		United States		356,000			357,424

							519,055

Electrical Equipment 0.0%^†
^dPlug Power Inc., senior note, 3.75%, 6/01/25		United States		23,000			22,167

Electronic Equipment, Instruments & Components 0.0%^†
^eAdvanced Energy Industries Inc., senior note, 144A, 2.50%, 9/15/28		United States		24,000			24,474
^eVishay Intertechnology Inc., senior note, 144A, 2.25%, 9/15/30		United States		59,000			54,988

							79,462

Energy Equipment & Services 0.2%
Transocean Inc., senior note, 4.625%, 9/30/29		United States		748,000			1,205,353

Entertainment 0.3%
Live Nation Entertainment Inc., senior note, 3.125%, 1/15/29		United States		120,000			137,246
^dThe Marcus Corp., senior note, 5.00%, 9/15/25		United States		473,000			691,999
Marriott Vacations Worldwide Corp., senior note, 3.25%, 12/15/27		United States		376,000			340,092

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Convertible Bonds (continued)
Entertainment (continued)
Sea Ltd., senior note,
^d2.375%, 12/01/25		Singapore		895,000		$	890,525
0.25%, 9/15/26		Singapore		23,000			19,492

							2,079,354

Equity Real Estate Investment Trusts (REITs) 0.3%
Arbor Realty Trust Inc., senior note, 7.50%, 8/01/25		United States		864,000			855,991
^eFederal Realty Op LP, senior note, 144A, 3.25%, 1/15/29		United States		47,000			45,708
^eHat Holdings I LLC / Hat Holdings II LLC, senior note, 144A, 3.75%, 8/15/28		United States		180,000			199,350
^dPebblebrook Hotel Trust, senior note, 1.75%, 12/15/26		United States		962,000			864,745
^bSummit Hotel Properties Inc., senior note, 1.50%, 2/15/26		United States		300,000			264,183

							2,229,977

Financial Services 0.2%
Block Inc., senior note, 0.125%, 3/01/25		United States		1,320,000			1,317,116

Food & Staples Retailing 0.1%
^bThe Chefs’ Warehouse Inc., senior note, 2.375%, 12/15/28		United States		491,000			544,923

Health Care Equipment & Supplies 0.3%
CONMED Corp., senior note, 2.25%, 6/15/27		United States		530,000			483,176
Haemonetics Corp., senior note, zero cpn., 3/01/26		United States		24,000			21,258
Mesa Laboratories Inc., senior note, 1.375%, 8/15/25		United States		557,000			521,697
NuVasive Inc., senior note, 0.375%, 3/15/25		United States		421,000			397,214
^dVarex Imaging Corp., senior note, 4.00%, 6/01/25		United States		720,000			779,863

							2,203,208

Health Care Providers & Services 0.2%
Inotiv Inc., senior note, 3.25%, 10/15/27		United States		553,000			246,085
NeoGenomics Inc., senior note, 1.25%, 5/01/25		United States		508,000			488,950
PetIQ Inc., senior note, 4.00%, 6/01/26		United States		539,000			532,358

							1,267,393

Health Care Technology 2.4%
^bBill Holdings Inc., senior note, zero cpn., 12/01/25		United States		1,380,000			1,264,770
Blackline Inc., senior note,
0.125%, 8/01/24		United States		338,000			338,439
zero cpn., 3/15/26		United States		888,000			794,760
Cerence Inc., senior note, 3.00%, 6/01/25		United States		121,000			117,612
Cloudflare Inc., senior note, zero cpn., 8/15/26		United States		900,000			839,025
^bConfluent Inc., senior note, zero cpn., 1/15/27		United States		24,000			20,755
Digitalocean Holdings Inc., senior note, zero cpn., 12/01/26		United States		1,097,000			912,201
Evolent Health Inc., senior note, 1.50%, 10/15/25		United States		820,000			950,790
Five9 Inc., senior note, 0.50%, 6/01/25		United States		960,000			900,385
Glaukos Corp., senior note, 2.75%, 6/15/27		United States		720,000			1,214,280
Health Catalyst Inc., senior note, 2.50%, 4/15/25		United States		800,000			762,800
Hubspot Inc., senior note, 0.375%, 6/01/25		United States		859,000			1,895,383
Insulet Corp., senior note, 0.375%, 9/01/26		United States		413,000			414,859
Integra Lifesciences Holdings Corp., senior note, 0.50%, 8/15/25		United States		544,000			516,528
Lantheus Holdings Inc., senior note, 2.625%, 12/15/27		United States		144,000			164,196
Model N Inc., senior note, 2.625%, 6/01/25		United States		60,000			60,661
^dMongoDB Inc., senior note, 0.25%, 1/15/26		United States		1,162,000			2,495,395
Omnicell Inc., senior note, 0.25%, 9/15/25		United States		64,000			59,480
^eOpko Health Inc., senior note, 144A, 3.75%, 1/15/29		United States		348,000			337,562
^eRepligen Corp., senior note, 144A, 1.00%, 12/15/28		United States		684,000			798,617
^dUnity Software Inc., senior note, zero cpn., 11/15/26		United States		1,239,000			1,046,336

							15,904,834

Hotels, Restaurants & Leisure 0.5%
^eBasic-Fit NV, BFIT, senior note, Reg S, 1.50%, 6/17/28		Netherlands		600,000	EUR		587,012
Carnival Corp., senior note, 5.75%, 10/01/24		United States		557,000			916,265

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Convertible Bonds (continued)
Hotels, Restaurants & Leisure (continued)
Marriott Vacations Worldwide Corp., senior note, zero cpn., 1/15/26		United States		864,000		$	794,250
Penn Entertainment Inc., senior note, 2.75%, 5/15/26		United States		873,000			946,157

							3,243,684

Household Durables 0.2%
LCI Industries, senior note, 1.125%, 5/15/26		United States		1,103,000			1,089,213
^eWinnebago Industries Inc., senior note, 144A, 3.25%, 1/15/30		United States		474,000			503,862

							1,593,075

Independent Power & Renewable Electricity Producers 0.1%
^d,eNextera Energy Partners LP, senior note, 144A,		United States		462,000			409,416
zero cpn., 11/15/25
2.50%, 6/15/26		United States		331,000			299,140

							708,556

Interactive Media & Services 0.2%
Snap Inc., senior note,
0.25%, 5/01/25		United States		284,000			274,770
0.75%, 8/01/26		United States		300,000			284,775
zero cpn., 5/01/27		United States		24,000			19,314
0.125%, 3/01/28		United States		815,000			615,325

							1,194,184

Internet & Direct Marketing Retail 1.4%
Airbnb Inc., senior note, zero cpn., 3/15/26		United States		204,000			187,060
^eCornwall Jersey Ltd., senior note, Reg S, 0.75%, 4/16/26		United Kingdom		500,000	GBP		394,469
^eDelivery Hero SE, senior note, Reg S,
1.00%, 1/23/27		South Korea		500,000	EUR		437,772
3.25%, 2/21/30		South Korea		1,300,000	EUR		1,202,472
Etsy Inc., senior note, 0.125%, 10/01/26		United States		174,000			188,007
Expedia Group Inc., senior note, zero cpn., 2/15/26		United States		720,000			669,240
Fiverr International Ltd., senior note, zero cpn., 11/01/25		United States		951,000			853,522
^dFubotv Inc., senior note, 3.25%, 2/15/26		United States		21,000			14,085
^eJust Eat Takeaway.com NV, senior note, Reg S, 1.25%, 4/30/26		United Kingdom		600,000	EUR		582,158
Lyft Inc., senior note,
1.50%, 5/15/25		United States		600,000			579,900
^e144A, 0.625%, 3/01/29		United States		276,000			284,280
Okta Inc., senior note,
0.125%, 9/01/25		United States		123,000			118,981
0.375%, 6/15/26		United States		644,000			597,954
^ePorch Group Inc., senior note, 144A, 0.75%, 9/15/26		United States		928,000			389,296
Q2 Holdings Inc., senior note,
0.125%, 11/15/25		United States		495,000			457,197
0.75%, 6/01/26		United States		977,000			917,032
The Realreal Inc., senior note, 1.00%, 3/01/28		United States		557,000			194,950
^dSpotify USA Inc., senior note, zero cpn., 3/15/26		United States		720,000			651,960
^b,eUber Technologies Inc., 2028, senior note, 144A, 0.875%, 12/01/28		United States		60,000			75,510
Wix.Com Ltd., senior note, zero cpn., 8/15/25		Israel		621,000			571,630

							9,367,475

IT Services 0.7%
Mitek Systems Inc., senior note, 0.75%, 2/01/26		United States		564,000			525,014
Par Technology Corp., senior note, 2.875%, 4/15/26		United States		289,000			351,401
^eParsons Corp., senior note, 144A, 2.625%, 3/01/29		United States		24,000			25,572
^eRapid7 Inc., senior note, 144A, 1.25%, 3/15/29		United States		179,000			201,571
^eRepay Holdings Corp., senior note, 144A, zero cpn., 2/01/26		United States		670,000			580,421
Shift4 Payments Inc., senior note,
0.50%, 8/01/27		United States		24,000			23,630

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*		Value

Convertible Bonds (continued)
IT Services (continued)
Shift4 Payments Inc., senior note, (continued)
^dzero cpn., 12/15/25		United States		1,210,000	$	1,442,869
^dShopify Inc., senior note, 0.125%, 11/01/25		Canada		1,295,000		1,230,250
^eSuper Micro Computer Inc., senior note, 144A, zero cpn., 3/01/29		United States		181,000		184,935
^eWestern Digital Corp., senior note, 144A, 3.00%, 11/15/28		United States		145,000		191,762

						4,757,425

Leisure Products 0.5%
NCL Corp. Ltd., senior note,
6.00%, 5/15/24		United States		291,000		417,963
5.375%, 8/01/25		United States		605,000		765,970
^d1.125%, 2/15/27		United States		420,000		390,972
2.50%, 2/15/27		United States		355,000		338,848
^dPeloton Interactive Inc., senior note, zero cpn., 2/15/26		United States		1,069,000		865,841
^dTopgolf Callaway Brands Corp., senior note, 2.75%, 5/01/26		United States		581,000		624,284

						3,403,878

Machinery 0.6%
Bloom Energy Corp., senior note,
2.50%, 8/15/25		United States		648,000		643,982
^e144A, 3.00%, 6/01/28		United States		24,000		19,337
Chart Industries Inc., senior sub. note, 1.00%, 11/15/24		United States		741,000		1,812,451
^eDesktop Metal Inc., senior note, 144A, 6.00%, 5/15/27		United States		464,000		272,147
The Greenbrier Cos. Inc., senior note, 2.875%, 4/15/28		United States		888,000		982,927
The Middleby Corp., senior note, 1.00%, 9/01/25		United States		181,000		227,155

						3,957,999

Media 0.6%
DISH Network Corp.,
^dsenior bond, 3.375%, 8/15/26		United States		767,000		457,324
senior note, zero cpn., 12/15/25		United States		732,000		533,994
Liberty Interactive LLC,
senior bond, 4.00%, 11/15/29		United States		425,000		179,562
senior note, 3.75%, 2/15/30		United States		1,267,000		532,140
^eLiberty Media Corp., senior bond, 144A,
^d2.75%, 12/01/49		United States		1,194,000		1,138,778
2.375%, 9/30/53		United States		720,000		795,240

						3,637,038

Metals & Mining 0.4%
^dATI Inc., senior note, 3.50%, 6/15/25		United States		434,000		1,385,111
Century Aluminum Co., senior note, 2.75%, 5/01/28		United States		303,000		248,736
^d,eIvanhoe Mines Ltd., senior note, 144A, 2.50%, 4/15/26		Canada		434,000		659,281
SSR Mining Inc., senior bond, 2.50%, 4/01/39		Canada		306,000		266,526

						2,559,654

Mortgage Real Estate Investment Trusts (REITs) 0.1%
^dPennyMac Corp., senior note, 5.50%, 3/15/26		United States		448,000		423,360

Oil, Gas & Consumable Fuels 0.1%
Enphase Energy Inc., senior note, zero cpn.,
3/01/26		United States		480,000		442,320
3/01/28		United States		96,000		83,752
Green Plains Inc., senior note, 2.25%, 3/15/27		United States		412,000		405,463

						931,535

Personal Products 0.0%^†
^eThe Beauty Health Co., senior note, 144A, 1.25%, 10/01/26		United States		36,000		28,386

Pharmaceuticals 0.4%
Collegium Pharmaceutical Inc., senior note, 2.875%, 2/15/29		United States		414,000		496,800

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Convertible Bonds (continued)
Pharmaceuticals (continued)
^eDexcom Inc., senior note, 144A, 0.375%, 5/15/28		United States		24,000		$	23,424
Innoviva Inc., senior note, 2.125%, 3/15/28		United States		866,000			752,033
Jazz Investments I Ltd., senior note, 1.50%, 8/15/24		United States		319,000			313,497
Mannkind Corp., senior note, 2.50%, 3/01/26		United States		116,000			125,127
Pacira Biosciences Inc., senior note, 0.75%, 8/01/25		United States		1,056,000			999,078

							2,709,959

Real Estate Management & Development 0.1%
^eOpendoor Technologies Inc., senior note, 144A, 0.25%, 8/15/26		United States		131,000			101,069
Realogy Group LLC / Realogy Co.-Issuer Corp., senior note, 0.25%, 6/15/26		United States		70,000			55,566
Redfin Corp., senior note, 0.50%, 4/01/27		United States		232,000			133,624
^eStoragevault Canada Inc., senior note, 144A, 5.00%, 3/31/28		Canada		184,000	CAD		126,088

							416,347

Semiconductors & Semiconductor Equipment 0.3%
^eams-OSRAM AG, senior note, Reg S, 2.125%, 11/03/27		Austria		600,000	EUR		483,118
Maxeon Solar Technologies Ltd., senior note, 6.50%, 7/15/25		United States		655,000			432,627
SMART Global Holdings Inc., senior note, 2.00%, 2/01/29		United States		236,000			280,722
Veeco Instruments Inc., senior note,
3.50%, 1/15/25		United States		75,000			116,108
3.75%, 6/01/27		United States		198,000			520,621
^e144A, 2.875%, 6/01/29		United States		12,000			17,022

							1,850,218

Software 1.5%
Alteryx Inc., senior note, 0.50%, 8/01/24		United States		233,000			230,816
Bentley Systems Inc., senior note, 0.375%, 7/01/27		United States		62,000			55,273
^eCSG Systems International Inc., senior note, 144A, 3.875%, 9/15/28		United States		408,000			413,476
Datadog Inc., senior note, 0.125%, 6/15/25		United States		1,200,000			1,789,200
Dayforce Inc., senior note, 0.25%, 3/15/26		United States		180,000			165,420
Dropbox Inc., senior note, zero cpn., 3/01/26		United States		121,000			114,042
^eDye & Durham Ltd., senior note, 144A, 3.75%, 3/01/26		Canada		770,000	CAD		512,917
Envestnet Inc., senior note,
0.75%, 8/15/25		United States		624,000			588,744
2.625%, 12/01/27		United States		12,000			12,075
^eEvolent Health Inc., senior note, 144A, 3.50%, 12/01/29		United States		84,000			98,658
^eFive9 Inc., senior note, 144A, 1.00%, 3/15/29		United States		266,000			273,182
^dGuidewire Software Inc., senior note, 1.25%, 3/15/25		United States		936,000			1,091,844
Jamf Holding Corp., senior note, 0.125%, 9/01/26		United States		85,000			75,714
Pegasystems Inc., senior note, 0.75%, 3/01/25		United States		1,289,000			1,244,529
^eProgress Software Corp., senior note, 144A, 3.50%, 3/01/30		United States		120,000			122,460
Ringcentral Inc., senior note, zero cpn., 3/15/26		United States		370,000			332,537
Splunk Inc., senior note,
^d1.125%, 9/15/25		United States		861,000			973,360
1.125%, 6/15/27		United States		727,000			720,094
Zscaler Inc., senior note, 0.125%, 7/01/25		United States		700,000			1,152,900

							9,967,241

Specialty Retail 0.2%
The Cheesecake Factory Inc., senior note, 0.375%, 6/15/26		United States		432,000			380,799
^d,eGuess? Inc., senior note, 144A, 3.75%, 4/15/28		United States		777,000			912,930
National Vision Holdings Inc., senior note, 2.50%, 5/15/25		United States		254,000			268,478

							1,562,207

Technology Hardware, Storage & Peripherals 0.0%^†
^eSeagate HDD Cayman, senior note, 144A, 3.50%, 6/01/28		United States		137,000			172,327

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Convertible Bonds (continued)
Transportation 0.0%^†
^b,eAir Transport Services Group Inc., senior note, 144A, 3.875%, 8/15/29		United States		174,000		$	136,973

Transportation Infrastructure 0.4%
^dEagle Bulk Shipping Inc., senior note, 5.00%, 8/01/24		United States		1,311,000			2,547,273

Water Utilities 0.0%^†
^eAmerican Water Capital Corp., senior note, 144A, 3.625%, 6/15/26		United States		120,000			117,000


Total Convertible Bonds (Cost $101,321,260)							98,896,003


Convertible Bonds in Reorganization 0.0%^†
Chemicals 0.0%^†
^gAmyris Inc., senior note, 1.50%, 11/15/26		United States		1,108,000			40,220

Specialty Retail 0.0%^†
^e,f,gShift Technologies Inc., senior note, 144A, 4.75%, 5/15/26		United States		1,014,000			12,422


Total Convertible Bonds in Reorganization (Cost $1,764,667)							52,642


Corporate Bonds and Notes 6.3%
Aerospace & Defense 0.0%^†
^d,eSpirit Aerosystems Inc., senior secured note, 144A, 9.375%, 11/30/29		United States		102,000			110,426

Banks 0.6%
^eBanco de Credito del Peru SA, senior note, 144A, 7.85%, 1/11/29		Peru		3,585,000	PEN		969,043
^eBank Gospodarstwa Krajowego, secured bond, Reg S, 5.375%, 5/22/33		Poland		700,000			693,620
Bank of Montreal, junior sub. bond, 7.70%, 5/26/84		Canada		454,000			454,000
^eBBVA Bancomer SA, junior sub. bond, 144A, 8.45%, 6/29/38		Mexico		740,000			781,828
^e,hStandard Chartered PLC, junior sub. note, 144A, 7.875%, Perpetual		United Kingdom		1,020,000			1,020,000

							3,918,491

Biotechnology 0.0%^†
^eCidron Aida Finco Sarl, senior secured note, Reg S, 6.25%, 4/01/28		Luxembourg		234,000	GBP		285,788

Capital Markets 0.6%
^d,eeG Global Finance PLC, senior secured note, 144A, 12.00%, 11/30/28		United Kingdom		3,157,000			3,336,949
^d,eOaktree Strategic Credit Fund, senior note, 144A, 8.40%, 11/14/28		United States		365,000			383,793

							3,720,742

Diversified Financial Services 0.3%
^d,eBlue Owl Credit Income Corp., senior note, 144A, 6.65%, 3/15/31		United States		326,000			315,757
^eGaci First Investment Co., senior bond, Reg S, 5.125%, 2/14/53		Saudi Arabia		1,350,000			1,159,582
^d,eHPS Corporate Lending Fund, senior note, 144A, 6.75%, 1/30/29		United States		434,000			429,945

							1,905,284

Diversified Telecommunication Services 0.0%^†
^e,iLigado Networks LLC, senior secured note, 144A, PIK, 15.50%, 7/07/24		United States		1,339,350			243,614

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Corporate Bonds and Notes (continued)
Electric Utilities 0.4%
^dEdison International, junior sub. bond,
8.125%, 6/15/53		United States		1,088,000		$	1,119,325
7.875%, 6/15/54		United States		1,540,000			1,573,792

							2,693,117

Equity Real Estate Investment Trusts (REITs) 0.2%
^eProLogis Targeted US Logistics Fund LP, senior bond, 144A, 5.50%, 4/01/34		United States		74,000			73,466
^d,eUniti Group LP / Uniti Group Finance Inc. / CSL Capital LLC, senior secured note, 144A, 10.50%, 2/15/28		United States		1,432,000			1,483,742

							1,557,208

Gas Utilities 0.0%^†
^eEustream AS, senior note, Reg S, 1.625%, 6/25/27		Slovak Republic		126,000	EUR		117,027

Hotels, Restaurants & Leisure 0.1%
^d,eCarnival Holdings Bermuda Ltd., senior note, 144A, 10.375%, 5/01/28		United States		389,000			424,642

Household Durables 0.2%
^d,eK. Hovnanian Enterprises Inc., senior secured note, 144A,
8.00%, 9/30/28		United States		500,000			515,250
11.75%, 9/30/29		United States		975,000			1,077,131

							1,592,381

Internet & Direct Marketing Retail 0.3%
^eProsus NV, senior bond, Reg S, 2.778%, 1/19/34		China		785,000	EUR		673,153
^eRakuten Group Inc., senior note, 144A, 11.25%, 2/15/27		Japan		1,366,000			1,454,691

							2,127,844

Media 0.8%
^d,eAdvantage Sales & Marketing Inc., senior secured note, 144A, 6.50%, 11/15/28		United States		1,147,000			1,068,574
^eCCO Holdings LLC / CCO Holdings Capital Corp., senior bond, 144A, 5.375%, 6/01/29		United States		545,000			493,423
^d,eClear Channel Outdoor Holdings Inc., senior note, 144A,
7.75%, 4/15/28		United States		352,000			304,696
7.50%, 6/01/29		United States		302,000			250,225
^d,eClear Channel Worldwide Holdings Inc., senior secured note, 144A, 5.125%, 8/15/27		United States		545,000			510,197
^eCSC Holdings LLC, 144A,
^dsenior bond, 5.50%, 4/15/27		United States		638,000			573,050
senior bond, 6.50%, 2/01/29		United States		44,000			38,399
^dsenior note, 11.75%, 1/31/29		United States		825,000			862,906
^eDISH Network Corp., senior secured note, 144A, 11.75%, 11/15/27		United States		145,000			151,352
^d,eGannett Holdings LLC, senior secured note, 144A, 6.00%, 11/01/26		United States		168,000			151,975
^d,eiHeartCommunications Inc., senior secured note, 144A,
5.25%, 8/15/27		United States		200,000			148,488
4.75%, 1/15/28		United States		956,000			689,305

							5,242,590

Metals & Mining 0.3%
^eFirst Quantum Minerals Ltd., senior secured note, 144A, 9.375%, 3/01/29		Zambia		440,000			456,528
^e,iSamarco Mineracao SA, senior note, 144A, PIK, 9.50%, 6/30/31		Brazil		899,021			826,524
^eWe Soda Investments Holding PLC, senior secured note, 144A, 9.50%, 10/06/28		Turkey		620,000			645,440

							1,928,492

Oil, Gas & Consumable Fuels 1.3%
^d,eCivitas Resources Inc., senior note, 144A, 8.625%, 11/01/30		United States		323,000			345,898

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*				Value

Corporate Bonds and Notes (continued)
Oil, Gas & Consumable Fuels (continued)
Ecopetrol SA,
senior bond, 8.375%, 1/19/36		Colombia		1,120,000			$	1,125,180
senior note, 8.625%, 1/19/29		Colombia		1,687,000				1,789,274
^dEnergy Transfer LP, junior sub. bond, 8.00%, 5/15/54		United States		472,000				490,812
^d,eMoss Creek Resources Holdings Inc., senior note, 144A,
7.50%, 1/15/26		United States		2,210,000				2,198,895
10.50%, 5/15/27		United States		843,000				864,509
Petroleum Geo-Services AS, senior note, 13.50%, 3/31/27		Norway		400,000				443,970
^eYPF Sociedad Anonima,
senior note, Reg S, 8.50%, 3/23/25		Argentina		308,625				305,324
senior secured note, 144A, 9.50%, 1/17/31		Argentina		880,000				887,242

								8,451,104

Pharmaceuticals 0.2%
^d,eBausch Health Cos. Inc., senior secured note, 144A, 5.50%, 11/01/25		United States		1,299,000				1,210,090

Real Estate Management & Development 0.0%^†
^eSBB Treasury OYJ, E, senior note, Reg S, 1.125%, 11/26/29		Sweden		144,000		EUR		96,097

Software 0.1%
^eAlteryx Inc., senior note, 144A, 8.75%, 3/15/28		United States		410,000				416,106

Specialty Retail 0.4%
^d,e,iCarvana Co., senior secured note, 144A, PIK,
12.00%, 12/01/28		United States		426,078				410,098
13.00%, 6/01/30		United States		596,268				558,165
14.00%, 6/01/31		United States		462,507				450,559
^d,eGuitar Center Inc., senior secured note, 144A, 8.50%, 1/15/26		United States		482,000				422,456
^eMitchells & Butlers Finance PLC, B2, senior secured bond, Reg S, 6.013%, 12/15/28		United Kingdom		441,064		GBP		532,367

								2,373,645

Telecommunications 0.4%
^eAltice France SA, senior secured note, Reg S, 2.125%, 2/15/25		France		200,000		EUR		209,448
America Movil SAB de CV, senior note,
9.50%, 1/27/31		Mexico		23,010,000	^j	MXN		1,318,290
10.30%, 1/30/34		Mexico		17,730,000	^j	MXN		1,051,182

								2,578,920

Transportation 0.1%
^dCanadian Pacific Railway Co., senior bond, 2.45%, 12/02/31		Canada		927,000				824,868


Total Corporate Bonds and Notes (Cost $40,613,538)								41,818,476


Corporate Bonds and Notes in Reorganization 0.1%
Metals & Mining 0.1%
^gSamarco Mineracao SA, senior note, 5.75%, 10/24/23		Brazil		384,000				317,260

Real Estate Management & Development 0.0%^†
^gKaisa Group Holdings Ltd.,
senior note, 11.95%, 10/22/22		China		399,000				11,471
^esenior secured note, Reg S, 8.50%, 6/30/22		China		692,000				19,895
^esenior secured note, Reg S, 11.25%, 4/16/25		China		1,092,000				31,395
^gZhenro Properties Group Ltd., senior note,
8.00%, 3/06/23		China		981,000				14,715

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*		Value

Corporate Bonds and Notes in Reorganization (continued)
Real Estate Management & Development (continued)
^gZhenro Properties Group Ltd., senior note, (continued)
^e,fReg S, 6.63%, 1/07/26		China		203,000	$	3,490

						80,966


Total Corporate Bonds and Notes in Reorganization (Cost $1,110,141)						398,226


^kSenior Floating Rate Interests 1.0%
Chemicals 0.0%^†
^lICP Group, Bank Debt Term Loan, 4.50%, (1-Month USD LIBOR + 3.75%), 12/29/27		United States		58,322		48,568

Communications Equipment 0.2%
CommScope Holding Company Inc., Initial Term Loan, 8.691%, (1-Month SOFR + 3.36%), 4/06/26		United States		1,180,368		1,070,039
ⁱRiverbed Technology Inc., Exit Term Loan, PIK, 9.848%, (1- Month SOFR + 4.50%), 7/01/28		United States		56,492		38,626

						1,108,665

Diversified Telecommunication Services 0.0%^†
^fLigado Networks LLC, Bank Debt Term Loan, 17.50%, 7/07/24		United States		35,428		34,542

Energy - Alternate Sources 0.1%
Enviva Inc., Term Loan RC, 10.25%, (SOFR + 2.75%), 6/30/27		United States		430,997		413,757

Food & Staples Retailing 0.3%
^lH-Food Holdings LLC,
Initial Term Loan, 9.292%, (1-Month SOFR + 3.95%), 5/23/25		United States		325,604		242,080
Incremental Term Loan B-3, 10.605%, (1-Month SOFR + 5.26%), 5/23/25		United States		16,904		12,615
Wm Morrison Supermarkets Ltd., Facility Term Loan B2, 10.805%, (5-Day SONIA + 5.61%), 11/04/27		United Kingdom		1,550,000		1,926,992

						2,181,687

Leisure Products 0.0%^†
^lHercules Achievement Inc., Initial Term Loan, 10.441%, (1- Month SOFR + 5.00%), 12/15/26		United States		103,998		104,161

Media 0.0%^†
^lCSC Holdings LLC, Term Loan B, 9.818%, (1-Month USD LIBOR + 2.25%), 1/18/28		United States		208,310		203,102

Oil, Gas & Consumable Fuels 0.0%^†
Euro Garage Ltd., Term Loan B-1, 9.477%, (3-Month EURIBOR + 4.00%), 2/07/28		Germany		1,033		1,106

Pharmaceuticals 0.1%
^lBausch Health Cos. Inc., Term Loan B, 10.671%, (1-Month SOFR + 5.25%), 2/01/27		United States		931,774		743,672

Software 0.2%
Polaris Newco LLC, First Lien Dollar Term Loan, 9.574%, (1- Month USD LIBOR + 4.00%), 6/02/28		United States		1,017,392		998,255

Specialty Retail 0.1%
Peloton Interactive Inc., Initial Term Loan, 12.477%, (1-Month SOFR + 6.50%), 5/25/27		United States		646,965		656,265


Total Senior Floating Rate Interests (Cost $6,272,692)						6,493,780

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Foreign Government and Agency Securities 6.1%
^eGovernment of Angola, senior bond, Reg S,
8.75%, 4/14/32		Angola		975,000		$	858,000
9.375%, 5/08/48		Angola		427,000			350,345
Government of Argentina, senior bond, 3.625%, 7/09/46		Argentina		3,043,000			1,191,959
^eGovernment of Bahrain, senior bond, 144A, 7.50%, 2/12/36		Bahrain		490,000			498,061
Government of Brazil, senior bond, 6.125%, 3/15/34		Brazil		1,200,000			1,187,579
Government of Colombia, senior bond,
B, 7.00%, 6/30/32		Colombia		8,418,900,000	COP		1,813,875
B, 7.25%, 10/26/50		Colombia		5,848,300,000	COP		1,058,319
Government of Czech Republic, senior bond, 2.00%, 10/13/33		Czech Republic		36,990,000	CZK		1,355,608
^eGovernment of Dominican Republic,
senior bond, 144A, 11.25%, 9/15/35		Dominican Republic		25,200,000	DOP		469,349
senior note, Reg S, 5.50%, 1/27/25		Dominican Republic		1,739,000			1,732,044
^eGovernment of Egypt, Reg S,
senior bond, 5.625%, 4/16/30		Egypt		567,000	EUR		500,208
senior bond, 6.375%, 4/11/31		Egypt		1,606,000	EUR		1,431,590
senior bond, 7.30%, 9/30/33		Egypt		865,000			708,339
senior bond, 7.903%, 2/21/48		Egypt		506,000			381,160
senior bond, 7.50%, 2/16/61		Egypt		1,156,000			820,502
senior note, 5.75%, 5/29/24		Egypt		400,000			399,198
^eGovernment of Germany, senior bond, Reg S,
zero cpn., 2/15/32		Germany		155,660	EUR		140,029
1.70%, 8/15/32		Germany		547,200	EUR		562,194
^eGovernment of Ghana, senior bond, Reg S, 10.75%, 10/14/30		Ghana		2,358,000			1,481,956
Government of Indonesia, senior bond, 7.125%, 6/15/38		Indonesia		39,081,000,000	IDR		2,567,546
^dGovernment of Italy, senior note, 2.375%, 10/17/24		Italy		350,000			343,021
^eGovernment of Ivory Coast, 144A,
senior bond, 8.25%, 1/30/37		Ivory Coast		1,180,000			1,154,504
senior note, 7.625%, 1/30/33		Ivory Coast		350,000			339,364
^eGovernment of Kenya, senior note, 144A, 9.75%, 2/16/31		Kenya		760,000			760,117
Government of Pakistan,
esenior bond, Reg S, 8.25%, 9/30/25		Pakistan		273,000			243,747
esenior bond, Reg S, 6.875%, 12/05/27		Pakistan		200,000			153,897
senior bond, 7.875%, 3/31/36		Pakistan		100,000			71,176
senior note, 8.25%, 4/15/24		Pakistan		742,000			737,363
esenior note, Reg S, 6.00%, 4/08/26		Pakistan		618,000			497,750
Government of Panama, senior bond,
8.00%, 3/01/38		Panama		500,000			512,457
7.875%, 3/01/57		Panama		460,000			453,093
^eGovernment of Paraguay,
senior bond, Reg S, 5.00%, 4/15/26		Paraguay		512,000			506,411
senior bond, 144A, 6.00%, 2/09/36		Paraguay		350,000			351,400
senior note, 144A, 7.90%, 2/09/31		Paraguay		2,297,000,000	PYG		320,463
^eGovernment of Peru, senior note, 144A, 7.30%, 8/12/33		Peru		5,176,000	PEN		1,418,445
Government of Romania,
senior bond, 4.25%, 4/28/36		Romania		9,555,000	RON		1,682,390
^esenior note, Reg S, 6.625%, 9/27/29		Romania		1,773,000	EUR		2,052,646
^eGovernment of Saudi Arabia, senior bond, 144A, 5.75%, 1/16/54		Saudi Arabia		660,000			639,907
Government of South Africa, senior bond, 8.50%, 1/31/37		South Africa		34,235,496	ZAR		1,371,740
^eGovernment of Sri Lanka, senior bond, Reg S, 7.85%, 3/14/29		Sri Lanka		580,000			311,544
^eGovernment of Tunisian Republic, senior bond, Reg S, 5.75%, 1/30/25		Tunisia		2,080,000			1,922,118
^aGovernment of Turkey, senior note, zero cpn., 7/19/28		Turkey		2,774,546			127,588

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Foreign Government and Agency Securities (continued)
Government of Uruguay, senior bond, 9.75%, 7/20/33		Uruguay		22,171,140	UYU	$	592,985
^eGovernment of Uzbekistan, senior note, Reg S, 7.85%, 10/12/28		Uzbekistan		955,000			1,000,152
^eIstanbul Metropolitan Municipality, senior note, 144A, 10.50%, 12/06/28		Turkey		720,000			775,080
^eProvincia de Buenos Aires, senior bond, Reg S, 6.375%, 9/01/37		Argentina		5,759,775			2,239,113


Total Foreign Government and Agency Securities (Cost $37,318,312)							40,086,332


Foreign Government and Agency Securities in
Reorganization 0.8%
^gGovernment of Argentina, senior bond,
zero cpn., 12/15/35		Argentina		14,754,000			560,652
zero cpn., 12/15/35		Argentina		4,640,000	EUR		298,001
^e,gGovernment of Ukraine, Reg S,
senior bond, 7.75%, 9/01/26		Ukraine		998,000			298,362
senior bond, 7.75%, 8/01/41		Ukraine		7,272,000			3,363,300
senior note, 8.994%, 2/01/26		Ukraine		440,000			141,900
^gGovernment of Venezuela, senior bond, 9.25%, 9/15/27		Venezuela		1,035,000			196,857
^e,gGovernment of Zambia, Reg S, senior bond,
5.375%, 9/20/22		Zambia		417,000			254,491
8.97%, 7/30/27		Zambia		302,000			204,196


Total Foreign Government and Agency Securities in Reorganization (Cost $3,892,666)							5,317,759


U.S. Government and Agency Securities 2.0%
U.S. Treasury Bond,
4.375%, 8/15/43		United States		1,136,000			1,112,570
3.625%, 5/15/53		United States		648,000			567,114
4.125%, 8/15/53		United States		1,934,400			1,852,490
4.75%, 11/15/53		United States		449,000			477,834
U.S. Treasury Note,
5.00%, 9/30/25		United States		218,000			218,720
4.625%, 9/15/26		United States		429,000			430,257
4.125%, 10/31/27		United States		809,000			802,490
4.00%, 1/31/29		United States		52,000			51,407
3.875%, 8/15/33		United States		1,403,100			1,361,555
4.50%, 11/15/33		United States		5,796,600			5,907,550
4.00%, 2/15/34		United States		517,000			506,943

Total U.S. Government and Agency Securities (Cost $12,891,701)							13,288,930


	Number of Contracts		Notional Amount^#
Options Purchased 0.1%

Calls - Exchange-Traded 0.0%^†
Anywhere Real Estate Inc., March Strike Price $7.50, Expires 3/15/24		6		3,762			30
Anywhere Real Estate Inc., March Strike Price $10.00, Expires 3/15/24		46		28,842			230
Arbor Realty Trust Inc., March Strike Price $14.00, Expires 3/04/24		24		32,160			72
Arcadium Lithium PLC, March Strike Price $5.00, Expires 3/15/24		72		39,528			4,032

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Number of Contracts		Notional Amount#		Value

Options Purchased (continued)

Calls - Exchange-Traded (continued)
Array Technologies Inc., March Strike Price $15.00, Expires 3/15/24		456		621,984	$	13,680
The Beauty Health Co., May Strike Price $5.00, Expires 5/17/24		93		30,969		3,255
BILL Holdings Inc., March Strike Price $75.00, Expires 3/04/24		12		75,996		60
Bloom Energy Corp., March Strike Price $11.00, Expires 3/15/24		24		21,048		144
Bread Financial Holdings Inc., March Strike Price $35.00, Expires 3/15/24		1		3,828		335
Capri Holdings Ltd., October Strike Price $55.00, Expires 10/18/24		98		452,074		11,760
Catalent Inc., March Strike Price $65.00, Expires 3/15/24		68		389,912		680
Danimer Scientific Inc., May Strike Price $1.50, Expires 5/17/24		58		7,772		1,160
Datadog Inc., March Strike Price $135.00, Expires 3/08/24		6		78,876		1,200
Golar LNG Ltd., January Strike Price $25.00, Expires 1/17/25		55		111,595		5,500
Maxeon Solar Technologies Ltd., March Strike Price $7.50, Expires 3/15/24		50		20,050		250
MongoDB Inc., March Strike Price $462.50, Expires 3/04/24		5		223,790		600
Penn Entertainment Inc., March Strike Price $22.50, Expires 3/15/24		24		43,920		120
Plug Power Inc., March Strike Price $5.00, Expires 3/08/24		24		8,472		312
Plug Power Inc., March Strike Price $5.50, Expires 3/15/24		84		29,652		1,092
Qurate Retail Inc., March Strike Price $1.50, Expires 3/15/24		60		8,460		780
Revance Therapeutics Inc., April Strike Price $12.50, Expires 4/19/24		7		4,998		70
Shift4 Payments Inc., July Strike Price $90.00, Expires 7/19/24		34		279,548		37,400
Snap Inc., March Strike Price $12.00, Expires 3/08/24		24		26,448		120
Snap Inc., March Strike Price $12.50, Expires 3/08/24		24		26,448		72
Travere Therapeutics Inc., March Strike Price $10.00, Expires 3/15/24		7		5,292		70
Travere Therapeutics Inc., March Strike Price $12.50, Expires 3/15/24		5		3,780		35
United States Steel Corp., January Strike Price $57.50, Expires 1/17/25		188		889,992		1,974

						85,033

Calls - Over-the-Counter 0.0%^†
Carvana Co., Counterparty CITI, March Strike Price $60.00, Expires 3/04/24		122		926,346		194,422


Puts - Exchange-Traded 0.1%
Capri Holdings Ltd., June Strike Price $45.00, Expires 6/21/24		150		691,950		61,500
Capri Holdings Ltd., June Strike Price $47.50, Expires 6/21/24		59		272,167		25,370
Enhabit Inc., March Strike Price $10.00, Expires 3/15/24		287		258,300		33,723
Hess Corp., June Strike Price $95.00, Expires 6/21/24		30		437,250		3,150
Hess Corp., June Strike Price $100.00, Expires 6/21/24		35		510,125		4,375
Hollysys Automation Technologies Ltd., April Strike Price $17.50, Expires 4/19/24		138		353,556		1,380
Hollysys Automation Technologies Ltd., April Strike Price $20.00, Expires 4/19/24		484		1,240,008		9,680
Inotiv Inc., July Strike Price $5.00, Expires 7/19/24		18		13,410		1,575
Liberty Media Corp.-Liberty SiriusXM, June Strike Price $24.00, Expires 6/21/24		320		927,360		12,800
Lincoln National Corp., January Strike Price $17.50, Expires 1/17/25		256		705,024		20,480
Maxeon Solar Technologies Ltd., June Strike Price $3.00, Expires 6/21/24		64		25,664		3,520
MorphoSys AG, July Strike Price $15.00, Expires 7/19/24		137		241,120		7,877

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Number of Contracts		Notional Amount^#		Value

Options Purchased (continued)

Puts - Exchange-Traded (continued)
New York Community Bancorp Inc., March Strike Price $2.00, Expires 3/04/24		73		34,967	$	146
New York Community Bancorp Inc., March Strike Price $2.00, Expires 3/15/24		146		69,934		292
New York Community Bancorp Inc., March Strike Price $3.00, Expires 3/15/24		111		53,169		333
New York Community Bancorp Inc., April Strike Price $2.00, Expires 4/19/24		46		22,034		345
Norwegian Cruise Line Holdings Ltd., March Strike Price $18.00, Expires 3/08/24		48		93,072		432
Pegasystems Inc., March Strike Price $60.00, Expires 3/15/24		12		78,048		756
Redfin Corp., March Strike Price $6.00, Expires 3/04/24		17		12,079		34
Redfin Corp., March Strike Price $6.50, Expires 3/04/24		7		4,974		35
Sirius XM Holdings Inc., September Strike Price $5.00, Expires 9/20/24		1,597		705,874		273,087
SPDR S&P 500 ETF Trust, March Strike Price $478.00, Expires 3/01/24		175		8,891,400		350
SPDR S&P 500 ETF Trust, March Strike Price $485.00, Expires 3/01/24		117		5,944,536		117
Spirit Airlines Inc., September Strike Price $5.00, Expires 9/20/24		120		77,400		15,360
United Rentals Inc., March Strike Price $480.00, Expires 3/15/24		39		2,703,753		390
United States Steel Corp., June Strike Price $46.00, Expires 6/21/24		188		889,992		27,824
Valley National BanCorp., March Strike Price $6.00, Expires 3/15/24		220		180,180		1,320
Vizio Holding Corp., April Strike Price $11.00, Expires 4/19/24		3		3,303		60

						506,311

Puts - Over-the-Counter 0.0%†
CDX.NA.HY.41, Counterparty BOFA, March Strike Price $101.00, Expires 3/20/24		12,100,000		12,860,945		2,038
CDX.NA.HY.41, Counterparty MSCS, April Strike Price $99.00, Expires 4/17/24		7,450,000		7,918,516		3,121

						5,159


Total Options Purchased (Cost $987,047)						790,925


Total Investments before Short Term Investments (Cost $354,388,382)						395,140,167


	Country		Shares

Short Term Investments 30.0%

Money Market Funds 29.4%
^m,nDreyfus Government Cash Management, Institutional, 5.21%		United States		141,556,276		141,556,276
^mFidelity Investments Money Market Government Portfolio, Institutional, 5.21%		United States		53,310,270		53,310,270


Total Money Market Funds (Cost $194,866,546)						194,866,546

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value
Short Term Investments (continued)

Investments from Cash Collateral Received for Loaned Securities (Cost $1,050,000) 0.2%
Money Market Funds 0.2%
^m,oInstitutional Fiduciary Trust Money Market Portfolio, 4.93%		United States		1,050,000	$	1,050,000


			Principal Amount*
U.S. Government and Agency Securities (Cost $2,994,273) 0.5%
^pU.S. Treasury Bill, 3/14/24		United States		3,000,000		2,994,292


Total Investments (Cost $553,299,201) 89.7%						594,051,005
Options Written (0.1)%						(555,645)
Securities Sold Short (20.0)%						(132,688,161)
Other Assets, less Liabilities 30.4%						201,629,890

Net Assets 100.0%					$	662,437,089


	Number of Contracts		Notional Amount^#

Options Written (0.1)%

Calls - Exchange-Traded (0.1)%
Ambrx Biopharma Inc., April Strike Price $30.00, Expires 4/19/24		83		231,902		(166)
Capri Holdings Ltd., October Strike Price $57.50, Expires 10/18/24		98		452,074		(2,450)
Golar LNG Ltd., January Strike Price $30.00, Expires 1/17/25		55		111,595		(2,145)
Hess Corp., June Strike Price $180.00, Expires 6/21/24		65		947,375		(6,825)
Liberty Media Corp.-Liberty SiriusXM, June Strike Price $26.00, Expires 6/21/24		320		927,360		(134,400)
Shift4 Payments Inc., July Strike Price $100.00, Expires 7/19/24		34		279,548		(13,600)
United States Steel Corp., January Strike Price $52.50, Expires 1/17/25		188		889,992		(31,020)
Vertiv Holdings Co., July Strike Price $50.00, Expires 7/19/24		136		919,632		(284,920)

						(475,526)

Puts - Exchange-Traded (0.0)%^†
Capri Holdings Ltd., June Strike Price $40.00, Expires 6/21/24		59		272,167		(9,440)
Capri Holdings Ltd., August Strike Price $37.50, Expires 8/16/24		40		184,520		—
Capri Holdings Ltd., August Strike Price $40.00, Expires 8/16/24		43		198,359		(7,310)
Golar LNG Ltd., April Strike Price $20.00, Expires 4/19/24		55		111,595		(4,400)
Sirius XM Holdings Inc., September Strike Price $3.00, Expires 9/20/24		1,597		705,874		(55,895)
SPDR S&P 500 ETF Trust, March Strike Price $450.00, Expires 3/04/24		175		8,891,400		(175)
United States Steel Corp., July Strike Price $25.00, Expires 7/19/24		223		1,055,682		(2,899)

						(80,119)

Puts - Over-the-Counter (0.0)%^†
Carvana Co., Counterparty CITI, March Strike Price $60.00, Expires 3/04/24		34		258,162		—


Total Options Written (Premiums Received $383,848)						(555,645)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (20.0)%

Exchange Traded Funds (6.5)%
ARK Innovation ETF		United States		9,006	$	(461,558)
Health Care Select Sector SPDR Fund		United States		59,665		(8,640,685)
Industrial Select Sector SPDR Fund		United States		4,531		(548,251)
iShares iBoxx High Yield Corporate Bond ETF		United States		12,349		(954,948)
iShares PHLX Semiconductor ETF		United States		1,447		(943,574)
iShares Russell 1000 ETF		United States		21,199		(5,930,844)
iShares U.S. Healthcare Providers ETF		United States		21,110		(5,590,673)
iShares U.S. Medical Devices ETF		United States		81,525		(4,634,696)
iShares U.S. Pharmaceuticals ETF		United States		21,565		(4,390,850)
SPDR S&P Biotech ETF		United States		96,748		(9,521,938)
Utilities Select Sector SPDR Fund		United States		25,097		(1,558,524)


Total Exchange Traded Funds (Proceeds $40,977,284)						(43,176,541)


Common Stocks (8.3)%
Aerospace & Defense (0.0)%^†
Parsons Corp.		United States		181		(14,590)
Rocket Lab USA Inc.		United States		12,704		(58,248)

						(72,838)

Air Freight & Logistics (0.0)%^†
Air Transport Services Group Inc.		United States		2,426		(29,282)

Airlines (0.1)%
American Airlines Group Inc.		United States		408		(6,397)
Cathay Pacific Airways Ltd.		Hong Kong		592,000		(640,900)
Spirit Airlines Inc.		United States		37,730		(243,359)

						(890,656)

Automobile Components (0.1)%
Aptiv PLC		United States		2,537		(201,666)
LCI Industries		United States		3,390		(427,072)
Mobileye Global Inc., A		Israel		6,918		(176,201)
Quantumscape Corp., A		United States		12,402		(77,761)

						(882,700)

Automobiles (0.2)%
Fisker Inc.		United States		37,324		(27,179)
Ford Motor Co.		United States		2,425		(30,167)
Mercedes-Benz Group AG		Germany		6,376		(508,071)
Rivian Automotive Inc., A		United States		37,668		(426,402)
Winnebago Industries Inc.		United States		3,561		(255,431)

						(1,247,250)

Biotechnology (0.4)%
Apellis Pharmaceuticals Inc.		United States		2,909		(180,271)
Cerevel Therapeutics Holdings Inc.		United States		17,491		(717,131)
Coherus Biosciences Inc.		United States		19,394		(44,218)
Dynavax Technologies Corp.		United States		85,748		(1,086,427)
Halozyme Therapeutics Inc.		United States		229		(9,117)
Immunocore Holdings PLC, ADR		United Kingdom		91		(6,117)
Insmed Inc.		United States		5,849		(162,134)
Karyopharm Therapeutics Inc.		United States		6,913		(8,019)
Mannkind Corp.		United States		12,832		(52,740)
Mirum Pharmaceuticals Inc.		United States		558		(16,020)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)
Biotechnology (continued)
OPKO Health Inc.		United States		218,868	$	(218,868)
Pharming Group NV		Netherlands		11,221		(12,525)
Travere Therapeutics Inc.		United States		16,065		(121,451)

						(2,635,038)

Building Products (0.0)%^†
Carrier Global Corp.		United States		4,402		(244,663)

Capital Markets (0.2)%
Ares Capital Corp.		United States		25,193		(509,655)
Blue Owl Capital Corp.		United States		19,138		(288,601)
Coinbase Global Inc., A		United States		554		(112,772)
Oaktree Specialty Lending Corp.		United States		11,473		(228,886)
Wisdomtree Inc.		United States		10,526		(84,840)

						(1,224,754)

Chemicals (0.3)%
Albemarle Corp.		United States		4,762		(656,442)
Arcadium Lithium PLC		United Kingdom		110,937		(609,044)
Danimer Scientific Inc.		United States		17,596		(23,578)
Purecycle Technologies Inc.		United States		6,681		(38,683)
The Sherwin-Williams Co.		United States		2,365		(785,251)

						(2,112,998)

Communications Equipment (0.1)%
Harmonic Inc.		United States		38,571		(506,437)

Construction & Engineering (0.0)%^†
Granite Construction Inc.		United States		425		(21,900)

Construction Materials (0.3)%
Martin Marietta Materials Inc.		United States		2,754		(1,591,013)

Consumer Finance (0.3)%
Encore Capital Group Inc.		United States		14,818		(711,264)
EZCORP Inc., A		United States		79,431		(833,231)
SoFi Technologies Inc.		United States		5,669		(50,908)
Zip Co. Ltd.		Australia		22,618		(14,185)

						(1,609,588)

Diversified Financial Services (0.1)%
Bread Financial Holdings Inc.		United States		8,891		(340,348)

Electric Utilities (0.0)%^†
Duke Energy Corp.		United States		34		(3,122)
PG&E Corp.		United States		2,597		(43,344)

						(46,466)

Electrical Equipment (0.0)%^†
Bloom Energy Corp., A		United States		12,508		(109,695)
Plug Power Inc.		United States		32,173		(113,571)

						(223,266)

Electronic Equipment, Instruments & Components (0.0)%^†
Advanced Energy Industries Inc.		United States		106		(10,727)
PAR Technology Corp.		United States		4,694		(205,691)
Vishay Intertechnology Inc.		United States		1,136		(24,708)

						(241,126)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)
Energy Equipment & Services (0.1)%
Transocean Ltd.		United States		188,077	$	(882,081)

Entertainment (0.2)%
Live Nation Entertainment Inc.		United States		5,783		(560,835)
The Marcus Corp.		United States		42,067		(617,123)
Sea Ltd., ADR		Singapore		3,584		(173,896)
Spotify Technology SA		United States		214		(54,872)

						(1,406,726)

Equity Real Estate Investment Trusts (REITs) (0.1)%
Pebblebrook Hotel Trust		United States		18,136		(287,274)
Summit Hotel Properties Inc.		United States		8,874		(56,971)

						(344,245)

Financial Services (0.0)%^†
Block Inc., A		United States		2,918		(231,893)

Food & Staples Retailing (0.1)%
The Chefs’ Warehouse Inc.		United States		8,086		(307,349)

Ground Transportation (0.0)%^†
Lyft Inc., A		United States		10,804		(171,568)

Health Care Equipment & Supplies (0.3)%
CONMED Corp.		United States		1,252		(100,561)
DexCom Inc.		United States		79		(9,090)
Glaukos Corp.		United States		11,507		(1,019,405)
Haemonetics Corp.		United States		6		(438)
Insulet Corp.		United States		972		(159,408)
Integra Lifesciences Holdings Corp.		United States		682		(25,173)
Lantheus Holdings Inc.		United States		1,156		(75,579)
Varex Imaging Corp.		United States		16,251		(279,517)

						(1,669,171)

Health Care Providers & Services (0.0)%^†
NeoGenomics Inc.		United States		2,241		(34,960)
PetIQ Inc., A		United States		8,124		(147,938)

						(182,898)

Health Care Technology (0.1)%
Evolent Health Inc., A		United States		18,210		(617,501)
Health Catalyst Inc.		United States		2,262		(18,820)

						(636,321)

Hotels, Restaurants & Leisure (0.4)%
Airbnb Inc., A		United States		116		(18,267)
eBasic-Fit NV, 144A		Netherlands		3,034		(81,836)
Carnival Corp.		United States		52,770		(836,932)
The Cheesecake Factory Inc.		United States		1,069		(37,821)
Marriott Vacations Worldwide Corp.		United States		2,056		(191,599)
Norwegian Cruise Line Holdings Ltd.		United States		54,620		(1,059,082)
Penn National Gaming Inc.		United States		21,740		(397,842)

						(2,623,379)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)
Household Durables (0.0)%^†
iRobot Corp.		United States		13,978	$	(159,489)

Interactive Media & Services (0.0)%^†
Match Group Inc.		United States		3,502		(126,212)
Snap Inc., A		United States		13,517		(148,957)

						(275,169)

Internet & Direct Marketing Retail (0.0)%^†
Etsy Inc.		United States		1,226		(87,892)
Expedia Group Inc.		United States		541		(74,020)
Qurate Retail Inc., A		United States		3,000		(4,230)

						(166,142)

IT Services (0.6)%
Cloudflare Inc., A		United States		1,748		(172,248)
CSG Systems International Inc.		United States		3,147		(171,700)
Digitalocean Holdings Inc.		United States		550		(20,856)
Global Payments Inc.		United States		557		(72,243)
MongoDB Inc., A		United States		5,196		(2,325,626)
Okta Inc., A		United States		504		(54,079)
Repay Holdings Corp., A		United States		3,546		(30,815)
Shift4 Payments Inc., A		United States		8,660		(712,025)
Shopify Inc., A		Canada		2,141		(163,508)

						(3,723,100)

Leisure Products (0.1)%
Topgolf Callaway Brands Corp.		United States		19,846		(282,607)

Life Sciences Tools & Services (0.1)%
Inotiv Inc.		United States		10,067		(74,999)
Olink Holding AB, ADR		Sweden		8,548		(191,219)
Repligen Corp.		United States		2,594		(503,210)

						(769,428)

Machinery (0.5)%
Caterpillar Inc.		United States		1,710		(571,072)
Chart Industries Inc.		United States		12,529		(1,789,893)
Desktop Metal Inc., A		United States		152,931		(93,548)
The Greenbrier Cos. Inc.		United States		11,406		(590,260)
The Middleby Corp.		United States		1,074		(163,420)

						(3,208,193)

Marine (0.5)%
Eagle Bulk Shipping Inc.		United States		40,964		(2,509,864)
Star Bulk Carriers Corp.		Greece		28,167		(672,347)

						(3,182,211)

Metals & Mining (0.3)%
ATI Inc.		United States		27,810		(1,367,696)
Century Aluminum Co.		United States		13,656		(142,978)
Ivanhoe Mines Ltd., A		Canada		51,330		(545,770)
SSR Mining Inc.		Canada		3,866		(16,624)

						(2,073,068)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)
Mortgage Real Estate Investment Trusts (REITs) (0.1)%
Arbor Realty Trust Inc.		United States		17,502	$	(234,527)
Hannon Armstrong Sustainable Infrastructure Capital Inc.		United States		4,805		(120,942)
PennyMac Mortgage Investment Trust		United States		2,766		(39,083)

						(394,552)

Multi-Utilities (0.1)%
WEC Energy Group Inc.		United States		9,390		(737,021)

Oil, Gas & Consumable Fuels (1.0)%
Chevron Corp.		United States		14,069		(2,138,629)
Exxon Mobil Corp.		United States		27,195		(2,842,421)
Green Plains Inc.		United States		7,732		(164,692)
Kinder Morgan Inc.		United States		16,881		(293,561)
TC Energy Corp.		Canada		14,071		(556,557)
The Williams Cos. Inc.		United States		9,394		(337,620)

						(6,333,480)

Pharmaceuticals (0.2)%
Catalent Inc.		United States		11,095		(636,187)
Collegium Pharmaceutical Inc.		United States		9,344		(343,018)
Innoviva Inc.		United States		15,858		(242,310)
Pacira Biosciences Inc.		United States		1,184		(35,189)

						(1,256,704)

Real Estate Management & Development (0.0)%^†
Anywhere Real Estate Inc.		United States		608		(3,812)
Redfin Corp.		United States		722		(5,130)
Storagevault Canada Inc.		Canada		10,381		(41,229)

						(50,171)

Retail REITs (0.0)%^†
Federal Realty Investment Trust		United States		143		(14,422)

Road & Rail (0.0)%^†
Uber Technologies Inc.		United States		637		(50,642)

Semiconductors & Semiconductor Equipment (0.1)%
Enphase Energy Inc.		United States		244		(30,990)
Maxeon Solar Technologies Ltd.		United States		26,848		(107,661)
SMART Global Holdings Inc.		United States		8,961		(190,600)
Veeco Instruments Inc.		United States		16,899		(611,913)
Wolfspeed Inc.		United States		2		(52)

						(941,216)

Software (0.9)%
Bentley Systems Inc., B		United States		233		(11,969)
Bill Holdings Inc.		United States		1,862		(117,921)
Blackline Inc.		United States		770		(43,682)
Cerence Inc.		United States		306		(4,559)
Confluent Inc., A		United States		66		(2,236)
Datadog Inc., A		United States		11,098		(1,458,943)
Dayforce Inc.		United States		257		(17,928)
Dropbox Inc., A		United States		519		(12,430)
Dye & Durham Ltd.		Canada		488		(4,736)
Envestnet Inc.		United States		522		(26,899)
Five9 Inc.		United States		2,286		(139,446)
Guidewire Software Inc.		United States		5,811		(693,485)
HubSpot Inc.		United States		2,981		(1,844,673)
Jamf Holding Corp.		United States		10		(180)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Shares		Value

Securities Sold Short (continued)

Common Stocks (continued)
Software (continued)
Mitek Systems Inc.		United States		9,797	$	(113,743)
Model N Inc.		United States		704		(17,290)
Pegasystems Inc.		United States		509		(33,105)
Porch Group Inc.		United States		19,161		(63,998)
Progress Software Corp.		United States		958		(51,119)
Q2 Holdings Inc.		United States		4,364		(201,748)
Rapid7 Inc.		United States		2,142		(125,478)
Splunk Inc.		United States		787		(122,945)
Zscaler Inc.		United States		4,186		(1,012,886)

						(6,121,399)

Specialty Retail (0.2)%
Carvana Co., A		United States		12,200		(926,346)
Guess? Inc.		United States		22,864		(580,288)
National Vision Holdings Inc.		United States		3,325		(77,805)

						(1,584,439)

Technology Hardware, Storage & Peripherals (0.1)%
Seagate Technology Holdings PLC		United States		1,195		(111,195)
Super Micro Computer Inc.		United States		95		(82,281)
Western Digital Corp.		United States		2,211		(131,488)

						(324,964)

Water Utilities (0.1)%
American Water Works Co. Inc.		United States		7,697		(912,402)


Total Common Stocks (Proceeds $58,416,898)						(54,936,773)


			Principal Amount*

Convertible Bonds and Notes (0.0)%^†
Airlines (0.0)%^†
Jetblue Airways Corp., senior note, 0.50%, 4/01/26		United States		24,000		(20,392)

Automobiles (0.0)%^†
^eRivian Automotive Inc., senior note, 144A, 3.625%, 10/15/30		United States		120,000		(84,454)


Total Convertible Bonds and Notes (Proceeds $100,335)						(104,846)


Corporate Bonds and Notes (3.3)%
Aerospace & Defense (0.0)%^†
^eSpirit Aerosystems Inc., senior secured note, 144A, 9.75%, 11/15/30		United States		102,000		(109,406)

Automobile Components (0.1)%
^eAdient Global Holdings Ltd., senior note, 144A, 8.25%, 4/15/31		United States		622,000		(655,395)

Automobiles (0.1)%
^e,qRivian Holdings LLC/Rivian LLC, senior secured note, 144A,
FRN, 11.493%, (6-Month USD LIBOR + 5.63%), 10/15/26		United States		374,000		(357,765)

Banks (0.3)%
First Horizon Bank, junior sub. bond, 5.75%, 5/01/30		United States		591,000		(552,528)
^e,hIndustrial & Commercial Bank of China Ltd., junior sub. note,
Reg S, 3.20% to 9/24/26, FRN thereafter, Perpetual		China		761,000		(720,258)
KeyBank NA, senior note, 4.90%, 8/08/32		United States		1,087,000		(954,257)

						(2,227,043)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*		Value

Securities Sold Short (continued)

Corporate Bonds and Notes (continued)
Building Products (0.1)%
^eAmeritex Holdco Intermediate LLC, senior secured note, 144A, 10.25%, 10/15/28		United States		764,000	$	(801,245)

Chemicals (0.0)%^†
^eValvoline Inc., senior note, 144A, 4.25%, 2/15/30		United States		176,000		(175,052)

Communications Equipment (0.2)%
^eEquipmentshare.Com Inc., senior secured note, 144A, 9.00%, 5/15/28		United States		1,330,000		(1,364,546)

Construction Materials (0.1)%
^eCamelot Return Merger Sub Inc., senior secured note, 144A, 8.75%, 8/01/28		United States		931,000		(956,235)

Consumer Finance (0.1)%
Ally Financial Inc., junior sub. bond, 5.75%, 11/20/25		United States		517,000		(514,605)
OneMain Finance Corp., senior note, 7.125%, 3/15/26		United States		358,000		(364,092)

						(878,697)

Diversified Financial Services (0.4)%
^eArdagh Packaging Finance PLC / Ardagh Holdings USA Inc., senior secured note, 144A, 4.125%, 8/15/26		United States		550,000		(508,074)
^eKronos Acquisition Holdings Inc. / KIK Custom Products Inc., senior note, 144A, 7.00%, 12/31/27		Canada		626,000		(604,600)
Lincoln National Corp., senior bond,
3.35%, 3/09/25		United States		198,000		(193,413)
3.625%, 12/12/26		United States		300,000		(286,533)
^eWash Multifamily Acquisition Inc., senior secured note, 144A, 5.75%, 4/15/26		United States		1,074,000		(1,042,671)

						(2,635,291)

Entertainment (0.1)%
Warnermedia Holdings Inc.,
senior bond, 5.141%, 3/15/52		United States		294,000		(239,115)
senior note, 4.279%, 3/15/32		United States		532,000		(469,555)

						(708,670)

Equity Real Estate Investment Trusts (REITs) (0.1)%
^eHat Holdings I LLC / Hat Holdings II LLC, senior note, 144A, 3.375%, 6/15/26		United States		510,000		(477,589)

Food Products (0.1)%
B&G Foods Inc., senior note,
5.25%, 4/01/25		United States		234,000		(233,406)
5.25%, 9/15/27		United States		409,000		(380,753)

						(614,159)

Health Care Technology (0.1)%
^eCloud Software Group Holdings Inc., senior secured note, 144A, 9.00%, 9/30/29		United States		617,000		(576,586)

Hotels, Restaurants & Leisure (0.1)%
^eCarnival Corp., senior note, 144A, 5.75%, 3/01/27		United States		459,000		(453,629)

Industrial Conglomerates (0.1)%
3M Co., senior note,
2.00%, 2/14/25		United States		408,000		(394,258)
2.65%, 4/15/25		United States		150,000		(145,258)

						(539,516)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*			Value

Securities Sold Short (continued)

Corporate Bonds and Notes (continued)
Insurance (0.2)%
MetLife Inc., senior bond,
6.50%, 12/15/32		United States		596,000		$	(652,917)
6.375%, 6/15/34		United States		591,000			(638,219)

							(1,291,136)

Media (0.4)%
AMC Networks Inc., senior note, 4.75%, 8/01/25		United States		715,000			(682,542)
Grupo Televisa Sab, senior bond, 6.125%, 1/31/46		Mexico		457,000			(447,417)
iHeartCommunications Inc., senior note, 8.375%, 5/01/27		United States		1,010,433			(607,457)
^eUnivision Communications Inc., senior secured note, 144A, 7.375%, 6/30/30		United States		1,206,000			(1,165,956)

							(2,903,372)

Oil, Gas & Consumable Fuels (0.1)%
^eTallgrass Energy Partners LP / Tallgrass Energy Finance Corp.,senior bond, 144A, 6.00%, 12/31/30		United States		390,000			(363,048)

Pharmaceuticals (0.2)%
^eGrifols SA, senior note, 144A, 4.75%, 10/15/28		Spain		158,000			(131,756)
^eOrganon & Co. / Organon Foreign Debt Co.-Issuer BV, senior bond, 144A, 5.125%, 4/30/31		United States		1,380,000			(1,183,778)

							(1,315,534)

Professional Services (0.0)%^†
^eCorelogic Inc., senior secured note, 144A, 4.50%, 5/01/28		United States		221,000			(195,960)

Specialty Retail (0.0)%^†
^eUpbound Group Inc., senior note, 144A, 6.375%, 2/15/29		United States		69,000			(66,095)

Telecommunications (0.3)%
AT&T Inc., senior bond,
5.40%, 2/15/34		United States		808,000			(809,376)
4.50%, 5/15/35		United States		765,000			(704,770)
Verizon Communications Inc., senior bond, 4.862%, 8/21/46		United States		779,000			(714,457)

							(2,228,603)

Transportation (0.1)%
^eGN Bondco LLC, senior secured note, 144A, 9.50%, 10/15/31		United States		354,000			(351,049)


Total Corporate Bonds and Notes (Proceeds $21,794,602)							(22,245,621)


Foreign Government and Agency Securities (0.4)%
^eGovernment of Italy, senior bond, Reg S,
0.95%, 6/01/32		Italy		467,000	EUR		(410,071)
2.50%, 12/01/32		Italy		833,000	EUR		(823,272)
Government of Turkey, senior bond, 7.375%, 2/05/25		Turkey		1,224,000			(1,242,026)


Total Foreign Government and Agency Securities (Proceeds $2,451,205)							(2,475,369)


U.S. Government and Agency Securities (1.2)%
U.S. Treasury Bond,
4.75%, 11/15/43		United States		135,000			(138,966)
4.50%, 2/15/44		United States		137,000			(136,989)
3.625%, 5/15/53		United States		648,000			(567,114)
4.125%, 8/15/53		United States		2,156,400			(2,065,090)
4.75%, 11/15/53		United States		82,000			(87,266)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)


	Country		Principal Amount*		Value

Securities Sold Short (continued)

U.S. Government and Agency Securities (continued)
U.S. Treasury Note,
5.00%, 10/31/25		United States		128,000	$	(128,495)
4.875%, 11/30/25		United States		126,000		(126,320)
4.25%, 12/31/25		United States		24,000		(23,815)
4.25%, 1/31/26		United States		12,500		(12,408)
4.625%, 11/15/26		United States		146,000		(146,567)
4.625%, 9/30/28		United States		117,300		(118,904)
4.00%, 1/31/29		United States		112,000		(110,722)
3.875%, 8/15/33		United States		1,403,100		(1,361,555)
4.50%, 11/15/33		United States		1,841,000		(1,876,238)
4.00%, 2/15/34		United States		976,000		(957,014)

Total U.S. Government and Agency Securities (Proceeds $7,867,146)						(7,857,463)


^kSenior Floating Rate Interests (0.3)%
Diversified Telecommunication Services (0.1)%
Consolidated Communications, Term Loan B, 8.94%, (1-Month SOFR + 3.61%), 10/02/27		United States		376,257		(354,622)

Professional Services (0.2)%
CoreLogic Inc., Term Loan B, 4.00%, (1-Month USD LIBOR + 3.50%), 6/02/28		United States		1,249,824		(1,220,241)

Transportation & Logistics (0.0)%†
Forward Air Corp., Term Loan B, 9.83%, (1-Month SOFR + 4.50%), 12/19/30		United States		327,323		(316,685)

Total Senior Floating Rate Interests (Proceeds $1,835,167)						(1,891,548)


Total Securities Sold Short (Proceeds $133,442,637)					$	(132,688,161)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

^† Rounds to less than 0.1% of net assets.

* The principal amount is stated in U.S. dollars unless otherwise indicated.

^# Notional amount is the number of contracts multiplied by contract size, and may be multiplied by the underlying price. May include currency units, bushels, shares, pounds, barrels or other units. Currency units are stated in U.S. dollars unless otherwise indicated.

^a Non-income producing.

^b A portion or all of the security is on loan at February 29, 2024.

^c A portion or all of the security is held in connection with written option contracts open at period end.

^d A portion or all of the security has been segregated as collateral for securities sold short, open swap contracts, open forward exchange contracts, open futures contracts and/or open written option contracts. At February 29, 2024, the aggregate value of these securities and/or cash pledged amounted to $187,280,244, representing 28.3% of net assets.

^e 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 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 February 29, 2024, the net value of these securities was $73,611,671, representing 11.1% of net assets.

^f Fair valued using significant unobservable inputs. See Note 6 regarding fair value measurements.

^g Defaulted security or security for which income has been deemed uncollectible.

^h Perpetual security with no stated maturity date.

ⁱ Income may be received in additional securities and/or cash.

^j Principal amount is stated in 100 Mexican Peso Units.

^k The coupon rate shown represents the rate inclusive of any caps or floors, if applicable, in effect at period end.

^l See Note 3 regarding unfunded loan commitments.

^m The rate shown is the annualized seven-day effective yield at period end.

ⁿ A portion or all of the security is owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 5.

^o See Note 4 regarding investment in affiliated management investment companies

^p The security was issued on a discount basis with no stated coupon rate.

^q The coupon rate shown represents the rate at period end.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

At February 29, 2024, the Fund had the following futures contracts outstanding.

Futures Contracts


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)
Commodity Contracts^a
Aluminum		Long		21	$	1,153,541		3/18/24	$	(15,902	)
Aluminum		Short		21		1,153,541		3/18/24		35,530
Aluminum		Long		1		55,926		6/17/24		391
Aluminum		Short		12		671,106		6/17/24		(175	)
Brent Crude Oil		Long		47		3,849,770		3/28/24		14,539
Brent Crude Oil		Long		4		324,720		4/30/24		2,750
Brent Crude Oil		Long		1		80,530		5/31/24		(90	)
Canola		Long		22		192,483		5/14/24		(2,785	)
Canola		Long		6		53,132		7/12/24		(1,489	)
Canola		Long		2		17,929		11/14/24		(1,225	)
Cocoa		Long		12		781,919		5/15/24		137,342
Cocoa		Short		31		1,907,880		5/15/24		(314,735	)
Cocoa		Short		6		353,558		7/16/24		(61,112	)
Coffee		Long		19		1,313,494		5/20/24		(28,428	)
Coffee		Long		1		68,512		7/19/24		94
Copper		Long		10		2,106,750		3/18/24		29,840
Copper		Short		10		2,106,750		3/18/24		(58,170	)
Copper		Short		26		2,500,550		5/29/24		1,775
Copper		Long		2		425,475		6/17/24		(3,060	)
Copper		Short		8		1,701,900		6/17/24		(39,614	)
Corn		Short		148		3,178,300		5/14/24		87,792
Corn		Short		27		595,687		7/12/24		42,637
Corn		Short		6		135,075		9/13/24		6,787
Corn		Short		23		532,737		12/13/24		24,087
Corn		Short		2		47,575		3/14/25		1,975
Cotton		Long		19		945,915		5/08/24		80,263
Cotton		Long		1		48,885		7/09/24		2,890
Cotton		Long		1		41,905		12/06/24		270
Feeder Cattle		Short		2		249,000		3/28/24		(23,650	)
Feeder Cattle		Short		3		380,587		4/25/24		(15,125	)
Feeder Cattle		Short		2		256,125		5/23/24		(10,675	)
Feeder Cattle		Short		1		133,325		8/29/24		1,913
Gasoline		Long		22		2,384,844		3/28/24		10,254
Gasoline		Long		1		107,986		4/30/24		773
Gold 100 Oz		Long		3		616,410		4/26/24		4,275
Hard Red Winter Wheat		Short		3		88,087		5/14/24		(1,350	)
Hard Red Winter Wheat		Short		22		631,675		7/12/24		402
Lean Hogs		Short		31		1,074,150		4/12/24		(82,140	)
Lean Hogs		Short		6		240,480		6/14/24		(16,130	)
Lean Hogs		Short		4		162,360		7/15/24		(3,810	)
Lean Hogs		Short		3		121,500		8/14/24		(3,000	)
Live Cattle		Short		28		2,075,920		4/30/24		(106,200	)
Live Cattle		Short		12		869,880		6/28/24		(41,060	)
Live Cattle		Short		8		578,240		8/30/24		(16,180	)
Live Cattle		Short		5		368,450		10/31/24		2,390
Low Sulphur Gas Oil		Long		5		413,375		3/12/24		2,575
Low Sulphur Gas Oil		Long		40		3,225,000		4/11/24		(79,276	)
Low Sulphur Gas Oil		Long		3		237,000		5/10/24		(5,475	)
Low Sulphur Gas Oil		Long		2		155,900		6/12/24		(1,600	)
Milling Wheat		Short		5		52,959		5/10/24		474
Milling Wheat		Short		1		11,078		9/10/24		41

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)
Commodity Contracts^a (continued)
Milling Wheat		Short		1	$	11,375		12/10/24	$	(41	)
Natural Gas		Long		8		148,800		3/26/24		(7,570	)
Natural Gas		Short		33		613,800		3/26/24		(55,387	)
Natural Gas		Long		5		100,400		4/26/24		(3,340	)
Natural Gas		Long		1		22,490		5/29/24		(1,350	)
Natural Gas		Long		1		25,070		6/26/24		(1,670	)
Natural Gas		Long		1		25,840		7/29/24		1,210
Nickel		Long		2		212,634		3/18/24		12,105
Nickel		Short		2		212,634		3/18/24		10,119
NY Harbor Ultra Low Sulfur Diesel		Long		26		2,893,691		3/28/24		(112,336	)
NY Harbor Ultra Low Sulfur Diesel		Long		2		218,014		4/30/24		(5,065	)
NY Harbor Ultra Low Sulfur Diesel		Long		2		214,763		5/31/24		4,095
Palladium		Long		5		473,400		6/26/24		(4,410	)
Platinum		Long		22		972,400		4/26/24		(107,780	)
Platinum		Long		2		89,280		7/29/24		(9,260	)
Rapeseed		Short		1		22,264		4/30/24		1,456
Robusta Coffee		Long		23		711,850		5/24/24		(9,430	)
Robusta Coffee		Long		4		121,040		7/25/24		(980	)
Silver		Short		31		3,547,175		5/29/24		15,255
Soybean Meal		Short		26		855,920		5/14/24		9,533
Soybean Meal		Short		10		331,200		7/12/24		5,180
Soybean Meal		Short		2		66,420		8/14/24		1,070
Soybean Meal		Short		1		33,330		9/13/24		650
Soybean Meal		Short		1		33,370		10/14/24		250
Soybean Meal		Short		1		33,730		12/13/24		–
Soybean Oil		Short		36		976,536		5/14/24		40,934
Soybean Oil		Short		14		383,208		7/12/24		13,878
Soybean Oil		Short		2		54,624		8/14/24		12
Soybean Oil		Short		1		27,186		9/13/24		3,168
Soybean Oil		Short		1		27,048		10/14/24		306
Soybeans		Short		82		4,677,075		5/14/24		125,415
Soybeans		Short		14		805,875		7/12/24		15,113
Soybeans		Short		1		57,437		8/14/24		913
Soybeans		Short		1		56,937		9/13/24		(200	)
Soybeans		Short		1		56,662		11/14/24		(88	)
Sugar		Long		30		728,784		4/30/24		(40,764	)
Sugar		Short		54		1,311,811		4/30/24		59,909
Sugar		Short		12		289,363		6/28/24		13,238
UK Natural Gas		Short		30		699,592		3/27/24		(8,620	)
Wheat		Short		62		1,786,376		5/14/24		31,191
Wheat		Short		11		318,588		7/12/24		9,775
Wheat		Short		2		58,675		9/13/24		2,550
Wheat		Short		2		60,075		12/13/24		2,925
White Sugar		Short		14		430,570		4/15/24		25,965
White Sugar		Short		4		120,160		7/16/24		4,990
White Sugar		Short		1		29,695		9/13/24		965
WTI Crude Oil		Long		41		3,208,660		3/20/24		40,084
WTI Crude Oil		Long		2		154,900		4/22/24		3,870
WTI Crude Oil		Long		1		76,810		5/21/24		(140	)
Zinc		Long		15		897,469		3/18/24		(62,903	)
Zinc		Short		15		897,469		3/18/24		29,944
Zinc		Long		8		486,550		6/17/24		18,634
Zinc		Short		2		121,638		6/17/24		(452	)

										(367,481	)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)
Currency Contracts^a
Australian Dollar Index		Short		87	$	5,652,390		3/18/24	$	125,876
British Pound Index		Short		46		3,626,525		3/18/24		4,931
Canadian Dollar Index		Short		179		13,186,930		3/19/24		130,510
Euro Index		Long		145		19,591,312		3/18/24		(271,931	)
Japanese Yen Index		Short		22		1,838,650		3/18/24		98,586
Mexican Peso Index		Long		209		6,112,205		3/18/24		155,140
New Zealand Dollar Index		Short		51		3,101,820		3/18/24		66,375
Swiss Franc Index		Short		82		11,606,588		3/18/24		262,531
U.S. Dollar Index		Long		257		3,605,263		3/18/24		13,319

										585,337

Equity Contracts
CAC 40 10 Euro Index^a		Long		31		2,660,618		3/15/24		87,744
CAC 40 10 Euro Index^a		Short		68		5,836,194		3/15/24		(161,923	)
CBOE Volatility Index^a		Long		66		924,581		3/20/24		(93,669	)
CBOE Volatility Index^a		Long		20		301,014		4/17/24		(19,836	)
CBOE Volatility Index^a		Long		5		78,503		5/22/24		(3,346	)
DAX Index^a		Long		17		8,152,371		3/15/24		372,362
DAX Index^a		Short		11		5,275,064		3/15/24		(190,141	)
DJ EURO STOXX 50 Index^a		Long		116		6,135,748		3/15/24		372,017
DJ EURO STOXX 50 Index		Short		26		1,375,254		3/15/24		(90,996	)
DJIA Mini E-CBOT Index^a		Long		36		7,027,740		3/15/24		227,769
E-Mini Russell 2000^a		Long		1		102,865		3/15/24		753
E-Mini Russell 2000^a		Short		95		9,772,175		3/15/24		(544,257	)
E-mini S&P MidCap 400 Index^a		Short		6		1,735,560		3/15/24		(142,435	)
FTSE 100 Index^a		Long		42		4,043,312		3/15/24		(5,152	)
FTSE China A50 Index^a		Long		264		3,134,208		3/28/24		11,785
FTSE Taiwan Index^a		Short		9		581,940		3/28/24		(1,610	)
FTSE/JSE Top 40 Index^a		Short		24		828,651		3/20/24		21,306
FTSE/MIB Index^a		Short		12		2,115,992		3/15/24		(129,567	)
Hang Seng China Enterprises Index^a		Long		6		217,677		3/27/24		(2,893	)
Hang Seng Index^a		Long		8		840,513		3/27/24		(9,599	)
Hang Seng Index^a		Short		14		1,470,899		3/27/24		16,186
IBEX 35 Index^a		Short		27		2,926,128		3/15/24		(14,251	)
KOSPI 200 Index^a		Short		31		2,070,488		3/14/24		(25,874	)
MSCI Emerging Markets Index^a		Long		10		508,400		3/15/24		11,770
MSCI Singapore Index^a		Long		22		460,258		3/27/24		(3,038	)
NASDAQ 100 E-Mini Index^a		Long		10		3,616,550		3/15/24		205,931
Nikkei 225 Index^a		Long		34		5,237,443		3/07/24		684,100
S&P 500 E-Mini Index^a		Long		87		22,201,312		3/15/24		1,474,122
S&P 500 E-Mini Index		Short		17		4,338,187		3/15/24		(200,465	)
S&P/TSX 60 Index^a		Long		19		3,613,661		3/14/24		160,720
SPI 200 Index^a		Short		9		1,120,275		3/21/24		(31,833	)
TOPIX Index^a		Long		50		8,941,436		3/07/24		909,378

										2,885,058

Interest Rate Contracts
3 Month EURIBOR^a		Long		12		3,123,892		6/17/24		(2,583	)
3 Month EURIBOR^a		Long		11		2,873,673		9/16/24		(3,235	)
3 Month EURIBOR^a		Long		12		3,144,644		12/16/24		(4,411	)
3 Month EURIBOR^a		Long		8		2,101,401		3/17/25		(2,788	)
3 Month EURIBOR^a		Long		8		2,104,967		6/16/25		(2,693	)
3 Month EURIBOR^a		Short		6		1,578,726		6/16/25		(357	)
3 Month EURIBOR^a		Long		6		1,580,428		9/15/25		(1,801	)
3 Month EURIBOR^a		Long		6		1,581,400		12/15/25		(1,287	)
3 Month EURIBOR^a		Long		3		790,862		3/16/26		(245	)
3 Month SOFR^a		Short		17		4,032,825		9/17/24		18,537

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Futures Contracts (continued)


Description	Type		Number of Contracts		Notional Amount^*		Expiration Date		Value/Unrealized Appreciation (Depreciation)
Interest Rate Contracts (continued)
3 Month SOFR^a		Short		19	$	4,521,288		12/17/24	$	27,550
3 Month SOFR^a		Short		29		6,923,750		3/18/25		42,638
3 Month SOFR^a		Short		23		5,507,637		6/17/25		33,800
3 Month SOFR^a		Short		173		41,528,650		9/16/25		191,548
3 Month SOFR^a		Short		18		4,328,550		12/16/25		20,175
3 Month SOFR^a		Short		20		4,814,250		3/17/26		19,988
3 Month SOFR^a		Short		11		2,649,075		6/16/26		8,400
3 Month SONIA^a		Short		12		3,596,799		9/17/24		(5,056	)
3 Month SONIA^a		Short		8		2,404,303		12/17/24		(1,567	)
3 Month SONIA^a		Short		13		3,917,865		3/18/25		(4,788	)
3 Month SONIA^a		Short		9		2,718,474		6/17/25		15,378
3 Month SONIA^a		Long		21		6,354,704		9/16/25		(30,016	)
ASX 90 Day Bank Accepted Bill^a		Long		26		16,723,918		6/13/24		8,469
ASX 90 Day Bank Accepted Bill^a		Long		21		13,511,407		9/12/24		6,636
ASX 90 Day Bank Accepted Bill^a		Long		18		11,584,599		12/12/24		6,111
ASX 90 Day Bank Accepted Bill^a		Long		11		7,081,379		3/13/25		3,701
ASX 90 Day Bank Accepted Bill^a		Long		7		437,528		6/12/25		939
Australian 3 Yr. Bond^a		Long		301		20,831,713		3/15/24		126,888
Australian 10 Yr. Bond^a		Short		37		2,766,139		3/15/24		(32,193	)
Canadian 10 Yr. Bond^a		Long		35		3,091,368		6/19/24		(334	)
Canadian 10 Yr. Bond^a		Short		10		883,248		6/19/24		416
Euro-BOBL^a		Long		49		6,154,922		3/07/24		(91,918	)
Euro-Bund^a		Long		180		25,806,277		3/07/24		(373,871	)
Euro-Buxl^a		Short		13		1,870,952		3/07/24		12,221
Euro-OAT^a		Long		23		3,174,171		3/07/24		(45,009	)
Euro-SCHATZ^a		Long		14		1,591,047		3/07/24		(2,016	)
Euro-SCHATZ^a		Short		177		20,115,376		3/07/24		165,101
Euro-SCHATZ^a		Long		5		571,095		6/06/24		675
Euro-SCHATZ^a		Short		31		3,540,789		6/06/24		(3,207	)
Japanese 10 Yr. Bond^a		Long		3		2,926,761		3/13/24		20,289
Korean 3 Yr. Bond^a		Long		203		15,930,835		3/19/24		(70,886	)
Korean 10 Yr. Bond^a		Long		21		1,771,816		3/19/24		(26,859	)
Long Gilt^a		Long		2		247,638		6/26/24		587
Long Gilt^a		Short		7		866,733		6/26/24		(1,120	)
Three-Month Canadian Bankers Acceptance^a		Long		17		2,973,262		6/17/24		8,905
Three-Month Canadian Bankers Acceptance^a		Long		26		4,559,316		9/18/24		6,601
Three-Month Canadian Bankers Acceptance^a		Long		29		5,100,348		12/18/24		2,659
Three-Month Canadian Bankers Acceptance^a		Long		22		3,878,753		3/19/25		7,158
Three-Month Canadian Bankers Acceptance^a		Long		19		3,356,132		6/18/25		(10,387	)
Three-Month Canadian Bankers Acceptance^a		Long		2		353,793		9/17/25		92
U.S. Treasury 2 Yr. Note^a		Long		179		36,650,250		6/28/24		15,507
U.S. Treasury 2 Yr. Note^a		Short		91		18,632,250		6/28/24		(13,512	)
U.S. Treasury 5 Yr. Note^a		Short		123		13,149,468		6/28/24		(12,989	)
U.S. Treasury 10 Yr. Note		Long		16		1,758,750		3/19/24		(27,527	)
U.S. Treasury 10 Yr. Note		Short		16		1,758,750		3/19/24		30,645
U.S. Treasury 10 Yr. Note^a		Short		166		18,332,625		6/18/24		(34,865	)
U.S. Treasury 10 Yr. Ultra^a		Short		35		3,996,016		6/18/24		(7,719	)
U.S. Treasury Long Bond^a		Short		37		4,412,250		6/18/24		(14,850	)
U.S. Treasury Ultra Bond^a		Long		20		2,557,500		6/18/24		22,175

										(6,300	)

Total Futures Contracts									$	3,096,614

^*As of period end.

^aA portion or all of the contracts are owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 5.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

At February 29, 2024, the Fund had the following forward exchange contracts outstanding.

Forward Exchange Contracts


Currency	Counterparty^a		Type		Quantity		Contract Amount^*			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
OTC Forward Exchange Contracts
Chilean Peso		MSCO		Buy		579,790,255		630,961			3/15/24	$	–	$	(31,276)
Chilean Peso		MSCO		Sell		579,790,255		652,050			3/15/24		52,365		–
Australian Dollar		BZWS		Buy		5,652,000		3,702,588			3/20/24		139		(26,535)
Australian Dollar		BZWS		Sell		7,341,000		4,899,636			3/20/24		125,185		(307)
British Pound		BZWS		Buy		1,962,000		2,486,389			3/20/24		15		(9,462)
British Pound		BZWS		Sell		4,533,000		5,735,960			3/20/24		13,272		(33)
British Pound		JPHQ		Sell		758,000		953,367			3/20/24		788		(4,366)
Euro		BZWS		Buy		1,601,000		1,745,990			3/20/24		482		(14,660)
Euro		BZWS		Sell		3,954,000		4,318,366			3/20/24		44,358		(3,073)
Euro		JPHQ		Buy		360,000		393,053			3/20/24		–		(3,637)
Euro		JPHQ		Sell		1,156,000		1,254,842			3/20/24		4,835		(449)
Norwegian Krone		BZWS		Buy		2,749,000		265,251			3/20/24		–		(6,298)
Norwegian Krone		BZWS		Sell		20,492,000		1,968,419			3/20/24		38,093		–
Swedish Krona		BZWS		Sell		3,503,000		335,142			3/20/24		–		(3,069)
Swiss Franc		BNYM		Buy		174,654		206,745			3/20/24		–		(8,810)
Swiss Franc		BNYM		Sell		515,400		598,530			3/20/24		14,429		–
Australian Dollar^b		MSCO		Buy		2,792,000		1,886,758			3/22/24		–		(70,657)
Australian Dollar^b		MSCO		Sell		11,615,000		7,615,676			3/22/24		62,235		(1,722)
British Pound^b		MSCO		Buy		5,160,000		6,559,507			3/22/24		80		(45,220)
British Pound^b		MSCO		Sell		3,445,000		4,337,907			3/22/24		5,599		(16,915)
Canadian Dollar^b		MSCO		Buy		11,364,000		8,503,309			3/22/24		–		(127,082)
Canadian Dollar^b		MSCO		Sell		19,617,000		14,495,251			3/22/24		37,248		(1,382)
Euro^b		MSCO		Buy		6,476,000		7,079,243			3/22/24		4,196		(77,699)
Euro^b		MSCO		Sell		17,645,000		19,146,019			3/22/24		64,153		(6,509)
Japanese Yen^b		MSCO		Buy		167,715,000		1,197,409			3/22/24		98		(74,806)
Japanese Yen^b		MSCO		Sell		1,141,618,000		7,964,304			3/22/24		322,590		(389)
Mexican Peso^b		MSCO		Buy		60,710,000		3,437,888			3/22/24		111,139		–
Mexican Peso^b		MSCO		Sell		8,768,000		506,257			3/22/24		–		(6,308)
New Zealand Dollar^b		MSCO		Buy		6,889,000		4,308,000			3/22/24		13		(113,576)
New Zealand Dollar^b		MSCO		Sell		1,724,000		1,058,914			3/22/24		9,241		–
Swiss Franc^b		MSCO		Buy		10,487,000		12,452,355			3/22/24		–		(564,831)
Swiss Franc^b		MSCO		Sell		13,712,000		15,745,814			3/22/24		203,215		(618)
Australian Dollar		BNYM		Sell		180,000		122,364			3/26/24		5,265		–
Canadian Dollar		BNYM		Sell		1,109,000		834,309			3/26/24		16,833		–
Euro		BNYM		Sell		2,196,000		2,421,079			3/26/24		45,045		–
Hong Kong Dollar		BNYM		Sell		9,897,000		1,269,204			3/26/24		4,098		–
Chilean Peso		MSCO		Buy		849,974,892		928,863			4/17/24		–		(50,842)
Chilean Peso		NWMK		Sell		1,390,326,000		1,470,000			4/17/24		33,799		–
Chilean Peso		TDBK		Buy		529,168,019		576,197			4/17/24		–		(29,569)
Colombian Peso		BZWS		Sell		8,346,031,948		2,100,629			4/17/24		–		(8,438)
Colombian Peso		CITI		Sell		12,944,865,878		3,257,323			4/17/24		–		(13,884)
Colombian Peso		TDBK		Buy		10,368,442,497		2,599,745			4/17/24		20,391		–
Czech Koruna		BNPP		Sell		43,000		1,873			4/17/24		40		–
Czech Koruna		BZWS		Sell		15,813,000		693,777			4/17/24		19,604		–
Czech Koruna		CITI		Sell		15,852,000		696,046			4/17/24		20,210		–
Euro		ANZB		Sell		1,182,641		1,284,660			4/17/24		3,844		–
Hungarian Forint		BNPP		Sell		28,756,785		74,910	EUR		4/17/24		3,489		(1,222)
Polish Zloty		BNPP		Sell		4,237,218		975,071	EUR		4/17/24		2,827		(7,325)
Euro		BNPP		Buy		900,000		977,383			4/17/24		–		(2,671)
Euro		BNPP		Sell		163,711		177,894			4/17/24		592		–
Polish Zloty		BZWS		Sell		2,212,506		507,875	EUR		4/17/24		93		(3,815)
Polish Zloty		HSBC		Sell		1,791,786		411,678	EUR		4/17/24		488		(3,093)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Forward Exchange Contracts (continued)

Currency

Counterparty^a

Type

Quantity

Contract
Amount^*

Settlement
Date

Unrealized
Appreciation

Unrealized
Depreciation

OTC Forward Exchange Contracts (continued)

Polish Zloty

MSCO

Sell

2,154,939

495,377

EUR

4/17/24

872

(3,721)

Euro

MSCO

Sell

2,271,601

2,488,431

4/17/24

28,603

(346)

Euro

SSBT

Sell

1,226,377

1,328,692

4/17/24

4,875

(4,366)

Indonesian Rupiah

SSBT

Buy

850,000,000

53,650

4/17/24

367

–

Indonesian Rupiah

UBSW

Sell

3,549,428,310

227,902

4/17/24

2,339

–

Japanese Yen

TDBK

Buy

32,891,464

228,594

4/17/24

–

(7,457)

Kazakhstan Tenge

CITI

Buy

281,445,408

614,241

4/17/24

2,510

–

Malaysian Ringgit

BZWS

Buy

7,952,909

1,721,931

4/17/24

–

(40,560)

Malaysian Ringgit

GSCO

Sell

2,163,824

451,455

4/17/24

–

(6,012)

Mexican Peso

BNPP

Buy

3,000,000

170,540

4/17/24

4,078

–

Mexican Peso

BNYM

Buy

37,375,924

2,164,133

4/17/24

11,372

–

Mexican Peso

BZWS

Sell

22,940,125

1,323,016

4/17/24

–

(12,238)

Mexican Peso

CITI

Sell

4,978,156

286,983

4/17/24

–

(2,776)

Mexican Peso

MSCO

Buy

1,269,000

72,989

4/17/24

874

–

Mexican Peso

MSCO

Sell

17,750,000

1,018,719

4/17/24

–

(14,438)

Peruvian Nuevo Sol

BANS

Buy

4,297,791

1,161,095

4/17/24

–

(25,393)

Peruvian Nuevo Sol

BZWS

Buy

7,827,897

2,099,380

4/17/24

–

(30,839)

Peruvian Nuevo Sol

BZWS

Sell

3,110,671

841,552

4/17/24

19,549

–

Peruvian Nuevo Sol

CASI

Sell

6,174,915

1,671,983

4/17/24

40,246

–

Peruvian Nuevo Sol

CITI

Sell

3,095,196

834,847

4/17/24

16,934

–

Peruvian Nuevo Sol

DBAB

Sell

4,387,789

1,170,233

4/17/24

10,749

–

Peruvian Nuevo Sol

NWMK

Buy

3,979,700

1,068,720

4/17/24

–

(17,074)

Euro

BNPP

Sell

1,481,348

6,542,820

PLN

4/17/24

33,249

–

Euro

BZWS

Sell

718,652

3,173,962

PLN

4/17/24

16,086

–

Romanian Leu

BZWS

Sell

8,078,455

1,773,235

4/17/24

17,959

(46)

Romanian Leu

CITI

Buy

600,000

130,877

4/17/24

–

(506)

South African Rand

CASI

Sell

4,155,510

221,839

4/17/24

6,090

–

South African Rand

DBAB

Sell

5,688,000

293,435

4/17/24

–

(1,879)

South African Rand

MSCO

Sell

9,037,630

479,753

4/17/24

10,530

–

South African Rand

WFSI

Sell

4,904,000

257,552

4/17/24

2,942

–

Turkish Lira

CITI

Sell

3,946,843

118,521

4/17/24

–

(1,042)

Brazilian Real

BZWS

Buy

1,102,770

221,395

5/03/24

–

(985)

Brazilian Real

GSCO

Buy

2,084,870

420,252

5/03/24

–

(3,550)

Brazilian Real

HSBC

Buy

12,778,296

2,546,056

5/03/24

7,939

–

Brazilian Real

STBK

Buy

2,084,912

420,252

5/03/24

–

(3,541)

Brazilian Real

TDBK

Buy

835,242

168,101

5/03/24

–

(1,161)

Chinese Yuan

MSCO

Sell

2,418,456

338,865

5/15/24

–

South Korean Won

MSCO

Buy

444,893,849

336,320

5/20/24

–

(745)

South Korean Won

MSCO

Sell

374,442,187

281,880

5/20/24

–

(555)

British Pound

MSCO

Sell

1,800,000

2,283,151

5/31/24

9,813

–

Danish Krone

MSCO

Sell

300,000

43,819

5/31/24

108

–

Euro

MSCO

Sell

1,750,000

1,903,328

5/31/24

4,666

–

Polish Zloty

MSCO

Buy

2,700,000

674,600

5/31/24

797

–

Swedish Krona

MSCO

Sell

1,200,000

116,808

5/31/24

606

–

Swiss Franc

MSCO

Buy

400,000

458,785

5/31/24

–

(1,863)

Euro

JPHQ

Sell

2,900,000

3,396,074

3/31/25

205,648

–

Total Forward Exchange Contracts

1,750,240

(1,521,641)

Net unrealized appreciation (depreciation)

228,599

*In U.S. dollars unless otherwise indicated.

^aMay be comprised of multiple contracts with the same counterparty, currency and settlement date.

^bA portion or all of the contracts are owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 5.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

At February 29, 2024, the Fund had the following credit default swap contracts outstanding.

Credit Default Swap Contracts


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Maturity Date		Notional Amount^a			Value		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

Centrally Cleared Swap Contracts

Contracts to Buy Protection^c

Single Name

Air France-KLM		(5.00)%	Quarterly		12/20/27		27,000	EUR	$	(3,460)	$	2,130	$	(5,590)

Air France-KLM		(5.00)%	Quarterly		12/20/27		38,000	EUR		(4,869)		2,932		(7,801)

Air France-KLM		(5.00)%	Quarterly		12/20/27		70,000	EUR		(8,969)		3,977		(12,946)

Air France-KLM		(5.00)%	Quarterly		12/20/27		80,000	EUR		(15,470)		5,893		(21,363)

Air France-KLM		(5.00)%	Quarterly		12/20/27		132,000	EUR		(16,913)		7,860		(24,773)

Air France-KLM		(5.00)%	Quarterly		6/20/24		200,000	EUR		(3,051)		635		(3,686)

Air France-KLM		(5.00)%	Quarterly		6/20/24		100,000	EUR		(1,525)		340		(1,865)

Altice France SA		(5.00)%	Quarterly		6/20/27		21,000	EUR		1,828		2,710		(882)

Altice France SA		(5.00)%	Quarterly		6/20/27		72,000	EUR		6,266		9,129		(2,863)

Altice France SA		(5.00)%	Quarterly		6/20/27		302,000	EUR		26,283		30,587		(4,304)

Altice France SA		(5.00)%	Quarterly		12/20/28		86,000	EUR		11,893		11,878		15

American Airlines Inc.		(5.00)%	Quarterly		6/20/24		143,000			(1,883)		907		(2,790)

American Airlines Inc.		(5.00)%	Quarterly		6/20/24		286,000			(3,766)		3,641		(7,407)

American Airlines Inc.		(5.00)%	Quarterly		6/20/24		178,000			(2,344)		3,862		(6,206)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		72,000			(2,732)		4,521		(7,253)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		288,000			(10,927)		17,166		(28,093)

American Airlines Inc.		(5.00)%	Quarterly		6/20/24		41,000			(540)		654		(1,194)

American Airlines Inc.		(5.00)%	Quarterly		6/20/24		189,000			(2,488)		3,308		(5,796)

American Airlines Inc.		(5.00)%	Quarterly		12/20/24		14,000			(465)		802		(1,267)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		71,000			(2,694)		436		(3,130)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		72,000			(2,732)		588		(3,320)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		216,000			(8,195)		886		(9,081)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		72,000			(2,732)		1,368		(4,100)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		144,000			(5,463)		3,021		(8,484)

American Airlines Inc.		(5.00)%	Quarterly		6/20/25		144,000			(5,463)		3,163		(8,626)

American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		72,000			(4,181)		(3,321)		(860)

American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		72,000			(4,181)		(2,030)		(2,151)

American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		72,000			(4,181)		(2,030)		(2,151)

American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		72,000			(4,181)		(1,887)		(2,294)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Maturity Date		Notional Amount^a			Value		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

Centrally Cleared Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)

American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		155,000		$	(9,001)	$	(3,553)	$	(5,448)
American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		73,000			(4,239)		(2,428)		(1,811)
American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		134,000			(7,781)		(1,575)		(6,206)
American Axle & Manufacturing Inc.		(5.00)%	Quarterly		6/20/27		62,000			(3,600)		471		(4,071)

Bayer AG		(1.00)%	Quarterly		6/20/29		292,000	EUR		3,136		3,147		(11)

Bayerische		(1.00)%	Quarterly		12/20/25		146,000	EUR		(2,152)		(1,106)		(1,046)

BMW AG		(1.00)%	Quarterly		12/20/28		579,000	EUR		(15,095)		(7,462)		(7,633)

BMW AG		(1.00)%	Quarterly		12/20/28		178,000	EUR		(4,641)		(2,294)		(2,347)

BMW AG		(1.00)%	Quarterly		12/20/28		94,000	EUR		(2,451)		(1,317)		(1,134)

Boparan Finance PLC		(5.00)%	Quarterly		6/20/24		72,000	EUR		(245)		3,718		(3,963)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		66,000			2,036		15,081		(13,045)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		104,000			3,209		23,696		(20,487)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		328,000			10,120		60,897		(50,777)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		290,000			8,948		19,529		(10,581)

Carnival Corp.		(1.00)%	Quarterly		12/20/27		136,000			5,779		10,829		(5,050)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		8,000			247		874		(627)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		73,000			2,252		7,241		(4,989)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		67,000			2,067		8,268		(6,201)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		67,000			2,067		8,268		(6,201)

Carnival Corp.		(1.00)%	Quarterly		6/20/27		67,000			2,067		8,423		(6,356)

Ceconomy AG		(1.00)%	Quarterly		6/20/26		173,000	EUR		2,654		16,127		(13,473)

Continental AG		(1.00)%	Quarterly		12/20/28		3,000	EUR		(24)		60		(84)

Continental AG		(1.00)%	Quarterly		12/20/28		711,000	EUR		(5,703)		14,149		(19,852)

Daimler Truck Holding AG		(1.00)%	Quarterly		12/20/28		326,000	EUR		(8,459)		(4,145)		(4,314)

Daimler Truck Holding AG		(1.00)%	Quarterly		12/20/28		292,000	EUR		(7,576)		(3,727)		(3,849)

Daimler Truck Holding AG		(1.00)%	Quarterly		12/20/28		146,000	EUR		(3,788)		(1,874)		(1,914)

Daimler Truck Holding AG		(1.00)%	Quarterly		12/20/28		94,000	EUR		(2,439)		(1,317)		(1,122)

Dish DBS Corp.		(5.00)%	Quarterly		12/20/24		145,000			9,789		9,321		468

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		145,000			(21,287)		(15,918)		(5,369)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		108,000			(15,855)		(11,765)		(4,090)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		101,000			(14,827)		(10,909)		(3,918)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		72,000			(10,570)		(7,836)		(2,734)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		72,000			(10,570)		(7,794)		(2,776)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Maturity Date		Notional Amount^a			Value		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

Centrally Cleared Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		29,000		$	(4,257)	$	(3,248)	$	(1,009)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		728,000			(106,874)		(61,270)		(45,604)

Ford Motor Co.		(5.00)%	Quarterly		12/20/28		131,000			(19,232)		(10,751)		(8,481)

Government of Egypt		(1.00)%	Quarterly		6/20/26		365,000			25,105		137,787		(112,682)

Government of Italy .		(1.00)%	Quarterly		6/20/24		132,000			(360)		189		(549)

Government of Italy .		(1.00)%	Quarterly		6/20/24		218,000			(595)		145		(740)

Iceland Bondco		(5.00)%	Quarterly		6/20/25		36,000	EUR		(1,385)		2,598		(3,983)

Iceland Bondco		(5.00)%	Quarterly		6/20/25		24,000	EUR		(923)		446		(1,369)

K. Hovnanian Enterprises Inc.		(5.00)%	Quarterly		6/20/28		36,000			(1,784)		2,470		(4,254)

K. Hovnanian Enterprises Inc.		(5.00)%	Quarterly		6/20/28		93,000			(4,608)		6,779		(11,387)

K. Hovnanian Enterprises Inc.		(5.00)%	Quarterly		6/20/28		115,000			(5,697)		8,680		(14,377)

Kohl’s Corp.		(1.00)%	Quarterly		12/20/24		171,000			(340)		2,541		(2,881)

Lanxess AG		(1.00)%	Quarterly		12/20/28		45,000	EUR		1,482		2,154		(672)

Lanxess AG		(1.00)%	Quarterly		12/20/28		53,000	EUR		1,745		2,626		(881)

Lanxess AG		(1.00)%	Quarterly		12/20/28		73,000	EUR		2,403		3,617		(1,214)

Lanxess AG		(1.00)%	Quarterly		12/20/28		95,000	EUR		3,128		4,666		(1,538)

Lanxess AG		(1.00)%	Quarterly		12/20/28		145,000	EUR		4,774		7,144		(2,370)

Lanxess AG		(1.00)%	Quarterly		12/20/28		31,000	EUR		1,021		1,978		(957)

Lanxess AG		(1.00)%	Quarterly		12/20/28		70,000	EUR		2,305		2,539		(234)

Lanxess AG		(1.00)%	Quarterly		12/20/28		43,000	EUR		1,416		2,752		(1,336)

Lanxess AG		(1.00)%	Quarterly		12/20/28		72,000	EUR		2,370		4,398		(2,028)

Lanxess AG		(1.00)%	Quarterly		12/20/28		143,000	EUR		4,708		6,963		(2,255)

Lanxess AG		(1.00)%	Quarterly		12/20/28		116,000	EUR		3,819		7,424		(3,605)

Lanxess AG		(1.00)%	Quarterly		12/20/28		217,000	EUR		7,144		7,870		(726)

Lanxess AG		(1.00)%	Quarterly		12/20/28		753,000	EUR		24,791		27,308		(2,517)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		72,000			(154)		754		(908)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		72,000			(154)		754		(908)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		5,000			(11)		57		(68)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		135,000			(288)		1,448		(1,736)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		141,000			(301)		1,530		(1,831)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		360,000			(769)		3,990		(4,759)

Lincoln National Corp.		(1.00)%	Quarterly		6/20/25		147,000			(314)		1,354		(1,668)

Lincoln National Corp.		(1.00)%	Quarterly		12/20/25		43,000			(55)		750		(805)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Maturity Date		Notional Amount^a			Value			Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

Centrally Cleared Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)

Lincoln National Corp.		(1.00)%	Quarterly		12/20/25		73,000		$	(93)		$	1,220	$	(1,313)

Lincoln National Corp.		(1.00)%	Quarterly		12/20/25		144,000			(183)			2,042		(2,225)

Lincoln National Corp.		(1.00)%	Quarterly		12/20/25		361,000			(460)	��		6,327		(6,787)

MetLife Inc.		(1.00)%	Quarterly		12/20/28		1,933,000			(26,076)			(5,835)		(20,241)

MetLife Inc.		(1.00)%	Quarterly		12/20/28		25,000			(337)			144		(481)

MetLife Inc.		(1.00)%	Quarterly		12/20/28		144,000			(1,943)			239		(2,182)

MetLife Inc.		(1.00)%	Quarterly		12/20/28		72,000			(971)			384		(1,355)

MetLife Inc.		(1.00)%	Quarterly		12/20/28		101,000			(1,362)			788		(2,150)

Nippon Paper Industries Co.		(1.00)%	Quarterly		12/20/25		21,750,000	JPY		(748)			393		(1,141)

Nippon Paper Industries Co.		(1.00)%	Quarterly		12/20/25		33,598,000	JPY		(1,155)			608		(1,763)

Nippon Paper Industries Co.		(1.00)%	Quarterly		12/20/28		22,809,000	JPY		2,886			7,255		(4,369)

Picard		(5.00)%	Quarterly		12/20/26		72,000	EUR		(5,463)			(3,972)		(1,491)

Picard		(5.00)%	Quarterly		12/20/26		72,000	EUR		(5,463)			(3,786)		(1,677)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/27		11,711,000	JPY		4,144			3,649		495

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		6,895,000	JPY		128			1,649		(1,521)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		20,947,000	JPY		390			5,476		(5,086)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		14,667,000	JPY		273			1,685		(1,412)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/27		11,711,000	JPY		4,144			3,766		378

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		16,041,000	JPY		299			1,562		(1,263)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		3,000,000	JPY		56			340		(284)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		6,444,000	JPY		120			535		(415)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		7,271,000	JPY		135			1,090		(955)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		7,549,000	JPY		141			1,116		(975)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		12,200,000	JPY		227			1,330		(1,103)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		14,482,000	JPY		270			1,402		(1,132)

Rakuten Group Inc.		(1.00)%	Quarterly		6/20/25		14,542,000	JPY		271			2,211		(1,940)

Saint-Gobain SA		(1.00)%	Quarterly		12/20/28		853,000	EUR		(22,582)			(9,722)		(12,860)

SES SA		(1.00)%	Quarterly		12/20/28		1,312,000	EUR		(2,400)			7,717		(10,117)

Stellantis NV		(5.00)%	Quarterly		12/20/28		433,000	EUR		(82,674)			(65,323)		(17,351)

Stellantis NV		(5.00)%	Quarterly		12/20/28		276,000	EUR		(52,697)			(41,638)		(11,059)

Stellantis NV		(5.00)%	Quarterly		12/20/28		94,000	EUR		(17,948)			(15,254)		(2,694)

Stena AB		(5.00)%	Quarterly		12/20/28		36,000	EUR		(4,562)			(3,961)		(601)

Stena AB		(5.00)%	Quarterly		12/20/28		25,000	EUR		(3,168)			(2,831)		(337)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Maturity Date		Notional Amount^a				Value		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

Centrally Cleared Swap Contracts (continued)

Contracts to Buy Protection^c (continued)

Single Name (continued)

Stena AB		(5.00)%	Quarterly		12/20/28		343,000	EUR		$	(43,470)	$	(36,698)	$	(6,772)

TDC A/S		(1.00)%	Quarterly		6/20/27		212,000	EUR			(4,883)		8,048		(12,931)

Telecom Italia		(1.00)%	Quarterly		12/20/28		30,000	EUR			1,159		2,433		(1,274)

Telecom Italia		(1.00)%	Quarterly		12/20/28		347,000	EUR			13,410		28,636		(15,226)

ThyssenKrupp AG		(1.00)%	Quarterly		12/20/28		29,000	EUR			824		1,314		(490)

ThyssenKrupp AG		(1.00)%	Quarterly		12/20/28		72,000	EUR			2,046		3,263		(1,217)

ThyssenKrupp AG		(1.00)%	Quarterly		12/20/28		108,000	EUR			3,070		6,730		(3,660)

ThyssenKrupp AG		(1.00)%	Quarterly		12/20/28		108,000	EUR			3,070		6,732		(3,662)

Unibail-Rodamco-Westfield SE		(1.00)%	Quarterly		12/20/28		72,000	EUR			915		3,671		(2,756)

Unibail-Rodamco-Westfield SE		(1.00)%	Quarterly		12/20/28		652,000	EUR			8,284		36,668		(28,384)

United Group BV		(5.00)%	Quarterly		6/20/28		72,000	EUR			(5,741)		7,489		(13,230)

UPC Holdings		(5.00)%	Quarterly		12/20/28		190,000	EUR			(29,424)		(27,537)		(1,887)

UPC Holdings		(5.00)%	Quarterly		12/20/28		73,000	EUR			(11,305)		(10,750)		(555)

Vodafone Group PLC		(1.00)%	Quarterly		12/20/28		167,000	EUR			(3,352)		(3,331)		(21)

Vodafone Group PLC		(1.00)%	Quarterly		12/20/28		167,000	EUR			(3,352)		(3,331)		(21)

Vodafone Group PLC		(1.00)%	Quarterly		12/20/28		231,000	EUR			(4,636)		(4,745)		109

Vodafone Group PLC		(1.00)%	Quarterly		12/20/28		146,000	EUR	��		(2,930)		(2,314)		(616)

Vodafone Group PLC		(1.00)%	Quarterly		12/20/28		146,000	EUR			(2,930)		(2,243)		(687)

Vodafone Group PLC		(1.00)%	Quarterly		12/20/28		146,000	EUR			(2,930)		(2,164)		(766)

Volkswagen AG		(1.00)%	Quarterly		12/20/28		1,174,000	EUR			(9,175)		21,085		(30,260)

Contracts to Sell Protection^c,d
Traded Index

^eCDX.EM.40		1.00%	Quarterly		12/20/28		1,000,000				(27,254)		(46,725)		19,471		Investment Grade

^eCDX.NA.HY.41		5.00%	Quarterly		12/20/28		2,970,000				188,463		20,345		168,118		Non- Investment Grade

^eCDX.NA.IG.41		1.00%	Quarterly		12/20/28		25,000,000				515,859		324,095		191,764		Investment Grade

^eITRX.EUR		1.00%	Quarterly		12/20/28		30,000,000	EUR			646,210		335,844		310,366		Investment Grade

^eITRX.EUR.XOVER		5.00%	Quarterly		12/20/28		12,000,000	EUR			1,022,893		427,749		595,144		Sub- Investment Grade


Total Centrally Cleared Swap Contracts										$	1,803,063	$	1,411,517	$	391,546

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Counterparty	Maturity Date		Notional Amount^a		Value		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

OTC Swap Contracts

Contracts to Buy Protection^c

Single Name

American Airlines Inc.		(5.00)%	Quarterly	GSCO		12/20/24		339,000	$	(14,638)	$	10,731	$	(25,369)

Bank of China		(1.00)%	Quarterly	GSCO		6/20/26		288,000		(3,932)		(3,280)		(652)

Bank of China		(1.00)%	Quarterly	GSCO		12/20/28		940,000		(11,205)		(683)		(10,522)

Bank of China		(1.00)%	Quarterly	JPHQ		6/20/26		144,000		(1,966)		(864)		(1,102)

Bank of China		(1.00)%	Quarterly	JPHQ		6/20/26		144,000		(1,966)		(834)		(1,132)

Bank of China		(1.00)%	Quarterly	JPHQ		12/20/28		362,000		(4,315)		(270)		(4,045)

Bank of China		(1.00)%	Quarterly	MSCS		6/20/26		72,000		(983)		(539)		(444)

Bank of China		(1.00)%	Quarterly	MSCS		6/20/26		72,000		(983)		(493)		(490)

China Construction		(1.00)%	Quarterly	GSCO		12/20/28		651,000		(7,752)		(473)		(7,279)

China Construction		(1.00)%	Quarterly	JPHQ		6/20/26		288,000		(3,996)		(3,280)		(716)

China Construction		(1.00)%	Quarterly	JPHQ		6/20/26		216,000		(2,997)		(1,249)		(1,748)

China Construction		(1.00)%	Quarterly	JPHQ		6/20/26		216,000		(2,997)		(1,248)		(1,749)

China Construction		(1.00)%	Quarterly	JPHQ		12/20/28		796,000		(9,479)		(264)		(9,215)

Government of Argentina		(5.00)%	Quarterly	BZWS		12/20/26		465,000		226,738		144,593		82,145

Government of Argentina		(5.00)%	Quarterly	CITI		12/20/26		195,000		95,084		96,976		(1,892)

Government of Argentina		(5.00)%	Quarterly	GSCO		12/20/26		253,000		123,365		77,416		45,949

Government of Argentina		(5.00)%	Quarterly	GSCO		12/20/26		842,000		410,567		257,404		153,163

Government of Argentina		(5.00)%	Quarterly	GSCO		12/20/27		612,000		310,766		380,337		(69,571)

Government of Argentina		(5.00)%	Quarterly	GSCO		12/20/27		941,000		477,827		439,483		38,344

Government of Argentina		(5.00)%	Quarterly	JPHQ		12/20/26		253,000		123,365		77,344		46,021

Government of Egypt		(1.00)%	Quarterly	BZWS		12/20/24		713,000		5,171		34,001		(28,830)

Government of Egypt		(1.00)%	Quarterly	BZWS		12/20/25		624,000		27,182		35,826		(8,644)

Government of Egypt		(1.00)%	Quarterly	BZWS		6/20/26		172,000		11,486		48,217		(36,731)

Government of Egypt		(1.00)%	Quarterly	CITI		12/20/24		375,000		2,720		37,287		(34,567)

Government of Egypt		(1.00)%	Quarterly	CITI		12/20/25		624,000		18,720		18,720		–

Government of Egypt		(1.00)%	Quarterly	CITI		12/20/25		610,000		26,572		102,871		(76,299)

Government of Egypt		(1.00)%	Quarterly	CITI		6/20/26		625,000		41,738		160,955		(119,217)

Government of Egypt		(1.00)%	Quarterly	CITI		12/20/27		610,000		85,281		167,420		(82,139)

Government of Korea		(1.00)%	Quarterly	GSCO		12/20/28		4,309,000		(133,903)		(125,058)		(8,845)

Government of Korea		(1.00)%	Quarterly	GSCO		12/20/28		2,281,000		(70,882)		(66,769)		(4,113)

Government of South Africa		(1.00)%	Quarterly	BZWS		12/20/24		1,220,000		(6,324)		8,919		(15,243)

Government of South Africa		(1.00)%	Quarterly	GSCO		6/20/24		1,220,000		(4,577)		2,885		(7,462)

Government of Turkey		(1.00)%	Quarterly	CITI		12/20/28		612,000		45,558		54,256		(8,698)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Credit Default Swap Contracts (continued)


Description	Annual Payment Rate Received (Paid)		Payment Frequency	Counterparty	Maturity Date		Notional Amount^a			Value		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)		Rating^b

OTC Swap Contracts (continued)

Contracts to Buy Protection^c (continued)
Single Name (continued)

Industrial and Commercial Bank of China		(1.00)%	Quarterly	GSCO		12/20/28		1,306,000		$	(15,612)	$	(949)	$	(14,663)

Industrial and Commercial Bank of China		(1.00)%	Quarterly	JPHQ		6/20/26		144,000			(1,933)		(802)		(1,131)

Industrial and Commercial Bank of China		(1.00)%	Quarterly	JPHQ		12/20/28		145,000			(1,733)		(48)		(1,685)

Industrial and Commercial Bank of China		(1.00)%	Quarterly	MSCS		6/20/26		144,000			(1,933)		(923)		(1,010)

JFE Holdings Inc.		(1.00)%	Quarterly	BZWS		12/20/28		42,882,000	JPY		(9,045)		(6,524)		(2,521)

JFE Holdings Inc.		(1.00)%	Quarterly	GSCO		12/20/28		187,961,000	JPY		(39,647)		(26,664)		(12,983)

Kawasaki Heavy Industries

Ltd.		(1.00)%	Quarterly	BZWS		12/20/28		198,470,000	JPY		(40,628)		(31,479)		(9,149)

Kobe Steel Ltd.		(1.00)%	Quarterly	GSCO		12/20/28		181,198,000	JPY		(29,449)		(13,022)		(16,427)

Lincoln National Corp.		(1.00)%	Quarterly	GSCO		6/20/25		71,000			(294)		736		(1,030)

Mitsui O.S.K. Lines Ltd.		(1.00)%	Quarterly	BZWS		12/20/28		57,834,000	JPY		(9,456)		(5,460)		(3,996)

Mitsui O.S.K. Lines Ltd.		(1.00)%	Quarterly	GSCO		12/20/28		137,356,000	JPY		(22,459)		(11,172)		(11,287)

Nippon Paper Industries Co.		(1.00)%	Quarterly	BZWS		12/20/28		76,004,000	JPY		8,601		13,843		(5,242)

Nippon Paper Industries Co.		(1.00)%	Quarterly	GSCO		12/20/28		6,723,000	JPY		761		1,219		(458)

Nippon Paper Industries Co.		(1.00)%	Quarterly	JPHQ		12/20/25		7,366,000	JPY		(351)		(44)		(307)

Nippon Paper Industries Co.		(1.00)%	Quarterly	MSCO		12/20/28		7,700,000	JPY		873		2,603		(1,730)

Rakuten Group Inc.		(1.00)%	Quarterly	BZWS		6/20/24		43,477,000	JPY		(1,089)		2,743		(3,832)

Rakuten Group Inc.		(1.00)%	Quarterly	BZWS		6/20/27		21,959,000	JPY		7,477		21,332		(13,855)

Rakuten Group Inc.		(1.00)%	Quarterly	JPHQ		6/20/25		14,053,000	JPY		74		3,479		(3,405)

Softbank Group Corp.		(1.00)%	Quarterly	BZWS		6/20/28		29,008,000	JPY		4,045		16,790		(12,745)

Softbank Group Corp.		(1.00)%	Quarterly	GSCO		6/20/28		62,367,000	JPY		8,696		34,747		(26,051)

Contracts to Sell Protectionc,d

Single Name

Government of Egypt		1.00%	Quarterly	BZWS		12/20/28		624,000			(115,194)		(134,084)		18,890		B-
Government of Egypt		1.00%	Quarterly	CITI		12/20/28		624,000			(107,640)		(107,640)		–		B-

Total OTC Swap Contracts										$	1,383,309	$	1,709,018	$	(325,709)

Total Credit Default Swap Contracts										$	3,186,372	$	3,120,535	$	65,837

^a In U.S. dollars unless otherwise indicated. For contracts to sell protection, the notional amount is equal to the maximum potential amount of the future payments and no recourse provisions have been entered into in association with the contracts.

^b Based on Standard and Poor’s (S&P) Rating for single name swaps and internal ratings for index swaps. Internal ratings based on mapping into equivalent ratings from external vendors.

^c Performance triggers for settlement of contract include default, bankruptcy or restructuring for single name swaps and failure to pay or bankruptcy of the underlying securities for traded index swaps.

^d The Fund enters contracts to sell protection to create a long credit position.

^e A portion or all of the contracts are owned by K2 Holdings Investment Corp., a wholly-owned subsidiary of the Fund. See Note 5.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

At February 29, 2024, the Fund had the following interest rate swap contracts outstanding.

Interest Rate Swap Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value/Unrealized

Appreciation

(Depreciation)

Centrally Cleared Swap Contracts

Receive Fixed Rate 9.20%
Pay Floating Rate COLIBOR

Annually

4/21/25

37,851,000,000

COP

27,101

Receive Fixed 6.30%
Pay Floating rate 3-Month-JIBAR

Quarterly

7/31/25

53,795,745

ZAR

(67,337)

Receive Fixed 7.57%
Pay Floating rate 3-Month-JIBAR

Quarterly

11/04/25

39,000,000

ZAR

(15,265)

Receive Fixed 39.50%
Pay Floating rate

Quarterly

2/27/26

71,000,000

TRY

27,279

Receive Fixed Rate 9.70%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

3/18/26

120,000,000

MXN

7,747

Receive Fixed 10.42%
Pay Floating BRLCDI

Annually

1/04/27

6,000,000

BRL

Receive Fixed 11.07%
Pay Floating BRLCDI

Annually

1/04/27

9,430,255

BRL

8,858

Receive Fixed 13.29%
Pay Floating BRLCDI

Annually

1/04/27

2,980,054

BRL

40,547

Receive Fixed 13.41%
Pay Floating BRLCDI

Annually

1/04/27

5,875,629

BRL

83,578

Receive Fixed 13.47%
Pay Floating BRLCDI

Annually

1/04/27

4,395,970

BRL

63,981

Receive Fixed 13.51%
Pay Floating BRLCDI

Annually

1/04/27

8,748,347

BRL

128,888

Receive Fixed Rate 9.70%
Pay Floating BRLCDI

Annually

1/04/27

14,918,852

BRL

(14,863)

Receive Fixed 8.78%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

10/19/27

72,800,000

MXN

27,062

Receive Fixed 4.15%
Pay Floating rate Overnight SOFR

Annually

11/22/28

5,700,000

27,018

Receive Fixed 3.753%
Pay Floating rate Overnight SOFR

Annually

1/19/29

582,800

(6,966)

Receive Fixed 4.0082%
Pay Floating rate Overnight SOFR

Annually

2/15/29

1,740,000

(767)

Receive Fixed 4.0698%
Pay Floating rate Overnight SOFR

Annually

2/21/29

1,740,000

4,143

Receive Fixed 8.47%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

10/12/32

37,000,000

MXN

(22,286)

Receive Fixed 8.72%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

10/12/32

21,700,000

MXN

6,998

Receive Fixed 7.97%
Pay Floating Banxico Mexico 1 Month Rate

Monthly

10/06/33

26,200,000

MXN

(68,314)

Receive Fixed 9.61%
Pay Floating rate 3-Month-JIBAR

Quarterly

1/18/34

18,000,000

ZAR

5,949

Total Interest Rate Swap Contracts

263,382

*In U.S. dollars unless otherwise indicated.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

At February 29, 2024, the Fund had the following total return swap contracts outstanding.

Total Return Swap Contracts

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts

Currency Contracts - Long^a

FX G10 Carry

Fixed 0.00%

Monthly

CITI

6/28/24

3,624,401

–

FX G10 Carry

Fixed 0.00%

Monthly

CITI

6/28/24

2,683,198

–

FX G10 Value

Fixed 0.03%

Monthly

CITI

6/28/24

13,803,608

(333)

FX G10 Value

Fixed 0.03%

Monthly

CITI

6/28/24

10,218,872

(247)

(580)

Equity Contracts - Long^a

3i Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

332,710

GBP

115,958

4imprint Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

6/03/24

331,140

GBP

84,325

A1 Telekom Austria AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

202,478

EUR

5,184

A2A SpA

Euro STR + 0.35%

Monthly

JPHQ

8/12/24

422,017

EUR

(18,207)

AbitareIn

Euro STR + 0.35%

Monthly

JPHQ

1/08/25

50,329

EUR

(7,118)

AcadeMedia AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

1,826,372

SEK

(11,636)

AddLife AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/02/24

5,056,922

SEK

45,107

Adocia.

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/24

79,118

EUR

1,812

ADvTECH Ltd.

1-Day SABOR + 0.30%

Monthly

MSCS

7/17/24

1,749,452

ZAR

44,884

Adyen

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

159,657

EUR

40,216

Aeci Limited

1-Day SABOR + 0.70%

Monthly

MSCS

7/17/24

7,200,308

ZAR

(29,839)

Aedas Homes SA

1-Day EONIA + 0.35%

Monthly

MSCS

4/01/24

68,037

EUR

9,342

Ageas

Euro STR + 0.35%

Monthly

JPHQ

5/01/24

313,572

EUR

5,361

Airtel Africa PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

134,020

GBP

(30,986)

Aker Solutions ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

6,006,055

NOK

(62,858)

Alfa Financial Software

1-Day SONIA + 0.35%

Monthly

MSCS

11/18/24

63,723

GBP

9,208

Alior Bank SA

1-Day FEDEF + 1.25%

Monthly

MSCO

1/06/25

30,782

7,233

Alleima AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/06/24

2,366,194

SEK

(23,065)

ALSO Holding AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/15/24

480,658

CHF

34,680

Alzchem Group AG

Euro STR + 0.35%

Monthly

JPHQ

11/22/24

19,530

EUR

1,987

Amadeus Fire AG

Euro STR + 0.35%

Monthly

JPHQ

1/31/25

197,798

EUR

(22,443)

Ambea AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

2,221,609

SEK

143,758

Amundi

1-Day EONIA + 0.30%

Monthly

MSCS

9/23/24

83,650

EUR

(2,127)

Anadolu Efes

1-Day FEDEF + 1.25%

Monthly

MSCS

1/22/25

69,769

12,204

Andritz AG

Euro STR + 0.35%

Monthly

JPHQ

7/15/24

340,307

EUR

16,982

Anora Group PLC

Euro STR + 0.275%

Monthly

SEBA

12/23/24

72,585

EUR

8,090

AO World PLC

1-Day SONIA + 0.35%

Monthly

MSCS

12/02/24

188,697

GBP

56,233

Arcelormittal SA

Euro STR + 0.25%

Monthly

JPHQ

2/28/25

256,963

EUR

(24,325)

Arctic

1-Day FEDEF + 0.30%

Monthly

MSCS

11/27/24

85,581

16,980

Arjo AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

5,621,685

SEK

68,337

ARYZTA

1-Day SARON + 0.35%

Monthly

JPHQ

4/26/24

566,550

CHF

4,795

Ascencio

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

88,756

EUR

(14,188)

Ascom Holding AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

182,609

CHF

(36,374)

ASML Holding NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

90,653

EUR

38,283

Asseco Poland SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

401,387

26,706

Associated British Foods PLC

1-Day SONIA + 0.35%

Monthly

MSCS

8/23/24

312,183

GBP

(13,212)

Atea ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

3/18/25

1,363,185

NOK

(11,001)

Atos

1-Day EONIA + 0.30%

Monthly

MSCS

3/25/25

271,111

EUR

(148,001)

Atoss Software AG

Euro STR + 0.35%

Monthly

JPHQ

8/01/24

216,811

EUR

39,944

Atresmedia Corporacion de Medios de Comunicacion SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/24

247,156

EUR

9,738

Attacq Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

7/15/24

806,479

ZAR

5,168

Attendo AB

1-Week STIBOR + 0.28%

Monthly

SEBA

1/08/25

2,573,074

SEK

40,354

Audax Renovables SA

1-Day EONIA + 0.35%

Monthly

MSCS

4/24/24

114,081

EUR

4,662

Aumann AG

Euro STR + 0.35%

Monthly

JPHQ

1/22/25

62,518

EUR

(682)

Awilco LNG ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

4/29/24

448,215

NOK

(7,124)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

B&M European Value Retail SA

1-Day SONIA + 0.35%

Monthly

MSCO

1/16/25

246,175

GBP

(5,218)

B&S Group SA

Euro STR + 0.35%

Monthly

JPHQ

1/16/25

73,013

EUR

(3,307)

B2 Impact ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

1,463,358

NOK

8,904

BAE Systems PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/06/25

213,412

GBP

17,887

Balfour Beatty

1-Day SONIA + 0.35%

Monthly

MSCS

9/18/24

509,880

GBP

2,010

Banca Ifis SpA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

649,886

EUR

98,974

Bank of Cyprus Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/15/24

17,009

GBP

2,818

Bank of Georgia Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/31/24

324,409

GBP

183,514

Barclays PLC

1-Day SONIA + 0.44%

Monthly

MSCS

7/17/24

225,640

GBP

31,137

Barloworld Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

8/30/24

1,523,429

ZAR

(15,894)

Basilea Pharmaceutica AG

Euro STR + 6.75%

Monthly

JPHQ

5/08/24

368,672

CHF

(76,090)

Bavarian Nordic A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

11/27/24

1,864,513

DKK

2,083

Bayerische Motoren Werke AG

Euro STR + 0.35%

Monthly

JPHQ

7/03/24

202,022

EUR

9,337

BE Group AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

1,166,148

SEK

(64,405)

BE Semiconductor Industries NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

201,572

EUR

124,290

Bechtle AG

Euro STR + 0.35%

Monthly

JPHQ

11/06/24

378,023

EUR

23,525

Bekaert SA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

250,901

EUR

16,124

Bell Food Group AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

114,663

CHF

(4,881)

Beneteau

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

327,732

EUR

(15,416)

Bergenbio ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

11/27/24

598,214

NOK

(13,074)

Betsson AB

1-Week STIBOR + 0.275%

Monthly

SEBA

7/17/24

6,788,378

SEK

(31,082)

BHG Group AB

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/24

2,075,084

SEK

41,950

BIC

1-Day EONIA + 0.30%

Monthly

MSCS

4/17/24

370,497

EUR

41,025

Bilfinger SE

Euro STR + 0.35%

Monthly

JPHQ

12/06/24

145,451

EUR

10,626

BioGaia AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

3,196,215

SEK

85,746

BKW AG

1-Day SARON + 0.35%

Monthly

JPHQ

12/12/24

189,010

CHF

(42,481)

BNP Paribas SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

256,547

EUR

(13,157)

Bodycote PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/05/24

306,692

GBP

(14,077)

Bogdanka SA

1-Day FEDEF + 0.30%

Monthly

MSCS

8/19/24

162,305

(9,772)

Bonheur ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

8/28/24

614,678

NOK

(3,104)

Boozt AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/19/24

2,034,523

SEK

70,662

BPER Banca SpA

Euro STR + 0.35%

Monthly

JPHQ

9/25/24

263,124

EUR

70,750

Bpost

Euro STR + 0.35%

Monthly

JPHQ

11/07/24

95,762

EUR

(26,244)

Breedon Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

322,906

GBP

32,990

British Land Co. PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/05/24

429,526

GBP

(9,019)

Brunel International NV

1-Week STIBOR + 0.28%

Monthly

JPHQ

7/17/24

14,509

EUR

(3,310)

Brunello Cucinelli

Euro STR + 0.35%

Monthly

JPHQ

12/23/24

206,406

EUR

50,844

Bulten AB

1-Week STIBOR + 0.275%

Monthly

SEBA

10/18/24

1,108,646

SEK

4,777

Burckhardt

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

53,877

CHF

6,828

Buzzi Unicem SpA

Euro STR + 0.35%

Monthly

JPHQ

8/12/24

321,185

EUR

29,633

Cairn Homes PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

135,234

GBP

46,847

CaixaBank SA

1-Day EONIA + 0.35%

Monthly

MSCS

8/21/24

252,926

EUR

13,168

Card Factory PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

202,317

GBP

10,714

Care Property Invest

Euro STR + 0.35%

Monthly

JPHQ

12/16/24

109,568

EUR

(12,266)

Cargotec OYJ

Euro STR + 0.28%

Monthly

SEBA

8/23/24

318,467

EUR

135,210

Carlsberg Group

1-Week CIBOR + 0.28%

Monthly

SEBA

9/12/24

2,136,781

DKK

(21,854)

Carmila

1-Day EONIA + 0.30%

Monthly

MSCS

8/07/24

195,286

EUR

3,405

Carrefour

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

308,520

EUR

(24,887)

Catana Group

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/24

76,167

EUR

(7,276)

Catena Media PLC

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

163,194

SEK

(8,336)

Ceconomy AG

Euro STR + 0.35%

Monthly

JPHQ

7/05/24

280,942

EUR

(42,546)

Cembre

Euro STR + 0.35%

Monthly

JPHQ

11/14/24

60,578

EUR

7,598

Cementir Holding NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

188,593

EUR

49,491

Centrica PLC ORD

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

423,818

GBP

(7,698)

Citycon OYJ

Euro STR + 0.28%

Monthly

SEBA

8/23/24

75,738

EUR

(14,925)

Clariant International AG

1-Day SARON + 0.35%

Monthly

JPHQ

5/30/24

349,341

CHF

(44,139)

Clarkson PLC

1-Day SONIA + 0.35%

Monthly

MSCS

5/06/24

203,594

GBP

49,129

Clas Ohlson AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

2,815,325

SEK

310,833

Cliq Digital AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

188,887

EUR

(48,575)

Cloetta AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

2,043,288

SEK

(18,425)

Coca-Cola Europacific Partners PLC

1-Day SONIA + 0.30%

Monthly

JPHQ

10/11/24

133,341

EUR

16,385

Coca-Cola HBC AG-DI

1-Day SONIA + 0.35%

Monthly

MSCS

12/04/24

97,475

GBP

8,265

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Colruyt Group NV

Euro STR + 0.35%

Monthly

JPHQ

12/23/24

239,852

EUR

16,838

Commerzbank AG

Euro STR + 0.35%

Monthly

JPHQ

12/18/24

362,401

EUR

5,993

Compagnie des Alpes

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

88,270

EUR

(1,858)

Computacenter PLC ORD

1-Day SONIA + 0.35%

Monthly

MSCS

7/15/24

452,898

GBP

65,853

Conduit Holdings Ltd.

1-Day SONIA + 0.35%

Monthly

MSCS

10/17/24

306,726

GBP

49,228

Coor Service Management Holding AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

660,889

SEK

(5,279)

Corem Property Group

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/24

3,366,669

SEK

55,975

Costain Group

1-Day SONIA + 0.35%

Monthly

MSCS

11/15/24

32,711

GBP

167

Costain Group

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/24

568

GBP

Currys PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/24

40,969

GBP

18,699

Dampskibsselskabet Norden A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/24

1,040,115

DKK

(25,399)

Danieli & C Officine Meccaniche SpA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

403,810

EUR

117,941

Danske Bank A/S

1-Week CIBOR + 0.275%

Monthly

SEBA

11/13/24

1,646,162

DKK

30,541

Darktrace PLC

1-Day SONIA + 0.35%

Monthly

MSCS

12/04/24

272,230

GBP

(9,870)

Dassault Aviation

1-Day EONIA + 0.30%

Monthly

MSCS

9/16/24

183,309

EUR

112

Dassault Systemes

1-Day EONIA + 0.30%

Monthly

MSCO

2/17/25

140,524

EUR

140

DCC PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

232,680

GBP

55,913

Deceuninck

Euro STR + 0.35%

Monthly

JPHQ

11/07/24

56,948

EUR

(1,095)

Dedicare AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/27/24

1,033,895

SEK

(10,609)

Derichebourg SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

277,558

EUR

(51,036)

Deutsche Bank AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

324,933

EUR

63,063

Deutsche Beteiligungs AG

Euro STR + 0.35%

Monthly

JPHQ

12/19/24

117,757

EUR

(15,999)

Deutsche Lufthansa AG

Euro STR + 0.35%

Monthly

JPHQ

9/06/24

57,474

EUR

(3,868)

Develia SA

1-Day FEDEF + 1.25%

Monthly

MSCO

12/19/24

41,674

353

DNO ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/15/24

1,516,382

NOK

(20,438)

DO & CO AG

Euro STR + 0.35%

Monthly

JPHQ

9/06/24

89,279

EUR

32,825

Dom Development

1-Day FEDEF + 1.25%

Monthly

MSCS

11/28/24

37,713

(806)

dotdigital Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

6/03/24

25,740

GBP

3,428

Drax Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

417,925

GBP

(82,984)

Dunelm Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

4/03/24

276,940

GBP

8,364

Duni AB

1-Week STIBOR + 0.275%

Monthly

SEBA

1/16/25

1,211,163

SEK

(3,359)

E.ON SE

Euro STR + 0.35%

Monthly

JPHQ

8/19/24

396,886

EUR

11,482

Easyjet PLC

1-Day SONIA + 0.35%

Monthly

MSCO

7/17/24

438,882

GBP

38,214

Ebro Foods

1-Day EONIA + 0.35%

Monthly

MSCO

12/04/24

236,284

EUR

(12,762)

Econocom Group SE

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

69,817

EUR

(17,331)

Econocom Group SE

Euro STR + 0.35%

Monthly

JPHQ

1/08/25

7,222

EUR

(1,592)

EFG International AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

467,052

CHF

165,893

Electrolux Professional AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/08/24

1,448,301

SEK

15,458

Elekta AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/05/24

1,152,048

SEK

(7,189)

Elektrotim

1-Day FEDEF + 1.25%

Monthly

MSCS

11/28/24

22,588

2,040

Elmera Group ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

1/27/25

863,438

NOK

5,068

Elis SA

1-Day EONIA + 0.30%

Monthly

MSCS

2/26/25

159,082

EUR

35,495

Elmos Semiconductor SE

Euro STR + 0.35%

Monthly

JPHQ

7/18/24

216,482

EUR

10,147

Enad Global 7 AB

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/24

2,665,519

SEK

(127,259)

Endesa SA

1-Day EONIA + 0.35%

Monthly

MSCS

1/13/25

358,912

EUR

(40,690)

Enea AB

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

229,645

16,150

Enel Group

Euro STR + 0.35%

Monthly

JPHQ

10/28/24

159,077

EUR

(925)

Energy Transfer LP

1-Month LIBOR + 0.50%

Monthly

CITI

10/18/24

20,700

1,024

Energy Transfer LP

1-Month LIBOR + 0.90%

Monthly

GSCO

1/27/25

47,218

2,155

Energy Transfer LP

1-Month LIBOR + 0.90%

Monthly

GSCO

2/14/25

188,825

8,391

Engie SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/30/24

319,420

EUR

838

Engie SA

1-Day EONIA + 0.40%

Monthly

MSCO

9/25/24

1,533,714

EUR

39,468

EnQuest PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/24

323,440

GBP

(94,209)

Entra ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

11/21/24

217,555

NOK

(1,744)

Eolus Vind AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/23/24

641,396

SEK

(10,791)

Equals Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/20/24

103,837

GBP

(8,266)

Equity Flows

Fixed 0.10%

Monthly

JPHQ

6/28/24

1,276,458

(83)

Equity Flows

Fixed 0.10%

Monthly

JPHQ

6/28/24

946,464

(62)

Equity Low Beta

Fixed (0.19)%

Monthly

DBAB

6/28/24

1,441,301

Equity Low Beta

Fixed (0.19)%

Monthly

DBAB

6/28/24

1,946,481

Equity Momentum

Fixed (0.19)%

Monthly

DBAB

6/28/24

3,177,955

Equity Momentum

Fixed (0.19)%

Monthly

DBAB

6/28/24

4,293,761

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Equity Value

Fixed (0.19)%

Monthly

DBAB

6/28/24

7,313,739

–

Equity Value

Fixed (0.19)%

Monthly

DBAB

6/28/24

5,413,543

Ercros SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/24

205,541

EUR

(67,867)

Ericsson

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

1,436,794

SEK

(8,790)

Eurobio Scientific SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

60,463

EUR

(11,027)

Eurocash

1-Day FEDEF + 1.25%

Monthly

MSCS

1/06/25

105,623

2,263

Eurocommercial Properties NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

406,113

EUR

(38,709)

EVS Broadcast Equipment SA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

64,549

EUR

15,314

Fabege AB

1-Week STIBOR + 0.275%

Monthly

SEBA

11/21/24

2,343,677

SEK

(29,020)

Fagron NV

Euro STR

Monthly

JPHQ

8/19/24

283,986

EUR

19,235

ForFarmers

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

104,022

EUR

(21,134)

Fortum Corp.

Euro STR + 0.275%

Monthly

SEBA

7/17/24

127,045

EUR

(22,369)

Forvia

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/24

347,416

EUR

(82,531)

Foxtons Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

9/18/24

47,164

GBP

43,972

freenet AG

Euro STR + 0.35%

Monthly

JPHQ

8/08/24

207,205

EUR

27,390

Fuchs Petrolub SE

Euro STR + 0.35%

Monthly

JPHQ

4/25/24

224,237

EUR

10,854

Fugro NV

Euro STR + 0.35%

Monthly

JPHQ

5/27/24

435,104

EUR

144,030

Galliford Try Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

72,997

GBP

24,365

Games Workshop Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/16/25

292,047

GBP

(14,340)

^b,cGazprom PJSC ADR

1-Day FEDEF

Monthly

MSCS

1/31/25

–

Genmab A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/24

3,057,456

DKK

(91,956)

Gerresheimer AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

415,225

EUR

31,994

Gestamp Automocion SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/24

509,693

EUR

(141,442)

Granges AB

1-Week STIBOR + 0.28%

Monthly

SEBA

9/02/24

2,814,325

SEK

(13,131)

Greencore Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

9/12/24

288,735

GBP

99,140

Groupe SEB

1-Day EONIA + 0.30%

Monthly

MSCS

8/12/24

290,016

EUR

37,463

Grupo Catalana Occidente

1-Day EONIA + 0.35%

Monthly

MSCS

11/11/24

255,515

EUR

32,128

Gulf Keystone Petroleum Ltd.

1-Day SONIA + 0.25%

Monthly

MSCS

7/17/24

39,903

GBP

(8,457)

H&M Hennes & Mauritz AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/15/24

3,119,264

SEK

(43,880)

H. Lundbeck A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

11/27/24

4,474,367

DKK

(15,219)

Hammerson PLC

1-Day SABOR + 0.70%

Monthly

MSCS

11/27/24

321,707

GBP

(5,449)

HANZA AB

1-Week STIBOR + 0.28%

Monthly

SEBA

6/14/24

2,109,387

SEK

(19,291)

HeidelbergCement AG

1-Month EURIBOR + 0.40%

Monthly

JPHQ

7/17/24

387,031

EUR

104,442

Heijmans NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

328,809

EUR

157,028

Hera

Euro STR + 0.35%

Monthly

JPHQ

1/10/25

323,121

EUR

17,970

Hikma Pharmaceuticals PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/08/25

268,573

GBP

8,673

Hilton Food Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

10/18/24

178,332

GBP

12,276

Hochtief AG

Euro STR + 0.35%

Monthly

JPHQ

3/18/25

290,707

EUR

54,750

Hoegh Autoliners AS

1-Week NIBOR + 0.275%

Monthly

SEBA

4/26/24

2,477,093

NOK

118,826

Hoist Finance AB

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/24

1,027,992

SEK

32,623

Holcim Ltd.

1-Day SARON + 0.35%

Monthly

JPHQ

5/09/24

382,518

CHF

78,617

HORNBACH Holding AG & Co. KGaA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

358,309

EUR

(15,820)

Hugo Boss AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

138,009

EUR

8,239

Huhtamaki OYJ

Euro STR + 0.275%

Monthly

SEBA

1/30/25

393,355

EUR

(5,821)

Humble Group AB

1-Week STIBOR + 0.28%

Monthly

SEBA

11/27/24

759,516

SEK

5,608

Husqvarna AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/25/24

3,252,949

SEK

(5,323)

HUUUGE Inc.

1-Day FEDEF + 1.25%

Monthly

MSCS

7/01/24

117,031

12,670

hVIVO PLC

1-Day SONIA + 0.35%

Monthly

MSCS

5/27/24

55,600

GBP

29,709

Hyundai Motor Co.

1-Day FEDEF + 0.30%

Monthly

MSCS

2/05/25

714,936

30,257

Immobiliare Grande Distribuzione SIIQ SpA

1-Day EONIA + 0.30%

Monthly

JPHQ

7/17/24

149,331

EUR

(33,789)

Indra Sistemas SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/24

378,720

EUR

150,297

Indus-Holding AG

Euro STR + 0.35%

Monthly

JPHQ

10/11/24

75,792

EUR

10,082

Industrivarden AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/15/24

5,626,254

SEK

102,168

Infineon Technologies AG

1-Day SARON + 0.35%

Monthly

JPHQ

5/30/24

302,844

EUR

(4,738)

ING Groep NV

Euro STR + 0.35%

Monthly

JPHQ

4/22/24

243,691

EUR

8,410

Instone Real Estate Group SE

Euro STR + 0.35%

Monthly

JPHQ

12/12/24

75,072

EUR

5,578

Intercos Group

Euro STR + 0.35%

Monthly

JPHQ

5/03/24

185,255

EUR

(3,809)

Intermediate Capital Group

1-Day SONIA + 0.35%

Monthly

MSCO

1/06/25

291,711

GBP

70,458

International Consolidated Airlines Group SA

1-Day SONIA + 0.30%

Monthly

MSCS

5/27/24

348,861

GBP

(22,722)

Intershop

1-Day SARON + 0.35%

Monthly

JPHQ

10/21/24

115,066

CHF

1,250

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Intesa Sanpaolo SpA

Euro STR + 0.35%

Monthly

JPHQ

4/22/24

519,730

EUR

38,445

Investec

1-Day SONIA + 0.35%

Monthly

MSCS

7/05/24

375,172

GBP

18,790

Investor AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/06/24

1,573,587

SEK

23,011

Inwido AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

3,303,351

SEK

63,388

Ionos Group SE

Euro STR + 0.35%

Monthly

JPHQ

11/06/24

109,297

EUR

35,541

IP Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

166,700

GBP

(31,264)

Ipsen Pharma SAS

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

410,948

EUR

(38,999)

Iren

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

172,391

EUR

(14,536)

Italian Sea Group (The)

Euro STR + 0.35%

Monthly

JPHQ

6/17/24

238,188

EUR

74,601

Iveco

Euro STR + 0.35%

Monthly

JPHQ

11/28/24

260,054

EUR

95,206

IWG PLC

1-Day SONIA + 0.35%

Monthly

MSCS

4/03/24

298,825

GBP

51,275

J D Wetherspoon PLC

1-Day SONIA + 0.35%

Monthly

MSCS

5/10/24

455,487

GBP

24,800

Jacquet Metals SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

46,038

EUR

6,447

JCDecaux SE

1-Day EONIA + 0.30%

Monthly

MSCS

11/07/24

120,732

EUR

14,256

JD Sports Fashion PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

448,154

GBP

(51,121)

Jenoptik AG

Euro STR + 0.35%

Monthly

JPHQ

8/19/24

151,050

EUR

14,426

Jet2 PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/18/24

350,004

GBP

73,239

Johnson Service Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

6/07/24

292,342

GBP

86,146

JOST Werke SE

Euro STR + 0.35%

Monthly

JPHQ

7/05/24

226,260

EUR

(109)

JSW

1-Day FEDEF + 1.25%

Monthly

MSCO

1/27/25

238,760

(10,532)

Julius Baer

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

450,966

CHF

(81,617)

Just Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/24

548,971

GBP

2,178

Kamux Corp.

Euro STR + 0.275%

Monthly

SEBA

2/06/25

31,442

EUR

643

Kap Industrial Holdings Ltd.

1-Day SABOR + 0.30%

Monthly

MSCS

7/17/24

3,623,194

ZAR

(61,726)

Kaufman ET Broad

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/24

81,283

EUR

(4,548)

Kemira OYJ

1-Week Euro STR + 0.275%

Monthly

SEBA

7/17/24

410,000

EUR

11,912

Kenmare Resources PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

114,031

GBP

(44,947)

Kernel Holding SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

9,590

9,693

Kinepolis

Euro STR + 0.35%

Monthly

JPHQ

2/26/25

30,227

EUR

(1,724)

Kitron ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/19/24

4,216,326

NOK

15,320

Kitwave Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

8/09/24

45,319

GBP

8,165

Klepierre SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/08/24

102,107

EUR

(479)

Knights Group Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/18/24

20,864

GBP

3,733

Koc Holding AS

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

310,767

80,616

Konecranes OYJ

Euro STR + 0.28%

Monthly

SEBA

11/22/24

455,930

EUR

182,722

Koninklijke KPN NV

Euro STR + 0.35%

Monthly

JPHQ

10/11/24

356,301

EUR

20,276

Koninklijke Philips NV

Euro STR + 0.35%

Monthly

JPHQ

8/26/24

319,190

EUR

(27,060)

Krones AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

266,241

EUR

26,040

Lancashire Holdings Ltd.

1-Day SONIA + 0.35%

Monthly

MSCS

2/19/25

295,780

GBP

39,636

Lar Espana Real Estate SOCIMI SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/24

102,992

EUR

27,073

Lassila & Tikanoja PLC

Euro STR + 0.275%

Monthly

SEBA

1/27/25

38,496

EUR

(3,363)

Learning Technologies Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/01/24

190,707

GBP

14,933

Leonardo SpA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

74,811

EUR

5,985

Leonteq AG

Euro STR + 0.35%

Monthly

JPHQ

7/15/24

299,706

CHF

(113,358)

Lindab International AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/08/24

2,906,925

SEK

82,141

Link Mobility Group Holding ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

11/27/24

1,724,313

NOK

(4,939)

LiveChat Software SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

166,285

(17,442)

Logitech International

1-Day + 0.35%

Monthly

JPHQ

2/17/25

251,026

CHF

3,517

Loomis AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/15/24

6,834,567

SEK

(81,142)

LPP

1-Day FEDEF + 1.25%

Monthly

MSCS

10/10/24

510,841

103,457

Lundbergs AB

1-Week STIBOR + 0.275%

Monthly

SEBA

9/19/24

2,454,422

SEK

37,770

Maire Tecnimont SpA

Euro STR + 0.35%

Monthly

JPHQ

8/14/24

348,151

EUR

119,083

Man Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/15/24

268,146

GBP

31,067

Map Aktif Adiperkasa PT

1-Day EONIA + 0.35%

Monthly

MSCS

2/26/25

131,418

EUR

(272)

Marks & Spencer Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

399,454

GBP

37,103

Maurel & Prom

1-Day EONIA + 0.30%

Monthly

MSCS

5/16/24

245,430

EUR

(18,412)

Mavi Giyim Sanayi Ve Ticaret AS

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

6,663

2,593

Medios AG

Euro STR + 0.35%

Monthly

JPHQ

11/01/24

126,070

EUR

(3,823)

Meier Tobler Group AG

1-Day SARON + 0.35%

Monthly

JPHQ

5/09/24

152,647

CHF

(26,163)

Mensch und Maschine Software SE

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

89,849

EUR

(1,032)

Mersen

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

343,957

EUR

(7,421)

Metropole TV

1-Day EONIA + 0.30%

Monthly

MSCS

12/02/24

191,240

EUR

(707)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

MFE

Euro STR + 0.35%

Monthly

JPHQ

11/27/24

451,225

EUR

(14,640)

Migros Ticaret

1-Day FEDEF + 0.30%

Monthly

MSCS

9/09/24

8,743

3,474

Mitchells & Butlers PLC

1-Day SONIA + 0.35%

Monthly

MSCS

11/27/24

239,820

GBP

16,243

Mitie Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

393,889

GBP

84,863

Modern Times Group MTG AB

1-Week STIBOR + 0.275%

Monthly

SEBA

5/08/24

5,588,239

SEK

(10,950)

Momentum Metropolitan Holdings Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

6/12/24

9,356,510

ZAR

53,438

Moneysupermarket.com

1-Day SONIA + 0.35%

Monthly

MSCS

2/27/25

380,502

GBP

(19,224)

Montea NV

Euro STR + 0.35%

Monthly

JPHQ

6/05/24

282,599

EUR

273

Morgan Sindall Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

388,989

GBP

109,186

Mowi ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

2,579,773

NOK

22,418

MPC Container Ships ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

2,421,137

NOK

(52,396)

MTN Group Ltd.

1-Day SABOR + 0.32%

Monthly

MSCS

7/15/24

4,947,129

ZAR

(68,642)

Mycronic AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/10/25

172,526

SEK

4,254

Naspers Ltd

1-Day SABOR + 0.70%

Monthly

MSCO

1/22/25

2,694,664

ZAR

7,706

NCC AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

4,293,278

SEK

131,406

Neinor Homes SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/17/24

174,773

EUR

(6,455)

NEPI Rockcastle NV

1-Day SABOR + 0.70%

Monthly

MSCS

11/18/24

5,760,860

ZAR

82,426

Netcare Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

10/02/24

11,570,418

ZAR

(21,261)

Network International Holdings

1-Day SONIA + 0.40%

Monthly

BZWS

2/14/25

123,848

GBP

(431)

Nexans

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

338,857

EUR

91,665

Nilfisk Holding A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/12/24

891,054

DKK

(1,312)

Niox Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/06/25

23,726

GBP

565

NKT A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

11/27/24

2,334,679

DKK

126,801

NN Group NV

Euro STR + 0.35%

Monthly

JPHQ

7/15/24

536,094

EUR

114,310

Noram Drilling AS

1-Week NIBOR + 0.275%

Monthly

SEBA

9/20/24

804,304

NOK

(15,931)

Norbit ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

12/20/24

475,633

NOK

7,384

Nordea Bank ABP

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

1,828,801

SEK

7,656

Nordic Paper Holding AB

1-Week STIBOR + 0.28%

Monthly

SEBA

8/15/24

1,295,445

SEK

32,982

Norsk Hydro ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

4/08/24

2,108,186

NOK

(32,747)

Norwegian Air Shuttle ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/19/24

1,934,315

NOK

141,317

Novartis AG

1-Day SARON + 0.35%

Monthly

JPHQ

4/22/24

452,358

CHF

(1,684)

Novo Nordisk A/S-B

1-Week CIBOR + 0.275%

Monthly

SEBA

7/17/24

2,329,013

DKK

147,259

Odfjell Technology Ltd.

1-Week NIBOR + 0.28%

Monthly

SEBA

7/18/24

1,334,213

NOK

21,682

Odfjell Technology Ltd.

1-Week NIBOR + 0.275%

Monthly

SEBA

1/08/25

226,517

NOK

(118)

Okea ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

3,938,422

NOK

(102,079)

Oma Saastopankki OYJ

Euro STR + 0.275%

Monthly

SEBA

12/16/24

62,548

EUR

1,781

Omnia Holdings Ltd.

1-Day SABOR + 0.31%

Monthly

MSCS

7/17/24

2,541,376

ZAR

3,516

On The Beach Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

236,766

GBP

21,037

Ontex Group NV

Euro STR + 0.35%

Monthly

JPHQ

11/27/24

159,160

EUR

3,246

Oriola Corp.

Euro STR + 0.28%

Monthly

SEBA

7/17/24

59,729

EUR

(12,964)

ORIOR AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

160,932

CHF

(24,986)

ORSERO

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

84,513

EUR

(9,941)

OSB Group

1-Day SONIA + 0.35%

Monthly

MSCS

9/12/24

303,173

GBP

31,363

Osram Licht AG

1-Day SARON + 0.35%

Monthly

JPHQ

11/27/24

549,621

CHF

(340,484)

OVS SpA

Euro STR + 0.35%

Monthly

JPHQ

7/26/24

509,583

EUR

(15,928)

Pagegroup PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

71,933

GBP

3,863

Pandora A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/15/24

2,277,976

DKK

82,678

Pandox AB

1-Week STIBOR + 0.28%

Monthly

SEBA

11/01/24

2,050,095

SEK

35,227

Panoro Energy ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

10/30/24

2,588,143

NOK

(23,982)

Paragon Banking Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

2/03/25

82,572

GBP

39,439

Paypoint

1-Day SONIA + 0.35%

Monthly

MSCS

9/23/24

191,042

GBP

(13,054)

Per Aarsleff Holding A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/24

1,110,998

DKK

6,975

Petershill Partners PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/23/25

154,335

GBP

841

Peugeot Invest SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

25,346

EUR

681

Pexip Holding

1-Week NIBOR + 0.28%

Monthly

SEBA

11/27/24

745,007

NOK

5,010

PGE Polska Grupa Energetyczna SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/15/24

439,806

49,592

Playtech PLC

1-Day SONIA + 0.35%

Monthly

MSCS

5/10/24

609,347

GBP

(146,509)

PORR AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

171,979

EUR

13,983

Poste Italiane SpA

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

332,800

EUR

28,515

PPC Ltd.

1-Day SABOR + 0.32%

Monthly

MSCS

7/17/24

829,500

ZAR

10,747

Premier Foods PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

72,109

GBP

7,367

Prevas AB

1-Week STIBOR + 0.275%

Monthly

SEBA

10/03/24

508,276

SEK

17,625

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Publicis Groupe SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/30/24

242,799

EUR

75,667

Puma SE

Euro STR + 0.35%

Monthly

JPHQ

1/06/25

282,443

EUR

(28,574)

Puuilo PLC

1-Week Euro STR + 0.275%

Monthly

SEBA

4/22/24

224,150

EUR

51,210

PVA TePla AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

160,092

EUR

23,056

Qiagen NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

77,614

EUR

4,917

Quadient

1-Day EONIA + 0.30%

Monthly

MSCS

11/27/24

119,853

EUR

14,554

Rai Way SpA

Euro STR + 0.35%

Monthly

JPHQ

8/12/24

231,675

EUR

(15,076)

Raiffeisen Bank International AG

Euro STR + 0.35%

Monthly

JPHQ

11/28/24

278,745

EUR

57,770

Rainbow

1-Day FEDEF + 1.25%

Monthly

MSCS

11/28/24

59,293

13,709

Randstad NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

130,833

EUR

(3,534)

Raysearch Laboratories AB

1-Week STIBOR + 0.275%

Monthly

SEBA

12/04/24

1,062,159

SEK

7,022

Regional Reit Ltd

1-Day SONIA + 0.35%

Monthly

MSCO

12/05/24

90,348

GBP

(32,695)

Renew Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

177,954

GBP

46,519

Repsol SA

1-Day EONIA + 0.35%

Monthly

MSCS

7/12/24

190,605

EUR

6,424

Retail Estates NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

263,830

EUR

(9,811)

Reunert Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

8/15/24

3,782,449

ZAR

15,102

Rexel

1-Day EONIA + 0.30%

Monthly

MSCS

7/15/24

57,173

EUR

7,396

Roche

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

627,890

CHF

(150,054)

Rockwool A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/24

3,218,678

DKK

83,280

Rolls-Royce Holdings PLC

1-Day SONIA + 0.35%

Monthly

MSCO

2/17/25

246,898

GBP

26,157

Rubis

1-Day EONIA + 0.30%

Monthly

MSCS

8/12/24

424,615

EUR

43,384

RWE AG

1-Day EONIA + 0.40%

Monthly

MSCS

1/27/25

1,021,138

EUR

(38,637)

SA Corporate Real Estate Ltd.

1-Day SABOR + 0.34%

Monthly

MSCS

7/17/24

1,505,136

ZAR

14,081

Saab AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

3,162,960

SEK

32,148

Sainsbury J PLC

1-Day SONIA + 0.35%

Monthly

MSCO

12/04/24

399,977

GBP

(73,106)

Saint-Gobain SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

347,494

EUR

106,026

Salzgitter AG

Euro STR + 0.35%

Monthly

JPHQ

12/13/24

281,755

EUR

(23,876)

Sanlam Ltd

1-Day SABOR + 0.70%

Monthly

MSCO

12/04/24

8,795,886

ZAR

29,905

Sanlorenzo

Euro STR + 0.35%

Monthly

JPHQ

8/26/24

360,048

EUR

12,931

Sany Heavy Industrial Co. Ltd

1-Day FEDEF + 0.30%

Monthly

MSCS

1/02/25

364,764

(5,199)

Sappi Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

11/27/24

11,365,487

ZAR

35,880

Sasol Ltd.

1-Day SABOR + 0.33%

Monthly

MSCS

7/17/24

7,474,483

ZAR

(122,107)

SATS ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

2/17/25

378,025

NOK

(997)

Scandi Standard AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

1,953,827

SEK

53,625

Scanfil PLC

Euro STR + 0.275%

Monthly

SEBA

10/17/24

52,855

EUR

3,197

Schindler

1-Day SARON + 0.35%

Monthly

JPHQ

11/29/24

377,428

CHF

73,964

SCOR SE

1-Day EONIA + 0.30%

Monthly

MSCS

8/12/24

512,859

EUR

(1,108)

Securitas AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

3,790,781

SEK

41,191

Serco Group

1-Day SONIA + 0.35%

Monthly

MSCS

9/30/24

372,922

GBP

117,534

Serica Energy PLC

SONIA + 0.35%

Monthly

MSCS

6/03/24

184,388

GBP

(57,850)

Severfield PLC

1-Day SONIA + 0.35%

Monthly

MSCS

9/27/24

45,654

GBP

(11,417)

SHELL PLC

1-Day SONIA + 0.40%

Monthly

MSCS

5/03/24

1,150,146

GBP

9,424

Siegfried

1-Day SARON + 0.35%

Monthly

JPHQ

11/11/24

485,135

CHF

106,270

Siemens AG

1-Day EONIA + 0.40%

Monthly

JPHQ

7/05/24

236,856

EUR

32,155

Siemens Energy AG

Euro STR + 0.35%

Monthly

MSCS

3/03/25

1,842,186

EUR

50,575

Signify NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

414,830

EUR

(47,746)

SIPEF

Euro STR + 0.35%

Monthly

JPHQ

7/15/24

36,341

EUR

(5,627)

Sirius Real Estate Ltd.

1-Day SONIA + 0.35%

Monthly

MSCS

7/22/24

382,766

GBP

10,097

Skan

1-Day SARON + 0.35%

Monthly

JPHQ

9/26/24

210,969

CHF

26,519

SKF AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/25/25

4,923,871

SEK

72,063

SMA Solar Technology AG

Euro STR + 0.35%

Monthly

JPHQ

9/12/24

492,531

EUR

(20,239)

SMCP SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

262,280

EUR

(125,932)

Smurfit Kappa Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

197,022

GBP

53,495

Societe Generale SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

248,416

EUR

(10,123)

Sogefi

Euro STR + 0.35%

Monthly

JPHQ

11/14/24

100,312

EUR

85,717

Sogefi

Euro STR + 0.35%

Monthly

JPHQ

11/27/24

5,483

EUR

5,747

Solar A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/15/24

1,072,321

DKK

(39,664)

Solvay

Euro STR + 0.35%

Monthly

JPHQ

10/10/24

366,965

EUR

(27,391)

Sopra Steria Group SA

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

386,994

EUR

104,893

Spar Nord Bank A/S

1-Week CIBOR + 0.275%

Monthly

SEBA

4/22/24

2,170,537

DKK

30,992

Speedy Hire PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

108,789

GBP

(43,306)

SSAB AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/17/24

3,443,829

SEK

42,489

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Stadler Rail AG

Euro STR + 0.35%

Monthly

JPHQ

7/31/24

274,905

CHF

(33,288)

Standard Chartered PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

218,031

GBP

11,160

STEF

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

39,134

EUR

9,660

Stellantis NV

Euro STR + 0.35%

Monthly

JPHQ

7/12/24

396,277

EUR

183,196

Stellantis NV

1-Day EONIA + 0.40%

Monthly

MSCS

1/13/25

1,455,426

EUR

15,352

SThree PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/12/24

286,053

GBP

29,553

Stolt-Nielsen Ltd.

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

2,036,380

NOK

58,270

STRABAG SE

Euro STR + 0.35%

Monthly

JPHQ

7/12/24

381,640

EUR

43,380

Sulzer Ltd.

1-Day SARON + 0.35%

Monthly

JPHQ

11/11/24

518,377

CHF

120,733

Sun International Hotels Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

5/20/24

2,257,628

ZAR

1,054

Surgical Science Sweden AB

1-Week STIBOR + 0.28%

Monthly

SEBA

7/25/24

1,351,596

SEK

(15,653)

Swatch Group Ltd.

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

373,953

CHF

(74,427)

Swiss Life Holding AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

123,488

CHF

18,433

Swiss Re AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

325,316

CHF

61,274

Sydbank A/S

1-Week CIBOR + 0.28%

Monthly

SEBA

7/17/24

2,354,135

DKK

71,611

Sylvania Platinum Ltd.

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

178,345

GBP

(85,613)

Synektik

1-Day FEDEF + 1.25%

Monthly

MSCS

9/05/24

87,116

80,492

Tag Immobilien AG

Euro STR + 0.35%

Monthly

JPHQ

12/09/24

202,254

EUR

(20,729)

TAKKT AG

Euro STR + 0.35%

Monthly

JPHQ

6/10/24

48,929

EUR

(1,057)

Talanx AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

193,605

EUR

53,526

Tauron Polska Energia SA

1-Day FEDEF + 0.30%

Monthly

MSCS

7/17/24

225,969

(14,102)

TBC Bank Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

235,081

GBP

66,951

Team Internet Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

308,919

GBP

30,785

TeamViewer AG

Euro STR + 0.35%

Monthly

JPHQ

8/01/24

533,361

EUR

7,424

Technogym SpA

Euro STR + 0.35%

Monthly

JPHQ

8/12/24

322,021

EUR

42,431

Tecnicas Reunidas SA

1-Day EONIA + 0.35%

Monthly

MSCO

2/28/25

73,345

EUR

294

Telenor ASA

1-Week NIBOR + 0.275%

Monthly

SEBA

10/28/24

2,832,944

NOK

(7,418)

Telkom SA SOC Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

7/17/24

6,049,817

ZAR

52,068

Ten Square Games

1-Day FEDEF + 1.25%

Monthly

MSCS

1/06/25

85,138

16,882

Terveystalo PLC

Euro STR + 0.28%

Monthly

SEBA

7/17/24

137,292

EUR

(14,418)

TF1 Group

1-Day EONIA + 0.30%

Monthly

MSCS

7/12/24

485,021

EUR

66,152

Tharisa PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

47,396

GBP

(28,933)

Thungela Resources Ltd.

1-Day SABOR + 0.70%

Monthly

MSCS

8/23/24

4,132,646

ZAR

(122,443)

ThyssenKrupp AG

Euro STR + 0.35%

Monthly

JPHQ

11/27/24

401,247

EUR

(125,742)

TI Fluid Systems PLC

1-Day SONIA + 0.35%

Monthly

MSCO

2/12/25

115,685

GBP

339

Titan Cement

Euro STR + 0.35%

Monthly

JPHQ

9/05/24

85,082

EUR

48,514

Torpol SA

1-Day FEDEF + 1.25%

Monthly

MSCO

1/30/25

22,249

687

Torunlar GYO

1-Day FEDEF + 1.25%

Monthly

MSCS

7/12/24

251,224

78,092

Traton SE INH O.N.

Euro STR + 0.35%

Monthly

JPHQ

9/12/24

127,305

EUR

35,534

Triple Point Social Housing

1-Day SONIA + 0.35%

Monthly

MSCO

1/06/25

21,696

GBP

(1,658)

Tristel PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/27/25

28,901

GBP

1,639

Tubacex SA

1-Day EONIA + 0.35%

Monthly

MSCS

8/26/24

108,398

EUR

7,764

u-blox AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

470,954

CHF

(84,389)

UBS Group AG

1-Day SARON + 0.35%

Monthly

JPHQ

7/17/24

221,806

CHF

31,561

UniCredit SpA

Euro STR + 0.35%

Monthly

JPHQ

9/25/24

323,785

EUR

105,530

Unipol Gruppo SpA

Euro STR + 0.35%

Monthly

JPHQ

7/15/24

440,251

EUR

223,244

UPM-Kymmene Corp.

Euro STR + 0.275%

Monthly

SEBA

12/18/24

260,385

EUR

(20,402)

Vaisala Corp.

Euro STR + 0.28%

Monthly

SEBA

7/17/24

37,358

EUR

(538)

Valeo

1-Day EONIA + 0.30%

Monthly

MSCS

10/09/24

317,987

EUR

(55,037)

Valiant.

Euro STR + 0.35%

Monthly

JPHQ

7/12/24

42,284

CHF

2,943

Var Energi ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

10/23/24

4,024,196

NOK

47,438

VBG Group AB

1-Week STIBOR + 0.275%

Monthly

SEBA

1/16/25

1,565,868

SEK

12,935

Veidekke

1-Week NIBOR + 0.28%

Monthly

SEBA

8/26/24

2,030,470

NOK

1,748

Veolia Environnement SA

1-Day EONIA + 0.40%

Monthly

MSCS

6/03/24

4,105,779

EUR

(123,567)

Veolia Environnement SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/26/24

209,696

EUR

2,199

Verallia

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

315,130

EUR

(1,379)

Vertu Motors PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

150,407

GBP

12,931

Vesuvius PLC

1-Day SONIA + 0.35%

Monthly

MSCS

4/26/24

337,219

GBP

60,214

Vetropack

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

120,870

CHF

(4,214)

Vicat SA

1-Day EONIA + 0.30%

Monthly

MSCS

8/30/24

203,683

EUR

19,689

Vienna Insurance Group AG

Euro STR + 0.35%

Monthly

JPHQ

12/18/24

69,212

EUR

1,833

Virgin Money PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

221,691

GBP

3,682

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts - Long^a (continued)

Vitrolife AB

1-Week STIBOR + 0.275%

Monthly

SEBA

3/10/25

2,319,208

SEK

19,216

Vodafone Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

1/20/25

130,557

GBP

2,050

Voestalpine AG

Euro STR + 0.35%

Monthly

JPHQ

12/18/24

167,723

EUR

(12,527)

Wallenius Wilhelmsen ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

2,278,739

NOK

7,808

Wartsila Corp.

Euro STR + 0.275%

Monthly

SEBA

10/17/24

310,274

EUR

74,635

Watkin Jones PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

338,556

GBP

(265,484)

WBHO Ltd.

1-Day SABOR + 0.70%

Monthly

MSCO

12/04/24

2,156,024

ZAR

(1,027)

Webuild SpA

Euro STR

Monthly

JPHQ

7/17/24

385,565

EUR

49,387

Wereldhave NV

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

239,097

EUR

(14,582)

Wickes Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

7/17/24

311,470

GBP

30,129

Wolters Kluwer NV

Euro STR + 0.35%

Monthly

JPHQ

4/17/24

172,531

EUR

2,010

Workspace Group PLC

1-Day SONIA + 0.35%

Monthly

MSCS

10/28/24

282,418

GBP

(12,321)

X Fab Silicon Foundries EV

1-Day EONIA + 0.30%

Monthly

MSCS

7/17/24

301,355

EUR

(88,332)

Yara International ASA

1-Week NIBOR + 0.28%

Monthly

SEBA

7/17/24

2,257,719

NOK

(38,390)

YU Group PLC

1-Day SONIA + 0.35%

Monthly

MSCO

2/17/25

39,866

GBP

691

Zalando SE

Euro STR

Monthly

JPHQ

3/03/25

681,797

EUR

(120,767)

Zehnder

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

351,277

CHF

(38,684)

Zumtobel Group AG

Euro STR + 0.35%

Monthly

JPHQ

7/17/24

49,427

EUR

(3,870)

5,254,404

Interest Rate Contracts - Long^a

Cross Asset Trend

Fixed (0.50)%

Monthly

DBAB

6/28/24

6,224,532

Cross Asset Trend

Fixed (0.50)%

Monthly

DBAB

6/28/24

4,608,097

110

Equity Contracts – Short^d

888 Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

10/21/24

235,120

GBP

(17,023)

Aalberts NV

Euro STR - 0.30%

Monthly

JPHQ

2/10/25

189,463

EUR

(28,644)

AB Dynamics PLC

1-Day SONIA - 1.25%

Monthly

MSCS

7/18/24

132,162

GBP

(40,590)

abrdn European Logistics Income PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

143,782

GBP

33,006

ABSA Group Ltd

1-Day SABOR - 0.50%

Monthly

MSCO

12/13/24

3,430,203

ZAR

(7,371)

Accesso Technology Group

1-Day SONIA - 2.75%

Monthly

MSCS

9/27/24

44,792

GBP

3,549

ACEA

Euro STR - 0.30%

Monthly

JPHQ

10/14/24

579,776

EUR

(80,135)

Ackermans & van Haaren

Euro STR - 0.30%

Monthly

JPHQ

3/18/25

521,515

EUR

(39,174)

Addnode Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/24

2,728,977

SEK

(91,929)

adesso SE

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

188,802

EUR

(5,558)

adesso SE

Euro STR - 0.30%

Monthly

JPHQ

1/08/25

18,854

EUR

(2,042)

Adidas AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/24

65,178

EUR

(8,956)

Admiral Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

389,004

GBP

(113,418)

Aena S.M.E. S.A.

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

171,507

EUR

(46,537)

AF Gruppen ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

10/07/24

623,610

NOK

(6,499)

Agilyx

1-Week NIBOR - 4.25%

Monthly

SEBA

8/07/24

311,758

NOK

453

Air Liquide

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

156,931

EUR

(14,412)

Airbus SE

1-Day EONIA - 0.30%

Monthly

MSCO

12/11/24

134,880

EUR

(10,610)

Aker BP ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/17/24

1,306,868

NOK

11,397

Aker Carbon Capture ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/14/24

2,556,373

NOK

83,613

Aker Horizons

1-Week NIBOR - 4.25%

Monthly

SEBA

11/22/24

864,592

NOK

24,724

ALCON N

1-Day SARON - 0.35%

Monthly

JPHQ

8/12/24

69,467

CHF

(170)

ALD

1-Day EONIA - 0.30%

Monthly

MSCS

5/15/24

350,366

EUR

122,230

Alfen NV

Euro STR - 0.80%

Monthly

JPHQ

3/07/25

485,378

EUR

46,574

Allegro

1-Day FEDEF - 2.13%

Monthly

MSCS

7/12/24

224,041

(18,705)

Allfunds Group PLC

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

394,397

EUR

(60,422)

Allreal Holding AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

256,973

CHF

1,589

Alm. Brand A/S

1-Week CIBOR - 0.75%

Monthly

SEBA

7/26/24

3,531,635

DKK

(43,666)

Almirall SA

1-Day EONIA - 0.35%

Monthly

MSCS

10/11/24

196,951

EUR

17,428

Alpha Financial Markets

1-Day SONIA - 0.30%

Monthly

MSCO

2/17/25

59,463

GBP

1,075

Alpha FX Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

58,203

GBP

(1,517)

Alphawave IP Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

3/24/25

255,233

GBP

(149,873)

Alstom SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/13/24

134,498

EUR

(4,353)

Alten

1-Day EONIA - 0.30%

Monthly

MSCO

12/11/24

112,003

EUR

(5,541)

Anglo American Platinum Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

8/15/24

5,629,576

ZAR

(284)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Anglogold Ashanti PLC

1-Day SABOR - 0.50%

Monthly

MSCO

12/13/24

4,511,198

ZAR

(27,310)

Anheuser-Busch InBev SA/NV

Euro STR - 0.30%

Monthly

JPHQ

7/13/24

331,881

EUR

(7,686)

Antares Vision

Euro STR - 2.65%

Monthly

JPHQ

8/07/24

46,971

EUR

(7,956)

Antin Infrastructure Partners

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

69,266

EUR

(7,391)

Antofagasta PLC

1-Day SONIA - 0.30%

Monthly

MSCS

2/17/25

250,501

GBP

(49,187)

Arbonia AG

1-Day SARON - 0.35%

Monthly

JPHQ

11/08/24

358,999

CHF

(51,377)

Arcadis

Euro STR - 0.30%

Monthly

JPHQ

4/04/24

308,219

EUR

(109,589)

Arcelik

1-Day FEDEF - 5.00%

Monthly

MSCS

7/17/24

133,760

(58,506)

argenx SE

Euro STR - 0.30%

Monthly

JPHQ

7/01/24

111,598

EUR

12,420

Ariston Holding

Euro STR - 0.30%

Monthly

JPHQ

9/11/24

416,383

EUR

45,107

Ascential PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

293,586

GBP

(119,188)

Ascopiave SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

83,843

EUR

2,133

Aselsan AS

1-Day FEDEF - 7.50%

Monthly

MSCS

7/17/24

18,998

(38,855)

Ashtead Group PLC

1-Day SONIA - 0.30%

Monthly

MSCO

12/16/24

267,255

GBP

(23,929)

Aspen Pharmacare Holdings Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/24

4,764,078

ZAR

(1,949)

Assa Abloy AB

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/24

3,227,872

SEK

(57,377)

Aston Martin Lagonda Global Holdings PLC

1-Day SONIA - 8.75%

Monthly

MSCS

7/17/24

168,433

GBP

25,000

Astral Foods Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

8/12/24

6,219,214

ZAR

27,350

Aubay Technology

1-Day EONIA - 0.30%

Monthly

MSCO

12/11/24

53,336

EUR

(2,247)

Auction Technology Group

1-Day SONIA - 0.30%

Monthly

MSCS

11/01/24

235,577

GBP

(20,510)

AUTO1 Group SE

Euro STR - 0.75%

Monthly

JPHQ

7/14/24

253,912

EUR

102,111

Avanza Bank Holding AB

1-Week STIBOR - 0.75%

Monthly

SEBA

7/17/24

2,268,714

SEK

(6,860)

Aviva

1-Day SONIA - 0.30%

Monthly

MSCS

9/23/24

81,772

GBP

(9,404)

Avon Protection PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

102,133

GBP

(22,219)

Axfood AB

1-Week STIBOR - 0.275%

Monthly

SEBA

1/10/25

1,123,417

SEK

(6,976)

Azelis Holding SA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

445,815

EUR

(17,362)

Bachem AG

Euro STR - 0.35%

Monthly

JPHQ

7/17/24

356,492

CHF

22,482

Baloise Holdings SA

1-Day SARON - 0.35%

Monthly

JPHQ

12/09/24

200,318

CHF

(11,403)

Banca Sistema SpA

Euro STR - 3.75%

Monthly

JPHQ

7/17/24

41,830

EUR

(1,658)

Bank of America MLEIAPRE Index

EONIA - 0.30%

Monthly

BOFA

3/21/25

177,179

EUR

21,581

Banque Cantonale Vaudoise

Euro STR - 0.35%

Monthly

JPHQ

7/12/24

514,734

CHF

(64,598)

Barry Callebaut

1-Day SARON - 0.35%

Monthly

JPHQ

11/13/24

336,109

CHF

45,935

Basic-Fit

Euro STR - 1.75%

Monthly

JPHQ

7/14/24

158,519

EUR

18,659

Basler AG

Euro STR - 1.20%

Monthly

JPHQ

7/17/24

95,161

EUR

(26,240)

BAWAG Group AG

Euro STR - 0.30%

Monthly

JPHQ

10/23/24

196,631

EUR

(43,613)

Bayer AG

Euro STR - 0.30%

Monthly

JPHQ

8/28/24

127,764

EUR

2,508

BayWa AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

242,387

EUR

67,771

Befesa SA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

468,526

EUR

82,950

Beijer Alma AB

1-Week STIBOR - 0.28%

Monthly

SEBA

1/24/25

525,745

SEK

1,055

Beijer Ref AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

5,170,365

SEK

(77,159)

Belimo Holding AG

Euro STR - 0.35%

Monthly

JPHQ

7/17/24

315,240

CHF

1,209

Bellevue Group AG

1-Day SARON - 1.10%

Monthly

JPHQ

12/12/24

59,579

CHF

2,651

BHP Group Ltd

1-Day SONIA - 1.52%

Monthly

MSCO

12/02/24

173,013

GBP

6,084

Big Yellow Group

1-Day SONIA - 0.30%

Monthly

MSCS

10/16/24

4,373

GBP

1,008

Bilia AB Ser. A

1-Week STIBOR - 0.275%

Monthly

SEBA

9/25/24

1,077,569

SEK

(28,676)

Bioarctic AB

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/25

1,124,333

SEK

582

Biomerieux

1-Day EONIA - 0.30%

Monthly

MSCS

9/16/24

135,551

EUR

(9,730)

Boliden AB

1-Week STIBOR - 0.28%

Monthly

SEBA

8/07/24

3,596,457

SEK

33,433

Bollore SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

564,313

EUR

(113,998)

Bonava AB

1-Week STIBOR - 0.28%

Monthly

SEBA

1/24/25

634,832

SEK

31,888

Borr Drilling Limited

1-Week NIBOR - 0.75%

Monthly

SEBA

9/09/24

1,885,051

NOK

21,241

Borussia Dortmund

Euro STR - 0.95%

Monthly

JPHQ

7/17/24

131,589

EUR

14,493

Bossard AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

490,989

CHF

16,715

Branicks Group AG

Euro STR - 0.75%

Monthly

JPHQ

2/10/25

30,805

EUR

21,969

Bravida Holding AB

1-Week STIBOR - 0.275%

Monthly

SEBA

1/10/25

931,010

SEK

(8,459)

British American Tobacco

1-Day SONIA - 0.30%

Monthly

MSCS

9/27/24

119,170

GBP

9,137

Burkhalter

1-Day SARON - 0.35%

Monthly

JPHQ

9/20/24

76,068

CHF

(2,289)

BW Energy Ltd.

1-Week NIBOR - 0.45%

Monthly

SEBA

7/17/24

1,576,701

NOK

(5,300)

BW Offshore Ltd.

1-Week NIBOR - 0.28%

Monthly

SEBA

7/19/24

1,909,072

NOK

540

CA Immobilien Anlagen AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

594,072

EUR

(10,710)

Cadeler AS

1-Week NIBOR - 6.50%

Monthly

SEBA

7/17/24

2,892,454

NOK

(19,422)

Campari

Euro STR - 0.30%

Monthly

JPHQ

7/31/24

289,206

EUR

53,100

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Cancom SE

1-Month EURIBOR - 0.25%

Monthly

JPHQ

7/17/24

430,723

EUR

1,907

Capgemini

1-Day EONIA - 0.30%

Monthly

MSCS

9/23/24

88,150

EUR

(29,460)

Capitec Bank Holdings Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/14/24

12,128,755

ZAR

(87,629)

Capricorn Energy PLC

1-Day SONIA - 0.30%

Monthly

MSCO

12/23/24

27,338

GBP

(199)

Carel Industries

Euro STR - 0.30%

Monthly

JPHQ

9/23/24

200,657

EUR

13,699

Carl Zeiss Meditec AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/24

293,134

EUR

(80,379)

CD Projekt SA

1-Day FEDEF - 1.25%

Monthly

MSCS

7/17/24

136,856

9,460

Cellnex Telecom SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/14/24

577,830

EUR

30,348

Celon Pharma SA

1-Day FEDEF - 12.75%

Monthly

MSCS

10/28/24

11,213

(628)

Ceres Power Holdings PLC

1-Day SONIA - 1.38%

Monthly

MSCS

7/17/24

39,746

GBP

4,762

Chemometec A/S

1-Week CIBOR - 0.275%

Monthly

SEBA

3/03/25

349,269

DKK

(889)

Chesnara PLC

1-Day SONIA - 0.30%

Monthly

MSCS

12/26/24

122,646

GBP

15,649

Cibus Nordic Real Estate AB

1-Week STIBOR - 0.275%

Monthly

SEBA

1/10/25

1,094,553

SEK

6,121

Cint Group AB

1-Week STIBOR - 0.45%

Monthly

SEBA

7/17/24

1,774,058

SEK

(53,217)

CIR SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

34,499

EUR

(13,044)

Clicks Group Ltd.

1-Day SABOR - 1.25%

Monthly

MSCS

7/22/24

3,930,666

ZAR

(25,038)

CMC Markets PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/19/24

123,799

GBP

(103,027)

CNH Industrial

Euro STR - 0.30%

Monthly

JPHQ

3/24/25

197,138

EUR

7,231

Coats Group PLC

SONIA - 0.30%

Monthly

MSCS

6/03/24

298,613

GBP

7,368

Cognor Holding SA

1-Day FEDEF - 0.75%

Monthly

MSCS

7/17/24

57,628

(14,589)

Coloplast A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/17/24

2,558,374

DKK

(60,373)

Comet

1-Day SARON - 0.35%

Monthly

JPHQ

9/30/24

304,589

CHF

(184,159)

Corporacion Acciona Energias Renovables

1-Day EONIA - 0.35%

Monthly

MSCS

8/05/24

123,041

EUR

29,070

COSMO Pharmaceuticals NV

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

100,450

CHF

(59,533)

Credem

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

63,976

EUR

(15,430)

Crest Nicholson Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/21/24

316,355

GBP

(65,825)

Croda International PLC

1-Day SONIA - 0.44%

Monthly

MSCS

11/27/24

190,063

GBP

(11,684)

CTP NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

229,582

EUR

(76,833)

Curro Holdings

1-Day SABOR - 1.50%

Monthly

MSCS

1/08/25

1,430,282

ZAR

(27,288)

Cy4gate SpA

Euro STR - 0.85%

Monthly

JPHQ

2/10/25

31,148

EUR

2,974

Cyfrowy Polsat SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/17/24

619,453

76,401

Daetwyler

Euro STR - 0.35%

Monthly

JPHQ

7/17/24

380,152

CHF

4,696

Daikin Industries Ltd.

1-Day MUTSCALM - 0.40%

Monthly

MSCS

9/30/24

58,480,000

JPY

5,836

Daimler Truck Holdings AG

Euro STR - 0.30%

Monthly

JPHQ

3/28/25

82,240

EUR

(12,975)

Danone SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

66,517

EUR

(2,668)

Delivery Hero SE

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

154,402

EUR

28,610

DEME Group NV

Euro STR - 0.30%

Monthly

JPHQ

3/18/25

166,086

EUR

(61,643)

Deutsche Wohnen SE

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

308,313

EUR

17,110

Diageo PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/24

483,378

GBP

65,981

DiaSorin

Euro STR - 0.30%

Monthly

JPHQ

4/25/24

141,181

EUR

(8,125)

D’Ieteren SA

Euro STR - 0.30%

Monthly

JPHQ

7/14/24

100,497

EUR

(9,004)

Dino Polska SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/14/24

431,534

(156,836)

Dios Fastigheter AB

1-Week STIBOR - 0.275%

Monthly

SEBA

10/31/24

2,502,353

SEK

7,635

Dis-Chem Pharmacies

1-Day SABOR - 0.50%

Monthly

MSCS

12/26/24

6,259,245

ZAR

(57,196)

Discovery Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/24

8,811,440

ZAR

(2,821)

Distribuidora Internacional De Alimentacion

1-Day EONIA - 1.375%

Monthly

MSCS

10/02/24

36,681

EUR

(494)

DNB Bank ASA

1-Week NIBOR - 0.275%

Monthly

SEBA

7/17/24

2,081,501

NOK

(446)

Dottikon ES Holding AG

1-Day SARON - 1.40%

Monthly

JPHQ

7/17/24

325,954

CHF

(11,811)

doValue SpA

Euro STR - 0.30%

Monthly

JPHQ

8/14/24

278,223

EUR

132,476

Dr. Martens PLC

1-Day SONIA - 0.30%

Monthly

MSCS

4/24/24

383,908

GBP

97,794

DSV A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/14/24

2,782,927

DKK

14,036

DT Capital Ltd.

1-Month HIBOR - 0.30%

Monthly

JPHQ

1/30/25

118,646

EUR

58,397

Eckert & Ziegler AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/24

208,789

EUR

(49,556)

Ecopro BM

1-Day FEDEF - 10.875%

Monthly

MSCS

5/13/24

248,752

(13,425)

Ecopro BM

1-Day FEDEF - 7.75%

Monthly

MSCS

5/13/24

204,936

5,547

Edreams Odigeo SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

153,735

EUR

(41,478)

El.En. SpA

Euro STR - 0.30%

Monthly

JPHQ

7/22/24

254,345

EUR

43,100

Electrolux AB

1-Week STIBOR - 1.00%

Monthly

SEBA

10/03/24

3,374,252

SEK

46,409

Elia Group

Euro STR - 0.30%

Monthly

JPHQ

5/16/24

329,699

EUR

(8,703)

Elior Group SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/15/24

269,033

EUR

(38,128)

Elisa Oyj

Euro STR - 0.28%

Monthly

SEBA

11/15/24

89,493

EUR

2,671

Ems-Chemie AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

261,492

CHF

11,329

ENAV SpA

Euro STR - 0.30%

Monthly

JPHQ

9/23/24

94,869

EUR

17,103

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Ence Energia Y Celulosa SA

1-Day EONIA - 0.35%

Monthly

MSCO

2/10/25

268,214

EUR

(1,254)

Enel SpA

1-Day EONIA - 0.50%

Monthly

MSCS

12/23/24

363,677

EUR

3,205

Enento Group OYJ

Euro STR - 0.28%

Monthly

SEBA

7/17/24

127,565

EUR

20,778

Energean PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

213,156

GBP

6,808

Engcon AB

1-Week STIBOR - 3.50%

Monthly

SEBA

10/04/24

755,435

SEK

326

Eni SpA

Euro STR - 0.30%

Monthly

JPHQ

1/13/25

141,368

EUR

6,906

Entain PLC

1-Day SONIA - 0.30%

Monthly

MSCO

2/17/25

348,601

GBP

2,562

Epiroc AB

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/24

2,705,459

SEK

14,270

EQT AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

4,901,906

SEK

(191,954)

Equites Property Fund Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/24

4,954,050

ZAR

(15,498)

Eramet SA

1-Day EONIA - 0.30%

Monthly

MSCS

8/30/24

162,969

EUR

11,047

Eregli Demir ve Celik Fabrikalari TAS .

1-Day FEDEF - 5.00%

Monthly

MSCS

7/14/24

100,949

4,075

ERG SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

302,360

EUR

(8,968)

Erste Group Bank AG

Euro STR - 0.30%

Monthly

JPHQ

10/14/24

18,785

EUR

1,620

Esker SA

1-Day EONIA - 0.30%

Monthly

MSCS

5/20/24

157,752

EUR

(24,842)

Essity AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

3,540,230

SEK

(2,354)

Eurazeo SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

318,000

EUR

(82,501)

EuroAPI

1-Day EONIA - 0.30%

Monthly

MSCS

12/23/24

333,493

EUR

173,808

EuroGroup Laminations SpA

Euro STR - 0.30%

Monthly

JPHQ

8/12/24

316,939

EUR

88,890

Euronext

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

364,924

EUR

(104,583)

Exail Technologies

1-Day EONIA - 6.875%

Monthly

MSCS

9/23/24

31,433

EUR

(8,219)

Experian PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/24

146,287

GBP

(37,426)

FD Technologies PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/12/24

147,484

GBP

Ferrari SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

56,382

EUR

(20,313)

Ferrovial SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

527,182

EUR

(158,832)

Fevertree Drinks PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/25/24

303,048

GBP

(10,703)

FinecoBank SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

508,352

EUR

(4,228)

Fiskars Group OYJ

Euro STR - 0.45%

Monthly

SEBA

8/23/24

23,354

EUR

936

Flex LNG Ltd.

1-Week NIBOR - 3.50%

Monthly

SEBA

4/04/24

3,125,451

NOK

51,504

Flow Traders

Euro STR - 0.30%

Monthly

JPHQ

8/26/24

298,665

EUR

20,016

Flughafen Zurich AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

89,292

CHF

(3,803)

Fluidra SA

1-Day EONIA - 0.35%

Monthly

MSCS

9/30/24

470,866

EUR

(176,645)

Flutter Entertainment PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/24

204,500

GBP

(47,916)

Focusrite PLC

1-Day SONIA - 0.30%

Monthly

MSCS

6/03/24

48,326

GBP

5,070

Formycon AG

Euro STR - 23.00%

Monthly

JPHQ

3/31/25

42,165

EUR

12,367

Forterra PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/08/24

317,207

GBP

(37,639)

Fortnox AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/14/24

2,499,973

SEK

(77,125)

Foschini Group Ltd. (The)

1-Day SABOR - 0.50%

Monthly

MSCS

8/30/24

6,477,962

ZAR

(29,643)

Francaise Energie

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

100,834

EUR

9,885

Franchise Brands PLC

1-Day SONIA - 18.50%

Monthly

MSCS

9/27/24

8,698

GBP

(547)

Fraport AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

282,051

EUR

(28,914)

Fresnillo PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

312,647

GBP

99,680

Friedrich Vorwerk Group SE

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

145,877

EUR

(66,056)

F-Secure OYJ

Euro STR - 0.275%

Monthly

SEBA

9/09/24

34,255

EUR

3,076

GB Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

5/23/24

163,661

GBP

(41,406)

Geberit AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

380,603

CHF

(52,263)

Genuit Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

235,487

GBP

(99,846)

Getlink SE

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

298,399

EUR

(7,139)

Givaudan SA

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

307,987

CHF

(74,946)

Gjensidige Forsikring ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/17/24

4,533,899

NOK

6,349

Golden Ocean Group Ltd.

1-Week NIBOR - 0.28%

Monthly

SEBA

1/10/25

4,280,382

NOK

(245,172)

Grainger PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

78,216

GBP

(1,608)

Grand City Properties

Euro STR - 0.30%

Monthly

JPHQ

1/30/25

307,031

EUR

(16,496)

Great Portland Estates PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

481,669

GBP

137,302

Greatland Gold PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

250,784

GBP

59,909

Grenergy Renovables SA

1-Day EONIA - 2.38%

Monthly

MSCS

12/02/24

250,045

EUR

26,943

Groupe ADP

1-Day EONIA - 0.30%

Monthly

MSCS

11/27/24

321,077

EUR

(8,717)

Groupe Bruxelles Lambert NV

Euro STR - 0.30%

Monthly

JPHQ

7/12/24

453,617

EUR

8,179

Gruppo MutuiOnline SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

147,677

EUR

(36,581)

GVS

Euro STR - 0.30%

Monthly

JPHQ

7/13/24

104,934

EUR

(13,683)

Gym Group PLC (The)

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

87,566

GBP

(15,469)

H+H International A/S

1-Week CIBOR - 0.275%

Monthly

SEBA

10/17/24

501,034

DKK

7,896

Haleon PLC

1-Day SONIA - 0.30%

Monthly

MSCS

3/13/25

391,867

GBP

(4,748)

Halma PLC

1-Day SONIA - 0.30%

Monthly

MSCS

10/28/24

128,485

GBP

(12,245)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Hamborner REIT AG

Euro STR - 0.30%

Monthly

JPHQ

9/27/24

63,239

EUR

5,349

Hansa Biopharma AB

1-Week STIBOR - 1.00%

Monthly

SEBA

7/17/24

330,676

SEK

7,451

Heineken Holding NV

Euro STR - 0.30%

Monthly

JPHQ

11/01/24

121,277

EUR

4,799

Heineken Holding NV

Euro STR - 0.35%

Monthly

JPHQ

11/27/24

389,863

EUR

4,024

Hektas

1-Day FEDEF - 15.00%

Monthly

MSCS

7/17/24

5,591

(58,235)

Helios Towers PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

289,370

GBP

70,747

HELLA GmbH & Co. KGaA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

304,635

EUR

(38,878)

Henry Boot PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

24,507

GBP

8,331

Hexagon AB

1-Week STIBOR - 0.275%

Monthly

SEBA

4/01/24

1,700,359

SEK

(39,474)

Hexagon Purus ASA

1-Week NIBOR - 3.00%

Monthly

SEBA

8/28/24

413,889

NOK

2,401

Hexatronic Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

1/10/25

1,084,992

SEK

(31,979)

HIAG Immobilien Holding AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/17/24

48,962

CHF

5,688

HMS Networks AB

1-Week STIBOR - 0.275%

Monthly

SEBA

9/13/24

1,437,299

SEK

(24,981)

Hufvudstaden AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/12/24

5,187,371

SEK

8,424

Hunting PLC

1-Day SONIA - 0.30%

Monthly

MSCS

3/13/25

28,119

GBP

(3,578)

Hypoport SE

1-Day SABOR - 0.75%

Monthly

JPHQ

9/27/24

402,368

EUR

(176,675)

Iberdrola ORD

1-Day EONIA - 0.50%

Monthly

MSCO

12/02/24

376,462

EUR

9,243

Ibstock PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/07/24

209,839

GBP

(43,685)

ID Logistics Group

1-Day EONIA - 0.30%

Monthly

MSCS

5/22/24

240,460

EUR

(59,174)

IMCD Group NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

225,990

EUR

(18,655)

Immobel

Euro STR - 3.25%

Monthly

JPHQ

10/17/24

20,450

EUR

2,225

Immofinanz AG

Euro STR - 6.80%

Monthly

JPHQ

11/08/24

334,781

EUR

(1,373)

Impact Healthcare Reit ORD

1-Day SONIA - 1.10%

Monthly

MSCO

2/17/25

20,773

GBP

(167)

Implenia AG

Euro STR - 0.35%

Monthly

JPHQ

7/17/24

258,821

CHF

(26,010)

Industrie De Nora

Euro STR - 0.30%

Monthly

JPHQ

3/07/25

157,858

EUR

(3,880)

Infrastrutture Wireless Italiane SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

381,304

EUR

25,090

Inmobiliaria Colonial SOCIMI SA

1-Day EONIA - 0.35%

Monthly

MSCS

4/22/24

138,839

EUR

6,218

InPost SA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

202,860

EUR

(155,668)

IntegraFin Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

158,109

GBP

13,730

International Petroleum Corp.

1-Week STIBOR - 0.275%

Monthly

SEBA

12/06/24

1,891,687

SEK

3,650

Interparfums SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

131,242

EUR

(5,523)

Interroll Group

1-Day SARON - 0.35%

Monthly

JPHQ

10/28/24

221,287

CHF

(10,612)

Intertek Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/24

99,693

GBP

(14,366)

Investis Holdings SA

1-Day SARON - 0.35%

Monthly

JPHQ

9/12/24

21,045

CHF

1,059

Ion Beam Applications

Euro STR - 0.80%

Monthly

JPHQ

11/08/24

33,266

EUR

4,170

Italgas

Euro STR - 0.30%

Monthly

JPHQ

9/06/24

347,641

EUR

2,656

Italmobiliare

Euro STR - 0.30%

Monthly

JPHQ

9/27/24

72,495

EUR

(16,587)

ITV PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

250,723

GBP

20,549

IVS Group

Euro STR - 0.50%

Monthly

JPHQ

1/02/25

57,042

EUR

(5,576)

James Halstead PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

27,334

GBP

919

JDE Peet’s NV

Euro STR - 0.30%

Monthly

JPHQ

6/06/24

365,736

EUR

67,007

JM AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

3,633,642

SEK

(18,539)

JTC PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

280,126

GBP

(23,257)

Judges Scientific PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/05/24

69,336

GBP

(10,972)

Juventus FC

Euro STR - 17.30%

Monthly

JPHQ

9/02/24

117,613

EUR

21,143

Kainos Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

288,642

GBP

(17,064)

Karnov Group AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

1,501,711

SEK

(32,410)

KBC Groep NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

312,772

EUR

(35,045)

Kempower OYJ

Euro STR - 3.75%

Monthly

SEBA

7/17/24

86,342

EUR

17,963

Kering SA

1-Month EURIBOR - 0.40%

Monthly

MSCS

11/27/24

219,604

EUR

22,126

Kerry Group PLC

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

292,826

EUR

25,815

Kesko Corp.

Euro STR - 0.275%

Monthly

SEBA

10/17/24

308,488

EUR

(30,187)

Keywords Studios PLC

1-Day SONIA - 0.30%

Monthly

MSCO

12/16/24

128,832

GBP

11,001

K-Fast Holding AB

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/24

555,457

SEK

5,035

KGHM Polska Miedz SA

1-Day FEDEF - 0.50%

Monthly

MSCS

8/19/24

443,808

5,943

Koenig & Bauer AG

Euro STR - 0.80%

Monthly

JPHQ

1/22/25

47,408

EUR

3,717

Komax

1-Day SARON - 0.35%

Monthly

JPHQ

7/25/24

360,313

CHF

102,851

Lanxess AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

271,436

EUR

6,941

Lastminute.com N.V.

1-Day SARON - 0.35%

Monthly

JPHQ

11/11/24

28,483

CHF

4,507

Lectra SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/01/24

85,916

EUR

(7,682)

LEG Immobilien AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/24

405,398

EUR

(68,585)

Legal & General Group

1-Day SONIA - 0.30%

Monthly

MSCS

9/23/24

249,830

GBP

(21,143)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Lenzing AG

Euro STR - 0.30%

Monthly

JPHQ

7/14/24

129,290

EUR

19,395

LG Energy Solutions

1-Day FEDEF - 1.875%

Monthly

MSCS

10/07/24

343,740

(4,864)

Life Healthcare Group Holdings Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

1/29/25

4,329,294

ZAR

20,686

Linea Directa Aseguradora SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

346,320

EUR

13,805

Lok’n Store Group PLC

1-Day SONIA - 5.38%

Monthly

MSCO

2/20/25

1,594

GBP

(7)

London Stock Exchange Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

469,411

GBP

(54,977)

Lotus Bakeries NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

383,283

EUR

(158,745)

Luzerner Kantonalbank AG

1-Day SARON - 0.35%

Monthly

JPHQ

7/03/24

41,553

CHF

553

LVMH Moet Hennessy Louis Vuitton SE .

1-Day EONIA - 0.30%

Monthly

MSCS

7/03/24

197,462

EUR

(52,351)

M&G PLC

1-Day SONIA - 0.30%

Monthly

MSCS

3/24/25

242,380

GBP

(51,013)

Marlowe PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/02/24

245,518

GBP

(44,351)

Marr

Euro STR - 0.30%

Monthly

JPHQ

12/11/24

249,423

EUR

283

Mas Real Estate

1-Day SABOR - 0.50%

Monthly

MSCO

12/13/24

3,874,204

ZAR

5,304

Mayr-Melnhof Karton AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

213,327

EUR

14,173

mBank SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/14/24

362,586

(406,502)

Medacta Group SA

Euro STR - 0.35%

Monthly

JPHQ

7/17/24

130,818

CHF

(25,508)

Medartis AG

1-Day SARON - 0.85%

Monthly

JPHQ

7/17/24

63,816

CHF

5,795

Mercedes-Benz Group AG

Euro STR - 0.30%

Monthly

JPHQ

1/13/25

198,587

EUR

(39,420)

Metsa Board OYJ

Euro STR - 0.32%

Monthly

SEBA

6/13/24

104,766

EUR

6,961

Metso Outotec OYJ

Euro STR - 0.28%

Monthly

SEBA

7/17/24

64,711

EUR

(6,003)

Meyer Burger AG

1-Day SARON - 0.95%

Monthly

JPHQ

7/14/24

66,499

CHF

51,910

Michelin

1-Day EONIA - 0.30%

Monthly

MSCS

12/11/24

27,020

EUR

(5,060)

Millennium

1-Day FEDEF - 0.50%

Monthly

MSCS

7/17/24

293,909

(369,258)

Mips AB

1-Week STIBOR - 0.28%

Monthly

SEBA

9/20/24

6,679,426

SEK

138,931

MJ Gleeson PLC

1-Day FEDEF - 0.30%

Monthly

MSCS

11/04/24

55,069

GBP

(8,894)

Molten Ventures PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/12/24

129,105

GBP

(20,253)

Morgan Advanced Materials

1-Day SONIA - 0.30%

Monthly

MSCS

8/12/24

332,811

GBP

(14,997)

Motus Holdings Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

11/04/24

3,652,075

ZAR

13,945

National Grid PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

194,516

GBP

1,868

National Grid PLC

1-Day SONIA - 0.35%

Monthly

MSCS

12/23/24

340,033

GBP

(11,498)

NCAB Group AB

1-Week STIBOR - 0.275%

Monthly

SEBA

2/24/25

1,460,066

SEK

(6,125)

NCC Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/15/24

212,078

GBP

(61,696)

Neoen

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

309,926

EUR

70,602

Neste Corp.

Euro STR - 0.28%

Monthly

SEBA

7/17/24

328,870

EUR

72,925

Nestle SA

1-Day SARON - 0.35%

Monthly

JPHQ

11/27/24

194,340

CHF

26,939

Netcompany

1-Week CIBOR - 0.28%

Monthly

SEBA

9/14/24

476,373

DKK

(16,985)

New Wave Group AB

1-Week STIBOR - 0.52%

Monthly

SEBA

8/07/24

3,727,661

SEK

(198,198)

Newron Pharma

1-Day SARON - 9.40%

Monthly

JPHQ

10/07/24

37,748

CHF

(21,704)

Nexi SpA

Euro STR - 0.30%

Monthly

JPHQ

10/14/24

448,491

EUR

11,128

Nexity

1-Day EONIA - 0.30%

Monthly

MSCS

10/24/24

144,721

EUR

45,137

Nibe Industrier AB

1-Week STIBOR - 0.28%

Monthly

SEBA

8/12/24

4,508,226

SEK

53,919

Nobia AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/11/24

743,213

SEK

15,402

Noble Corp. PLC

1-Week CIBOR - 0.34%

Monthly

SEBA

8/05/24

1,042,775

DKK

24,252

Nokian Tyres PLC

Euro STR - 0.28%

Monthly

SEBA

8/23/24

419,231

EUR

(12,934)

Nolato AB

1-Week STIBOR - 0.28%

Monthly

SEBA

9/26/24

1,579,783

SEK

7,001

Nordex SE

Euro STR - 0.95%

Monthly

JPHQ

8/21/24

255,850

EUR

146

Nordic Semiconductor ASA

1-Week STIBOR - 0.275%

Monthly

SEBA

4/04/24

3,080,620

NOK

40,173

Nordnet AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/25

2,245,352

SEK

(9,802)

NX Filtration NV

Euro STR - 2.65%

Monthly

JPHQ

8/07/24

54,283

EUR

30,275

Nyfosa AB

1-Week STIBOR - 0.275%

Monthly

SEBA

2/12/25

293,044

SEK

(1,352)

OC Oerlikon

1-Day SARON - 0.35%

Monthly

JPHQ

10/07/24

360,039

CHF

(59,390)

Ocado Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

323,585

GBP

57,959

OCI N.V.

Euro STR - 0.30%

Monthly

JPHQ

9/09/24

290,528

EUR

28,453

Oesterreichische Post AG

Euro STR - 3.80%

Monthly

JPHQ

8/23/24

244,520

EUR

17,124

Orange Belgium

Euro STR - 0.30%

Monthly

JPHQ

1/27/25

15,705

EUR

128

Orion Corp.

Euro STR - 0.28%

Monthly

SEBA

7/17/24

155,594

EUR

7,862

OVH Groupe SA

1-Day EONIA - 3.57%

Monthly

MSCO

1/13/25

80,172

EUR

(3,431)

OX2 AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/11/24

1,792,447

SEK

(8,018)

Oxford BioMedica PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/26/24

48,875

GBP

(337)

Oxford Nanopore Technologies PLC

1-Day SONIA - 0.30%

Monthly

MSCS

5/13/24

276,201

GBP

118,948

Partners Group Holding AG

1-Day SARON - 0.35%

Monthly

JPHQ

8/08/24

79,706

CHF

(27,495)

Patrizia AG

Euro STR

Monthly

JPHQ

7/17/24

5,848

EUR

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Peab AB

1-Week STIBOR - 0.28%

Monthly

SEBA

2/24/25

4,136,095

SEK

(101,528)

Pennon Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

250,347

GBP

28,473

Pepco

1-Day FEDEF - 5.25%

Monthly

MSCS

4/12/24

97,898

40,445

Pepkor

1-Day SABOR - 0.50%

Monthly

MSCS

10/10/24

9,403,790

ZAR

(67,348)

Pernod Ricard

1-Day EONIA - 0.30%

Monthly

MSCS

11/27/24

443,561

EUR

54,436

Petrofac Ltd.

1-Day SONIA - 0.30%

Monthly

MSCS

9/02/24

65,270

GBP

47,209

Pfeiffer Vacuum

Euro STR - 0.30%

Monthly

JPHQ

3/07/25

307,843

EUR

(15,618)

Pharma Mar SA

1-Day EONIA - 0.35%

Monthly

MSCO

1/22/25

62,331

EUR

13,548

Pharmanutra SpA

Euro STR - 0.30%

Monthly

JPHQ

1/10/25

74,504

EUR

(8,086)

Phoenix Group Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

494,821

GBP

43,615

Pick n Pay Group (The)

1-Day SABOR - 0.50%

Monthly

MSCS

12/23/24

718,637

ZAR

3,883

Pierer Mobility AG

1-Day SARON - 0.35%

Monthly

JPHQ

9/12/24

102,524

CHF

29,343

PNE AG

Euro STR - 0.70%

Monthly

JPHQ

7/13/24

417,642

EUR

30,442

Polypeptide

1-Day SARON - 0.35%

Monthly

JPHQ

9/18/24

282,112

CHF

51,247

PRS REIT PLC (The)

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

222,775

GBP

27,072

Prudential PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/14/24

270,328

GBP

68,074

PSG Konsult Ltd.

1-Day SABOR - 0.875%

Monthly

MSCS

5/20/24

2,330,617

ZAR

(27,690)

PZ Cussons PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

49,383

GBP

19,564

Qintetiq Group PLC

1-Day SONIA - 0.30%

Monthly

MSCO

3/03/25

56,136

GBP

(13)

Qt Group OYJ

Euro STR - 4.16%

Monthly

SEBA

7/17/24

329,014

EUR

(83,094)

Rathbones Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/24

118,826

GBP

27,124

Ratos AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

3,153,749

SEK

(11,165)

Reckitt Benckiser Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

410,474

GBP

74,937

Redeia Corporacion SA

1-Day EONIA - 0.35%

Monthly

MSCS

8/05/24

152,285

EUR

3,003

Reinet Investments S.C.A

1-Day SABOR - 0.50%

Monthly

MSCS

5/20/24

4,060,152

ZAR

(33,703)

Remy Cointreau

1-Day EONIA - 0.30%

Monthly

MSCS

12/11/24

609,898

EUR

159,491

Renishaw PLC

1-Day SONIA - 0.30%

Monthly

MSCS

2/13/25

385,292

GBP

(84,860)

Rentokil Initial PLC

1-Day FEDEF - 0.65%

Monthly

MSCS

11/27/24

352,006

GBP

92,127

Rentokil Initial PLC

1-Day SONIA - 0.30%

Monthly

MSCO

1/08/25

26,316

GBP

(2,113)

Reply SpA

Euro STR - 0.30%

Monthly

JPHQ

7/18/24

365,237

EUR

(129,459)

Restore PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/18/24

390

GBP

(15)

Ringkjoebing Landbobank A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/17/24

2,670,786

DKK

(80,512)

Robertet

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

56,442

EUR

3,355

Royal Unibrew

1-Week CIBOR - 0.28%

Monthly

SEBA

11/27/24

2,773,214

DKK

59,875

RS Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/20/24

312,293

GBP

(10,087)

RTL Group

Euro STR - 0.30%

Monthly

JPHQ

1/30/25

552,709

EUR

62,057

Sabre Insurance Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

84,115

GBP

(42,338)

Sacyr SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

518,460

EUR

(92,631)

Saes Getters

Euro STR - 1.95%

Monthly

JPHQ

10/11/24

252,336

EUR

160

Safestore Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

10/21/24

230,938

GBP

(15,744)

Saga PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

187,382

GBP

21,253

Sagax AB

1-Week STIBOR - 0.275%

Monthly

SEBA

12/06/24

3,044,096

SEK

8,649

Saipem SpA

1-Month EURIBOR - 6.65%

Monthly

JPHQ

2/26/25

321,413

EUR

(57,507)

Salmon Evolution ASA

1-Week NIBOR - 8.50%

Monthly

SEBA

7/12/24

1,737,539

NOK

27,537

Salvatore Ferragamo SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

474,032

EUR

49,898

Sampo PLC

Euro STR - 0.275%

Monthly

SEBA

7/17/24

236,126

EUR

3,404

Sandvik AB

1-Week STIBOR - 0.28%

Monthly

SEBA

11/27/24

1,338,900

SEK

(8,917)

Sanoma Corp.

Euro STR - 0.28%

Monthly

SEBA

7/17/24

76,837

EUR

4,364

Santander Bank Polska SA

1-Day FEDEF - 0.50%

Monthly

MSCS

7/17/24

99,736

(86,984)

Sartorius Stedim Biotech

1-Day EONIA - 0.30%

Monthly

MSCS

6/21/24

357,180

EUR

(27,510)

Savills PLC

1-Day SONIA - 0.30%

Monthly

MSCO

2/26/25

72,410

GBP

1,017

SBM Offshore NV

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

519,984

EUR

7,433

Schibsted ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/17/24

2,989,636

NOK

(36,569)

Schoeller-Bleckmann Oilfield Equipment

Euro STR - 0.30%

Monthly

JPHQ

7/13/24

193,716

EUR

44,417

Schroders PLC

1-Day SONIA - 0.30%

Monthly

MSCO

2/20/25

162,748

GBP

5,114

Sdiptech AB

1-Week STIBOR - 1.00%

Monthly

SEBA

7/17/24

1,299,503

SEK

689

secunet Security Networks AG

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

105,797

EUR

(10,745)

Sedana Medical AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/14/24

632,472

SEK

14,520

Seeing Machines Ltd.

1-Day SONIA - 5.75%

Monthly

MSCS

8/05/24

50,757

GBP

7,559

Segro PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

394,865

GBP

(47,055)

Sensirion AG

1-Day SARON - 0.35%

Monthly

JPHQ

4/22/24

401,828

CHF

86,504

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Severn Trent PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/24

317,156

GBP

12,320

Severn Trent PLC

1-Day SONIA - 0.30%

Monthly

MSCO

1/08/25

14,199

GBP

503

Shaftesbury Capital PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/26/24

260,651

GBP

(15,955)

Shop Apotheke Europe NV

Euro STR - 0.85%

Monthly

JPHQ

7/17/24

98,597

EUR

(19,066)

Shoprite Holdings Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/24

5,202,490

ZAR

12,584

Siemens Healthineers AG

Euro STR - 0.30%

Monthly

JPHQ

8/21/24

60,096

EUR

(11,573)

SIG Group AG

Euro STR - 0.35%

Monthly

JPHQ

7/17/24

296,623

CHF

72,556

Sika

1-Day SARON - 0.35%

Monthly

JPHQ

11/08/24

272,252

CHF

(22,830)

Siltronic AG

Euro STR - 1.05%

Monthly

JPHQ

5/13/24

300,310

EUR

(32,538)

Sixt SE

Euro STR - 0.30%

Monthly

JPHQ

4/17/24

582,849

EUR

84,386

Skanska AB

1-Week STIBOR - 0.28%

Monthly

SEBA

8/07/24

3,545,737

SEK

(51,816)

SkiStar AB

1-Week STIBOR - 0.73%

Monthly

SEBA

7/15/24

2,872,635

SEK

(36,816)

Snam SpA

Euro STR

Monthly

JPHQ

7/17/24

237,626

EUR

8,139

SoftwareONE

Euro STR - 0.35%

Monthly

JPHQ

7/15/24

54,097

CHF

(1,532)

Solaria Energia y Medio Ambiente SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

130,183

EUR

33,602

SolGold PLC

1-Day SONIA - 0.56%

Monthly

MSCS

7/17/24

99,976

GBP

69,359

Soltec Power Holdings SA

1-Day EONIA - 0.73%

Monthly

MSCS

7/17/24

106,846

EUR

3,437

South32 Ltd.

1-Day SABOR - 2.125%

Monthly

MSCS

10/10/24

3,812,868

ZAR

18,072

Spar Group Ltd. (The)

1-Day SABOR - 0.50%

Monthly

MSCS

7/22/24

758,316

ZAR

4,590

SpareBank 1 Nord-Norge

1-Week NIBOR - 1.50%

Monthly

SEBA

9/20/24

466,147

NOK

(3,849)

SpareBank 1 Nord-Norge

1-Week NIBOR - 1.50%

Monthly

SEBA

10/23/24

4,295,708

NOK

(42,354)

Sparebank 1 Oestlandet

1-Week NIBOR - 0.28%

Monthly

SEBA

12/23/24

870,152

NOK

2,967

SpareBank 1 SR Bank ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

7/22/24

1,933,758

NOK

537

Spirax-Sarco Engineering PLC

1-Day SONIA - 0.30%

Monthly

MSCS

11/27/24

539,821

GBP

(27,106)

Steico SE

Euro STR - 0.95%

Monthly

JPHQ

2/10/25

93,824

EUR

36,655

Stora Enso OYJ

Euro STR - 0.28%

Monthly

SEBA

8/05/24

76,618

EUR

(571)

Storskogen Group AB

1-Week STIBOR - 0.75%

Monthly

SEBA

7/17/24

1,181,776

SEK

39,420

STOXX Europe 600 Utilities Index

1-Day EONIA - 0.45%

Monthly

MSCS

9/13/24

3,183,922

EUR

35,935

STOXX Europe 600 Utilities Index

1-Day EONIA - 0.45%

Monthly

MSCS

3/25/25

2,024,596

EUR

(74,371)

STRATEC SE

Euro STR - 0.35%

Monthly

JPHQ

4/19/24

168,362

EUR

31,155

Straumann Group

1-Day SARON - 0.35%

Monthly

JPHQ

10/18/24

253,910

CHF

(26,717)

Straumann Group

1-Day SARON - 0.35%

Monthly

JPHQ

1/09/25

57,131

CHF

(5,169)

Strix Group PLC

1-Day SONIA - 2.00%

Monthly

MSCS

7/17/24

27,095

GBP

4,075

Supermarket Income REIT

1-Day SONIA - 0.28%

Monthly

MSCS

9/16/24

118,904

GBP

11,336

Svenska Cellulosa AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

5,022,813

SEK

(18,034)

Swedencare AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/13/24

284,794

SEK

(9,928)

Swisscom AG

1-Day SARON - 0.35%

Monthly

JPHQ

2/03/25

86,941

CHF

1,765

Sword Group SE

1-Day EONIA - 4.00%

Monthly

MSCS

7/17/24

32,441

EUR

3,776

Symrise AG

Euro STR - 0.30%

Monthly

JPHQ

9/27/24

350,041

EUR

8,214

Talenom OYJ

Euro STR - 2.50%

Monthly

SEBA

7/17/24

15,270

EUR

5,566

Talgo SA

1-Day EONIA - 0.35%

Monthly

MSCS

7/17/24

212,888

EUR

(69,019)

Tamburi

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

281,299

EUR

(16,595)

Technoprobe

Euro STR - 0.30%

Monthly

JPHQ

10/16/24

452,878

EUR

(123,657)

Telecom Italia

Euro STR - 0.75%

Monthly

JPHQ

7/14/24

360,481

EUR

(9,477)

Thermador Groupe SA

1-Day EONIA - 2.25%

Monthly

MSCS

8/16/24

34,781

EUR

(124)

Thule Group AB

1-Week STIBOR - 0.28%

Monthly

SEBA

7/17/24

282,732

SEK

609

Tietoevry Corp.

Euro STR - 0.275%

Monthly

SEBA

11/29/24

167,626

EUR

(3,101)

Tikehau Capital SCA

1-Day EONIA - 4.00%

Monthly

MSCS

7/17/24

87,842

EUR

(1,254)

Tinexta SpA

Euro STR - 0.30%

Monthly

JPHQ

7/17/24

354,154

EUR

17,048

Tomra Systems ASA

1-Week NIBOR - 0.28%

Monthly

SEBA

1/08/25

2,849,651

NOK

(69,917)

Topdanmark A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/26/24

2,644,220

DKK

11,981

Trainline PLC

1-Day SONIA - 0.30%

Monthly

MSCS

8/21/24

271,353

GBP

(50,175)

Transaction Capital Ltd.

1-Day SABOR - 0.50%

Monthly

MSCS

7/17/24

731,135

ZAR

(8,011)

Treatt PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

32,385

GBP

12,118

Tritax EuroBox PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

148,132

GBP

(4,256)

Tryg A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/13/24

3,816,046

DKK

(9,095)

Ubisoft Entertainment SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

255,012

EUR

49,744

Umicore NV

Euro STR - 0.30%

Monthly

JPHQ

8/05/24

154,079

EUR

12,063

Unicaja Banco SA

1-Day EONIA - 0.35%

Monthly

MSCS

6/17/24

331,424

EUR

(1,149)

Unilever

1-Day SONIA - 0.30%

Monthly

MSCS

10/16/24

200,078

GBP

(435)

UnipolSai

Euro STR - 0.30%

Monthly

JPHQ

11/27/24

272,771

EUR

(39,174)

UNIQA Insurance Group AG

Euro STR - 0.30%

Monthly

JPHQ

3/18/25

42,294

EUR

(3,353)

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Total Return Swap Contracts (continued)

Underlying Instrument

Financing Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value*

Value/Unrealized

Appreciation

(Depreciation)

OTC Swap Contracts (continued)

Equity Contracts – Short^d (continued)

Unite Group PLC (The)

1-Day SONIA - 0.30%

Monthly

MSCS

7/05/24

270,011

GBP

(15,298)

Urban Logistics REIT PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

326,883

GBP

34,357

Valmet OYJ

Euro STR - 0.28%

Monthly

SEBA

11/22/24

62,976

EUR

3,957

Valneva SE

1-Day EONIA - 4.50%

Monthly

MSCS

5/16/24

91,066

EUR

42,510

VAT Group AG

1-Day SARON - 0.35%

Monthly

JPHQ

4/22/24

286,990

CHF

(90,911)

VERBIO Vereinigte BioEnergie AG

Euro STR - 1.00%

Monthly

JPHQ

7/01/24

235,196

EUR

103,700

Vestas Wind Systems A/S

1-Week CIBOR - 0.28%

Monthly

SEBA

7/12/24

2,272,966

DKK

(18,610)

Vestel

1-Day FEDEF - 7.63%

Monthly

MSCS

9/09/24

88,881

(39,699)

Victrex PLC

1-Day SONIA - 0.30%

Monthly

MSCS

7/17/24

322,534

GBP

68,513

Vidrala SA

1-Day EONIA - 0.35%

Monthly

MSCS

9/30/24

67,882

EUR

(15,692)

Viscofan SA

1-Day EONIA - 0.35%

Monthly

MSCS

8/05/24

314,755

EUR

32,396

Vistry Group PLC

1-Day SONIA - 0.30%

Monthly

MSCS

6/03/24

330,001

GBP

(128,471)

VNV Global AB

1-Week STIBOR - 0.275%

Monthly

SEBA

2/17/25

289,281

SEK

(6,503)

Voltalia SA

1-Day EONIA - 0.30%

Monthly

MSCS

7/17/24

172,762

EUR

77,985

Waga Energy SA

1-Day EONIA - 0.75%

Monthly

MSCS

7/17/24

39,746

EUR

17,420

Wallenstam AB Series B

1-Week STIBOR - 0.275%

Monthly

SEBA

7/17/24

1,749,195

SEK

(34,653)

Warteck

1-Day SARON - 6.50%

Monthly

JPHQ

2/03/25

16,543

CHF

(294)

Wendel Group

1-Day EONIA - 0.30%

Monthly

MSCS

5/27/24

594,542

EUR

(13,795)

Whitbread PLC

1-Day SONIA - 0.30%

Monthly

MSCS

4/12/24

88,490

GBP

(1,308)

Wihlborgs Fastigheter AB

1-Week STIBOR - 0.275%

Monthly

SEBA

11/11/24

168,996

SEK

623

WithSecure Corp.

1-Week Euro STR - 0.275%

Monthly

SEBA

4/22/24

75,517

EUR

14,790

Wizz Air Holdings PLC

1-Day SONIA - 0.30%

Monthly

MSCS

12/19/24

198,493

GBP

(21,985)

WPP PLC

1-Day SONIA - 0.30%

Monthly

MSCS

9/30/24

172,465

GBP

7,282

XP Power Ltd.

1-Day SONIA - 0.30%

Monthly

MSCS

8/30/24

20,707

GBP

4,946

YIT Corp.

Euro STR - 0.275%

Monthly

SEBA

11/08/24

62,179

EUR

7,530

Zealand Pharma A/S

1-Week CIBOR - 0.45%

Monthly

SEBA

7/17/25

558,229

DKK

(33,254)

Zur Rose Group AG

1-Day SARON - 2.10%

Monthly

JPHQ

7/17/24

203,805

CHF

(176,831)

(3,961,081)

Total - Total Return Swap Contracts

1,292,853

^*In U.S. dollars unless otherwise indicated.

^aThe Fund receives the total return on the underlying instrument and pays a variable financing rate.

^bFair valued using significant unobservable inputs. See Note 6 regarding fair value investments.

^cNotional value rounds to less than 1.

^dThe Fund receives the variable financing rate and pays the total return on the underlying instrument.

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

K2 Alternative Strategies Fund (continued)

Abbreviations

Counterparty

Currency

Selected Portfolio

ANZB

Australia and New Zealand Banking Group Limited

BRL

Brazilian Real

ADR

American Depositary Receipt

BANS

Bank of Nova Scotia

CAD

Canadian Dollar

ASX

Australian Securities Exchange

BNPP

BNP Paribas

CHF

Swiss Franc

BRLCDI

Brazil Cetip Di Interbank Deposit Rate

BNYM

The Bank of New York Mellon Corp.

COP

Colombian Peso

CAC

Cotation Assistee en Continu

BOFA

Bank of America, NA

CZK

Czech Koruna

CBOE

Chicago Board Options Exchange

BZWS

Barclays Bank PLC

DKK

Danish Krone

CIBOR

Copenhagen Interbank Offered Rate

CASI

Credit Agricole Securities Inc.

DOP

Dominican Peso

COLIBOR

Colombia Overnight Interbank Rate

CITI

Citigroup, NA

EUR

Euro

DAX

Deutscher Aktienindex

DBAB

Deutsche Bank, AG

GBP

British Pound

DJIA

Dow Jones Industrial Average

GSCO

Goldman Sachs International

HKD

Hong Kong Dollar

EONIA

Euro OverNight Index Average

HSBC

HSBC Bank PLC

IDR

Indonesian Rupiah

ETF

Exchange Traded Fund

JPHQ

JP Morgan Chase Bank, NA

JPY

Japanese Yen

EURIBOR

Euro Interbank Offered Rate

MSCO

Morgan Stanley & Co. LLC

MXN

Mexican Peso

FEDEF

Federal Funds Effective Rate

MSCS

Morgan Stanley Capital Services LLC

NOK

Norwegian Krone

FHLMC

Federal Home Loan Mortgage Corp.

NWMK

NatWest Markets

PEN

Peruvian Nuevo Sol

FNMA

Federal National Mortgage Association

SEBA

Skandinaviska Enskilda Banken AB

PLN

Polish Zloty

FRN

Floating Rate Note

SSBT

State Street Bank and Trust Company

PYG

Paraguay Guarani

FTSE

Financial Times Stock Exchange

STBK

Santander Bank, NA

RON

Romanian Leu

HIBOR

Hong Kong Interbank Offered Rate

TDBK

Toronto-Dominion Bank

SEK

Swedish Krona

IBEX

Iberian Index

UBSW

UBS AG

TRY

Turkish Lira

JIBAR

Johannesburg Interbank Agreed Rate

WFSI

Wells Fargo Securities International Limited

USD

United States Dollar

JSE

Johannesburg Stock Exchange Index

UYU

Uruguayan Peso

KOSPI

Korean Composite Stock Price Index

ZAR

South African Rand

LIBOR

London InterBank Offered Rate

MIB

Milano Italia Borsa

Index

MUTSCALM

Japan Unsecured Overnight Call Rate

CDX.EM

CDX Emerging Markets Index

NIBOR

Norwegian Interbank Offered Rate

CDX.NA.HY

CDX North America High Yield Index

OAT

Obligation Assumable by the Treasurer

CDX.NA.IG

CDX North America Investment Grade Index

PIK

Payment In-Kind

ITRX.Asia.Ex-Japan.IG

iTraxx Asia Ex-Japan Investment Grade Index

Revolving Loan Commitment

ITRX.EUR

iTraxx Europe Index

REIT

Real Estate Investment Trust

ITRX.EUR.XOVER

iTraxx Europe Crossover Index

SABOR

South African Benchmark Overnight Rate

SARON

Swiss Average Rate Overnight

SOFR

Secured Overnight Financing Rate

SONIA

Sterling Overnight Index Average

SPDR

Standard & Poor’s Depositary Receipt

SPI

Swiss Performance Index

STIBOR

Stockholm Interbank Offered Rate

STR

Short Term Rate

TOPIX

Tokyo Price Index

TSX

Toronto Stock Exchange

FRANKLIN ALTERNATIVE STRATEGIES FUNDS

Notes to Consolidated Schedule of Investments (unaudited)

1. Organization

Franklin Alternative Strategies Funds (Trust) is registered under the Investment Company Act of 1940 (1940 Act) as an open-end management investment company, consisting of one fund, K2 Alternative Strategies Fund (Fund). The Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946.

2. Financial Instrument Valuation

The Fund’s 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 Fund calculates 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 Board has designated the Fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the Fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The Fund 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 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 Fund’s pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the date that the values of the foreign debt securities are determined.

Investments in open-end mutual funds are valued at the closing NAV.

Certain derivative financial instruments are centrally cleared or trade in the OTC market. The Fund’s 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 Fund’s net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Fund has procedures to determine the fair value of financial instruments for which market prices are not reliable or readily available. Under these procedures, the Fund primarily employs a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may also be used in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Trading in securities on foreign securities stock exchanges and OTC markets may be completed before 4 p.m. Eastern time. In addition, trading in certain foreign markets may not take place on every Fund’s 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 Fund’s 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 Fund’s portfolio securities to the latest indications of fair value at 4 p.m. Eastern time. At February 29, 2024, certain securities may have been fair valued using these procedures, in which case the securities were categorized as Level 2 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 Fund’s NAV is not calculated, which could result in differences between the value of the Fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

3. Unfunded Loan Commitments

The Fund enters into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these loan commitments at the borrowers’ discretion. Unfunded loan commitments and funded portions of credit agreements are marked to market daily. Funded portions of credit agreements are presented in the Consolidated Schedule of Investments.

At February 29, 2024, unfunded commitments were as follows:


Borrower	Unfunded Commitment
ASP Unifrax Holdings Inc., First Lien Term Loan	$	701,920
Bausch Health Cos. Inc., Term Loan B		209,071
CSC Holdings LLC, Term Loan B		188,846
Hercules Achievement Inc., Initial Term Loan		35,760
H-Food Holdings LLC, Term Loan B-3		27,311
H-Food Holdings LLC, Initial Term Loan		135,464
H-Food Holdings LLC, Initial Term Loan		282,685
H-Food Holdings LLC, Initial Term Loan		630,445
ICP Group, Bank Debt Term Loan		228,573
K. Hovnanian Enterprises Inc., Term Loan RC		500,000
Oldcastle BuildingEnvelope Inc., Term Loan RC		274,845
Steinhoff International Holdings NV Term Loan		163,495
Upfield Group BV, Term Loan RC		596,120

	$	3,974,535

4. Investments in Affiliated Management Investment Companies

The Fund invests 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 Fund does not invest for purposes of exercising a controlling influence over the management or policies. During the period ended February 29, 2024, the Fund held investments in affiliated management investment companies as follows:


	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		Income from Securities Loaned
Non-Controlled Affiliates
Institutional Fiduciary Trust Money Market Portfolio, 4.93%		$3,348,000		$19,106,000		$	(21,404,000)		$-		$-		$1,050,000		1,050,000		$50,776

5. Investments in K2 Holdings Investment Corp. (K2 Subsidiary)

The Fund invests in certain financial instruments and commodity-linked derivative investments through its investment in the K2 Subsidiary. The K2 Subsidiary is a Cayman Islands exempted company with limited liability, is a wholly-owned subsidiary of the Fund, and is able to invest in certain financial instruments and commodity-linked derivative investments consistent with the investment objective of the Fund. At February 29, 2024, the K2 Subsidiary’s investments, as well as any other assets and liabilities of the K2 Subsidiary, are reflected in the Fund’s Consolidated Schedule of Investments. At February 29, 2024, the Fund’s investments in the K2 Subsidiary were as follows:

Fund Name

Subsidiary Name^a

Consolidated
Net Assets

Subsidiary
Net Assets

% of Consolidated
Net Assets

K2 Alternative Strategies Fund

K2 Holdings Investment Corp.

$662,437,089

$57,243,705

8.6%

^a The Fund’s investments in the K2 Subsidiary is limited to 25% of consolidated assets.

6. Fair Value Measurements

The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s 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 Fund’s 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 February 29, 2024, in valuing the Fund’s assets and liabilities carried at fair value, is as follows:


		Level 1			Level 2				Level 3				Total
Assets:
Investments in Securities:^a
Equity Investments^b	$		176,804,998		$	11,192,096			$	–	^c		$	187,997,094
Convertible Bonds			–			98,896,003				–				98,896,003
Convertible Bonds in Reorganization			–			40,220				12,422				52,642
Corporate Bonds and Notes			–			41,818,476				–				41,818,476
Corporate Bonds and Notes in Reorganization			–			394,736				3,490				398,226
Senior Floating Rate Interests			–			6,459,238				34,542				6,493,780
Foreign Government and Agency Securities			–			40,086,332				–				40,086,332
Foreign Government and Agency Securities in Reorganization			–			5,317,759				–				5,317,759
U.S. Government and Agency Securities			–			13,288,930				–				13,288,930
Options Purchased			591,344			199,581				–				790,925
Short Term Investments			195,916,546			2,994,292				–				198,910,838

Total Investments in Securities	$		373,312,888	$		220,687,663	^d	$		50,454		$		594,051,005

Other Financial Instruments:
Futures Contracts	$		7,233,761	$		–		$		–		$		7,233,761
Forward Exchange Contracts			–			1,750,240				–				1,750,240
Swap Contracts			–			19,887,865				–				19,887,865
Unfunded Loan Commitments			–			17,773				–				17,773

Total Other Financial Instruments	$		7,233,761	$		21,655,878		$		–		$		28,889,639

Liabilities:
Other Financial Instruments:
Options Written	$		555,645	$		–	^c	$		–		$		555,645
Securities Sold Short^a			96,855,796			35,832,365				–				132,688,161
Futures Contracts			4,137,147			–				–				4,137,147
Forward Exchange Contracts			–			1,521,641				–				1,521,641
Swap Contracts			–			18,265,793				–	^c			18,265,793
Unfunded Loan Commitments			–			77,576				–	^c			77,576

Total Other Financial Instruments	$		101,548,588	$		55,697,375		$		–		$		157,245,963

^a	For detailed categories, see the accompanying Consolidated Schedule of Investments.

^b	Includes common stocks and preferred stocks as well as other equity interests.

^c	Includes securities determined to have no value at February 29, 2024.

^d	Includes foreign securities valued at $9,960,281, 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.

A reconciliation in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 assets and/or liabilities at the beginning and/or end of the period.

For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.

Franklin K2 Alternative Strategies Fund (FABZX) NPORT-PK2 Alternative Strategies Fund (Feb 2024 report)