http://www.sec.gov/Archives/edgar/data/872625/000087262516000053/p10316final.htm497 1 p10316final.htm 180 P1 0316
00163034
180 P1 03/16
SUPPLEMENT DATED March 23, 2016
TO THE PROSPECTUS DATED SEPTEMBER 1, 2015 OF
Franklin Strategic Series
Franklin Flex Cap Growth Fund
I. The Board of Trustees of Franklin Strategic Series recently approved a proposal to reorganize the Franklin Flex Cap Growth Fund (the “Fund”) with and into the Franklin Growth Opportunities Fund. It is anticipated that in the second quarter of 2016, shareholders of the Fund will receive a Proxy and Prospectus/Proxy Statement requesting their votes on the reorganization. If approved by the Fund’s shareholders, the transaction is currently expected to be completed on or about August 26, 2016.
Effective at the close of market (1:00 p.m. Pacific time or close of the New York Stock Exchange, whichever is earlier) on April 25, 2016, the Fund will be closed to all new investors except as noted below. Existing investors who had an open and funded account on April 25, 2016, can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on April 25, 2016: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on April 25, 2016; and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on April 25, 2016. The Fund will not accept any additional purchases after the close of market on or about August 19, 2016. The Fund reserves the right to change this policy at any time....
