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        <name>CSCDA Community Improvement Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sawgrass Village Community Development District</name>
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        <name>Calcasieu Parish Memorial Hospital Service District</name>
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        <name>Philadelphia Authority for Industrial Development</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sierra Vista Industrial Development Authority</name>
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        <name>Ohio Housing Finance Agency</name>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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        <name>Maricopa County Industrial Development Authority</name>
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        <name>City of Princeton TX</name>
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        <name>River Hall Community Development District</name>
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        <name>Berks County Municipal Authority (The)</name>
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        <name>New Hampshire Business Finance Authority</name>
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        <name>California Community Housing Agency</name>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wisconsin Health &amp; Educational Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
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        <valUSD>106724.96000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2032-07-15</maturityDt>
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          <annualizedRt>12.00000000</annualizedRt>
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      <invstOrSec>
        <name>GDB Debt Recovery Authority of Puerto Rico</name>
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          <isin value="US36829QAA31"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-08-20</maturityDt>
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          <annualizedRt>7.50000000</annualizedRt>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
        <lei>N/A</lei>
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          <isin value="US650116CX28"/>
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        <valUSD>100392.77000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-10-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ridge at Apopka Community Development District</name>
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          <isin value="US76571AAG13"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103566.75000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
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          <annualizedRt>5.75000000</annualizedRt>
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      <invstOrSec>
        <name>CMFA Special Finance Agency XII</name>
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          <isin value="US12574XAB47"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
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          <annualizedRt>4.37500000</annualizedRt>
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      <invstOrSec>
        <name>MidCity Improvement District</name>
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          <isin value="US59564KAD19"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>88864.44000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.75000000</annualizedRt>
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      <invstOrSec>
        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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          <isin value="US64542RDJ77"/>
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        <balance>50000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Detroit MI</name>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>114165.73000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>County of Hays TX</name>
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        <balance>100000.00000000</balance>
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        <valUSD>92621.41000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2030-09-15</maturityDt>
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      <invstOrSec>
        <name>Maryland Economic Development Corp.</name>
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          <isin value="US57420VRN54"/>
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        <curCd>USD</curCd>
        <valUSD>161769.88000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-07-01</maturityDt>
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          <annualizedRt>4.25000000</annualizedRt>
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      <invstOrSec>
        <name>CSCDA Community Improvement Authority</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
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        <name>North Loop Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
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        <name>Preserve at Savannah Lakes Community Development District</name>
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          <annualizedRt>5.45000000</annualizedRt>
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        <name>District of Columbia</name>
        <lei>549300HWFOZXPKGOX654</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-08-31</maturityDt>
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        <name>Winding Oaks Community Development District</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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      <invstOrSec>
        <name>Oneida Indian Nation of New York</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
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      <invstOrSec>
        <name>Grand Canyon University</name>
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        <name>Homewood Educational Building Authority</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Sawgrass Village Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Kindred Community Development District II</name>
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        <name>Berks County Municipal Authority (The)</name>
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        <name>California Community Housing Agency</name>
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        <name>CMFA Special Finance Agency</name>
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        <name>Franklin Dynamic Municipal Bond ETF</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>CMFA Special Finance Agency VIII</name>
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        <name>Walden Pond Fresh Water Supply District</name>
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      <invstOrSec>
        <name>City of Kyle TX</name>
        <lei>549300K0SYODYQ0ANN48</lei>
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        <name>California Community Housing Agency</name>
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        <name>MidCity Improvement District</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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          <isCashCollateral>N</isCashCollateral>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-09-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>North AR-1 Pasco Community Development District</name>
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      <invstOrSec>
        <name>Public Finance Authority</name>
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          <isin value="US74444VAM28"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Prosperity Lakes Community Development District</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-15</maturityDt>
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      <invstOrSec>
        <name>Twisted Oaks Pointe Community Development District</name>
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          <isin value="US90184FAF27"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
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          <isin value="US34061WBN39"/>
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        <curCd>USD</curCd>
        <valUSD>77210.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hammock Oaks Community Development District</name>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128479.73000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-05-01</maturityDt>
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          <annualizedRt>5.85000000</annualizedRt>
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      <invstOrSec>
        <name>City of Hutto TX</name>
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        <valUSD>118533.38000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-09-01</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Epperson North Community Development District</name>
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        <title>Epperson North Community Development District, Series 2024</title>
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        <balance>110000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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        <name>County of Denton TX</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-31</maturityDt>
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          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>City of Goshen IN</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Community Housing Agency</name>
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          <isin value="US13013FAS39"/>
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        <balance>130000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-02-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>Henderson Local Improvement Districts</name>
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          <isin value="US425208WV30"/>
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          <maturityDt>2053-03-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>New York Transportation Development Corp.</name>
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          <isin value="US650116DA16"/>
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          <maturityDt>2045-10-01</maturityDt>
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        <name>Stonegate Preserve Community Development District</name>
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          <isin value="US86182EAC21"/>
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          <maturityDt>2053-12-15</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>Town of La Plata MD</name>
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        <invCountry>US</invCountry>
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          <maturityDt>2053-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2016 A</title>
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          <isin value="US46246K3R19"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100707.22000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berks County Municipal Authority (The)</name>
        <lei>N/A</lei>
        <title>Berks County Municipal Authority (The), Series 2024 A-2</title>
        <cusip>084538JF5</cusip>
        <identifiers>
          <isin value="US084538JF58"/>
          <other otherDesc="Inhouse Asset ID" value="1394679"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8675.89000000</valUSD>
        <pctVal>0.062939771475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>New Hope Cultural Education Facilities Finance Corp.</name>
        <lei>N/A</lei>
        <title>New Hope Cultural Education Facilities Finance Corp., Series 2019 A-1</title>
        <cusip>64542PEU5</cusip>
        <identifiers>
          <isin value="US64542PEU57"/>
          <other otherDesc="Inhouse Asset ID" value="1006607"/>
        </identifiers>
        <balance>85000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>86086.15000000</valUSD>
        <pctVal>0.624517208978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avenir Community Development District</name>
        <lei>N/A</lei>
        <title>Avenir Community Development District, Series 2024 A</title>
        <cusip>05357JAW6</cusip>
        <identifiers>
          <isin value="US05357JAW62"/>
          <other otherDesc="Inhouse Asset ID" value="1348299"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102448.82000000</valUSD>
        <pctVal>0.743221193299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Berks County Municipal Authority (The)</name>
        <lei>N/A</lei>
        <title>Berks County Municipal Authority (The), Series 2024 B-1</title>
        <cusip>084538JK4</cusip>
        <identifiers>
          <isin value="US084538JK44"/>
          <other otherDesc="Inhouse Asset ID" value="1396652"/>
        </identifiers>
        <balance>59000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>42597.43000000</valUSD>
        <pctVal>0.309025645742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-06-30</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seaton Creek Reserve Community Development District</name>
        <lei>N/A</lei>
        <title>Seaton Creek Reserve Community Development District, Series 2023</title>
        <cusip>81256XAC2</cusip>
        <identifiers>
          <isin value="US81256XAC20"/>
          <other otherDesc="Inhouse Asset ID" value="1275334"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>103577.81000000</valUSD>
        <pctVal>0.751411519894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marion Ranch Community Development District</name>
        <lei>N/A</lei>
        <title>Marion Ranch Community Development District, Series 2024</title>
        <cusip>570001AB3</cusip>
        <identifiers>
          <isin value="US570001AB32"/>
          <other otherDesc="Inhouse Asset ID" value="1362730"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102602.89000000</valUSD>
        <pctVal>0.744338903481</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Iowa Finance Authority</name>
        <lei>549300NQVL49BTHOW391</lei>
        <title>Iowa Finance Authority, Series 2022</title>
        <cusip>46246SAU9</cusip>
        <identifiers>
          <isin value="US46246SAU96"/>
          <other otherDesc="Inhouse Asset ID" value="1196918"/>
        </identifiers>
        <balance>235000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>271705.90000000</valUSD>
        <pctVal>1.971106970530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Babcock Ranch Community Independent Special District</name>
        <lei>N/A</lei>
        <title>Babcock Ranch Community Independent Special District, Series 2024</title>
        <cusip>05616KBV1</cusip>
        <identifiers>
          <isin value="US05616KBV17"/>
          <other otherDesc="Inhouse Asset ID" value="1420002"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>151451.73000000</valUSD>
        <pctVal>1.098715783138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Public Finance Authority</name>
        <lei>5493004S6D3NA627K012</lei>
        <title>Public Finance Authority, Series 2021</title>
        <cusip>74442PTF2</cusip>
        <identifiers>
          <isin value="US74442PTF26"/>
          <other otherDesc="Inhouse Asset ID" value="1170103"/>
        </identifiers>
        <balance>345000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306415.17000000</valUSD>
        <pctVal>2.222907479974</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California Community Choice Financing Authority</name>
        <lei>549300X8VKJ215S2R571</lei>
        <title>California Community Choice Financing Authority, Series 2023 C</title>
        <cusip>13013JCM6</cusip>
        <identifiers>
          <isin value="US13013JCM62"/>
          <other otherDesc="Inhouse Asset ID" value="1238537"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>140019.71000000</valUSD>
        <pctVal>1.015781499012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico, Series 2022 A-1</title>
        <cusip>74514L3P0</cusip>
        <identifiers>
          <isin value="US74514L3P07"/>
          <other otherDesc="Inhouse Asset ID" value="1192433"/>
        </identifiers>
        <balance>314000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>299501.71000000</valUSD>
        <pctVal>2.172753364084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Parker Pointe Community Development District</name>
        <lei>N/A</lei>
        <title>Parker Pointe Community Development District, Series 2024</title>
        <cusip>70111TAB1</cusip>
        <identifiers>
          <isin value="US70111TAB17"/>
          <other otherDesc="Inhouse Asset ID" value="1363713"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>101862.01000000</valUSD>
        <pctVal>0.738964144478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Twisted Oaks Pointe Community Development District</name>
        <lei>N/A</lei>
        <title>Twisted Oaks Pointe Community Development District, Series 2023</title>
        <cusip>90184FAB1</cusip>
        <identifiers>
          <isin value="US90184FAB13"/>
          <other otherDesc="Inhouse Asset ID" value="1262356"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>102821.95000000</valUSD>
        <pctVal>0.745928087570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.37500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Strategic Series</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
