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          <isPaidKind>N</isPaidKind>
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      <invstOrSec>
        <name>Arkansas Development Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US04110FAB13"/>
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        <valUSD>153387.60000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807JW93"/>
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        <valUSD>91338.69000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807PW20"/>
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        <valUSD>152869.85000000</valUSD>
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          <maturityDt>2065-06-15</maturityDt>
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        <name>City of Austin TX</name>
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        <valUSD>101889.17000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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        <name>Avenir Community Development District</name>
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          <isin value="US05357JAW62"/>
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        <valUSD>101598.83000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Babcock Ranch Community Independent Special District</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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        <name>County of Bastrop TX</name>
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          <isin value="US07031MAE93"/>
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        <balance>105000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>108974.70000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</annualizedRt>
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        <name>Bella Tara Community Development District</name>
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          <isin value="US07820BAD01"/>
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        <balance>100000.00000000</balance>
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        <valUSD>103939.93000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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          <annualizedRt>6.12500000</annualizedRt>
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        <name>Berks County Municipal Authority (The)</name>
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          <isin value="US084538JD01"/>
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        <balance>18000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-30</maturityDt>
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        <name>Berks County Municipal Authority (The)</name>
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          <isin value="US084538JF58"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-30</maturityDt>
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        <name>Berks County Municipal Authority (The)</name>
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          <isin value="US084538JH15"/>
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        <balance>120000.00000000</balance>
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        <valUSD>114870.22000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-06-30</maturityDt>
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        <name>Berks County Municipal Authority (The)</name>
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          <isin value="US084538JK44"/>
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        <balance>59000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2044-06-30</maturityDt>
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        <name>Big Cypress Stewardship District</name>
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          <maturityDt>2055-05-01</maturityDt>
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        <name>Black Belt Energy Gas District</name>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bridle Creek Community Development District</name>
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          <isin value="US108860AD96"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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          <annualizedRt>6.37500000</annualizedRt>
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      <invstOrSec>
        <name>Buena Lago Community Development District</name>
        <lei>N/A</lei>
        <title>Buena Lago Community Development District, Series 2024</title>
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          <isin value="US119126AG58"/>
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        <balance>75000.00000000</balance>
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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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      <invstOrSec>
        <name>CMFA Special Finance Agency VII</name>
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          <isin value="US12574UAC80"/>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Center Lake Ranch West Community Development District</name>
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        <name>Charlotte County Industrial Development Authority/FL</name>
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        <name>Chicago Board of Education</name>
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        <name>Chicago Board of Education</name>
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        <name>Colorado Health Facilities Authority</name>
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        <name>Creekside Community Development District</name>
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        <name>City of Dayton TX</name>
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        <name>Deering Park Stewardship District</name>
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        <name>Denver Health &amp; Hospital Authority</name>
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      <invstOrSec>
        <name>City of Detroit MI</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>Franklin Dynamic Municipal Bond ETF</name>
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        <name>Georgia Housing &amp; Finance Authority</name>
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      <invstOrSec>
        <name>Golden State Connect Authority</name>
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        <name>City of Goshen IN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grand Canyon University</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hammock Oaks Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Harris County Municipal Utility District No. 540</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Harvest Hills South Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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        <name>County of Hays TX</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Henderson Local Improvement Districts</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Highland Trails Community Development District</name>
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        <name>Hillcrest Preserve Community Development District</name>
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          <maturityDt>2054-05-01</maturityDt>
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        <name>Homewood Educational Building Authority</name>
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        <name>City of Houston TX Airport System Revenue</name>
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        <name>Hunt Club Grove Community Development District</name>
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        <name>City of Hutto TX</name>
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      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>549300ZG6UBPNNNRN315</lei>
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          <isin value="US45204ER670"/>
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        <invCountry>US</invCountry>
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        <name>Louisiana Local Government Environmental Facilities &amp; Community Development Auth</name>
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        <name>Maricopa County Industrial Development Authority</name>
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        <name>Maryland Economic Development Corp.</name>
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        <name>New Hope Cultural Education Facilities Finance Corp.</name>
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        <name>Sierra Vista Industrial Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Southeast Energy Authority A Cooperative District</name>
        <lei>25490090A3RLJHITY273</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Springs at Lake Alfred Community Development District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>146432.34000000</valUSD>
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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>5.60000000</annualizedRt>
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      <invstOrSec>
        <name>Stamford Housing Authority</name>
        <lei>N/A</lei>
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          <isin value="US852640AK71"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-10-01</maturityDt>
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      <invstOrSec>
        <name>Stonegate Preserve Community Development District</name>
        <lei>N/A</lei>
        <title>Stonegate Preserve Community Development District, Series 2023</title>
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          <isin value="US86182EAC21"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-12-15</maturityDt>
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      <invstOrSec>
        <name>Stonegate Preserve Community Development District</name>
        <lei>N/A</lei>
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          <isin value="US86182EAG35"/>
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        <balance>125000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>128709.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sugarloaf Community Development District</name>
        <lei>N/A</lei>
        <title>Sugarloaf Community Development District, Series 2026</title>
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          <isin value="US865037AC90"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>100587.50000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</annualizedRt>
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      <invstOrSec>
        <name>Summit County Development Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US86607JAD63"/>
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        <curCd>USD</curCd>
        <valUSD>133677.15000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2058-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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        <name>Tempe Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Tempe Industrial Development Authority, Series 2019</title>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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        <name>Tempe Industrial Development Authority</name>
        <lei>N/A</lei>
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        <balance>250000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-12-01</maturityDt>
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        <name>Terra Lago Community Development District</name>
        <lei>N/A</lei>
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          <isin value="US88104DAG60"/>
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        <balance>100000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <name>City of Tomball TX</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2052-09-15</maturityDt>
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        <name>Tranquility Community Development District</name>
        <lei>N/A</lei>
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          <isin value="US89300NAD12"/>
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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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          <annualizedRt>5.62500000</annualizedRt>
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        <name>Tulsa Municipal Airport Trust Trustees/OK</name>
        <lei>N/A</lei>
        <title>Tulsa Municipal Airport Trust Trustees, Series 2025</title>
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        <balance>135000.00000000</balance>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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      <invstOrSec>
        <name>Twisted Oaks Pointe Community Development District</name>
        <lei>N/A</lei>
        <title>Twisted Oaks Pointe Community Development District, Series 2023</title>
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          <isin value="US90184FAB13"/>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-05-01</maturityDt>
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          <annualizedRt>5.37500000</annualizedRt>
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      <invstOrSec>
        <name>Twisted Oaks Pointe Community Development District</name>
        <lei>N/A</lei>
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          <isin value="US90184FAF27"/>
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        <balance>75000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Two Rivers West Community Development District</name>
        <lei>N/A</lei>
        <title>Two Rivers West Community Development District, Series 2024</title>
        <cusip>90207HAL8</cusip>
        <identifiers>
          <isin value="US90207HAL87"/>
          <other otherDesc="Inhouse Asset ID" value="1532456"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>77135.08000000</valUSD>
        <pctVal>0.184224697347</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.87500000</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>V-Dana Community Development District</name>
        <lei>N/A</lei>
        <title>V-Dana Community Development District, Series 2025</title>
        <cusip>91822RAP0</cusip>
        <identifiers>
          <isin value="US91822RAP01"/>
          <other otherDesc="Inhouse Asset ID" value="1440610"/>
        </identifiers>
        <balance>95000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>95804.01000000</valUSD>
        <pctVal>0.228812425512</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>5.55000000</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>Walden Pond Fresh Water Supply District</name>
        <lei>N/A</lei>
        <title>Walden Pond Fresh Water Supply District, Series 2022</title>
        <cusip>931209AY6</cusip>
        <identifiers>
          <isin value="US931209AY62"/>
          <other otherDesc="Inhouse Asset ID" value="1340824"/>
        </identifiers>
        <balance>45000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45807.57000000</valUSD>
        <pctVal>0.109403992573</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</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>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission, Series 2023 A</title>
        <cusip>939783Q74</cusip>
        <identifiers>
          <isin value="US939783Q745"/>
          <other otherDesc="Inhouse Asset ID" value="1286229"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>120957.18000000</valUSD>
        <pctVal>0.288886715065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-07-01</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>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
        <title>Washington State Housing Finance Commission, Series 2019 A</title>
        <cusip>939783ZB5</cusip>
        <identifiers>
          <isin value="US939783ZB59"/>
          <other otherDesc="Inhouse Asset ID" value="1011652"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>91509.37000000</valUSD>
        <pctVal>0.218555370561</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-01-01</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>Waterset South Community Development District</name>
        <lei>N/A</lei>
        <title>Waterset South Community Development District, Series 2026</title>
        <cusip>94186HAQ4</cusip>
        <identifiers>
          <isin value="US94186HAQ48"/>
          <other otherDesc="Inhouse Asset ID" value="1580795"/>
        </identifiers>
        <balance>175000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>177409.68000000</valUSD>
        <pctVal>0.423714406007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.65000000</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>Wellness Ridge Community Development District</name>
        <lei>N/A</lei>
        <title>Wellness Ridge Community Development District, Series 2024</title>
        <cusip>95004CAF6</cusip>
        <identifiers>
          <isin value="US95004CAF68"/>
          <other otherDesc="Inhouse Asset ID" value="1426376"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>98484.39000000</valUSD>
        <pctVal>0.235214080820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.20000000</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>West Port East Community Development District</name>
        <lei>N/A</lei>
        <title>West Port East Community Development District, Series 2025</title>
        <cusip>95549KAC7</cusip>
        <identifiers>
          <isin value="US95549KAC71"/>
          <other otherDesc="Inhouse Asset ID" value="1487531"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123892.18000000</valUSD>
        <pctVal>0.295896489174</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>West Villages Improvement District</name>
        <lei>N/A</lei>
        <title>West Villages Improvement District, Series 2025</title>
        <cusip>956454CZ3</cusip>
        <identifiers>
          <isin value="US956454CZ35"/>
          <other otherDesc="Inhouse Asset ID" value="1540002"/>
        </identifiers>
        <balance>145000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>144979.77000000</valUSD>
        <pctVal>0.346260796640</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>5.50000000</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>Westwood of Pasco Community Development District</name>
        <lei>N/A</lei>
        <title>Westwood of Pasco Community Development District, Series 2023</title>
        <cusip>96181RAC3</cusip>
        <identifiers>
          <isin value="US96181RAC34"/>
          <other otherDesc="Inhouse Asset ID" value="1286242"/>
        </identifiers>
        <balance>130000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>133384.46000000</valUSD>
        <pctVal>0.318567268930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.62500000</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>Winding Oaks Community Development District</name>
        <lei>N/A</lei>
        <title>Winding Oaks Community Development District, Series 2024</title>
        <cusip>973389AC3</cusip>
        <identifiers>
          <isin value="US973389AC39"/>
          <other otherDesc="Inhouse Asset ID" value="1408490"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100667.71000000</valUSD>
        <pctVal>0.240428588489</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>5.70000000</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>Wisconsin Health &amp; Educational Facilities Authority</name>
        <lei>549300ISNGXS0VHGVD41</lei>
        <title>Wisconsin Health &amp; Educational Facilities Authority, Series 2024</title>
        <cusip>97712JJX2</cusip>
        <identifiers>
          <isin value="US97712JJX28"/>
          <other otherDesc="Inhouse Asset ID" value="1367483"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>104498.70000000</valUSD>
        <pctVal>0.249578290198</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.12500000</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>Woodland Preserve Community Development District</name>
        <lei>N/A</lei>
        <title>Woodland Preserve Community Development District, Series 2025</title>
        <cusip>97966AAC9</cusip>
        <identifiers>
          <isin value="US97966AAC99"/>
          <other otherDesc="Inhouse Asset ID" value="1451141"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100560.88000000</valUSD>
        <pctVal>0.240173442265</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>5.50000000</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>GDB Debt Recovery Authority of Puerto Rico</name>
        <lei>N/A</lei>
        <title>GDB Debt Recovery Authority of Puerto Rico</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US36829QAA31"/>
          <other otherDesc="Inhouse Asset ID" value="1096669"/>
        </identifiers>
        <balance>79782.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>78468.97000000</valUSD>
        <pctVal>0.187410478467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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>Brightline Train Holdings West LLC</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>Brightline Train Holdings West LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1547892"/>
        </identifiers>
        <balance>1290.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <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>2026-03-30</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>
</edgarSubmission>
