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      <invstOrSec>
        <name>City of Apple Valley MN</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Aransas Pass TX</name>
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        <valUSD>100257.23000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.00000000</annualizedRt>
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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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        <curCd>USD</curCd>
        <valUSD>153954.39000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-05-01</maturityDt>
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          <annualizedRt>5.70000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807JW93"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>89902.84000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2059-06-15</maturityDt>
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          <annualizedRt>4.87500000</annualizedRt>
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      <invstOrSec>
        <name>Arlington Higher Education Finance Corp.</name>
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          <isin value="US041807PW20"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>151893.20000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2065-06-15</maturityDt>
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          <annualizedRt>5.87500000</annualizedRt>
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      <invstOrSec>
        <name>City of Austin TX</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
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          <isin value="US052466BA62"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101516.11000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
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      <invstOrSec>
        <name>Avenir Community Development District</name>
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          <isin value="US05357JAW62"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>101127.67000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Babcock Ranch Community Independent Special District</name>
        <lei>N/A</lei>
        <title>Babcock Ranch Community Independent Special District, Series 2024</title>
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          <isin value="US05616KBV17"/>
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        <balance>150000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>148686.54000000</valUSD>
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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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          <maturityDt>2055-05-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <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>107905.97000000</valUSD>
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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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          <maturityDt>2044-09-01</maturityDt>
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          <annualizedRt>5.25000000</annualizedRt>
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      <invstOrSec>
        <name>Bella Tara Community Development District</name>
        <lei>N/A</lei>
        <title>Bella Tara Community Development District, Series 2025</title>
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          <isin value="US07820BAD01"/>
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        <balance>100000.00000000</balance>
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        <valUSD>103105.73000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-05-01</maturityDt>
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      <invstOrSec>
        <name>Berks County Municipal Authority (The)</name>
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        <title>Berks County Municipal Authority (The), Series 2024 A-1</title>
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          <isin value="US084538JD01"/>
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        <balance>18000.00000000</balance>
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        <valUSD>18340.51000000</valUSD>
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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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          <annualizedRt>8.00000000</annualizedRt>
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        <name>Berks County Municipal Authority (The)</name>
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          <isin value="US084538JF58"/>
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        <balance>8000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2034-06-30</maturityDt>
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          <annualizedRt>6.00000000</annualizedRt>
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        <name>Berks County Municipal Authority (The)</name>
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          <isin value="US084538JH15"/>
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          <maturityDt>2039-06-30</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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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>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Big Cypress Stewardship District</name>
        <lei>N/A</lei>
        <title>Big Cypress Stewardship District, Series 2026</title>
        <cusip>08911PAD7</cusip>
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          <isin value="US08911PAD78"/>
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        <balance>150000.00000000</balance>
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        <valUSD>150674.93000000</valUSD>
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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>5.75000000</annualizedRt>
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        <name>Black Belt Energy Gas District</name>
        <lei>549300I8V0Z68JQCB679</lei>
        <title>Black Belt Energy Gas District, Series 2025 G</title>
        <cusip>09182TGM3</cusip>
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          <isin value="US09182TGM36"/>
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        <balance>100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>105756.06000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Bridle Creek Community Development District</name>
        <lei>N/A</lei>
        <title>Bridle Creek Community Development District, Series 2025</title>
        <cusip>108860AD9</cusip>
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          <isin value="US108860AD96"/>
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        <balance>160000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>164714.93000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Caymas Community Development District</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>Colorado Health Facilities Authority</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>EP Cimarron Ventanas PFC</name>
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        <name>Esplanade at Wellen Park Community Development District</name>
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        <name>City of Fate TX</name>
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        <name>Fayetteville Public Facilities Board</name>
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      <invstOrSec>
        <name>Florida Development Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-06-01</maturityDt>
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        <name>Fox Branch Ranch Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2055-05-01</maturityDt>
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      <invstOrSec>
        <name>Franklin Dynamic Municipal Bond ETF</name>
        <lei>549300RTD7Q8YMBA7Q25</lei>
        <title>Franklin Dynamic Municipal Bond ETF</title>
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          <isin value="US35473P8683"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Gas Worx Community Development District</name>
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          <isin value="US367200AD48"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Georgia Housing &amp; Finance Authority</name>
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          <isin value="US37353PRJ02"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-12-01</maturityDt>
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      <invstOrSec>
        <name>GIR East Community Development District</name>
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          <isin value="US37611TAC36"/>
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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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      <invstOrSec>
        <name>Golden State Connect Authority</name>
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          <isin value="US38121BAA70"/>
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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>2060-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Goshen IN</name>
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        <valUSD>88489.78000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Governors Park South Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Grace Groves Community Development District</name>
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        <name>Grand Canyon University</name>
        <lei>N/A</lei>
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          <maturityDt>2028-10-01</maturityDt>
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      <invstOrSec>
        <name>Grand Rapids Economic Development Corp.</name>
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        <name>Hammock Oaks Community Development District</name>
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          <isin value="US40834PAE25"/>
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          <maturityDt>2044-05-01</maturityDt>
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      <invstOrSec>
        <name>Harris County Municipal Utility District No. 540</name>
        <lei>N/A</lei>
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          <isin value="US41430TBB52"/>
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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>2049-09-01</maturityDt>
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      <invstOrSec>
        <name>Harvest Hills South Community Development District</name>
        <lei>N/A</lei>
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          <isin value="US41757NAD03"/>
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        <balance>165000.00000000</balance>
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        <invCountry>US</invCountry>
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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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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-07-15</maturityDt>
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        <name>Hunt Club Grove Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Illinois Finance Authority</name>
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        <name>State of Illinois</name>
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        <name>Indiana Finance Authority</name>
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        <name>Indianapolis Local Public Improvement Bond Bank</name>
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        <name>Iowa Finance Authority</name>
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      <invstOrSec>
        <name>Iowa Finance Authority</name>
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        <name>Kissimmee Park Community Development District</name>
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        <name>Lakeshore Villages Master Community Development District</name>
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        <name>Langley South Community Development District</name>
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        <name>City of Las Vegas NV Special Improvement District No. 819</name>
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        <name>City of Lavon TX</name>
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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>Maryland Economic Development Corp.</name>
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        <name>New York Transportation Development Corp.</name>
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        <name>New York Transportation Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York Transportation Development Corp.</name>
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        <name>North AR-1 Pasco Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northlake Stewardship District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Housing Finance Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Palm Beach County Health Facilities Authority</name>
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        <name>Solaeris Community Development District</name>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Southern Groves Community Development District No. 5</name>
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        <name>Springs at Lake Alfred Community Development District</name>
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        <name>Stamford Housing Authority</name>
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        <name>Stonegate Preserve Community Development District</name>
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        <name>Stonegate Preserve Community Development District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Terra Lago Community Development District</name>
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      <invstOrSec>
        <name>City of Tomball TX</name>
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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>
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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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        <name>Travis County Development Authority</name>
        <lei>N/A</lei>
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          <isin value="US89441ABH95"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-09-01</maturityDt>
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        <name>Tulsa Municipal Airport Trust Trustees/OK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Twisted Oaks Pointe Community Development District</name>
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          <isin value="US90184FAB13"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-05-01</maturityDt>
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        <name>Two Rivers West 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>Utah Infrastructure Agency</name>
        <lei>549300WD2FDRNXU16V82</lei>
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          <isin value="US917467DF68"/>
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        <fairValLevel>2</fairValLevel>
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        <name>V-Dana Community Development District</name>
        <lei>N/A</lei>
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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>5.55000000</annualizedRt>
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        <name>Walden Pond Fresh Water Supply District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2047-09-01</maturityDt>
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      <invstOrSec>
        <name>Washington State Housing Finance Commission</name>
        <lei>549300YL1HU59NREG764</lei>
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          <isin value="US939783Q745"/>
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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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          <maturityDt>2048-07-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        </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>92224.97000000</valUSD>
        <pctVal>0.193033881683</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>176929.76000000</valUSD>
        <pctVal>0.370327454247</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>98510.22000000</valUSD>
        <pctVal>0.206189388319</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>Wellness Ridge Community Development District</name>
        <lei>N/A</lei>
        <title>Wellness Ridge Community Development District, Series 2026</title>
        <cusip>95004CAJ8</cusip>
        <identifiers>
          <isin value="US95004CAJ80"/>
          <other otherDesc="Inhouse Asset ID" value="1587131"/>
        </identifiers>
        <balance>120000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>121007.22000000</valUSD>
        <pctVal>0.253277321623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-06-15</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>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>122946.30000000</valUSD>
        <pctVal>0.257335963651</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>142942.51000000</valUSD>
        <pctVal>0.299189553142</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>West Villages Improvement District</name>
        <lei>N/A</lei>
        <title>West Villages Improvement District, Series 2026</title>
        <cusip>956454DH2</cusip>
        <identifiers>
          <isin value="US956454DH28"/>
          <other otherDesc="Inhouse Asset ID" value="1611103"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>99943.99000000</valUSD>
        <pctVal>0.209190378057</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>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>132518.40000000</valUSD>
        <pctVal>0.277371097507</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>99999.35000000</valUSD>
        <pctVal>0.209306250751</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 A</title>
        <cusip>97712JJE4</cusip>
        <identifiers>
          <isin value="US97712JJE47"/>
          <other otherDesc="Inhouse Asset ID" value="1488307"/>
        </identifiers>
        <balance>275000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284970.81000000</valUSD>
        <pctVal>0.596465595173</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-08-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</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>104024.95000000</valUSD>
        <pctVal>0.217732137949</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>99718.14000000</valUSD>
        <pctVal>0.208717656817</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>78289.00000000</valUSD>
        <pctVal>0.163864835772</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>2026-06-30</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>
