NPORT-EX 2 FMST.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MUN-Q3PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
2
Notes
to
Schedule
of
Investments
21
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
California
High
Yield
Municipal
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
60,804
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
Principal
Amount
a
a
a
a
Corporate
Bonds
2.4%
Commercial
Services
&
Supplies
0.6%
a
,c
CalPlant
I
LLC
,
Senior
Secured
Note
,
144A,
15%,
7/01/25
...............................
$
4,195,000
4,195,000
d
21
A
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,370,000
178,100
d
21
B
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
5,220,000
678,600
d
22
A
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
2,875,000
373,750
d
22
B
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
250,000
32,500
d
22
C
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,885,000
1,885,000
d
22
X
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
2,830,000
2,830,000
d
23
A
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,000,000
1,000,000
d
23
B
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
890,000
890,000
d
23
C
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,415,000
1,415,000
d
23
D
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,230,000
1,230,000
d
23
E
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,385,000
1,385,000
16,092,950
Diversified
Consumer
Services
1.5%
Grand
Canyon
University
,
Secured
Note
,
5.125%,
10/01/28
....................
45,335,000
42,979,239
Electric
Utilities
0.3%
c
Mission
Rock
Utilities,
Inc.
,
144A,
7%,
7/01/27
..............................
10,000,000
10,026,125
Total
Corporate
Bonds
(Cost
$
79,807,276
)
......................................
69,098,314
Senior
Floating
Rate
Interests
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
,d
,e
,f
Rialto
Bioenergy
Facility
LLC,
First
Lien,
CME
Term
Loan,
B
,
PIK,
15.328
%
,
(
1-month
SOFR
+
10
%
),
4/01/31
..............................................
356,037
184,656
a
,d
,e
,f
Rialto
Bioenergy
Facility
LLC,
First
Lien,
Initial
Roll-Up
CME
Term
Loan,
B
,
PIK,
15.32
%
,
(
12-month
SOFR
+
10
%
),
9/18/25
...............................
1,545,702
—
184,656
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
1,886,068
)
...........................
184,656
Municipal
Bonds
96.0%
Arizona
0.3%
c
,g
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
..........................
9,340,000
9,572,240
California
88.0%
Alameda
Community
Facilities
District
,
City
of
Alameda
Community
Facilities
District
No.
22-1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
850,000
909,824
City
of
Alameda
Community
Facilities
District
No.
22-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,052,376
City
of
Alameda
Community
Facilities
District
No.
22-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,000,000
1,036,425
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue,
Senior
Lien
,
2024
B
,
AGMC
Insured
,
4.375
%
,
7/01/49
...............
5,000,000
5,066,398
Revenue,
Senior
Lien
,
2024
B
,
AGMC
Insured
,
4.5
%
,
7/01/54
................
5,750,000
5,816,858
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
h
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
..........................
$
10,000,000
$
10,181,265
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
10/01/32
...........................
11,285,000
12,233,969
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
15,000,000
16,442,253
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
10,000,000
10,905,707
California
Community
College
Financing
Authority
,
c
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
30,295,000
29,488,665
c
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
B
,
7.75
%
,
7/01/30
.....
2,405,000
2,273,657
c
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
C
,
6.75
%
,
7/01/60
.....
7,050,000
6,882,552
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/48
..........
225,000
233,618
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
6,785,000
7,022,627
c
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
27,050,000
23,578,173
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
885,000
713,329
Exchange
at
Bayfront
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/51
........................................................
13,000,000
6,260,702
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
11,300,000
6,495,702
Serenity
at
Larkspur
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
2/01/50
.........
22,525,000
17,072,321
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
5,475,000
5,000,746
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,000,000
14,407,469
California
County
Tobacco
Securitization
Agency
,
Gold
Country
Settlement
Funding
Corp.
,
Revenue
,
2020
B-2
,
Refunding
,
Zero
Cpn.,
6/01/55
........................................................
12,905,000
2,802,967
Merced
County
Tobacco
Funding
Corp.
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
6/01/50
3,000,000
3,029,371
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-2
,
Refunding
,
Zero
Cpn.,
6/01/55
........................................................
10,000,000
2,172,001
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/37
.......
1,265,000
1,310,862
Art
Center
College
of
Design
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/38
.......
1,125,000
1,164,139
Art
Center
College
of
Design
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/44
.......
10,375,000
10,604,337
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
4,185,000
5,173,687
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-3
,
5
%
,
6/01/43
............
5,815,000
7,230,652
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
4
%
,
6/01/54
...................
10,000,000
10,004,621
c,g
Real
Journey
Academies
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/54
..
2,000,000
2,033,710
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/36
250,000
246,598
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/51
630,000
567,986
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/61
845,000
734,316
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2024
,
5
%
,
6/01/54
.........
1,400,000
1,442,330
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2024
,
5
%
,
6/01/64
.........
1,350,000
1,383,900
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
3/01/39
........................................................
8,190,000
8,168,472
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5.25
%
,
12/01/43
2,825,000
3,108,789
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5.25
%
,
12/01/44
2,750,000
3,016,905
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
8/15/49
........................................................
3,375,000
3,108,279
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/54
.........
16,000,000
17,452,238
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4
%
,
2/01/42
.......................
6,500,000
6,563,702
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/42
.......................
5,000,000
5,158,578
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
21,565,000
26,008,263
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
12,485,000
12,922,346
California
Housing
Finance
Agency
,
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
48,975
49,533
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
...................................
3,776,152
3,699,525
c
Redwood
Gardens
Renewal
LP
,
Revenue
,
144A,
2021
N-S
,
4
%
,
3/01/37
........
3,165,000
2,743,176
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Housing
Finance
Agency,
(continued)
c,h
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-S
,
Mandatory
Put
,
4.5
%
,
9/01/36
........................................................
$
4,000,000
$
3,702,690
California
Infrastructure
&
Economic
Development
Bank
,
c,h
Desertxpress
Enterprises
LLC
,
Revenue
,
144A,
2020
A-4
,
Mandatory
Put
,
8
%
,
8/15/25
........................................................
15,800,000
16,281,393
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
11/01/49
.......................................................
1,750,000
1,912,270
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
11/01/54
.......................................................
1,500,000
1,626,851
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
11/01/59
.......................................................
1,000,000
1,080,307
c
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada,
Inc.
,
Revenue
,
144A,
2016
A
,
5
%
,
1/01/47
..............................................
10,360,000
8,067,812
c
La
Scuola
International
School
,
Revenue
,
144A,
2024
,
5
%
,
7/01/44
............
2,145,000
2,159,526
c
La
Scuola
International
School
,
Revenue
,
144A,
2024
,
5.125
%
,
7/01/54
.........
1,630,000
1,636,666
c
La
Scuola
International
School
,
Revenue
,
144A,
2024
,
5.25
%
,
7/01/64
..........
3,075,000
3,100,201
Roseville
Sustainable
Energy
Partner
LLC
,
Revenue
,
2024
A
,
5.25
%
,
7/01/54
....
6,000,000
6,452,340
c
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,600,000
1,612,443
c
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
2,300,000
2,316,599
California
Municipal
Finance
Authority
,
c,h
Revenue
,
144A,
2023
B-1
,
Mandatory
Put
,
7
%
,
4/01/33
.....................
20,770,000
21,146,973
c,h
Revenue
,
144A,
2023
B-2
,
Mandatory
Put
,
7
%
,
4/01/33
.....................
13,825,000
14,031,931
c
Revenue
,
144A,
2023
,
II
,
7
%
,
7/01/51
..................................
12,655,000
12,918,757
g
Special
Tax
,
2024
D
,
5
%
,
9/01/54
......................................
1,000,000
1,041,421
1717
University
Associates
LLC
,
Revenue
,
2020
A-S
,
5
%
,
9/01/57
.............
1,175,000
996,993
ACI
Royal
York,
Inc.
,
Revenue
,
2020
A
,
4
%
,
2/15/55
........................
2,375,000
2,000,238
American
Heritage/Escondido/Heritage
K-8
Charter
School
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/36
.............................
3,000,000
3,045,353
BOLD
Program
,
Special
Tax
,
2022
B
,
Refunding
,
6
%
,
9/01/52
................
2,920,000
3,167,121
BOLD
Program
,
Special
Tax
,
2022
B
,
Refunding
,
6.3
%
,
9/01/52
...............
1,205,000
1,316,813
BOLD
Program
,
Special
Tax
,
2022
C
,
6.25
%
,
9/01/52
.......................
4,045,000
4,393,687
BOLD
Program
,
Special
Tax
,
2022
D
,
6.125
%
,
9/01/52
......................
6,885,000
7,448,476
BOLD
Program
,
Special
Tax
,
2023
A
,
5.5
%
,
9/01/53
........................
3,000,000
3,266,655
BOLD
Program
,
Special
Tax
,
2023
C
,
5.25
%
,
9/01/53
.......................
1,300,000
1,383,484
BOLD
Program
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
.........................
275,000
297,631
BOLD
Program
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
.........................
625,000
663,552
BOLD
Program
,
Special
Tax
,
2024
A
,
5
%
,
9/01/48
.........................
300,000
316,128
BOLD
Program
,
Special
Tax
,
2024
A
,
5.125
%
,
9/01/54
......................
1,000,000
1,055,083
BOLD
Program
,
Special
Tax
,
2024
B
,
5
%
,
9/01/44
.........................
940,000
1,001,832
BOLD
Program
,
Special
Tax
,
2024
B
,
5
%
,
9/01/49
.........................
1,070,000
1,128,640
BOLD
Program
,
Special
Tax
,
2024
B
,
5
%
,
9/01/54
.........................
1,250,000
1,309,869
Bowles
Hall
Foundation
,
Revenue
,
2015
A
,
5
%
,
6/01/35
.....................
600,000
603,189
Bowles
Hall
Foundation
,
Revenue
,
2015
A
,
5
%
,
6/01/50
.....................
3,250,000
3,259,435
c
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.375
%
,
11/01/40
.........
5,000,000
5,044,783
c
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
10,000,000
10,078,298
c
California
Baptist
University
,
Revenue
,
144A,
2016
A
,
5
%
,
11/01/36
............
2,500,000
2,544,151
c
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
7,502,409
c
Capital
Christian
Center
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
10/01/37
......
8,150,000
6,834,958
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
5,000,000
5,138,560
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
3
%
,
5/15/51
................
550,000
445,132
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
3
%
,
5/15/54
................
2,585,000
2,041,356
CHF-Riverside
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/40
.........................
1,500,000
1,564,657
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/49
........................
9,575,000
9,916,379
City
of
Chula
Vista
Community
Facilities
District
No.
2021-11
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........................................................
2,500,000
2,609,443
c
Claremont
Graduate
University
,
Revenue
,
144A,
2020
B
,
Refunding
,
5
%
,
10/01/39
.
1,120,000
1,130,634
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
c
Claremont
Graduate
University
,
Revenue
,
144A,
2020
B
,
Refunding
,
5
%
,
10/01/49
.
$
4,290,000
$
4,247,554
c
Claremont
Graduate
University
,
Revenue
,
144A,
2020
B
,
Refunding
,
5
%
,
10/01/54
.
1,875,000
1,835,035
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2022
,
5
%
,
9/01/42
.......
1,000,000
1,060,718
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2022
,
5
%
,
9/01/52
.......
5,150,000
5,368,565
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
6
%
,
9/01/52
....................................................
4,350,000
4,683,147
Community
Facilities
District
No.
2022-8
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
500,000
528,373
Community
Facilities
District
No.
2022-8
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
500,000
524,964
Community
Facilities
District
No.
2022-8
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
785,000
822,597
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
500,000
532,477
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
800,000
843,191
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,125,000
1,177,972
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5.125
%
,
9/01/59
.................................................
1,550,000
1,639,465
Community
Facilities
District
No.
2023-5
Area
No.
1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/48
........................................................
600,000
652,415
Community
Facilities
District
No.
2023-5
Area
No.
1
,
Special
Tax
,
2023
,
5.625
%
,
9/01/53
........................................................
1,060,000
1,152,364
Community
Facilities
District
No.
2023-5
Area
No.
1
,
Special
Tax
,
2023
,
5.8
%
,
9/01/53
........................................................
3,190,000
3,496,067
g
Community
Facilities
District
No.
2023-5
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,210,000
1,274,569
g
Community
Facilities
District
No.
2023-5
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,835,000
1,921,962
g
Community
Facilities
District
No.
2023-5
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,165,000
2,254,534
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
4
%
,
12/01/26
.......................................................
200,000
200,558
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/27
.......................................................
100,000
103,375
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/29
.......................................................
50,000
52,630
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/31
.......................................................
130,000
137,504
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/36
.......................................................
350,000
365,961
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/54
.......................................................
2,000,000
2,017,531
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2015
A
,
Pre-
Refunded
,
5
%
,
2/01/40
............................................
5,000,000
5,016,443
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
2/01/42
............................................
10,000,000
9,888,939
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/39
.......................................................
2,670,000
2,741,734
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/49
.......................................................
480,000
482,076
c
Creative
Center
of
Los
Altos
(The)
,
Revenue
,
144A,
2016
B
,
4
%
,
11/01/36
.......
1,395,000
1,362,619
c
Creative
Center
of
Los
Altos
(The)
,
Revenue
,
144A,
2016
B
,
4.5
%
,
11/01/46
......
1,600,000
1,526,953
Del
Harbor
Foundation
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/32
.............
3,020,000
3,059,762
Del
Harbor
Foundation
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/39
.............
6,525,000
6,585,793
Developmental
Services
Support
Foundation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
........................................................
1,895,000
1,968,255
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/37
.........
2,625,000
2,694,105
Eisenhower
Medical
Center
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/47
.........
5,000,000
5,069,415
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Municipal
Finance
Authority,
(continued)
HumanGood
California
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/44
$
5,500,000
$
5,568,596
HumanGood
California
Obligated
Group
,
Revenue
,
2021
,
3
%
,
10/01/49
.........
5,000,000
3,882,166
Ignatian
Corp.
(The)
,
Revenue
,
2024
A
,
5
%
,
9/01/49
.......................
3,150,000
3,483,790
Ignatian
Corp.
(The)
,
Revenue
,
2024
A
,
5
%
,
9/01/54
.......................
4,200,000
4,610,745
c
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
B
,
Zero
Cpn.,
9/01/43
..........
20,710,000
15,118,988
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/37
...
8,965,000
9,016,066
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
16,700,000
14,694,363
a
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
B
,
10
%
,
12/01/62
...........
7,000,000
4,011,663
c
King/Chavez
Facilities
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
5/01/36
.....
1,815,000
1,832,925
c
King/Chavez
Facilities
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
5/01/46
.....
2,775,000
2,791,804
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
13,915,000
14,160,465
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
4
%
,
12/31/47
6,085,000
5,799,364
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
22,250,000
22,566,618
Literacy
First
Charter
School
Issuer
LLC
,
Revenue
,
2019
A
,
5
%
,
12/01/49
.......
4,165,000
4,271,357
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/01/35
......
1,100,000
1,100,313
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/01/44
......
1,050,000
1,050,042
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/47
..
3,000,000
3,017,560
c
P3
Claremont
Holdings
LLC
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/30
.............
520,000
529,439
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2016
A
,
5
%
,
7/01/31
..
1,000,000
1,013,146
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2016
A
,
5
%
,
7/01/36
..
2,750,000
2,776,083
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2016
A
,
5
%
,
7/01/41
..
1,750,000
1,757,310
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2018
A
,
3.875
%
,
7/01/28
740,000
735,948
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2018
A
,
5
%
,
7/01/38
..
1,100,000
1,117,961
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2018
A
,
5
%
,
7/01/49
..
3,600,000
3,616,235
PRS-California
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/44
......
1,415,000
1,534,945
PRS-California
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/49
......
1,300,000
1,384,121
PRS-California
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/54
......
1,540,000
1,629,057
c
Santa
Rosa
Academy
LLC
,
Revenue
,
144A,
2015
,
5.125
%
,
7/01/35
............
450,000
452,836
c
Santa
Rosa
Academy
LLC
,
Revenue
,
144A,
2015
,
5.375
%
,
7/01/45
............
1,400,000
1,405,690
c
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
B
,
6.75
%
,
11/01/39
.............
11,012,000
11,118,816
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5
%
,
5/01/34
...
300,000
313,232
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5.5
%
,
5/01/44
..
510,000
529,201
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5.75
%
,
5/01/54
.
510,000
530,460
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5.875
%
,
5/01/59
700,000
730,881
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
2024
B
,
4.65
%
,
5/01/30
.....
1,045,000
1,066,511
c
STREAM
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/41
...............
925,000
913,713
c
STREAM
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/51
...............
2,770,000
2,625,856
c
STREAM
Charter
School
,
Revenue
,
144A,
2020
B
,
6.4
%
,
6/15/32
.............
705,000
686,720
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
5
%
,
6/15/34
...........
500,000
533,613
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
5.5
%
,
6/15/39
..........
655,000
705,774
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
5.9
%
,
6/15/44
..........
1,255,000
1,356,671
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.2
%
,
6/15/54
..........
2,900,000
3,138,159
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.375
%
,
6/15/64
........
3,000,000
3,275,360
c
California
Pollution
Control
Financing
Authority
,
d
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7
%
,
7/01/22
........................
3,500,000
47,250
d
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7.5
%
,
7/01/32
.......................
13,000,000
175,500
d
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
8
%
,
7/01/39
........................
11,500,000
155,250
d
CalPlant
I
LLC
,
Revenue
,
144A,
2020
,
7.5
%
,
7/01/32
.......................
4,500,000
60,750
Poseidon
Resources
Channelside
LP
,
Revenue
,
144A,
2012
,
5
%
,
11/21/45
......
21,685,000
21,687,795
a,d
Rialto
Bioenergy
Facility
LLC
,
Revenue
,
144A,
2018
,
6.75
%
,
12/01/28
..........
910,035
117,094
a,d
Rialto
Bioenergy
Facility
LLC
,
Revenue
,
144A,
2018
,
7.5
%
,
12/01/40
...........
4,237,715
545,264
California
Public
Finance
Authority
,
c
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
4,015,000
3,723,030
Henry
Mayo
Newhall
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/15/37
.......................................................
1,100,000
1,120,919
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Public
Finance
Authority,
(continued)
c
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/36
.......................................................
$
1,000,000
$
1,020,566
c
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.......................................................
2,000,000
1,887,486
c
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
B-1
,
Refunding
,
3.125
%
,
5/15/29
........................................................
2,510,000
2,474,527
c
California
School
Finance
Authority
,
Revenue
,
144A,
2017
,
5
%
,
6/01/47
....................................
700,000
700,324
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
C
,
5
%
,
7/01/46
....................................................
10,000,000
10,107,700
Alternative
Schools,
Inc.
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/41
.......
500,000
421,277
Alternative
Schools,
Inc.
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/51
.......
2,835,000
2,199,464
Alternative
Schools,
Inc.
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/61
.......
3,675,000
2,706,545
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
,
Refunding
,
5
%
,
8/01/35
........................................................
1,000,000
1,007,489
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
,
Refunding
,
5
%
,
8/01/40
........................................................
1,000,000
1,005,360
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
,
5
%
,
8/01/41
......
2,010,000
2,019,981
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
........................................................
190,000
192,567
Citizens
of
the
World
Los
Angeles
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.25
%
,
4/01/52
........................................................
2,000,000
2,056,230
Citizens
of
the
World
Los
Angeles
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.375
%
,
4/01/62
.................................................
2,000,000
2,059,264
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
10/01/37
.......................................................
1,485,000
1,521,089
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
10/01/44
.......................................................
5,610,000
5,689,235
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
10/01/40
.....
500,000
513,022
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
10/01/50
.....
3,570,000
3,619,060
Ednovate
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
6/01/48
...............
1,000,000
969,094
Ednovate
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
6/01/56
...............
1,710,000
1,629,326
Envision
Education
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/54
......
900,000
911,798
Fenton
Charter
Public
Schools
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/40
...........
225,000
227,431
Fenton
Charter
Public
Schools
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/50
...........
1,275,000
1,281,376
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
7/01/43
........................................................
2,000,000
2,021,711
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
7/01/49
........................................................
5,750,000
5,805,869
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
8/01/35
.
2,525,000
2,541,596
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
8/01/45
.
3,500,000
3,513,368
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5
%
,
8/01/38
.
1,000,000
1,032,952
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5
%
,
8/01/48
.
1,750,000
1,790,626
Harbor
Springs
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.5
%
,
7/01/54
........
2,235,000
2,338,968
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/31
.....................
250,000
237,474
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/41
.....................
435,000
413,421
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
.....................
600,000
542,177
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
.....................
1,320,000
1,158,726
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5
%
,
7/01/39
.................
1,000,000
1,013,178
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5.25
%
,
7/01/44
...............
800,000
810,442
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5.5
%
,
7/01/54
................
1,600,000
1,620,683
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5.6
%
,
7/01/64
................
2,000,000
2,025,754
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
4.5
%
,
7/01/32
.
605,000
614,695
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
7/01/42
...
2,140,000
2,164,133
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
7/01/52
...
3,175,000
3,137,399
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5.125
%
,
7/01/62
8,125,000
8,137,284
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
c
California
School
Finance
Authority,
(continued)
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
7/01/35
$
1,200,000
$
1,208,331
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
7/01/45
1,675,000
1,681,586
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
7/01/49
2,150,000
2,217,777
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
7/01/54
1,150,000
1,181,669
Larchmont
Schools
,
Revenue
,
144A,
2018
A
,
5
%
,
6/01/55
...................
3,050,000
3,019,836
Lifeline
Education
Charter
School,
Inc.
,
Revenue
,
144A,
2020
A
,
3
%
,
7/01/30
.....
365,000
350,256
Lifeline
Education
Charter
School,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/45
.....
1,200,000
1,217,612
Lifeline
Education
Charter
School,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/55
.....
1,235,000
1,246,626
Lighthouse
Community
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.375
%
,
6/01/52
.................................................
1,250,000
1,324,645
Lighthouse
Community
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
6/01/62
...................................................
1,500,000
1,591,043
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/31
.......
1,000,000
1,003,636
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
.......
1,670,000
1,632,764
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/51
.......
16,730,000
14,599,772
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/55
.......
1,400,000
1,198,404
New
Designs
Charter
School
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
6/01/54
...
650,000
654,657
New
Designs
Charter
School
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
6/01/64
...
1,600,000
1,602,635
Orange
County
Educational
Arts
Academy
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/33
........................................................
650,000
671,103
Orange
County
Educational
Arts
Academy
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
6/01/43
.................................................
560,000
577,049
Orange
County
Educational
Arts
Academy
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.875
%
,
6/01/53
.................................................
600,000
618,139
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
8/01/33
............................................
720,000
761,375
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5.25
%
,
8/01/38
.........................................
500,000
531,422
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5.5
%
,
8/01/43
..........................................
550,000
588,250
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5.5
%
,
8/01/47
..........................................
525,000
556,490
Real
Journey
Academies
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
6/01/49
..
7,105,000
7,119,846
Rex
&
Margaret
Fortune
School
of
Education
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/44
2,000,000
2,014,916
Rex
&
Margaret
Fortune
School
of
Education
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/54
2,350,000
2,336,856
Rex
&
Margaret
Fortune
School
of
Education
,
Revenue
,
144A,
2024
A
,
5.125
%
,
6/01/59
........................................................
1,500,000
1,503,551
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/30
........
1,250,000
1,288,053
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/37
........
2,000,000
2,034,269
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/47
........
1,975,000
1,985,829
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/52
........
1,340,000
1,344,122
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2023
A
,
5.75
%
,
7/01/42
......
980,000
1,040,469
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
A
,
5
%
,
6/01/34
....
750,000
759,053
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
A
,
5.125
%
,
6/01/47
.
845,000
846,263
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
A
,
5.25
%
,
6/01/52
..
2,440,000
2,444,859
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
G
,
5
%
,
6/01/30
....
315,000
322,115
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
G
,
5
%
,
6/01/37
....
360,000
363,591
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/31
........................................................
260,000
248,524
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/41
........................................................
600,000
509,853
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/51
........................................................
800,000
610,052
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
........................................................
1,300,000
945,085
Summit
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2017
,
Pre-Refunded
,
5
%
,
6/01/47
........................................................
800,000
836,735
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
State
Public
Works
Board
,
State
of
California
,
Revenue
,
2024
A
,
5
%
,
4/01/49
$
13,000,000
$
14,491,165
California
Statewide
Communities
Development
Authority
,
Revenue
,
2015
R-1
,
Refunding
,
5
%
,
9/02/40
.............................
2,230,000
2,247,424
Special
Assessment
,
2016
A
,
5
%
,
9/02/36
...............................
1,035,000
1,058,561
Special
Assessment
,
2017
A
,
4
%
,
9/02/27
...............................
795,000
802,005
Special
Assessment
,
2017
A
,
5
%
,
9/02/37
...............................
1,970,000
2,036,492
Special
Assessment
,
2017
A
,
5
%
,
9/02/46
...............................
2,455,000
2,507,550
Special
Assessment
,
2017
B
,
5
%
,
9/02/37
...............................
3,260,000
3,375,214
Special
Assessment
,
2017
B
,
5
%
,
9/02/47
...............................
2,520,000
2,583,319
Special
Assessment
,
2017
C
,
5
%
,
9/02/37
...............................
3,980,000
4,114,334
Special
Assessment
,
2018
A
,
5
%
,
9/02/38
...............................
2,150,000
2,242,584
Special
Assessment
,
2018
A
,
5
%
,
9/02/47
...............................
3,745,000
3,857,767
Special
Assessment
,
2018
B
,
5
%
,
9/02/38
...............................
2,760,000
2,867,098
Special
Assessment
,
2018
B
,
5
%
,
9/02/43
...............................
4,690,000
4,831,761
Special
Assessment
,
2018
B
,
5
%
,
9/02/48
...............................
4,605,000
4,719,002
Special
Assessment
,
2018
C
,
5
%
,
9/02/38
...............................
5,265,000
5,489,850
Special
Assessment
,
2018
C
,
5
%
,
9/02/48
...............................
6,605,000
6,786,948
Special
Assessment
,
2019
A
,
5
%
,
9/02/39
...............................
1,600,000
1,680,523
Special
Assessment
,
2019
A
,
5
%
,
9/02/44
...............................
940,000
978,963
Special
Assessment
,
2019
B
,
5
%
,
9/02/44
...............................
1,150,000
1,198,677
Special
Assessment
,
2019
C
,
5
%
,
9/02/39
...............................
850,000
886,025
Special
Assessment
,
2020
A
,
5
%
,
9/02/40
...............................
1,250,000
1,317,221
Special
Assessment
,
2020
A
,
4
%
,
9/02/50
...............................
900,000
844,445
Special
Assessment
,
2020
A
,
5
%
,
9/02/50
...............................
1,000,000
1,036,149
Special
Assessment
,
2020
B
,
4
%
,
9/02/40
...............................
565,000
554,324
Special
Assessment
,
2020
B
,
4
%
,
9/02/50
...............................
695,000
630,996
Special
Assessment
,
2021
A
,
4
%
,
9/02/41
...............................
995,000
968,294
Special
Assessment
,
2021
A
,
4
%
,
9/02/51
...............................
3,175,000
2,915,120
Special
Assessment
,
2021
B
,
4
%
,
9/02/41
...............................
3,280,000
3,211,256
Special
Assessment
,
2021
B
,
4
%
,
9/02/51
...............................
3,145,000
2,915,181
Special
Assessment
,
2021
C-1
,
4
%
,
9/02/41
..............................
2,435,000
2,280,489
Special
Assessment
,
2021
C-1
,
4
%
,
9/02/51
..............................
3,610,000
3,201,816
Special
Assessment
,
2021
C-2
,
5
%
,
9/02/41
..............................
3,150,000
2,653,978
Special
Assessment
,
2021
C-2
,
5.5
%
,
9/02/51
............................
3,575,000
2,765,311
Special
Assessment
,
2022
B
,
5
%
,
9/02/42
...............................
3,000,000
3,169,956
Special
Assessment
,
2022
B
,
5
%
,
9/02/52
...............................
3,000,000
3,107,381
Special
Assessment
,
2022
C
,
5.375
%
,
9/02/52
............................
1,990,000
2,104,342
Special
Assessment
,
2023
D
,
5.5
%
,
9/02/53
..............................
1,000,000
1,052,509
Special
Tax
,
2023
C-1
,
5.25
%
,
9/02/53
..................................
3,000,000
3,072,001
Aldersly
Obligated
Group
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
5/15/32
........
750,000
756,666
Assessment
District
No.
14-01
,
Special
Assessment
,
2015
,
5
%
,
9/02/35
.........
2,000,000
2,019,782
Assessment
District
No.
14-01
,
Special
Assessment
,
2015
,
5
%
,
9/02/45
.........
3,810,000
3,832,008
c
California
Baptist
University
,
Revenue
,
144A,
2014
A
,
6.125
%
,
11/01/33
.........
1,375,000
1,377,890
c
California
Baptist
University
,
Revenue
,
144A,
2014
A
,
6.375
%
,
11/01/43
.........
4,035,000
4,041,161
c
California
Baptist
University
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
11/01/32
...
1,135,000
1,164,944
c
California
Baptist
University
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
11/01/41
...
1,875,000
1,893,994
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
.....
6,000,000
5,980,681
CHF-Irvine
LLC
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/40
....................
1,500,000
1,527,853
Community
Facilities
District
2022-7
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,500,000
1,584,029
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2016
A
,
5
%
,
9/01/46
......
10,625,000
10,750,773
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2019
,
5
%
,
9/01/39
.......
1,230,000
1,278,867
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2019
,
5
%
,
9/01/49
.......
3,000,000
3,076,834
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2020
,
4
%
,
9/01/40
.......
3,345,000
3,266,682
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2020
,
4
%
,
9/01/50
.......
2,845,000
2,579,732
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2022
,
5.5
%
,
9/01/52
......
7,490,000
7,851,034
Community
Facilities
District
No.
2018-01
,
Special
Tax
,
2019
,
5
%
,
9/01/39
.......
1,650,000
1,714,376
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
California
Statewide
Communities
Development
Authority,
(continued)
Community
Facilities
District
No.
2018-01
,
Special
Tax
,
2019
,
5
%
,
9/01/48
.......
$
2,000,000
$
2,055,755
Community
Facilities
District
No.
2022-08
Improvement
Area
,
Special
Tax
,
2024
,
5.25
%
,
9/01/39
..................................................
2,360,000
2,492,581
Community
Facilities
District
No.
2022-08
Improvement
Area
,
Special
Tax
,
2024
,
5.25
%
,
9/01/45
..................................................
2,750,000
2,858,111
Community
Facilities
District
No.
2022-12
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
2,275,000
2,417,045
Community
Facilities
District
No.
2022-12
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,350,000
1,394,339
Community
Facilities
District
No.
2024-9
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
400,000
414,943
Community
Facilities
District
No.
2024-9
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
700,000
716,778
Community
Infrastructure
Program
Assessment
District
No.
20-02
,
Special
Assessment
,
2023
,
5.75
%
,
9/02/53
...................................
1,900,000
2,030,629
John
Muir
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
12/01/49
...
8,250,000
9,041,978
c
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
6/01/46
12,735,000
12,760,428
c
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
6/01/34
.........
375,000
389,982
c
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
6/01/39
.........
950,000
971,472
c
Loma
Linda
University
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5
%
,
12/01/41
...................................................
1,245,000
1,261,747
c
Loma
Linda
University
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5.25
%
,
12/01/56
.................................................
45,755,000
46,239,948
c
Loma
Linda
University
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5.5
%
,
12/01/58
..................................................
6,250,000
6,484,981
Marin
General
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
8/01/45
........
1,500,000
1,390,044
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
4,325,000
4,452,345
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
8,000,000
8,133,930
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/52
.............
2,635,000
2,673,397
Panorama
II
Preservation
LP
,
Revenue
,
2024
F
,
FNMA
Insured
,
4.25
%
,
12/01/40
..
7,460,000
7,625,201
USC
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
5,000,000
5,226,009
Chino
Community
Facilities
District
,
City
of
Chino
Community
Facilities
District
No.
2003-3
Improvement
Area
No.
6
,
Special
Tax
,
2015
,
5
%
,
9/01/45
..............
1,665,000
1,676,048
c
City
&
County
of
San
Francisco
,
Community
Facilities
District
No.
2016-1
Improvement
Area
2
,
Special
Tax
,
144A,
2023
A
,
5.5
%
,
9/01/53
.............................................
2,045,000
2,199,311
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
144A,
2022
A
,
4
%
,
9/01/52
..............................................
5,270,000
4,710,190
Infrastructure
&
Revitalization
Financing
District
No.
1
Facilities
Increment
,
Tax
Allocation
,
144A,
2022
A
,
5
%
,
9/01/37
.................................
385,000
413,448
Infrastructure
&
Revitalization
Financing
District
No.
1
Facilities
Increment
,
Tax
Allocation
,
144A,
2022
A
,
5
%
,
9/01/52
.................................
2,000,000
2,020,597
Infrastructure
&
Revitalization
Financing
District
No.
1
Housing
Increment
,
Tax
Allocation
,
144A,
2022
B
,
5
%
,
9/01/52
.................................
1,000,000
1,001,970
City
of
Dixon
,
Community
Facilities
District
No.
2013-1
Parklane
,
Special
Tax
,
2019
,
5
%
,
9/01/49
......................................................
2,400,000
2,472,873
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
2
,
Special
Tax
,
2019
,
5
%
,
9/01/39
....................................................
2,765,000
2,896,652
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
2
,
Special
Tax
,
2019
,
5
%
,
9/01/44
....................................................
2,925,000
3,048,744
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
2
,
Special
Tax
,
2019
,
5
%
,
9/01/49
....................................................
4,100,000
4,242,296
City
of
Fillmore
,
Community
Facilities
District
No.
5
,
Special
Tax
,
2015
,
5
%
,
9/01/40
............
1,500,000
1,510,354
Community
Facilities
District
No.
5
,
Special
Tax
,
2015
,
5
%
,
9/01/45
............
2,630,000
2,643,401
City
of
Fremont
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/40
....
4,655,000
4,687,131
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Fremont,
(continued)
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/45
....
$
3,255,000
$
3,273,494
City
of
Irvine
,
Community
Facilities
District
No.
2013-3
Improvement
Area
No.
8
,
Special
Tax
,
2018
,
5
%
,
9/01/43
.......................................
5,000,000
5,179,140
City
of
La
Verne
,
Copacabana
Mobilehome
Park
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/15/49
.........................................................
1,765,000
1,766,051
City
of
Long
Beach
,
Marina
System
,
Revenue
,
2015
,
5
%
,
5/15/34
.............................
1,300,000
1,307,306
Marina
System
,
Revenue
,
2015
,
5
%
,
5/15/40
.............................
3,500,000
3,514,097
Marina
System
,
Revenue
,
2015
,
5
%
,
5/15/45
.............................
2,500,000
2,507,764
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2019
D
,
4
%
,
5/15/44
.......
5,525,000
5,479,899
City
of
Manteca
,
Community
Facilities
District
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
1,000,000
1,060,020
Community
Facilities
District
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,580,000
1,648,029
Community
Facilities
District
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
870,000
917,949
Community
Facilities
District
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
1,320,000
1,379,502
Community
Facilities
District
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,735,000
1,809,702
City
of
Ontario
,
Community
Facilities
District
No.
28
,
Special
Tax
,
2017
,
5
%
,
9/01/42
...........
1,000,000
1,024,740
Community
Facilities
District
No.
28
,
Special
Tax
,
2017
,
5
%
,
9/01/47
...........
500,000
510,072
City
of
Oroville
,
Oroville
Hospital
,
Revenue
,
2019
,
5.25
%
,
4/01/49
.........................
4,500,000
3,380,272
Oroville
Hospital
,
Revenue
,
2019
,
5.25
%
,
4/01/54
.........................
3,000,000
2,227,467
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
Refunding
,
4
%
,
9/01/41
450,000
429,072
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
600,000
627,427
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
........
525,000
546,541
City
of
Rancho
Cordova
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2022
,
5
%
,
9/01/51
........
1,200,000
1,241,511
Ranch
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..........................................
2,000,000
2,085,381
Sunridge
North
Douglas
Community
Facilities
District
No.
2005-1
,
Special
Tax
,
2015
,
5
%
,
9/01/40
....................................................
1,200,000
1,208,900
Sunridge
North
Douglas
Community
Facilities
District
No.
2005-1
,
Special
Tax
,
2015
,
5
%
,
9/01/45
....................................................
1,250,000
1,258,019
City
of
Roseville
,
Amoruso
Ranch
Community
Facilities
District
1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
1,125,000
1,189,410
Amoruso
Ranch
Community
Facilities
District
1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
............................................
1,500,000
1,580,361
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
5
%
,
9/01/45
................................................
1,280,000
1,334,336
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
................................................
500,000
527,203
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.25
%
,
9/01/53
.............................................
1,850,000
1,954,874
c
Fiddyment
Ranch
Community
Facilities
District
No.
5
,
Special
Tax
,
144A,
2017
,
Refunding
,
5
%
,
9/01/32
............................................
1,265,000
1,313,728
c
Fiddyment
Ranch
Community
Facilities
District
No.
5
,
Special
Tax
,
144A,
2017
,
Refunding
,
5
%
,
9/01/47
............................................
6,500,000
6,625,865
HP
Campus
Oaks
Community
Facilities
District
No.
1
,
Special
Tax
,
2016
,
5
%
,
9/01/36
........................................................
1,950,000
1,986,044
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
City
of
Roseville,
(continued)
HP
Campus
Oaks
Community
Facilities
District
No.
1
,
Special
Tax
,
2016
,
5.5
%
,
9/01/46
........................................................
$
6,415,000
$
6,537,840
SVSP
Westpark-Federico
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/44
........................................................
1,000,000
1,038,362
Torrente
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
6
%
,
9/01/53
........................................................
1,500,000
1,625,336
Villages
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
........................................................
3,870,000
3,987,507
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/29
....
500,000
500,617
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/34
....
1,100,000
1,101,093
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/39
....
1,885,000
1,886,324
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/44
....
1,650,000
1,650,909
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/40
....
1,670,000
1,748,215
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
....
2,130,000
2,204,852
Westpark
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/32
........................................................
1,120,000
1,131,854
Westpark
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/33
........................................................
1,000,000
1,010,170
Westpark
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,261,194
c
City
of
Sacramento
,
Natomas
Meadows
Community
Facilities
District
No.
2007-1
Area
No.
1
,
Special
Tax
,
144A,
2017
,
5
%
,
9/01/32
...........................................
300,000
309,321
Natomas
Meadows
Community
Facilities
District
No.
2007-1
Area
No.
1
,
Special
Tax
,
144A,
2017
,
5
%
,
9/01/37
...........................................
710,000
731,932
Natomas
Meadows
Community
Facilities
District
No.
2007-1
Area
No.
1
,
Special
Tax
,
144A,
2017
,
5
%
,
9/01/47
...........................................
1,900,000
1,939,757
City
of
San
Clemente
,
Community
Facilities
District
No.
2006-1
,
Special
Tax
,
2015
,
5
%
,
9/01/40
........
1,745,000
1,758,841
Community
Facilities
District
No.
2006-1
,
Special
Tax
,
2015
,
5
%
,
9/01/46
........
2,445,000
2,461,135
City
of
San
Diego
,
Tobacco
Settlement
Revenue
Funding
Corp.
,
Revenue
,
2018
C
,
Refunding
,
4
%
,
6/01/32
.............................................
365,000
370,154
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
11,500,000
10,106,055
City
of
Stockton
,
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.125
%
,
9/01/52
....................................
3,660,000
3,867,333
City
of
Vernon
,
Electric
System
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/01/36
........
1,525,000
1,636,018
Clovis
Unified
School
District
,
GO
,
2004
A
,
NATL
Insured
,
ETM,
Zero
Cpn.,
8/01/27
.......................
1,205,000
1,117,904
GO
,
2004
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/27
...........................
6,295,000
5,847,711
GO
,
2004
A
,
NATL
Insured
,
Zero
Cpn.,
8/01/28
...........................
3,000,000
2,708,468
c
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
..................................................
13,870,000
12,205,811
c
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
39,885,000
31,837,998
c
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-T
,
5
%
,
4/01/41
.........................................................
7,545,000
7,021,337
c
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
30,280,000
25,636,810
Coachella
Valley
Unified
School
District
,
GO
,
2012
D
,
AGMC
Insured
,
Zero
Cpn.,
8/01/42
..........................
8,500,000
4,255,820
GO
,
2012
D
,
AGMC
Insured
,
Zero
Cpn.,
8/01/43
..........................
3,000,000
1,433,792
County
of
Imperial
,
Community
Facilities
District
No.
1998-1
,
Special
Tax
,
1999
,
LOC
BNP
Paribas
SA
,
6.5
%
,
9/01/31
.......................................
3,510,000
3,530,840
County
of
Madera
,
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.875
%
,
9/01/53
.................................................
1,100,000
1,124,364
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
County
of
Madera,
(continued)
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.75
%
,
9/01/53
..................................................
$
3,080,000
$
3,149,534
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.875
%
,
9/01/53
.................................................
1,100,000
1,124,364
County
of
Sacramento
,
Airport
System
,
Revenue
,
2024
,
5
%
,
7/01/54
.............................
8,000,000
8,791,709
Airport
System
,
Revenue
,
2024
,
5.25
%
,
7/01/54
...........................
10,000,000
11,257,749
County
of
San
Bernardino
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/40
....................................................
1,000,000
1,006,903
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/45
....................................................
1,000,000
1,005,755
c
CSCDA
Community
Improvement
Authority
,
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
16,000,000
14,124,067
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
10,000,000
7,913,144
Theo
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
5/01/57
.....................
10,000,000
7,257,036
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
31,800,000
21,254,373
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
B
,
Refunding
,
5.85
%
,
12/15/47
........................................
4,295,000
4,300,035
Del
Mar
Race
Track
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
..........
2,000,000
2,001,431
Duarte
Redevelopment
Agency
,
Tax
Allocation
,
1999
,
ETM,
Zero
Cpn.,
12/01/28
....
8,070,000
6,509,080
El
Rancho
Unified
School
District
,
GO
,
2004
,
NATL
Insured
,
Zero
Cpn.,
8/01/29
....
2,400,000
2,080,343
c
Elsinore
Valley
Municipal
Water
District
,
Community
Facilities
District
No.
2020-1
Area
No.
2A
,
Special
Tax
,
144A,
2021
A
,
4
%
,
9/01/51
....................................................
1,245,000
1,100,793
Community
Facilities
District
No.
2020-1
Area
No.
3A
,
Special
Tax
,
144A,
2021
A
,
4.5
%
,
9/01/51
...................................................
2,500,000
2,344,334
c
Fairfield
Community
Facilities
District
,
City
of
Fairfield
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
1
,
Special
Tax
,
144A,
2020
A
,
5
%
,
9/01/35
...............................
1,000,000
1,062,270
City
of
Fairfield
Community
Facilities
District
No.
2019-1
Improvement
Area
No.
1
,
Special
Tax
,
144A,
2020
A
,
5
%
,
9/01/50
...............................
5,255,000
5,417,869
i
,j
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
FRN
,
2019-ML06
,
XCA
,
1.105
%
,
7/25/35
................................
130,943,148
7,795,046
c
144A,
FRN
,
2020-ML07
,
XCA
,
2.132
%
,
1/25/37
...........................
118,253,144
15,292,496
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
19
,
Special
Tax
,
2017
,
5
%
,
9/01/47
1,000,000
1,021,967
City
of
Folsom
Community
Facilities
District
No.
20
,
Special
Tax
,
2018
,
5
%
,
9/01/33
530,000
551,517
City
of
Folsom
Community
Facilities
District
No.
20
,
Special
Tax
,
2018
,
5
%
,
9/01/48
1,675,000
1,724,623
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
Zero
Cpn.,
1/15/42
..........................
75,000,000
37,268,138
Revenue
,
2013
B-1
,
Refunding
,
3.95
%
,
1/15/53
...........................
23,000,000
22,584,174
Revenue
,
2013
B-2
,
Refunding
,
3.5
%
,
1/15/53
............................
17,500,000
15,761,422
Revenue
,
2015
A
,
Refunding
,
Zero
Cpn.,
1/15/33
..........................
19,000,000
14,255,314
Galt
Community
Facilities
District
,
City
of
Galt
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
A
,
5.5
%
,
9/01/43
...................................
1,860,000
1,973,794
City
of
Galt
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
A
,
5.75
%
,
9/01/48
..................................
2,945,000
3,136,942
City
of
Galt
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
A
,
6
%
,
9/01/53
....................................
2,895,000
3,127,738
Hanford
Joint
Union
High
School
District
,
GO
,
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
...............................
3,635,000
2,842,075
GO
,
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/33
...............................
3,705,000
2,761,584
GO
,
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/35
...............................
4,120,000
2,851,592
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Hartnell
Community
College
District
,
GO
,
2009
D
,
Zero
Cpn.,
8/01/49
............
$
10,000,000
$
3,590,257
Imperial
Community
College
District
,
GO
,
2011
A
,
Pre-Refunded
,
AGMC
Insured
,
6.75
%
,
8/01/40
...................................................
3,500,000
3,590,268
Independent
Cities
Finance
Authority
,
Augusta
Communities
III
LLC
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/15/56
........
8,160,000
6,577,177
Augusta
Communities
IV
LLC
,
Revenue
,
2024
A
,
5
%
,
11/15/45
...............
1,685,000
1,704,067
Augusta
Communities
IV
LLC
,
Revenue
,
2024
A
,
5
%
,
11/15/50
...............
2,160,000
2,173,096
Augusta
Communities
IV
LLC
,
Revenue
,
2024
A
,
5
%
,
11/15/59
...............
5,540,000
5,534,319
COACH
of
San
Diego
LLC
,
Revenue
,
2014
A
,
Refunding
,
5.25
%
,
5/15/44
.......
2,015,000
2,016,893
COACH
of
San
Diego
LLC
,
Revenue
,
2014
A
,
Refunding
,
5.25
%
,
5/15/49
.......
4,800,000
4,803,923
Millennium
Housing
LLC
,
Revenue
,
2021
,
Refunding
,
3
%
,
5/15/56
.............
4,000,000
3,028,688
Millennium
Housing
of
California
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/15/48
.......
2,000,000
2,086,887
San
Juan
Mobile
Estates
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/45
.............
5,000,000
5,032,607
San
Juan
Mobile
Estates
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/50
.............
4,900,000
4,926,131
Indio
Community
Facilities
District
,
City
of
Indio
Community
Facilities
District
No.
2004-
3
Improvement
Area
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/35
..........
1,135,000
1,145,517
Inland
Valley
Development
Agency
,
Tax
Allocation
,
2014
A
,
Refunding
,
5.25
%
,
9/01/37
.........................
7,500,000
7,554,499
Tax
Allocation
,
2014
A
,
Refunding
,
5
%
,
9/01/44
...........................
9,000,000
9,063,542
Irvine
Facilities
Financing
Authority
,
City
of
Irvine
Community
Facilities
District
No.
2013-3
,
Special
Tax
,
2023
A
,
BAM
Insured
,
4
%
,
9/01/58
.....................
6,500,000
6,504,499
Irvine
Unified
School
District
,
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
B
,
5
%
,
9/01/42
........
995,000
1,023,791
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
C
,
5
%
,
9/01/47
........
995,000
1,018,416
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2018
A
,
Refunding
,
5
%
,
9/01/49
3,975,000
4,056,986
Jurupa
Public
Financing
Authority
,
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/43
.............................
4,000,000
4,049,891
Special
Tax,
Sub.
Lien
,
2015
B
,
Refunding
,
5
%
,
9/01/40
.....................
4,000,000
4,027,610
Kaweah
Delta
Health
Care
District
Guild
,
Revenue
,
2015
B
,
5
%
,
6/01/40
..........
3,250,000
3,163,097
Lake
Tahoe
Unified
School
District
,
GO
,
2012
,
Zero
Cpn.,
8/01/40
...............
1,140,000
1,185,705
Lammersville
Joint
Unified
School
District
,
Community
Facilities
District
No.
2014-1
Improvement
Area
No.
1
,
Special
Tax
,
2017
,
5
%
,
9/01/42
....................
2,750,000
2,815,877
Las
Virgenes
Unified
School
District
,
GO
,
2011
C
,
Zero
Cpn.,
8/01/33
............
8,050,000
9,208,838
Lemon
Grove
Community
Development
Agency
Successor
Agency
,
Tax
Allocation
,
2014
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/34
............................
1,000,000
1,033,570
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/45
.....
6,500,000
6,616,568
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5
%
,
11/15/29
............
4,630,000
4,921,059
Los
Alamitos
Unified
School
District
,
COP
,
2012
,
5.95
%
,
8/01/34
..........................................
1,500,000
1,700,396
COP
,
2012
,
6.05
%
,
8/01/42
..........................................
4,500,000
5,018,881
Los
Angeles
Unified
School
District
,
GO
,
2024
QRR
,
4
%
,
7/01/49
.........................................
10,000,000
10,095,094
GO
,
2024
QRR
,
5.25
%
,
7/01/49
.......................................
16,000,000
18,441,832
Mendocino-Lake
Community
College
District
,
GO
,
2011
B
,
AGMC
Insured
,
6.55
%
,
8/01/36
.............................
5,150,000
6,327,635
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/40
...........................
7,500,000
9,171,820
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
3
,
Special
Tax
,
2018
,
5
%
,
9/01/43
....................................................
1,000,000
1,034,771
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
3
,
Special
Tax
,
2018
,
5
%
,
9/01/48
....................................................
1,500,000
1,546,015
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
4/01/49
.........................................................
5,000,000
5,645,582
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,100,000
1,160,730
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,150,000
1,210,821
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Moreno
Valley
Unified
School
District
,
Community
Facilities
District
No.
2015-3
,
Special
Tax
,
2019
,
4.125
%
,
9/01/48
..........................................
$
360,000
$
345,661
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
32,300,000
42,029,312
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/37
...............................
2,500,000
2,561,311
Revenue
,
2017
A
,
Refunding
,
BAM
Insured
,
4
%
,
3/01/42
....................
5,000,000
5,000,059
Oak
Park
Unified
School
District
,
GO
,
2011
A
,
7.1
%
,
8/01/38
...................
6,600,000
8,258,344
Orange
County
Community
Facilities
District
,
County
of
Orange
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015
A
,
5
%
,
8/15/34
........................................................
1,495,000
1,510,150
County
of
Orange
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015
A
,
5.25
%
,
8/15/45
..................................................
4,880,000
4,919,843
County
of
Orange
Community
Facilities
District
No.
2017-1
Area
No.
1
,
Special
Tax
,
2018
A
,
5
%
,
8/15/47
..............................................
9,550,000
9,814,402
Palomar
Health
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/39
..................
12,190,000
11,951,345
Palomar
Health
Obligated
Group
,
COP
,
4
%
,
11/01/38
.......................
5,000,000
4,486,838
Palomar
Health
Obligated
Group
,
COP
,
4
%
,
11/01/47
.......................
6,000,000
4,853,359
Paso
Robles
Joint
Unified
School
District
,
GO
,
2010
A
,
Zero
Cpn.,
9/01/45
........
15,000,000
6,198,910
Perris
Community
Facilities
District
,
City
of
Perris
Community
Facilities
District
No.
2001-2
,
Special
Tax
,
2014
A
,
Refunding
,
5.25
%
,
9/01/32
....................
4,500,000
4,505,964
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2001-1
,
Special
Tax
,
2014
E
,
Refunding
,
4.25
%
,
9/01/38
........................................................
4,120,000
4,120,484
Community
Facilities
District
No.
2014-1
Improvement
Area
No.
2
,
Special
Tax
,
2018
A
,
4
%
,
9/01/48
..................................................
1,530,000
1,441,050
Rancho
Mirage
Community
Facilities
District
,
Community
Facilities
District
No.
5
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
....................................................
2,200,000
2,310,518
Community
Facilities
District
No.
5
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
....................................................
1,500,000
1,567,615
Community
Facilities
District
No.
5
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
....................................................
1,400,000
1,459,153
Redondo
Beach
Unified
School
District
,
GO
,
2011
E
,
6.2
%
,
8/01/31
..............
2,750,000
3,265,037
Richland
School
District
,
GO
,
2009
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/49
.........
22,000,000
6,999,296
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
6.85
%
,
8/01/42
.............
13,000,000
16,970,938
Rio
Vista
Community
Facilities
District
,
City
of
Rio
Vista
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
9/01/33
............................................
1,625,000
1,688,376
City
of
Rio
Vista
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
9/01/48
............................................
1,190,000
1,218,612
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
...
500,000
529,891
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/43
.
2,000,000
2,160,424
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/48
.
3,090,000
3,305,054
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5.625
%
,
9/01/53
4,840,000
5,179,846
Community
Facilities
District
No
2003-1
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.75
%
,
9/01/52
..................................................
4,250,000
4,475,197
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
2.625
%
,
9/01/34
.....
860,000
750,538
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
2.625
%
,
9/01/35
.....
925,000
793,236
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
1,500,000
1,401,392
Community
Facilities
District
No.
2023-1
Improvement
Area
2
,
Special
Tax
,
2024
,
5
%
,
9/01/48
........................................................
1,650,000
1,699,096
Community
Facilities
District
No.
2023-1
Improvement
Area
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
2,625,000
2,689,982
Riverbank
Unified
School
District
,
GO
,
2008
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/38
...........................
6,690,000
3,918,797
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Riverbank
Unified
School
District,
(continued)
GO
,
2008
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/43
...........................
$
8,750,000
$
4,030,687
Riverside
County
Community
Facilities
Districts
,
County
of
Riverside
Community
Facilities
District
No.
03-1
,
Special
Tax
,
2014
,
Refunding
,
5
%
,
9/01/30
..........
1,500,000
1,505,782
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/43
.....................................................
7,500,000
3,464,065
Romoland
School
District
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/35
4,690,000
4,734,497
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/38
3,000,000
3,026,626
Community
Facilities
District
No.
2004-1
Improvement
Area
No.
3
,
Special
Tax
,
2013
,
5
%
,
9/01/36
....................................................
1,500,000
1,501,515
Rowland
Unified
School
District
,
GO
,
2009
B
,
Zero
Cpn.,
8/01/34
.......................................
5,000,000
3,511,583
GO
,
2009
B
,
Zero
Cpn.,
8/01/39
.......................................
15,000,000
8,541,369
GO
,
2009
B
,
Zero
Cpn.,
8/01/42
.......................................
10,750,000
5,640,235
San
Bernardino
Community
College
District
,
GO
,
2008
D
,
Pre-Refunded
,
5
%
,
8/01/48
................................
3,760,000
3,818,281
GO
,
2009
B
,
Zero
Cpn.,
8/01/44
.......................................
12,495,000
5,655,862
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Sewer
Utility
,
Revenue
,
2024
A
,
5
%
,
5/15/54
........................................
10,000,000
11,121,724
San
Diego
Unified
School
District
,
GO
,
2010
C
,
Zero
Cpn.,
7/01/47
.......................................
26,025,000
26,275,886
GO
,
2012
E
,
Zero
Cpn.,
7/01/42
.......................................
6,940,000
5,867,685
GO
,
2012
E
,
Zero
Cpn.,
7/01/47
.......................................
13,500,000
11,479,874
GO
,
2024
H-2
,
5
%
,
7/01/49
..........................................
2,500,000
2,801,908
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/37
...............................
5,535,000
5,816,895
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/44
...............................
10,000,000
10,375,622
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
10,000,000
10,329,166
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
34,520,000
35,631,019
Revenue,
Second
Series
,
2024
A
,
Refunding
,
5.25
%
,
5/01/49
.................
12,500,000
13,597,841
Revenue,
Second
Series
,
2024
B
,
Refunding
,
5
%
,
5/01/49
...................
5,250,000
5,865,747
San
Francisco
City
&
County
Public
Utilities
Commission
,
Wastewater
,
Revenue
,
2024
C
,
5
%
,
10/01/54
...................................................
50,000,000
55,619,160
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
c
Tax
Allocation
,
144A,
2016
D
,
Zero
Cpn.,
8/01/26
..........................
2,000,000
1,851,128
c
Tax
Allocation
,
144A,
2016
D
,
Zero
Cpn.,
8/01/31
..........................
6,000,000
4,355,920
c
Tax
Allocation
,
144A,
2016
D
,
Zero
Cpn.,
8/01/43
..........................
16,500,000
6,569,800
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District
,
Tax
Allocation
,
2014
A
,
5
%
,
8/01/43
......................................
2,500,000
2,501,803
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
1/15/26
...............
19,475,000
18,740,418
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
1/15/32
...............
50,225,000
39,131,940
Revenue,
Junior
Lien
,
ETM,
Zero
Cpn.,
1/01/28
...........................
19,150,000
17,647,872
Revenue,
Junior
Lien
,
2014
B
,
Refunding
,
5.25
%
,
1/15/44
...................
6,925,000
6,935,465
Revenue,
Junior
Lien
,
2014
B
,
Refunding
,
5.25
%
,
1/15/49
...................
88,070,000
88,194,126
Santa
Barbara
Unified
School
District
,
GO
,
2011
A
,
7
%
,
8/01/36
................
8,000,000
10,606,346
Siskiyou
Union
High
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/49
15,015,000
4,823,282
St.
Helena
Unified
School
District
,
GO
,
2011
B
,
Zero
Cpn.,
6/01/36
..............
10,000,000
12,392,472
State
of
California
,
GO
,
5
%
,
9/01/53
.....................................
8,000,000
8,888,389
Sulphur
Springs
Union
School
District
,
Community
Facilities
District
No.
2006-1
,
Special
Tax
,
2018
,
5
%
,
9/01/43
.......................................
2,820,000
2,902,871
Susanville
School
District
,
GO
,
2010
,
AGMC
Insured
,
Zero
Cpn.,
8/01/49
.........
17,505,000
5,648,260
Tejon
Ranch
Public
Facilities
Finance
Authority
,
Tejon
Industrial
Complex
Public
Improvements
–
East
Community
Facilities
District
No.
2008-1
,
Special
Tax
,
2024
A
,
Refunding
,
5
%
,
9/01/54
.............................................
2,250,000
2,359,584
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
$
600,000
$
643,444
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,185,000
1,253,319
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2006
C
,
Zero
Cpn.,
6/01/46
........................................................
23,500,000
5,000,024
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
............................................
6,480,000
6,612,815
Torrance
Unified
School
District
,
GO
,
2009
B-1
,
Zero
Cpn.,
8/01/34
..............
5,320,000
3,313,510
Tracy
Community
Facilities
District
,
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
1
,
Special
Tax
,
2018
,
5
%
,
9/01/43
......................................
5,500,000
5,635,405
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
1
,
Special
Tax
,
2018
,
5
%
,
9/01/48
......................................
6,490,000
6,612,287
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
......................................
1,960,000
1,995,019
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-
Development
Project
,
Tax
Allocation
,
2020
B
,
5
%
,
10/01/38
..................
550,000
567,333
Truckee-Donner
Public
Utility
District
,
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2004
,
5.75
%
,
9/01/29
........
2,295,000
2,295,781
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2004
,
5.8
%
,
9/01/35
........
4,470,000
4,469,848
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2005
,
5.2
%
,
9/01/25
........
705,000
703,003
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2005
,
5.25
%
,
9/01/30
........
4,990,000
4,921,558
Tustin
Community
Facilities
District
,
City
of
Tustin
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2015
A
,
5
%
,
9/01/40
........................................................
750,000
756,501
City
of
Tustin
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2015
A
,
5
%
,
9/01/45
........................................................
1,000,000
1,006,856
University
of
California
,
Revenue
,
2024
BW
,
Refunding
,
5
%
,
5/15/54
.............
13,795,000
15,342,418
Val
Verde
Unified
School
District
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/29
...............................
3,200,000
3,215,362
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/37
...............................
2,000,000
2,009,601
Vallejo
Redevelopment
Agency
,
Tax
Allocation
,
2001
A
,
7
%
,
10/01/31
............
1,765,000
1,769,830
Victor
Valley
Community
College
District
,
GO
,
2008
C
,
Zero
Cpn.,
6/01/49
.........
11,940,000
4,111,779
Washington
Township
Health
Care
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
7/01/35
...............................
2,000,000
1,930,517
Revenue
,
2017
B
,
Refunding
,
4
%
,
7/01/36
...............................
1,900,000
1,820,892
Westside
Union
School
District
,
Community
Facilities
District
No.
2018-1
Area
1
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......................................
360,000
337,597
2,593,887,705
Florida
0.6%
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
8,300,000
6,664,705
c
,h
Florida
Development
Finance
Corp.
,
AAF
Operations
Holdings
LLC
,
Revenue
,
144A,
2024
,
Refunding
,
Mandatory
Put
,
12
%
,
7/15/28
...................................................
4,000,000
4,268,998
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2024
A
,
Mandatory
Put
,
8.25
%
,
2/14/25
........................................................
7,250,000
7,470,888
18,404,591
Minnesota
0.1%
c
City
of
Fridley
,
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
B-2
,
9
%
,
6/01/41
.........................................................
3,250,000
3,283,689
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.3%
c
City
of
Dallas
Housing
Finance
Corp.
,
DHFC
-
Dylan
Apartments
LLC
(The)
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
6.25
%
,
12/01/54
..............................
$
10,100,000
$
9,320,611
Virgin
Islands
0.3%
Matching
Fund
Special
Purpose
Securitization
Corp.
,
United
States
Virgin
Islands
Federal
Excise
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/39
...............
9,660,000
10,059,508
Virginia
0.2%
c
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
5,250,000
5,308,786
Wisconsin
0.4%
c
Public
Finance
Authority
,
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
7,000,000
6,507,942
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
,
Zero
Cpn.,
12/01/45
...
6,000,000
4,275,001
10,782,943
U.S.
Territories
5.8%
Guam
0.7%
Guam
Government
Waterworks
Authority
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/40
..
9,885,000
10,170,140
Guam
Power
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/38
..............
4,750,000
4,898,741
Territory
of
Guam
,
Revenue
,
2021
F
,
Refunding
,
4
%
,
1/01/36
...............................
250,000
250,656
Revenue
,
2021
F
,
Refunding
,
4
%
,
1/01/42
...............................
1,125,000
1,100,809
Hotel
Occupancy
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/01/35
.............
3,000,000
3,155,632
19,575,978
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
2,750,000
2,688,447
Puerto
Rico
5.0%
Commonwealth
of
Puerto
Rico
,
j
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
3,035,819
1,878,413
GO
,
2022
A-1
,
5.375
%
,
7/01/25
.......................................
441,426
446,407
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
809,842
847,602
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
796,704
860,046
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
773,832
863,203
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
733,796
731,607
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
659,584
652,830
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
566,098
556,082
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
769,676
741,600
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
16,300,453
15,547,814
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/33
.....................................
944,324
654,383
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
15,712,189
15,358,665
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
685,869
686,026
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
2,710,951
2,632,581
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
271,095
272,198
Puerto
Rico
Electric
Power
Authority
,
d
Revenue
,
1
,
10
%
,
1/01/21
...........................................
1,768,493
809,086
d
Revenue
,
2
,
10
%
,
7/01/21
...........................................
1,768,493
809,086
d
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
1,601,766
732,808
d
Revenue
,
2013
A
,
5
%
,
7/01/29
........................................
2,300,000
1,058,000
d
Revenue
,
2013
A
,
7
%
,
7/01/33
........................................
25,000,000
11,500,000
d
Revenue
,
2013
A
,
6.75
%
,
7/01/36
.....................................
11,735,000
5,398,100
d
Revenue
,
2013
A
,
7
%
,
7/01/43
........................................
5,000,000
2,300,000
d
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
1,601,765
732,807
d
Revenue
,
3
,
10
%
,
1/01/22
...........................................
600,000
274,500
d
Revenue
,
4
,
10
%
,
7/01/22
...........................................
600,000
274,650
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
$
1,800,000
$
1,798,919
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
362,482
359,470
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
2,764,591
2,739,775
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.55
%
,
7/01/40
................................
100,000
100,364
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
10,500,000
10,509,933
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
8,695,000
8,734,248
Sales
Tax
,
Revenue
,
A-1
,
Zero
Cpn.,
7/01/46
.............................
20,000,000
6,775,700
Sales
Tax
,
Revenue
,
A-1
,
Zero
Cpn.,
7/01/51
.............................
47,945,000
11,908,565
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
26,463,000
26,463,228
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
12,300,000
12,325,242
148,333,938
Total
U.S.
Territories
....................................................................
170,598,363
Total
Municipal
Bonds
(Cost
$
2,818,003,224
)
...................................
2,831,218,436
Shares
Escrows
and
Litigation
Trusts
0.1%
a
,b
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
3,031,496
2,425,197
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
2,425,197
Total
Long
Term
Investments
(Cost
$
2,899,696,568
)
.............................
2,902,926,603
a
a
a
a
a
Short
Term
Investments
1.1%
Principal
Amount
Municipal
Bonds
1.1%
California
1.1%
k
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2009
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
9/01/38
.........................................................
11,000,000
11,000,000
k
California
Statewide
Communities
Development
Authority
,
Rady
Children's
Hospital
Obligated
Group
,
Revenue
,
2008
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
8/15/47
.................................................
6,700,000
6,700,000
k
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/35
.......................................
2,000,000
2,000,000
Water
System
,
Revenue
,
2019
A-2
,
Refunding
,
SPA
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.65
%
,
7/01/45
...........................................
9,200,000
9,200,000
k
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/48
...................
300,000
300,000
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
California
(continued)
k
University
of
California,
(continued)
Revenue
,
2013
AL-4
,
Refunding
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/48
...........
$
3,250,000
$
3,250,000
32,450,000
Total
Municipal
Bonds
(Cost
$
32,450,000
)
......................................
32,450,000
Total
Short
Term
Investments
(Cost
$
32,450,000
)
................................
32,450,000
a
Total
Investments
(Cost
$
2,932,146,568
)
99.6
%
..................................
$2,935,376,603
Other
Assets,
less
Liabilities
0.4
%
.............................................
13,214,699
Net
Assets
100.0%
...........................................................
$2,948,591,302
See
Abbreviations
on
page
24
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$856,283,274,
representing
29.0%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
Security
purchased
on
a
when-issued
basis.
h
The
maturity
date
shown
represents
the
mandatory
put
date.
i
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
j
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Municipal
Securities
Trust
21
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
Municipal
Securities
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of
one
fund, Franklin
California
High
Yield
Municipal
Fund
(Fund).
The Fund
follows
the accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3. Securities
Purchased
on
a Forward
Commitment
Basis
The
Fund may
purchase
securities
on
a
forward
commitment
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date. These
types
of
securities
may
be
considered
unfunded
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
At
November
30,
2024,
unfunded
commitments
were
as
follows:
Franklin
Municipal
Securities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
22
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
November
30,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
Borrower
Unfunded
Commitment
Franklin
California
High
Yield
Municipal
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
6,789,003
B-2,
7.125%,
7/01/59
32,971,162
$39,760,165
Level
1
Level
2
Level
3
Total
Franklin
California
High
Yield
Municipal
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
$
—
$
—
$
—
b
$
—
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
—
16,092,950
16,092,950
Diversified
Consumer
Services
............
—
42,979,239
—
42,979,239
Electric
Utilities
........................
—
10,026,125
—
10,026,125
Senior
Floating
Rate
Interests
...............
—
—
184,656
b
184,656
Municipal
Bonds
:
Arizona
..............................
—
9,572,240
—
9,572,240
California
.............................
—
2,589,213,684
4,674,021
2,593,887,705
Florida
...............................
—
18,404,591
—
18,404,591
Minnesota
............................
—
3,283,689
—
3,283,689
Texas
...............................
—
9,320,611
—
9,320,611
Virgin
Islands
..........................
—
10,059,508
—
10,059,508
Virginia
..............................
—
5,308,786
—
5,308,786
Wisconsin
............................
—
10,782,943
—
10,782,943
U.S.
Territories
..........................
Guam
...............................
—
19,575,978
—
19,575,978
Pacific
Islands
.........................
—
2,688,447
—
2,688,447
Puerto
Rico
...........................
—
148,333,938
—
148,333,938
Escrows
and
Litigation
Trusts
...............
—
—
2,425,197
2,425,197
Short
Term
Investments
...................
—
32,450,000
—
32,450,000
Total
Investments
in
Securities
...........
$—
$2,911,999,779
$23,376,824
$2,935,376,603
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$1,620,918
$1,620,918
Total
Other
Financial
Instruments
.........
$—
$—
$1,620,918
$1,620,918
3. Securities
Purchased
on
a Forward
Commitment
Basis
(continued)
Franklin
Municipal
Securities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
23
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At November
30,
2024,
the
reconciliation
is
as
follows:
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
c
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
California
High
Yield
Municipal
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
United
States
.
$
—
$
—
d
$
—
$
—
$
—
$
—
$
—
$
—
$
—
d
$
—
Corporate
Bonds
:
United
States
.
21,630,500
—
—
—
—
—
—
(5,537,550)
16,092,950
(5,537,550)
Senior
Floating
Rate
Interests
:
United
States
.
1,354,086
420,673
(838,509)
—
—
347,236
4,411
(1,103,241)
184,656
d
(1,104,974)
Municipal
Bonds
:
United
States
.
—
3,923,500
—
386,082
—
409
—
364,030
4,674,021
364,030
Escrows
and
Litigation
Trusts
2,425,197
—
—
—
—
—
—
—
2,425,197
—
Total
Investments
in
Securities
.......
$25,409,783
$4,344,173
$(838,509)
$386,082
$—
$347,645
$4,411
$(6,276,761)
$23,376,824
$(6,278,494)
Other
Financial
Instruments:
Unfunded
Commitments
.
$1,620,918
$—
$—
$—
$—
$—
$—
$—
$1,620,918
$—
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
c
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
or
as
a
result
of
the
unreliability
of
the
foreign
exchange
rate
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
d
Includes
financial
instruments
determined
to
have
no
value.
4. Fair
Value
Measurements
(continued)
Franklin
Municipal
Securities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
24
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
BAM
Build
America
Mutual
Assurance
Co.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETM
Escrowed
to
Maturity
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PIK
Payment-In-Kind
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.