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        <name>California Municipal Finance Authority</name>
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        <name>California Housing Finance Agency</name>
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        <name>Tracy Community Facilities District</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <name>Westside Union School District Community Facilities District</name>
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        <name>Public Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Northern Mariana Island Ports Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <invCountry>PR</invCountry>
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        <name>State of California</name>
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        <name>Perris Community Facilities District</name>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, Series 2021 C-2</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US13059TFG94"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
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          <isin value="US13136CAL72"/>
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        <valUSD>1230000.00000000</valUSD>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Irvine Unified School District</name>
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        <issuerCat>MUN</issuerCat>
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      <invstOrSec>
        <name>San Diego Unified School District/CA</name>
        <lei>N/A</lei>
        <title>San Diego Unified School District, Series 2024 H-2</title>
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          <isin value="US797356NS79"/>
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        <balance>2500000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
        <title>River Islands Public Financing Authority, Series 2022</title>
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          <isin value="US76827QHK22"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Rancho Cordova CA</name>
        <lei>N/A</lei>
        <title>City of Rancho Cordova, Series 2015</title>
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          <isin value="US75211RGD35"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2040-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2015 A</title>
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          <isin value="US13049YAJ01"/>
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        <balance>600000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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          <isin value="US13078YQU28"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Rancho Cordova CA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Irvine CA</name>
        <lei>549300PJ9FL2XGFR8J79</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Rialto Bioenergy Facility LLC</name>
        <lei>N/A</lei>
        <title>Rialto Bioenergy Facility LLC, First Lien, Initial Roll-Up CME Term Loan, B</title>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2025-09-18</maturityDt>
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      <invstOrSec>
        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Madera CA</name>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2021 A</title>
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          <isin value="US13048VVA33"/>
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        <name>Imperial Community College District</name>
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        <name>Independent Cities Finance Authority</name>
        <lei>549300ZZZYTBUL6FR983</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-15</maturityDt>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, Series 2008 A</title>
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        <issuerCat>MUN</issuerCat>
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        <name>California Municipal Finance Authority</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>Del Mar Race Track Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Perris Joint Powers Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Kaweah Delta Health Care District Guild</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Orange County Community Facilities District</name>
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        <name>California Community Choice Financing Authority</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Metropolitan Water District of Southern California</name>
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        <name>California School Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US130483EV83"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2037-12-01</maturityDt>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13051BAB27"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Municipal Finance Authority</name>
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          <isin value="US13048DCQ97"/>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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          <isin value="US13048TWL33"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Rialto Bioenergy Facility LLC</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Puerto Rico Electric Power Authority</name>
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        <fairValLevel>3</fairValLevel>
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        <name>California Community Housing Agency</name>
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        <name>Romoland School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Victor Valley Community College District</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>California Enterprise Development Authority</name>
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        <name>Commonwealth of Puerto Rico</name>
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        <name>Palomar Health</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California School Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <lei>N/A</lei>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Val Verde Unified School District</name>
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        <name>Hanford Joint Union High School District</name>
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        <name>California Health Facilities Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Diego Unified School District</name>
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        <name>City of San Diego Tobacco Settlement Revenue Funding Corp.</name>
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        <name>University of California</name>
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        <name>California School Finance Authority</name>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, Series 2021 A</title>
        <cusip>13058TME7</cusip>
        <identifiers>
          <isin value="US13058TME72"/>
          <other otherDesc="Inhouse Asset ID" value="1151236"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>248523.63000000</valUSD>
        <pctVal>0.008442039717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Municipal Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
