NPORT-EX 2 FCHYMF.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
MUN-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
California
High
Yield
Municipal
Fund
2
Notes
to
Schedule
of
Investments
22
Franklin
Municipal
Securities
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
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
2.3%
Commercial
Services
&
Supplies
0.5%
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
42,968,561
Electric
Utilities
0.3%
c
Mission
Rock
Utilities,
Inc.
,
144A,
7
%
,
7/01/27
..............................
10,000,000
10,162,192
Total
Corporate
Bonds
(Cost
$
79,819,444
)
......................................
69,223,703
Senior
Floating
Rate
Interests
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
,d
,e
Rialto
Bioenergy
Facility
LLC,
First
Lien,
CME
Term
Loan,
B
,
PIK,
14.452
%
,
4/01/31
.
195,348
2,304
Total
Senior
Floating
Rate
Interests
(Cost
$
194,460
)
.............................
2,304
Municipal
Bonds
96.1%
Arizona
0.3%
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
..........................
9,340,000
9,571,389
California
88.4%
Alameda
Community
Facilities
District
,
City
of
Alameda
Community
Facilities
District
No.
22-1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
........................................................
850,000
874,498
City
of
Alameda
Community
Facilities
District
No.
22-1
,
Special
Tax
,
2023
,
5
%
,
9/01/43
........................................................
1,000,000
1,005,748
City
of
Alameda
Community
Facilities
District
No.
22-1
,
Special
Tax
,
2023
,
5
%
,
9/01/53
........................................................
1,000,000
986,460
Bay
Area
Toll
Authority
,
Revenue
,
2025
F-1
,
Refunding
,
5
%
,
4/01/53
.............
1,785,000
1,849,367
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue,
Senior
Lien
,
2024
B
,
AGMC
Insured
,
4.375
%
,
7/01/49
...............
5,000,000
4,535,690
Revenue,
Senior
Lien
,
2024
B
,
AGMC
Insured
,
4.5
%
,
7/01/54
................
5,750,000
5,252,320
f
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
..........................
10,000,000
9,887,280
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
10,000,000
10,287,365
Revenue
,
2024
D
,
Mandatory
Put
,
5
%
,
9/01/32
...........................
15,000,000
15,892,701
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
9/01/32
............................
10,000,000
10,505,350
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)
California
Community
College
Financing
Authority
,
c
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
$
30,295,000
$
25,052,881
c
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
B
,
7.75
%
,
7/01/30
.....
2,405,000
2,284,527
c
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
C
,
6.75
%
,
7/01/60
.....
7,050,000
5,951,508
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/48
..........
225,000
228,562
NCCD-Orange
Coast
Properties
LLC
,
Revenue
,
2018
,
5.25
%
,
5/01/53
..........
7,785,000
7,878,791
c
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
27,050,000
21,913,083
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
885,000
674,831
Exchange
at
Bayfront
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/51
........................................................
13,000,000
5,895,226
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
18,800,000
9,235,951
Serenity
at
Larkspur
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
2/01/50
.........
22,525,000
15,768,356
Summit
at
Sausalito
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
2/01/50
........
5,000,000
3,714,733
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
7,475,000
6,533,954
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
15,000,000
13,343,718
California
County
Tobacco
Securitization
Agency
,
Merced
County
Tobacco
Funding
Corp.
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
6/01/50
3,000,000
2,808,880
g
Sonoma
County
Securitization
Corp.
,
Revenue
,
2020
B-2
,
Refunding
,
5.48
%,
6/01/55
10,000,000
2,016,365
California
Educational
Facilities
Authority
,
Art
Center
College
of
Design
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/37
.......
1,265,000
1,283,334
Art
Center
College
of
Design
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/38
.......
1,125,000
1,137,474
Art
Center
College
of
Design
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/44
.......
10,375,000
10,260,116
Leland
Stanford
Junior
University
(The)
,
Revenue
,
T-1
,
5
%
,
3/15/39
............
4,185,000
4,738,312
Leland
Stanford
Junior
University
(The)
,
Revenue
,
U-3
,
5
%
,
6/01/43
............
5,815,000
6,387,897
University
of
Southern
California
,
Revenue
,
2025
A
,
5
%
,
10/01/55
.............
15,000,000
15,533,732
California
Enterprise
Development
Authority
,
Castilleja
School
Foundation
,
Revenue
,
2024
,
4
%
,
6/01/54
...................
10,000,000
8,594,930
c
Real
Journey
Academies
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/54
..
2,000,000
1,836,356
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/36
250,000
231,356
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/51
630,000
500,410
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/61
845,000
643,660
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2024
,
5
%
,
6/01/54
.........
1,400,000
1,294,894
c
Rocklin
Academy
Obligated
Group
,
Revenue
,
144A,
2024
,
5
%
,
6/01/64
.........
1,350,000
1,217,551
California
Health
Facilities
Financing
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
3/01/39
........................................................
8,190,000
7,433,477
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5.25
%
,
12/01/43
4,980,000
5,024,936
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
A
,
5.25
%
,
12/01/44
4,720,000
4,743,442
Children's
Hospital
Los
Angeles
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
8/15/49
........................................................
3,375,000
2,681,778
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.25
%
,
12/01/49
......
10,775,000
11,032,859
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
12/01/54
.........
5,225,000
5,238,969
El
Camino
Hospital
LP
,
Revenue
,
2017
,
4
%
,
2/01/42
.......................
6,500,000
6,285,064
El
Camino
Hospital
LP
,
Revenue
,
2017
,
5
%
,
2/01/42
.......................
5,000,000
5,054,328
Kaiser
Foundation
Hospitals
,
Revenue
,
2017
A-2
,
5
%
,
11/01/47
...............
11,565,000
12,330,884
Kaiser
Foundation
Hospitals
,
Revenue
,
A-2
,
BAM
Insured
,
5
%
,
11/01/47
........
10,000,000
10,546,186
Sutter
Health
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
12,485,000
12,446,674
California
Housing
Finance
Agency
,
Revenue
,
2019-2
,
A
,
4
%
,
3/20/33
......................................
48,438
48,126
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
...................................
3,742,765
3,476,844
c
Redwood
Gardens
Renewal
LP
,
Revenue
,
144A,
2021
N-S
,
4
%
,
3/01/37
........
3,165,000
2,615,610
c,f
Shermanair
Apartments
Owner
LP
,
Revenue
,
144A,
2021
Q-S
,
Mandatory
Put
,
4.5
%
,
9/01/36
........................................................
4,000,000
3,582,508
California
Infrastructure
&
Economic
Development
Bank
,
c,f
Desertxpress
Enterprises
LLC
,
Revenue
,
144A,
2025
A
,
Refunding
,
Mandatory
Put
,
9.5
%
,
1/01/35
...................................................
14,450,000
14,005,976
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
Infrastructure
&
Economic
Development
Bank,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
11/01/49
.......................................................
$
250,000
$
247,374
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
11/01/54
.......................................................
3,000,000
2,926,681
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
11/01/59
.......................................................
1,000,000
965,985
c
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada,
Inc.
,
Revenue
,
144A,
2016
A
,
5
%
,
1/01/47
..............................................
10,360,000
7,559,565
c
La
Scuola
International
School
,
Revenue
,
144A,
2024
,
5
%
,
7/01/44
............
2,145,000
1,998,787
c
La
Scuola
International
School
,
Revenue
,
144A,
2024
,
5.125
%
,
7/01/54
.........
1,630,000
1,479,771
c
La
Scuola
International
School
,
Revenue
,
144A,
2024
,
5.25
%
,
7/01/64
..........
3,075,000
2,778,123
Roseville
Sustainable
Energy
Partner
LLC
,
Revenue
,
2024
A
,
5.25
%
,
7/01/49
....
6,000,000
6,010,423
c
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
5
%
,
1/01/56
...............
1,600,000
1,394,368
c
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
2,300,000
2,006,454
a
California
Muncipal
Finance
Authority
,
8
%
,
12/01/42
.........................
8,300,000
8,319,028
California
Municipal
Finance
Authority
,
c,f
Revenue
,
144A,
2023
B-1
,
Mandatory
Put
,
7
%
,
4/01/33
.....................
20,770,000
20,329,848
c,f
Revenue
,
144A,
2023
B-2
,
Mandatory
Put
,
7
%
,
4/01/33
.....................
13,825,000
13,492,025
c,h
Revenue
,
144A,
FRN
,
2025-1
,
B
,
3.536
%
,
6/20/49
.........................
4,500,000
2,757,763
c
Revenue
,
144A,
2023
,
II
,
7
%
,
7/01/51
..................................
12,655,000
11,938,094
Special
Tax
,
2024
D
,
5
%
,
9/01/54
......................................
1,000,000
963,898
Special
Tax
,
2025
B
,
5.125
%
,
9/01/55
..................................
1,825,000
1,760,087
d
1717
University
Associates
LLC
,
Revenue
,
2020
A-S
,
5
%
,
9/01/57
.............
1,175,000
878,823
ACI
Royal
York,
Inc.
,
Revenue
,
2020
A
,
4
%
,
2/15/55
........................
2,375,000
1,799,879
American
Heritage/Escondido/Heritage
K-8
Charter
School
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/36
.............................
3,000,000
3,013,172
BOLD
Program
,
Special
Tax
,
2022
B
,
Refunding
,
6
%
,
9/01/52
................
2,920,000
3,046,988
BOLD
Program
,
Special
Tax
,
2022
B
,
Refunding
,
6.3
%
,
9/01/52
...............
1,205,000
1,278,944
BOLD
Program
,
Special
Tax
,
2022
C
,
6.25
%
,
9/01/52
.......................
4,030,000
4,265,291
BOLD
Program
,
Special
Tax
,
2022
D
,
6.125
%
,
9/01/52
......................
6,885,000
7,235,701
BOLD
Program
,
Special
Tax
,
2023
A
,
5.5
%
,
9/01/53
........................
3,000,000
3,091,856
BOLD
Program
,
Special
Tax
,
2023
C
,
5.25
%
,
9/01/53
.......................
1,300,000
1,305,038
BOLD
Program
,
Special
Tax
,
2024
A
,
5
%
,
9/01/39
.........................
275,000
283,823
BOLD
Program
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
.........................
625,000
629,986
BOLD
Program
,
Special
Tax
,
2024
A
,
5
%
,
9/01/48
.........................
300,000
300,759
BOLD
Program
,
Special
Tax
,
2024
A
,
5.125
%
,
9/01/54
......................
1,000,000
988,392
BOLD
Program
,
Special
Tax
,
2024
B
,
5
%
,
9/01/44
.........................
940,000
946,837
BOLD
Program
,
Special
Tax
,
2024
B
,
5
%
,
9/01/49
.........................
1,070,000
1,066,159
BOLD
Program
,
Special
Tax
,
2024
B
,
5
%
,
9/01/54
.........................
1,250,000
1,210,320
Bowles
Hall
Foundation
,
Revenue
,
2015
A
,
5
%
,
6/01/35
.....................
600,000
600,262
Bowles
Hall
Foundation
,
Revenue
,
2015
A
,
5
%
,
6/01/50
.....................
3,250,000
3,168,565
c
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.375
%
,
11/01/40
.........
5,000,000
5,000,436
c
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
10,000,000
9,762,492
c
California
Baptist
University
,
Revenue
,
144A,
2016
A
,
5
%
,
11/01/36
............
2,500,000
2,507,766
c
California
Baptist
University
,
Revenue
,
144A,
2025
A
,
Refunding
,
5
%
,
11/01/35
...
2,250,000
2,313,739
c
California
Baptist
University
,
Revenue
,
144A,
2025
A
,
Refunding
,
5.125
%
,
11/01/40
1,350,000
1,355,563
c
California
Baptist
University
,
Revenue
,
144A,
2025
A
,
Refunding
,
5.375
%
,
11/01/45
775,000
779,919
c
California
Baptist
University
,
Revenue
,
144A,
2025
A
,
Refunding
,
5.625
%
,
11/01/54
500,000
502,808
c
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
6,768,937
c
Capital
Christian
Center
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
10/01/37
......
8,150,000
6,776,498
CHF-Davis
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/51
...........................
5,000,000
4,785,696
CHF-Davis
II
LLC
,
Revenue
,
2021
,
BAM
Insured
,
3
%
,
5/15/51
................
550,000
399,654
CHF-Riverside
I
LLC
,
Revenue
,
2018
,
5
%
,
5/15/40
.........................
1,500,000
1,511,481
CHF-Riverside
II
LLC
,
Revenue
,
2019
,
5
%
,
5/15/49
........................
9,575,000
9,193,566
City
of
Chula
Vista
Community
Facilities
District
No.
2021-11
,
Special
Tax
,
2022
,
5
%
,
9/01/52
........................................................
2,500,000
2,474,594
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)
City
of
Hesperia
Community
Facilities
District
No.
2023-11
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5.125
%
,
9/01/55
...................................
$
1,000,000
$
961,540
c
Claremont
Graduate
University
,
Revenue
,
144A,
2020
B
,
Refunding
,
5
%
,
10/01/39
.
1,120,000
1,059,168
c
Claremont
Graduate
University
,
Revenue
,
144A,
2020
B
,
Refunding
,
5
%
,
10/01/49
.
4,290,000
3,833,102
c
Claremont
Graduate
University
,
Revenue
,
144A,
2020
B
,
Refunding
,
5
%
,
10/01/54
.
1,875,000
1,639,404
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2022
,
5
%
,
9/01/42
.......
1,000,000
1,011,283
Community
Facilities
District
No.
2021-13
,
Special
Tax
,
2022
,
5
%
,
9/01/52
.......
5,150,000
5,008,700
Community
Facilities
District
No.
2021-6
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
6
%
,
9/01/52
....................................................
4,350,000
4,539,178
Community
Facilities
District
No.
2022-8
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
500,000
499,335
Community
Facilities
District
No.
2022-8
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
500,000
493,375
Community
Facilities
District
No.
2022-8
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
1,570,000
1,517,876
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
500,000
503,267
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
800,000
796,018
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
1,125,000
1,087,650
Community
Facilities
District
No.
2023-11
Improvement
Area
A
,
Special
Tax
,
2024
,
5.125
%
,
9/01/59
.................................................
1,550,000
1,530,538
Community
Facilities
District
No.
2023-5
Area
No.
1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/48
........................................................
600,000
622,851
Community
Facilities
District
No.
2023-5
Area
No.
1
,
Special
Tax
,
2023
,
5.625
%
,
9/01/53
........................................................
1,060,000
1,094,086
Community
Facilities
District
No.
2023-5
Area
No.
1
,
Special
Tax
,
2023
,
5.8
%
,
9/01/53
........................................................
3,190,000
3,329,713
Community
Facilities
District
No.
2023-5
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
....................................................
1,210,000
1,209,875
Community
Facilities
District
No.
2023-5
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
....................................................
1,835,000
1,818,254
Community
Facilities
District
No.
2023-5
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
....................................................
2,165,000
2,086,838
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
4
%
,
12/01/26
.......................................................
200,000
200,034
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/27
.......................................................
100,000
102,450
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/29
.......................................................
50,000
51,906
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/31
.......................................................
130,000
135,164
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/36
.......................................................
350,000
356,008
c
Community
Health
Centers
of
The
Central
Coast,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
12/01/54
.......................................................
2,000,000
1,832,535
Community
Hospitals
of
Central
California
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
2/01/42
............................................
10,000,000
8,927,352
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/39
.......................................................
2,670,000
2,634,983
Congregational
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/49
.......................................................
480,000
434,395
c
Creative
Center
of
Los
Altos
(The)
,
Revenue
,
144A,
2016
B
,
4
%
,
11/01/36
.......
1,395,000
1,298,088
c
Creative
Center
of
Los
Altos
(The)
,
Revenue
,
144A,
2016
B
,
4.5
%
,
11/01/46
......
1,600,000
1,397,267
Del
Harbor
Foundation
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/32
.............
3,020,000
3,034,706
Del
Harbor
Foundation
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/39
.............
6,525,000
6,529,062
Eisenhower
Medical
Center
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/37
.........
2,625,000
2,621,709
Eisenhower
Medical
Center
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/47
.........
5,000,000
4,858,897
HumanGood
California
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/44
5,500,000
5,479,228
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
,
2021
,
3
%
,
10/01/49
.........
$
5,000,000
$
3,515,334
Ignatian
Corp.
(The)
,
Revenue
,
2024
A
,
5
%
,
9/01/49
.......................
600,000
611,742
Ignatian
Corp.
(The)
,
Revenue
,
2024
A
,
5
%
,
9/01/54
.......................
6,750,000
6,833,196
c,g
IH
Parkside
Fairfield
LLC
,
Revenue
,
144A,
2023
B
,
2.617
%,
9/01/43
...........
20,710,000
14,656,312
Inland
Counties
Regional
Center,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/15/37
...
8,965,000
8,966,564
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
........
16,700,000
13,973,631
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
B
,
10
%
,
12/01/62
...........
7,000,000
3,882,558
c
King/Chavez
Facilities
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
5/01/36
.....
1,815,000
1,817,254
c
King/Chavez
Facilities
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
5/01/46
.....
2,775,000
2,688,966
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/43
13,915,000
13,563,488
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
4
%
,
12/31/47
6,085,000
5,052,850
LAX
Integrated
Express
Solutions
LLC
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/31/47
22,250,000
21,273,459
Literacy
First
Charter
School
Issuer
LLC
,
Revenue
,
2019
A
,
5
%
,
12/01/49
.......
4,165,000
4,053,037
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/01/35
......
1,100,000
1,099,988
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/01/44
......
1,050,000
942,671
Northbay
Healthcare
Group
Obligated
Group
,
Revenue
,
2017
A
,
5.25
%
,
11/01/47
..
3,000,000
2,760,366
c
P3
Claremont
Holdings
LLC
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/30
.............
520,000
520,695
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2016
A
,
5
%
,
7/01/36
..
2,750,000
2,644,619
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2016
A
,
5
%
,
7/01/41
..
1,750,000
1,614,917
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2018
A
,
3.875
%
,
7/01/28
740,000
711,361
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2018
A
,
5
%
,
7/01/38
..
1,100,000
1,064,756
c
Palmdale
Aerospace
Academy,
Inc.
(The)
,
Revenue
,
144A,
2018
A
,
5
%
,
7/01/49
..
3,600,000
3,229,736
PRS-California
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/44
......
1,415,000
1,430,321
PRS-California
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/49
......
1,300,000
1,283,637
PRS-California
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
4/01/54
......
1,540,000
1,496,335
c
Santa
Rosa
Academy
LLC
,
Revenue
,
144A,
2015
,
5.125
%
,
7/01/35
............
450,000
449,990
c
Santa
Rosa
Academy
LLC
,
Revenue
,
144A,
2015
,
5.375
%
,
7/01/45
............
1,400,000
1,309,514
c
Sierra
Ridge
3600
LLC
,
Revenue
,
144A,
2024
B
,
6.75
%
,
11/01/39
.............
11,012,000
10,500,869
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5
%
,
5/01/34
...
300,000
306,325
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5.5
%
,
5/01/44
..
510,000
509,091
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5.75
%
,
5/01/54
.
510,000
509,172
c
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
144A,
2024
A
,
5.875
%
,
5/01/59
700,000
702,090
St.
Mary
and
All
Angels
Christian
Church
,
Revenue
,
2024
B
,
4.65
%
,
5/01/30
.....
1,045,000
1,055,604
c
STREAM
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/41
...............
925,000
845,100
c
STREAM
Charter
School
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/51
...............
2,770,000
2,372,866
c
STREAM
Charter
School
,
Revenue
,
144A,
2020
B
,
6.4
%
,
6/15/32
.............
705,000
684,460
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
5
%
,
6/15/34
...........
500,000
517,200
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
5.5
%
,
6/15/39
..........
655,000
676,982
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
5.9
%
,
6/15/44
..........
1,255,000
1,304,340
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.2
%
,
6/15/54
..........
2,900,000
3,014,586
c
Westside
Neighborhood
School
,
Revenue
,
144A,
2024
,
6.375
%
,
6/15/64
........
3,000,000
3,132,280
c
California
Pollution
Control
Financing
Authority
,
a,d
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7
%
,
7/01/22
........................
3,500,000
35
a,d
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7.5
%
,
7/01/32
.......................
13,000,000
130
a,d
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
8
%
,
7/01/39
........................
11,500,000
115
a,d
CalPlant
I
LLC
,
Revenue
,
144A,
2020
,
7.5
%
,
7/01/32
.......................
4,500,000
45
Channelside
Water
Resources
LP
,
Revenue
,
144A,
2012
,
5
%
,
11/21/45
.........
21,685,000
20,538,089
California
Public
Finance
Authority
,
c
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
4,015,000
3,332,466
Henry
Mayo
Newhall
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/15/37
.......................................................
1,100,000
1,105,893
c
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/36
.......................................................
1,000,000
1,002,030
c
Kendal
at
Sonoma
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
5
%
,
11/15/56
.......................................................
2,135,000
1,833,616
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
B-1
,
Refunding
,
3.125
%
,
5/15/29
........................................................
$
1,955,000
$
1,891,091
c
California
School
Finance
Authority
,
Revenue
,
144A,
2017
,
5
%
,
6/01/47
....................................
700,000
628,777
Alliance
for
College
Ready
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
C
,
5
%
,
7/01/46
....................................................
10,000,000
9,935,191
Alternative
Schools,
Inc.
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/41
.......
500,000
382,113
Alternative
Schools,
Inc.
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/51
.......
2,835,000
1,931,031
Alternative
Schools,
Inc.
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/61
.......
3,675,000
2,341,354
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
,
Refunding
,
5
%
,
8/01/40
........................................................
1,000,000
968,303
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
,
5
%
,
8/01/41
......
2,010,000
1,921,464
Aspire
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
........................................................
190,000
190,500
Citizens
of
the
World
Los
Angeles
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.25
%
,
4/01/52
........................................................
2,000,000
1,972,508
Citizens
of
the
World
Los
Angeles
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.375
%
,
4/01/62
.................................................
2,000,000
1,977,817
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
10/01/37
.......................................................
1,485,000
1,494,903
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
10/01/44
.......................................................
5,610,000
5,407,423
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
10/01/40
.....
500,000
498,048
Classical
Academy
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
10/01/50
.....
3,570,000
3,308,979
Ednovate
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
6/01/48
...............
1,000,000
885,082
Ednovate
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
6/01/56
...............
1,710,000
1,461,391
Envision
Education
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/54
......
900,000
796,971
Fenton
Charter
Public
Schools
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/40
...........
225,000
219,020
Fenton
Charter
Public
Schools
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/50
...........
1,275,000
1,188,270
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
7/01/43
........................................................
2,000,000
1,961,769
Granada
Hills
Charter
High
School
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
7/01/49
........................................................
5,750,000
5,573,478
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
8/01/35
.
2,525,000
2,526,646
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
8/01/45
.
3,500,000
3,377,080
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5
%
,
8/01/38
.
1,000,000
1,007,210
Green
Dot
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5
%
,
8/01/48
.
1,750,000
1,680,054
Harbor
Springs
Obligated
Group
,
Revenue
,
144A,
2024
A
,
5.5
%
,
7/01/54
........
2,235,000
2,247,136
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/31
.....................
250,000
237,996
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/41
.....................
435,000
398,109
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
.....................
600,000
516,169
iLEAD
Lancaster
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
.....................
1,320,000
1,097,217
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5
%
,
7/01/39
.................
1,000,000
960,594
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5.25
%
,
7/01/44
...............
800,000
754,430
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5.5
%
,
7/01/54
................
1,600,000
1,483,632
Integrity
Charter
School
,
Revenue
,
144A,
2024
,
5.6
%
,
7/01/64
................
2,000,000
1,839,603
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
4.5
%
,
7/01/32
.
605,000
600,226
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
7/01/42
...
2,140,000
2,022,481
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5
%
,
7/01/52
...
3,175,000
2,846,060
John
Adams
Academies
Obligated
Group
,
Revenue
,
144A,
2022
A
,
5.125
%
,
7/01/62
8,125,000
7,221,410
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
7/01/35
1,200,000
1,200,455
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2015
A
,
5
%
,
7/01/45
1,675,000
1,614,350
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
7/01/49
2,150,000
2,050,032
KIPP
SoCal
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
7/01/54
1,150,000
1,076,122
Larchmont
Schools
,
Revenue
,
144A,
2018
A
,
5
%
,
6/01/55
...................
3,050,000
2,687,994
Lifeline
Education
Charter
School,
Inc.
,
Revenue
,
144A,
2020
A
,
3
%
,
7/01/30
.....
365,000
342,869
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)
Lifeline
Education
Charter
School,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/45
.....
$
1,200,000
$
1,133,202
Lifeline
Education
Charter
School,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/55
.....
1,235,000
1,135,562
Lighthouse
Community
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.375
%
,
6/01/52
.................................................
1,250,000
1,283,875
Lighthouse
Community
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
6/01/62
...................................................
1,500,000
1,541,634
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/31
.......
1,000,000
981,037
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/36
.......
1,670,000
1,544,268
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/51
.......
16,730,000
13,077,622
NCCD-Santa
Rosa
Properties
LLC
,
Revenue
,
144A,
2021
A
,
4
%
,
11/01/55
.......
1,400,000
1,067,284
New
Designs
Charter
School
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
6/01/54
...
650,000
595,075
New
Designs
Charter
School
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
6/01/64
...
1,600,000
1,424,685
Orange
County
Educational
Arts
Academy
,
Revenue
,
144A,
2023
A
,
Refunding
,
5
%
,
6/01/33
........................................................
650,000
655,806
Orange
County
Educational
Arts
Academy
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
6/01/43
.................................................
560,000
555,700
Orange
County
Educational
Arts
Academy
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.875
%
,
6/01/53
.................................................
600,000
593,062
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
8/01/33
............................................
720,000
743,473
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5.25
%
,
8/01/38
.........................................
500,000
506,152
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5.5
%
,
8/01/43
..........................................
550,000
559,911
Partnerships
to
Uplift
Communities
Obligated
Group
,
Revenue
,
144A,
2023
,
Refunding
,
5.5
%
,
8/01/47
..........................................
525,000
530,438
Real
Journey
Academies
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
6/01/49
..
7,105,000
6,428,599
Rex
&
Margaret
Fortune
School
of
Education
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/44
2,000,000
1,871,772
Rex
&
Margaret
Fortune
School
of
Education
,
Revenue
,
144A,
2024
A
,
5
%
,
6/01/54
2,350,000
2,108,127
Rex
&
Margaret
Fortune
School
of
Education
,
Revenue
,
144A,
2024
A
,
5.125
%
,
6/01/59
........................................................
1,500,000
1,353,813
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/30
........
1,250,000
1,274,368
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/37
........
2,000,000
2,008,365
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/47
........
1,975,000
1,886,340
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2017
A
,
5
%
,
7/01/52
........
1,340,000
1,247,987
River
Springs
Charter
School,
Inc.
,
Revenue
,
144A,
2023
A
,
5.75
%
,
7/01/42
......
980,000
1,004,692
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
A
,
5
%
,
6/01/34
....
750,000
752,308
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
A
,
5.125
%
,
6/01/47
.
845,000
783,871
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
A
,
5.25
%
,
6/01/52
..
2,440,000
2,245,999
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
G
,
5
%
,
6/01/30
....
315,000
318,361
Rocketship
Education
Obligated
Group
,
Revenue
,
144A,
2017
G
,
5
%
,
6/01/37
....
360,000
354,237
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/31
........................................................
260,000
244,168
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/41
........................................................
600,000
471,293
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/51
........................................................
800,000
550,953
Santa
Clarita
Valley
International
Charter
School
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
........................................................
1,300,000
844,462
Summit
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2017
,
Pre-Refunded
,
5
%
,
6/01/47
........................................................
800,000
830,490
California
State
Public
Works
Board
,
Revenue
,
2025
A
,
5
%
,
4/01/50
........................................
7,500,000
7,740,703
State
of
California
,
Revenue
,
2024
A
,
5
%
,
4/01/49
.........................
13,000,000
13,406,190
California
Statewide
Communities
Development
Authority
,
Revenue
,
2015
R-1
,
Refunding
,
5
%
,
9/02/40
.............................
2,230,000
2,231,909
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
Statewide
Communities
Development
Authority,
(continued)
Special
Assessment
,
2016
A
,
5
%
,
9/02/36
...............................
$
1,035,000
$
1,045,868
Special
Assessment
,
2017
A
,
4
%
,
9/02/27
...............................
795,000
798,651
Special
Assessment
,
2017
A
,
5
%
,
9/02/37
...............................
1,970,000
2,001,691
Special
Assessment
,
2017
A
,
5
%
,
9/02/46
...............................
2,455,000
2,461,022
Special
Assessment
,
2017
B
,
5
%
,
9/02/37
...............................
3,260,000
3,325,780
Special
Assessment
,
2017
B
,
5
%
,
9/02/47
...............................
2,520,000
2,533,302
Special
Assessment
,
2017
C
,
5
%
,
9/02/37
...............................
3,980,000
4,044,026
Special
Assessment
,
2018
A
,
5
%
,
9/02/38
...............................
2,150,000
2,190,581
Special
Assessment
,
2018
A
,
5
%
,
9/02/47
...............................
3,745,000
3,755,130
Special
Assessment
,
2018
B
,
5
%
,
9/02/38
...............................
2,760,000
2,813,771
Special
Assessment
,
2018
B
,
5
%
,
9/02/43
...............................
4,690,000
4,724,087
Special
Assessment
,
2018
B
,
5
%
,
9/02/48
...............................
4,605,000
4,620,924
Special
Assessment
,
2018
C
,
5
%
,
9/02/38
...............................
5,265,000
5,364,377
Special
Assessment
,
2018
C
,
5
%
,
9/02/48
...............................
6,605,000
6,619,972
Special
Assessment
,
2019
A
,
5
%
,
9/02/39
...............................
1,600,000
1,630,585
Special
Assessment
,
2019
A
,
5
%
,
9/02/44
...............................
940,000
946,355
Special
Assessment
,
2019
B
,
5
%
,
9/02/44
...............................
1,150,000
1,165,712
Special
Assessment
,
2019
C
,
5
%
,
9/02/39
...............................
850,000
858,713
Special
Assessment
,
2020
A
,
5
%
,
9/02/40
...............................
1,250,000
1,270,887
Special
Assessment
,
2020
A
,
4
%
,
9/02/50
...............................
900,000
731,655
Special
Assessment
,
2020
A
,
5
%
,
9/02/50
...............................
1,000,000
991,439
Special
Assessment
,
2020
B
,
4
%
,
9/02/40
...............................
565,000
504,135
Special
Assessment
,
2020
B
,
4
%
,
9/02/50
...............................
695,000
559,790
Special
Assessment
,
2021
A
,
4
%
,
9/02/41
...............................
995,000
891,112
Special
Assessment
,
2021
A
,
4
%
,
9/02/51
...............................
3,175,000
2,594,909
Special
Assessment
,
2021
B
,
4
%
,
9/02/41
...............................
3,280,000
2,954,552
Special
Assessment
,
2021
B
,
4
%
,
9/02/51
...............................
3,145,000
2,570,390
Special
Assessment
,
2021
C-1
,
4
%
,
9/02/41
..............................
2,435,000
2,102,048
Special
Assessment
,
2021
C-1
,
4
%
,
9/02/51
..............................
3,610,000
2,906,731
Special
Assessment
,
2021
C-2
,
5
%
,
9/02/41
..............................
3,150,000
2,587,984
Special
Assessment
,
2021
C-2
,
5.5
%
,
9/02/51
............................
3,575,000
2,580,151
Special
Assessment
,
2022
B
,
5
%
,
9/02/42
...............................
3,000,000
3,022,901
Special
Assessment
,
2022
B
,
5
%
,
9/02/52
...............................
3,000,000
2,917,686
Special
Assessment
,
2022
C
,
5.375
%
,
9/02/52
............................
1,990,000
2,007,213
Special
Assessment
,
2023
D
,
5.5
%
,
9/02/53
..............................
1,000,000
1,000,539
Special
Tax
,
2023
C-1
,
5.25
%
,
9/02/53
..................................
3,000,000
2,982,087
Special
Tax
,
2025
A
,
5
%
,
9/02/50
......................................
5,500,000
5,452,913
Assessment
District
No.
14-01
,
Special
Assessment
,
2015
,
5
%
,
9/02/35
.........
2,000,000
2,003,733
Assessment
District
No.
14-01
,
Special
Assessment
,
2015
,
5
%
,
9/02/45
.........
3,810,000
3,783,498
c
California
Baptist
University
,
Revenue
,
144A,
2014
A
,
6.125
%
,
11/01/33
.........
1,375,000
1,376,918
c
California
Baptist
University
,
Revenue
,
144A,
2014
A
,
Refunding
,
6.375
%
,
11/01/43
4,035,000
4,041,098
c
California
Baptist
University
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
11/01/32
...
1,135,000
1,149,455
c
California
Baptist
University
,
Revenue
,
144A,
2017
A
,
Refunding
,
5
%
,
11/01/41
...
1,875,000
1,794,312
Cedars-Sinai
Medical
Center
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
.....
6,000,000
5,488,610
Community
Facilities
District
2022-7
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,500,000
1,485,738
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2016
A
,
5
%
,
9/01/46
......
10,625,000
10,626,724
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2019
,
5
%
,
9/01/39
.......
1,230,000
1,245,933
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2019
,
5
%
,
9/01/49
.......
3,000,000
2,989,230
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2020
,
4
%
,
9/01/40
.......
3,345,000
3,065,880
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2020
,
4
%
,
9/01/50
.......
2,845,000
2,343,630
Community
Facilities
District
No.
2016-02
,
Special
Tax
,
2022
,
5.5
%
,
9/01/52
......
7,490,000
7,665,038
Community
Facilities
District
No.
2018-01
,
Special
Tax
,
2019
,
5
%
,
9/01/39
.......
1,650,000
1,672,640
Community
Facilities
District
No.
2018-01
,
Special
Tax
,
2019
,
5
%
,
9/01/48
.......
2,000,000
2,003,341
Community
Facilities
District
No.
2022-08
Improvement
Area
,
Special
Tax
,
2024
,
5.25
%
,
9/01/39
..................................................
2,360,000
2,410,356
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.
2022-08
Improvement
Area
,
Special
Tax
,
2024
,
5.25
%
,
9/01/45
..................................................
$
2,750,000
$
2,754,828
Community
Facilities
District
No.
2022-12
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
................................................
2,275,000
2,303,941
Community
Facilities
District
No.
2022-12
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
................................................
1,350,000
1,335,131
Community
Facilities
District
No.
2024-9
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........
400,000
397,515
Community
Facilities
District
No.
2024-9
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........
700,000
677,779
Community
Infrastructure
Program
Assessment
District
No.
20-02
,
Special
Assessment
,
2023
,
5.75
%
,
9/02/53
...................................
1,900,000
1,932,193
John
Muir
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
12/01/54
.
10,000,000
10,245,856
c
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2016
A
,
Refunding
,
5
%
,
6/01/46
12,735,000
11,857,714
c
Lancer
Educational
Housing
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
6/01/39
.........
950,000
935,679
c
Loma
Linda
University
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5
%
,
12/01/41
...................................................
1,245,000
1,204,045
c
Loma
Linda
University
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5.25
%
,
12/01/56
.................................................
45,755,000
44,428,718
c
Loma
Linda
University
Medical
Center
Obligated
Group
,
Revenue
,
144A,
2018
A
,
5.5
%
,
12/01/58
..................................................
6,250,000
6,097,430
Marin
General
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
4
%
,
8/01/45
........
1,500,000
1,256,082
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
4,325,000
4,319,338
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
8,000,000
7,644,723
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/52
.............
2,635,000
2,482,738
Panorama
II
Preservation
LP
,
Revenue
,
2024
F
,
FNMA
Insured
,
4.25
%
,
12/01/40
..
7,460,000
7,210,647
USC
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
5,000,000
5,051,087
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
1,665,342
City
&
County
of
San
Francisco
,
c
Community
Facilities
District
No.
2016-1
Improvement
Area
2
,
Special
Tax
,
144A,
2023
A
,
5.5
%
,
9/01/53
.............................................
2,045,000
2,085,492
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
4
%
,
9/01/50
....................................................
2,450,000
1,971,482
c
Community
Facilities
District
No.
2016-1
Improvement
Area
No.
2
,
Special
Tax
,
144A,
2022
A
,
4
%
,
9/01/52
..............................................
5,270,000
4,217,726
c
Infrastructure
&
Revitalization
Financing
District
No.
1
Facilities
Increment
,
Tax
Allocation
,
144A,
2022
A
,
5
%
,
9/01/37
.................................
385,000
396,072
c
Infrastructure
&
Revitalization
Financing
District
No.
1
Facilities
Increment
,
Tax
Allocation
,
144A,
2022
A
,
5
%
,
9/01/52
.................................
2,000,000
1,838,697
c
Infrastructure
&
Revitalization
Financing
District
No.
1
Housing
Increment
,
Tax
Allocation
,
144A,
2022
B
,
5
%
,
9/01/52
.................................
1,000,000
902,555
c
Special
Tax
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
C
,
4
%
,
9/01/51
........................................................
3,900,000
3,121,666
City
of
Dixon
,
Community
Facilities
District
No.
2013-1
Parklane
,
Special
Tax
,
2019
,
5
%
,
9/01/49
......................................................
2,400,000
2,398,066
City
of
Dublin
,
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
2
,
Special
Tax
,
2019
,
5
%
,
9/01/39
....................................................
2,765,000
2,817,885
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
2
,
Special
Tax
,
2019
,
5
%
,
9/01/44
....................................................
2,925,000
2,948,114
Community
Facilities
District
No.
2015-1
Improvement
Area
No.
2
,
Special
Tax
,
2019
,
5
%
,
9/01/49
....................................................
4,100,000
4,106,641
City
of
Fairfield
,
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/44
..................................................
2,000,000
2,004,220
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
..................................................
2,000,000
1,987,274
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
Fillmore
,
Community
Facilities
District
No.
5
,
Special
Tax
,
2015
,
5
%
,
9/01/40
............
$
1,500,000
$
1,500,822
Community
Facilities
District
No.
5
,
Special
Tax
,
2015
,
5
%
,
9/01/45
............
2,630,000
2,624,930
City
of
Fremont
,
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/40
....
4,655,000
4,654,786
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/45
....
3,255,000
3,208,021
City
of
Irvine
,
Community
Facilities
District
No.
2013-3
Improvement
Area
No.
8
,
Special
Tax
,
2018
,
5
%
,
9/01/43
.......................................
5,000,000
5,024,364
City
of
La
Verne
,
Copacabana
Mobilehome
Park
,
Revenue
,
2014
,
Refunding
,
5
%
,
6/15/49
.........................................................
1,765,000
1,764,974
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2019
D
,
4
%
,
5/15/44
.......
5,525,000
4,959,583
City
of
Manteca
,
Community
Facilities
District
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
1,000,000
1,007,274
Community
Facilities
District
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,580,000
1,555,493
Community
Facilities
District
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
870,000
875,685
Community
Facilities
District
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........................................................
1,320,000
1,315,261
Community
Facilities
District
2023-1
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,735,000
1,708,089
Community
Facilities
District
2023-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/40
........................................................
165,000
167,722
Community
Facilities
District
2023-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/45
........................................................
430,000
427,009
Community
Facilities
District
2023-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/50
........................................................
750,000
735,198
Community
Facilities
District
2023-1
Improvement
Area
No.
3
,
Special
Tax
,
2025
,
5
%
,
9/01/55
........................................................
1,110,000
1,075,695
City
of
Ontario
,
Community
Facilities
District
No.
28
,
Special
Tax
,
2017
,
5
%
,
9/01/42
...........
1,000,000
1,004,720
Community
Facilities
District
No.
28
,
Special
Tax
,
2017
,
5
%
,
9/01/47
...........
500,000
500,736
City
of
Oroville
,
Oroville
Hospital
,
Revenue
,
2019
,
5.25
%
,
4/01/49
.........................
4,500,000
3,506,649
Oroville
Hospital
,
Revenue
,
2019
,
5.25
%
,
4/01/54
.........................
3,000,000
2,281,208
City
of
Palm
Desert
,
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
........
600,000
600,949
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2024
,
5
%
,
9/01/53
........
525,000
521,003
City
of
Rancho
Cordova
,
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2022
,
5
%
,
9/01/51
........
1,200,000
1,188,506
Ranch
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.25
%
,
9/01/52
..........................................
2,000,000
2,020,396
Ranch
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/40
............................................
360,000
360,866
Ranch
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/45
............................................
565,000
549,211
Ranch
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/50
............................................
750,000
721,860
Ranch
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2025
,
5
%
,
9/01/54
............................................
240,000
227,898
Sunridge
North
Douglas
Community
Facilities
District
No.
2005-1
,
Special
Tax
,
2015
,
5
%
,
9/01/40
....................................................
1,200,000
1,200,955
Sunridge
North
Douglas
Community
Facilities
District
No.
2005-1
,
Special
Tax
,
2015
,
5
%
,
9/01/45
....................................................
1,250,000
1,250,287
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
,
Amoruso
Ranch
Community
Facilities
District
1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/49
............................................
$
1,125,000
$
1,093,314
Amoruso
Ranch
Community
Facilities
District
1
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
............................................
1,500,000
1,437,197
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
1
,
Special
Tax
,
2020
,
5
%
,
9/01/45
................................................
1,280,000
1,287,842
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5
%
,
9/01/43
................................................
500,000
503,481
Creekview
Community
Facilities
District
No.
1
Improvement
Area
No.
2
,
Special
Tax
,
2023
,
5.25
%
,
9/01/53
.............................................
1,850,000
1,867,560
c
Fiddyment
Ranch
Community
Facilities
District
No.
5
,
Special
Tax
,
144A,
2017
,
Refunding
,
5
%
,
9/01/32
............................................
1,265,000
1,298,256
c
Fiddyment
Ranch
Community
Facilities
District
No.
5
,
Special
Tax
,
144A,
2017
,
Refunding
,
5
%
,
9/01/47
............................................
6,500,000
6,513,676
HP
Campus
Oaks
Community
Facilities
District
No.
1
,
Special
Tax
,
2016
,
5
%
,
9/01/36
........................................................
1,950,000
1,966,664
HP
Campus
Oaks
Community
Facilities
District
No.
1
,
Special
Tax
,
2016
,
5.5
%
,
9/01/46
........................................................
6,415,000
6,457,405
SVSP
Westpark-Federico
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/44
........................................................
1,000,000
1,007,902
Torrente
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2023
,
6
%
,
9/01/53
........................................................
1,500,000
1,571,276
Villages
at
Sierra
Vista
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
........................................................
3,870,000
3,876,269
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/29
....
500,000
500,593
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/34
....
1,100,000
1,100,845
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/39
....
1,885,000
1,885,654
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2014
,
5
%
,
9/01/44
....
1,650,000
1,650,139
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/40
....
1,670,000
1,696,921
Westbrook
Community
Facilities
District
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
....
2,130,000
2,134,258
Westpark
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/32
........................................................
1,120,000
1,121,363
Westpark
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/33
........................................................
1,000,000
1,001,133
Westpark
Community
Facilities
District
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,250,893
City
of
Sacramento
,
Delta
Shores
Community
Facilities
District
No.
2019-01
Improvement
Area
No.
1
,
Special
Tax
,
2024
,
5
%
,
9/01/54
......................................
2,000,000
1,963,017
Greenbriar
Community
Facilities
District
No.
2018-03
Improvement
Area
No.
2
,
Special
Tax
,
2024
,
5
%
,
9/01/49
......................................
1,000,000
952,002
c
Natomas
Meadows
Community
Facilities
District
No.
2007-1
Area
No.
1
,
Special
Tax
,
144A,
2017
,
5
%
,
9/01/32
...........................................
300,000
308,017
c
Natomas
Meadows
Community
Facilities
District
No.
2007-1
Area
No.
1
,
Special
Tax
,
144A,
2017
,
5
%
,
9/01/37
...........................................
710,000
721,878
c
Natomas
Meadows
Community
Facilities
District
No.
2007-1
Area
No.
1
,
Special
Tax
,
144A,
2017
,
5
%
,
9/01/47
...........................................
1,900,000
1,902,797
City
of
San
Clemente
,
Community
Facilities
District
No.
2006-1
,
Special
Tax
,
2015
,
5
%
,
9/01/40
........
1,745,000
1,745,999
Community
Facilities
District
No.
2006-1
,
Special
Tax
,
2015
,
5
%
,
9/01/46
........
2,445,000
2,407,082
City
of
San
Diego
,
Tobacco
Settlement
Revenue
Funding
Corp.
,
Revenue
,
2018
C
,
Refunding
,
4
%
,
6/01/32
.............................................
365,000
363,085
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
11,500,000
9,615,932
City
of
Stockton
,
Community
Facilities
District
No.
2018-2
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.125
%
,
9/01/52
....................................
3,660,000
3,676,489
City
of
Vernon
,
Electric
System
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/01/36
........
1,525,000
1,580,967
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)
g
Clovis
Unified
School
District
,
GO
,
2004
A
,
NATL
Insured
,
ETM,
3.01
%,
8/01/27
..........................
$
1,205,000
$
1,129,981
GO
,
2004
A
,
NATL
Insured
,
3.14
%,
8/01/27
..............................
6,295,000
5,886,787
GO
,
2004
A
,
NATL
Insured
,
3.19
%,
8/01/28
..............................
3,000,000
2,715,385
c
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
..................................................
13,870,000
11,752,828
c
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
39,885,000
26,728,322
c
CMFA
Special
Finance
Agency
I
,
Mix
at
CTR
City
(The)
,
Revenue
,
144A,
2021
A-T
,
5
%
,
4/01/41
.........................................................
7,545,000
6,971,502
c
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
30,280,000
24,142,498
g
Coachella
Valley
Unified
School
District
,
GO
,
2012
D
,
AGMC
Insured
,
4.72
%,
8/01/42
.............................
8,500,000
3,853,317
GO
,
2012
D
,
AGMC
Insured
,
4.66
%,
8/01/43
.............................
3,000,000
1,311,672
County
of
Imperial
,
Community
Facilities
District
No.
1998-1
,
Special
Tax
,
1999
,
LOC
BNP
Paribas
SA
,
6.5
%
,
9/01/31
.......................................
3,510,000
3,529,124
County
of
Madera
,
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
1
,
Special
Tax
,
2022
,
5.875
%
,
9/01/53
.................................................
1,100,000
1,122,933
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.75
%
,
9/01/53
..................................................
3,080,000
3,130,666
Community
Facilities
District
No.
2021-1
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.875
%
,
9/01/53
.................................................
1,100,000
1,122,932
County
of
Sacramento
,
Airport
System
,
Revenue
,
2024
,
5.25
%
,
7/01/49
...........................
3,000,000
3,148,927
Airport
System
,
Revenue
,
2024
,
5.25
%
,
7/01/54
...........................
15,000,000
15,578,623
County
of
San
Bernardino
,
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/40
....................................................
1,000,000
1,000,771
Community
Facilities
District
No.
2006-1
Area
No.
1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/45
....................................................
1,000,000
1,000,032
c
CSCDA
Community
Improvement
Authority
,
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
16,000,000
12,790,021
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
10,000,000
7,353,010
Theo
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
5/01/57
.....................
10,000,000
6,788,557
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
31,800,000
15,318,788
Daly
City
Housing
Development
Finance
Agency
,
Franciscan
Park
LLC
,
Revenue
,
2007
B
,
Refunding
,
5.85
%
,
12/15/47
........................................
4,210,000
4,212,415
Del
Mar
Race
Track
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
..........
2,000,000
2,005,317
g
Duarte
Redevelopment
Agency
,
Tax
Allocation
,
1999
,
ETM,
4.99
%,
12/01/28
.......
5,135,000
4,329,285
g
El
Rancho
Unified
School
District
,
GO
,
2004
,
NATL
Insured
,
3.41
%,
8/01/29
.......
2,400,000
2,086,901
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
1,014,503
Community
Facilities
District
No.
2020-1
Area
No.
3A
,
Special
Tax
,
144A,
2021
A
,
4.5
%
,
9/01/51
...................................................
2,500,000
2,212,947
Fairfield
Community
Facilities
District
,
c
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
1,040,965
c
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
5,247,203
Community
Facilities
District
No.
2023-1
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
..................................................
9,630,000
9,437,619
h
,i
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
FRN
,
2019-ML06
,
XCA
,
1.096
%
,
7/25/35
................................
129,713,049
7,292,468
c
Revenue
,
144A,
FRN
,
2020-ML07
,
XCA
,
2.133
%
,
1/25/37
...................
117,598,086
14,504,548
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)
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
19
,
Special
Tax
,
2017
,
5
%
,
9/01/47
$
1,000,000
$
1,002,104
City
of
Folsom
Community
Facilities
District
No.
20
,
Special
Tax
,
2018
,
5
%
,
9/01/33
530,000
547,179
City
of
Folsom
Community
Facilities
District
No.
20
,
Special
Tax
,
2018
,
5
%
,
9/01/48
1,675,000
1,679,292
Foothill-Eastern
Transportation
Corridor
Agency
,
g
Revenue
,
2013
A
,
Refunding
,
4.79
%,
1/15/42
.............................
75,000,000
34,471,493
Revenue
,
2013
B-1
,
Refunding
,
3.95
%
,
1/15/53
...........................
23,000,000
19,771,998
Revenue
,
2013
B-2
,
Refunding
,
3.5
%
,
1/15/53
............................
15,500,000
12,233,138
g
Revenue
,
2015
A
,
Refunding
,
3.79
%,
1/15/33
.............................
19,000,000
14,303,506
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
1,921,619
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
3,064,038
City
of
Galt
Community
Facilities
District
No.
2020-2
Improvement
Area
No.
1
,
Special
Tax
,
2023
A
,
6
%
,
9/01/53
....................................
2,895,000
3,032,564
g
Hanford
Joint
Union
High
School
District
,
GO
,
B
,
AGMC
Insured
,
3.55
%,
8/01/32
..................................
3,635,000
2,830,769
GO
,
B
,
AGMC
Insured
,
3.61
%,
8/01/33
..................................
3,705,000
2,772,220
GO
,
B
,
AGMC
Insured
,
3.73
%,
8/01/35
..................................
4,120,000
2,838,417
g
Hartnell
Community
College
District
,
GO
,
2009
D
,
4.72
%,
8/01/49
...............
10,000,000
3,280,365
Imperial
Community
College
District
,
GO
,
2011
A
,
Pre-Refunded
,
AGMC
Insured
,
6.75
%
,
8/01/40
...................................................
3,500,000
3,521,243
Independent
Cities
Finance
Authority
,
Augusta
Communities
III
LLC
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/15/56
........
8,160,000
5,789,559
Augusta
Communities
IV
LLC
,
Revenue
,
2024
A
,
5
%
,
11/15/45
...............
1,685,000
1,590,131
Augusta
Communities
IV
LLC
,
Revenue
,
2024
A
,
5
%
,
11/15/50
...............
2,160,000
1,991,715
Augusta
Communities
IV
LLC
,
Revenue
,
2024
A
,
5
%
,
11/15/59
...............
5,540,000
4,962,643
COACH
of
San
Diego
LLC
,
Revenue
,
2014
A
,
Refunding
,
5.25
%
,
5/15/44
.......
2,015,000
2,015,648
COACH
of
San
Diego
LLC
,
Revenue
,
2014
A
,
Refunding
,
5.25
%
,
5/15/49
.......
4,800,000
4,800,992
Millennium
Housing
LLC
,
Revenue
,
2021
,
Refunding
,
3
%
,
5/15/56
.............
4,000,000
2,651,528
Millennium
Housing
of
California
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/15/48
.......
2,000,000
2,022,724
San
Juan
Mobile
Estates
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/45
.............
5,000,000
5,001,143
San
Juan
Mobile
Estates
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/50
.............
4,900,000
4,899,370
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
1,137,434
Inland
Valley
Development
Agency
,
Tax
Allocation
,
2014
A
,
Refunding
,
5.25
%
,
9/01/37
.........................
7,500,000
7,554,661
Tax
Allocation
,
2014
A
,
Refunding
,
5
%
,
9/01/44
...........................
9,000,000
9,063,736
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
5,794,743
Irvine
Unified
School
District
,
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
B
,
5
%
,
9/01/42
........
995,000
1,001,593
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2017
C
,
5
%
,
9/01/47
........
995,000
997,093
Community
Facilities
District
No.
09-1
,
Special
Tax
,
2018
A
,
Refunding
,
5
%
,
9/01/49
3,975,000
3,978,438
Jurupa
Public
Financing
Authority
,
Special
Tax
,
2015
A
,
Refunding
,
5
%
,
9/01/43
.............................
4,000,000
4,006,214
Special
Tax,
Sub.
Lien
,
2015
B
,
Refunding
,
5
%
,
9/01/40
.....................
4,000,000
4,002,192
Kaweah
Delta
Health
Care
District
Guild
,
Revenue
,
2015
B
,
5
%
,
6/01/40
..........
3,250,000
3,055,069
g
Lake
Tahoe
Unified
School
District
,
GO
,
2012
,
5.18
%,
8/01/40
..................
1,140,000
1,169,337
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
2,761,236
g
Las
Virgenes
Unified
School
District
,
GO
,
2011
C
,
6.566
%,
8/01/33
..............
8,050,000
9,144,702
Lemon
Grove
Community
Development
Agency
Successor
Agency
,
Tax
Allocation
,
2014
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/34
............................
1,000,000
1,007,138
g
Lemon
Grove
School
District
,
GO
,
2010
B
,
AGMC
Insured
,
5.947
%,
8/01/45
.......
6,500,000
6,216,236
Long
Beach
Bond
Finance
Authority
,
Revenue
,
2007
A
,
5
%
,
11/15/29
............
4,630,000
4,832,110
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)
Los
Alamitos
Unified
School
District
,
COP
,
2012
,
5.95
%
,
8/01/34
..........................................
$
1,500,000
$
1,643,734
COP
,
2012
,
6.05
%
,
8/01/42
..........................................
4,500,000
4,849,877
Los
Angeles
Department
of
Water
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/50
......
18,805,000
18,777,665
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/50
...................
10,000,000
9,985,562
Water
System
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/46
...................
15,080,000
15,188,841
Water
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
7/01/47
...................
12,090,000
12,163,697
c
Los
Angeles
Housing
Authority
,
Housing
Pathways,
Inc.
,
Revenue
,
144A,
2024
B
,
6
%
,
12/01/62
........................................................
34,500,000
31,185,216
Los
Angeles
Unified
School
District
,
GO
,
2024
QRR
,
4
%
,
7/01/49
.........................................
10,000,000
8,948,584
GO
,
2025
A-1
,
5
%
,
7/01/49
..........................................
10,000,000
10,331,439
Mendocino-Lake
Community
College
District
,
GO
,
2011
B
,
AGMC
Insured
,
6.55
%
,
8/01/36
.............................
5,150,000
6,090,875
g
GO
,
2011
B
,
AGMC
Insured
,
6.66
%,
8/01/40
.............................
7,500,000
8,757,550
Menifee
Union
School
District
,
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
3
,
Special
Tax
,
2018
,
5
%
,
9/01/43
....................................................
1,000,000
1,006,664
Community
Facilities
District
No.
2011-1
Improvement
Area
No.
3
,
Special
Tax
,
2018
,
5
%
,
9/01/48
....................................................
1,500,000
1,506,077
Metropolitan
Water
District
of
Southern
California
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
4/01/49
.........................................................
5,000,000
5,280,483
Middle
Fork
Project
Finance
Authority
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/34
.................................
1,100,000
1,140,821
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/35
.................................
1,150,000
1,188,459
Moreno
Valley
Unified
School
District
,
Community
Facilities
District
No.
2015-3
,
Special
Tax
,
2019
,
4.125
%
,
9/01/48
..........................................
360,000
308,938
Mountain
House
Community
Facilities
District
,
City
of
Mountain
House
Community
Facilities
District
No.
2024-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/40
.................................
500,000
502,307
City
of
Mountain
House
Community
Facilities
District
No.
2024-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/45
.................................
1,000,000
974,492
City
of
Mountain
House
Community
Facilities
District
No.
2024-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/50
.................................
2,125,000
2,053,904
City
of
Mountain
House
Community
Facilities
District
No.
2024-1
Improvement
Area
No.
1
,
Special
Tax
,
2025
,
5
%
,
9/01/55
.................................
3,600,000
3,441,253
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
32,300,000
38,127,792
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
BAM
Insured
,
4
%
,
3/01/42
...........................................
5,000,000
4,488,250
Oak
Park
Unified
School
District
,
GO
,
2011
A
,
7.1
%
,
8/01/38
...................
6,600,000
7,923,021
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
1,498,036
County
of
Orange
Community
Facilities
District
No.
2015-1
,
Special
Tax
,
2015
A
,
5.25
%
,
8/15/45
..................................................
4,880,000
4,879,649
County
of
Orange
Community
Facilities
District
No.
2017-1
Area
No.
1
,
Special
Tax
,
2018
A
,
5
%
,
8/15/47
..............................................
9,550,000
9,583,920
Palomar
Health
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/39
..................
12,190,000
10,031,334
Palomar
Health
Obligated
Group
,
COP
,
4
%
,
11/01/38
.......................
5,000,000
3,742,625
Palomar
Health
Obligated
Group
,
COP
,
4
%
,
11/01/47
.......................
6,000,000
3,828,069
g
Paso
Robles
Joint
Unified
School
District
,
GO
,
2010
A
,
4.91
%,
9/01/45
...........
15,000,000
5,682,039
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
4,505,672
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)
Perris
Joint
Powers
Authority
,
Community
Facilities
District
No.
2001-1
,
Special
Tax
,
2014
E
,
Refunding
,
4.25
%
,
9/01/38
........................................................
$
4,120,000
$
3,958,934
Community
Facilities
District
No.
2014-1
Improvement
Area
No.
2
,
Special
Tax
,
2018
A
,
4
%
,
9/01/48
..................................................
1,530,000
1,292,812
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
2,201,410
Community
Facilities
District
No.
5
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/49
....................................................
1,500,000
1,484,246
Community
Facilities
District
No.
5
Improvement
Area
No.
1
,
Special
Tax
,
2024
A
,
5
%
,
9/01/54
....................................................
1,400,000
1,378,285
Redondo
Beach
Unified
School
District
,
GO
,
2011
E
,
6.2
%
,
8/01/31
..............
2,750,000
3,156,568
g
Richland
School
District
,
GO
,
2009
C
,
AGMC
Insured
,
5.29
%,
8/01/49
............
22,000,000
6,334,302
Rio
Hondo
Community
College
District
,
GO
,
2010
C
,
6.85
%
,
8/01/42
.............
13,000,000
15,961,248
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
1,668,436
City
of
Rio
Vista
Community
Facilities
District
No.
2018-1
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
9/01/48
............................................
1,190,000
1,194,820
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5
%
,
9/01/38
...
500,000
508,482
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/43
.
2,000,000
2,059,446
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5.5
%
,
9/01/48
.
3,090,000
3,155,184
Community
Facilities
District
2023-1
Area
No.
1
,
Special
Tax
,
2023
,
5.625
%
,
9/01/53
4,840,000
4,943,434
Community
Facilities
District
No
2003-1
Improvement
Area
No.
2
,
Special
Tax
,
2022
,
5.75
%
,
9/01/52
..................................................
4,250,000
4,348,402
Community
Facilities
District
No.
2016-1
,
Special
Tax
,
2025
,
AGMC
Insured
,
5
%
,
9/01/55
........................................................
2,315,000
2,292,218
Community
Facilities
District
No.
2020-1
Public
Improvements
,
Special
Tax
,
2025
,
AGMC
Insured
,
5
%
,
9/01/55
........................................
4,000,000
3,960,636
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
2.625
%
,
9/01/34
.....
860,000
725,257
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
2.625
%
,
9/01/35
.....
925,000
760,803
Community
Facilities
District
No.
2021-1
,
Special
Tax
,
2021
,
4
%
,
9/01/46
........
1,495,000
1,286,545
Community
Facilities
District
No.
2023-1
Improvement
Area
2
,
Special
Tax
,
2024
,
5
%
,
9/01/48
........................................................
1,650,000
1,594,609
Community
Facilities
District
No.
2023-1
Improvement
Area
2
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
2,625,000
2,507,575
g
Riverbank
Unified
School
District
,
GO
,
2008
B
,
AGMC
Insured
,
4.34
%,
8/01/38
.............................
6,690,000
3,821,338
GO
,
2008
B
,
AGMC
Insured
,
4.72
%,
8/01/43
.............................
8,750,000
3,785,107
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
1,504,091
g
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
5.17
%,
6/01/43
.........................................................
7,500,000
3,028,086
Romoland
School
District
,
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/35
4,690,000
4,699,824
Community
Facilities
District
No.
2004-1
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
9/01/38
3,000,000
3,004,381
Community
Facilities
District
No.
2004-1
Improvement
Area
No.
3
,
Special
Tax
,
2013
,
5
%
,
9/01/36
....................................................
1,500,000
1,500,989
g
Rowland
Unified
School
District
,
GO
,
2009
B
,
4.06
%,
8/01/34
.........................................
5,000,000
3,471,979
GO
,
2009
B
,
4.46
%,
8/01/39
.........................................
15,000,000
8,084,111
GO
,
2009
B
,
4.45
%,
8/01/42
.........................................
10,750,000
5,090,678
g
San
Bernardino
Community
College
District
,
GO
,
2009
B
,
4.76
%,
8/01/44
.........
12,495,000
5,127,271
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Sewer
Utility
,
Revenue
,
2024
A
,
5
%
,
5/15/54
........................................
10,000,000
10,370,757
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)
g
San
Diego
Unified
School
District
,
GO
,
2010
C
,
6.412
%,
7/01/47
........................................
$
26,025,000
$
23,899,861
GO
,
2012
E
,
4.781
%,
7/01/42
.........................................
6,940,000
5,319,481
GO
,
2012
E
,
5.227
%,
7/01/47
.........................................
13,500,000
10,164,926
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2020
C-1
,
4
%
,
8/01/45
........
17,760,000
16,512,497
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/37
...............................
5,535,000
5,656,794
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/44
...............................
10,000,000
9,962,966
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
10,000,000
9,868,778
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
34,520,000
33,939,563
Revenue,
Second
Series
,
2022
B
,
Refunding
,
5
%
,
5/01/52
...................
5,250,000
5,354,677
Revenue,
Second
Series
,
2024
A
,
Refunding
,
5.25
%
,
5/01/44
.................
8,605,000
8,844,930
Revenue,
Second
Series
,
2024
A
,
Refunding
,
5.25
%
,
5/01/49
.................
350,000
356,588
Revenue,
Second
Series
,
2025
A
,
5.25
%
,
5/01/55
.........................
6,045,000
6,117,689
Revenue,
Second
Series
,
2025
A
,
5.5
%
,
5/01/55
..........................
10,000,000
10,383,948
San
Francisco
City
&
County
Public
Utilities
Commission
,
Wastewater
,
Revenue
,
2024
C
,
5
%
,
10/01/54
...................................................
40,000,000
41,041,000
San
Francisco
City
&
County
Redevelopment
Agency
Successor
Agency
,
Mission
Bay
South
Redevelopment
Area
Tax
Increment
Financing
District
,
Tax
Allocation
,
2014
A
,
5
%
,
8/01/43
......................................................
2,500,000
2,498,397
San
Joaquin
Hills
Transportation
Corridor
Agency
,
g
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
3.51
%,
1/15/26
.................
19,475,000
19,055,308
g
Revenue
,
1997
A
,
Refunding
,
NATL
Insured
,
3.92
%,
1/15/32
.................
50,225,000
38,936,143
g
Revenue,
Junior
Lien
,
ETM,
2.82
%,
1/01/28
..............................
19,150,000
17,818,814
Revenue,
Junior
Lien
,
2014
B
,
Refunding
,
5.25
%
,
1/15/44
...................
2,225,000
2,225,345
Revenue,
Junior
Lien
,
2014
B
,
Refunding
,
5.25
%
,
1/15/49
...................
27,790,000
27,793,321
f
San
Joaquin
Valley
Clean
Energy
Authority
,
Revenue
,
2025
A
,
Mandatory
Put
,
5.5
%
,
7/01/35
.........................................................
21,250,000
23,039,645
Santa
Barbara
Unified
School
District
,
GO
,
2011
A
,
7
%
,
8/01/36
................
8,000,000
10,198,965
g
Siskiyou
Union
High
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
5.23
%,
8/01/49
...
15,015,000
4,380,856
g
St.
Helena
Unified
School
District
,
GO
,
2011
B
,
6.239
%,
6/01/36
................
10,000,000
12,143,886
State
of
California
,
GO
,
Refunding
,
4.125
%
,
3/01/45
......................................
12,000,000
11,529,088
GO
,
4.125
%
,
3/01/49
...............................................
5,500,000
5,120,682
GO
,
2024
,
5
%
,
9/01/53
.............................................
8,000,000
8,303,431
Sulphur
Springs
Union
School
District
,
Community
Facilities
District
No.
2006-1
,
Special
Tax
,
2018
,
5
%
,
9/01/43
.......................................
2,820,000
2,835,039
g
Susanville
School
District
,
GO
,
2010
,
AGMC
Insured
,
5.21
%,
8/01/49
............
17,505,000
5,123,509
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
2,162,268
Temescal
Valley
Water
District
,
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/44
........................................................
600,000
607,035
Community
Facilities
District
No.
4
Improvement
Area
No.
3
,
Special
Tax
,
2024
,
5
%
,
9/01/54
........................................................
1,185,000
1,171,948
Three
Rivers
Levee
Improvement
Authority
,
Special
Tax
,
2021
B
,
Refunding
,
4
%
,
9/01/51
.........................................................
3,710,000
2,934,627
Tobacco
Securitization
Authority
of
Southern
California
,
g
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2006
C
,
8.16
%,
6/01/46
........................................................
23,500,000
4,526,497
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2019
B-1
,
2
,
Refunding
,
5
%
,
6/01/48
............................................
6,480,000
6,165,499
g
Torrance
Unified
School
District
,
GO
,
2009
B-1
,
4.98
%,
8/01/34
.................
5,320,000
3,388,076
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
5,513,696
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)
California
(continued)
Tracy
Community
Facilities
District,
(continued)
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
1
,
Special
Tax
,
2018
,
5
%
,
9/01/48
......................................
$
6,490,000
$
6,444,415
City
of
Tracy
Community
Facilities
District
No.
2016-01
Improvement
Area
No.
1
,
Special
Tax
,
2019
,
5
%
,
9/01/49
......................................
1,960,000
1,923,328
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-
Development
Project
,
Tax
Allocation
,
2020
B
,
5
%
,
10/01/38
..................
550,000
552,158
Truckee-Donner
Public
Utility
District
,
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2004
,
5.75
%
,
9/01/29
........
2,295,000
2,264,251
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2004
,
5.8
%
,
9/01/35
........
4,470,000
4,299,362
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2005
,
5.2
%
,
9/01/25
........
705,000
703,283
Community
Facilities
District
No.
04-1
,
Special
Tax
,
2005
,
5.25
%
,
9/01/30
........
4,990,000
4,799,310
Tustin
Community
Facilities
District
,
City
of
Tustin
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2015
A
,
5
%
,
9/01/40
........................................................
750,000
750,764
City
of
Tustin
Community
Facilities
District
No.
2014-1
,
Special
Tax
,
2015
A
,
5
%
,
9/01/45
........................................................
1,000,000
1,000,279
University
of
California
,
Revenue
,
2025
CC
,
5
%
,
5/15/47
......................................
12,500,000
13,020,746
Revenue
,
2025
CC
,
5
%
,
5/15/53
......................................
20,200,000
20,854,676
Vallejo
Redevelopment
Agency
,
Tax
Allocation
,
2001
A
,
7
%
,
10/01/31
............
1,765,000
1,769,480
g
Victor
Valley
Community
College
District
,
GO
,
2008
C
,
5.02
%,
6/01/49
...........
11,940,000
3,685,456
Washington
Township
Health
Care
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
7/01/35
...............................
2,000,000
1,865,007
Revenue
,
2017
B
,
Refunding
,
4
%
,
7/01/36
...............................
1,900,000
1,748,289
Westside
Union
School
District
,
Community
Facilities
District
No.
2018-1
Area
1
,
Special
Tax
,
2021
,
4
%
,
9/01/46
.......................................
360,000
302,922
2,590,805,033
Florida
0.6%
c
,g
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
8,300,000
6,831,998
c
,f
Florida
Development
Finance
Corp.
,
AAF
Operations
Holdings
LLC
,
Revenue
,
144A,
2024
,
Refunding
,
Mandatory
Put
,
12
%
,
7/15/28
...................................................
4,000,000
4,153,515
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
8.25
%
,
8/13/25
........................................................
7,250,000
7,382,322
18,367,835
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
3,170,097
Texas
0.6%
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
8,568,984
c
Texas
Community
Housing
&
Economic
Development
Corp.
,
g
Agape
Helotes,
Inc.
,
Revenue,
Junior
Lien
,
144A,
2025
B
,
7.736
%,
1/01/65
......
163,530,000
7,294,632
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-2
,
12
%
,
1/01/65
.......
1,305,000
1,293,070
17,156,686
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
9,273,601
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
4,926,511
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)
Wisconsin
0.4%
c
Public
Finance
Authority
,
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
$
7,000,000
$
5,927,234
g
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
,
2.279
%,
12/01/45
.....
6,000,000
4,297,322
10,224,556
U.S.
Territories
5.2%
Guam
0.6%
Guam
Government
Waterworks
Authority
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/40
..
9,885,000
9,894,829
Guam
Power
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/38
..............
4,750,000
4,781,541
Territory
of
Guam
,
Revenue
,
2021
F
,
Refunding
,
4
%
,
1/01/36
...............................
250,000
239,667
Revenue
,
2021
F
,
Refunding
,
4
%
,
1/01/42
...............................
1,125,000
994,915
Hotel
Occupancy
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/01/35
.............
3,000,000
3,093,527
19,004,479
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
2,125,000
2,160,059
Puerto
Rico
4.5%
Commonwealth
of
Puerto
Rico
,
g,h
GO
,
FRN
,
2.567
%,
11/01/43
..........................................
3,035,819
1,825,286
GO
,
2022
A-1
,
5.375
%
,
7/01/25
.......................................
441,426
441,740
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
809,842
831,322
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
796,704
835,149
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
773,832
828,494
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
733,796
705,997
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
659,584
623,079
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
566,098
523,241
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
769,676
659,932
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
16,300,453
13,406,894
g
GO
,
2022
A-1
,
4.93
%,
7/01/33
........................................
944,324
640,075
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
15,622,518
15,013,148
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
685,869
686,026
Puerto
Rico
Electric
Power
Authority
,
d
Revenue
,
1
,
10
%
,
1/01/21
...........................................
1,768,493
857,719
d
Revenue
,
2
,
10
%
,
7/01/21
...........................................
1,768,493
857,719
d
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
1,601,766
776,856
d
Revenue
,
2013
A
,
7
%
,
7/01/33
........................................
25,000,000
12,187,500
d
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
1,601,765
776,856
d
Revenue
,
3
,
10
%
,
1/01/22
...........................................
600,000
291,000
d
Revenue
,
4
,
10
%
,
7/01/22
...........................................
600,000
324,900
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,800,000
1,777,814
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
362,482
358,593
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
2,764,591
2,726,102
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.55
%
,
7/01/40
................................
100,000
95,402
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
10,500,000
9,615,847
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
8,695,000
8,169,436
g
Sales
Tax
,
Revenue
,
A-1
,
5.54
%,
7/01/46
................................
20,000,000
6,420,686
g
Sales
Tax
,
Revenue
,
A-1
,
5.69
%,
7/01/51
................................
47,945,000
11,318,640
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
26,463,000
24,711,541
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
See
Abbreviations
on
page
24
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
$
14,350,000
$
12,864,880
131,151,874
Total
U.S.
Territories
....................................................................
152,316,412
Total
Municipal
Bonds
(Cost
$
2,952,258,641
)
...................................
2,815,812,120
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
$
3,032,272,545
)
.............................
2,887,463,324
a
a
a
a
a
Short
Term
Investments
0.3%
Principal
Amount
Municipal
Bonds
0.3%
California
0.3%
j
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-1
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/35
.......................................
1,000,000
1,000,000
Power
System
,
Revenue
,
2023
C-1
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/57
........................................................
800,000
800,000
Power
System
,
Revenue
,
2023
F-1
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.5
%
,
7/01/48
..................................
3,100,000
3,100,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
7/01/47
....................................
3,300,000
3,300,000
8,200,000
Total
Municipal
Bonds
(Cost
$
8,200,000
)
.......................................
8,200,000
Total
Short
Term
Investments
(Cost
$
8,200,000
)
.................................
8,200,000
a
Total
Investments
(Cost
$
3,040,472,545
)
98.8
%
..................................
$2,895,663,324
Other
Assets,
less
Liabilities
1.2
%
.............................................
34,637,863
Net
Assets
100.0%
...........................................................
$2,930,301,187
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$840,789,651,
representing
28.7%
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
maturity
date
shown
represents
the
mandatory
put
date.
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
21
g
The
rate
shown
represents
the
yield
at
period
end.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
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
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
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
Notes
to
Schedule
of
Investments
(unaudited)
22
Quarterly
Schedule
of
Investments
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
May
31,
2025,
unfunded
commitments
were
as
follows:
Franklin
Municipal
Securities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
23
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
May
31,
2025,
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:
Common
Stocks
.........................
$
—
$
—
$
—
a
$
—
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
—
16,092,950
16,092,950
Diversified
Consumer
Services
............
—
42,968,561
—
42,968,561
Electric
Utilities
........................
—
10,162,192
—
10,162,192
Senior
Floating
Rate
Interests
...............
—
—
2,304
2,304
Municipal
Bonds
:
Arizona
..............................
—
9,571,389
—
9,571,389
California
.............................
—
2,582,485,680
8,319,353
2,590,805,033
Florida
...............................
—
18,367,835
—
18,367,835
Minnesota
............................
—
3,170,097
—
3,170,097
Texas
...............................
—
17,156,686
—
17,156,686
Virgin
Islands
..........................
—
9,273,601
—
9,273,601
Virginia
..............................
—
4,926,511
—
4,926,511
Wisconsin
............................
—
10,224,556
—
10,224,556
U.S.
Territories
..........................
Guam
...............................
—
19,004,479
—
19,004,479
Pacific
Islands
.........................
—
2,160,059
—
2,160,059
Puerto
Rico
...........................
—
131,151,874
—
131,151,874
Escrows
and
Litigation
Trusts
...............
—
—
2,425,197
2,425,197
Short
Term
Investments
...................
—
8,200,000
—
8,200,000
Total
Investments
in
Securities
...........
$—
$2,868,823,520
$26,839,804
$2,895,663,324
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)
24
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.
Abbreviations
a
Includes
financial
instruments
determined
to
have
no
value.
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
SPA
Standby
Purchase
Agreement
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.