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        <name>Puerto Rico Electric Power Authority</name>
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        <invCountry>PR</invCountry>
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        <name>California School Finance Authority</name>
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        <name>River Islands Public Financing Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Vernon CA Electric System Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Guam Power Authority</name>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>City &amp; County of San Francisco CA Community Facilities District No. 2016-1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California School Finance Authority</name>
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          <isin value="US13059AAE01"/>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>California Community College Financing Authority</name>
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        <name>San Bernardino Community College District</name>
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        <name>California Statewide Communities Development Authority</name>
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      <invstOrSec>
        <name>California Community Housing Agency</name>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>AES Guayama Holdings BV</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <lei>5493004S6D3NA627K012</lei>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>County of San Bernardino CA</name>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Northern Mariana Island Ports Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <invCountry>PR</invCountry>
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        <name>California Statewide Communities Development Authority</name>
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        <name>Bay Area Toll Authority</name>
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        <name>Los Angeles Department of Water &amp; Power</name>
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        <name>California Housing Finance Agency</name>
        <lei>549300BOPCVLBA552Z14</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>GDB Debt Recovery Authority of Puerto Rico</name>
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        <name>California School Finance Authority</name>
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        <name>CalPlant I LLC</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>California Public Finance Authority</name>
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        <name>California School Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>River Islands Public Financing Authority</name>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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          <other otherDesc="Inhouse Asset ID" value="1444102"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Temescal Valley Water District</name>
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          <isin value="US87975CBX83"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-09-01</maturityDt>
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        <name>California School Finance Authority</name>
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          <isin value="US13058TTR13"/>
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        <valUSD>796970.97000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>California Educational Facilities Authority</name>
        <lei>N/A</lei>
        <title>California Educational Facilities Authority, Series 2018 A</title>
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          <isin value="US130179PK41"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Clovis Unified School District</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>California School Finance Authority</name>
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          <isin value="US13058THF03"/>
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        <name>CalPlant I LLC</name>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>3</fairValLevel>
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        <name>California Public Finance Authority</name>
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          <isin value="US13057GAD16"/>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2022</title>
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          <isin value="US13051AEW45"/>
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        <name>Tejon Ranch Public Facilities Finance Authority</name>
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          <isin value="US879083FP37"/>
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        <name>Fairfield Community Facilities District</name>
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      <invstOrSec>
        <name>Menifee Union School District</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-09-01</maturityDt>
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        <name>FHLMC Multifamily ML Certificates</name>
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        <name>Florida Development Finance Corp.</name>
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        <name>California School Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>River Islands Public Financing Authority</name>
        <lei>N/A</lei>
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          <isin value="US76827QFF54"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-09-01</maturityDt>
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        <name>Puerto Rico Industrial Tourist Educational Medical &amp; Envirml Ctl Facs Fing Auth</name>
        <lei>549300YJRISCG6HQ4512</lei>
        <title>Puerto Rico Industrial Tourist Educational Medical &amp; Environmental Control Facilities Financing Authority, Series 2000 B</title>
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        <invCountry>PR</invCountry>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>California Infrastructure &amp; Economic Development Bank</name>
        <lei>549300C1OG9RDIM8ET06</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>River Islands Public Financing Authority</name>
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        <name>Los Angeles Unified School District/CA</name>
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        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
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        <name>Grand Canyon University</name>
        <lei>N/A</lei>
        <title>Grand Canyon University</title>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
        <title>California Statewide Communities Development Authority, Series 2019 A</title>
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        <name>M-S-R Energy Authority</name>
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        <name>California School Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>County of San Bernardino CA</name>
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        <name>California Municipal Finance Authority</name>
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        <name>City of Roseville CA</name>
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        <name>City of Rancho Cordova CA</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Community Choice Financing Authority</name>
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        <name>Mendocino-Lake Community College District</name>
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        <name>California School Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California School Finance Authority</name>
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        <name>University of California</name>
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        <name>Tobacco Securitization Authority of Southern California</name>
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        <fairValLevel>2</fairValLevel>
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        <name>California Municipal Finance Authority</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>California Municipal Finance Authority</name>
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        <name>Rialto Bioenergy Facility LLC</name>
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        <name>Puerto Rico Electric Power Authority</name>
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        <name>California Community Housing Agency</name>
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        <name>Romoland School District</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>Irvine Unified School District</name>
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      <invstOrSec>
        <name>California School Finance Authority</name>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <name>California School Finance Authority</name>
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        <name>Perris Joint Powers Authority</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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      <invstOrSec>
        <name>San Diego Unified School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California County Tobacco Securitization Agency</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>California School Finance Authority</name>
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        <name>Siskiyou Union High School District</name>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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        <name>Redondo Beach Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mountain House Community Facilities District</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <name>California Statewide Communities Development Authority</name>
        <lei>549300KTNI2GCJNX2U48</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>California School Finance Authority</name>
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        <name>County of Sacramento CA Airport System Revenue</name>
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        <name>City of San Clemente CA</name>
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        <name>River Islands Public Financing Authority</name>
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        <name>Galt Community Facilities District</name>
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      <invstOrSec>
        <name>City of Roseville CA</name>
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      <invstOrSec>
        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
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        <name>California Pollution Control Financing Authority</name>
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        <name>San Francisco City &amp; County Airport Comm-San Francisco International Airport</name>
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        <name>Hanford Joint Union High School District</name>
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        <name>California Statewide Communities Development Authority</name>
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        <name>San Diego Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Ontario CA Community Facilities District No. 28</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Stockton Community Facilities District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue</name>
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        <invCountry>PR</invCountry>
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        <name>California Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
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        <name>California Statewide Communities Development Authority</name>
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        <name>City of Rancho Cordova CA</name>
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        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <name>California Pollution Control Financing Authority</name>
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        <name>Puerto Rico Electric Power Authority</name>
        <lei>5493003BRB67HF8ST418</lei>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2019-07-01</maturityDt>
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          <annualizedRt>10.00000000</annualizedRt>
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        <name>City of San Diego Tobacco Settlement Revenue Funding Corp.</name>
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        <name>California School Finance Authority</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alameda Community Facilities District</name>
        <lei>N/A</lei>
        <title>Alameda Community Facilities District, Series 2023</title>
        <cusip>010780DF8</cusip>
        <identifiers>
          <isin value="US010780DF88"/>
          <other otherDesc="Inhouse Asset ID" value="1235778"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>986460.00000000</valUSD>
        <pctVal>0.033720908958</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, Series 2018 A</title>
        <cusip>13058TGV6</cusip>
        <identifiers>
          <isin value="US13058TGV61"/>
          <other otherDesc="Inhouse Asset ID" value="925134"/>
        </identifiers>
        <balance>3050000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2687994.28000000</valUSD>
        <pctVal>0.091885743361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commonwealth of Puerto Rico</name>
        <lei>549300X44HXPLJU48U63</lei>
        <title>Commonwealth of Puerto Rico, Series 2022 A-1</title>
        <cusip>74514L3J4</cusip>
        <identifiers>
          <isin value="US74514L3J47"/>
          <other otherDesc="Inhouse Asset ID" value="1192564"/>
        </identifiers>
        <balance>773832.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>828493.56000000</valUSD>
        <pctVal>0.028321022554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.75000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>California School Finance Authority</name>
        <lei>N/A</lei>
        <title>California School Finance Authority, Series 2021 A</title>
        <cusip>13058TME7</cusip>
        <identifiers>
          <isin value="US13058TME72"/>
          <other otherDesc="Inhouse Asset ID" value="1151236"/>
        </identifiers>
        <balance>260000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>244168.11000000</valUSD>
        <pctVal>0.008346583346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2025-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Municipal Securities Trust</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
