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        <invCountry>AS</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anaheim Housing &amp; Public Improvements Authority</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
        <lei>5493001FUZGUQMIP5D78</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benicia Unified School District</name>
        <lei>N/A</lei>
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          <isin value="US082023RE48"/>
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        <balance>7000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
        <lei>N/A</lei>
        <title>Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024 B</title>
        <cusip>120827EE6</cusip>
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          <isin value="US120827EE64"/>
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        <curCd>USD</curCd>
        <valUSD>4903751.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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          <isin value="US120827EG13"/>
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        <balance>5750000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5690730.73000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>CMFA Special Finance Agency I</name>
        <lei>N/A</lei>
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          <isin value="US12574TAC18"/>
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        <balance>7545000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>CMFA Special Finance Agency</name>
        <lei>N/A</lei>
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        <valUSD>12687227.10000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>CMFA Special Finance Agency</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-08-01</maturityDt>
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          <annualizedRt>4.50000000</annualizedRt>
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        <name>CMFA Special Finance Agency XII</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CSCDA Community Improvement Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>California Community College Financing Authority</name>
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        <name>California Community College Financing Authority</name>
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        <name>California Municipal Finance Authority</name>
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        <curCd>USD</curCd>
        <valUSD>1000000.00000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC, Series 23 B</title>
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          <isin value="US13136CAJ27"/>
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        <balance>890000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>890000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC, Series 23 C</title>
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          <isin value="US13136CAK99"/>
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        <curCd>USD</curCd>
        <valUSD>1415000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC, Series 23 D</title>
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        <balance>1230000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1230000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC, Series 23 E</title>
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          <isin value="US13136CAM55"/>
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        <balance>1385000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1385000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2023-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC</title>
        <cusip>13136CAN3</cusip>
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          <isin value="US13136CAN39"/>
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        <balance>4195000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4195000.00000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>15.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Capital Trust Authority</name>
        <lei>N/A</lei>
        <title>Capital Trust Authority, Series 2024</title>
        <cusip>14054XAA1</cusip>
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          <isin value="US14054XAA19"/>
          <other otherDesc="Inhouse Asset ID" value="1337631"/>
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        <balance>8200000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7024182.32000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Central Valley Energy Authority</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>Central Valley Energy Authority, Series 2026</title>
        <cusip>15569DAG7</cusip>
        <identifiers>
          <isin value="US15569DAG79"/>
          <other otherDesc="Inhouse Asset ID" value="1574392"/>
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        <balance>2520000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2772989.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chino Community Facilities District</name>
        <lei>N/A</lei>
        <title>Chino Community Facilities District, Series 2015</title>
        <cusip>169511QV7</cusip>
        <identifiers>
          <isin value="US169511QV75"/>
          <other otherDesc="Inhouse Asset ID" value="614666"/>
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        <balance>1665000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1665737.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
        <lei>N/A</lei>
        <title>Clovis Unified School District, Series 2004 A</title>
        <cusip>189342F94</cusip>
        <identifiers>
          <isin value="US189342F948"/>
          <other otherDesc="Inhouse Asset ID" value="943480"/>
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        <balance>1205000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1166175.14000000</valUSD>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
        <lei>N/A</lei>
        <title>Clovis Unified School District, Series 2004 A</title>
        <cusip>189342G36</cusip>
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          <isin value="US189342G367"/>
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        <balance>6295000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6095259.65000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
        <lei>N/A</lei>
        <title>Clovis Unified School District, Series 2004 A</title>
        <cusip>189342UR7</cusip>
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          <isin value="US189342UR78"/>
          <other otherDesc="Inhouse Asset ID" value="322086"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2835667.20000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
        <lei>N/A</lei>
        <title>Coachella Valley Unified School District, Series 2012 D</title>
        <cusip>189849GR7</cusip>
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          <isin value="US189849GR74"/>
          <other otherDesc="Inhouse Asset ID" value="525166"/>
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        <balance>3000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1506282.60000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
        <lei>N/A</lei>
        <title>Coachella Valley Unified School District, Series 2012 D</title>
        <cusip>189849HT2</cusip>
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          <isin value="US189849HT22"/>
          <other otherDesc="Inhouse Asset ID" value="525165"/>
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        <balance>8500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4526849.25000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2042-08-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
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      <invstOrSec>
        <name>City of Dallas Housing Finance Corp.</name>
        <lei>N/A</lei>
        <title>City of Dallas Housing Finance Corp., Series 2022 B</title>
        <cusip>23529CAD9</cusip>
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          <isin value="US23529CAD92"/>
          <other otherDesc="Inhouse Asset ID" value="1227736"/>
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        <balance>10100000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8675633.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Daly City Housing Development Finance Agency</name>
        <lei>N/A</lei>
        <title>Daly City Housing Development Finance Agency, Series 2007 B</title>
        <cusip>235669FJ2</cusip>
        <identifiers>
          <isin value="US235669FJ24"/>
          <other otherDesc="Inhouse Asset ID" value="407337"/>
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        <balance>4120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4124133.60000000</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Del Mar Race Track Authority</name>
        <lei>N/A</lei>
        <title>Del Mar Race Track Authority, Series 2015</title>
        <cusip>245122BS4</cusip>
        <identifiers>
          <isin value="US245122BS43"/>
          <other otherDesc="Inhouse Asset ID" value="609211"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2006727.40000000</valUSD>
        <pctVal>0.061281210182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>City of Dixon CA</name>
        <lei>N/A</lei>
        <title>City of Dixon, Series 2019</title>
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        <name>FHLMC Multifamily ML Certificates</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Golden State Connect Authority</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Grand Canyon University</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Guam Power Authority</name>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <assetCat>DBT</assetCat>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <name>Territory of Guam</name>
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        <issuerCat>MUN</issuerCat>
        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <invCountry>GU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>HTA CL 6 Trust</name>
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        <invCountry>PR</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Hanford Joint Union High School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Hanford Joint Union High School District</name>
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        <name>Hartnell Community College District</name>
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        <name>County of Imperial CA</name>
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        <name>Independent Cities Finance Authority</name>
        <lei>549300ZZZYTBUL6FR983</lei>
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        <name>Independent Cities Finance Authority</name>
        <lei>549300ZZZYTBUL6FR983</lei>
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          <maturityDt>2049-05-15</maturityDt>
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        <fairValLevel>2</fairValLevel>
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        <name>Newman-Crows Landing Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Northern Mariana Island Ports Authority</name>
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        <invCountry>MP</invCountry>
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        <name>Orange County Community Facilities District</name>
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        <name>Orange County Community Facilities District</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Rio Hondo Community College District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rio Vista Community Facilities District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>River Islands Public Financing Authority</name>
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        <name>River Islands Public Financing Authority</name>
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      <invstOrSec>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Riverbank Unified School District</name>
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        <balance>6690000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Riverside County Community Facilities Districts</name>
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        <name>Riverside County Transportation Commission</name>
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      <invstOrSec>
        <name>Romoland School District</name>
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        <name>Romoland School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Roseville CA</name>
        <lei>549300OH100KESVPND17</lei>
        <title>City of Roseville, Series 2025</title>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>City &amp; County of San Francisco CA Community Facilities District No. 2016-1</name>
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      <invstOrSec>
        <name>City &amp; County of San Francisco CA Community Facilities District No. 2016-1</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>City &amp; County of San Francisco CA</name>
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        <name>City &amp; County of San Francisco CA</name>
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      <invstOrSec>
        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <name>San Joaquin Valley Clean Energy Authority</name>
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        <name>Norman Y Mineta San Jose International Airport SJC</name>
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        <name>Santa Barbara Unified School District</name>
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        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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        <name>Regents of the University of California Medical Center Pooled</name>
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        <name>AES Guayama Holdings BV</name>
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        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-03-30</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>
</edgarSubmission>
