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        <invCountry>AS</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bay Area Toll Authority</name>
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        <name>Benicia Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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          <isin value="US120827EE64"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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          <isin value="US120827EG13"/>
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        <curCd>USD</curCd>
        <valUSD>5530311.48000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>Burbank-Glendale-Pasadena Airport Authority Brick Campaign</name>
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        <title>Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2026 B</title>
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          <isin value="US120827FG04"/>
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        <curCd>USD</curCd>
        <valUSD>9700709.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-07-01</maturityDt>
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        <name>CMFA Special Finance Agency I</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CMFA Special Finance Agency XII</name>
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        <name>CSCDA Community Improvement Authority</name>
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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 School Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <annualizedRt>9.50000000</annualizedRt>
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        <lei>N/A</lei>
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          <isin value="US13136CAB90"/>
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        <balance>5220000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>678600.00000000</valUSD>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
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          <isin value="US13136CAC73"/>
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        <curCd>USD</curCd>
        <valUSD>373750.00000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2023-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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      <invstOrSec>
        <name>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC, Series 22 B</title>
        <cusip>13136CAD5</cusip>
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          <isin value="US13136CAD56"/>
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        <balance>250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>32500.00000000</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>2023-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <name>CalPlant I LLC</name>
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          <isin value="US13136CAE30"/>
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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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          <maturityDt>2023-08-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <name>CalPlant I LLC</name>
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          <isin value="US13136CAG87"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.50000000</annualizedRt>
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        <name>CalPlant I LLC</name>
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          <isin value="US13136CAH60"/>
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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>
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          <isin value="US13136CAJ27"/>
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        <fairValLevel>3</fairValLevel>
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          <isin value="US13136CAK99"/>
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        <fairValLevel>3</fairValLevel>
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          <isin value="US13136CAL72"/>
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        <fairValLevel>3</fairValLevel>
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        <name>CalPlant I LLC</name>
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          <isin value="US13136CAM55"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Capital Trust Authority</name>
        <lei>N/A</lei>
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          <isin value="US14054XAA19"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Central Valley Energy Authority</name>
        <lei>254900G5IPQ9MA3FRJ55</lei>
        <title>Central Valley Energy Authority, Series 2026</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chino Community Facilities District</name>
        <lei>N/A</lei>
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        <cusip>169511QV7</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
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      <invstOrSec>
        <name>Clovis Unified School District</name>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2043-08-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Coachella Valley Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Dallas Housing Finance Corp.</name>
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          <isin value="US23529CAD92"/>
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        <balance>10100000.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-12-01</maturityDt>
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      <invstOrSec>
        <name>Daly City Housing Development Finance Agency</name>
        <lei>N/A</lei>
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          <isin value="US235669FJ24"/>
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        <balance>4120000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4123759.09000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-12-15</maturityDt>
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      <invstOrSec>
        <name>Del Mar Race Track Authority</name>
        <lei>N/A</lei>
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          <isin value="US245122BS43"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City of Dixon CA</name>
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          <isin value="US255650DN03"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Downey Unified School District</name>
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        <name>Duarte Redevelopment Agency</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Dublin CA Community Facilities District No. 2015-1</name>
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        <name>City of Dublin CA Community Facilities District No. 2015-1</name>
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        <name>City of Dublin CA Community Facilities District No. 2015-1</name>
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      <invstOrSec>
        <name>East Bay Municipal Utility District Wastewater System Revenue</name>
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        <title>East Bay Municipal Utility District, Series 2026 A</title>
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          <isin value="US271012JJ60"/>
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        <name>East Bay Municipal Utility District Wastewater System Revenue</name>
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      <invstOrSec>
        <name>Eastern Municipal Water District</name>
        <lei>549300ZCFVRFDIRWK089</lei>
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          <isin value="US27627TBV35"/>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-07-01</maturityDt>
          <couponKind>Variable</couponKind>
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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>Folsom Ranch Financing Authority</name>
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        <name>Folsom Ranch Financing Authority</name>
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        <name>Folsom Ranch Financing Authority</name>
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        <name>Independent Cities Finance Authority</name>
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        <name>Lemon Grove School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Long Beach Community College District</name>
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        <name>Long Beach Bond Finance Authority</name>
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        <name>City of Los Angeles Department of Airports</name>
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        <name>Los Angeles Department of Water &amp; Power Water System Revenue</name>
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        <name>Mountain House Community Facilities District</name>
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      <invstOrSec>
        <name>Mountain House Community Facilities District</name>
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        <name>Northern Mariana Island Ports Authority</name>
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        <invCountry>MP</invCountry>
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        <name>City of Palm Desert CA</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Redondo Beach Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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      <invstOrSec>
        <name>River Islands Public Financing Authority</name>
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        <name>River Islands Public Financing Authority</name>
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        <name>Riverside County Community Facilities Districts</name>
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      <invstOrSec>
        <name>Riverside County Transportation Commission</name>
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      <invstOrSec>
        <name>Romoland School District</name>
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        <name>San Francisco City &amp; County Public Utilities Commission Wastewater Revenue</name>
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        <name>San Francisco City &amp; County Redevelopment Agency Successor Agency</name>
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        <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 Community Facilities District No. 2016-1</name>
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        <name>City &amp; County San Francisco CA Infrastructure &amp; Revitalization Fing Dist 1 Facs</name>
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        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <name>San Joaquin Hills Transportation Corridor Agency</name>
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        <lei>N/A</lei>
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          <isin value="US869087DS25"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-08-01</maturityDt>
          <couponKind>None</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Tejon Ranch Public Facilities Finance Authority</name>
        <lei>N/A</lei>
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          <isin value="US879083FP37"/>
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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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      <invstOrSec>
        <name>Temescal Valley Water District</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Temescal Valley Water District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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          <isin value="US88231CAB54"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Texas Community Housing &amp; Economic Development Corp.</name>
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          <isin value="US88231CAC38"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Three Rivers Levee Improvement Authority</name>
        <lei>N/A</lei>
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          <isin value="US88563DAE58"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2051-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Tobacco Securitization Authority of Southern California</name>
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          <isin value="US888804BA86"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-06-01</maturityDt>
          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Torrance Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tracy Community Facilities District</name>
        <lei>N/A</lei>
        <title>Tracy Community Facilities District, Series 2018</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Tracy Community Facilities District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tracy Community Facilities District/CA</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-09-01</maturityDt>
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      <invstOrSec>
        <name>Transbay Joint Powers Authority</name>
        <lei>549300WC0UP8WU8GYU95</lei>
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      <invstOrSec>
        <name>Truckee-Donner Public Utility District</name>
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        <name>Truckee-Donner Public Utility District</name>
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        <name>Truckee-Donner Public Utility District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Regents of the University of California Medical Center Pooled</name>
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        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-15</maturityDt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GDB Debt Recovery Authority of Puerto Rico</name>
        <lei>N/A</lei>
        <title>GDB Debt Recovery Authority of Puerto Rico</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="US36829QAA31"/>
          <other otherDesc="Inhouse Asset ID" value="1096669"/>
        </identifiers>
        <balance>13655512.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13399969.58000000</valUSD>
        <pctVal>0.407853849296</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>PR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-08-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.50000000</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 Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority, Series 2020 B</title>
        <cusip>13049AAP8</cusip>
        <identifiers>
          <isin value="US13049AAP84"/>
          <other otherDesc="Inhouse Asset ID" value="1125679"/>
        </identifiers>
        <balance>660000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>649546.66000000</valUSD>
        <pctVal>0.019770202014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.40000000</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>City of San Francisco</name>
        <lei>N/A</lei>
        <title>City of San Francisco</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1171566"/>
        </identifiers>
        <balance>11500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10022754.85000000</valUSD>
        <pctVal>0.305061822843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25000000</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>AES Guayama Holdings BV</name>
        <lei>N/A</lei>
        <title>AES Guayama Holdings BV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1317595"/>
        </identifiers>
        <balance>60804.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Illinois Finance Authority</name>
        <lei>N/A</lei>
        <title>Illinois Finance Authority</title>
        <cusip>13099CKN7</cusip>
        <identifiers>
          <isin value="US13099CKN73"/>
          <other otherDesc="Inhouse Asset ID" value="1548318"/>
        </identifiers>
        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2065-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.00000000</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 Municipal Finance Authority</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>California Municipal Finance Authority</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1444102"/>
        </identifiers>
        <balance>8300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8296077.34000000</valUSD>
        <pctVal>0.252507071525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>CalPlant I LLC</name>
        <lei>N/A</lei>
        <title>CalPlant I LLC</title>
        <cusip>13136CAN3</cusip>
        <identifiers>
          <isin value="US13136CAN39"/>
          <other otherDesc="Inhouse Asset ID" value="1299836"/>
        </identifiers>
        <balance>4195000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4195000.00000000</valUSD>
        <pctVal>0.127682894172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brightline Train Holdings West LLC</name>
        <lei>5493000UQOV6R4ZWS346</lei>
        <title>Brightline Train Holdings West LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="1547892"/>
        </identifiers>
        <balance>86700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <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>2026-06-30</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>
