Franklin Municipal Securities Trust NPORT-P Franklin Tennessee Municipal Bond Fund (Feb 2021 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

See

Notes

to

Statements

of

Investments.

1

Statements

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

2

Franklin

Tennessee

Municipal

Bond

Fund

20

Notes

to

Financial

Statements

22

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited),

February

28,

2021

Franklin

California

High

Yield

Municipal

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

1.2%

Diversified

Financial

Services

1.2%

a,b

FHLMC,

Multi-family

,

2019-ML06,

XCA,

IO,

FRN,

1.105%,

7/25/35

.............................

$

139,207,646

$

13,128,673

c

2020-ML07,

XCA,

IO,

144A,

FRN,

2.132%,

1/25/37

........................

124,525,658

24,460,575

37,589,248

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$38,303,216)

................

37,589,248

Municipal

Bonds

96.1%

California

89.8%

ABAG

Finance

Authority

for

Nonprofit

Corp.

,

Covia

Communities

Obligated

Group

,

Revenue

,

2011

,

Refunding

,

6.125

%

,

7/01/41

.............................

7,500,000

7,586,550

Alameda

Community

Facilities

District

,

City

of

Alameda

Community

Facilities

District

No.

13-1

,

Special

Tax

,

2016

,

5

%

,

9/01/46

................................

1,400,000

1,543,598

Artesia

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

2007,

5.5%,

6/01/42

....................................

6,355,000

6,369,362

Tax

Allocation,

2007,

5.7%,

6/01/42

....................................

2,695,000

2,701,495

Tax

Allocation,

2009,

7.7%,

6/01/46

....................................

3,075,000

3,087,392

Baldwin

Park

Unified

School

District

,

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

Zero

Cpn.,

8/01/42

.....................................................

10,000,000

2,743,700

Bay

Area

Toll

Authority

,

Revenue

,

2013

S-4

,

Pre-Refunded

,

5.25

%

,

4/01/53

........

15,000,000

16,578,600

Beaumont

Unified

School

District

,

GO

,

2011C

,

Pre-Refunded

,

AGMC

Insured

,

6

%

,

8/01/41

.........................................................

1,925,000

1,971,816

California

Community

College

Financing

Authority

,

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25

%

,

5/01/53

...................................

6,250,000

6,616,312

c

California

Community

Housing

Agency

,

Revenue,

144A,

2019

A,

5%,

4/01/49

...................................

27,050,000

30,512,671

Revenue,

144A,

2019

A,

5%,

8/01/49

...................................

23,000,000

26,050,030

Revenue,

144A,

2020

A,

5%,

2/01/50

...................................

14,525,000

16,538,310

Revenue,

144A,

2021

A,

4%,

2/01/56

...................................

5,000,000

5,315,550

Catalyst

Housing

Group

LLC,

Revenue,

144A,

2020A,

5%,

8/01/50

............

7,500,000

8,589,675

California

County

Tobacco

Securitization

Agency

,

Revenue,

2020

B-1,

Refunding,

1.75%,

6/01/30

...........................

1,000,000

1,004,500

Revenue,

2020

B-2,

Refunding,

Zero

Cpn.,

6/01/55

........................

83,010,000

15,872,342

Gold

Country

Settlement

Funding

Corp.,

Revenue,

2020

B-2,

Refunding,

Zero

Cpn.,

6/01/55

........................................................

13,420,000

3,371,372

Merced

County

Tobacco

Funding

Corp.,

Revenue,

2020

B,

Refunding,

5%,

6/01/50

3,000,000

3,484,440

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B

2,

Refunding,

Zero

Cpn.,

6/01/55

........................................................

10,000,000

2,391,000

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2018A,

Refunding,

5%,

12/01/37

........

1,265,000

1,518,860

Art

Center

College

of

Design,

Revenue,

2018A,

Refunding,

5%,

12/01/38

........

1,125,000

1,347,233

Art

Center

College

of

Design,

Revenue,

2018A,

Refunding,

5%,

12/01/44

........

1,610,000

1,899,832

Art

Center

College

of

Design,

Revenue,

2018A,

Refunding,

5%,

12/01/48

........

9,000,000

10,572,390

Chapman

University,

Revenue,

2015,

5%,

4/01/40

.........................

5,000,000

5,623,450

Leland

Stanford

Junior

University

(The),

Revenue,

V-1,

5%,

5/01/49

............

10,000,000

15,004,700

Loma

Linda

University,

Revenue,

2017A,

Refunding,

5%,

4/01/42

..............

8,500,000

9,829,740

University

of

San

Francisco,

Revenue,

2011,

Pre-Refunded,

6.125%,

10/01/36

....

2,000,000

2,068,492

University

of

the

Pacific,

Revenue,

2015,

Refunding,

5%,

11/01/36

.............

3,000,000

3,444,060

California

Health

Facilities

Financing

Authority

,

Revenue,

2016B,

Pre-Refunded,

5%,

11/15/46

............................

10,985,000

13,614,150

Revenue,

2016B,

5%,

11/15/46

.......................................

15,940,000

18,565,477

Adventist

Health

System/West

Obligated

Group,

Revenue,

2016A,

Refunding,

4%,

3/01/39

........................................................

8,190,000

8,939,794

California-Nevada

Methodist

Homes,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

7/01/45

..............................................

4,500,000

5,124,915

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017A,

Refunding,

4%,

8/15/49

........................................................

3,375,000

3,684,420

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Health

Facilities

Financing

Authority,

(continued)

El

Camino

Hospital,

Revenue,

2017,

4%,

2/01/42

..........................

$

6,500,000

$

7,134,985

El

Camino

Hospital,

Revenue,

2017,

5%,

2/01/42

..........................

5,000,000

5,866,950

Lucile

Salter

Packard

Children's

Hospital

at

Stanford

Obligated

Group,

Revenue,

2014A,

5%,

8/15/43

..............................................

7,160,000

7,856,382

California

Housing

Finance

,

Revenue

,

2019-2

,

A

,

4

%

,

3/20/33

..................

55,008

61,775

c

California

Infrastructure

&

Economic

Development

Bank

,

Goodwill

Industries

of

Sacramento

Valley

and

Northern

Nevada,

Inc.,

Revenue,

144A,

2016A,

5%,

1/01/47

.........................................

10,360,000

9,523,326

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

.................

2,300,000

2,466,405

California

Municipal

Finance

Authority

,

Special

Tax,

2020

B,

4%,

9/01/43

......................................

1,140,000

1,224,041

Special

Tax,

2020

B,

4%,

9/01/50

......................................

1,600,000

1,703,424

1717

University

Associates

LLC,

Revenue,

2020

A-S,

5%,

9/01/57

.............

1,175,000

1,175,223

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

4%,

2/15/55

........................

2,375,000

2,228,201

American

Heritage

Education

Foundation,

Revenue,

2016A,

Refunding,

5%,

6/01/36

3,000,000

3,357,960

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/36

...............

1,100,000

1,299,408

Biola

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/01/39

...............

1,000,000

1,171,340

Bowles

Hall

Foundation,

Revenue,

2015A,

5%,

6/01/35

.....................

600,000

655,002

Bowles

Hall

Foundation,

Revenue,

2015A,

5%,

6/01/50

.....................

3,250,000

3,489,785

c

California

Baptist

University,

Revenue,

144A,

2015A,

5.375%,

11/01/40

.........

5,000,000

5,598,550

c

California

Baptist

University,

Revenue,

144A,

2015A,

5.5%,

11/01/45

...........

10,000,000

11,167,800

c

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/36

............

2,500,000

2,818,225

Caritas

Affordable

Housing,

Inc.,

Revenue,

Senior

Lien,

2014A,

5%,

8/15/30

.....

1,000,000

1,109,410

Caritas

Affordable

Housing,

Inc.,

Revenue,

Senior

Lien,

2014A,

5.25%,

8/15/39

...

1,200,000

1,317,852

Caritas

Affordable

Housing,

Inc.,

Revenue,

Senior

Lien,

2014A,

5.25%,

8/15/49

...

3,500,000

3,817,065

CHF-Davis

I

LLC,

Revenue,

2018,

5%,

5/15/51

...........................

5,000,000

5,806,050

CHF-Riverside

I

LLC,

Revenue,

2018,

5%,

5/15/43

.........................

1,500,000

1,752,015

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/49

........................

9,575,000

11,296,968

c

Claremont

Graduate

University,

Revenue,

144A,

2020

B,

Refunding,

5%,

10/01/39

.

1,120,000

1,291,181

c

Claremont

Graduate

University,

Revenue,

144A,

2020

B,

Refunding,

5%,

10/01/49

.

4,250,000

4,808,238

c

Claremont

Graduate

University,

Revenue,

144A,

2020

B,

Refunding,

5%,

10/01/54

.

1,875,000

2,113,594

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

3%,

12/01/23

.......................................................

100,000

102,315

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

4%,

12/01/26

.......................................................

200,000

216,226

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/27

.......................................................

100,000

114,357

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/29

.......................................................

50,000

57,808

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/31

.......................................................

130,000

149,785

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/36

.......................................................

350,000

395,175

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/46

.......................................................

1,000,000

1,092,180

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/54

.......................................................

1,000,000

1,087,160

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

2/01/40

............................................

5,000,000

5,522,250

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017A,

Refunding,

4%,

2/01/42

............................................

10,000,000

10,764,100

Congregational

Home

Obligated

Group

(The),

Revenue,

2019,

Refunding,

5%,

11/15/39

.......................................................

2,670,000

3,051,997

Congregational

Home

Obligated

Group

(The),

Revenue,

2019,

Refunding,

5%,

11/15/49

.......................................................

480,000

541,834

c

Creative

Center

of

Los

Altos

(The),

Revenue,

144A,

2016B,

4%,

11/01/36

........

1,395,000

1,411,168

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

c

Creative

Center

of

Los

Altos

(The),

Revenue,

144A,

2016B,

4.5%,

11/01/46

......

$

1,600,000

$

1,630,352

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/32

.............

3,020,000

3,546,205

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/39

.............

6,525,000

7,578,135

Developmental

Services

Support

Foundation

for

Kern

Inyo

and

Mono

Counties,

Revenue,

2019

A,

Refunding,

5%,

5/01/49

.............................

3,895,000

4,695,929

Eisenhower

Medical

Center,

Revenue,

2017A,

Refunding,

5%,

7/01/37

..........

2,625,000

3,084,821

HumanGood

California

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

10/01/44

12,885,000

14,975,462

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/37

...

9,965,000

11,517,746

c

King/Chavez

Facilities

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

5/01/36

.....

2,480,000

2,690,825

c

King/Chavez

Facilities

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

5/01/46

.....

2,775,000

2,969,944

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/43

20,665,000

24,393,793

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

4%,

12/31/47

6,085,000

6,652,791

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/47

15,500,000

18,200,565

Literacy

First

Charter

School

Issuer

LLC,

Revenue,

2019A,

5%,

12/01/39

........

1,145,000

1,340,681

Literacy

First

Charter

School

Issuer

LLC,

Revenue,

2019A,

5%,

12/01/49

........

2,775,000

3,199,270

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2015,

5%,

11/01/35

......

1,100,000

1,197,460

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2015,

5%,

11/01/44

......

1,050,000

1,133,170

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/47

..

3,000,000

3,388,680

c

P3

Claremont

Holdings

LLC,

Revenue,

144A,

2020

A,

5%,

7/01/30

.............

520,000

604,198

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2016A,

5%,

7/01/31

...

1,000,000

1,118,710

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2016A,

5%,

7/01/36

...

2,750,000

3,033,222

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2016A,

5%,

7/01/41

...

1,750,000

1,912,137

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2018A,

3.875%,

7/01/28

1,345,000

1,421,261

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2018A,

5%,

7/01/38

...

1,100,000

1,245,310

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2018A,

5%,

7/01/49

...

3,600,000

4,000,392

ROP

WMCC

LLC,

Revenue,

2013A,

Pre-Refunded,

5.625%,

11/15/33

..........

1,000,000

1,141,770

ROP

WMCC

LLC,

Revenue,

2013A,

Pre-Refunded,

6%,

11/15/48

.............

4,000,000

4,602,720

c

Santa

Rosa

Academy,

Revenue,

144A,

2015,

5.125%,

7/01/35

................

450,000

488,353

c

Santa

Rosa

Academy,

Revenue,

144A,

2015,

5.375%,

7/01/45

................

1,400,000

1,512,742

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.5%,

12/01/33

.....................................

3,115,000

3,397,655

South

Central

Los

Angeles

Regional

Center

for

Developmentally

Disabled

Persons,

Revenue,

2013,

5.75%,

12/01/43

....................................

7,000,000

7,620,340

c

STREAM

Charter

School,

Revenue,

144A,

2020A,

5%,

6/15/41

...............

925,000

988,705

c

STREAM

Charter

School,

Revenue,

144A,

2020A,

5%,

6/15/51

...............

1,385,000

1,458,488

c

STREAM

Charter

School,

Revenue,

144A,

2020B,

6.4%,

6/15/32

..............

865,000

872,413

University

of

La

Verne,

Revenue,

2017A,

Refunding,

5%,

6/01/43

..............

5,000,000

5,889,450

c

California

Pollution

Control

Financing

Authority

,

d

CalPlant

I

LLC,

Revenue,

144A,

2017,

7%,

7/01/22

........................

3,500,000

2,275,000

d

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

13,000,000

8,450,000

d

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

11,500,000

7,475,000

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

.......................

4,500,000

4,103,235

Poseidon

Resources

Channelside

LP,

Revenue,

144A,

2012,

5%,

11/21/45

......

19,965,000

21,165,895

Rialto

Bioenergy

Facility

LLC,

Revenue,

144A,

2018,

7.5%,

12/01/40

...........

3,750,000

3,804,225

California

Public

Finance

Authority

,

c

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

4,111,561

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

10/15/37

.......................................................

1,100,000

1,259,577

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

10/15/47

.......................................................

5,000,000

5,642,350

c

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017A,

Refunding,

5%,

7/01/27

....................................................

1,685,000

1,415,400

c

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017A,

Refunding,

5%,

7/01/32

....................................................

4,030,000

3,385,200

c

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017A,

Refunding,

5%,

7/01/37

....................................................

5,370,000

4,510,800

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Public

Finance

Authority,

(continued)

c

Keck

Graduate

Institute

of

Applied

Life

Sciences,

Revenue,

144A,

2017A,

Refunding,

5%,

7/01/47

....................................................

$

16,110,000

$

13,532,400

California

School

Finance

Authority

,

Alliance

for

College

Ready

Public

Schools

Obligated

Group,

Revenue,

2016C,

5%,

7/01/46

........................................................

10,000,000

11,264,000

c

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

8/01/35

........................................................

1,000,000

1,135,030

c

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

8/01/45

........................................................

1,100,000

1,229,162

c

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2016,

Refunding,

5%,

8/01/41

........................................................

2,200,000

2,471,282

c

Classical

Academy

Obligated

Group,

Revenue,

144A,

2017

A,

Refunding,

5%,

10/01/37

.......................................................

1,485,000

1,697,325

c

Classical

Academy

Obligated

Group,

Revenue,

144A,

2017

A,

Refunding,

5%,

10/01/44

.......................................................

5,610,000

6,328,921

c

Classical

Academy

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

10/01/40

.....

500,000

576,125

c

Classical

Academy

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

10/01/50

.....

3,570,000

4,063,802

c

Ednovate

Obligated

Group,

Revenue,

144A,

2018,

5%,

6/01/48

...............

1,000,000

1,085,220

c

Ednovate

Obligated

Group,

Revenue,

144A,

2018,

5%,

6/01/56

...............

1,710,000

1,847,741

c

Fenton

Charter

Public

Schools,

Revenue,

144A,

2020

A,

5%,

7/01/40

...........

225,000

250,623

c

Fenton

Charter

Public

Schools,

Revenue,

144A,

2020

A,

5%,

7/01/50

...........

1,275,000

1,404,757

c

Fenton

Charter

Public

Schools,

Revenue,

144A,

2020

A,

5%,

7/01/58

...........

1,000,000

1,095,760

c

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2019,

5%,

7/01/43

........................................................

4,000,000

4,419,720

c

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2019,

5%,

7/01/49

........................................................

3,800,000

4,178,936

c

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2015A,

5%,

8/01/35

..

2,525,000

2,803,583

c

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2015A,

5%,

8/01/45

..

3,500,000

3,826,095

c

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/38

.

1,000,000

1,170,450

c

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/48

.

1,750,000

2,007,390

c

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2015A,

5%,

7/01/35

.

1,200,000

1,358,772

c

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2015A,

5%,

7/01/45

.

1,675,000

1,867,491

c

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2017A,

5%,

7/01/47

.

1,500,000

1,736,205

c

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

7/01/39

1,000,000

1,222,050

c

Kipp

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

7/01/54

3,300,000

3,949,539

c

Larchmont

Schools,

Revenue,

144A,

2018

A,

5%,

6/01/55

...................

2,050,000

2,217,526

c

Lifeline

Education

Charter

School,

Inc.,

Revenue,

144A,

2020

A,

3%,

7/01/30

.....

365,000

369,555

c

Lifeline

Education

Charter

School,

Inc.,

Revenue,

144A,

2020

A,

5%,

7/01/45

.....

825,000

919,603

c

Lifeline

Education

Charter

School,

Inc.,

Revenue,

144A,

2020

A,

5%,

7/01/55

.....

1,235,000

1,363,885

c

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/30

........

2,000,000

2,230,140

c

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/37

........

2,000,000

2,183,180

c

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/47

........

1,975,000

2,119,787

c

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/52

........

1,340,000

1,434,323

c

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017A,

5%,

6/01/34

.....

750,000

832,290

c

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017A,

5.125%,

6/01/47

.

845,000

923,813

c

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017A,

5.25%,

6/01/52

..

980,000

1,074,795

c

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017G,

5%,

6/01/30

....

315,000

360,666

c

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017G,

5%,

6/01/37

....

360,000

403,553

c

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017G,

5%,

6/01/47

....

1,720,000

1,896,008

c

Summit

Public

Schools

Obligated

Group,

Revenue,

144A,

2017,

5%,

6/01/47

.....

1,500,000

1,680,480

California

State

Public

Works

Board

,

Revenue,

2011A,

5.125%,

10/01/31

....................................

3,605,000

3,707,959

State

of

California

Department

of

Corrections

&

Rehabilitation,

Revenue,

2011C,

Refunding,

5.75%,

10/01/31

........................................

4,640,000

4,789,315

California

State

University

,

Revenue

,

2015A

,

Refunding

,

5

%

,

11/01/47

............

14,980,000

17,567,795

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority

,

Revenue,

2015,

Refunding,

5%,

9/02/40

.................................

$

2,230,000

$

2,408,445

Special

Assessment,

2016A,

5%,

9/02/36

................................

1,035,000

1,166,745

Special

Assessment,

2016A,

5%,

9/02/45

................................

2,250,000

2,501,302

Special

Assessment,

2017A,

4%,

9/02/27

................................

1,775,000

1,899,055

Special

Assessment,

2017A,

5%,

9/02/37

................................

1,975,000

2,239,986

Special

Assessment,

2017A,

5%,

9/02/46

................................

2,460,000

2,745,286

Special

Assessment,

2017B,

5%,

9/02/37

................................

3,260,000

3,758,161

Special

Assessment,

2017B,

5%,

9/02/47

................................

2,520,000

2,861,510

Special

Assessment,

2017C,

5%,

9/02/37

................................

4,790,000

5,494,082

Special

Assessment,

2018

A,

5%,

9/02/38

...............................

2,150,000

2,532,722

Special

Assessment,

2018

A,

5%,

9/02/47

...............................

3,750,000

4,323,300

Special

Assessment,

2018

B,

5%,

9/02/38

...............................

2,760,000

3,245,070

Special

Assessment,

2018

B,

5%,

9/02/43

...............................

4,690,000

5,453,110

Special

Assessment,

2018

B,

5%,

9/02/48

...............................

4,605,000

5,305,881

Special

Assessment,

2018

C,

5%,

9/02/38

...............................

6,000,000

7,000,800

Special

Assessment,

2018

C,

5%,

9/02/48

...............................

6,605,000

7,538,220

Special

Assessment,

2019

B,

5%,

9/02/39

...............................

1,060,000

1,238,154

Special

Assessment,

2019

C,

5%,

9/02/39

...............................

850,000

993,565

Special

Assessment,

2019A,

5%,

9/02/39

................................

1,600,000

1,891,504

Special

Assessment,

2019A,

5%,

9/02/44

................................

940,000

1,100,411

Special

Assessment,

2019A,

5%,

9/02/48

................................

945,000

1,101,209

Special

Assessment,

2020

A,

5%,

9/02/40

...............................

1,250,000

1,475,488

Special

Assessment,

2020

A,

4%,

9/02/50

...............................

900,000

956,673

Special

Assessment,

2020

A,

5%,

9/02/50

...............................

1,000,000

1,160,210

Special

Assessment,

2020

B,

4%,

9/02/40

...............................

1,125,000

1,212,379

Special

Assessment,

2020

B,

4%,

9/02/50

...............................

1,370,000

1,450,515

Aldersly

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

5/15/32

...........

750,000

828,750

Aldersly

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

5/15/40

...........

1,010,000

1,099,153

Assessment

District

No.

14-01,

Special

Assessment,

2015,

5%,

9/02/35

.........

2,000,000

2,246,200

Assessment

District

No.

14-01,

Special

Assessment,

2015,

5%,

9/02/45

.........

3,810,000

4,215,574

California

Baptist

University,

Revenue,

2011A,

Pre-Refunded,

7.25%,

11/01/31

....

1,250,000

1,308,175

California

Baptist

University,

Revenue,

2011A,

Pre-Refunded,

7.5%,

11/01/41

.....

2,750,000

2,882,550

California

Baptist

University,

Revenue,

2014A,

5.125%,

11/01/23

..............

410,000

434,346

California

Baptist

University,

Revenue,

2014A,

6.125%,

11/01/33

..............

1,565,000

1,734,615

California

Baptist

University,

Revenue,

2014A,

6.375%,

11/01/43

..............

4,035,000

4,454,035

c

California

Baptist

University,

Revenue,

144A,

2017A,

Refunding,

5%,

11/01/32

....

1,135,000

1,315,692

c

California

Baptist

University,

Revenue,

144A,

2017A,

Refunding,

5%,

11/01/41

....

1,875,000

2,127,769

CHF-Irvine

LLC,

Revenue,

2016,

Refunding,

5%,

5/15/40

....................

1,500,000

1,706,145

CHF-Irvine

LLC,

Revenue,

2017,

5%,

5/15/42

............................

710,000

821,534

Collis

P

and

Howard

Huntington

Memorial

Hospital

Obligated

Group,

Revenue,

2014B,

Refunding,

5%,

7/01/44

......................................

4,450,000

4,923,614

Collis

P

and

Howard

Huntington

Memorial

Hospital

Obligated

Group,

Revenue,

2018,

5%,

7/01/43

....................................................

1,000,000

1,183,170

Collis

P

and

Howard

Huntington

Memorial

Hospital

Obligated

Group,

Revenue,

2018,

4%,

7/01/48

....................................................

6,000,000

6,587,160

Community

Facilities

District

No.

2015-01,

Special

Tax,

2015

01,

4%,

9/01/40

.....

700,000

760,382

Community

Facilities

District

No.

2015-01,

Special

Tax,

2015

01,

4%,

9/01/50

.....

1,335,000

1,425,807

Community

Facilities

District

No.

2015-01,

Special

Tax,

2015

1,

4%,

9/01/50

......

1,725,000

1,907,936

Community

Facilities

District

No.

2015-01

Improvement

Area

No.

1,

Special

Tax,

2016A,

Refunding,

5%,

9/01/36

......................................

1,000,000

1,117,560

Community

Facilities

District

No.

2015-01

Improvement

Area

No.

1,

Special

Tax,

2016A,

Refunding,

5%,

9/01/45

......................................

1,500,000

1,654,875

Community

Facilities

District

No.

2015-01

Improvement

Area

No.

1,

Special

Tax,

2017,

5%,

9/01/37

................................................

1,225,000

1,420,118

Community

Facilities

District

No.

2015-01

Improvement

Area

No.

1,

Special

Tax,

2017,

5%,

9/01/47

................................................

2,000,000

2,277,320

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Community

Facilities

District

No.

2016-02,

Special

Tax,

2016-02,

4%,

9/01/40

.....

$

3,845,000

$

4,130,491

Community

Facilities

District

No.

2016-02,

Special

Tax,

2016-02,

4%,

9/01/50

.....

3,845,000

4,058,051

Community

Facilities

District

No.

2016-02,

Special

Tax,

2016A,

5%,

9/01/46

......

11,020,000

12,151,974

Community

Facilities

District

No.

2016-02,

Special

Tax,

2019,

5%,

9/01/39

.......

1,230,000

1,435,668

Community

Facilities

District

No.

2016-02,

Special

Tax,

2019,

5%,

9/01/49

.......

3,000,000

3,438,510

Community

Facilities

District

No.

2018-01,

Special

Tax,

2019,

5%,

9/01/39

.......

1,750,000

2,033,482

Community

Facilities

District

No.

2018-01,

Special

Tax,

2019,

5%,

9/01/48

.......

2,000,000

2,273,820

e

Community

Facilities

District

No.

2020-01,

Special

Tax,

2021,

4%,

9/01/41

.......

560,000

613,446

e

Community

Facilities

District

No.

2020-01,

Special

Tax,

2021,

4%,

9/01/51

.......

1,200,000

1,296,960

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2013

C,

Pre-

Refunded,

5.625%,

12/01/36

........................................

8,000,000

9,150,320

Enloe

Medical

Center,

Revenue,

2015,

Refunding,

California

Mortgage

Insured,

5%,

8/15/38

........................................................

6,000,000

6,954,840

Eskaton

Properties,

Inc.

Obligated

Group,

Revenue,

2012,

5.25%,

11/15/34

......

4,350,000

4,533,962

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/46

12,735,000

13,725,019

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

5%,

6/01/34

.........

375,000

431,194

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

5%,

6/01/39

.........

950,000

1,077,471

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

12/01/41

...................................................

1,245,000

1,395,234

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

52,005,000

58,214,397

Los

Angeles

Jewish

Home

for

the

Aging

Obligated

Group,

Revenue,

2014A,

Pre-

Refunded,

California

Mortgage

Insured,

5%,

8/01/44

......................

2,450,000

2,668,883

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

4%,

8/01/45

........

1,500,000

1,556,880

Methodist

Hospital

of

Southern

California

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

1/01/48

............................................

5,000,000

5,820,100

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

.............

4,325,000

4,772,248

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

.............

8,000,000

8,672,640

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/52

.............

2,635,000

2,850,727

Capistrano

Unified

School

District

,

Community

Facilities

District

No.

2005-1

,

Special

Tax

,

2013

,

5.5

%

,

9/01/43

............................................

4,955,000

5,364,283

Casitas

Municipal

Water

District

,

Special

Tax,

2017

B,

BAM

Insured,

5%,

9/01/42

...........................

8,000,000

9,532,400

Special

Tax,

2017

B,

BAM

Insured,

5.25%,

9/01/47

.........................

5,000,000

6,104,050

Centinela

Valley

Union

High

School

District

,

GO,

2012

B,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/45

..................

42,000,000

10,693,620

GO,

2014C,

Pre-Refunded,

5%,

8/01/35

.................................

4,195,000

4,845,561

Central

School

District

,

GO,

A,

5%,

8/01/44

................................................

7,375,000

8,498,434

GO,

C,

5%,

8/01/44

................................................

3,615,000

4,165,673

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2019-1,

Special

Tax,

2019

1,

4%,

9/01/40

........................................................

500,000

543,490

City

of

Chino

Community

Facilities

District

No.

2019-1,

Special

Tax,

2019

1,

4%,

9/01/51

........................................................

1,000,000

1,069,090

City

&

County

of

San

Francisco

,

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/42

........

775,000

838,186

Community

Facilities

District

No.

2016-1,

Special

Tax,

2020,

4%,

9/01/50

........

1,450,000

1,551,094

City

of

Beaumont

,

Community

Facilities

District

No.

2016-1,

Special

Tax,

2019,

5%,

9/01/44

........

300,000

338,991

Community

Facilities

District

No.

2016-1,

Special

Tax,

2019,

5%,

9/01/49

........

400,000

450,348

Community

Facilities

District

No.

2019-1,

Special

Tax,

2019

1,

3.25%,

9/01/50

....

450,000

454,837

City

of

Calimesa

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/45

........

865,000

943,853

Community

Facilities

District

No.

2018-1,

Special

Tax,

2020,

4%,

9/01/50

........

825,000

896,594

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Chino

,

Community

Facilities

District

No.

2003-3,

Special

Tax,

2015,

5%,

9/01/45

........

$

1,665,000

$

1,845,120

Community

Facilities

District

No.

2016-2,

Special

Tax,

2017,

5%,

9/01/42

........

1,535,000

1,706,797

City

of

Chula

Vista

,

Community

Facilities

District

No.

06-1,

Special

Tax,

2018,

5%,

9/01/43

..........

1,000,000

1,130,790

Community

Facilities

District

No.

06-1,

Special

Tax,

2018,

5%,

9/01/48

..........

1,185,000

1,331,691

City

of

Corona

,

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2018

A,

5%,

9/01/38

..................................................

1,200,000

1,337,484

Community

Facilities

District

No.

2018-1

Improvement

Area

No.

1,

Special

Tax,

2018

A,

5%,

9/01/48

..................................................

1,000,000

1,103,540

City

of

Dana

Point

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2014,

Pre-Refunded,

5%,

9/01/38

........................................................

1,000,000

1,115,510

Community

Facilities

District

No.

2006-1,

Special

Tax,

2014,

Pre-Refunded,

5%,

9/01/45

........................................................

2,500,000

2,788,775

City

of

Dixon

,

Community

Facilities

District

No.

2013-1

Parklane,

Special

Tax,

2019,

5%,

9/01/44

.

2,645,000

3,022,918

Community

Facilities

District

No.

2019-1

Homestead,

Special

Tax,

2020,

4%,

9/01/36

200,000

217,498

Community

Facilities

District

No.

2019-1

Homestead,

Special

Tax,

2020,

4%,

9/01/40

400,000

430,040

Community

Facilities

District

No.

2019-1

Homestead,

Special

Tax,

2020,

4%,

9/01/50

1,000,000

1,060,430

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2019

,

5

%

,

9/01/49

2,300,000

2,596,976

City

of

Fairfield

,

Community

Facilities

District

No.

2016-1,

Special

Tax,

2019

A,

5%,

9/01/44

......

2,000,000

2,305,200

c

Community

Facilities

District

No.

2019-1,

Special

Tax,

144A,

2020

A,

5%,

9/01/35

..

1,000,000

1,198,280

c

Community

Facilities

District

No.

2019-1,

Special

Tax,

144A,

2020

A,

5%,

9/01/50

..

3,255,000

3,776,386

City

of

Fillmore

,

Community

Facilities

District

No.

5,

Special

Tax,

2015,

5%,

9/01/40

............

1,500,000

1,622,565

Community

Facilities

District

No.

5,

Special

Tax,

2015,

5%,

9/01/45

............

2,630,000

2,833,983

City

of

Fontana

,

Community

Facilities

District

No.

80,

Special

Tax,

2017,

5%,

9/01/46

...........

1,000,000

1,145,100

Community

Facilities

District

No.

81,

Special

Tax,

2018,

4%,

9/01/43

...........

1,000,000

1,083,170

City

of

Fullerton

,

Community

Facilities

District

No.

2,

Special

Tax,

2014,

5%,

9/01/34

............

1,075,000

1,155,775

Community

Facilities

District

No.

2,

Special

Tax,

2014,

5%,

9/01/44

............

2,450,000

2,613,587

City

of

Irvine

,

Community

Facilities

District

No.

2013-3,

Special

Tax,

2014,

5%,

9/01/39

........

1,000,000

1,115,650

Community

Facilities

District

No.

2013-3,

Special

Tax,

2014,

5%,

9/01/44

........

1,500,000

1,663,815

Community

Facilities

District

No.

2013-3,

Special

Tax,

2014,

5%,

9/01/49

........

2,750,000

3,041,500

Community

Facilities

District

No.

2013-3,

Special

Tax,

2018,

5%,

9/01/43

........

2,500,000

2,885,125

Community

Facilities

District

No.

2013-3,

Special

Tax,

2018,

5%,

9/01/48

........

3,250,000

3,731,910

Community

Facilities

District

No.

2013-3,

Special

Tax,

2018,

AGMC

Insured,

5%,

9/01/51

........................................................

1,250,000

1,493,813

City

of

La

Verne

,

Brethren

Hillcrest

Homes

Obligated

Group,

COP,

2014,

Pre-Refunded,

5%,

5/15/36

1,430,000

1,526,854

Copacabana

Mobilehome

Park,

Revenue,

2014,

Refunding,

5%,

6/15/49

........

1,765,000

1,969,352

City

of

Lake

Elsinore

,

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2020,

4%,

9/01/36

350,000

382,071

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2020,

4%,

9/01/40

385,000

415,892

Community

Facilities

District

No.

2006-1

Summerly,

Special

Tax,

2020,

4%,

9/01/50

1,000,000

1,061,270

City

of

Long

Beach

,

Marina

System,

Revenue,

2015,

5%,

5/15/34

.............................

1,300,000

1,453,946

Marina

System,

Revenue,

2015,

5%,

5/15/40

.............................

3,500,000

3,873,380

Marina

System,

Revenue,

2015,

5%,

5/15/45

.............................

2,500,000

2,745,625

City

of

Los

Angeles

Department

of

Airports

,

Revenue

,

2019

D

,

4

%

,

5/15/44

........

5,525,000

6,150,043

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Long

Beach,

(continued)

City

of

Murrieta

,

Community

Facilities

District

No.

2005-5

Golden

City

,

Special

Tax

,

2018

,

5

%

,

9/01/48

.................................................

$

3,740,000

$

4,197,851

City

of

Ontario

,

Community

Facilities

District

No.

28,

Special

Tax,

2017,

5%,

9/01/42

...........

1,000,000

1,109,050

Community

Facilities

District

No.

28,

Special

Tax,

2017,

5%,

9/01/47

...........

500,000

553,180

Community

Facilities

District

No.

31,

Special

Tax,

2017,

5%,

9/01/47

...........

1,100,000

1,258,873

City

of

Oroville

,

Oroville

Hospital,

Revenue,

2019,

5.25%,

4/01/49

.........................

3,500,000

3,954,230

Oroville

Hospital,

Revenue,

2019,

5.25%,

4/01/54

.........................

3,500,000

3,933,440

City

of

Rancho

Cordova

,

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2018

1,

5%,

9/01/44

........................................................

415,000

468,572

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/34

........................................................

175,000

191,130

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/35

........................................................

180,000

196,177

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/36

........................................................

185,000

201,225

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/37

........................................................

195,000

211,628

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/38

........................................................

200,000

216,624

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/39

........................................................

210,000

226,955

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/40

........................................................

220,000

237,358

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/41

........................................................

225,000

242,001

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/46

........................................................

175,000

187,885

Grantline

208

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/50

........................................................

475,000

509,100

Sunridge

North

Douglas

Community

Facilities

District

No.

2005-1,

Special

Tax,

2015,

5%,

9/01/40

....................................................

1,200,000

1,340,844

Sunridge

North

Douglas

Community

Facilities

District

No.

2005-1,

Special

Tax,

2015,

5%,

9/01/45

....................................................

1,250,000

1,382,987

City

of

Rocklin

,

Community

Facilities

District

No.

10

Whitney

Ranch

,

Special

Tax

,

2019

,

5

%

,

9/01/40

......................................................

2,000,000

2,215,760

City

of

Roseville

,

Creekview

Community

Facilities

District

No.

1,

Special

Tax,

2020,

5%,

9/01/40

....

630,000

725,470

Creekview

Community

Facilities

District

No.

1,

Special

Tax,

2020,

5%,

9/01/50

....

1,745,000

1,987,729

c

Fiddyment

Ranch

Community

Facilities

District

No.

5,

Special

Tax,

144A,

2017,

Refunding,

5%,

9/01/32

............................................

1,265,000

1,485,047

c

Fiddyment

Ranch

Community

Facilities

District

No.

5,

Special

Tax,

144A,

2017,

Refunding,

5%,

9/01/47

............................................

6,500,000

7,392,970

HP

Campus

Oaks

Community

Facilities

District

No.

1,

Special

Tax,

2016,

5%,

9/01/36

........................................................

2,300,000

2,607,832

HP

Campus

Oaks

Community

Facilities

District

No.

1,

Special

Tax,

2016,

5.5%,

9/01/46

........................................................

7,550,000

8,602,017

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/40

........................................................

575,000

624,599

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/45

........................................................

450,000

482,522

Ranch

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/50

........................................................

1,000,000

1,069,720

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Roseville,

(continued)

SVSP

Westpark-Federico

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/39

........................................................

$

440,000

$

498,458

SVSP

Westpark-Federico

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/44

........................................................

500,000

562,355

SVSP

Westpark-Federico

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/49

........................................................

575,000

644,535

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/44

........................................................

3,230,000

3,655,811

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/45

........................................................

490,000

525,412

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/50

........................................................

650,000

695,318

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/29

....

500,000

560,175

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/34

....

1,100,000

1,215,060

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/39

....

1,885,000

2,067,242

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/44

....

1,650,000

1,802,592

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/49

....

3,800,000

4,284,386

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

........................................................

1,120,000

1,274,683

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/33

........................................................

1,000,000

1,135,390

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/37

........................................................

1,250,000

1,407,488

City

of

Sacramento

,

Greenbriar

Community

Facilities

District

No.

2018-03,

Special

Tax,

2021,

4%,

9/01/41

1,000,000

1,090,430

Greenbriar

Community

Facilities

District

No.

2018-03,

Special

Tax,

2021,

4%,

9/01/46

1,450,000

1,563,912

Greenbriar

Community

Facilities

District

No.

2018-03,

Special

Tax,

2021,

4%,

9/01/50

1,500,000

1,613,505

Natomas

Central

Community

Facilities

District

No.

2006-2,

Special

Tax,

2016,

5%,

9/01/46

........................................................

1,815,000

2,044,579

c

Natomas

Meadows

Community

Facilities

District

No.

2007-1,

Special

Tax,

144A,

2017,

5%,

9/01/32

................................................

300,000

338,103

c

Natomas

Meadows

Community

Facilities

District

No.

2007-1,

Special

Tax,

144A,

2017,

5%,

9/01/37

................................................

710,000

793,397

c

Natomas

Meadows

Community

Facilities

District

No.

2007-1,

Special

Tax,

144A,

2017,

5%,

9/01/47

................................................

1,900,000

2,100,735

Natomas

Meadows

Community

Facilities

District

No.

2007-1,

Special

Tax,

2019,

5%,

9/01/44

........................................................

500,000

564,525

Natomas

Meadows

Community

Facilities

District

No.

2007-1,

Special

Tax,

2019,

5%,

9/01/49

........................................................

1,000,000

1,122,670

North

Natomas

Community

Facilities

District

No.

4,

Special

Tax,

2013

E,

Refunding,

5.25%,

9/01/33

..................................................

3,000,000

3,287,220

City

of

San

Buenaventura

,

Community

Memorial

Health

System,

Revenue,

2011,

8%,

12/01/31

............

10,000,000

10,470,600

Community

Memorial

Health

System,

Revenue,

2011,

7.5%,

12/01/41

..........

5,000,000

5,210,050

City

of

San

Clemente

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2015,

5%,

9/01/40

........

1,760,000

1,971,376

Community

Facilities

District

No.

2006-1,

Special

Tax,

2015,

5%,

9/01/46

........

2,455,000

2,726,523

City

of

San

Diego

,

Tobacco

Settlement

Revenue

Funding

Corp.

,

Revenue

,

2018C

,

Refunding

,

4

%

,

6/01/32

.............................................

830,000

902,276

City

of

San

Mateo

,

Community

Facilities

District

No.

2008-1,

Special

Tax,

2012,

5.875%,

9/01/32

.....

1,500,000

1,591,275

Community

Facilities

District

No.

2008-1,

Special

Tax,

2012,

6%,

9/01/42

........

5,000,000

5,261,150

Community

Facilities

District

No.

2008-1,

Special

Tax,

2014,

5.375%,

9/01/38

.....

2,500,000

2,620,700

Community

Facilities

District

No.

2008-1,

Special

Tax,

2014,

5.5%,

9/01/44

.......

3,300,000

3,458,730

City

of

Santa

Paula

,

Harvest

Community

Facilities

District

No.

1,

Special

Tax,

2020,

5%,

9/01/35

......

600,000

702,582

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Santa

Paula,

(continued)

Harvest

Community

Facilities

District

No.

1,

Special

Tax,

2020,

5%,

9/01/40

......

$

1,000,000

$

1,158,050

Harvest

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/45

......

1,100,000

1,170,180

Harvest

Community

Facilities

District

No.

1,

Special

Tax,

2020,

4%,

9/01/50

......

1,375,000

1,454,640

City

of

Simi

Valley

,

Assessment

District

No.

98-1

,

1915

Act,

Special

Assessment

,

1999

,

7.3

%

,

9/02/24

....................................................

835,000

850,798

City

of

Tracy

,

Community

Facilities

District

No.

2016-01,

Special

Tax,

2018,

5%,

9/01/33

.......

1,610,000

1,839,135

Community

Facilities

District

No.

2016-01,

Special

Tax,

2018,

5%,

9/01/38

.......

2,385,000

2,686,583

Community

Facilities

District

No.

2016-01,

Special

Tax,

2018,

5%,

9/01/43

.......

5,750,000

6,420,738

Community

Facilities

District

No.

2016-01,

Special

Tax,

2018,

5%,

9/01/48

.......

6,240,000

6,936,072

Community

Facilities

District

No.

2016-01,

Special

Tax,

2019,

5%,

9/01/44

.......

2,600,000

2,897,648

Community

Facilities

District

No.

2016-02,

Special

Tax,

2019,

5%,

9/01/44

.......

1,500,000

1,726,035

City

of

Tustin

,

Community

Facilities

District

No.

06-1,

Special

Tax,

2015A,

Refunding,

5%,

9/01/37

1,000,000

1,158,610

Community

Facilities

District

No.

07-1,

Special

Tax,

2015A,

Refunding,

5%,

9/01/37

2,330,000

2,624,628

Community

Facilities

District

No.

14-1,

Special

Tax,

2015A,

5%,

9/01/40

.........

750,000

844,185

Community

Facilities

District

No.

14-1,

Special

Tax,

2015A,

5%,

9/01/45

.........

1,000,000

1,118,130

City

of

Upland

,

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2019

A

,

4

%

,

9/01/49

.........................................................

550,000

594,462

City

of

Vernon

,

Electric

System,

Revenue,

2012A,

5.5%,

8/01/41

..........................

7,500,000

7,816,650

Electric

System,

Revenue,

2020

A,

Refunding,

5%,

8/01/35

..................

1,440,000

1,756,483

City

of

Woodland

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2019,

5%,

9/01/44

........

1,570,000

1,768,291

Community

Facilities

District

No.

2004-1,

Special

Tax,

2019,

5%,

9/01/48

........

1,745,000

1,957,035

City

of

Yucaipa

,

Community

Facilities

District

No.

98-1,

Special

Tax,

2011,

Refunding,

5%,

9/01/26

.

1,000,000

1,021,280

Community

Facilities

District

No.

98-1,

Special

Tax,

2011,

Refunding,

5.375%,

9/01/30

........................................................

1,800,000

1,838,088

Clovis

Unified

School

District

,

GO,

2004A,

NATL

Insured,

ETM,

Zero

Cpn.,

8/01/27

.......................

1,205,000

1,123,843

GO,

2004A,

NATL

Insured,

Zero

Cpn.,

8/01/27

............................

6,295,000

5,783,909

GO,

2004A,

NATL

Insured,

Zero

Cpn.,

8/01/28

............................

3,000,000

2,682,570

Coachella

Valley

Unified

School

District

,

GO,

2012

D,

AGMC

Insured,

Zero

Cpn.,

8/01/42

..........................

8,500,000

4,721,920

GO,

2012

D,

AGMC

Insured,

Zero

Cpn.,

8/01/43

..........................

3,000,000

1,606,680

Compton

Community

Redevelopment

Agency

,

Tax

Allocation,

Second

Lien,

2010B,

5.7%,

8/01/30

.........................

2,255,000

2,262,126

Tax

Allocation,

Second

Lien,

2010B,

6%,

8/01/42

..........................

3,460,000

3,469,757

Corona-Norco

Unified

School

District

,

Community

Facilities

District

No.

05-1

,

Special

Tax

,

2016

,

Refunding

,

5

%

,

9/01/36

.....................................

500,000

573,860

Cotati-Rohnert

Park

Unified

School

District

,

GO

,

A

,

BAM

Insured

,

5

%

,

8/01/45

......

4,000,000

4,596,360

County

of

El

Dorado

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2018

,

5

%

,

9/01/48

.........................................................

2,850,000

3,151,188

County

of

Imperial

,

Community

Facilities

District

No.

1998-1

,

Special

Tax

,

1999

,

LOC

BNP

Paribas

SA

,

6.5

%

,

9/01/31

.......................................

5,200,000

5,251,740

County

of

Orange

,

Community

Facilities

District

No.

2015-1,

Special

Tax,

2015

A,

5%,

8/15/34

......

1,495,000

1,690,381

Community

Facilities

District

No.

2015-1,

Special

Tax,

2015

A,

5.25%,

8/15/45

....

4,880,000

5,491,562

Community

Facilities

District

No.

2017-1,

Special

Tax,

2018

A,

5%,

8/15/42

......

6,230,000

7,308,226

Community

Facilities

District

No.

2017-1,

Special

Tax,

2018

A,

5%,

8/15/47

......

10,000,000

11,629,900

County

of

Riverside

,

Community

Facilities

District

No.

03-1

,

Special

Tax

,

2014

,

Refunding

,

5

%

,

9/01/30

.............................................

1,500,000

1,680,120

County

of

San

Bernardino

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/40

1,000,000

1,117,370

Community

Facilities

District

No.

2006-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/45

1,000,000

1,105,040

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

County

of

Stockton

,

Community

Facilities

District

No.

2018-2,

Special

Tax,

2020,

4%,

9/01/40

........

$

1,580,000

$

1,706,779

Community

Facilities

District

No.

2018-2,

Special

Tax,

2020,

4%,

9/01/45

........

1,115,000

1,188,022

Community

Facilities

District

No.

2018-2,

Special

Tax,

2020,

4%,

9/01/50

........

1,565,000

1,659,573

c

CSCDA

Community

Improvement

Authority

,

Revenue,

144A,

2020

A,

5%,

7/01/51

...................................

5,000,000

5,853,400

Revenue,

144A,

2020

A,

5%,

1/01/54

...................................

10,000,000

11,626,700

Revenue,

144A,

2021

A,

4%,

8/01/56

...................................

8,000,000

8,658,720

Revenue,

144A,

2021A-2,

3.125%,

8/01/56

..............................

10,000,000

9,200,000

Cudahy

Community

Development

Commission

Successor

Agency

,

Tax

Allocation

,

2011B

,

Pre-Refunded

,

7.75

%

,

10/01/27

.................................

3,795,000

3,961,600

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007B

,

Refunding

,

5.85

%

,

12/15/47

....................................

4,525,000

4,533,281

Del

Mar

Race

Track

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/35

..........

2,000,000

2,075,320

Del

Mar

Union

School

District

,

Community

Facilities

District

No.

99-1

,

Special

Tax

,

2019

,

Refunding

,

BAM

Insured

,

4

%

,

9/01/49

.............................

2,000,000

2,251,940

Duarte

Redevelopment

Agency

,

Tax

Allocation

,

1999

,

ETM,

Zero

Cpn.,

12/01/28

....

18,150,000

13,016,817

Dublin

Community

Facilities

District

No.

2015-1

,

Special

Tax,

2017,

5%,

9/01/37

.......................................

1,550,000

1,808,059

Special

Tax,

2017,

5%,

9/01/47

.......................................

4,500,000

5,161,545

Special

Tax,

2019,

5%,

9/01/39

.......................................

3,665,000

4,212,918

Special

Tax,

2019,

5%,

9/01/44

.......................................

6,625,000

7,516,593

El

Rancho

Unified

School

District

,

GO

,

2004

,

NATL

Insured

,

Zero

Cpn.,

8/01/29

....

2,400,000

2,047,488

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

19,

Special

Tax,

2017,

5%,

9/01/47

3,280,000

3,743,201

City

of

Folsom

Community

Facilities

District

No.

19,

Special

Tax,

2019,

5%,

9/01/49

1,825,000

2,078,730

City

of

Folsom

Community

Facilities

District

No.

20,

Special

Tax,

2018,

5%,

9/01/28

600,000

704,820

City

of

Folsom

Community

Facilities

District

No.

20,

Special

Tax,

2018,

5%,

9/01/33

530,000

610,385

City

of

Folsom

Community

Facilities

District

No.

20,

Special

Tax,

2018,

5%,

9/01/38

850,000

968,048

City

of

Folsom

Community

Facilities

District

No.

20,

Special

Tax,

2018,

5%,

9/01/48

1,675,000

1,884,643

City

of

Folsom

Community

Facilities

District

No.

21,

Special

Tax,

2019,

5%,

9/01/49

2,000,000

2,275,840

City

of

Folsom

Community

Facilities

District

No.

23,

Special

Tax,

2020,

4%,

9/01/40

1,245,000

1,352,394

City

of

Folsom

Community

Facilities

District

No.

23,

Special

Tax,

2020,

4%,

9/01/45

1,075,000

1,152,690

City

of

Folsom

Community

Facilities

District

No.

23,

Special

Tax,

2020,

4%,

9/01/50

1,140,000

1,219,481

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

..........................

75,000,000

40,827,750

Revenue,

2013

B-1,

Refunding,

3.95%,

1/15/53

...........................

25,000,000

27,623,750

Revenue,

2013

B-2,

Refunding,

3.5%,

1/15/53

............................

17,500,000

19,081,475

Revenue,

2015A,

Refunding,

Zero

Cpn.,

1/15/33

..........................

19,000,000

14,110,160

Revenue,

Junior

Lien,

2021

C,

Refunding,

4%,

1/15/43

.....................

41,979,000

47,619,298

Fremont

Community

Facilities

District

No.

1

,

Special

Tax,

2015,

Refunding,

5%,

9/01/40

...............................

4,655,000

5,180,270

Special

Tax,

2015,

Refunding,

5%,

9/01/45

...............................

3,255,000

3,595,441

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2007A-2,

5.3%,

6/01/37

.....................................

5,000,000

5,202,000

Revenue,

2007C,

Refunding,

Zero

Cpn.,

6/01/47

..........................

50,000,000

10,709,000

Revenue,

2015A,

Refunding,

5%,

6/01/45

...............................

37,630,000

43,026,895

Revenue,

2018

A2,

Refunding,

5%,

6/01/47

..............................

12,750,000

13,189,620

Revenue,

2018A-1,

Refunding,

5.25%,

6/01/47

...........................

63,500,000

65,883,790

Hanford

Joint

Union

High

School

District

,

GO,

B,

AGMC

Insured,

Zero

Cpn.,

8/01/32

...............................

3,635,000

2,817,380

GO,

B,

AGMC

Insured,

Zero

Cpn.,

8/01/33

...............................

3,705,000

2,774,267

GO,

B,

AGMC

Insured,

Zero

Cpn.,

8/01/35

...............................

4,120,000

2,886,760

Hartnell

Community

College

District

,

GO

,

2009D

,

Zero

Cpn.,

8/01/49

.............

10,000,000

4,432,300

Imperial

Community

College

District

,

GO

,

2011A

,

Pre-Refunded

,

AGMC

Insured

,

6.75

%

,

8/01/40

...................................................

3,500,000

4,422,215

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Independent

Cities

Finance

Authority

,

COACH

of

San

Diego

LLC,

Revenue,

2014A,

Refunding,

5.25%,

5/15/44

........

$

2,015,000

$

2,183,817

COACH

of

San

Diego

LLC,

Revenue,

2014A,

Refunding,

5.25%,

5/15/49

........

4,800,000

5,192,880

Millennium

Housing

of

California,

Revenue,

2019,

Refunding,

5%,

5/15/48

.......

3,000,000

3,575,850

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/45

.............

5,000,000

5,465,250

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/50

.............

4,900,000

5,347,223

Indio

Community

Facilities

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/35

......

1,190,000

1,342,415

Inland

Valley

Development

Agency

,

Tax

Allocation,

2014A,

Refunding,

5.25%,

9/01/37

.........................

7,500,000

8,295,000

Tax

Allocation,

2014A,

Refunding,

5%,

9/01/44

............................

9,000,000

9,829,530

Irvine

Unified

School

District

,

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

A,

5%,

9/01/42

........

700,000

824,705

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

B,

5%,

9/01/42

........

1,000,000

1,178,150

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

B,

5%,

9/01/51

........

2,500,000

2,906,450

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

C,

5%,

9/01/47

........

1,000,000

1,167,220

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

D,

5%,

9/01/49

........

1,000,000

1,164,350

Community

Facilities

District

No.

09-1,

Special

Tax,

2018

A,

Refunding,

5%,

9/01/45

2,000,000

2,339,280

Community

Facilities

District

No.

09-1,

Special

Tax,

2018

A,

Refunding,

5%,

9/01/49

2,000,000

2,327,380

Jurupa

Community

Services

District

,

Community

Facilities

District

No.

53

,

Special

Tax

,

2020

A

,

4

%

,

9/01/43

................................................

300,000

332,988

Jurupa

Public

Financing

Authority

,

Special

Tax,

2014A,

Refunding,

5%,

9/01/42

.............................

2,220,000

2,484,025

Special

Tax,

2015A,

Refunding,

5%,

9/01/43

.............................

4,000,000

4,586,360

Special

Tax,

Sub.

Lien,

2015B,

Refunding,

5%,

9/01/40

.....................

4,000,000

4,482,200

Kaweah

Delta

Health

Care

District

Guild

,

Revenue

,

2015

B

,

5

%

,

6/01/40

..........

3,250,000

3,615,300

Lake

Elsinore

Public

Financing

Authority

,

City

of

Lake

Elsinore

Assessment

District

No.

93-1,

Special

Tax,

2012B,

Refunding,

5.125%,

9/02/30

.................................................

4,980,000

5,264,706

City

of

Lake

Elsinore

Community

Facilities

District

No.

2003-2,

Special

Tax,

2014A,

5.75%,

9/01/44

..................................................

3,240,000

3,510,929

City

of

Lake

Elsinore

Community

Facilities

District

No.

98-1,

Special

Tax,

2013

C,

5.25%,

9/01/33

..................................................

8,000,000

8,669,200

Lake

Tahoe

Unified

School

District

,

GO

,

2012

,

0

%

,

8/01/40

....................

1,140,000

1,202,153

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2014-1,

Special

Tax,

2017,

5%,

9/01/47

........

4,000,000

4,526,600

Community

Facilities

District

No.

2014-1,

Special

Tax,

2019,

5%,

9/01/43

........

775,000

866,807

Community

Facilities

District

No.

2014-1,

Special

Tax,

2019,

5%,

9/01/48

........

2,500,000

2,783,400

Las

Virgenes

Unified

School

District

,

GO

,

2011C

,

0

%

,

8/01/33

..................

8,050,000

9,370,925

Lathrop

Financing

Authority

,

Special

Tax,

2013A,

Refunding,

6%,

9/02/28

.............................

1,010,000

1,096,567

Special

Tax,

2013A,

Refunding,

6%,

9/02/29

.............................

1,070,000

1,158,093

Special

Tax,

2013A,

Refunding,

6%,

9/02/30

.............................

1,075,000

1,159,785

Special

Tax,

2013A,

Refunding,

5.5%,

9/02/35

............................

3,670,000

3,880,548

Lee

Lake

Public

Financing

Authority

,

Special

Tax,

Junior

Lien,

2013B,

5.25%,

9/01/32

...........................

1,155,000

1,248,636

Special

Tax,

Junior

Lien,

2013B,

5.375%,

9/01/35

..........................

805,000

869,682

Lemon

Grove

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2014

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/34

............................

1,000,000

1,164,950

Lemon

Grove

School

District

,

GO

,

2010B

,

AGMC

Insured

,

0

%

,

8/01/45

...........

6,500,000

7,061,275

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007A

,

5

%

,

11/15/29

.............

4,630,000

5,897,740

Los

Alamitos

Unified

School

District

,

COP,

2012,

0%,

8/01/34

.............................................

1,500,000

1,688,235

COP,

2012,

0%,

8/01/42

.............................................

4,500,000

4,935,690

Mendocino-Lake

Community

College

District

,

GO,

2011B,

AGMC

Insured,

0%,

8/01/36

................................

5,150,000

7,172,920

GO,

2011B,

AGMC

Insured,

0%,

8/01/40

................................

7,500,000

9,247,350

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1,

Special

Tax,

2018,

5%,

9/01/43

........

$

1,000,000

$

1,127,120

Community

Facilities

District

No.

2011-1,

Special

Tax,

2018,

5%,

9/01/48

........

1,500,000

1,682,955

Community

Facilities

District

No.

2011-1,

Special

Tax,

2019,

5%,

9/01/48

........

2,900,000

3,267,227

Merced

Union

High

School

District

,

GO

,

2011C

,

Pre-Refunded

,

Zero

Cpn.,

8/01/41

..

10,000,000

2,490,300

Middle

Fork

Project

Finance

Authority

,

Revenue,

2020,

Refunding,

5%,

4/01/34

.................................

1,100,000

1,342,110

Revenue,

2020,

Refunding,

5%,

4/01/35

.................................

1,150,000

1,398,228

Moreland

School

District

,

GO

,

B

,

Refunding

,

5

%

,

8/01/41

.....................

4,045,000

4,678,043

Moreno

Valley

Unified

School

District

,

Community

Facilities

District

No.

2015-2,

Special

Tax,

2019,

5%,

9/01/44

........

870,000

969,206

Community

Facilities

District

No.

2015-3,

Special

Tax,

2019,

4.125%,

9/01/48

.....

1,160,000

1,243,891

M-S-R

Energy

Authority

,

Revenue

,

2009B

,

6.5

%

,

11/01/39

.....................

32,300,000

51,074,052

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue,

2017A,

Refunding,

5%,

3/01/36

...............................

2,250,000

2,671,335

Revenue,

2017A,

Refunding,

5%,

3/01/37

...............................

2,500,000

2,961,800

Revenue,

2017A,

Refunding,

BAM

Insured,

4%,

3/01/42

.....................

5,000,000

5,485,000

Revenue,

2017B,

Refunding,

5%,

3/01/42

...............................

2,550,000

3,018,078

Oak

Park

Unified

School

District

,

GO

,

2011A

,

0

%

,

8/01/38

.....................

6,600,000

9,418,860

Oakdale

Public

Financing

Authority

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/35

.....

1,270,000

1,426,832

Oakland

Unified

School

District

,

GO

,

2013

,

Pre-Refunded

,

6.625

%

,

8/01/38

.......

5,000,000

5,133,250

Oakley

Public

Finance

Authority

,

Special

Assessment,

2012,

Refunding,

5.3%,

9/02/34

.......................

995,000

1,060,163

Special

Assessment,

2014,

Refunding,

BAM

Insured,

5%,

9/02/36

.............

1,500,000

1,710,255

Palomar

Health

,

Palomar

Health

Obligated

Group,

COP,

4%,

11/01/38

.......................

5,000,000

5,340,500

Palomar

Health

Obligated

Group,

COP,

4%,

11/01/47

.......................

6,000,000

6,233,700

Palomar

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/01/36

......

6,250,000

7,096,375

Palomar

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

11/01/42

......

5,000,000

5,650,700

Paramount

Unified

School

District

,

GO

,

2013

,

Pre-Refunded

,

BAM

Insured

,

Zero

Cpn.,

8/01/51

.........................................................

25,000,000

3,405,750

Paso

Robles

Joint

Unified

School

District

,

GO

,

2010A

,

Zero

Cpn.,

9/01/45

.........

15,000,000

6,712,950

Perris

Community

Facilities

District

,

Special

Tax

,

2014A

,

Refunding

,

5.25

%

,

9/01/32

.

4,500,000

4,877,460

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2001-1,

Special

Tax,

2014

E,

Refunding,

4.25%,

9/01/38

........................................................

4,170,000

4,408,190

Community

Facilities

District

No.

2001-1,

Special

Tax,

2014A,

Refunding,

5.375%,

9/01/33

........................................................

1,965,000

2,132,831

Community

Facilities

District

No.

2002-1,

Special

Tax,

2013

B,

Refunding,

5.25%,

9/01/33

........................................................

3,780,000

4,090,414

Community

Facilities

District

No.

2014-1,

Special

Tax,

2018

A,

4%,

9/01/48

......

2,530,000

2,619,081

Pico

Rivera

Water

Authority

,

Revenue

,

2001

A

,

6.25

%

,

12/01/32

................

4,470,000

4,515,415

Pittsburg

Unified

School

District

,

GO,

2012C,

Pre-Refunded,

Zero

Cpn.,

8/01/47

...........................

9,000,000

2,103,480

GO,

2012C,

Pre-Refunded,

Zero

Cpn.,

8/01/52

...........................

15,000,000

2,525,100

Porterville

Public

Financing

Authority

,

Revenue

,

2011A

,

Pre-Refunded

,

5.625

%

,

10/01/36

........................................................

5,000,000

5,160,300

Poway

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

A

,

Refunding

,

5

%

,

12/15/30

.....................................................

3,500,000

4,675,020

Poway

Unified

School

District

,

Community

Facilities

District

No.

15

,

Special

Tax

,

2016

,

5

%

,

9/01/46

......................................................

2,000,000

2,257,360

Redondo

Beach

Unified

School

District

,

GO

,

2011E

,

0

%

,

8/01/31

................

2,750,000

3,585,395

Richland

School

District

,

GO

,

2009C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/49

.........

22,000,000

8,063,660

Rio

Elementary

School

District

Community

Facilities

District

No.

1

,

Special

Tax

,

2013

,

Pre-Refunded

,

5.5

%

,

9/01/39

.........................................

6,915,000

7,808,902

Rio

Hondo

Community

College

District

,

GO

,

2010C

,

0

%

,

8/01/42

................

13,000,000

16,991,650

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Rio

Vista

Community

Facilities

District

,

Special

Tax,

2018,

Refunding,

5%,

9/01/33

...............................

$

1,625,000

$

1,871,464

Special

Tax,

2018,

Refunding,

5%,

9/01/38

...............................

1,000,000

1,139,810

Special

Tax,

2018,

Refunding,

5%,

9/01/48

...............................

1,190,000

1,340,035

Riverbank

Unified

School

District

,

GO,

2008B,

AGMC

Insured,

Zero

Cpn.,

8/01/38

...........................

6,690,000

4,064,978

GO,

2008B,

AGMC

Insured,

Zero

Cpn.,

8/01/43

...........................

8,750,000

4,363,187

Riverside

County

Redevelopment

Successor

Agency

,

Tax

Allocation,

2011A,

Pre-Refunded,

7.125%,

10/01/42

.....................

1,750,000

1,819,440

Tax

Allocation,

2011B,

6.75%,

10/01/30

.................................

1,200,000

1,245,720

Tax

Allocation,

Second

Lien,

2011D,

Pre-Refunded,

7%,

12/01/31

.............

1,425,000

1,496,307

Tax

Allocation,

Second

Lien,

2011D,

Pre-Refunded,

7.25%,

12/01/37

...........

2,505,000

2,635,035

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013A,

5.75%,

6/01/44

............................

5,000,000

5,452,000

Revenue,

Senior

Lien,

2013B,

Zero

Cpn.,

6/01/43

.........................

7,500,000

3,692,925

Riverside

Public

Financing

Authority

,

COP

,

2013

,

AGMC

Insured

,

5

%

,

6/01/33

......

4,280,000

4,681,378

Riverside

Unified

School

District

,

Special

Tax,

2020,

4%,

9/01/45

.......................................

415,000

452,570

Special

Tax,

2020,

4%,

9/01/50

.......................................

875,000

951,475

RNR

School

Financing

Authority

,

Community

Facilities

District

No.

92-1

,

Special

Tax

,

2017

A

,

BAM

Insured

,

5

%

,

9/01/41

.....................................

3,000,000

3,516,330

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2013,

5%,

9/01/36

........

1,500,000

1,611,450

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/35

4,690,000

5,284,223

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/38

3,000,000

3,362,880

Community

Facilities

District

No.

2006-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/44

1,120,000

1,290,150

Community

Facilities

District

No.

91-1,

Special

Tax,

2017,

Refunding,

5%,

9/01/41

.

1,265,000

1,465,351

Rowland

Unified

School

District

,

GO,

2009B,

Zero

Cpn.,

8/01/34

.......................................

5,000,000

3,492,750

GO,

2009B,

Zero

Cpn.,

8/01/39

.......................................

15,000,000

8,759,550

GO,

2009B,

Zero

Cpn.,

8/01/42

.......................................

10,750,000

6,099,335

Sacramento

Area

Flood

Control

Agency

,

Natomas

Basin

Local

Assessment

District

,

Special

Assessment

,

2014

,

BAM

Insured

,

5

%

,

10/01/44

.....................

2,000,000

2,265,480

San

Bernardino

Community

College

District

,

GO,

2008D,

Pre-Refunded,

5%,

8/01/45

.................................

2,755,000

3,290,214

GO,

2008D,

Pre-Refunded,

5%,

8/01/48

.................................

3,760,000

4,490,455

GO,

2009B,

Zero

Cpn.,

8/01/44

.......................................

12,495,000

6,178,903

San

Diego

Unified

School

District

,

GO,

2009-1,

Pre-Refunded,

6%,

7/01/33

................................

10,000,000

11,865,500

GO,

2010C,

0%,

7/01/47

............................................

26,025,000

27,512,329

GO,

2012

E,

Zero

Cpn.,

7/01/42

.......................................

6,940,000

6,255,577

GO,

2012

E,

Zero

Cpn.,

7/01/47

.......................................

13,500,000

12,328,605

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

Refunding,

5%,

5/01/37

...............................

5,535,000

6,798,807

Revenue,

2019

A,

Refunding,

5%,

5/01/44

...............................

35,000,000

42,223,300

Revenue,

2019

A,

Refunding,

5%,

5/01/49

...............................

10,000,000

11,990,300

Revenue,

Second

Series,

2018

D,

5%,

5/01/48

...........................

10,000,000

11,848,900

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

c

Tax

Allocation,

144A,

2016D,

Zero

Cpn.,

8/01/23

..........................

2,000,000

1,816,760

c

Tax

Allocation,

144A,

2016D,

Zero

Cpn.,

8/01/26

..........................

3,000,000

2,351,880

c

Tax

Allocation,

144A,

2016D,

Zero

Cpn.,

8/01/31

..........................

6,000,000

3,662,940

c

Tax

Allocation,

144A,

2016D,

Zero

Cpn.,

8/01/43

..........................

16,500,000

5,491,860

Community

Facilities

District

No.

6,

Special

Tax,

2013C,

Zero

Cpn.,

8/01/43

......

10,000,000

2,873,700

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District,

Tax

Allocation,

2014A,

5%,

8/01/43

......................................

2,500,000

2,764,975

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/26

...............

$

19,475,000

$

17,871,428

Revenue,

1997

A,

Refunding,

NATL

Insured,

Zero

Cpn.,

1/15/32

...............

50,225,000

38,624,532

Revenue,

Junior

Lien,

ETM,

Zero

Cpn.,

1/01/28

...........................

19,150,000

17,671,237

Revenue,

Junior

Lien,

2014B,

Refunding,

5.25%,

1/15/44

....................

35,000,000

39,020,800

Revenue,

Junior

Lien,

2014B,

Refunding,

5.25%,

1/15/49

....................

75,000,000

83,331,750

San

Rafael

City

Elementary

School

District

,

GO

,

2015

C

,

5

%

,

8/01/43

............

1,565,000

1,873,821

Santa

Barbara

Unified

School

District

,

GO

,

2011A

,

0

%

,

8/01/36

.................

8,000,000

11,392,720

Santa

Margarita

Water

District

,

Community

Facilities

District

No.

2013-1,

Special

Tax,

2013,

5.625%,

9/01/36

.....

2,875,000

3,132,226

Community

Facilities

District

No.

2013-1,

Special

Tax,

2013,

5.625%,

9/01/43

.....

9,600,000

10,422,048

Santa

Paula

Utility

Authority

,

Revenue

,

2015A

,

Pre-Refunded

,

5

%

,

2/01/40

........

5,105,000

5,983,417

Saugus

Union

School

District

,

Community

Facilities

District

No.

2006-1

,

Special

Tax,

Senior

Lien

,

2014

,

4.25

%

,

9/01/44

.....................................

2,500,000

2,652,000

Saugus/Hart

School

Facilities

Financing

Authority

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2016,

Refunding,

5%,

9/01/41

1,250,000

1,405,537

Community

Facilities

District

No.

2006-1,

Special

Tax,

2016,

Refunding,

5%,

9/01/46

1,250,000

1,395,863

Saugus-Castaic

School

Facilities

Financing

Authority

,

Community

Facilities

District

No.

2006-1C,

Special

Tax,

2013,

5.875%,

9/01/33

...

1,370,000

1,506,123

Community

Facilities

District

No.

2006-1C,

Special

Tax,

2013,

6%,

9/01/43

.......

3,395,000

3,682,828

Siskiyou

Union

High

School

District

,

GO

,

2009B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/49

.

15,015,000

5,299,995

Sonoma

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

7

%

,

12/01/30

.....................................................

2,115,000

2,203,449

St.

Helena

Unified

School

District

,

GO

,

2011B

,

0

%

,

6/01/36

....................

10,000,000

12,628,200

State

of

California

,

GO

,

5

%

,

3/01/45

.....................................

3,900,000

4,513,977

Sulphur

Springs

Union

School

District

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2018,

5%,

9/01/43

........

1,410,000

1,575,858

Community

Facilities

District

No.

2006-1,

Special

Tax,

2018,

5%,

9/01/47

........

1,820,000

2,030,556

Community

Facilities

District

No.

2014-1,

Special

Tax,

2014-1,

4%,

9/01/50

......

1,225,000

1,304,184

Susanville

School

District

,

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn.,

8/01/49

.........

17,505,000

6,411,731

Temecula

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011A

,

Pre-

Refunded

,

7

%

,

8/01/39

.............................................

2,100,000

2,159,220

Tobacco

Securitization

Authority

of

Northern

California

,

Sacramento

County

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021B-2

,

2

,

Refunding

,

Zero

Cpn.,

6/01/60

.........................................................

24,900,000

5,854,737

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006B,

Zero

Cpn.,

6/01/46

........................................................

10,000,000

2,115,000

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006C,

Zero

Cpn.,

6/01/46

........................................................

25,000,000

5,096,250

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-1,

Refunding,

5%,

6/01/48

............................................

11,750,000

14,031,733

Torrance

Unified

School

District

,

GO

,

2009

B-1

,

Zero

Cpn.,

8/01/34

..............

5,640,000

3,499,056

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-01,

Special

Tax,

2020,

4%,

9/01/45

........................................................

2,280,000

2,450,612

City

of

Tracy

Community

Facilities

District

No.

2016-01,

Special

Tax,

2020,

4%,

9/01/50

........................................................

3,000,000

3,214,260

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation

,

2020

B

,

5

%

,

10/01/38

..................

550,000

650,469

Truckee-Donner

Public

Utility

District

,

Community

Facilities

District

No.

04-1,

Special

Tax,

2004,

5.75%,

9/01/29

........

2,945,000

2,704,806

Community

Facilities

District

No.

04-1,

Special

Tax,

2004,

5.8%,

9/01/35

........

4,475,000

3,921,129

Community

Facilities

District

No.

04-1,

Special

Tax,

2005,

5.2%,

9/01/25

........

2,975,000

2,788,319

Community

Facilities

District

No.

04-1,

Special

Tax,

2005,

5.25%,

9/01/30

........

4,990,000

4,386,360

Turlock

Public

Financing

Authority

,

Tax

Allocation

,

2011

,

Pre-Refunded

,

7.5

%

,

9/01/39

3,750,000

3,750,000

University

of

California

,

Revenue

,

2015

AO

,

Refunding

,

5

%

,

5/15/40

.............

5,000,000

5,840,050

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Val

Verde

Unified

School

District

,

Special

Tax,

2015,

Refunding,

5%,

9/01/29

...............................

$

3,200,000

$

3,637,248

Special

Tax,

2015,

Refunding,

5%,

9/01/37

...............................

2,000,000

2,219,400

Vallejo

Redevelopment

Agency

,

Tax

Allocation

,

2001

A

,

7

%

,

10/01/31

............

2,630,000

2,639,994

Victor

Elementary

School

District

,

GO,

2015B,

5%,

8/01/42

............................................

5,455,000

6,217,227

Community

Facility

District,

Special

Tax,

2018,

Refunding,

BAM

Insured,

5%,

9/01/46

1,385,000

1,615,201

Victor

Valley

Community

College

District

,

GO

,

2008C

,

Zero

Cpn.,

6/01/49

.........

11,940,000

5,177,900

Washington

Township

Health

Care

District

,

Revenue,

2017

B,

Refunding,

4%,

7/01/35

...............................

2,000,000

2,178,380

Revenue,

2017

B,

Refunding,

4%,

7/01/36

...............................

1,900,000

2,052,076

West

Hollywood

Community

Development

Department

,

Tax

Allocation,

2011A,

7.25%,

9/01/31

..................................

1,000,000

1,035,000

Tax

Allocation,

2011A,

7.5%,

9/01/42

...................................

5,000,000

5,173,400

Westside

Union

School

District

,

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/46

........

360,000

386,456

Community

Facilities

District

No.

2018-1,

Special

Tax,

2021,

4%,

9/01/51

........

500,000

536,235

Woodland

Finance

Authority

,

Revenue,

2011,

6%,

3/01/36

.........................................

1,000,000

1,004,150

Revenue,

2011,

6%,

3/01/41

.........................................

1,500,000

1,506,015

Yorba

Linda

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation,

Sub.

Lien

,

2011A

,

Pre-Refunded

,

6.5

%

,

9/01/32

...................................

2,750,000

2,835,635

2,760,698,251

U.S.

Territories

6.3%

Guam

0.8%

Guam

Government

Waterworks

Authority

,

Revenue,

2014A,

Refunding,

5%,

7/01/35

...............................

1,000,000

1,095,860

Revenue,

2016,

5%,

7/01/36

.........................................

3,550,000

4,047,461

Revenue,

2016,

5%,

1/01/46

.........................................

5,250,000

5,881,523

Revenue,

2017,

Refunding,

5%,

7/01/36

.................................

3,455,000

4,012,775

Revenue,

2017,

Refunding,

5%,

7/01/37

.................................

3,000,000

3,475,290

Guam

Power

Authority,

Revenue,

2017A,

Refunding,

5%,

10/01/40

..............

4,750,000

5,443,025

23,955,934

Pacific

Islands

0.2%

Northern

Mariana

Island

Ports

Authority,

Revenue,

1998A,

6.6%,

3/15/28

.........

4,890,000

4,718,997

Puerto

Rico

5.3%

d

Commonwealth

of

Puerto

Rico,

GO,

2014A,

8%,

7/01/35

......................

14,830,000

11,548,862

GDB

Debt

Recovery

Authority

of

Puerto

Rico,

7.5%,

8/20/40

...................

11,369,017

9,720,510

d

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2012A-RSA-1

2012A,

5%,

7/01/29

.............................

10,000,000

9,025,000

Revenue,

2012A-RSA-1

2013A,

7%,

7/01/33

.............................

25,000,000

23,125,000

Revenue,

2013A-RSA-1,

6.75%,

7/01/36

................................

11,735,000

10,825,538

Revenue,

2013A-RSA-1,

7%,

7/01/43

...................................

5,000,000

4,625,000

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

1,601,766

1,517,673

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

1,601,765

1,517,672

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

1,768,493

1,680,068

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

1,768,493

1,706,596

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

600,000

579,000

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

600,000

579,000

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

330,000

409,589

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

3,300,000

4,145,955

Revenue,

L,

Refunding,

AMBAC

Insured,

5.25%,

7/01/38

....................

4,150,000

4,723,323

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

See

Abbreviations

on

page

23

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority,

AES

Puerto

Rico

LP,

Revenue,

2000A,

6.625%,

6/01/26

.....

$

4,500,000

$

4,657,500

Puerto

Rico

Infrastructure

Financing

Authority,

Special

Tax,

2005C,

Refunding,

AMBAC

Insured,

5.5%,

7/01/27

..............................................

12,750,000

14,183,992

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

................................

100,000

109,005

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

................................

8,695,000

9,489,984

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

11,850,000

13,124,349

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/46

.............................

35,520,000

10,920,269

Sales

Tax,

Revenue,

A-1,

Zero

Cpn.,

7/01/51

.............................

20,445,000

4,501,376

Sales

Tax,

Revenue,

4.329%,

7/01/40

..................................

11,313,000

12,168,828

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

7,495,000

8,196,307

163,080,396

Total

U.S.

Territories

....................................................................

191,755,327

Total

Municipal

Bonds

(Cost

$2,615,075,975)

...................................

2,952,453,578

Total

Long

Term

Investments

(Cost

$2,653,379,191)

.............................

2,990,042,826

a

a

a

a

a

Short

Term

Investments

2.2%

Municipal

Bonds

2.2%

California

2.2%

f

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

10/01/41

..................................

12,935,000

12,935,000

f

Santa

Clara

Valley

Transportation

Authority

,

2000

Measure

A

Sales

Tax

,

Revenue

,

2008D

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

4/01/36

......

17,000,000

17,000,000

f

Southern

California

Public

Power

Authority

,

Revenue

,

2020-3

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.01

%

,

7/01/36

...........................

3,600,000

3,600,000

f

State

of

California

,

GO,

2003A-3,

LOC

Bank

of

Montreal,

Daily

VRDN

and

Put,

0.02%,

5/01/33

......

6,530,000

6,530,000

GO,

2004

A3,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.01%,

5/01/34

........................................................

2,500,000

2,500,000

GO,

2004B3,

LOC

Citibank

NA,

Daily

VRDN

and

Put,

0.02%,

5/01/34

...........

2,700,000

2,700,000

f

University

of

California

,

Revenue,

2013

AL-2,

Refunding,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..........

2,500,000

2,500,000

Revenue,

2013

AL-3,

Refunding,

Daily

VRDN

and

Put,

0.03%,

5/15/48

..........

4,500,000

4,500,000

Revenue,

2013

AL-4,

Refunding,

Daily

VRDN

and

Put,

0.01%,

5/15/48

..........

15,000,000

15,000,000

67,265,000

Total

Municipal

Bonds

(Cost

$67,265,000)

......................................

67,265,000

Total

Short

Term

Investments

(Cost

$67,265,000

)

................................

67,265,000

a

Total

Investments

(Cost

$2,720,644,191)

99.5%

..................................

$3,057,307,826

Other

Assets,

less

Liabilities

0.5%

.............................................

15,619,055

Net

Assets

100.0%

...........................................................

$3,072,926,881

a

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

b

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.  The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

February

28,

2021,

the

aggregate

value

of

these

securities

was

$488,121,224,

representing

15.9%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Security

purchased

on

a

when-issued

basis.

f

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited),

February

28,

2021

Franklin

Tennessee

Municipal

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Tennessee

96.0%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CDFI

Phase

I

LLC,

Revenue,

2015,

Refunding,

5%,

10/01/35

.................

$

1,000,000

$

1,079,640

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

4%,

8/01/44

3,000,000

3,329,310

City

of

Chattanooga

,

Electric

,

Revenue

,

2015C

,

Refunding

,

5

%

,

9/01/40

..........

2,750,000

3,225,282

City

of

Clarksville

,

Water

Sewer

&

Gas

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

2/01/38

.

3,000,000

3,271,890

City

of

Columbia

,

Waterworks

System

,

Revenue

,

2012

,

5

%

,

12/01/32

............

1,000,000

1,035,200

City

of

Gallatin

,

Water

&

Sewer

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/32

..........

1,500,000

1,702,020

City

of

Germantown

,

GO,

2017,

4%,

8/01/43

.............................................

2,330,000

2,648,931

GO,

2017,

4%,

8/01/45

.............................................

2,525,000

2,859,436

City

of

Jackson

,

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

4/01/36

........................................................

4,000,000

4,458,520

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/41

........................................................

2,370,000

2,850,067

City

of

Knoxville

,

Wastewater

System

,

Revenue

,

2015A

,

Refunding

,

4

%

,

4/01/42

....

5,000,000

5,256,750

City

of

Loudon

,

Water

&

Sewer,

Revenue,

2012A,

Pre-Refunded,

4%,

3/01/28

................

1,000,000

1,036,510

Water

&

Sewer,

Revenue,

2012A,

Pre-Refunded,

5%,

3/01/32

................

1,300,000

1,360,398

City

of

Memphis

,

GO,

2011,

Refunding,

5%,

5/01/36

.....................................

4,135,000

4,166,178

Electric

System,

Revenue,

2014,

Pre-Refunded,

5%,

12/01/34

................

1,000,000

1,169,690

Electric

System,

Revenue,

2020A,

3%,

12/01/42

..........................

2,470,000

2,673,059

Gas,

Revenue,

2017,

4%,

12/01/36

....................................

1,000,000

1,154,270

Gas,

Revenue,

2020,

3%,

12/01/42

....................................

1,000,000

1,082,210

Water,

Revenue,

2020,

3%,

12/01/45

...................................

3,000,000

3,220,680

City

of

Portland

,

Water

&

Sewer

,

Revenue

,

2020

,

AGMC

Insured

,

3

%

,

4/01/45

......

1,775,000

1,839,557

County

of

Coffee

,

GO

,

2019

,

Refunding

,

4

%

,

6/01/44

........................

2,760,000

3,151,727

County

of

Hamilton

,

GO

,

2020

A

,

Refunding

,

4

%

,

1/01/51

.....................

1,000,000

1,164,070

County

of

Maury

,

GO

,

2015

,

Refunding

,

4

%

,

4/01/34

.........................

1,775,000

1,964,091

County

of

Shelby

,

GO

,

2020

B

,

4

%

,

4/01/37

................................

2,500,000

2,999,100

County

of

Wilson

,

GO

,

2017

A

,

4

%

,

4/01/42

................................

5,000,000

5,571,900

Hallsdale

-Powell

Utility

District

,

Revenue

,

2019

,

Refunding

,

4

%

,

4/01/39

..........

1,380,000

1,598,909

Harpeth

Valley

Utilities

District

of

Davidson

and

Williamson

Counties

,

Revenue,

2014,

5%,

9/01/44

.........................................

4,400,000

5,006,628

Revenue,

2020,

4%,

9/01/50

.........................................

500,000

572,945

Industrial

Development

Board

of

The

City

of

Kingsport

Tennessee

(The)

,

Model

City

II

LP

,

Revenue

,

2009

,

GNMA

Insured

,

5.5

%

,

7/20/39

.........................

2,995,000

2,997,576

Johnson

City

Health

&

Educational

Facilities

Board

,

Mountain

States

Health

Alliance

Obligated

Group

,

Revenue

,

1998

,

Pre-Refunded

,

NATL

Insured

,

5.125

%

,

7/01/25

.

40,000

40,652

Knox

Chapman

Utility

District

of

Knox

County

,

Revenue

,

2012

,

Refunding

,

4

%

,

1/01/40

4,000,000

4,146,880

Knox

County

Health

Educational

&

Housing

Facility

Board

,

Covenant

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/42

....

5,000,000

5,808,600

University

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

9/01/47

3,000,000

3,303,300

University

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

4/01/36

2,250,000

2,571,367

Lawrenceburg

Public

Building

Authority

,

GO

,

2002

,

Refunding

,

AMBAC

Insured

,

5

%

,

7/01/22

.........................................................

1,255,000

1,300,280

Madison

Suburban

Utility

District

,

Revenue

,

2021

,

3

%

,

2/01/45

.................

1,000,000

1,041,820

Memphis-Shelby

County

Airport

Authority

,

Revenue

,

2011D

,

Refunding

,

5

%

,

7/01/25

.

3,000,000

3,045,030

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

.......

2,500,000

2,561,675

Blakeford

at

Green

Hills

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

.......

500,000

506,405

Vanderbilt

University

Medical

Center

Obligated

Group,

Revenue,

2016

A,

5%,

7/01/40

........................................................

5,000,000

5,841,450

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Electric,

Revenue,

2011A,

Refunding,

5%,

5/15/36

.........................

3,500,000

3,534,265

Franklin

Municipal

Securities

Trust

Statement

of

Investments

(unaudited)

Franklin

Tennessee

Municipal

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

See

Abbreviations

on

page

23

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Tennessee

(continued)

Metropolitan

Government

of

Nashville

&

Davidson

County,

(continued)

Electric,

Revenue,

2014A,

5%,

5/15/39

..................................

$

4,000,000

$

4,535,280

Electric,

Revenue,

2021

A,

5%,

5/15/46

.................................

3,500,000

4,477,130

Sports

Authority,

Revenue,

2013A,

5%,

8/01/38

...........................

3,000,000

3,244,290

Sports

Authority,

Revenue,

2013A,

5%,

8/01/43

...........................

2,075,000

2,239,548

Water

&

Sewer,

Revenue,

2017

A,

5%,

7/01/46

...........................

6,855,000

8,176,027

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue,

2015

A,

5%,

7/01/45

........................................

4,000,000

4,576,080

Revenue,

2019

B,

4%,

7/01/49

........................................

3,000,000

3,334,590

Pigeon

Forge

Industrial

Development

Board

,

City

of

Pigeon

Forge

,

Revenue

,

2011

,

5

%

,

6/01/34

.........................................................

1,250,000

1,261,237

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group,

Revenue,

2017A,

5%,

5/01/36

.

4,000,000

4,712,680

Rhodes

College,

Revenue,

2015,

5%,

8/01/45

............................

1,700,000

1,876,256

Rhodes

College,

Revenue,

2017,

Refunding,

4%,

8/01/40

...................

3,000,000

3,330,600

South

Blount

County

Utility

District

,

Revenue

,

2019

,

Refunding

,

3

%

,

12/01/39

......

2,015,000

2,151,758

Tennessee

Housing

Development

Agency

,

Revenue,

2012-2C,

3.8%,

7/01/43

.....................................

1,105,000

1,114,879

Revenue,

2013-1C,

4%,

7/01/43

.......................................

1,110,000

1,141,335

Revenue,

2017-3,

3.65%,

7/01/47

.....................................

950,000

993,073

Revenue,

2018-2,

Refunding,

3.85%,

7/01/42

.............................

1,875,000

2,013,038

Revenue,

2018-4,

Refunding,

4%,

7/01/43

...............................

3,320,000

3,617,173

Tennessee

State

School

Bond

Authority

,

Revenue,

2015B,

Pre-Refunded,

5%,

11/01/40

............................

10,000,000

12,025,700

Revenue,

2015B,

Pre-Refunded,

5%,

11/01/45

............................

5,000,000

6,012,850

West

Knox

Utility

District

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/41

..............

1,000,000

1,133,050

West

Wilson

Utility

District

of

Wilson

County

Tennessee

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/40

......................................................

1,545,000

1,803,448

a

White

House

Utility

District

,

Revenue

,

2020

,

Refunding

,

3

%

,

1/01/34

.............

820,000

913,242

Williamson

County

HB

&

TS

Utility

District

,

Revenue

,

2020

,

Refunding

,

3

%

,

9/01/44

.

1,200,000

1,262,028

Wilson

County

Tenth

Special

School

District

,

GO

,

2019

,

5

%

,

4/01/44

.............

2,500,000

3,065,800

187,159,360

U.S.

Territories

2.4%

Puerto

Rico

2.4%

b

Puerto

Rico

Electric

Power

Authority,

Revenue,

XX-RSA-1,

5.25%,

7/01/40

........

965,000

873,325

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2007

N,

Refunding,

AGMC

Insured,

5.25%,

7/01/36

................

1,425,000

1,768,682

Revenue,

CC,

Refunding,

AGMC

Insured,

5.25%,

7/01/34

...................

600,000

737,790

Revenue,

L,

Refunding,

AGMC

Insured,

5.25%,

7/01/41

.....................

1,000,000

1,256,350

Revenue,

L,

Refunding,

NATL

Insured,

5.25%,

7/01/35

......................

100,000

112,857

4,749,004

Total

U.S.

Territories

....................................................................

4,749,004

Total

Municipal

Bonds

(Cost

$181,759,376)

.....................................

191,908,364

a

a

a

a

a

Total

Investments

(Cost

$181,759,376)

98.4%

...................................

$191,908,364

Other

Assets,

less

Liabilities

1.6%

.............................................

3,119,609

Net

Assets

100.0%

...........................................................

$195,027,973

a

Security

purchased

on

a

when-issued

basis.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Municipal

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

22

1.

Organization

Franklin

Municipal

Securities

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of two

separate

funds

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Debt

securities

generally

trade

in

the

over-the-counter

(OTC)

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Concentration

of

Risk 

Certain

or

all

Funds

invest

a

large

percentage

of

their

total

assets

in

obligations

of

issuers

within

their

respective

state

and

U.S.

territories.

Such

concentration

may

subject

the

Funds

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states

and

U.S.

territories.

Investing

in

Puerto

Rico

securities

may

expose

the

Funds to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Funds

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell. 

4. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

Franklin

Municipal

Securities

Trust

Notes

to

Statements

of

Investments

(unaudited)

23

5. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level. 

At February

28,

2021,

all

of

the

Fund's investments

in

financial

instruments

carried

at

fair

value

were

valued

using

Level

[1

/

2]

inputs.

[For

detailed

categories,

see

the

accompanying

Statement

of

Investments.] 

6.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure. 

Abbreviations

Selected

Portfolio

1915

Act

Improvement

Bond

Act

of

1915

ABAG

Association

of

Bay

Area

Governments

AGMC

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

SPA

Standby

Purchase

Agreement

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.