Franklin Municipal Securities Trust NPORT-P Franklin California High Yield Municipal Fund (Nov 2024 report)

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

MUN-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

2

Notes

to

Schedule

of

Investments

21

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited),

November

30,

2024

Franklin

California

High

Yield

Municipal

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Shares

a

Value

a

Common

Stocks

0.0%

Independent

Power

and

Renewable

Electricity

Producers

0.0%

a,b

AES

Guayama

Holdings

BV

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

60,804

$

—

b

Total

Common

Stocks

(Cost

$

–

)

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

—

Principal

Amount

a

a

a

a

Corporate

Bonds

2.4%

Commercial

Services

&

Supplies

0.6%

a

,c

CalPlant

I

LLC

,

Senior

Secured

Note

,

144A,

15%,

7/01/25

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

$

4,195,000

4,195,000

d

21

A

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

1,370,000

178,100

d

21

B

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

5,220,000

678,600

d

22

A

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

2,875,000

373,750

d

22

B

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

250,000

32,500

d

22

C

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

1,885,000

1,885,000

d

22

X

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

2,830,000

2,830,000

d

23

A

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

1,000,000

1,000,000

d

23

B

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

890,000

890,000

d

23

C

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

1,415,000

1,415,000

d

23

D

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

1,230,000

1,230,000

d

23

E

,

Senior

Secured

Note

,

144A,

9.5%,

8/31/23

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

1,385,000

1,385,000

16,092,950

Diversified

Consumer

Services

1.5%

Grand

Canyon

University

,

Secured

Note

,

5.125%,

10/01/28

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

45,335,000

42,979,239

Electric

Utilities

0.3%

c

Mission

Rock

Utilities,

Inc.

,

144A,

7%,

7/01/27

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

10,000,000

10,026,125

Total

Corporate

Bonds

(Cost

$

79,807,276

)

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

69,098,314

Senior

Floating

Rate

Interests

0.0%

†

Oil,

Gas

&

Consumable

Fuels

0.0%

†

a

,d

,e

,f

Rialto

Bioenergy

Facility

LLC,

First

Lien,

CME

Term

Loan,

B

,

PIK,

15.328

%

,

(

1-month

SOFR

+

10

%

),

4/01/31

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

356,037

184,656

a

,d

,e

,f

Rialto

Bioenergy

Facility

LLC,

First

Lien,

Initial

Roll-Up

CME

Term

Loan,

B

,

PIK,

15.32

%

,

(

12-month

SOFR

+

10

%

),

9/18/25

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

1,545,702

—

184,656

a

a

a

a

a

Total

Senior

Floating

Rate

Interests

(Cost

$

1,886,068

)

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

184,656

Municipal

Bonds

96.0%

Arizona

0.3%

c

,g

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

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

9,340,000

9,572,240

California

88.0%

Alameda

Community

Facilities

District

,

City

of

Alameda

Community

Facilities

District

No.

22-1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

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

850,000

909,824

City

of

Alameda

Community

Facilities

District

No.

22-1

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

1,000,000

1,052,376

City

of

Alameda

Community

Facilities

District

No.

22-1

,

Special

Tax

,

2023

,

5

%

,

9/01/53

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

1,000,000

1,036,425

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue,

Senior

Lien

,

2024

B

,

AGMC

Insured

,

4.375

%

,

7/01/49

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

5,000,000

5,066,398

Revenue,

Senior

Lien

,

2024

B

,

AGMC

Insured

,

4.5

%

,

7/01/54

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

5,750,000

5,816,858

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

h

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

Mandatory

Put

,

4

%

,

8/01/31

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

$

10,000,000

$

10,181,265

Revenue

,

2024

C

,

Mandatory

Put

,

5

%

,

10/01/32

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

11,285,000

12,233,969

Revenue

,

2024

D

,

Mandatory

Put

,

5

%

,

9/01/32

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

15,000,000

16,442,253

Revenue

,

2024

E

,

Mandatory

Put

,

5

%

,

9/01/32

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

10,000,000

10,905,707

California

Community

College

Financing

Authority

,

c

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75

%

,

7/01/60

.....

30,295,000

29,488,665

c

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

B

,

7.75

%

,

7/01/30

.....

2,405,000

2,273,657

c

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

C

,

6.75

%

,

7/01/60

.....

7,050,000

6,882,552

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25

%

,

5/01/48

..........

225,000

233,618

NCCD-Orange

Coast

Properties

LLC

,

Revenue

,

2018

,

5.25

%

,

5/01/53

..........

6,785,000

7,022,627

c

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

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

27,050,000

23,578,173

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

885,000

713,329

Exchange

at

Bayfront

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/51

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

13,000,000

6,260,702

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

4

%

,

2/01/56

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

11,300,000

6,495,702

Serenity

at

Larkspur

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

2/01/50

.........

22,525,000

17,072,321

Twin

Creek

Apartments

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

5.5

%

,

2/01/40

.....

5,475,000

5,000,746

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

15,000,000

14,407,469

California

County

Tobacco

Securitization

Agency

,

Gold

Country

Settlement

Funding

Corp.

,

Revenue

,

2020

B-2

,

Refunding

,

Zero

Cpn.,

6/01/55

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

12,905,000

2,802,967

Merced

County

Tobacco

Funding

Corp.

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

6/01/50

3,000,000

3,029,371

Sonoma

County

Securitization

Corp.

,

Revenue

,

2020

B-2

,

Refunding

,

Zero

Cpn.,

6/01/55

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

10,000,000

2,172,001

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/37

.......

1,265,000

1,310,862

Art

Center

College

of

Design

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/38

.......

1,125,000

1,164,139

Art

Center

College

of

Design

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/44

.......

10,375,000

10,604,337

Leland

Stanford

Junior

University

(The)

,

Revenue

,

T-1

,

5

%

,

3/15/39

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

4,185,000

5,173,687

Leland

Stanford

Junior

University

(The)

,

Revenue

,

U-3

,

5

%

,

6/01/43

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

5,815,000

7,230,652

California

Enterprise

Development

Authority

,

Castilleja

School

Foundation

,

Revenue

,

2024

,

4

%

,

6/01/54

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

10,000,000

10,004,621

c,g

Real

Journey

Academies

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5

%

,

6/01/54

..

2,000,000

2,033,710

c

Rocklin

Academy

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/36

250,000

246,598

c

Rocklin

Academy

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/51

630,000

567,986

c

Rocklin

Academy

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/61

845,000

734,316

c

Rocklin

Academy

Obligated

Group

,

Revenue

,

144A,

2024

,

5

%

,

6/01/54

.........

1,400,000

1,442,330

c

Rocklin

Academy

Obligated

Group

,

Revenue

,

144A,

2024

,

5

%

,

6/01/64

.........

1,350,000

1,383,900

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

3/01/39

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

8,190,000

8,168,472

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2024

A

,

5.25

%

,

12/01/43

2,825,000

3,108,789

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2024

A

,

5.25

%

,

12/01/44

2,750,000

3,016,905

Children's

Hospital

Los

Angeles

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

8/15/49

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

3,375,000

3,108,279

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

5

%

,

12/01/54

.........

16,000,000

17,452,238

El

Camino

Hospital

LP

,

Revenue

,

2017

,

4

%

,

2/01/42

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

6,500,000

6,563,702

El

Camino

Hospital

LP

,

Revenue

,

2017

,

5

%

,

2/01/42

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

5,000,000

5,158,578

Kaiser

Foundation

Hospitals

,

Revenue

,

2017

A-2

,

5

%

,

11/01/47

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

21,565,000

26,008,263

Sutter

Health

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/48

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

12,485,000

12,922,346

California

Housing

Finance

Agency

,

Revenue

,

2019-2

,

A

,

4

%

,

3/20/33

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

48,975

49,533

Revenue

,

2021-1

,

A

,

3.5

%

,

11/20/35

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

3,776,152

3,699,525

c

Redwood

Gardens

Renewal

LP

,

Revenue

,

144A,

2021

N-S

,

4

%

,

3/01/37

........

3,165,000

2,743,176

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Housing

Finance

Agency,

(continued)

c,h

Shermanair

Apartments

Owner

LP

,

Revenue

,

144A,

2021

Q-S

,

Mandatory

Put

,

4.5

%

,

9/01/36

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

$

4,000,000

$

3,702,690

California

Infrastructure

&

Economic

Development

Bank

,

c,h

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2020

A-4

,

Mandatory

Put

,

8

%

,

8/15/25

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

15,800,000

16,281,393

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2024

B

,

5

%

,

11/01/49

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

1,750,000

1,912,270

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2024

B

,

5

%

,

11/01/54

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

1,500,000

1,626,851

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2024

B

,

5

%

,

11/01/59

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

1,000,000

1,080,307

c

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada,

Inc.

,

Revenue

,

144A,

2016

A

,

5

%

,

1/01/47

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

10,360,000

8,067,812

c

La

Scuola

International

School

,

Revenue

,

144A,

2024

,

5

%

,

7/01/44

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

2,145,000

2,159,526

c

La

Scuola

International

School

,

Revenue

,

144A,

2024

,

5.125

%

,

7/01/54

.........

1,630,000

1,636,666

c

La

Scuola

International

School

,

Revenue

,

144A,

2024

,

5.25

%

,

7/01/64

..........

3,075,000

3,100,201

Roseville

Sustainable

Energy

Partner

LLC

,

Revenue

,

2024

A

,

5.25

%

,

7/01/54

....

6,000,000

6,452,340

c

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

5

%

,

1/01/56

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

1,600,000

1,612,443

c

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

5

%

,

1/01/55

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

2,300,000

2,316,599

California

Municipal

Finance

Authority

,

c,h

Revenue

,

144A,

2023

B-1

,

Mandatory

Put

,

7

%

,

4/01/33

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

20,770,000

21,146,973

c,h

Revenue

,

144A,

2023

B-2

,

Mandatory

Put

,

7

%

,

4/01/33

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

13,825,000

14,031,931

c

Revenue

,

144A,

2023

,

II

,

7

%

,

7/01/51

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

12,655,000

12,918,757

g

Special

Tax

,

2024

D

,

5

%

,

9/01/54

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

1,000,000

1,041,421

1717

University

Associates

LLC

,

Revenue

,

2020

A-S

,

5

%

,

9/01/57

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

1,175,000

996,993

ACI

Royal

York,

Inc.

,

Revenue

,

2020

A

,

4

%

,

2/15/55

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

2,375,000

2,000,238

American

Heritage/Escondido/Heritage

K-8

Charter

School

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/36

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

3,000,000

3,045,353

BOLD

Program

,

Special

Tax

,

2022

B

,

Refunding

,

6

%

,

9/01/52

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

2,920,000

3,167,121

BOLD

Program

,

Special

Tax

,

2022

B

,

Refunding

,

6.3

%

,

9/01/52

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

1,205,000

1,316,813

BOLD

Program

,

Special

Tax

,

2022

C

,

6.25

%

,

9/01/52

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

4,045,000

4,393,687

BOLD

Program

,

Special

Tax

,

2022

D

,

6.125

%

,

9/01/52

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

6,885,000

7,448,476

BOLD

Program

,

Special

Tax

,

2023

A

,

5.5

%

,

9/01/53

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

3,000,000

3,266,655

BOLD

Program

,

Special

Tax

,

2023

C

,

5.25

%

,

9/01/53

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

1,300,000

1,383,484

BOLD

Program

,

Special

Tax

,

2024

A

,

5

%

,

9/01/39

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

275,000

297,631

BOLD

Program

,

Special

Tax

,

2024

A

,

5

%

,

9/01/44

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

625,000

663,552

BOLD

Program

,

Special

Tax

,

2024

A

,

5

%

,

9/01/48

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

300,000

316,128

BOLD

Program

,

Special

Tax

,

2024

A

,

5.125

%

,

9/01/54

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

1,000,000

1,055,083

BOLD

Program

,

Special

Tax

,

2024

B

,

5

%

,

9/01/44

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

940,000

1,001,832

BOLD

Program

,

Special

Tax

,

2024

B

,

5

%

,

9/01/49

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

1,070,000

1,128,640

BOLD

Program

,

Special

Tax

,

2024

B

,

5

%

,

9/01/54

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

1,250,000

1,309,869

Bowles

Hall

Foundation

,

Revenue

,

2015

A

,

5

%

,

6/01/35

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

600,000

603,189

Bowles

Hall

Foundation

,

Revenue

,

2015

A

,

5

%

,

6/01/50

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

3,250,000

3,259,435

c

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.375

%

,

11/01/40

.........

5,000,000

5,044,783

c

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.5

%

,

11/01/45

...........

10,000,000

10,078,298

c

California

Baptist

University

,

Revenue

,

144A,

2016

A

,

5

%

,

11/01/36

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

2,500,000

2,544,151

c

Capital

Christian

Center

,

Revenue

,

144A,

2021

A

,

5

%

,

10/01/51

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

8,425,000

7,502,409

c

Capital

Christian

Center

,

Revenue

,

144A,

2021

B

,

Refunding

,

4

%

,

10/01/37

......

8,150,000

6,834,958

CHF-Davis

I

LLC

,

Revenue

,

2018

,

5

%

,

5/15/51

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

5,000,000

5,138,560

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

3

%

,

5/15/51

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

550,000

445,132

CHF-Davis

II

LLC

,

Revenue

,

2021

,

BAM

Insured

,

3

%

,

5/15/54

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

2,585,000

2,041,356

CHF-Riverside

I

LLC

,

Revenue

,

2018

,

5

%

,

5/15/40

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

1,500,000

1,564,657

CHF-Riverside

II

LLC

,

Revenue

,

2019

,

5

%

,

5/15/49

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

9,575,000

9,916,379

City

of

Chula

Vista

Community

Facilities

District

No.

2021-11

,

Special

Tax

,

2022

,

5

%

,

9/01/52

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

2,500,000

2,609,443

c

Claremont

Graduate

University

,

Revenue

,

144A,

2020

B

,

Refunding

,

5

%

,

10/01/39

.

1,120,000

1,130,634

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

c

Claremont

Graduate

University

,

Revenue

,

144A,

2020

B

,

Refunding

,

5

%

,

10/01/49

.

$

4,290,000

$

4,247,554

c

Claremont

Graduate

University

,

Revenue

,

144A,

2020

B

,

Refunding

,

5

%

,

10/01/54

.

1,875,000

1,835,035

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2022

,

5

%

,

9/01/42

.......

1,000,000

1,060,718

Community

Facilities

District

No.

2021-13

,

Special

Tax

,

2022

,

5

%

,

9/01/52

.......

5,150,000

5,368,565

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

6

%

,

9/01/52

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

4,350,000

4,683,147

Community

Facilities

District

No.

2022-8

,

Special

Tax

,

2024

,

5

%

,

9/01/44

........

500,000

528,373

Community

Facilities

District

No.

2022-8

,

Special

Tax

,

2024

,

5

%

,

9/01/49

........

500,000

524,964

Community

Facilities

District

No.

2022-8

,

Special

Tax

,

2024

,

5

%

,

9/01/54

........

785,000

822,597

Community

Facilities

District

No.

2023-11

Improvement

Area

A

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

500,000

532,477

Community

Facilities

District

No.

2023-11

Improvement

Area

A

,

Special

Tax

,

2024

,

5

%

,

9/01/49

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

800,000

843,191

Community

Facilities

District

No.

2023-11

Improvement

Area

A

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,125,000

1,177,972

Community

Facilities

District

No.

2023-11

Improvement

Area

A

,

Special

Tax

,

2024

,

5.125

%

,

9/01/59

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

1,550,000

1,639,465

Community

Facilities

District

No.

2023-5

Area

No.

1

,

Special

Tax

,

2023

,

5.5

%

,

9/01/48

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

600,000

652,415

Community

Facilities

District

No.

2023-5

Area

No.

1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

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

1,060,000

1,152,364

Community

Facilities

District

No.

2023-5

Area

No.

1

,

Special

Tax

,

2023

,

5.8

%

,

9/01/53

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

3,190,000

3,496,067

g

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

1,210,000

1,274,569

g

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/49

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

1,835,000

1,921,962

g

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

2,165,000

2,254,534

c

Community

Health

Centers

of

The

Central

Coast,

Inc.

,

Revenue

,

144A,

2021

A

,

4

%

,

12/01/26

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

200,000

200,558

c

Community

Health

Centers

of

The

Central

Coast,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

12/01/27

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

100,000

103,375

c

Community

Health

Centers

of

The

Central

Coast,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

12/01/29

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

50,000

52,630

c

Community

Health

Centers

of

The

Central

Coast,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

12/01/31

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

130,000

137,504

c

Community

Health

Centers

of

The

Central

Coast,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

12/01/36

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

350,000

365,961

c

Community

Health

Centers

of

The

Central

Coast,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

12/01/54

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

2,000,000

2,017,531

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2015

A

,

Pre-

Refunded

,

5

%

,

2/01/40

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

5,000,000

5,016,443

Community

Hospitals

of

Central

California

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

2/01/42

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

10,000,000

9,888,939

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/15/39

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

2,670,000

2,741,734

Congregational

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

11/15/49

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

480,000

482,076

c

Creative

Center

of

Los

Altos

(The)

,

Revenue

,

144A,

2016

B

,

4

%

,

11/01/36

.......

1,395,000

1,362,619

c

Creative

Center

of

Los

Altos

(The)

,

Revenue

,

144A,

2016

B

,

4.5

%

,

11/01/46

......

1,600,000

1,526,953

Del

Harbor

Foundation

,

Revenue

,

2015

,

Refunding

,

5

%

,

11/01/32

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

3,020,000

3,059,762

Del

Harbor

Foundation

,

Revenue

,

2015

,

Refunding

,

5

%

,

11/01/39

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

6,525,000

6,585,793

Developmental

Services

Support

Foundation

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/49

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

1,895,000

1,968,255

Eisenhower

Medical

Center

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/37

.........

2,625,000

2,694,105

Eisenhower

Medical

Center

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/47

.........

5,000,000

5,069,415

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Municipal

Finance

Authority,

(continued)

HumanGood

California

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/44

$

5,500,000

$

5,568,596

HumanGood

California

Obligated

Group

,

Revenue

,

2021

,

3

%

,

10/01/49

.........

5,000,000

3,882,166

Ignatian

Corp.

(The)

,

Revenue

,

2024

A

,

5

%

,

9/01/49

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

3,150,000

3,483,790

Ignatian

Corp.

(The)

,

Revenue

,

2024

A

,

5

%

,

9/01/54

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

4,200,000

4,610,745

c

IH

Parkside

Fairfield

LLC

,

Revenue

,

144A,

2023

B

,

Zero

Cpn.,

9/01/43

..........

20,710,000

15,118,988

Inland

Counties

Regional

Center,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/15/37

...

8,965,000

9,016,066

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

........

16,700,000

14,694,363

a

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

B

,

10

%

,

12/01/62

...........

7,000,000

4,011,663

c

King/Chavez

Facilities

LLC

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

5/01/36

.....

1,815,000

1,832,925

c

King/Chavez

Facilities

LLC

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

5/01/46

.....

2,775,000

2,791,804

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/43

13,915,000

14,160,465

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

4

%

,

12/31/47

6,085,000

5,799,364

LAX

Integrated

Express

Solutions

LLC

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/31/47

22,250,000

22,566,618

Literacy

First

Charter

School

Issuer

LLC

,

Revenue

,

2019

A

,

5

%

,

12/01/49

.......

4,165,000

4,271,357

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/01/35

......

1,100,000

1,100,313

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/01/44

......

1,050,000

1,050,042

Northbay

Healthcare

Group

Obligated

Group

,

Revenue

,

2017

A

,

5.25

%

,

11/01/47

..

3,000,000

3,017,560

c

P3

Claremont

Holdings

LLC

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/30

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

520,000

529,439

c

Palmdale

Aerospace

Academy,

Inc.

(The)

,

Revenue

,

144A,

2016

A

,

5

%

,

7/01/31

..

1,000,000

1,013,146

c

Palmdale

Aerospace

Academy,

Inc.

(The)

,

Revenue

,

144A,

2016

A

,

5

%

,

7/01/36

..

2,750,000

2,776,083

c

Palmdale

Aerospace

Academy,

Inc.

(The)

,

Revenue

,

144A,

2016

A

,

5

%

,

7/01/41

..

1,750,000

1,757,310

c

Palmdale

Aerospace

Academy,

Inc.

(The)

,

Revenue

,

144A,

2018

A

,

3.875

%

,

7/01/28

740,000

735,948

c

Palmdale

Aerospace

Academy,

Inc.

(The)

,

Revenue

,

144A,

2018

A

,

5

%

,

7/01/38

..

1,100,000

1,117,961

c

Palmdale

Aerospace

Academy,

Inc.

(The)

,

Revenue

,

144A,

2018

A

,

5

%

,

7/01/49

..

3,600,000

3,616,235

PRS-California

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

4/01/44

......

1,415,000

1,534,945

PRS-California

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

4/01/49

......

1,300,000

1,384,121

PRS-California

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

4/01/54

......

1,540,000

1,629,057

c

Santa

Rosa

Academy

LLC

,

Revenue

,

144A,

2015

,

5.125

%

,

7/01/35

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

450,000

452,836

c

Santa

Rosa

Academy

LLC

,

Revenue

,

144A,

2015

,

5.375

%

,

7/01/45

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

1,400,000

1,405,690

c

Sierra

Ridge

3600

LLC

,

Revenue

,

144A,

2024

B

,

6.75

%

,

11/01/39

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

11,012,000

11,118,816

c

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

144A,

2024

A

,

5

%

,

5/01/34

...

300,000

313,232

c

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

144A,

2024

A

,

5.5

%

,

5/01/44

..

510,000

529,201

c

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

144A,

2024

A

,

5.75

%

,

5/01/54

.

510,000

530,460

c

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

144A,

2024

A

,

5.875

%

,

5/01/59

700,000

730,881

St.

Mary

and

All

Angels

Christian

Church

,

Revenue

,

2024

B

,

4.65

%

,

5/01/30

.....

1,045,000

1,066,511

c

STREAM

Charter

School

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/41

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

925,000

913,713

c

STREAM

Charter

School

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/51

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

2,770,000

2,625,856

c

STREAM

Charter

School

,

Revenue

,

144A,

2020

B

,

6.4

%

,

6/15/32

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

705,000

686,720

c

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

5

%

,

6/15/34

...........

500,000

533,613

c

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

5.5

%

,

6/15/39

..........

655,000

705,774

c

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

5.9

%

,

6/15/44

..........

1,255,000

1,356,671

c

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

6.2

%

,

6/15/54

..........

2,900,000

3,138,159

c

Westside

Neighborhood

School

,

Revenue

,

144A,

2024

,

6.375

%

,

6/15/64

........

3,000,000

3,275,360

c

California

Pollution

Control

Financing

Authority

,

d

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

7

%

,

7/01/22

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

3,500,000

47,250

d

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

7.5

%

,

7/01/32

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

13,000,000

175,500

d

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

8

%

,

7/01/39

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

11,500,000

155,250

d

CalPlant

I

LLC

,

Revenue

,

144A,

2020

,

7.5

%

,

7/01/32

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

4,500,000

60,750

Poseidon

Resources

Channelside

LP

,

Revenue

,

144A,

2012

,

5

%

,

11/21/45

......

21,685,000

21,687,795

a,d

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

6.75

%

,

12/01/28

..........

910,035

117,094

a,d

Rialto

Bioenergy

Facility

LLC

,

Revenue

,

144A,

2018

,

7.5

%

,

12/01/40

...........

4,237,715

545,264

California

Public

Finance

Authority

,

c

Crossroads

Christian

Schools

Obligated

Group

,

Revenue

,

144A,

2020

,

5

%

,

1/01/56

4,015,000

3,723,030

Henry

Mayo

Newhall

Hospital

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/15/37

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

1,100,000

1,120,919

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Public

Finance

Authority,

(continued)

c

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/36

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

$

1,000,000

$

1,020,566

c

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

5

%

,

11/15/56

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

2,000,000

1,887,486

c

Kendal

at

Sonoma

Obligated

Group

,

Revenue

,

144A,

2021

B-1

,

Refunding

,

3.125

%

,

5/15/29

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

2,510,000

2,474,527

c

California

School

Finance

Authority

,

Revenue

,

144A,

2017

,

5

%

,

6/01/47

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

700,000

700,324

Alliance

for

College

Ready

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2016

C

,

5

%

,

7/01/46

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

10,000,000

10,107,700

Alternative

Schools,

Inc.

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/41

.......

500,000

421,277

Alternative

Schools,

Inc.

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/51

.......

2,835,000

2,199,464

Alternative

Schools,

Inc.

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/61

.......

3,675,000

2,706,545

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

5

%

,

8/01/35

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

1,000,000

1,007,489

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

,

Refunding

,

5

%

,

8/01/40

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

1,000,000

1,005,360

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2016

,

5

%

,

8/01/41

......

2,010,000

2,019,981

Aspire

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2016

,

Pre-Refunded

,

5

%

,

8/01/41

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

190,000

192,567

Citizens

of

the

World

Los

Angeles

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.25

%

,

4/01/52

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

2,000,000

2,056,230

Citizens

of

the

World

Los

Angeles

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.375

%

,

4/01/62

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

2,000,000

2,059,264

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2017

A

,

Refunding

,

5

%

,

10/01/37

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

1,485,000

1,521,089

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2017

A

,

Refunding

,

5

%

,

10/01/44

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

5,610,000

5,689,235

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

10/01/40

.....

500,000

513,022

Classical

Academy

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

10/01/50

.....

3,570,000

3,619,060

Ednovate

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

6/01/48

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

1,000,000

969,094

Ednovate

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

6/01/56

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

1,710,000

1,629,326

Envision

Education

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5

%

,

6/01/54

......

900,000

911,798

Fenton

Charter

Public

Schools

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/40

...........

225,000

227,431

Fenton

Charter

Public

Schools

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/50

...........

1,275,000

1,281,376

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2019

,

5

%

,

7/01/43

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

2,000,000

2,021,711

Granada

Hills

Charter

High

School

Obligated

Group

,

Revenue

,

144A,

2019

,

5

%

,

7/01/49

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

5,750,000

5,805,869

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

A

,

5

%

,

8/01/35

.

2,525,000

2,541,596

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

A

,

5

%

,

8/01/45

.

3,500,000

3,513,368

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2018

A

,

5

%

,

8/01/38

.

1,000,000

1,032,952

Green

Dot

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2018

A

,

5

%

,

8/01/48

.

1,750,000

1,790,626

Harbor

Springs

Obligated

Group

,

Revenue

,

144A,

2024

A

,

5.5

%

,

7/01/54

........

2,235,000

2,338,968

iLEAD

Lancaster

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/31

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

250,000

237,474

iLEAD

Lancaster

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/41

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

435,000

413,421

iLEAD

Lancaster

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/51

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

600,000

542,177

iLEAD

Lancaster

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/61

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

1,320,000

1,158,726

Integrity

Charter

School

,

Revenue

,

144A,

2024

,

5

%

,

7/01/39

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

1,000,000

1,013,178

Integrity

Charter

School

,

Revenue

,

144A,

2024

,

5.25

%

,

7/01/44

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

800,000

810,442

Integrity

Charter

School

,

Revenue

,

144A,

2024

,

5.5

%

,

7/01/54

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

1,600,000

1,620,683

Integrity

Charter

School

,

Revenue

,

144A,

2024

,

5.6

%

,

7/01/64

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

2,000,000

2,025,754

John

Adams

Academies

Obligated

Group

,

Revenue

,

144A,

2022

A

,

4.5

%

,

7/01/32

.

605,000

614,695

John

Adams

Academies

Obligated

Group

,

Revenue

,

144A,

2022

A

,

5

%

,

7/01/42

...

2,140,000

2,164,133

John

Adams

Academies

Obligated

Group

,

Revenue

,

144A,

2022

A

,

5

%

,

7/01/52

...

3,175,000

3,137,399

John

Adams

Academies

Obligated

Group

,

Revenue

,

144A,

2022

A

,

5.125

%

,

7/01/62

8,125,000

8,137,284

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

c

California

School

Finance

Authority,

(continued)

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

A

,

5

%

,

7/01/35

$

1,200,000

$

1,208,331

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2015

A

,

5

%

,

7/01/45

1,675,000

1,681,586

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

7/01/49

2,150,000

2,217,777

KIPP

SoCal

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

7/01/54

1,150,000

1,181,669

Larchmont

Schools

,

Revenue

,

144A,

2018

A

,

5

%

,

6/01/55

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

3,050,000

3,019,836

Lifeline

Education

Charter

School,

Inc.

,

Revenue

,

144A,

2020

A

,

3

%

,

7/01/30

.....

365,000

350,256

Lifeline

Education

Charter

School,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/45

.....

1,200,000

1,217,612

Lifeline

Education

Charter

School,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/55

.....

1,235,000

1,246,626

Lighthouse

Community

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.375

%

,

6/01/52

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

1,250,000

1,324,645

Lighthouse

Community

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

6/01/62

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

1,500,000

1,591,043

NCCD-Santa

Rosa

Properties

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/31

.......

1,000,000

1,003,636

NCCD-Santa

Rosa

Properties

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/36

.......

1,670,000

1,632,764

NCCD-Santa

Rosa

Properties

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/51

.......

16,730,000

14,599,772

NCCD-Santa

Rosa

Properties

LLC

,

Revenue

,

144A,

2021

A

,

4

%

,

11/01/55

.......

1,400,000

1,198,404

New

Designs

Charter

School

,

Revenue

,

144A,

2024

A

,

Refunding

,

5

%

,

6/01/54

...

650,000

654,657

New

Designs

Charter

School

,

Revenue

,

144A,

2024

A

,

Refunding

,

5

%

,

6/01/64

...

1,600,000

1,602,635

Orange

County

Educational

Arts

Academy

,

Revenue

,

144A,

2023

A

,

Refunding

,

5

%

,

6/01/33

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

650,000

671,103

Orange

County

Educational

Arts

Academy

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.625

%

,

6/01/43

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

560,000

577,049

Orange

County

Educational

Arts

Academy

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.875

%

,

6/01/53

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

600,000

618,139

Partnerships

to

Uplift

Communities

Obligated

Group

,

Revenue

,

144A,

2023

,

Refunding

,

5

%

,

8/01/33

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

720,000

761,375

Partnerships

to

Uplift

Communities

Obligated

Group

,

Revenue

,

144A,

2023

,

Refunding

,

5.25

%

,

8/01/38

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

500,000

531,422

Partnerships

to

Uplift

Communities

Obligated

Group

,

Revenue

,

144A,

2023

,

Refunding

,

5.5

%

,

8/01/43

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

550,000

588,250

Partnerships

to

Uplift

Communities

Obligated

Group

,

Revenue

,

144A,

2023

,

Refunding

,

5.5

%

,

8/01/47

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

525,000

556,490

Real

Journey

Academies

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

6/01/49

..

7,105,000

7,119,846

Rex

&

Margaret

Fortune

School

of

Education

,

Revenue

,

144A,

2024

A

,

5

%

,

6/01/44

2,000,000

2,014,916

Rex

&

Margaret

Fortune

School

of

Education

,

Revenue

,

144A,

2024

A

,

5

%

,

6/01/54

2,350,000

2,336,856

Rex

&

Margaret

Fortune

School

of

Education

,

Revenue

,

144A,

2024

A

,

5.125

%

,

6/01/59

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

1,500,000

1,503,551

River

Springs

Charter

School,

Inc.

,

Revenue

,

144A,

2017

A

,

5

%

,

7/01/30

........

1,250,000

1,288,053

River

Springs

Charter

School,

Inc.

,

Revenue

,

144A,

2017

A

,

5

%

,

7/01/37

........

2,000,000

2,034,269

River

Springs

Charter

School,

Inc.

,

Revenue

,

144A,

2017

A

,

5

%

,

7/01/47

........

1,975,000

1,985,829

River

Springs

Charter

School,

Inc.

,

Revenue

,

144A,

2017

A

,

5

%

,

7/01/52

........

1,340,000

1,344,122

River

Springs

Charter

School,

Inc.

,

Revenue

,

144A,

2023

A

,

5.75

%

,

7/01/42

......

980,000

1,040,469

Rocketship

Education

Obligated

Group

,

Revenue

,

144A,

2017

A

,

5

%

,

6/01/34

....

750,000

759,053

Rocketship

Education

Obligated

Group

,

Revenue

,

144A,

2017

A

,

5.125

%

,

6/01/47

.

845,000

846,263

Rocketship

Education

Obligated

Group

,

Revenue

,

144A,

2017

A

,

5.25

%

,

6/01/52

..

2,440,000

2,444,859

Rocketship

Education

Obligated

Group

,

Revenue

,

144A,

2017

G

,

5

%

,

6/01/30

....

315,000

322,115

Rocketship

Education

Obligated

Group

,

Revenue

,

144A,

2017

G

,

5

%

,

6/01/37

....

360,000

363,591

Santa

Clarita

Valley

International

Charter

School

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/31

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

260,000

248,524

Santa

Clarita

Valley

International

Charter

School

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/41

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

600,000

509,853

Santa

Clarita

Valley

International

Charter

School

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/51

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

800,000

610,052

Santa

Clarita

Valley

International

Charter

School

,

Revenue

,

144A,

2021

A

,

4

%

,

6/01/61

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

1,300,000

945,085

Summit

Public

Schools

Obligated

Group

,

Revenue

,

144A,

2017

,

Pre-Refunded

,

5

%

,

6/01/47

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

800,000

836,735

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

State

Public

Works

Board

,

State

of

California

,

Revenue

,

2024

A

,

5

%

,

4/01/49

$

13,000,000

$

14,491,165

California

Statewide

Communities

Development

Authority

,

Revenue

,

2015

R-1

,

Refunding

,

5

%

,

9/02/40

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

2,230,000

2,247,424

Special

Assessment

,

2016

A

,

5

%

,

9/02/36

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

1,035,000

1,058,561

Special

Assessment

,

2017

A

,

4

%

,

9/02/27

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

795,000

802,005

Special

Assessment

,

2017

A

,

5

%

,

9/02/37

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

1,970,000

2,036,492

Special

Assessment

,

2017

A

,

5

%

,

9/02/46

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

2,455,000

2,507,550

Special

Assessment

,

2017

B

,

5

%

,

9/02/37

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

3,260,000

3,375,214

Special

Assessment

,

2017

B

,

5

%

,

9/02/47

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

2,520,000

2,583,319

Special

Assessment

,

2017

C

,

5

%

,

9/02/37

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

3,980,000

4,114,334

Special

Assessment

,

2018

A

,

5

%

,

9/02/38

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

2,150,000

2,242,584

Special

Assessment

,

2018

A

,

5

%

,

9/02/47

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

3,745,000

3,857,767

Special

Assessment

,

2018

B

,

5

%

,

9/02/38

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

2,760,000

2,867,098

Special

Assessment

,

2018

B

,

5

%

,

9/02/43

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

4,690,000

4,831,761

Special

Assessment

,

2018

B

,

5

%

,

9/02/48

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

4,605,000

4,719,002

Special

Assessment

,

2018

C

,

5

%

,

9/02/38

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

5,265,000

5,489,850

Special

Assessment

,

2018

C

,

5

%

,

9/02/48

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

6,605,000

6,786,948

Special

Assessment

,

2019

A

,

5

%

,

9/02/39

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

1,600,000

1,680,523

Special

Assessment

,

2019

A

,

5

%

,

9/02/44

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

940,000

978,963

Special

Assessment

,

2019

B

,

5

%

,

9/02/44

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

1,150,000

1,198,677

Special

Assessment

,

2019

C

,

5

%

,

9/02/39

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

850,000

886,025

Special

Assessment

,

2020

A

,

5

%

,

9/02/40

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

1,250,000

1,317,221

Special

Assessment

,

2020

A

,

4

%

,

9/02/50

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

900,000

844,445

Special

Assessment

,

2020

A

,

5

%

,

9/02/50

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

1,000,000

1,036,149

Special

Assessment

,

2020

B

,

4

%

,

9/02/40

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

565,000

554,324

Special

Assessment

,

2020

B

,

4

%

,

9/02/50

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

695,000

630,996

Special

Assessment

,

2021

A

,

4

%

,

9/02/41

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

995,000

968,294

Special

Assessment

,

2021

A

,

4

%

,

9/02/51

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

3,175,000

2,915,120

Special

Assessment

,

2021

B

,

4

%

,

9/02/41

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

3,280,000

3,211,256

Special

Assessment

,

2021

B

,

4

%

,

9/02/51

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

3,145,000

2,915,181

Special

Assessment

,

2021

C-1

,

4

%

,

9/02/41

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

2,435,000

2,280,489

Special

Assessment

,

2021

C-1

,

4

%

,

9/02/51

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

3,610,000

3,201,816

Special

Assessment

,

2021

C-2

,

5

%

,

9/02/41

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

3,150,000

2,653,978

Special

Assessment

,

2021

C-2

,

5.5

%

,

9/02/51

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

3,575,000

2,765,311

Special

Assessment

,

2022

B

,

5

%

,

9/02/42

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

3,000,000

3,169,956

Special

Assessment

,

2022

B

,

5

%

,

9/02/52

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

3,000,000

3,107,381

Special

Assessment

,

2022

C

,

5.375

%

,

9/02/52

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

1,990,000

2,104,342

Special

Assessment

,

2023

D

,

5.5

%

,

9/02/53

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

1,000,000

1,052,509

Special

Tax

,

2023

C-1

,

5.25

%

,

9/02/53

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

3,000,000

3,072,001

Aldersly

Obligated

Group

,

Revenue

,

2015

A

,

Pre-Refunded

,

5

%

,

5/15/32

........

750,000

756,666

Assessment

District

No.

14-01

,

Special

Assessment

,

2015

,

5

%

,

9/02/35

.........

2,000,000

2,019,782

Assessment

District

No.

14-01

,

Special

Assessment

,

2015

,

5

%

,

9/02/45

.........

3,810,000

3,832,008

c

California

Baptist

University

,

Revenue

,

144A,

2014

A

,

6.125

%

,

11/01/33

.........

1,375,000

1,377,890

c

California

Baptist

University

,

Revenue

,

144A,

2014

A

,

6.375

%

,

11/01/43

.........

4,035,000

4,041,161

c

California

Baptist

University

,

Revenue

,

144A,

2017

A

,

Refunding

,

5

%

,

11/01/32

...

1,135,000

1,164,944

c

California

Baptist

University

,

Revenue

,

144A,

2017

A

,

Refunding

,

5

%

,

11/01/41

...

1,875,000

1,893,994

Cedars-Sinai

Medical

Center

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

.....

6,000,000

5,980,681

CHF-Irvine

LLC

,

Revenue

,

2016

,

Refunding

,

5

%

,

5/15/40

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

1,500,000

1,527,853

Community

Facilities

District

2022-7

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,500,000

1,584,029

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2016

A

,

5

%

,

9/01/46

......

10,625,000

10,750,773

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2019

,

5

%

,

9/01/39

.......

1,230,000

1,278,867

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2019

,

5

%

,

9/01/49

.......

3,000,000

3,076,834

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2020

,

4

%

,

9/01/40

.......

3,345,000

3,266,682

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2020

,

4

%

,

9/01/50

.......

2,845,000

2,579,732

Community

Facilities

District

No.

2016-02

,

Special

Tax

,

2022

,

5.5

%

,

9/01/52

......

7,490,000

7,851,034

Community

Facilities

District

No.

2018-01

,

Special

Tax

,

2019

,

5

%

,

9/01/39

.......

1,650,000

1,714,376

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Community

Facilities

District

No.

2018-01

,

Special

Tax

,

2019

,

5

%

,

9/01/48

.......

$

2,000,000

$

2,055,755

Community

Facilities

District

No.

2022-08

Improvement

Area

,

Special

Tax

,

2024

,

5.25

%

,

9/01/39

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

2,360,000

2,492,581

Community

Facilities

District

No.

2022-08

Improvement

Area

,

Special

Tax

,

2024

,

5.25

%

,

9/01/45

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

2,750,000

2,858,111

Community

Facilities

District

No.

2022-12

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

2,275,000

2,417,045

Community

Facilities

District

No.

2022-12

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,350,000

1,394,339

Community

Facilities

District

No.

2024-9

,

Special

Tax

,

2024

,

5

%

,

9/01/44

........

400,000

414,943

Community

Facilities

District

No.

2024-9

,

Special

Tax

,

2024

,

5

%

,

9/01/54

........

700,000

716,778

Community

Infrastructure

Program

Assessment

District

No.

20-02

,

Special

Assessment

,

2023

,

5.75

%

,

9/02/53

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

1,900,000

2,030,629

John

Muir

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

12/01/49

...

8,250,000

9,041,978

c

Lancer

Educational

Housing

LLC

,

Revenue

,

144A,

2016

A

,

Refunding

,

5

%

,

6/01/46

12,735,000

12,760,428

c

Lancer

Educational

Housing

LLC

,

Revenue

,

144A,

2019

A

,

5

%

,

6/01/34

.........

375,000

389,982

c

Lancer

Educational

Housing

LLC

,

Revenue

,

144A,

2019

A

,

5

%

,

6/01/39

.........

950,000

971,472

c

Loma

Linda

University

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5

%

,

12/01/41

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

1,245,000

1,261,747

c

Loma

Linda

University

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5.25

%

,

12/01/56

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

45,755,000

46,239,948

c

Loma

Linda

University

Medical

Center

Obligated

Group

,

Revenue

,

144A,

2018

A

,

5.5

%

,

12/01/58

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

6,250,000

6,484,981

Marin

General

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

4

%

,

8/01/45

........

1,500,000

1,390,044

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/39

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

4,325,000

4,452,345

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/49

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

8,000,000

8,133,930

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/52

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

2,635,000

2,673,397

Panorama

II

Preservation

LP

,

Revenue

,

2024

F

,

FNMA

Insured

,

4.25

%

,

12/01/40

..

7,460,000

7,625,201

USC

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/43

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

5,000,000

5,226,009

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

6

,

Special

Tax

,

2015

,

5

%

,

9/01/45

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

1,665,000

1,676,048

c

City

&

County

of

San

Francisco

,

Community

Facilities

District

No.

2016-1

Improvement

Area

2

,

Special

Tax

,

144A,

2023

A

,

5.5

%

,

9/01/53

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

2,045,000

2,199,311

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

2

,

Special

Tax

,

144A,

2022

A

,

4

%

,

9/01/52

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

5,270,000

4,710,190

Infrastructure

&

Revitalization

Financing

District

No.

1

Facilities

Increment

,

Tax

Allocation

,

144A,

2022

A

,

5

%

,

9/01/37

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

385,000

413,448

Infrastructure

&

Revitalization

Financing

District

No.

1

Facilities

Increment

,

Tax

Allocation

,

144A,

2022

A

,

5

%

,

9/01/52

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

2,000,000

2,020,597

Infrastructure

&

Revitalization

Financing

District

No.

1

Housing

Increment

,

Tax

Allocation

,

144A,

2022

B

,

5

%

,

9/01/52

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

1,000,000

1,001,970

City

of

Dixon

,

Community

Facilities

District

No.

2013-1

Parklane

,

Special

Tax

,

2019

,

5

%

,

9/01/49

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

2,400,000

2,472,873

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

2

,

Special

Tax

,

2019

,

5

%

,

9/01/39

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

2,765,000

2,896,652

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

2

,

Special

Tax

,

2019

,

5

%

,

9/01/44

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

2,925,000

3,048,744

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

2

,

Special

Tax

,

2019

,

5

%

,

9/01/49

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

4,100,000

4,242,296

City

of

Fillmore

,

Community

Facilities

District

No.

5

,

Special

Tax

,

2015

,

5

%

,

9/01/40

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

1,500,000

1,510,354

Community

Facilities

District

No.

5

,

Special

Tax

,

2015

,

5

%

,

9/01/45

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

2,630,000

2,643,401

City

of

Fremont

,

Community

Facilities

District

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/40

....

4,655,000

4,687,131

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Fremont,

(continued)

Community

Facilities

District

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/45

....

$

3,255,000

$

3,273,494

City

of

Irvine

,

Community

Facilities

District

No.

2013-3

Improvement

Area

No.

8

,

Special

Tax

,

2018

,

5

%

,

9/01/43

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

5,000,000

5,179,140

City

of

La

Verne

,

Copacabana

Mobilehome

Park

,

Revenue

,

2014

,

Refunding

,

5

%

,

6/15/49

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

1,765,000

1,766,051

City

of

Long

Beach

,

Marina

System

,

Revenue

,

2015

,

5

%

,

5/15/34

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

1,300,000

1,307,306

Marina

System

,

Revenue

,

2015

,

5

%

,

5/15/40

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

3,500,000

3,514,097

Marina

System

,

Revenue

,

2015

,

5

%

,

5/15/45

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

2,500,000

2,507,764

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2019

D

,

4

%

,

5/15/44

.......

5,525,000

5,479,899

City

of

Manteca

,

Community

Facilities

District

2023-1

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

1,000,000

1,060,020

Community

Facilities

District

2023-1

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,580,000

1,648,029

Community

Facilities

District

2023-1

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

870,000

917,949

Community

Facilities

District

2023-1

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/49

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

1,320,000

1,379,502

Community

Facilities

District

2023-1

Improvement

Area

No.

2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,735,000

1,809,702

City

of

Ontario

,

Community

Facilities

District

No.

28

,

Special

Tax

,

2017

,

5

%

,

9/01/42

...........

1,000,000

1,024,740

Community

Facilities

District

No.

28

,

Special

Tax

,

2017

,

5

%

,

9/01/47

...........

500,000

510,072

City

of

Oroville

,

Oroville

Hospital

,

Revenue

,

2019

,

5.25

%

,

4/01/49

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

4,500,000

3,380,272

Oroville

Hospital

,

Revenue

,

2019

,

5.25

%

,

4/01/54

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

3,000,000

2,227,467

City

of

Palm

Desert

,

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

Refunding

,

4

%

,

9/01/41

450,000

429,072

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

5

%

,

9/01/49

........

600,000

627,427

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2024

,

5

%

,

9/01/53

........

525,000

546,541

City

of

Rancho

Cordova

,

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2022

,

5

%

,

9/01/51

........

1,200,000

1,241,511

Ranch

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

1

,

Special

Tax

,

2022

,

5.25

%

,

9/01/52

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

2,000,000

2,085,381

Sunridge

North

Douglas

Community

Facilities

District

No.

2005-1

,

Special

Tax

,

2015

,

5

%

,

9/01/40

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

1,200,000

1,208,900

Sunridge

North

Douglas

Community

Facilities

District

No.

2005-1

,

Special

Tax

,

2015

,

5

%

,

9/01/45

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

1,250,000

1,258,019

City

of

Roseville

,

Amoruso

Ranch

Community

Facilities

District

1

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/49

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

1,125,000

1,189,410

Amoruso

Ranch

Community

Facilities

District

1

Improvement

Area

No.

1

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,500,000

1,580,361

Creekview

Community

Facilities

District

No.

1

Improvement

Area

No.

1

,

Special

Tax

,

2020

,

5

%

,

9/01/45

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

1,280,000

1,334,336

Creekview

Community

Facilities

District

No.

1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5

%

,

9/01/43

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

500,000

527,203

Creekview

Community

Facilities

District

No.

1

Improvement

Area

No.

2

,

Special

Tax

,

2023

,

5.25

%

,

9/01/53

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

1,850,000

1,954,874

c

Fiddyment

Ranch

Community

Facilities

District

No.

5

,

Special

Tax

,

144A,

2017

,

Refunding

,

5

%

,

9/01/32

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

1,265,000

1,313,728

c

Fiddyment

Ranch

Community

Facilities

District

No.

5

,

Special

Tax

,

144A,

2017

,

Refunding

,

5

%

,

9/01/47

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

6,500,000

6,625,865

HP

Campus

Oaks

Community

Facilities

District

No.

1

,

Special

Tax

,

2016

,

5

%

,

9/01/36

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

1,950,000

1,986,044

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

City

of

Roseville,

(continued)

HP

Campus

Oaks

Community

Facilities

District

No.

1

,

Special

Tax

,

2016

,

5.5

%

,

9/01/46

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

$

6,415,000

$

6,537,840

SVSP

Westpark-Federico

Community

Facilities

District

No.

1

,

Special

Tax

,

2019

,

5

%

,

9/01/44

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

1,000,000

1,038,362

Torrente

at

Sierra

Vista

Community

Facilities

District

No.

1

,

Special

Tax

,

2023

,

6

%

,

9/01/53

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

1,500,000

1,625,336

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1

,

Special

Tax

,

2019

,

5

%

,

9/01/49

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

3,870,000

3,987,507

Westbrook

Community

Facilities

District

No.

1

,

Special

Tax

,

2014

,

5

%

,

9/01/29

....

500,000

500,617

Westbrook

Community

Facilities

District

No.

1

,

Special

Tax

,

2014

,

5

%

,

9/01/34

....

1,100,000

1,101,093

Westbrook

Community

Facilities

District

No.

1

,

Special

Tax

,

2014

,

5

%

,

9/01/39

....

1,885,000

1,886,324

Westbrook

Community

Facilities

District

No.

1

,

Special

Tax

,

2014

,

5

%

,

9/01/44

....

1,650,000

1,650,909

Westbrook

Community

Facilities

District

No.

1

,

Special

Tax

,

2019

,

5

%

,

9/01/40

....

1,670,000

1,748,215

Westbrook

Community

Facilities

District

No.

1

,

Special

Tax

,

2019

,

5

%

,

9/01/49

....

2,130,000

2,204,852

Westpark

Community

Facilities

District

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/32

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

1,120,000

1,131,854

Westpark

Community

Facilities

District

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/33

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

1,000,000

1,010,170

Westpark

Community

Facilities

District

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/37

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

1,250,000

1,261,194

c

City

of

Sacramento

,

Natomas

Meadows

Community

Facilities

District

No.

2007-1

Area

No.

1

,

Special

Tax

,

144A,

2017

,

5

%

,

9/01/32

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

300,000

309,321

Natomas

Meadows

Community

Facilities

District

No.

2007-1

Area

No.

1

,

Special

Tax

,

144A,

2017

,

5

%

,

9/01/37

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

710,000

731,932

Natomas

Meadows

Community

Facilities

District

No.

2007-1

Area

No.

1

,

Special

Tax

,

144A,

2017

,

5

%

,

9/01/47

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

1,900,000

1,939,757

City

of

San

Clemente

,

Community

Facilities

District

No.

2006-1

,

Special

Tax

,

2015

,

5

%

,

9/01/40

........

1,745,000

1,758,841

Community

Facilities

District

No.

2006-1

,

Special

Tax

,

2015

,

5

%

,

9/01/46

........

2,445,000

2,461,135

City

of

San

Diego

,

Tobacco

Settlement

Revenue

Funding

Corp.

,

Revenue

,

2018

C

,

Refunding

,

4

%

,

6/01/32

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

365,000

370,154

City

of

San

Francisco

,

5.25

%

,

9/01/49

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

11,500,000

10,106,055

City

of

Stockton

,

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

5.125

%

,

9/01/52

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

3,660,000

3,867,333

City

of

Vernon

,

Electric

System

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/01/36

........

1,525,000

1,636,018

Clovis

Unified

School

District

,

GO

,

2004

A

,

NATL

Insured

,

ETM,

Zero

Cpn.,

8/01/27

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

1,205,000

1,117,904

GO

,

2004

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/27

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

6,295,000

5,847,711

GO

,

2004

A

,

NATL

Insured

,

Zero

Cpn.,

8/01/28

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

3,000,000

2,708,468

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

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

13,870,000

12,205,811

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

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

39,885,000

31,837,998

c

CMFA

Special

Finance

Agency

I

,

Mix

at

CTR

City

(The)

,

Revenue

,

144A,

2021

A-T

,

5

%

,

4/01/41

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

7,545,000

7,021,337

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

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

30,280,000

25,636,810

Coachella

Valley

Unified

School

District

,

GO

,

2012

D

,

AGMC

Insured

,

Zero

Cpn.,

8/01/42

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

8,500,000

4,255,820

GO

,

2012

D

,

AGMC

Insured

,

Zero

Cpn.,

8/01/43

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

3,000,000

1,433,792

County

of

Imperial

,

Community

Facilities

District

No.

1998-1

,

Special

Tax

,

1999

,

LOC

BNP

Paribas

SA

,

6.5

%

,

9/01/31

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

3,510,000

3,530,840

County

of

Madera

,

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

1

,

Special

Tax

,

2022

,

5.875

%

,

9/01/53

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

1,100,000

1,124,364

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

County

of

Madera,

(continued)

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

5.75

%

,

9/01/53

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

$

3,080,000

$

3,149,534

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

5.875

%

,

9/01/53

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

1,100,000

1,124,364

County

of

Sacramento

,

Airport

System

,

Revenue

,

2024

,

5

%

,

7/01/54

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

8,000,000

8,791,709

Airport

System

,

Revenue

,

2024

,

5.25

%

,

7/01/54

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

10,000,000

11,257,749

County

of

San

Bernardino

,

Community

Facilities

District

No.

2006-1

Area

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/40

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

1,000,000

1,006,903

Community

Facilities

District

No.

2006-1

Area

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/45

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

1,000,000

1,005,755

c

CSCDA

Community

Improvement

Authority

,

Crescent

(The)

,

Revenue

,

144A,

2022

B

,

5.5

%

,

7/01/59

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

16,000,000

14,124,067

Park

Crossing

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/48

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

10,000,000

7,913,144

Theo

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

5/01/57

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

10,000,000

7,257,036

Wood

Creek

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

4

%

,

12/01/59

......

31,800,000

21,254,373

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

B

,

Refunding

,

5.85

%

,

12/15/47

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

4,295,000

4,300,035

Del

Mar

Race

Track

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/35

..........

2,000,000

2,001,431

Duarte

Redevelopment

Agency

,

Tax

Allocation

,

1999

,

ETM,

Zero

Cpn.,

12/01/28

....

8,070,000

6,509,080

El

Rancho

Unified

School

District

,

GO

,

2004

,

NATL

Insured

,

Zero

Cpn.,

8/01/29

....

2,400,000

2,080,343

c

Elsinore

Valley

Municipal

Water

District

,

Community

Facilities

District

No.

2020-1

Area

No.

2A

,

Special

Tax

,

144A,

2021

A

,

4

%

,

9/01/51

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

1,245,000

1,100,793

Community

Facilities

District

No.

2020-1

Area

No.

3A

,

Special

Tax

,

144A,

2021

A

,

4.5

%

,

9/01/51

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

2,500,000

2,344,334

c

Fairfield

Community

Facilities

District

,

City

of

Fairfield

Community

Facilities

District

No.

2019-1

Improvement

Area

No.

1

,

Special

Tax

,

144A,

2020

A

,

5

%

,

9/01/35

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

1,000,000

1,062,270

City

of

Fairfield

Community

Facilities

District

No.

2019-1

Improvement

Area

No.

1

,

Special

Tax

,

144A,

2020

A

,

5

%

,

9/01/50

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

5,255,000

5,417,869

i

,j

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

FRN

,

2019-ML06

,

XCA

,

1.105

%

,

7/25/35

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

130,943,148

7,795,046

c

144A,

FRN

,

2020-ML07

,

XCA

,

2.132

%

,

1/25/37

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

118,253,144

15,292,496

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

19

,

Special

Tax

,

2017

,

5

%

,

9/01/47

1,000,000

1,021,967

City

of

Folsom

Community

Facilities

District

No.

20

,

Special

Tax

,

2018

,

5

%

,

9/01/33

530,000

551,517

City

of

Folsom

Community

Facilities

District

No.

20

,

Special

Tax

,

2018

,

5

%

,

9/01/48

1,675,000

1,724,623

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

Zero

Cpn.,

1/15/42

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

75,000,000

37,268,138

Revenue

,

2013

B-1

,

Refunding

,

3.95

%

,

1/15/53

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

23,000,000

22,584,174

Revenue

,

2013

B-2

,

Refunding

,

3.5

%

,

1/15/53

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

17,500,000

15,761,422

Revenue

,

2015

A

,

Refunding

,

Zero

Cpn.,

1/15/33

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

19,000,000

14,255,314

Galt

Community

Facilities

District

,

City

of

Galt

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

A

,

5.5

%

,

9/01/43

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

1,860,000

1,973,794

City

of

Galt

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

A

,

5.75

%

,

9/01/48

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

2,945,000

3,136,942

City

of

Galt

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1

,

Special

Tax

,

2023

A

,

6

%

,

9/01/53

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

2,895,000

3,127,738

Hanford

Joint

Union

High

School

District

,

GO

,

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/32

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

3,635,000

2,842,075

GO

,

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/33

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

3,705,000

2,761,584

GO

,

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/35

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

4,120,000

2,851,592

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Hartnell

Community

College

District

,

GO

,

2009

D

,

Zero

Cpn.,

8/01/49

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

$

10,000,000

$

3,590,257

Imperial

Community

College

District

,

GO

,

2011

A

,

Pre-Refunded

,

AGMC

Insured

,

6.75

%

,

8/01/40

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

3,500,000

3,590,268

Independent

Cities

Finance

Authority

,

Augusta

Communities

III

LLC

,

Revenue

,

2021

,

Refunding

,

4

%

,

11/15/56

........

8,160,000

6,577,177

Augusta

Communities

IV

LLC

,

Revenue

,

2024

A

,

5

%

,

11/15/45

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

1,685,000

1,704,067

Augusta

Communities

IV

LLC

,

Revenue

,

2024

A

,

5

%

,

11/15/50

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

2,160,000

2,173,096

Augusta

Communities

IV

LLC

,

Revenue

,

2024

A

,

5

%

,

11/15/59

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

5,540,000

5,534,319

COACH

of

San

Diego

LLC

,

Revenue

,

2014

A

,

Refunding

,

5.25

%

,

5/15/44

.......

2,015,000

2,016,893

COACH

of

San

Diego

LLC

,

Revenue

,

2014

A

,

Refunding

,

5.25

%

,

5/15/49

.......

4,800,000

4,803,923

Millennium

Housing

LLC

,

Revenue

,

2021

,

Refunding

,

3

%

,

5/15/56

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

4,000,000

3,028,688

Millennium

Housing

of

California

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/15/48

.......

2,000,000

2,086,887

San

Juan

Mobile

Estates

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/45

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

5,000,000

5,032,607

San

Juan

Mobile

Estates

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/50

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

4,900,000

4,926,131

Indio

Community

Facilities

District

,

City

of

Indio

Community

Facilities

District

No.

2004-

3

Improvement

Area

No.

1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/35

..........

1,135,000

1,145,517

Inland

Valley

Development

Agency

,

Tax

Allocation

,

2014

A

,

Refunding

,

5.25

%

,

9/01/37

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

7,500,000

7,554,499

Tax

Allocation

,

2014

A

,

Refunding

,

5

%

,

9/01/44

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

9,000,000

9,063,542

Irvine

Facilities

Financing

Authority

,

City

of

Irvine

Community

Facilities

District

No.

2013-3

,

Special

Tax

,

2023

A

,

BAM

Insured

,

4

%

,

9/01/58

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

6,500,000

6,504,499

Irvine

Unified

School

District

,

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2017

B

,

5

%

,

9/01/42

........

995,000

1,023,791

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2017

C

,

5

%

,

9/01/47

........

995,000

1,018,416

Community

Facilities

District

No.

09-1

,

Special

Tax

,

2018

A

,

Refunding

,

5

%

,

9/01/49

3,975,000

4,056,986

Jurupa

Public

Financing

Authority

,

Special

Tax

,

2015

A

,

Refunding

,

5

%

,

9/01/43

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

4,000,000

4,049,891

Special

Tax,

Sub.

Lien

,

2015

B

,

Refunding

,

5

%

,

9/01/40

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

4,000,000

4,027,610

Kaweah

Delta

Health

Care

District

Guild

,

Revenue

,

2015

B

,

5

%

,

6/01/40

..........

3,250,000

3,163,097

Lake

Tahoe

Unified

School

District

,

GO

,

2012

,

Zero

Cpn.,

8/01/40

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

1,140,000

1,185,705

Lammersville

Joint

Unified

School

District

,

Community

Facilities

District

No.

2014-1

Improvement

Area

No.

1

,

Special

Tax

,

2017

,

5

%

,

9/01/42

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

2,750,000

2,815,877

Las

Virgenes

Unified

School

District

,

GO

,

2011

C

,

Zero

Cpn.,

8/01/33

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

8,050,000

9,208,838

Lemon

Grove

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2014

,

Refunding

,

AGMC

Insured

,

4

%

,

8/01/34

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

1,000,000

1,033,570

Lemon

Grove

School

District

,

GO

,

2010

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/45

.....

6,500,000

6,616,568

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007

A

,

5

%

,

11/15/29

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

4,630,000

4,921,059

Los

Alamitos

Unified

School

District

,

COP

,

2012

,

5.95

%

,

8/01/34

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

1,500,000

1,700,396

COP

,

2012

,

6.05

%

,

8/01/42

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

4,500,000

5,018,881

Los

Angeles

Unified

School

District

,

GO

,

2024

QRR

,

4

%

,

7/01/49

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

10,000,000

10,095,094

GO

,

2024

QRR

,

5.25

%

,

7/01/49

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

16,000,000

18,441,832

Mendocino-Lake

Community

College

District

,

GO

,

2011

B

,

AGMC

Insured

,

6.55

%

,

8/01/36

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

5,150,000

6,327,635

GO

,

2011

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/40

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

7,500,000

9,171,820

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

3

,

Special

Tax

,

2018

,

5

%

,

9/01/43

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

1,000,000

1,034,771

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

3

,

Special

Tax

,

2018

,

5

%

,

9/01/48

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

1,500,000

1,546,015

Metropolitan

Water

District

of

Southern

California

,

Revenue

,

2024

C

,

Refunding

,

5

%

,

4/01/49

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

5,000,000

5,645,582

Middle

Fork

Project

Finance

Authority

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/34

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

1,100,000

1,160,730

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/35

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

1,150,000

1,210,821

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Moreno

Valley

Unified

School

District

,

Community

Facilities

District

No.

2015-3

,

Special

Tax

,

2019

,

4.125

%

,

9/01/48

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

$

360,000

$

345,661

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

32,300,000

42,029,312

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

3/01/37

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

2,500,000

2,561,311

Revenue

,

2017

A

,

Refunding

,

BAM

Insured

,

4

%

,

3/01/42

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

5,000,000

5,000,059

Oak

Park

Unified

School

District

,

GO

,

2011

A

,

7.1

%

,

8/01/38

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

6,600,000

8,258,344

Orange

County

Community

Facilities

District

,

County

of

Orange

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2015

A

,

5

%

,

8/15/34

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

1,495,000

1,510,150

County

of

Orange

Community

Facilities

District

No.

2015-1

,

Special

Tax

,

2015

A

,

5.25

%

,

8/15/45

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

4,880,000

4,919,843

County

of

Orange

Community

Facilities

District

No.

2017-1

Area

No.

1

,

Special

Tax

,

2018

A

,

5

%

,

8/15/47

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

9,550,000

9,814,402

Palomar

Health

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/39

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

12,190,000

11,951,345

Palomar

Health

Obligated

Group

,

COP

,

4

%

,

11/01/38

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

5,000,000

4,486,838

Palomar

Health

Obligated

Group

,

COP

,

4

%

,

11/01/47

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

6,000,000

4,853,359

Paso

Robles

Joint

Unified

School

District

,

GO

,

2010

A

,

Zero

Cpn.,

9/01/45

........

15,000,000

6,198,910

Perris

Community

Facilities

District

,

City

of

Perris

Community

Facilities

District

No.

2001-2

,

Special

Tax

,

2014

A

,

Refunding

,

5.25

%

,

9/01/32

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

4,500,000

4,505,964

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2001-1

,

Special

Tax

,

2014

E

,

Refunding

,

4.25

%

,

9/01/38

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

4,120,000

4,120,484

Community

Facilities

District

No.

2014-1

Improvement

Area

No.

2

,

Special

Tax

,

2018

A

,

4

%

,

9/01/48

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

1,530,000

1,441,050

Rancho

Mirage

Community

Facilities

District

,

Community

Facilities

District

No.

5

Improvement

Area

No.

1

,

Special

Tax

,

2024

A

,

5

%

,

9/01/44

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

2,200,000

2,310,518

Community

Facilities

District

No.

5

Improvement

Area

No.

1

,

Special

Tax

,

2024

A

,

5

%

,

9/01/49

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

1,500,000

1,567,615

Community

Facilities

District

No.

5

Improvement

Area

No.

1

,

Special

Tax

,

2024

A

,

5

%

,

9/01/54

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

1,400,000

1,459,153

Redondo

Beach

Unified

School

District

,

GO

,

2011

E

,

6.2

%

,

8/01/31

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

2,750,000

3,265,037

Richland

School

District

,

GO

,

2009

C

,

AGMC

Insured

,

Zero

Cpn.,

8/01/49

.........

22,000,000

6,999,296

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

6.85

%

,

8/01/42

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

13,000,000

16,970,938

Rio

Vista

Community

Facilities

District

,

City

of

Rio

Vista

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2018

,

Refunding

,

5

%

,

9/01/33

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

1,625,000

1,688,376

City

of

Rio

Vista

Community

Facilities

District

No.

2018-1

,

Special

Tax

,

2018

,

Refunding

,

5

%

,

9/01/48

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

1,190,000

1,218,612

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

2023-1

Area

No.

1

,

Special

Tax

,

2023

,

5

%

,

9/01/38

...

500,000

529,891

Community

Facilities

District

2023-1

Area

No.

1

,

Special

Tax

,

2023

,

5.5

%

,

9/01/43

.

2,000,000

2,160,424

Community

Facilities

District

2023-1

Area

No.

1

,

Special

Tax

,

2023

,

5.5

%

,

9/01/48

.

3,090,000

3,305,054

Community

Facilities

District

2023-1

Area

No.

1

,

Special

Tax

,

2023

,

5.625

%

,

9/01/53

4,840,000

5,179,846

Community

Facilities

District

No

2003-1

Improvement

Area

No.

2

,

Special

Tax

,

2022

,

5.75

%

,

9/01/52

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

4,250,000

4,475,197

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

2.625

%

,

9/01/34

.....

860,000

750,538

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

2.625

%

,

9/01/35

.....

925,000

793,236

Community

Facilities

District

No.

2021-1

,

Special

Tax

,

2021

,

4

%

,

9/01/46

........

1,500,000

1,401,392

Community

Facilities

District

No.

2023-1

Improvement

Area

2

,

Special

Tax

,

2024

,

5

%

,

9/01/48

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

1,650,000

1,699,096

Community

Facilities

District

No.

2023-1

Improvement

Area

2

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

2,625,000

2,689,982

Riverbank

Unified

School

District

,

GO

,

2008

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/38

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

6,690,000

3,918,797

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Riverbank

Unified

School

District,

(continued)

GO

,

2008

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/43

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

$

8,750,000

$

4,030,687

Riverside

County

Community

Facilities

Districts

,

County

of

Riverside

Community

Facilities

District

No.

03-1

,

Special

Tax

,

2014

,

Refunding

,

5

%

,

9/01/30

..........

1,500,000

1,505,782

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

Zero

Cpn.,

6/01/43

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

7,500,000

3,464,065

Romoland

School

District

,

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/35

4,690,000

4,734,497

Community

Facilities

District

No.

2004-1

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/38

3,000,000

3,026,626

Community

Facilities

District

No.

2004-1

Improvement

Area

No.

3

,

Special

Tax

,

2013

,

5

%

,

9/01/36

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

1,500,000

1,501,515

Rowland

Unified

School

District

,

GO

,

2009

B

,

Zero

Cpn.,

8/01/34

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

5,000,000

3,511,583

GO

,

2009

B

,

Zero

Cpn.,

8/01/39

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

15,000,000

8,541,369

GO

,

2009

B

,

Zero

Cpn.,

8/01/42

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

10,750,000

5,640,235

San

Bernardino

Community

College

District

,

GO

,

2008

D

,

Pre-Refunded

,

5

%

,

8/01/48

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

3,760,000

3,818,281

GO

,

2009

B

,

Zero

Cpn.,

8/01/44

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

12,495,000

5,655,862

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Sewer

Utility

,

Revenue

,

2024

A

,

5

%

,

5/15/54

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

10,000,000

11,121,724

San

Diego

Unified

School

District

,

GO

,

2010

C

,

Zero

Cpn.,

7/01/47

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

26,025,000

26,275,886

GO

,

2012

E

,

Zero

Cpn.,

7/01/42

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

6,940,000

5,867,685

GO

,

2012

E

,

Zero

Cpn.,

7/01/47

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

13,500,000

11,479,874

GO

,

2024

H-2

,

5

%

,

7/01/49

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

2,500,000

2,801,908

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/37

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

5,535,000

5,816,895

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/44

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

10,000,000

10,375,622

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/49

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

10,000,000

10,329,166

Revenue,

Second

Series

,

2019

E

,

5

%

,

5/01/50

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

34,520,000

35,631,019

Revenue,

Second

Series

,

2024

A

,

Refunding

,

5.25

%

,

5/01/49

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

12,500,000

13,597,841

Revenue,

Second

Series

,

2024

B

,

Refunding

,

5

%

,

5/01/49

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

5,250,000

5,865,747

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2024

C

,

5

%

,

10/01/54

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

50,000,000

55,619,160

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

c

Tax

Allocation

,

144A,

2016

D

,

Zero

Cpn.,

8/01/26

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

2,000,000

1,851,128

c

Tax

Allocation

,

144A,

2016

D

,

Zero

Cpn.,

8/01/31

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

6,000,000

4,355,920

c

Tax

Allocation

,

144A,

2016

D

,

Zero

Cpn.,

8/01/43

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

16,500,000

6,569,800

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District

,

Tax

Allocation

,

2014

A

,

5

%

,

8/01/43

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

2,500,000

2,501,803

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/26

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

19,475,000

18,740,418

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

Zero

Cpn.,

1/15/32

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

50,225,000

39,131,940

Revenue,

Junior

Lien

,

ETM,

Zero

Cpn.,

1/01/28

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

19,150,000

17,647,872

Revenue,

Junior

Lien

,

2014

B

,

Refunding

,

5.25

%

,

1/15/44

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

6,925,000

6,935,465

Revenue,

Junior

Lien

,

2014

B

,

Refunding

,

5.25

%

,

1/15/49

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

88,070,000

88,194,126

Santa

Barbara

Unified

School

District

,

GO

,

2011

A

,

7

%

,

8/01/36

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

8,000,000

10,606,346

Siskiyou

Union

High

School

District

,

GO

,

2009

B

,

AGMC

Insured

,

Zero

Cpn.,

8/01/49

15,015,000

4,823,282

St.

Helena

Unified

School

District

,

GO

,

2011

B

,

Zero

Cpn.,

6/01/36

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

10,000,000

12,392,472

State

of

California

,

GO

,

5

%

,

9/01/53

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

8,000,000

8,888,389

Sulphur

Springs

Union

School

District

,

Community

Facilities

District

No.

2006-1

,

Special

Tax

,

2018

,

5

%

,

9/01/43

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

2,820,000

2,902,871

Susanville

School

District

,

GO

,

2010

,

AGMC

Insured

,

Zero

Cpn.,

8/01/49

.........

17,505,000

5,648,260

Tejon

Ranch

Public

Facilities

Finance

Authority

,

Tejon

Industrial

Complex

Public

Improvements

–

East

Community

Facilities

District

No.

2008-1

,

Special

Tax

,

2024

A

,

Refunding

,

5

%

,

9/01/54

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

2,250,000

2,359,584

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

4

Improvement

Area

No.

3

,

Special

Tax

,

2024

,

5

%

,

9/01/44

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

$

600,000

$

643,444

Community

Facilities

District

No.

4

Improvement

Area

No.

3

,

Special

Tax

,

2024

,

5

%

,

9/01/54

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

1,185,000

1,253,319

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2006

C

,

Zero

Cpn.,

6/01/46

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

23,500,000

5,000,024

San

Diego

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2019

B-1

,

2

,

Refunding

,

5

%

,

6/01/48

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

6,480,000

6,612,815

Torrance

Unified

School

District

,

GO

,

2009

B-1

,

Zero

Cpn.,

8/01/34

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

5,320,000

3,313,510

Tracy

Community

Facilities

District

,

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

1

,

Special

Tax

,

2018

,

5

%

,

9/01/43

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

5,500,000

5,635,405

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

1

,

Special

Tax

,

2018

,

5

%

,

9/01/48

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

6,490,000

6,612,287

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

1

,

Special

Tax

,

2019

,

5

%

,

9/01/49

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

1,960,000

1,995,019

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation

,

2020

B

,

5

%

,

10/01/38

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

550,000

567,333

Truckee-Donner

Public

Utility

District

,

Community

Facilities

District

No.

04-1

,

Special

Tax

,

2004

,

5.75

%

,

9/01/29

........

2,295,000

2,295,781

Community

Facilities

District

No.

04-1

,

Special

Tax

,

2004

,

5.8

%

,

9/01/35

........

4,470,000

4,469,848

Community

Facilities

District

No.

04-1

,

Special

Tax

,

2005

,

5.2

%

,

9/01/25

........

705,000

703,003

Community

Facilities

District

No.

04-1

,

Special

Tax

,

2005

,

5.25

%

,

9/01/30

........

4,990,000

4,921,558

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2015

A

,

5

%

,

9/01/40

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

750,000

756,501

City

of

Tustin

Community

Facilities

District

No.

2014-1

,

Special

Tax

,

2015

A

,

5

%

,

9/01/45

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

1,000,000

1,006,856

University

of

California

,

Revenue

,

2024

BW

,

Refunding

,

5

%

,

5/15/54

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

13,795,000

15,342,418

Val

Verde

Unified

School

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/29

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

3,200,000

3,215,362

Special

Tax

,

2015

,

Refunding

,

5

%

,

9/01/37

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

2,000,000

2,009,601

Vallejo

Redevelopment

Agency

,

Tax

Allocation

,

2001

A

,

7

%

,

10/01/31

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

1,765,000

1,769,830

Victor

Valley

Community

College

District

,

GO

,

2008

C

,

Zero

Cpn.,

6/01/49

.........

11,940,000

4,111,779

Washington

Township

Health

Care

District

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

7/01/35

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

2,000,000

1,930,517

Revenue

,

2017

B

,

Refunding

,

4

%

,

7/01/36

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

1,900,000

1,820,892

Westside

Union

School

District

,

Community

Facilities

District

No.

2018-1

Area

1

,

Special

Tax

,

2021

,

4

%

,

9/01/46

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

360,000

337,597

2,593,887,705

Florida

0.6%

c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

Zero

Cpn.,

3/01/29

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

8,300,000

6,664,705

c

,h

Florida

Development

Finance

Corp.

,

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

12

%

,

7/15/28

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

4,000,000

4,268,998

Brightline

Florida

Holdings

LLC

,

Revenue

,

144A,

2024

A

,

Mandatory

Put

,

8.25

%

,

2/14/25

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

7,250,000

7,470,888

18,404,591

Minnesota

0.1%

c

City

of

Fridley

,

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

B-2

,

9

%

,

6/01/41

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

3,250,000

3,283,689

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.3%

c

City

of

Dallas

Housing

Finance

Corp.

,

DHFC

-

Dylan

Apartments

LLC

(The)

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

6.25

%

,

12/01/54

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

$

10,100,000

$

9,320,611

Virgin

Islands

0.3%

Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/39

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

9,660,000

10,059,508

Virginia

0.2%

c

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

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

5,250,000

5,308,786

Wisconsin

0.4%

c

Public

Finance

Authority

,

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

B

,

6.625

%

,

2/01/46

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

7,000,000

6,507,942

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

,

Zero

Cpn.,

12/01/45

...

6,000,000

4,275,001

10,782,943

U.S.

Territories

5.8%

Guam

0.7%

Guam

Government

Waterworks

Authority

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/40

..

9,885,000

10,170,140

Guam

Power

Authority

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/38

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

4,750,000

4,898,741

Territory

of

Guam

,

Revenue

,

2021

F

,

Refunding

,

4

%

,

1/01/36

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

250,000

250,656

Revenue

,

2021

F

,

Refunding

,

4

%

,

1/01/42

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

1,125,000

1,100,809

Hotel

Occupancy

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/01/35

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

3,000,000

3,155,632

19,575,978

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

2,750,000

2,688,447

Puerto

Rico

5.0%

Commonwealth

of

Puerto

Rico

,

j

GO

,

FRN

,

Zero

Cpn.,

11/01/43

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

3,035,819

1,878,413

GO

,

2022

A-1

,

5.375

%

,

7/01/25

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

441,426

446,407

GO

,

2022

A-1

,

5.625

%

,

7/01/27

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

809,842

847,602

GO

,

2022

A-1

,

5.625

%

,

7/01/29

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

796,704

860,046

GO

,

2022

A-1

,

5.75

%

,

7/01/31

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

773,832

863,203

GO

,

2022

A-1

,

4

%

,

7/01/33

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

733,796

731,607

GO

,

2022

A-1

,

4

%

,

7/01/35

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

659,584

652,830

GO

,

2022

A-1

,

4

%

,

7/01/37

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

566,098

556,082

GO

,

2022

A-1

,

4

%

,

7/01/41

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

769,676

741,600

GO

,

2022

A-1

,

4

%

,

7/01/46

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

16,300,453

15,547,814

GO

,

2022

A-1

,

Zero

Cpn.,

7/01/33

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

944,324

654,383

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

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

15,712,189

15,358,665

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

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

685,869

686,026

HTA

TRRB

Custodial

Trust

,

Revenue

,

2005

L

,

5.25

%

,

7/01/41

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

2,710,951

2,632,581

Revenue

,

2007

N

,

5.25

%

,

7/01/36

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

271,095

272,198

Puerto

Rico

Electric

Power

Authority

,

d

Revenue

,

1

,

10

%

,

1/01/21

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

1,768,493

809,086

d

Revenue

,

2

,

10

%

,

7/01/21

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

1,768,493

809,086

d

Revenue

,

2013

A

,

10

%

,

7/01/19

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

1,601,766

732,808

d

Revenue

,

2013

A

,

5

%

,

7/01/29

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

2,300,000

1,058,000

d

Revenue

,

2013

A

,

7

%

,

7/01/33

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

25,000,000

11,500,000

d

Revenue

,

2013

A

,

6.75

%

,

7/01/36

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

11,735,000

5,398,100

d

Revenue

,

2013

A

,

7

%

,

7/01/43

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

5,000,000

2,300,000

d

Revenue

,

2016

B-1

,

10

%

,

7/01/19

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

1,601,765

732,807

d

Revenue

,

3

,

10

%

,

1/01/22

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

600,000

274,500

d

Revenue

,

4

,

10

%

,

7/01/22

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

600,000

274,650

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

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

$

1,800,000

$

1,798,919

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625

%

,

1/01/27

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

362,482

359,470

Revenue

,

2000

B

,

6.625

%

,

1/01/28

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

2,764,591

2,739,775

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.55

%

,

7/01/40

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

100,000

100,364

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

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

10,500,000

10,509,933

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

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

8,695,000

8,734,248

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/46

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

20,000,000

6,775,700

Sales

Tax

,

Revenue

,

A-1

,

Zero

Cpn.,

7/01/51

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

47,945,000

11,908,565

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

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

26,463,000

26,463,228

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

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

12,300,000

12,325,242

148,333,938

Total

U.S.

Territories

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

170,598,363

Total

Municipal

Bonds

(Cost

$

2,818,003,224

)

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

2,831,218,436

Shares

Escrows

and

Litigation

Trusts

0.1%

a

,b

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

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

3,031,496

2,425,197

Total

Escrows

and

Litigation

Trusts

(Cost

$

–

)

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

2,425,197

Total

Long

Term

Investments

(Cost

$

2,899,696,568

)

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

2,902,926,603

a

a

a

a

a

Short

Term

Investments

1.1%

Principal

Amount

Municipal

Bonds

1.1%

California

1.1%

k

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2009

B

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.8

%

,

9/01/38

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

11,000,000

11,000,000

k

California

Statewide

Communities

Development

Authority

,

Rady

Children's

Hospital

Obligated

Group

,

Revenue

,

2008

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.8

%

,

8/15/47

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

6,700,000

6,700,000

k

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

A-6

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.6

%

,

7/01/35

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

2,000,000

2,000,000

Water

System

,

Revenue

,

2019

A-2

,

Refunding

,

SPA

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

2.65

%

,

7/01/45

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

9,200,000

9,200,000

k

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

2.6

%

,

5/15/48

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

300,000

300,000

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

Franklin

California

High

Yield

Municipal

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

California

(continued)

k

University

of

California,

(continued)

Revenue

,

2013

AL-4

,

Refunding

,

Daily

VRDN

and

Put

,

2.6

%

,

5/15/48

...........

$

3,250,000

$

3,250,000

32,450,000

Total

Municipal

Bonds

(Cost

$

32,450,000

)

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

32,450,000

Total

Short

Term

Investments

(Cost

$

32,450,000

)

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

32,450,000

a

Total

Investments

(Cost

$

2,932,146,568

)

99.6

%

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

$2,935,376,603

Other

Assets,

less

Liabilities

0.4

%

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

13,214,699

Net

Assets

100.0%

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

$2,948,591,302

See

Abbreviations

on

page

24

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2024,

the

aggregate

value

of

these

securities

was

$856,283,274,

representing

29.0%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

Security

purchased

on

a

when-issued

basis.

h

The

maturity

date

shown

represents

the

mandatory

put

date.

i

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

j

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

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

21

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Franklin

Municipal

Securities

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

one

fund, Franklin

California

High

Yield

Municipal

Fund

(Fund).

The Fund

follows

the accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3. Securities

Purchased

on

a Forward

Commitment

Basis

The

Fund may

purchase

securities

on

a

forward

commitment

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date. These

types

of

securities

may

be

considered

unfunded

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

At

November

30,

2024,

unfunded

commitments

were

as

follows:

Franklin

Municipal

Securities

Trust

Notes

to

Schedule

of

Investments

(unaudited)

22

Quarterly

Schedule

of

Investments

4. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

November

30,

2024,

in

valuing

the Fund's

assets

carried

at

fair

value,

is

as

follows:  

Borrower

Unfunded

Commitment

Franklin

California

High

Yield

Municipal

Fund

Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$

6,789,003

B-2,

7.125%,

7/01/59

32,971,162

$39,760,165

Level

1

Level

2

Level

3

Total

Franklin

California

High

Yield

Municipal

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

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

$

—

$

—

$

—

b

$

—

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

—

16,092,950

16,092,950

Diversified

Consumer

Services

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

—

42,979,239

—

42,979,239

Electric

Utilities

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

—

10,026,125

—

10,026,125

Senior

Floating

Rate

Interests

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

—

—

184,656

b

184,656

Municipal

Bonds

:

Arizona

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

—

9,572,240

—

9,572,240

California

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

—

2,589,213,684

4,674,021

2,593,887,705

Florida

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

—

18,404,591

—

18,404,591

Minnesota

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

—

3,283,689

—

3,283,689

Texas

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

—

9,320,611

—

9,320,611

Virgin

Islands

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

—

10,059,508

—

10,059,508

Virginia

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

—

5,308,786

—

5,308,786

Wisconsin

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

—

10,782,943

—

10,782,943

U.S.

Territories

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

Guam

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

—

19,575,978

—

19,575,978

Pacific

Islands

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

—

2,688,447

—

2,688,447

Puerto

Rico

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

—

148,333,938

—

148,333,938

Escrows

and

Litigation

Trusts

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

—

—

2,425,197

2,425,197

Short

Term

Investments

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

—

32,450,000

—

32,450,000

Total

Investments

in

Securities

...........

$—

$2,911,999,779

$23,376,824

$2,935,376,603

Other

Financial

Instruments:

Unfunded

Commitments

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

$—

$—

$1,620,918

$1,620,918

Total

Other

Financial

Instruments

.........

$—

$—

$1,620,918

$1,620,918

3. Securities

Purchased

on

a Forward

Commitment

Basis

(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Schedule

of

Investments

(unaudited)

23

Quarterly

Schedule

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At November

30,

2024,

the

reconciliation

is

as

follows:

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

Balance

at

Beginning

of

Period

Purchases

a

Sales

b

Transfer

Into

Level

3

c

Transfer

Out

of

Level

3

Net

Accretion

(

Amortiza

-

tion

)

Net

Realized

Gain

(Loss)

Net

Unr

ealized

Appreciation

(Depreciation)

Balance

at

End

of

Period

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Assets

Held

at

Period

End

a

a

a

a

a

a

a

a

a

a

a

Franklin

California

High

Yield

Municipal

Fund

Assets:

Investments

in

Securities:

Common

Stocks

:

United

States

.

$

—

$

—

d

$

—

$

—

$

—

$

—

$

—

$

—

$

—

d

$

—

Corporate

Bonds

:

United

States

.

21,630,500

—

—

—

—

—

—

(5,537,550)

16,092,950

(5,537,550)

Senior

Floating

Rate

Interests

:

United

States

.

1,354,086

420,673

(838,509)

—

—

347,236

4,411

(1,103,241)

184,656

d

(1,104,974)

Municipal

Bonds

:

United

States

.

—

3,923,500

—

386,082

—

409

—

364,030

4,674,021

364,030

Escrows

and

Litigation

Trusts

2,425,197

—

—

—

—

—

—

—

2,425,197

—

Total

Investments

in

Securities

.......

$25,409,783

$4,344,173

$(838,509)

$386,082

$—

$347,645

$4,411

$(6,276,761)

$23,376,824

$(6,278,494)

Other

Financial

Instruments:

Unfunded

Commitments

.

$1,620,918

$—

$—

$—

$—

$—

$—

$—

$1,620,918

$—

a

Purchases

include

all

purchases

of

securities

and

securities

received

in

corporate

actions.

b

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

c

Transferred

into

Level

3

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

d

Includes

financial

instruments

determined

to

have

no

value.

4. Fair

Value

Measurements

(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Schedule

of

Investments

(unaudited)

24

Quarterly

Schedule

of

Investments

Abbreviations

Selected

Portfolio

AGMC

Assured

Guaranty

Municipal

Corp.

BAM

Build

America

Mutual

Assurance

Co.

CME

Chicago

Mercantile

Exchange

COP

Certificate

of

Participation

ETM

Escrowed

to

Maturity

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

PIK

Payment-In-Kind

SOFR

Secured

Overnight

Financing

Rate

SPA

Standby

Purchase

Agreement

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.