# EDGAR Filing Document

**Accession Number:** 0000881309
**File Stem:** 0001133228-25-011521
**Filing Date:** 2025-10
**Character Count:** 218917
**Document Hash:** 718e4ef187218245545d72cfb516cb5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011521.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011521

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN MUNICIPAL SECURITIES TRUST
- **CENTRAL INDEX KEY:** 0000881309

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06481
- **FILM NUMBER:** 251432761

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND (Series ID: S000006860)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018537 | CLASS A1      | FCAMX           |
| C000018539 | CLASS C       | FCAHX           |
| C000040036 | ADVISOR CLASS | FVCAX           |
| C000194351 | CLASS R6      | FCAQX           |
| C000205976 | Class A       | FCQAX           |

?xml version='1.0' encoding='ASCII'? 2025-09-1174200012400_FranklinCaliforniaHighYieldMunicipalFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-06481**

 **Franklin Municipal Securities Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **February 28**

Date of reporting period: **August 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin California High Yield Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FCQAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California High Yield Municipal Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $40 | 0.80% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2944491522 |
| **Total Number of Portfolio Holdings** | 707 |
| **Portfolio Turnover Rate** | 9.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4916img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin California High Yield Municipal Fund PAGE 1 1175-STSR-1025

22.419.413.312.38.18.06.24.02.61.61.30.50.3 ------

---

| | |
|:---|:---|
| **Franklin California High Yield Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FCAMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California High Yield Municipal Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $32 | 0.65% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2944491522 |
| **Total Number of Portfolio Holdings** | 707 |
| **Portfolio Turnover Rate** | 9.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4915img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin California High Yield Municipal Fund PAGE 1 175-STSR-1025

22.419.413.312.38.18.06.24.02.61.61.30.50.3 ------

---

| | |
|:---|:---|
| **Franklin California High Yield Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCAHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California High Yield Municipal Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $60 | 1.20% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2944491522 |
| **Total Number of Portfolio Holdings** | 707 |
| **Portfolio Turnover Rate** | 9.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4918img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin California High Yield Municipal Fund PAGE 1 275-STSR-1025

22.419.413.312.38.18.06.24.02.61.61.30.50.3 ------

---

| | |
|:---|:---|
| **Franklin California High Yield Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FCAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California High Yield Municipal Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $25 | 0.50% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2944491522 |
| **Total Number of Portfolio Holdings** | 707 |
| **Portfolio Turnover Rate** | 9.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4919img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin California High Yield Municipal Fund PAGE 1 8175-STSR-1025

22.419.413.312.38.18.06.24.02.61.61.30.50.3 ------

---

| | |
|:---|:---|
| **Franklin California High Yield Municipal Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FVCAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin California High Yield Municipal Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $27 | 0.55% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2944491522 |
| **Total Number of Portfolio Holdings** | 707 |
| **Portfolio Turnover Rate** | 9.34% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4914img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin California High Yield Municipal Fund PAGE 1 675-STSR-1025

22.419.413.312.38.18.06.24.02.61.61.30.50.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments
 contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

August

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 28
Notes

to

Financial

Statements

#### 32
Changes

In

and

Disagreements

with

Accountants

#### 41
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Municipal

Securities

Trust

Financial

Highlights

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.91

$9.85

$9.69

$11.02

$11.49

$10.81

$11.10

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.20 0.39 0.39 0.36 0.26 0.35 0.34 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

0.06 0.16 (1.35)

(0.49)

0.67 (0.29)

Total

from

investment

operations

...........

(0.30)

0.45 0.55 (0.99)

(0.23)

1.02 0.05 Less

distributions

from:

Net

investment

income

..

(0.20)

(0.39)

(0.39)

(0.34)

(0.24)

(0.34)

(0.34)

Net

asset

value,

end

of

period

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

$9.41

$9.91

$9.85

$9.69

$11.02

$11.49

$10.81

Total

return

e

...........

(3.01)%

4.67%

5.85%

(9.03)%

(2.09)%

9.57%

0.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.80%

0.80%

g

0.84%

g

0.88%

g

0.81%

g

0.79%

g

0.80%

g

Net

investment

income

...

4.22%

3.98%

4.10%

3.63%

2.88%

3.10%

3.10%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$990,079

$981,536

$710,549

$595,614

$714,052

$618,967

$425,757

Portfolio

turnover

rate

....

9.34%

10.33%

10.93%

18.77%

10.19%

9.20%

23.29%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Municipal

Securities

Trust

Financial

Highlights

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.89

$9.83

$9.67

$10.99

$11.47

$10.79

$11.08

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.21 0.41 0.41 0.38 0.26 0.37 0.36 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

0.06 0.15 (1.35)

(0.49)

0.67 (0.29)

Total

from

investment

operations

...........

(0.29)

0.47 0.56 (0.97)

(0.23)

1.04 0.07 Less

distributions

from:

Net

investment

income

..

(0.21)

(0.41)

(0.40)

(0.35)

(0.25)

(0.36)

(0.36)

Net

asset

value,

end

of

period

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

$9.39

$9.89

$9.83

$9.67

$10.99

$11.47

$10.79

Total

return

e

...........

(2.95)%

4.84%

6.02%

(8.83)%

(2.07)%

9.76%

0.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.65%

0.65%

g

0.69%

g

0.72%

g

0.66%

g

0.64%

g

0.65%

g

Net

investment

income

...

4.37%

4.13%

4.25%

3.78%

3.04%

3.27%

3.25%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$656,240

$712,086

$776,199

$862,312

$1,166,095

$1,254,701

$1,282,022

Portfolio

turnover

rate

....

9.34%

10.33%

10.93%

18.77%

10.19%

9.20%

23.29%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Municipal

Securities

Trust

Financial

Highlights

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.97

$9.91

$9.75

$11.08

$11.56

$10.87

$11.17

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.18 0.35 0.36 0.32 0.21 0.30 0.30 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

0.06 0.15 (1.35)

(0.49)

0.69 (0.30)

Total

from

investment

operations

...........

(0.32)

0.41 0.51 (1.03)

(0.28)

0.99 —

Less

distributions

from:

Net

investment

income

..

(0.18)

(0.35)

(0.35)

(0.30)

(0.20)

(0.30)

(0.30)

Net

asset

value,

end

of

period

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

$9.47

$9.97

$9.91

$9.75

$11.08

$11.56

$10.87

Total

return

e

...........

(3.19)%

4.22%

5.39%

(9.35)%

(2.46)%

9.18%

(0.04)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

1.20%

1.20%

g

1.23%

g

1.27%

g

1.20%

g

1.19%

g

1.20%

g

Net

investment

income

...

3.78%

3.54%

3.66%

3.19%

2.47%

2.69%

2.70%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$72,670

$85,107

$92,877

$118,149

$180,173

$223,652

$253,579

Portfolio

turnover

rate

....

9.34%

10.33%

10.93%

18.77%

10.19%

9.20%

23.29%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Municipal

Securities

Trust

Financial

Highlights

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.93

$9.86

$9.70

$11.03

$11.51

$10.82

$11.12

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.22 0.42 0.42 0.39 0.27 0.38 0.38 Net

realized

and

unrealized

gains

(losses)

...........

(0.51)

0.07 0.16 (1.35)

(0.49)

0.68 (0.30)

Total

from

investment

operations

...........

(0.29)

0.49 0.58 (0.96)

(0.22)

1.06 0.08 Less

distributions

from:

Net

investment

income

..

(0.22)

(0.42)

(0.42)

(0.37)

(0.26)

(0.37)

(0.38)

Net

asset

value,

end

of

period

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

$9.42

$9.93

$9.86

$9.70

$11.03

$11.51

$10.82

Total

return

e

...........

(2.87)%

4.97%

6.14%

(8.76)%

(1.96)%

9.97%

0.63%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

...

0.50%

0.51%

0.55%

0.58%

0.53%

0.52%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

...

0.50%

0.51%

g

0.55%

g

0.58%

g,h

0.52%

g

0.51%

g

0.51%

g

Net

investment

income

...

4.50%

4.26%

4.38%

3.91%

3.16%

3.37%

3.39%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$62,616

$65,877

$50,713

$44,724

$60,366

$45,216

$26,741

Portfolio

turnover

rate

....

9.34%

10.33%

10.93%

18.77%

10.19%

9.20%

23.29%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Municipal

Securities

Trust

Financial

Highlights

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### Year

#### Ended

#### February

#### 28,

#### 2022

#### b

#### Year

#### Ended

#### May

#### 31,

#### 2025

#### 2024

#### a

#### 2023

#### 2021

#### 2020

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

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

$9.91

$9.85

$9.69

$11.02

$11.50

$10.82

$11.11

Income

from

investment

operations

c

:

Net

investment

income

d

.

0.21 0.42 0.42 0.39 0.27 0.38 0.37 Net

realized

and

unrealized

gains

(losses)

...........

(0.50)

0.06 0.15 (1.36)

(0.49)

0.67 (0.29)

Total

from

investment

operations

...........

(0.29)

0.48 0.57 (0.97)

(0.22)

1.05 0.08 Less

distributions

from:

Net

investment

income

..

(0.21)

(0.42)

(0.41)

(0.36)

(0.26)

(0.37)

(0.37)

Net

asset

value,

end

of

period

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

$9.41

$9.91

$9.85

$9.69

$11.02

$11.50

$10.82

Total

return

e

...........

(2.89)%

4.93%

6.11%

(8.80)%

(1.99)%

9.84%

0.68%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

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

0.55%

0.55%

g

0.59%

g

0.62%

g

0.56%

g

0.54%

g

0.55%

g

Net

investment

income

...

4.46%

4.22%

4.34%

3.87%

3.13%

3.35%

3.35%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

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

$1,162,887

$1,185,778

$914,542

$922,275

$1,186,382

$1,113,278

$903,694

Portfolio

turnover

rate

....

9.34%

10.33%

10.93%

18.77%

10.19%

9.20%

23.29%

a

For

the

year

ended

February

29. b

For

the

period

June

1,

2021

to

February

28,

2022. c

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

d

Based

on

average

daily

shares

outstanding.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

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

#### Corporate

#### Bonds

#### 2.3%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.6%
a,c

CalPlant

I

LLC

,

Senior

Secured

Note,

144A,

15%,

2/28/27

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

$

4,195,000

4,195,000

d

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

1,370,000

178,100

d

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

5,220,000

678,600

d

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

2,875,000

373,750

d

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

250,000

32,500

d

C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

1,885,000

1,885,000

d

X,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

2,830,000

2,830,000

d

A,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

1,000,000

1,000,000

d

B,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

890,000

890,000

d

C,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

1,415,000

1,415,000

d

D,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

1,230,000

1,230,000

d

E,

Senior

Secured

Note,

144A,

9.5%,

8/31/23

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

1,385,000

1,385,000

16,092,950

#### Diversified

#### Consumer

#### Services

#### 1.4%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

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

41,035,000

40,416,931

#### Electric

#### Utilities

#### 0.3%
c

Mission

Rock

Utilities,

Inc.

,

144A,

%

,

7/01/27

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

10,000,000

10,107,789

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $75,525,711)

#### ......................................

#### 66,617,670

#### Municipal

#### Bonds

#### 96.1%

#### Arizona

#### 0.5%
c

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

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

13,640,000

14,326,478

#### California

#### 88.6%
Alameda

Community

Facilities

District

,

City

of

Alameda

Community

Facilities

District

No.

22-1,

Special

Tax,

2023,

5%,

9/01/38

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

850,000

875,348

City

of

Alameda

Community

Facilities

District

No.

22-1,

Special

Tax,

2023,

5%,

9/01/43

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

1,000,000

1,000,118

City

of

Alameda

Community

Facilities

District

No.

22-1,

Special

Tax,

2023,

5%,

9/01/53

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

1,000,000

972,311

Bay

Area

Toll

Authority

,

Revenue

,

2025

,

Refunding

,

%

,

4/01/53

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

1,785,000

1,837,159

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue,

Senior

Lien,

2024

B,

AG

Insured,

4.375%,

7/01/49

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

5,000,000

4,477,547

Revenue,

Senior

Lien,

2024

B,

AG

Insured,

4.5%,

7/01/54

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

5,750,000

5,183,921

e

California

Community

Choice

Financing

Authority

,

Revenue,

2021

B-1,

Mandatory

Put,

4%,

8/01/31

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

10,000,000

10,047,995

Revenue,

2024

B,

Mandatory

Put,

5%,

12/01/32

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

10,000,000

10,443,962

Revenue,

2024

D,

Mandatory

Put,

5%,

9/01/32

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

10,000,000

10,772,475

Revenue,

2024

E,

Mandatory

Put,

5%,

9/01/32

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

10,000,000

10,722,316

California

Community

College

Financing

Authority

,

c

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

A,

5.75%,

7/01/60

.....

30,295,000

24,807,788

c

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

B,

7.75%,

7/01/30

.....

2,405,000

2,316,787

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Community

College

Financing

Authority,

(continued)

c

NCCD-Napa

Valley

Properties

LLC,

Revenue,

144A,

2022

C,

6.75%,

7/01/60

.....

$

7,050,000

$

5,898,971

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/48

..........

225,000

227,628

NCCD-Orange

Coast

Properties

LLC,

Revenue,

2018,

5.25%,

5/01/53

..........

7,785,000

7,852,002

c

California

Community

Housing

Agency

,

Annadel

Apartments,

Revenue,

144A,

2019

A,

5%,

4/01/49

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

27,050,000

21,909,196

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

144A,

2021

A-2,

4%,

8/01/47

9,265,000

6,764,413

Exchange

at

Bayfront

Apartments,

Revenue,

Junior

Lien,

144A,

2021

A-2,

4%,

8/01/51

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

13,000,000

5,814,942

Mira

Vista

Hills

Apartments,

Revenue,

144A,

2021

A,

4%,

2/01/56

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

18,800,000

9,241,369

Serenity

at

Larkspur

Apartments,

Revenue,

144A,

2020

A,

5%,

2/01/50

.........

22,525,000

14,630,454

Summit

at

Sausalito

Apartments,

Revenue,

144A,

2021

A-2,

4%,

2/01/50

........

5,000,000

3,600,542

Twin

Creek

Apartments,

Revenue,

Junior

Lien,

144A,

2022

B,

5.5%,

2/01/40

.....

7,475,000

6,389,929

Verdant

at

Green

Valley

Apartments,

Revenue,

144A,

2019

A,

5%,

8/01/49

.......

15,000,000

13,145,019

California

County

Tobacco

Securitization

Agency

,

Merced

County

Tobacco

Funding

Corp.,

Revenue,

2020

B,

Refunding,

5%,

6/01/50

3,000,000

2,722,776

f

Sonoma

County

Securitization

Corp.,

Revenue,

2020

B-2,

Refunding,

5.87%,

6/01/55

10,000,000

1,830,668

California

Educational

Facilities

Authority

,

Art

Center

College

of

Design,

Revenue,

2018

A,

Refunding,

5%,

12/01/37

.......

1,265,000

1,280,580

Art

Center

College

of

Design,

Revenue,

2018

A,

Refunding,

5%,

12/01/38

.......

1,125,000

1,134,038

Art

Center

College

of

Design,

Revenue,

2018

A,

Refunding,

5%,

12/01/44

.......

10,375,000

10,011,874

Leland

Stanford

Junior

University

(The),

Revenue,

T-1,

5%,

3/15/39

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

4,185,000

4,725,937

Leland

Stanford

Junior

University

(The),

Revenue,

U-3,

5%,

6/01/43

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

5,815,000

6,340,625

University

of

Southern

California,

Revenue,

2025

A,

5%,

10/01/55

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

15,000,000

15,321,237

California

Enterprise

Development

Authority

,

Castilleja

School

Foundation,

Revenue,

2024,

4%,

6/01/54

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

10,000,000

8,443,466

c

Real

Journey

Academies

Obligated

Group,

Revenue,

144A,

2024

A,

5%,

6/01/54

..

2,000,000

1,780,648

c

Rocklin

Academy

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/36

250,000

231,331

c

Rocklin

Academy

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/51

630,000

484,109

c

Rocklin

Academy

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/61

845,000

620,663

c

Rocklin

Academy

Obligated

Group,

Revenue,

144A,

2024,

5%,

6/01/54

.........

1,400,000

1,253,637

c

Rocklin

Academy

Obligated

Group,

Revenue,

144A,

2024,

5%,

6/01/64

.........

1,350,000

1,174,739

California

Health

Facilities

Financing

Authority

,

Adventist

Health

System/West

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

3/01/39

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

8,190,000

7,280,315

Adventist

Health

System/West

Obligated

Group,

Revenue,

2024

A,

5.25%,

12/01/43

4,980,000

4,980,282

Adventist

Health

System/West

Obligated

Group,

Revenue,

2024

A,

5.25%,

12/01/44

4,720,000

4,662,509

Children's

Hospital

Los

Angeles

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

8/15/49

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

3,375,000

2,637,373

CommonSpirit

Health

Obligated

Group,

Revenue,

2024

A,

5.25%,

12/01/49

......

10,775,000

10,996,868

CommonSpirit

Health

Obligated

Group,

Revenue,

2024

A,

5%,

12/01/54

.........

5,225,000

5,199,037

El

Camino

Hospital

LP,

Revenue,

2017,

4%,

2/01/42

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

6,500,000

6,288,931

El

Camino

Hospital

LP,

Revenue,

2017,

5%,

2/01/42

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

5,000,000

5,030,474

Kaiser

Foundation

Hospitals,

Revenue,

2017

A-2,

5%,

11/01/47

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

11,565,000

11,913,021

Kaiser

Foundation

Hospitals,

Revenue,

A-2,

BAM

Insured,

5%,

11/01/47

........

10,000,000

10,483,262

Sutter

Health

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/48

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

12,485,000

12,405,795

California

Housing

Finance

Agency

,

Revenue,

2019-2,

A,

4%,

3/20/33

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

48,166

48,849

Revenue,

2021-1,

A,

3.5%,

11/20/35

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

3,725,796

3,516,050

c,e

De

Haro

Venture

LP,

Revenue,

144A,

2025

P-S,

Mandatory

Put,

8%,

1/01/44

.

16,970,000

16,758,685

c

Redwood

Gardens

Renewal

LP,

Revenue,

144A,

2021

N-S,

4%,

3/01/37

........

3,165,000

2,676,986

c,e

Shermanair

Apartments

Owner

LP,

Revenue,

144A,

2021

Q-S,

Mandatory

Put,

4.5%,

9/01/36

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

4,000,000

3,545,750

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Infrastructure

&

Economic

Development

Bank

,

c,e

Desertxpress

Enterprises

LLC,

Revenue,

144A,

2025

A,

Refunding,

Mandatory

Put,

9.5%,

1/01/35

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

$

14,450,000

$

13,287,330

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2024

B,

5%,

11/01/49

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

250,000

241,812

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2024

B,

5%,

11/01/54

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

3,000,000

2,862,867

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2024

B,

5%,

11/01/59

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

1,000,000

945,289

c

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada,

Inc.,

Revenue,

144A,

2016

A,

5%,

1/01/47

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

10,360,000

7,511,935

c

La

Scuola

International

School,

Revenue,

144A,

2024,

5%,

7/01/44

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

2,145,000

1,959,421

c

La

Scuola

International

School,

Revenue,

144A,

2024,

5.125%,

7/01/54

.........

1,630,000

1,437,877

c

La

Scuola

International

School,

Revenue,

144A,

2024,

5.25%,

7/01/64

..........

3,075,000

2,691,903

Roseville

Sustainable

Energy

Partner

LLC,

Revenue,

2024

A,

5.25%,

7/01/49

....

6,000,000

5,895,444

c

WFCS

Holdings

II

LLC,

Revenue,

144A,

2021

A-1,

5%,

1/01/56

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

1,600,000

1,303,478

c

WFCS

Holdings

LLC,

Revenue,

144A,

2020

A-1,

5%,

1/01/55

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

2,300,000

1,880,374

California

Municipal

Finance

Authority

,

a

8%,

12/01/42

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

8,300,000

8,355,126

c,e

Revenue,

144A,

2023

B-1,

Mandatory

Put,

7%,

4/01/33

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

20,770,000

20,171,085

c,e

Revenue,

144A,

2023

B-2,

Mandatory

Put,

7%,

4/01/33

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

13,825,000

13,387,699

c

Revenue,

144A,

2025

B,

7.375%,

8/01/37

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

7,900,000

7,903,434

c,g

Revenue,

144A,

FRN,

2025-1,

B,

3.438%,

6/20/49

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

4,500,000

2,695,194

c

Revenue,

144A,

2023,

II,

7%,

7/01/51

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

12,655,000

11,702,323

Special

Tax,

2024

D,

5%,

9/01/54

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

1,000,000

950,220

Special

Tax,

2025

B,

5.125%,

9/01/55

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

1,825,000

1,743,052

d

1717

University

Associates

LLC,

Revenue,

2020

A-S,

5%,

9/01/57

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

1,175,000

859,002

e

5435

Balboa

LP,

Revenue,

2025

A-S,

Mandatory

Put,

8%,

3/01/44

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

4,000,000

3,961,990

ACI

Royal

York,

Inc.,

Revenue,

2020

A,

4%,

2/15/55

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

2,375,000

1,754,858

American

Heritage/Escondido/Heritage

Charter

School

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/36

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

3,000,000

3,011,870

BOLD

Program,

Special

Tax,

2022

B,

Refunding,

6%,

9/01/52

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

2,920,000

3,026,507

BOLD

Program,

Special

Tax,

2022

B,

Refunding,

6.3%,

9/01/52

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

1,205,000

1,269,810

BOLD

Program,

Special

Tax,

2022

C,

6.25%,

9/01/52

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

4,030,000

4,235,124

BOLD

Program,

Special

Tax,

2022

D,

6.125%,

9/01/52

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

6,885,000

7,185,786

BOLD

Program,

Special

Tax,

2023

A,

5.5%,

9/01/53

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

3,000,000

3,070,365

BOLD

Program,

Special

Tax,

2023

C,

5.25%,

9/01/53

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

1,300,000

1,292,709

BOLD

Program,

Special

Tax,

2024

A,

5%,

9/01/39

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

275,000

282,003

BOLD

Program,

Special

Tax,

2024

A,

5%,

9/01/44

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

625,000

618,845

BOLD

Program,

Special

Tax,

2024

A,

5%,

9/01/48

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

300,000

293,378

BOLD

Program,

Special

Tax,

2024

A,

5.125%,

9/01/54

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

1,000,000

962,847

BOLD

Program,

Special

Tax,

2024

B,

5%,

9/01/44

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

940,000

939,781

BOLD

Program,

Special

Tax,

2024

B,

5%,

9/01/49

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

1,070,000

1,049,473

BOLD

Program,

Special

Tax,

2024

B,

5%,

9/01/54

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

1,250,000

1,193,088

Bowles

Hall

Foundation,

Revenue,

2015

A,

5%,

6/01/35

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

600,000

600,317

Bowles

Hall

Foundation,

Revenue,

2015

A,

5%,

6/01/50

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

3,250,000

3,119,209

c

California

Baptist

University,

Revenue,

144A,

2015

A,

5.375%,

11/01/40

.........

5,000,000

5,000,203

c

California

Baptist

University,

Revenue,

144A,

2015

A,

5.5%,

11/01/45

...........

10,000,000

9,692,354

c

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/36

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

2,500,000

2,502,342

c

California

Baptist

University,

Revenue,

144A,

2025

A,

Refunding,

5%,

11/01/35

...

2,250,000

2,333,335

c

California

Baptist

University,

Revenue,

144A,

2025

A,

Refunding,

5.125%,

11/01/40

1,350,000

1,356,760

c

California

Baptist

University,

Revenue,

144A,

2025

A,

Refunding,

5.375%,

11/01/45

775,000

767,958

c

California

Baptist

University,

Revenue,

144A,

2025

A,

Refunding,

5.625%,

11/01/54

500,000

493,867

c

Capital

Christian

Center,

Revenue,

144A,

2021

A,

5%,

10/01/51

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

8,425,000

6,594,924

c

Capital

Christian

Center,

Revenue,

144A,

2021

B,

Refunding,

4%,

10/01/37

......

8,150,000

6,922,692

CHF-Davis

I

LLC,

Revenue,

2018,

5%,

5/15/51

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

5,000,000

4,679,619

CHF-Davis

II

LLC,

Revenue,

2021,

BAM

Insured,

3%,

5/15/51

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

550,000

384,559

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority,

(continued)

CHF-Riverside

I

LLC,

Revenue,

2018,

5%,

5/15/40

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

$

1,500,000

$

1,508,778

CHF-Riverside

II

LLC,

Revenue,

2019,

5%,

5/15/49

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

9,575,000

9,041,094

City

of

Chula

Vista

Community

Facilities

District

No.

2021-11,

Special

Tax,

2022,

5%,

9/01/52

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

2,500,000

2,425,141

City

of

Hesperia

Community

Facilities

District

No.

2023-11

Improvement

Area

No.

1,

Special

Tax,

2025,

5.125%,

9/01/55

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

1,000,000

952,258

c

Claremont

Graduate

University,

Revenue,

144A,

2020

B,

Refunding,

5%,

10/01/39

.

1,120,000

1,053,431

c

Claremont

Graduate

University,

Revenue,

144A,

2020

B,

Refunding,

5%,

10/01/49

.

4,290,000

3,731,243

c

Claremont

Graduate

University,

Revenue,

144A,

2020

B,

Refunding,

5%,

10/01/54

.

1,875,000

1,591,131

Community

Facilities

District

No.

2021-13,

Special

Tax,

2022,

5%,

9/01/42

.......

1,000,000

1,006,457

Community

Facilities

District

No.

2021-13,

Special

Tax,

2022,

5%,

9/01/52

.......

5,150,000

4,938,197

Community

Facilities

District

No.

2021-6

Improvement

Area

No.

2,

Special

Tax,

2022,

6%,

9/01/52

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

4,350,000

4,508,666

h

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

2,

Special

Tax,

2025,

5.25%,

9/01/45

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

600,000

596,354

h

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

2,

Special

Tax,

2025,

5.375%,

9/01/50

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

1,000,000

1,000,122

h

Community

Facilities

District

No.

2022-6

Improvement

Area

No.

2,

Special

Tax,

2025,

5.375%,

9/01/55

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

1,300,000

1,291,353

Community

Facilities

District

No.

2022-8,

Special

Tax,

2024,

5%,

9/01/44

........

500,000

493,278

Community

Facilities

District

No.

2022-8,

Special

Tax,

2024,

5%,

9/01/49

........

500,000

485,710

Community

Facilities

District

No.

2022-8,

Special

Tax,

2024,

5%,

9/01/54

........

1,570,000

1,496,289

Community

Facilities

District

No.

2023-11

Improvement

Area

A,

Special

Tax,

2024,

5%,

9/01/44

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

500,000

488,526

Community

Facilities

District

No.

2023-11

Improvement

Area

A,

Special

Tax,

2024,

5%,

9/01/49

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

800,000

769,719

Community

Facilities

District

No.

2023-11

Improvement

Area

A,

Special

Tax,

2024,

5%,

9/01/54

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

1,125,000

1,061,097

Community

Facilities

District

No.

2023-11

Improvement

Area

A,

Special

Tax,

2024,

5.125%,

9/01/59

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

1,550,000

1,488,629

Community

Facilities

District

No.

2023-5

Area

No.

1,

Special

Tax,

2023,

5.5%,

9/01/48

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

600,000

617,779

Community

Facilities

District

No.

2023-5

Area

No.

1,

Special

Tax,

2023,

5.625%,

9/01/53

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

1,060,000

1,086,479

Community

Facilities

District

No.

2023-5

Area

No.

1,

Special

Tax,

2023,

5.8%,

9/01/53

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

3,190,000

3,305,781

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/44

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

1,210,000

1,195,181

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/49

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

1,835,000

1,789,916

Community

Facilities

District

No.

2023-5

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/54

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

2,165,000

2,057,226

Community

Facilities

District

No.

2025-9

Improvement

Area

No.

1,

Special

Tax,

2025,

5.25%,

9/01/45

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

1,535,000

1,514,531

Community

Facilities

District

No.

2025-9

Improvement

Area

No.

1,

Special

Tax,

2025,

5.375%,

9/01/55

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

7,000,000

6,953,612

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

4%,

12/01/26

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

200,000

201,599

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/27

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

100,000

103,487

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/29

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

50,000

52,922

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/31

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

130,000

136,862

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/36

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

350,000

357,243

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority,

(continued)

c

Community

Health

Centers

of

The

Central

Coast,

Inc.,

Revenue,

144A,

2021

A,

5%,

12/01/54

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

$

2,000,000

$

1,781,055

Community

Hospitals

of

Central

California

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

2/01/42

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

10,000,000

8,916,846

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

11/15/39

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

2,670,000

2,666,756

Congregational

Homes,

Inc.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

11/15/49

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

480,000

443,539

c

Creative

Center

of

Los

Altos

(The),

Revenue,

144A,

2016

B,

4%,

11/01/36

.......

1,395,000

1,298,172

c

Creative

Center

of

Los

Altos

(The),

Revenue,

144A,

2016

B,

4.5%,

11/01/46

......

1,600,000

1,365,048

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/32

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

3,020,000

3,028,071

Del

Harbor

Foundation,

Revenue,

2015,

Refunding,

5%,

11/01/39

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

6,525,000

6,529,096

Eisenhower

Medical

Center,

Revenue,

2017

A,

Refunding,

5%,

7/01/37

.........

1,625,000

1,618,292

Eisenhower

Medical

Center,

Revenue,

2017

B,

Refunding,

5%,

7/01/47

.........

5,000,000

4,758,573

HumanGood

California

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

10/01/44

5,500,000

5,327,933

HumanGood

California

Obligated

Group,

Revenue,

2021,

3%,

10/01/49

.........

5,000,000

3,357,692

Ignatian

Corp.

(The),

Revenue,

2024

A,

5%,

9/01/49

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

600,000

610,877

Ignatian

Corp.

(The),

Revenue,

2024

A,

5%,

9/01/54

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

9,060,000

8,992,170

c,f

IH

Parkside

Fairfield

LLC,

Revenue,

144A,

2023

B,

2.617%,

9/01/43

...........

20,710,000

14,754,545

Inland

Counties

Regional

Center,

Inc.,

Revenue,

2015,

Refunding,

5%,

6/15/37

...

8,965,000

8,968,031

Integrity

Housing

Obligated

Group,

Revenue,

2022

A-1,

4.25%,

12/01/37

........

16,700,000

13,996,340

Integrity

Housing

Obligated

Group,

Revenue,

2022

B,

10%,

12/01/62

...........

7,000,000

3,876,909

c

King/Chavez

Facilities

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

5/01/36

.....

1,815,000

1,816,436

c

King/Chavez

Facilities

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

5/01/46

.....

2,775,000

2,618,696

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/43

13,915,000

13,558,873

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

4%,

12/31/47

6,085,000

4,988,540

LAX

Integrated

Express

Solutions

LLC,

Revenue,

Senior

Lien,

2018

A,

5%,

12/31/47

22,250,000

21,246,318

Literacy

First

Charter

School

Issuer

LLC,

Revenue,

2019

A,

5%,

12/01/49

.......

4,165,000

3,989,726

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2015,

5%,

11/01/35

......

1,100,000

1,100,054

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2015,

5%,

11/01/44

......

1,050,000

978,628

Northbay

Healthcare

Group

Obligated

Group,

Revenue,

2017

A,

5.25%,

11/01/47

..

3,000,000

2,857,179

c

P3

Claremont

Holdings

LLC,

Revenue,

144A,

2020

A,

5%,

7/01/30

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

520,000

527,913

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2016

A,

5%,

7/01/36

..

2,750,000

2,641,802

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2016

A,

5%,

7/01/41

..

1,750,000

1,594,475

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2018

A,

3.875%,

7/01/28

600,000

584,969

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2018

A,

5%,

7/01/38

..

1,100,000

1,057,844

c

Palmdale

Aerospace

Academy,

Inc.

(The),

Revenue,

144A,

2018

A,

5%,

7/01/49

..

3,600,000

3,127,500

PRS-California

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/44

......

2,830,000

2,773,825

PRS-California

Obligated

Group,

Revenue,

2024

A,

Refunding,

5%,

4/01/54

......

1,540,000

1,432,764

c

Santa

Rosa

Academy

LLC,

Revenue,

144A,

2015,

5.125%,

7/01/35

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

450,000

449,970

c

Santa

Rosa

Academy

LLC,

Revenue,

144A,

2015,

5.375%,

7/01/45

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

1,400,000

1,278,000

Scripps

College,

Revenue,

2025,

5%,

7/01/55

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

3,320,000

3,244,310

c

Sierra

Ridge

3600

LLC,

Revenue,

144A,

2024

B,

6.75%,

11/01/39

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

11,012,000

10,475,619

c

St.

Mary

and

All

Angels

Christian

Church,

Revenue,

144A,

2024

A,

5%,

5/01/34

...

300,000

307,708

c

St.

Mary

and

All

Angels

Christian

Church,

Revenue,

144A,

2024

A,

5.5%,

5/01/44

..

510,000

499,244

c

St.

Mary

and

All

Angels

Christian

Church,

Revenue,

144A,

2024

A,

5.75%,

5/01/54

.

510,000

494,239

c

St.

Mary

and

All

Angels

Christian

Church,

Revenue,

144A,

2024

A,

5.875%,

5/01/59

700,000

685,367

St.

Mary

and

All

Angels

Christian

Church,

Revenue,

2024

B,

4.65%,

5/01/30

.....

1,045,000

1,072,461

c

STREAM

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/15/41

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

925,000

834,673

c

STREAM

Charter

School,

Revenue,

144A,

2020

A,

5%,

6/15/51

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

2,770,000

2,300,849

c

STREAM

Charter

School,

Revenue,

144A,

2020

B,

6.4%,

6/15/32

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

660,000

651,211

c

Westside

Neighborhood

School,

Revenue,

144A,

2024,

5%,

6/15/34

...........

500,000

520,633

c

Westside

Neighborhood

School,

Revenue,

144A,

2024,

5.5%,

6/15/39

..........

655,000

674,188

c

Westside

Neighborhood

School,

Revenue,

144A,

2024,

5.9%,

6/15/44

..........

1,255,000

1,289,165

c

Westside

Neighborhood

School,

Revenue,

144A,

2024,

6.2%,

6/15/54

..........

2,900,000

2,975,697

c

Westside

Neighborhood

School,

Revenue,

144A,

2024,

6.375%,

6/15/64

........

3,000,000

3,091,386

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

California

Pollution

Control

Financing

Authority

,

a,d

CalPlant

I

LLC,

Revenue,

144A,

2017,

7%,

7/01/22

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

$

3,500,000

$

a,d

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

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

13,000,000

a,d

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

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

11,500,000

a,d

CalPlant

I

LLC,

Revenue,

144A,

2020,

7.5%,

7/01/32

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

4,500,000

Channelside

Water

Resources

LP,

Revenue,

144A,

2012,

5%,

11/21/45

.........

21,685,000

20,592,015

California

Public

Finance

Authority

,

c

Crossroads

Christian

Schools

Obligated

Group,

Revenue,

144A,

2020,

5%,

1/01/56

4,015,000

3,239,178

c

Ed

Brokers

Educational

Services,

Revenue,

144A,

2025

A,

5.625%,

6/15/55

......

1,200,000

1,154,200

c

Ed

Brokers

Educational

Services,

Revenue,

144A,

2025

A,

6%,

6/15/65

.........

5,000,000

4,984,457

Henry

Mayo

Newhall

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

10/15/37

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

1,100,000

1,105,615

c

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/36

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

1,000,000

972,621

c

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

A,

Refunding,

5%,

11/15/56

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

2,135,000

1,767,878

c

Kendal

at

Sonoma

Obligated

Group,

Revenue,

144A,

2021

B-1,

Refunding,

3.125%,

5/15/29

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

540,000

531,936

c

California

School

Finance

Authority

,

Revenue,

144A,

2017,

5%,

6/01/47

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

700,000

611,100

Alliance

for

College

Ready

Public

Schools

Obligated

Group,

Revenue,

144A,

2016

C,

5%,

7/01/46

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

10,000,000

9,801,831

Alternative

Schools,

Inc.,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/41

.......

500,000

378,053

Alternative

Schools,

Inc.,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/51

.......

2,835,000

1,875,905

Alternative

Schools,

Inc.,

Revenue,

144A,

2021

A,

Refunding,

4%,

6/01/61

.......

3,675,000

2,270,099

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2015,

Refunding,

5%,

8/01/40

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

1,000,000

964,472

Aspire

Public

Schools

Obligated

Group,

Revenue,

144A,

2016,

5%,

8/01/41

......

2,010,000

1,907,520

Citizens

of

the

World

Los

Angeles

Obligated

Group,

Revenue,

144A,

2022

A,

6.25%,

4/01/52

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

2,000,000

1,919,166

Citizens

of

the

World

Los

Angeles

Obligated

Group,

Revenue,

144A,

2022

A,

6.375%,

4/01/62

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

2,000,000

1,919,441

Classical

Academy

Obligated

Group,

Revenue,

144A,

2017

A,

Refunding,

5%,

10/01/37

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

1,485,000

1,495,858

Classical

Academy

Obligated

Group,

Revenue,

144A,

2017

A,

Refunding,

5%,

10/01/44

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

5,610,000

5,343,626

Classical

Academy

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

10/01/40

.....

500,000

496,930

Classical

Academy

Obligated

Group,

Revenue,

144A,

2020

A,

5%,

10/01/50

.....

3,570,000

3,259,327

Ednovate

Obligated

Group,

Revenue,

144A,

2018,

5%,

6/01/48

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

1,000,000

859,133

Ednovate

Obligated

Group,

Revenue,

144A,

2018,

5%,

6/01/56

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

1,710,000

1,417,385

Envision

Education

Obligated

Group,

Revenue,

144A,

2024

A,

5%,

6/01/54

......

900,000

773,310

Fenton

Charter

Public

Schools,

Revenue,

144A,

2020

A,

5%,

7/01/40

...........

225,000

212,403

Fenton

Charter

Public

Schools,

Revenue,

144A,

2020

A,

5%,

7/01/50

...........

1,275,000

1,092,443

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2019,

5%,

7/01/43

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

1,000,000

969,188

Granada

Hills

Charter

High

School

Obligated

Group,

Revenue,

144A,

2019,

5%,

7/01/49

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

5,750,000

5,370,281

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2015

A,

5%,

8/01/35

.

2,525,000

2,525,975

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2015

A,

5%,

8/01/45

.

3,500,000

3,334,617

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/38

.

1,000,000

1,007,662

Green

Dot

Public

Schools

Obligated

Group,

Revenue,

144A,

2018

A,

5%,

8/01/48

.

1,750,000

1,655,202

Harbor

Springs

Obligated

Group,

Revenue,

144A,

2024

A,

5.5%,

7/01/54

........

2,235,000

2,197,465

iLEAD

Lancaster,

Revenue,

144A,

2021

A,

4%,

6/01/31

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

250,000

241,518

iLEAD

Lancaster,

Revenue,

144A,

2021

A,

5%,

6/01/41

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

435,000

393,264

iLEAD

Lancaster,

Revenue,

144A,

2021

A,

5%,

6/01/51

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

600,000

501,155

iLEAD

Lancaster,

Revenue,

144A,

2021

A,

5%,

6/01/61

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

1,320,000

1,063,052

Integrity

Charter

School,

Revenue,

144A,

2024,

5%,

7/01/39

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

1,000,000

952,456

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

California

School

Finance

Authority,

(continued)

Integrity

Charter

School,

Revenue,

144A,

2024,

5.25%,

7/01/44

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

$

800,000

$

736,338

Integrity

Charter

School,

Revenue,

144A,

2024,

5.5%,

7/01/54

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

1,600,000

1,440,864

Integrity

Charter

School,

Revenue,

144A,

2024,

5.6%,

7/01/64

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

2,000,000

1,781,841

John

Adams

Academies

Obligated

Group,

Revenue,

144A,

2022

A,

4.5%,

7/01/32

.

595,000

596,375

John

Adams

Academies

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

7/01/42

...

2,140,000

1,990,470

John

Adams

Academies

Obligated

Group,

Revenue,

144A,

2022

A,

5%,

7/01/52

...

3,175,000

2,763,028

John

Adams

Academies

Obligated

Group,

Revenue,

144A,

2022

A,

5.125%,

7/01/62

8,125,000

6,978,208

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2015

A,

5%,

7/01/35

1,200,000

1,200,686

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2015

A,

5%,

7/01/45

1,675,000

1,601,890

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

7/01/49

2,150,000

2,032,556

KIPP

SoCal

Public

Schools

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

7/01/54

1,150,000

1,068,897

Larchmont

Schools,

Revenue,

144A,

2018

A,

5%,

6/01/55

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

3,050,000

2,607,528

Lifeline

Education

Charter

School,

Inc.,

Revenue,

144A,

2020

A,

3%,

7/01/30

.....

285,000

272,913

Lifeline

Education

Charter

School,

Inc.,

Revenue,

144A,

2020

A,

5%,

7/01/45

.....

1,200,000

1,104,880

Lifeline

Education

Charter

School,

Inc.,

Revenue,

144A,

2020

A,

5%,

7/01/55

.....

1,235,000

1,098,974

Lighthouse

Community

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

6.375%,

6/01/52

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

1,250,000

1,272,284

Lighthouse

Community

Public

Schools

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

6/01/62

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

1,500,000

1,527,677

NCCD-Santa

Rosa

Properties

LLC,

Revenue,

144A,

2021

A,

4%,

11/01/31

.......

1,000,000

995,796

NCCD-Santa

Rosa

Properties

LLC,

Revenue,

144A,

2021

A,

4%,

11/01/36

.......

1,670,000

1,549,983

NCCD-Santa

Rosa

Properties

LLC,

Revenue,

144A,

2021

A,

4%,

11/01/51

.......

16,730,000

12,739,933

NCCD-Santa

Rosa

Properties

LLC,

Revenue,

144A,

2021

A,

4%,

11/01/55

.......

1,400,000

1,038,112

New

Designs

Charter

School,

Revenue,

144A,

2024

A,

Refunding,

5%,

6/01/54

...

650,000

576,228

New

Designs

Charter

School,

Revenue,

144A,

2024

A,

Refunding,

5%,

6/01/64

...

1,600,000

1,379,296

Orange

County

Educational

Arts

Academy,

Revenue,

144A,

2023

A,

Refunding,

5%,

6/01/33

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

650,000

659,154

Orange

County

Educational

Arts

Academy,

Revenue,

144A,

2023

A,

Refunding,

5.625%,

6/01/43

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

560,000

544,101

Orange

County

Educational

Arts

Academy,

Revenue,

144A,

2023

A,

Refunding,

5.875%,

6/01/53

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

600,000

576,102

Partnerships

to

Uplift

Communities

Obligated

Group,

Revenue,

144A,

2023,

Refunding,

5%,

8/01/33

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

620,000

635,478

Partnerships

to

Uplift

Communities

Obligated

Group,

Revenue,

144A,

2023,

Refunding,

5.25%,

8/01/38

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

500,000

501,801

Partnerships

to

Uplift

Communities

Obligated

Group,

Revenue,

144A,

2023,

Refunding,

5.5%,

8/01/43

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

550,000

543,780

Partnerships

to

Uplift

Communities

Obligated

Group,

Revenue,

144A,

2023,

Refunding,

5.5%,

8/01/47

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

525,000

507,806

Real

Journey

Academies

Obligated

Group,

Revenue,

144A,

2019

A,

5%,

6/01/49

..

7,105,000

6,232,266

Rex

&

Margaret

Fortune

School

of

Education,

Revenue,

144A,

2024

A,

5%,

6/01/44

2,000,000

1,816,064

Rex

&

Margaret

Fortune

School

of

Education,

Revenue,

144A,

2024

A,

5%,

6/01/54

2,350,000

2,027,760

Rex

&

Margaret

Fortune

School

of

Education,

Revenue,

144A,

2024

A,

5.125%,

6/01/59

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

1,500,000

1,301,214

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/30

........

1,000,000

1,023,774

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/37

........

2,000,000

2,005,604

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/47

........

1,975,000

1,784,890

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2017

A,

5%,

7/01/52

........

1,340,000

1,180,727

River

Springs

Charter

School,

Inc.,

Revenue,

144A,

2023

A,

5.75%,

7/01/42

......

960,000

976,151

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017

A,

5%,

6/01/34

....

750,000

752,224

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017

A,

5.125%,

6/01/47

.

845,000

761,672

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017

A,

5.25%,

6/01/52

..

2,440,000

2,178,197

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017

G,

5%,

6/01/30

....

275,000

279,305

Rocketship

Education

Obligated

Group,

Revenue,

144A,

2017

G,

5%,

6/01/37

....

360,000

352,730

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/31

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

260,000

247,897

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

California

School

Finance

Authority,

(continued)

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/41

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

$

600,000

$

466,116

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/51

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

800,000

534,396

Santa

Clarita

Valley

International

Charter

School,

Revenue,

144A,

2021

A,

4%,

6/01/61

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

1,300,000

818,421

Summit

Public

Schools

Obligated

Group,

Revenue,

144A,

2017,

Pre-Refunded,

5%,

6/01/47

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

800,000

833,497

California

State

Public

Works

Board

,

Revenue

,

2025

A

,

%

,

4/01/50

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

7,500,000

7,687,383

California

Statewide

Communities

Development

Authority

,

Revenue,

2015

R-1,

Refunding,

5%,

9/02/40

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

2,230,000

2,230,473

Special

Assessment,

2016

A,

5%,

9/02/36

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

1,035,000

1,044,694

Special

Assessment,

2017

A,

4%,

9/02/27

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

795,000

801,990

Special

Assessment,

2017

A,

5%,

9/02/37

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

1,970,000

2,001,009

Special

Assessment,

2017

A,

5%,

9/02/46

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

2,455,000

2,455,658

Special

Assessment,

2017

B,

5%,

9/02/37

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

3,260,000

3,323,228

Special

Assessment,

2017

B,

5%,

9/02/47

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

2,520,000

2,526,746

Special

Assessment,

2017

C,

5%,

9/02/37

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

2,980,000

2,955,736

Special

Assessment,

2018

A,

5%,

9/02/38

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

2,150,000

2,189,568

Special

Assessment,

2018

A,

5%,

9/02/47

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

3,745,000

3,736,118

Special

Assessment,

2018

B,

5%,

9/02/38

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

2,760,000

2,812,349

Special

Assessment,

2018

B,

5%,

9/02/43

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

4,690,000

4,709,689

Special

Assessment,

2018

B,

5%,

9/02/48

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

4,605,000

4,605,621

Special

Assessment,

2018

C,

5%,

9/02/38

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

5,265,000

5,361,896

Special

Assessment,

2018

C,

5%,

9/02/48

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

6,605,000

6,573,624

Special

Assessment,

2019

A,

5%,

9/02/39

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

1,600,000

1,629,798

Special

Assessment,

2019

A,

5%,

9/02/44

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

940,000

941,977

Special

Assessment,

2019

B,

5%,

9/02/44

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

1,150,000

1,158,638

Special

Assessment,

2019

C,

5%,

9/02/39

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

850,000

858,701

Special

Assessment,

2020

A,

5%,

9/02/40

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

1,250,000

1,268,858

Special

Assessment,

2020

A,

4%,

9/02/50

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

900,000

720,577

Special

Assessment,

2020

A,

5%,

9/02/50

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

1,000,000

975,885

Special

Assessment,

2020

B,

4%,

9/02/40

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

565,000

503,250

Special

Assessment,

2020

B,

4%,

9/02/50

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

695,000

550,344

Special

Assessment,

2021

A,

4%,

9/02/41

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

995,000

886,916

Special

Assessment,

2021

A,

4%,

9/02/51

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

3,175,000

2,559,171

Special

Assessment,

2021

B,

4%,

9/02/41

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

3,280,000

2,940,433

Special

Assessment,

2021

B,

4%,

9/02/51

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

3,145,000

2,534,989

Special

Assessment,

2021

C-1,

4%,

9/02/41

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

2,435,000

2,093,073

Special

Assessment,

2021

C-1,

4%,

9/02/51

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

3,610,000

2,867,155

Special

Assessment,

2021

C-2,

5%,

9/02/41

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

3,150,000

2,641,900

Special

Assessment,

2021

C-2,

5.5%,

9/02/51

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

3,575,000

2,600,036

Special

Assessment,

2022

B,

5%,

9/02/42

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

3,000,000

3,008,803

Special

Assessment,

2022

B,

5%,

9/02/52

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

3,000,000

2,876,620

Special

Assessment,

2022

C,

5.375%,

9/02/52

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

1,990,000

1,995,430

Special

Assessment,

2023

D,

5.5%,

9/02/53

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

1,000,000

987,533

Special

Tax,

2023

C-1,

5.25%,

9/02/53

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

3,000,000

2,940,246

Special

Tax,

2025

A,

5%,

9/02/50

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

5,500,000

5,374,909

Assessment

District

No.

14-01,

Special

Assessment,

2015,

5%,

9/02/35

.........

2,000,000

2,001,271

Assessment

District

No.

14-01,

Special

Assessment,

2015,

5%,

9/02/45

.........

3,810,000

3,711,571

c

California

Baptist

University,

Revenue,

144A,

2017

A,

Refunding,

5%,

11/01/32

...

1,135,000

1,153,495

c

California

Baptist

University,

Revenue,

144A,

2017

A,

Refunding,

5%,

11/01/41

...

1,875,000

1,793,243

Cedars-Sinai

Medical

Center

Obligated

Group,

Revenue,

2018,

4%,

7/01/48

.....

6,000,000

5,283,367

Community

Facilities

District

2022-7

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/54

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

1,500,000

1,464,226

Community

Facilities

District

No.

2016-02,

Special

Tax,

2016

A,

5%,

9/01/46

......

10,625,000

10,508,254

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Community

Facilities

District

No.

2016-02,

Special

Tax,

2019,

5%,

9/01/39

.......

$

1,230,000

$

1,243,501

Community

Facilities

District

No.

2016-02,

Special

Tax,

2019,

5%,

9/01/49

.......

2,000,000

1,934,861

Community

Facilities

District

No.

2016-02,

Special

Tax,

2020,

4%,

9/01/40

.......

3,345,000

3,061,792

Community

Facilities

District

No.

2016-02,

Special

Tax,

2020,

4%,

9/01/50

.......

2,845,000

2,307,797

Community

Facilities

District

No.

2016-02,

Special

Tax,

2022,

5.5%,

9/01/52

......

7,490,000

7,616,964

Community

Facilities

District

No.

2018-01,

Special

Tax,

2019,

5%,

9/01/39

.......

1,650,000

1,671,710

Community

Facilities

District

No.

2018-01,

Special

Tax,

2019,

5%,

9/01/48

.......

2,000,000

1,985,112

Community

Facilities

District

No.

2022-08

Improvement

Area,

Special

Tax,

2024,

5.25%,

9/01/39

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

2,360,000

2,411,666

Community

Facilities

District

No.

2022-08

Improvement

Area,

Special

Tax,

2024,

5.25%,

9/01/45

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

2,750,000

2,723,310

Community

Facilities

District

No.

2022-12

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/44

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

2,275,000

2,282,222

Community

Facilities

District

No.

2022-12

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/54

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

1,350,000

1,315,822

Community

Facilities

District

No.

2023-08

Improvement

Area

No.

1,

Special

Tax,

2025,

5.25%,

9/01/55

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

1,700,000

1,659,871

Community

Facilities

District

No.

2024-9,

Special

Tax,

2024,

5%,

9/01/44

........

400,000

392,716

Community

Facilities

District

No.

2024-9,

Special

Tax,

2024,

5%,

9/01/54

........

700,000

668,129

Community

Infrastructure

Program

Assessment

District

No.

20-02,

Special

Assessment,

2023,

5.75%,

9/02/53

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

1,900,000

1,919,566

e

Foothill

Oak

Park

Apartments

LLC,

Revenue,

2025

H-S-A,

Mandatory

Put,

7.5%,

3/01/36

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

3,430,000

3,376,389

John

Muir

Health

Obligated

Group,

Revenue,

2024

A,

Refunding,

5.25%,

12/01/54

.

10,000,000

10,218,073

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/46

12,735,000

11,639,915

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2019

A,

5%,

6/01/39

.........

950,000

932,902

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5%,

12/01/41

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

1,245,000

1,210,638

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

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

45,755,000

41,771,675

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2018

A,

5.5%,

12/01/58

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

6,250,000

6,018,972

Marin

General

Hospital

Obligated

Group,

Revenue,

2018

A,

4%,

8/01/45

........

1,500,000

1,240,917

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/39

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

4,325,000

4,340,366

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/49

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

8,000,000

7,597,137

c

NCCD-Hooper

Street

LLC,

Revenue,

144A,

2019,

5.25%,

7/01/52

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

2,635,000

2,467,329

Panorama

II

Preservation

LP,

Revenue,

2024

F,

FNMA

Insured,

4.25%,

12/01/40

..

7,435,000

7,198,571

USC

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

1/01/43

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

5,000,000

5,057,384

Chino

Community

Facilities

District

,

City

of

Chino

Community

Facilities

District

No.

2003-3

Improvement

Area

No.

,

Special

Tax

,

2015

,

%

,

9/01/45

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

1,665,000

1,664,919

City

&

County

of

San

Francisco

,

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

1,

Special

Tax,

2020,

4%,

9/01/50

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

2,450,000

1,941,858

c

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

2,

Special

Tax,

144A,

2022

A,

4%,

9/01/52

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

5,270,000

4,160,058

c

Community

Facilities

District

No.

2016-1

Improvement

Area

No.

2,

Special

Tax,

144A,

2023

A,

5.5%,

9/01/53

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

2,045,000

2,071,563

c

Infrastructure

&

Revitalization

Financing

District

No.

Facilities

Increment,

Tax

Allocation,

144A,

2022

A,

5%,

9/01/37

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

385,000

397,366

c

Infrastructure

&

Revitalization

Financing

District

No.

Facilities

Increment,

Tax

Allocation,

144A,

2022

A,

5%,

9/01/52

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

2,000,000

1,813,908

c

Infrastructure

&

Revitalization

Financing

District

No.

Housing

Increment,

Tax

Allocation,

144A,

2022

B,

5%,

9/01/52

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

1,000,000

890,561

c

Special

Tax

District

No.

2020-1

Development,

Special

Tax,

144A,

2021

C,

4%,

9/01/51

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

3,900,000

3,079,355

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Dixon

,

Community

Facilities

District

No.

2013-1

Parklane

,

Special

Tax

,

2019

,

%

,

9/01/49

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

$

2,400,000

$

2,357,205

City

of

Dublin

,

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

2,

Special

Tax,

2019,

5%,

9/01/39

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

2,765,000

2,816,521

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

2,

Special

Tax,

2019,

5%,

9/01/44

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

2,925,000

2,934,296

Community

Facilities

District

No.

2015-1

Improvement

Area

No.

2,

Special

Tax,

2019,

5%,

9/01/49

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

4,100,000

4,060,395

City

of

Fairfield

,

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

1,

Special

Tax,

2024

A,

5%,

9/01/44

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

2,000,000

1,975,506

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

1,

Special

Tax,

2024

A,

5%,

9/01/49

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

2,000,000

1,948,182

City

of

Fillmore

,

Community

Facilities

District

No.

5,

Special

Tax,

2015,

5%,

9/01/40

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

1,500,000

1,501,902

Community

Facilities

District

No.

5,

Special

Tax,

2015,

5%,

9/01/45

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

2,630,000

2,590,953

City

of

Fremont

,

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/40

....

4,655,000

4,655,475

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/45

....

3,255,000

3,166,969

City

of

Galt

,

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1,

Special

Tax,

2025

B,

5.125%,

9/01/45

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

2,050,000

2,008,692

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1,

Special

Tax,

2025

B,

5.25%,

9/01/50

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

3,230,000

3,175,697

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1,

Special

Tax,

2025

B,

5.375%,

9/01/55

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

7,180,000

7,121,900

City

of

Irvine

,

Community

Facilities

District

No.

2013-3

Improvement

Area

No.

,

Special

Tax

,

2018

,

%

,

9/01/43

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

5,000,000

5,009,916

City

of

La

Verne

,

Copacabana

Mobilehome

Park

,

Revenue

,

2014

,

Refunding

,

%

,

6/15/49

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

1,765,000

1,757,562

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2019

D

,

%

,

5/15/44

.......

5,525,000

4,919,366

City

of

Manteca

,

Community

Facilities

District

2023-1

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/44

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

1,000,000

999,763

Community

Facilities

District

2023-1

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/54

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

1,580,000

1,533,073

Community

Facilities

District

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/44

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

870,000

868,790

Community

Facilities

District

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/49

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

1,320,000

1,294,677

Community

Facilities

District

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/54

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

1,735,000

1,683,469

Community

Facilities

District

2023-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5%,

9/01/40

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

165,000

167,409

Community

Facilities

District

2023-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5%,

9/01/45

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

430,000

421,507

Community

Facilities

District

2023-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5%,

9/01/50

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

750,000

723,758

Community

Facilities

District

2023-1

Improvement

Area

No.

3,

Special

Tax,

2025,

5%,

9/01/55

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

1,110,000

1,060,260

City

of

Mountain

House

,

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

6,

Special

Tax,

2025,

5.125%,

9/01/45

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

420,000

411,030

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

6,

Special

Tax,

2025,

5.25%,

9/01/50

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

765,000

753,173

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Mountain

House,

(continued)

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

6,

Special

Tax,

2025,

5.25%,

9/01/55

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

$

1,000,000

$

973,502

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

7,

Special

Tax,

2025,

5.125%,

9/01/45

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

400,000

391,457

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

7,

Special

Tax,

2025,

5.25%,

9/01/50

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

580,000

571,033

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

7,

Special

Tax,

2025,

5.25%,

9/01/55

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

630,000

613,306

City

of

Ontario

,

Community

Facilities

District

No.

28,

Special

Tax,

2017,

5%,

9/01/42

...........

1,000,000

1,002,635

Community

Facilities

District

No.

28,

Special

Tax,

2017,

5%,

9/01/47

...........

500,000

494,872

City

of

Oroville

,

Oroville

Hospital,

Revenue,

2019,

5.25%,

4/01/49

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

4,500,000

3,557,759

Oroville

Hospital,

Revenue,

2019,

5.25%,

4/01/54

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

3,000,000

2,308,159

City

of

Palm

Desert

,

Community

Facilities

District

No.

2021-1,

Special

Tax,

2024,

5%,

9/01/49

........

600,000

592,563

Community

Facilities

District

No.

2021-1,

Special

Tax,

2024,

5%,

9/01/53

........

525,000

513,497

City

of

Rancho

Cordova

,

Community

Facilities

District

No.

2014-1,

Special

Tax,

2022,

5%,

9/01/51

........

1,200,000

1,171,601

Ranch

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5.25%,

9/01/52

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

2,000,000

2,007,220

Ranch

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2,

Special

Tax,

2025,

5%,

9/01/40

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

360,000

361,598

Ranch

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2,

Special

Tax,

2025,

5%,

9/01/45

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

565,000

545,640

Ranch

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2,

Special

Tax,

2025,

5%,

9/01/50

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

750,000

715,732

Ranch

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2,

Special

Tax,

2025,

5%,

9/01/54

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

240,000

226,367

Sunridge

North

Douglas

Community

Facilities

District

No.

2005-1,

Special

Tax,

2015,

5%,

9/01/40

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

1,200,000

1,200,236

Sunridge

North

Douglas

Community

Facilities

District

No.

2005-1,

Special

Tax,

2015,

5%,

9/01/45

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

1,250,000

1,249,949

City

of

Roseville

,

Amoruso

Ranch

Community

Facilities

District

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/49

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

1,125,000

1,079,463

Amoruso

Ranch

Community

Facilities

District

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/54

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

1,500,000

1,416,893

Creekview

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2020,

5%,

9/01/45

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

1,280,000

1,281,708

Creekview

Community

Facilities

District

No.

Improvement

Area

No.

2,

Special

Tax,

2023,

5%,

9/01/43

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

500,000

500,644

Creekview

Community

Facilities

District

No.

Improvement

Area

No.

2,

Special

Tax,

2023,

5.25%,

9/01/53

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

1,850,000

1,855,515

c

Fiddyment

Ranch

Community

Facilities

District

No.

5,

Special

Tax,

144A,

2017,

Refunding,

5%,

9/01/32

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

1,265,000

1,301,419

c

Fiddyment

Ranch

Community

Facilities

District

No.

5,

Special

Tax,

144A,

2017,

Refunding,

5%,

9/01/47

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

6,500,000

6,493,167

HP

Campus

Oaks

Community

Facilities

District

No.

1,

Special

Tax,

2016,

5%,

9/01/36

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

1,950,000

1,965,190

HP

Campus

Oaks

Community

Facilities

District

No.

1,

Special

Tax,

2016,

5.5%,

9/01/46

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

6,415,000

6,442,985

SVSP

Westpark-Federico

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/44

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

1,000,000

1,003,178

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

City

of

Roseville,

(continued)

Torrente

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2023,

6%,

9/01/53

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

$

1,500,000

$

1,559,936

Villages

at

Sierra

Vista

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/49

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

3,870,000

3,832,617

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/29

....

500,000

500,773

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/34

....

1,100,000

1,100,964

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/39

....

1,885,000

1,885,648

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2014,

5%,

9/01/44

....

1,650,000

1,649,980

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/40

....

1,670,000

1,694,241

Westbrook

Community

Facilities

District

No.

1,

Special

Tax,

2019,

5%,

9/01/49

....

2,130,000

2,112,345

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/32

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

1,120,000

1,120,617

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/33

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

1,000,000

1,000,483

Westpark

Community

Facilities

District

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/37

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

1,250,000

1,250,301

City

of

Sacramento

,

Delta

Shores

Community

Facilities

District

No.

2019-01

Improvement

Area

No.

1,

Special

Tax,

2024,

5%,

9/01/54

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

2,000,000

1,934,785

Greenbriar

Community

Facilities

District

No.

2018-03

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/49

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

1,000,000

962,148

c

Natomas

Meadows

Community

Facilities

District

No.

2007-1

Area

No.

1,

Special

Tax,

144A,

2017,

5%,

9/01/32

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

300,000

305,271

c

Natomas

Meadows

Community

Facilities

District

No.

2007-1

Area

No.

1,

Special

Tax,

144A,

2017,

5%,

9/01/37

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

710,000

710,793

c

Natomas

Meadows

Community

Facilities

District

No.

2007-1

Area

No.

1,

Special

Tax,

144A,

2017,

5%,

9/01/47

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

1,900,000

1,863,248

City

of

San

Clemente

,

Community

Facilities

District

No.

2006-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/40

1,745,000

1,745,000

Community

Facilities

District

No.

2006-1,

Special

Tax,

2015,

5%,

9/01/46

........

2,445,000

2,445,000

City

of

San

Diego

,

Tobacco

Settlement

Revenue

Funding

Corp.

,

Revenue

,

2018

C

,

Refunding

,

%

,

6/01/32

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

225,000

226,036

City

of

San

Francisco

,

5.25 %

,

9/01/49

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

11,500,000

9,970,470

City

of

South

San

Francisco

,

Community

Facilities

District

No.

2021-01,

Special

Tax,

2025,

5%,

9/01/40

.......

375,000

377,691

Community

Facilities

District

No.

2021-01,

Special

Tax,

2025,

5%,

9/01/45

.......

600,000

592,571

Community

Facilities

District

No.

2021-01,

Special

Tax,

2025,

5.125%,

9/01/50

....

1,000,000

991,921

Community

Facilities

District

No.

2021-01,

Special

Tax,

2025,

5.25%,

9/01/55

.....

1,500,000

1,501,160

City

of

Stockton

,

Community

Facilities

District

No.

2018-2

Improvement

Area

No.

,

Special

Tax

,

2022

,

5.125 %

,

9/01/52

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

3,660,000

3,647,897

City

of

Vacaville

,

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2025

A,

5%,

9/01/35

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

390,000

403,561

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2025

A,

5%,

9/01/40

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

375,000

373,111

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2025

A,

5%,

9/01/45

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

810,000

785,162

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2025

A,

5.125%,

9/01/50

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

1,225,000

1,190,038

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2025

A,

5.25%,

9/01/55

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

1,475,000

1,444,468

City

of

Vernon

,

Electric

System

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/01/36

........

1,525,000

1,589,180

f

Clovis

Unified

School

District

,

GO,

2004

A,

NATL

Insured,

ETM,

2.5%,

8/01/27

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

1,205,000

1,149,159

GO,

2004

A,

NATL

Insured,

2.4%,

8/01/27

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

6,295,000

6,014,591

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

f

Clovis

Unified

School

District,

(continued)

GO,

2004

A,

NATL

Insured,

2.46%,

8/01/28

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

$

3,000,000

$

2,794,251

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/45

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

13,845,000

11,609,253

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

,

4.5 %

,

8/01/51

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

39,885,000

26,346,826

c

CMFA

Special

Finance

Agency

I

,

Mix

at

CTR

City

(The)

,

Revenue

,

144A,

2021

A-T

,

%

,

4/01/41

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

7,545,000

7,047,005

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

,

4.375 %

,

8/01/49

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

30,280,000

24,506,437

f

Coachella

Valley

Unified

School

District

,

GO,

2012

D,

AG

Insured,

4.85%,

8/01/42

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

8,500,000

3,815,273

GO,

2012

D,

AG

Insured,

4.85%,

8/01/43

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

3,000,000

1,284,157

County

of

Imperial

,

Community

Facilities

District

No.

1998-1

,

Special

Tax

,

1999

,

LOC

BNP

Paribas

SA

,

6.5 %

,

9/01/31

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

3,510,000

3,554,999

County

of

Madera

,

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

1,

Special

Tax,

2022,

5.875%,

9/01/53

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

1,100,000

1,116,131

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2,

Special

Tax,

2022,

5.75%,

9/01/53

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

3,080,000

3,112,007

Community

Facilities

District

No.

2021-1

Improvement

Area

No.

2,

Special

Tax,

2022,

5.875%,

9/01/53

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

1,100,000

1,116,131

County

of

Sacramento

,

Airport

System,

Revenue,

2024,

5.25%,

7/01/49

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

3,000,000

3,117,925

Airport

System,

Revenue,

2024,

5.25%,

7/01/54

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

15,000,000

15,513,538

Airport

System,

Revenue,

2025

D,

AG

Insured,

5.25%,

7/01/55

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

10,000,000

10,091,049

County

of

San

Bernardino

,

Community

Facilities

District

No.

2006-1

Area

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/40

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

1,000,000

1,000,189

Community

Facilities

District

No.

2006-1

Area

No.

1,

Special

Tax,

2015,

Refunding,

5%,

9/01/45

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

1,000,000

996,308

c

CSCDA

Community

Improvement

Authority

,

Crescent

(The),

Revenue,

144A,

2022

B,

5.5%,

7/01/59

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

16,000,000

12,499,779

Park

Crossing

Apartments,

Revenue,

144A,

2021

B,

4%,

12/01/48

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

10,000,000

7,538,490

Theo

Apartments,

Revenue,

144A,

2021

B,

4%,

5/01/57

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

10,000,000

6,680,251

Wood

Creek

Apartments,

Revenue,

Sub.

Lien,

144A,

2021

B,

4%,

12/01/59

......

31,800,000

16,740,150

Daly

City

Housing

Development

Finance

Agency

,

Franciscan

Park

LLC

,

Revenue

,

2007

B

,

Refunding

,

5.85 %

,

12/15/47

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

4,210,000

4,211,967

Del

Mar

Race

Track

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/35

..........

2,000,000

2,005,262

f

Duarte

Redevelopment

Agency

,

Tax

Allocation

,

1999

,

ETM,

4.88 %,

12/01/28

.......

5,135,000

4,398,357

f

El

Rancho

Unified

School

District

,

GO

,

2004

,

NATL

Insured

,

2.64 %,

8/01/29

.......

2,400,000

2,166,819

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

1,000,562

Community

Facilities

District

No.

2020-1

Area

No.

3A,

Special

Tax,

144A,

2021

A,

4.5%,

9/01/51

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

2,500,000

2,182,422

Fairfield

Community

Facilities

District

,

c

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

1,044,300

c

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

5,128,271

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

1,

Special

Tax,

2024

A,

5%,

9/01/54

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

9,630,000

9,260,378

g,i

FHLMC,

Multi-family

ML

Pass-Through

Certificates

,

FRN,

2019-ML06,

XCA,

1.105%,

7/25/35

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

129,089,242

7,164,453

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

g,i

FHLMC,

Multi-family

ML

Pass-Through

Certificates,

(continued)

c

Revenue,

144A,

FRN,

2020-ML07,

XCA,

2.133%,

1/25/37

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

$

117,100,064

$

14,398,624

Folsom

Ranch

Financing

Authority

,

City

of

Folsom

Community

Facilities

District

No.

19,

Special

Tax,

2017,

5%,

9/01/47

1,000,000

998,949

City

of

Folsom

Community

Facilities

District

No.

20,

Special

Tax,

2018,

5%,

9/01/33

530,000

546,368

City

of

Folsom

Community

Facilities

District

No.

20,

Special

Tax,

2018,

5%,

9/01/48

1,675,000

1,669,302

Foothill-Eastern

Transportation

Corridor

Agency

,

f

Revenue,

2013

A,

Refunding,

4.87%,

1/15/42

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

75,000,000

34,448,122

Revenue,

2013

B-1,

Refunding,

3.95%,

1/15/53

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

23,000,000

19,362,782

Revenue,

2013

B-2,

Refunding,

3.5%,

1/15/53

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

15,500,000

12,017,011

f

Revenue,

2015

A,

Refunding,

3.54%,

1/15/33

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

19,000,000

14,701,824

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

1,908,610

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

3,039,166

City

of

Galt

Community

Facilities

District

No.

2020-2

Improvement

Area

No.

1,

Special

Tax,

2023

A,

6%,

9/01/53

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

2,895,000

3,010,676

f

Hanford

Joint

Union

High

School

District

,

GO,

B,

AG

Insured,

3.21%,

8/01/32

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

3,635,000

2,921,450

GO,

B,

AG

Insured,

3.39%,

8/01/33

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

3,705,000

2,845,542

GO,

B,

AG

Insured,

3.74%,

8/01/35

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

4,120,000

2,861,495

f

Hartnell

Community

College

District

,

GO

,

2009

D

,

4.92 %,

8/01/49

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

10,000,000

3,173,229

Independent

Cities

Finance

Authority

,

Augusta

Communities

III

LLC,

Revenue,

2021,

Refunding,

4%,

11/15/56

........

8,160,000

5,643,951

Augusta

Communities

IV

LLC,

Revenue,

2024

A,

5%,

11/15/45

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

1,685,000

1,563,186

Augusta

Communities

IV

LLC,

Revenue,

2024

A,

5%,

11/15/50

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

2,160,000

1,943,463

Augusta

Communities

IV

LLC,

Revenue,

2024

A,

5%,

11/15/59

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

5,540,000

4,831,972

COACH

of

San

Diego

LLC,

Revenue,

2014

A,

Refunding,

5.25%,

5/15/44

.......

2,015,000

2,015,468

COACH

of

San

Diego

LLC,

Revenue,

2014

A,

Refunding,

5.25%,

5/15/49

.......

4,800,000

4,800,533

Millennium

Housing

LLC,

Revenue,

2021,

Refunding,

3%,

5/15/56

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

4,000,000

2,612,332

Millennium

Housing

of

California,

Revenue,

2019,

Refunding,

5%,

5/15/48

.......

1,000,000

985,891

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/45

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

5,000,000

4,999,911

San

Juan

Mobile

Estates,

Revenue,

2015,

Refunding,

5%,

8/15/50

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

4,900,000

4,829,091

Indio

Community

Facilities

District

,

City

of

Indio

Community

Facilities

District

No.

2004-

Improvement

Area

No.

,

Special

Tax

,

2015

,

Refunding

,

%

,

9/01/35

..........

1,135,000

1,135,826

Inland

Valley

Development

Agency

,

Tax

Allocation,

2014

A,

Refunding,

5.25%,

9/01/37

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

7,500,000

7,556,821

Tax

Allocation,

2014

A,

Refunding,

5%,

9/01/44

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

9,000,000

9,066,389

Irvine

Facilities

Financing

Authority

,

City

of

Irvine

Community

Facilities

District

No.

2013-3

,

Special

Tax

,

2023

A

,

BAM

Insured

,

%

,

9/01/58

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

6,500,000

5,488,543

Irvine

Unified

School

District

,

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

B,

5%,

9/01/42

........

995,000

999,123

Community

Facilities

District

No.

09-1,

Special

Tax,

2017

C,

5%,

9/01/47

........

995,000

993,954

Community

Facilities

District

No.

09-1,

Special

Tax,

2018

A,

Refunding,

5%,

9/01/49

3,975,000

3,936,603

Jurupa

Public

Financing

Authority

,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/43

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

4,000,000

4,000,000

Special

Tax,

Sub.

Lien,

2015

B,

Refunding,

5%,

9/01/40

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

4,000,000

4,000,000

Kaweah

Delta

Health

Care

District

Guild

,

Revenue

,

2015

B

,

%

,

6/01/40

..........

3,250,000

3,050,041

Lake

Tahoe

Unified

School

District

,

GO

,

2012

,

5.3 %

,

8/01/40

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

1,140,000

1,175,344

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

2,756,209

Community

Facilities

District

No.

2024-1,

Special

Tax,

2025,

5%,

9/01/45

........

2,000,000

1,958,058

Community

Facilities

District

No.

2024-1,

Special

Tax,

2025,

5.125%,

9/01/50

.....

3,750,000

3,678,498

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Lammersville

Joint

Unified

School

District,

(continued)

Community

Facilities

District

No.

2024-1,

Special

Tax,

2025,

5.25%,

9/01/55

......

$

5,250,000

$

5,195,256

f

Las

Virgenes

Unified

School

District

,

GO

,

2011

C

,

6.566 %,

8/01/33

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

8,050,000

9,346,589

Lemon

Grove

Community

Development

Agency

Successor

Agency

,

Tax

Allocation

,

2014

,

Refunding

,

AG

Insured

,

%

,

8/01/34

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

1,000,000

1,016,147

f

Lemon

Grove

School

District

,

GO

,

2010

B

,

AG

Insured

,

5.936 %,

8/01/45

..........

6,500,000

6,220,861

Long

Beach

Bond

Finance

Authority

,

Revenue

,

2007

A

,

%

,

11/15/29

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

4,630,000

4,947,468

Los

Alamitos

Unified

School

District

,

COP,

2012,

5.95%,

8/01/34

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

1,500,000

1,646,117

COP,

2012,

6.05%,

8/01/42

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

4,500,000

4,817,525

Los

Angeles

Department

of

Water

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/50

......

18,805,000

18,817,278

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2025

A,

Refunding,

5%,

7/01/50

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

10,000,000

10,004,478

Water

System,

Revenue,

2021

B,

Refunding,

5%,

7/01/46

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

15,080,000

15,144,945

Water

System,

Revenue,

2022

D,

Refunding,

5%,

7/01/47

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

12,090,000

12,125,290

c

Los

Angeles

Housing

Authority

,

Housing

Pathways,

Inc.

,

Revenue

,

144A,

2024

B

,

%

,

12/01/62

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

33,500,000

30,465,597

Los

Angeles

Unified

School

District

,

GO,

2024

QRR,

4%,

7/01/49

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

10,000,000

8,741,400

GO,

2025

A-1,

5%,

7/01/49

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

10,000,000

10,257,113

Mendocino-Lake

Community

College

District

,

GO,

2011

B,

AG

Insured,

6.55%,

8/01/36

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

5,150,000

6,084,386

f

GO,

2011

B,

AG

Insured,

6.664%,

8/01/40

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

7,500,000

8,830,341

Menifee

Union

School

District

,

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

3,

Special

Tax,

2018,

5%,

9/01/43

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

1,000,000

1,003,640

Community

Facilities

District

No.

2011-1

Improvement

Area

No.

3,

Special

Tax,

2018,

5%,

9/01/48

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

1,500,000

1,501,025

Middle

Fork

Project

Finance

Authority

,

Revenue,

2020,

Refunding,

5%,

4/01/34

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

1,100,000

1,147,555

Revenue,

2020,

Refunding,

5%,

4/01/35

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

1,150,000

1,193,465

Moreno

Valley

Unified

School

District

,

Community

Facilities

District

No.

2015-3

,

Special

Tax

,

2019

,

4.125 %

,

9/01/48

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

360,000

305,212

Mountain

House

Community

Facilities

District

,

City

of

Mountain

House

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

1,

Special

Tax,

2025,

5%,

9/01/40

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

500,000

501,499

City

of

Mountain

House

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

1,

Special

Tax,

2025,

5%,

9/01/45

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

1,000,000

962,151

City

of

Mountain

House

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

1,

Special

Tax,

2025,

5%,

9/01/50

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

2,125,000

2,022,278

City

of

Mountain

House

Community

Facilities

District

No.

2024-1

Improvement

Area

No.

1,

Special

Tax,

2025,

5%,

9/01/55

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

3,600,000

3,392,371

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5 %

,

11/01/39

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

32,300,000

38,392,830

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

BAM

Insured

,

%

,

3/01/42

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

5,000,000

4,505,413

Oak

Park

Unified

School

District

,

GO

,

2011

A

,

7.1 %

,

8/01/38

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

6,600,000

7,888,673

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

1,496,306

County

of

Orange

Community

Facilities

District

No.

2015-1,

Special

Tax,

2015

A,

5.25%,

8/15/45

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

4,880,000

4,844,406

County

of

Orange

Community

Facilities

District

No.

2017-1

Area

No.

1,

Special

Tax,

2018

A,

5%,

8/15/47

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

9,550,000

9,303,975

Palomar

Health

,

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/01/39

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

12,190,000

10,347,366

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Palomar

Health,

(continued)

Palomar

Health

Obligated

Group,

COP,

4%,

11/01/38

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

$

5,000,000

$

3,737,903

Palomar

Health

Obligated

Group,

COP,

4%,

11/01/47

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

6,000,000

3,725,118

f

Paso

Robles

Joint

Unified

School

District

,

GO

,

2010

A

,

5.11 %,

9/01/45

...........

15,000,000

5,531,474

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

4,506,403

Perris

Joint

Powers

Authority

,

Community

Facilities

District

No.

2001-1,

Special

Tax,

2014

E,

Refunding,

4.25%,

9/01/38

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

4,120,000

3,972,873

Community

Facilities

District

No.

2014-1

Improvement

Area

No.

2,

Special

Tax,

2018

A,

4%,

9/01/48

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

1,530,000

1,273,633

Rancho

Mirage

Community

Facilities

District

,

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2024

A,

5%,

9/01/44

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

2,200,000

2,152,115

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2024

A,

5%,

9/01/49

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

1,500,000

1,443,223

Community

Facilities

District

No.

Improvement

Area

No.

1,

Special

Tax,

2024

A,

5%,

9/01/54

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

1,400,000

1,332,287

Redondo

Beach

Unified

School

District

,

GO

,

2011

E

,

6.2 %

,

8/01/31

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

2,750,000

3,234,102

f

Richland

School

District

,

GO

,

2009

C

,

AG

Insured

,

5.46 %,

8/01/49

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

22,000,000

6,171,070

Rio

Hondo

Community

College

District

,

GO

,

2010

C

,

6.85 %

,

8/01/42

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

13,000,000

15,667,947

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

1,673,075

City

of

Rio

Vista

Community

Facilities

District

No.

2018-1,

Special

Tax,

2018,

Refunding,

5%,

9/01/48

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

1,190,000

1,177,950

River

Islands

Public

Financing

Authority

,

Community

Facilities

District

2023-1

Area

No.

1,

Special

Tax,

2023,

5%,

9/01/38

...

500,000

509,286

Community

Facilities

District

2023-1

Area

No.

1,

Special

Tax,

2023,

5.5%,

9/01/43

.

2,000,000

2,045,679

Community

Facilities

District

2023-1

Area

No.

1,

Special

Tax,

2023,

5.5%,

9/01/48

.

3,090,000

3,130,840

Community

Facilities

District

2023-1

Area

No.

1,

Special

Tax,

2023,

5.625%,

9/01/53

4,840,000

4,910,399

Community

Facilities

District

No

2003-1

Improvement

Area

No.

2,

Special

Tax,

2022,

5.75%,

9/01/52

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

4,250,000

4,321,424

Community

Facilities

District

No.

2016-1,

Special

Tax,

2025,

AG

Insured,

5%,

9/01/55

2,315,000

2,344,091

Community

Facilities

District

No.

2020-1

Public

Improvements,

Special

Tax,

2025,

AG

Insured,

5%,

9/01/55

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

4,000,000

4,050,265

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

2.625%,

9/01/34

.....

860,000

738,411

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

2.625%,

9/01/35

.....

925,000

772,441

Community

Facilities

District

No.

2021-1,

Special

Tax,

2021,

4%,

9/01/46

........

1,495,000

1,269,830

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/48

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

1,650,000

1,570,943

Community

Facilities

District

No.

2023-1

Improvement

Area

No.

2,

Special

Tax,

2024,

5%,

9/01/54

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

2,625,000

2,472,230

f

Riverbank

Unified

School

District

,

GO,

2008

B,

AG

Insured,

4.53%,

8/01/38

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

6,690,000

3,776,254

GO,

2008

B,

AG

Insured,

4.98%,

8/01/43

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

8,750,000

3,660,928

Riverside

County

Community

Facilities

Districts

,

County

of

Riverside

Community

Facilities

District

No.

03-1

,

Special

Tax

,

2014

,

Refunding

,

%

,

9/01/30

..........

1,500,000

1,510,619

f

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

5.05 %,

6/01/43

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

7,500,000

3,128,449

Romoland

School

District

,

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/35

4,690,000

4,693,342

Community

Facilities

District

No.

2004-1,

Special

Tax,

2015,

Refunding,

5%,

9/01/38

3,000,000

3,001,323

Community

Facilities

District

No.

2004-1

Improvement

Area

No.

3,

Special

Tax,

2013,

5%,

9/01/36

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

1,500,000

1,500,941

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

f

Rowland

Unified

School

District

,

GO,

2009

B,

3.95%,

8/01/34

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

$

5,000,000

$

3,539,300

GO,

2009

B,

4.58%,

8/01/39

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

15,000,000

8,041,847

GO,

2009

B,

4.58%,

8/01/42

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

10,750,000

5,037,078

f

San

Bernardino

Community

College

District

,

GO

,

2009

B

,

4.98 %,

8/01/44

.........

12,495,000

4,984,638

f

San

Diego

Unified

School

District

,

GO,

2010

C,

6.408%,

7/01/47

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

26,025,000

23,760,539

GO,

2012

E,

4.77%,

7/01/42

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

6,940,000

5,325,656

GO,

2012

E,

5.213%,

7/01/47

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

13,500,000

10,120,936

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2020

,

%

,

8/01/45

........

17,760,000

15,980,256

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

Refunding,

5%,

5/01/37

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

5,535,000

5,649,375

Revenue,

2019

A,

Refunding,

5%,

5/01/44

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

10,000,000

10,002,162

Revenue,

2019

A,

Refunding,

5%,

5/01/49

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

10,000,000

9,808,851

Revenue,

Second

Series,

2019

E,

5%,

5/01/50

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

34,520,000

33,737,718

Revenue,

Second

Series,

2022

B,

Refunding,

5%,

5/01/52

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

5,250,000

5,312,584

Revenue,

Second

Series,

2024

A,

Refunding,

5.25%,

5/01/44

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

8,605,000

8,789,711

Revenue,

Second

Series,

2024

A,

Refunding,

5.25%,

5/01/49

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

350,000

353,614

Revenue,

Second

Series,

2025

A,

5.25%,

5/01/55

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

6,045,000

6,099,316

Revenue,

Second

Series,

2025

A,

5.5%,

5/01/55

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

10,000,000

10,347,804

San

Francisco

City

&

County

Public

Utilities

Commission

,

Wastewater

,

Revenue

,

2024

C

,

%

,

10/01/54

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

20,000,000

20,365,372

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency

,

Mission

Bay

South

Redevelopment

Area

Tax

Increment

Financing

District

,

Tax

Allocation

,

2014

A

,

%

,

8/01/43

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

2,500,000

2,500,011

San

Joaquin

Hills

Transportation

Corridor

Agency

,

f

Revenue,

1997

A,

Refunding,

NATL

Insured,

2.97%,

1/15/26

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

19,475,000

19,260,127

f

Revenue,

1997

A,

Refunding,

NATL

Insured,

3.56%,

1/15/32

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

50,225,000

40,177,986

f

Revenue,

Junior

Lien,

ETM,

2.15%,

1/01/28

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

19,150,000

18,221,487

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/44

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

2,225,000

2,225,160

Revenue,

Junior

Lien,

2014

B,

Refunding,

5.25%,

1/15/49

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

27,790,000

27,790,750

e

San

Joaquin

Valley

Clean

Energy

Authority

,

Revenue

,

2025

A

,

Mandatory

Put

,

5.5 %

,

7/01/35

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

21,250,000

23,579,835

Santa

Barbara

Unified

School

District

,

GO

,

2011

A

,

%

,

8/01/36

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

8,000,000

10,199,262

f

Siskiyou

Union

High

School

District

,

GO

,

2009

B

,

AG

Insured

,

5.39 %,

8/01/49

......

15,015,000

4,277,580

St.

Helena

Unified

School

District

,

GO

,

2011

B

,

6.45 %

,

6/01/36

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

10,000,000

12,283,697

State

of

California

,

GO,

Refunding,

4.125%,

3/01/45

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

12,000,000

11,390,795

GO,

4.125%,

3/01/49

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

5,500,000

5,142,116

j

GO,

5%,

3/01/55

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

8,000,000

8,268,906

Sulphur

Springs

Union

School

District

,

Community

Facilities

District

No.

2006-1

,

Special

Tax

,

2018

,

%

,

9/01/43

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

2,820,000

2,828,596

f

Susanville

School

District

,

GO

,

2010

,

AG

Insured

,

5.38 %,

8/01/49

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

17,505,000

5,000,725

Tejon

Ranch

Public

Facilities

Finance

Authority

,

Tejon

Industrial

Complex

Public

Improvements

–

East

Community

Facilities

District

No.

2008-1

,

Special

Tax

,

2024

A

,

Refunding

,

%

,

9/01/54

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

2,250,000

2,131,653

Temescal

Valley

Water

District

,

Community

Facilities

District

No.

Improvement

Area

No.

3,

Special

Tax,

2024,

5%,

9/01/44

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

600,000

600,369

Community

Facilities

District

No.

Improvement

Area

No.

3,

Special

Tax,

2024,

5%,

9/01/54

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

1,185,000

1,149,804

Three

Rivers

Levee

Improvement

Authority

,

Special

Tax

,

2021

B

,

Refunding

,

%

,

9/01/51

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

3,210,000

2,568,351

Tobacco

Securitization

Authority

of

Southern

California

,

f

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006

C,

8.47%,

6/01/46

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

23,500,000

4,348,165

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Tobacco

Securitization

Authority

of

Southern

California,

(continued)

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-1,

2,

Refunding,

5%,

6/01/48

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

$

5,890,000

$

5,438,083

f

Torrance

Unified

School

District

,

GO

,

2009

,

4.93 %,

8/01/34

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

5,095,000

3,317,390

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

5,494,825

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

1,

Special

Tax,

2018,

5%,

9/01/48

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

6,490,000

6,346,745

City

of

Tracy

Community

Facilities

District

No.

2016-01

Improvement

Area

No.

1,

Special

Tax,

2019,

5%,

9/01/49

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

1,960,000

1,893,569

Transbay

Joint

Powers

Authority

,

Transbay

Redevelopment

Project

Tax

Increment

Re-

Development

Project

,

Tax

Allocation

,

2020

B

,

%

,

10/01/38

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

550,000

553,370

Truckee-Donner

Public

Utility

District

,

Community

Facilities

District

No.

04-1,

Special

Tax,

2004,

5.75%,

9/01/29

........

2,295,000

2,260,510

Community

Facilities

District

No.

04-1,

Special

Tax,

2004,

5.8%,

9/01/35

........

4,470,000

4,280,514

Community

Facilities

District

No.

04-1,

Special

Tax,

2005,

5.2%,

9/01/25

........

705,000

705,000

Community

Facilities

District

No.

04-1,

Special

Tax,

2005,

5.25%,

9/01/30

........

4,990,000

4,793,058

Tustin

Community

Facilities

District

,

City

of

Tustin

Community

Facilities

District

No.

2014-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/40

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

750,000

750,000

City

of

Tustin

Community

Facilities

District

No.

2014-1,

Special

Tax,

2015

A,

Refunding,

5%,

9/01/45

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

1,000,000

1,000,000

University

of

California

,

Revenue,

2025

CC,

5%,

5/15/47

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

12,500,000

12,918,676

Revenue,

2025

CC,

5%,

5/15/53

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

20,200,000

20,668,642

Vallejo

Redevelopment

Agency

,

Tax

Allocation

,

2001

A

,

%

,

10/01/31

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

1,765,000

1,769,765

f

Victor

Valley

Community

College

District

,

GO

,

2008

C

,

5.2 %,

6/01/49

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

11,940,000

3,580,420

Washington

Township

Health

Care

District

,

Revenue,

2017

B,

Refunding,

4%,

7/01/35

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

2,000,000

1,888,121

Revenue,

2017

B,

Refunding,

4%,

7/01/36

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

1,900,000

1,765,237

Westside

Union

School

District

,

Community

Facilities

District

No.

2018-1

Area

,

Special

Tax

,

2021

,

%

,

9/01/46

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

360,000

298,421

2,608,663,234

#### Florida

#### 0.4%
c,f

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

8,300,000

6,926,250

c,e

Florida

Development

Finance

Corp.

,

AAF

Operations

Holdings

LLC,

Revenue,

144A,

2024,

Refunding,

Mandatory

Put,

14%,

7/15/28

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

4,000,000

2,480,000

Brightline

Florida

Holdings

LLC,

Revenue,

144A,

2025

B,

Mandatory

Put,

10%,

6/15/26

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

3,625,000

3,081,449

12,487,699

#### Minnesota

#### 0.1%
c

City

of

Fridley

,

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

,

%

,

6/01/41

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

3,250,000

3,220,168

#### Texas

#### 0.6%
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

8,393,066

c

Texas

Community

Housing

&

Economic

Development

Corp.

,

f

Agape

Helotes,

Inc.,

Revenue,

Junior

Lien,

144A,

2025

B,

7.736%,

1/01/65

......

163,530,000

6,959,117

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

Texas

Community

Housing

&

Economic

Development

Corp.,

(continued)

Agape

Helotes,

Inc.,

Revenue,

Senior

Lien,

144A,

2025

A-2,

12%,

1/01/65

.......

$

1,305,000

$

1,300,348

16,652,531

#### Virgin

#### Islands

#### 0.3%
Matching

Fund

Special

Purpose

Securitization

Corp.

,

United

States

Virgin

Islands

Federal

Excise

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/39

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

9,660,000

9,624,913

#### 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

4,834,791

#### Wisconsin

#### 0.3%
c

Public

Finance

Authority

,

FAH

Tree

House

LLC,

Revenue,

144A,

2023

B,

6.625%,

2/01/46

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

7,000,000

5,847,339

f

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022,

2.279%,

12/01/45

.....

6,000,000

4,351,734

10,199,073

#### U.S.

#### Territories

#### 5.1%

#### Guam

#### 0.6%
Guam

Government

Waterworks

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/40

..

9,885,000

9,922,309

Guam

Power

Authority

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/38

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

4,750,000

4,780,635

Territory

of

Guam

,

Revenue,

2021

F,

Refunding,

4%,

1/01/36

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

250,000

246,450

Revenue,

2021

F,

Refunding,

4%,

1/01/42

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

1,125,000

999,228

Hotel

Occupancy

Tax,

Revenue,

2021

A,

Refunding,

5%,

11/01/35

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

3,000,000

3,128,685

19,077,307

#### Pacific

#### Islands

#### 0.1%
Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6 %

,

3/15/28

.........

2,125,000

2,171,873

#### Puerto

#### Rico

#### 4.4%
Commonwealth

of

Puerto

Rico

,

f,g

GO,

FRN,

2.567%,

11/01/43

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

3,035,819

1,908,772

GO,

2022

A-1,

5.625%,

7/01/27

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

809,842

837,571

GO,

2022

A-1,

5.625%,

7/01/29

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

796,704

849,100

GO,

2022

A-1,

5.75%,

7/01/31

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

773,832

849,217

GO,

2022

A-1,

4%,

7/01/33

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

733,796

717,948

GO,

2022

A-1,

4%,

7/01/35

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

659,584

632,458

GO,

2022

A-1,

4%,

7/01/37

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

566,098

525,823

GO,

2022

A-1,

4%,

7/01/41

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

769,676

670,151

GO,

2022

A-1,

4%,

7/01/46

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

16,300,453

13,472,186

f

GO,

2022

A-1,

4.65%,

7/01/33

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

944,324

661,294

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5 %

,

8/20/40

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

14,457,528

13,960,020

HTA

CL

Trust

,

Revenue

,

L-2028

,

5.25 %

,

7/01/38

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

685,869

686,014

Puerto

Rico

Electric

Power

Authority

,

d

Revenue,

1,

10%,

1/01/21

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

1,768,493

1,158,363

d

Revenue,

2,

10%,

7/01/21

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

1,768,493

1,158,363

d

Revenue,

2013

A,

10%,

7/01/19

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

1,601,766

1,049,157

d

Revenue,

2013

A,

7%,

7/01/33

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

17,950,000

11,802,125

d

Revenue,

2016

B-1,

10%,

7/01/19

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

1,601,765

1,049,156

d

Revenue,

3,

10%,

1/01/22

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

600,000

393,000

d

Revenue,

4,

10%,

7/01/22

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

600,000

393,000

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

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

1,800,000

1,798,899

Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue,

2000

B,

6.625%,

1/01/27

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

$

362,482

$

361,236

Revenue,

2000

B,

6.625%,

1/01/28

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

2,764,591

2,757,444

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

4.55%,

7/01/40

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

100,000

95,437

Sales

Tax,

Revenue,

A-1,

4.75%,

7/01/53

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

18,244,000

16,383,626

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

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

8,695,000

7,975,560

f

Sales

Tax,

Revenue,

A-1,

5.68%,

7/01/46

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

20,000,000

6,321,148

f

Sales

Tax,

Revenue,

A-1,

5.79%,

7/01/51

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

47,945,000

11,191,116

Sales

Tax,

Revenue,

A-2,

4.329%,

7/01/40

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

4,419,000

4,098,368

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

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

28,616,000

25,280,116

129,036,668

#### Total

#### U.S.

#### Territories

#### ....................................................................
150,285,848

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $2,975,639,991)

#### ...................................

#### 2,830,294,735

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a,b

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

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

3,031,496

757,874

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $–)

#### ...................................

#### 757,874

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $3,051,165,702)

#### .............................

#### 2,897,670,279

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.4%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 0.4%

#### California

#### 0.4%
k

Anaheim

Housing

&

Public

Improvements

Authority

,

City

of

Anaheim

Water

System

,

Revenue,

Second

Lien

,

2024

A

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.6 %

,

10/01/54

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

2,000,000

2,000,000

k

Irvine

Ranch

Water

District

,

Special

Assessment

,

2009

B

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.58 %

,

10/01/41

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

1,900,000

1,900,000

k

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.75 %

,

7/01/48

.

2,100,000

2,100,000

k

University

of

California

,

Revenue

,

2013

,

Daily

VRDN

and

Put

,

3.55 %

,

5/15/48

..

7,100,000

7,100,000

13,100,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $13,100,000)

#### ......................................

#### 13,100,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $13,100,000)

#### ................................

#### 13,100,000

#### a

#### Total

#### Investments

#### (Cost

#### $3,064,265,702)

#### 98.8%

#### ..................................

#### $2,910,770,279

#### Other

#### Assets,

#### less

#### Liabilities

#### 1.2%

#### .............................................

#### 33,721,243

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,944,491,522
Franklin

Municipal

Securities

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

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

August

31,

2025,

the

aggregate

value

of

these

securities

was

$856,636,926,

representing

29.1%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

The

rate

shown

represents

the

yield

at

period

end.

g

The

coupon

rate

shown

represents

the

rate

at

period

end.

h

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

Underlying

security

in

a

tender

option

bond

transaction.

This

security

has

been

segregated

as

collateral

for

financing

transactions.

k

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

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

Financial

Statements

Statement

of

Assets

and

Liabilities

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$3,064,265,702

Value

-

Unaffiliated

issuers

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

$2,910,770,279

Cash

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

2,593,771

Receivables:

Capital

shares

sold

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

2,287,649

Interest

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

40,652,612

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

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

1,620,918

Total

assets

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

2,957,925,229

Liabilities:

Payables:

Investment

securities

purchased

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

2,872,350

Capital

shares

redeemed

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

7,121,358

Management

fees

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

1,143,926

Distribution

fees

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

305,042

Transfer

agent

fees

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

524,683

Trustees'

fees

and

expenses

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

2,769

Distributions

to

shareholders

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

1,299,458

Accrued

expenses

and

other

liabilities

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

164,121

Total

liabilities

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

13,433,707

Net

assets,

at

value

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

$2,944,491,522

Net

assets

consist

of:

Paid-in

capital

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

$3,292,063,899

Total

distributable

earnings

(losses)

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

(347,572,377)

Net

assets,

at

value

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

$2,944,491,522

Franklin

Municipal

Securities

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$990,078,824

Shares

outstanding

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

105,206,668

Net

asset

value

per

share

a

,b

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

$9.41

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$9.78

#### Class

#### A1:
Net

assets,

at

value

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

$656,239,603

Shares

outstanding

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

69,868,753

Net

asset

value

per

share

a

,b

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

$9.39

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$9.76

#### Class

#### C:
Net

assets,

at

value

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

$72,669,563

Shares

outstanding

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

7,677,587

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$9.47

#### Class

#### R6:
Net

assets,

at

value

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

$62,616,207

Shares

outstanding

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

6,644,471

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.42

#### Advisor

#### Class:
Net

assets,

at

value

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

$1,162,887,325

Shares

outstanding

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

123,532,460

Net

asset

value

and

maximum

offering

price

per

share

b

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

$9.41

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Municipal

Securities

Trust

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$74,422,809

Expenses:

Management

fees

(Note

a)

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

6,805,887

Distribution

fees:

(Note

3c)

Class

A

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

1,218,186

Class

A1

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

339,322

Class

C

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

257,019

Transfer

agent

fees:

(Note

3e)

Class

A

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

331,530

Class

A1

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

230,699

Class

C

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

26,862

Class

R6

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

6,417

Advisor

Class

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

398,988

Custodian

fees

(Note

4)

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

8,828

Reports

to

shareholders

fees

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

27,100

Registration

and

filing

fees

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

15,425

Professional

fees

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

106,978

Trustees'

fees

and

expenses

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

17,276

Other

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

184,875

Total

expenses

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

9,975,392

Net

investment

income

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

64,447,417

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(15,596,698)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(138,527,370)

Net

realized

and

unrealized

gain

(loss)

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

(154,124,068)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$(89,676,651)

Franklin

Municipal

Securities

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$64,447,417

$113,522,234

Net

realized

gain

(loss)

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

(15,596,698)

(23,658,994)

Net

change

in

unrealized

appreciation

(depreciation)

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

(138,527,370)

38,149,884

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

(89,676,651)

128,013,124

Distributions

to

shareholders:

Class

A

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

(20,564,621)

(33,286,444)

Class

A1

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

(14,838,447)

(30,414,871)

Class

C

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

(1,495,810)

(3,156,190)

Class

R6

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

(1,429,172)

(2,427,473)

Advisor

Class

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

(26,192,554)

(43,462,594)

Total

distributions

to

shareholders

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

(64,520,604)

(112,747,572)

Capital

share

transactions:

(Note

2)

Class

A

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

58,568,709

266,877,961

Class

A1

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

(20,078,174)

(68,763,477)

Class

C

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

(8,163,413)

(8,310,519)

Class

R6

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

48,880

14,864,697

Advisor

Class

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

37,927,931

265,571,571

Total

capital

share

transactions

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

68,303,933

470,240,233

Net

increase

(decrease)

in

net

assets

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

(85,893,322)

485,505,785

Net

assets:

Beginning

of

period

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

3,030,384,844

2,544,879,059

End

of

period

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

$2,944,491,522

$3,030,384,844

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
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. The

Fund

offers five

classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### 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

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.

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
The

Fund

may purchase

securities

on

a when-issued,

forward

commitment or

delayed

delivery 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

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

date.

These

types

of

securities

may

be

considered

unfunded

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

Unfunded

commitments

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

At

August

31,

2025,

unfunded

commitments

were

as

follows:

c. #### Income

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is

recorded

on

the

ex-

dividend

date

except

for

certain

dividends

from

securities

where

the

dividend

rate

is

not

available.

In

such

cases,

the

dividend

is

recorded

as

soon

as

the

information

is

received

by

the

Fund.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the

Fund

are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

#### 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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Fund, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

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

18,076,709

$171,760,359

39,430,549

$390,770,256

Shares

issued

in

reinvestment

of

distributions

..........

1,907,616

18,102,330

3,006,832

29,733,559

Shares

redeemed

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

(13,809,901)

(131,293,980)

(15,541,705)

(153,625,854)

Net

increase

(decrease)

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

6,174,424

$58,568,709

26,895,676

$266,877,961

#### Class

#### A1

#### Shares:
Shares

sold

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

1,257,432

$11,953,263

3,133,435

$31,022,853

Shares

issued

in

reinvestment

of

distributions

..........

1,319,859

12,505,686

2,620,130

25,845,061

Shares

redeemed

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

(4,694,810)

(44,537,123)

(12,723,467)

(125,631,391)

Net

increase

(decrease)

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

(2,117,519)

$(20,078,174)

(6,969,902)

$(68,763,477)

#### Class

#### C

#### Shares:
Shares

sold

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

762,664

$7,321,082

2,231,242

$22,232,038

Shares

issued

in

reinvestment

of

distributions

..........

149,571

1,428,530

303,493

3,017,044

Shares

redeemed

a

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

(1,772,178)

(16,913,025)

(3,372,293)

(33,559,601)

Net

increase

(decrease)

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

(859,943)

$(8,163,413)

(837,558)

$(8,310,519)

#### Class

#### R6

#### Shares:
Shares

sold

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

1,703,011

$16,189,200

2,645,569

$26,237,351

Shares

issued

in

reinvestment

of

distributions

..........

143,432

1,363,204

229,503

2,272,221

Shares

redeemed

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

(1,839,423)

(17,503,524)

(1,378,938)

(13,644,875)

Net

increase

(decrease)

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

7,020

$48,880

1,496,134

$14,864,697

#### Advisor

#### Class

#### Shares:
Shares

sold

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

27,696,899

$263,166,362

48,258,465

$478,078,553

Shares

issued

in

reinvestment

of

distributions

..........

2,262,700

21,481,373

3,661,004

36,211,650

Shares

redeemed

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

(26,030,288)

(246,719,804)

(25,136,507)

(248,718,632)

Net

increase

(decrease)

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

3,929,311

$37,927,931

26,782,962

$265,571,571

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Accounting

#### Estimates
(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

#### 3

#### .

#### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays

an

investment

management fee,

calculated daily and

paid

monthly,

to

Advisers based

on the

average

daily net

assets

of

the

Fund

as

follows:

For

the

period

ended

August

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.458%

of

the

Fund's

average daily

net

assets.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Fund's

Class

A

and

A1

reimbursement

distribution

plans,

the

Fund

reimburses

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of the

Fund's

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Fund's

Class

C

compensation

distribution

plan,

the

Fund

pays

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Fund's

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Franklin

Templeton

Investor

Services,

LLC

(Investor

Services)

Transfer

agent

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.625%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

Distributors

has

agreed

to

limit

the

current

rate

to

0.10%

per

year

for

Class

A1.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

August

31,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$264,275

was

retained

by

Investor

Services.

f. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has contractually

agreed

in

advance

to

waive

or

limit

its fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

the

Fund

so

that

the

operating expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed 0.65%

based

on

the

average

net

assets

of

each

class

until

June

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Transfer

agent

fees

on

Class

R6

shares

of

the

Fund have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2026. g. #### Interfund

#### Transactions
The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

period

ended

August

31,

2025,

these

purchase

and

sale

transactions

aggregated

$73,615,000

and

$97,205,000,

respectively.

Class

A

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

0.25%

Class

A1

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

0.15%

Class

C

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

0.65%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

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

$6,775

CDSC

retained

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

$143,939

#### 3

#### .

#### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

August

31,

2025,

there

were

no

credits

earned.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

August

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales

and

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

period

ended

August

31,

2025,

aggregated

$394,249,494 and

$273,600,431,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

August

31,

2025,

the

Fund

had 36.2%

of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade as

determined

by

Nationally

Recognized

Statistical

Credit

Ratings

Organizations

and/or

internally,

by

investment

management

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was $29,760,441

representing 1.0%

of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying Schedule

of

Investments.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

100,190,328

Long

term

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

83,531,474

Total

capital

loss

carryforwards

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

$183,721,802

Cost

of

investments

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

$3,069,443,401

Unrealized

appreciation

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

$85,160,018

Unrealized

depreciation

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

(243,833,140)

Net

unrealized

appreciation

(depreciation)

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

$(158,673,122)

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

8. #### Concentration

#### of

#### Risk
The

Fund

invests

a

large

percentage

of

its total

assets

in

obligations

of

issuers

within California

and

U.S.

territories.

Such

concentration

may

subject

the

Fund

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within California

and

U.S.

territories. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Fund

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. #### Credit

#### Facility
The

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

period

ended

August

31,

2025,

the Fund

did

not

use

the

Global

Credit

Facility.

10. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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 August

31,

2025,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

#### 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

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

—

40,416,931

—

40,416,931

Electric

Utilities

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

—

10,107,789

—

10,107,789

Municipal

Bonds

:

Arizona

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

—

14,326,478

—

14,326,478

California

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

—

2,600,307,783

8,355,451

2,608,663,234

Florida

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

—

12,487,699

—

12,487,699

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

A

reconciliation

of

assets

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers assigned

to

the

Fund

within the

Fund's

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Municipal

Bonds:

(continued)

Minnesota

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

$

—

$

3,220,168

$

—

$

3,220,168

Texas

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

—

16,652,531

—

16,652,531

Virgin

Islands

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

—

9,624,913

—

9,624,913

Virginia

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

—

4,834,791

—

4,834,791

Wisconsin

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

—

10,199,073

—

10,199,073

U.S.

Territories

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

Guam

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

—

19,077,307

—

19,077,307

Pacific

Islands

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

—

2,171,873

—

2,171,873

Puerto

Rico

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

—

129,036,668

—

129,036,668

Escrows

and

Litigation

Trusts

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

—

—

757,874

757,874

Short

Term

Investments

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

—

13,100,000

—

13,100,000

Total

Investments

in

Securities

...........

$—

$2,885,564,004

$25,206,275

$2,910,770,279

Other

Financial

Instruments:

Unfunded

Commitments

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

$—

$—

$1,620,918

$1,620,918

Total

Other

Financial

Instruments

.........

$—

$—

$1,620,918

$1,620,918

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Municipal

Securities

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(continued)

#### Abbreviations

#### Selected

#### Portfolio

#### AG
Assured

Guaranty,

Inc.

#### BAM
Build

America

Mutual

Assurance

Co.

#### 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.

#### SPA
Standby

Purchase

Agreement

Franklin

Municipal

Securities

Trust

franklintempleton.com

Semiannual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(Unaudited)

#### FRANKLIN

#### MUNICIPAL

#### SECURITIES

#### TRUST

#### Franklin

#### California

#### High

#### Yield

#### Municipal

#### Fund
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Municipal

Securities

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

On

several

occasions,

both

prior

to,

and

at

the

Meeting,

the

Independent

Trustees

met

with

senior

executives

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

to

discuss

management's

perspectives

on

and

ask

questions

regarding

the

performance

of

and

long-term

business

strategies

for

the

Municipal

and

Tax-Free

Funds,

including

on

topics

such

as

the

positioning

of

the

Municipal

and

Tax-Free

Funds

within

the

broader

Franklin

Templeton

product

offering

line

up,

management's

assessment

of

the

overall

performance

of

the

Municipal

and

Tax-Free

Funds

compared

to

other

similar

suites

of

funds

in

the

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Municipal

Securities

Trust

franklintempleton.com

Semiannual

Report

marketplace,

and

the

appropriateness

of

the

Broadridge

Performance

Universe

selected

for

each

Municipal

and

Tax-Free

Fund.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

Franklin

Municipal

Securities

Trust

franklintempleton.com

Semiannual

Report

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

California

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

and

in

the

first

(best)

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

three-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

each

other

fund

in

its

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

eight

other

California

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

equal

to

the

median

of

its

Expense

Group.

The

Board

also

noted

that

the

actual

total

expense

ratio

for

the

Fund

was

above

the

median

of

its

Expense

Group.

The

Board

discussed

the

above

median

actual

total

expense

ratio

with

management

and

management

explained

that

the

Expense

Group

is

comprised

of

California

municipal

debt

funds

that

predominantly

invest

in

investment

grade

bonds

and

of

the

nine

funds

within

the

Expense

Group,

only

one

other

fund

has

a

high

yield

investment

mandate.

Management

further

explained

that

high

yield

fixed

income

investment

mandates

generally

require

greater

research

expertise,

risk

management,

trading

and

legal

resources.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

Franklin

Municipal

Securities

Trust

franklintempleton.com

Semiannual

Report

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

MUN-SFSOI

10/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive
 officer and chief financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule
 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days
 of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure
 controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by
 this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fchymf-efp18078_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fchymf-efp18078_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Municipal Securities Trust** | **Franklin Municipal Securities Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on
Form N-CSR of **Franklin Municipal Securities Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Municipal Securities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information
included in this report, and the financial statements on which the financial information is based, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Municipal Securities Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Municipal Securities Trust | Franklin Municipal Securities Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: October 29, 2025 | Date: October 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.