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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 51.4
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 9.0
064 A000500 Y
064 B000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
<PAGE> PAGE 22
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 1127
071 B000500 0
071 C000500 1137483
071 D000500 0
072 A000500 1
072 B000500 3
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 0
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
<PAGE> PAGE 23
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 0
072 Y000500 0
072 Z000500 3
072AA000500 0
072BB000500 0
072CC010500 11
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1532
074 B000500 0
074 C000500 0
074 D000500 1138
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 26
074 M000500 0
074 N000500 2696
074 O000500 483
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 2213
074 U010500 220
074 U020500 0
074 V010500 10.06
074 V020500 0.00
074 W000500 0.0000
074 X000500 1
074 Y000500 370
075 A000500 0
<PAGE> PAGE 24
075 B000500 2112
076 000500 0.00
SIGNATURE KENNETH V. DOMINGUES
TITLE VP, TREASURER, CFO
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of Franklin Municipal Securities Trust:
In planning and performing our audit of the financial statements
and financial highlights of the funds comprising the Franklin
Municipal Securities Trust for the year ended May 31, 1994, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and financial highlights and to comply with
the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Franklin Municipal Securities Trust is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgements by management are required to assess the expected
benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed
in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by
the American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial
statements and financial highlights being audited may occur and not
be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of May 31, 1994.
This report is intended solely for the information and use of
management of the Franklin Municipal Securities Trust and the
Securities
and Exchange Commission.
S\Coopers & Lybrand
San Francisco, California
June 27, 1994
FORM N-SAR
REGISTRANT: FRANKLIN MUNICIPAL SECURITIES TRUST
File No. 811-6481
EXHIBIT - Item 77C - Matters submitted to a vote of security
holders
At a special meeting of shareholders of the registrant held on
March 22, 1994 the following items were voted upon:
Franklin Hawaii Municipal Bond Fund
1) Election of trustees.
For Withhold Authority
Frank H. Abbott,III 1,188,434.683 26,510.598
Harris J. Ashton 1,188,434.683 26,510.598
Harmon E. Burns 1,188,434.683 26,510.598
S. Joseph Fortunato 1,188,434.683 26,510.598
David W. Garbellano1, 188,434.683 26,510.598
Charles B. Johnson 1,188,434.683 26,510.598
Rupert H. Johnson, Jr. 1,188,434.683 26,510.598
Frank W. T. LaHaye1, 188,434.683 26,510.598
Gordon S. Macklin 1,188,434.683 26,510.598
Hayato Tanaka 1,187,517.252 27,428.029
2) Ratification of the selection of Coopers & Lybrand, Certified
Public Accountants, as the independent auditors for the Trust for
the current fiscal year.
Vote For Vote Against
1,192,099.024 917.431
3) To approve the continuation of the Management Agreement with
Franklin Advisers, Inc.
Vote For Vote Against
1,192,559.389 0
4) To approve the continuation of the Distribution Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940.
Vote For Vote Against
1,143,768.542 1,000.000
Franklin California High Yield Municipal Fund
1) Election of trustees.
For Withhold Authority
Frank H. Abbott,III 1,262,133.411 25,995.274
Harris J. Ashton 1,262,133.411 25,995.274
Harmon E. Burns 1,262,050.361 26,078.324
S. Joseph Fortunato 1,262,155.731 25,972.954
David W. Garbellano 1,262,050.361 26,078.324
Charles B. Johnson 1,262,133.411 25,995.274
Rupert H. Johnson, Jr. 1,262,133.411 25,995.274
Frank W. T. LaHaye 1,262,133.411 25,995.274
Gordon S. Macklin 1,262,133.411 25,995.274
Hayato Tanaka 1,261,113.154 27,015.531
2) Ratification of the selection of Coopers & Lybrand, Certified
Public Accountants, as the independent auditors for the Trust for
the current fiscal year.
Vote For Vote Against
1,258,631.730 2,055.689
3) To approve the continuation of the Management Agreement with
Franklin Advisers, Inc.
Vote For Vote Against
1,260,454.475 0
4) To approve the continuation of the Distribution Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940.
Vote For Vote Against
1,254,015.042 186.182
5) To approve an amendment to the investment objective of the
Franklin California High Yield Municipal Fund.
Vote For Vote Against
1,238,780.379 4,851.207
6) To approve an amendment to the Franklin California High Yield
Municipal Fund's investment policies to permit the Franklin
California High Yield Municipal Fund to purchase debt securities
in default.
Vote For Vote Against
1,116,200.039 81,718.395
Franklin Washington Municipal Bond Fund
1) Election of trustees.
For Withhold Authority
Frank H. Abbott,III 282,544.198 0
Harris J. Ashton 282,544.198 0
Harmon E. Burns 282,544.198 0
S. Joseph Fortunato 282,544.198 0
David W. Garbellano 282,544.198 0
Charles B. Johnson 282,544.198 0
Rupert H. Johnson, Jr. 282,544.198 0
Frank W. T. LaHaye 282,544.198 0
Gordon S. Macklin 282,544.198 0
Hayato Tanaka 282,544.198 0
2) Ratification of the selection of Coopers & Lybrand, Certified
Public Accountants, as the independent auditors for the Trust for
the current fiscal year.
Vote For Vote Against
282,544.198 0
3) To approve the continuation of the Management Agreement with
Franklin Advisers, Inc.
Vote For Vote Against
282,544.198 0
4) To approve the continuation of the Distribution Plan pursuant
to Rule 12b-1 under the Investment Company Act of 1940.
Vote For Vote Against
282,544.198 0
FORM N-SAR
REGISTRANT: FRANKLIN MUNICIPAL SECURITIES TRUST
File No. 811-6481
EXHIBIT - Item 77Q1(a) - Copies of any material amendments to the
registrant's charter or by-laws.
At a meeting of the Board of Trustees of the registrant on April
19, 1994, the Board approved the following preamble and
resolutions:
WHEREAS, the Board of Trustees has determined that it is
advisable and in the best interests of the shareholders of the
Trust to revise the Trust's By-Laws to specifically provide
for the use of proxies which are communicated by an
electronic, telephonic, computerized or telecommunications
method;
NOW THEREFORE, BE IT RESOLVED, that Section 10 of Article II
is hereby resolved to read as follows:
"Section 10. PROXIES. Every person entitled to vote
for Trustees or on any other matter shall have the right
to do so either in person or by one or more agents.
Except as otherwise provided in the Agreement and
Declaration of Trust or these By-Laws, matters relating
to the giving, voting or validity of proxies will be
governed by the Delaware General Corporation Law
relating to proxies, and Delaware judicial
interpretations thereunder, as if the Trust were a
Delaware corporation and Shareholders of the Trust
were shareholders of a Delaware corporation."
