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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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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057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 2.4
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 93.1
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 8.3
064 A000500 Y
064 B000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
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 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
<PAGE> PAGE 22
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 4706
071 B000500 2085
071 C000500 2686
071 D000500 78
072 A000500 12
072 B000500 171
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
072 R000500 1
072 S000500 1
072 T000500 1
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 3
072 Y000500 0
072 Z000500 168
072AA000500 8
072BB000500 45
072CC010500 127
072CC020500 0
072DD010500 139
072DD020500 0
072EE000500 0
073 A010500 0.4410
<PAGE> PAGE 23
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 46
074 B000500 0
074 C000500 100
074 D000500 3850
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 146
074 M000500 0
074 N000500 4142
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 8
074 S000500 0
074 T000500 4134
074 U010500 401
074 U020500 0
074 V010500 10.32
074 V020500 0.00
074 W000500 0.0000
074 X000500 88
074 Y000500 856
075 A000500 0
075 B000500 2982
076 000500 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST MAY 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN HAWAII MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 30,192,257
<INVESTMENTS-AT-VALUE> 30,980,321
<RECEIVABLES> 5,720,131
<ASSETS-OTHER> 186,304
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,886,756
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,388
<TOTAL-LIABILITIES> 59,388
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,646,035
<SHARES-COMMON-STOCK> 3,452,783
<SHARES-COMMON-PRIOR> 2,597,599
<ACCUMULATED-NII-CURRENT> 115,269
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (722,000)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 788,064
<NET-ASSETS> 36,827,368
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,747,814
<OTHER-INCOME> 0
<EXPENSES-NET> (55,106)
<NET-INVESTMENT-INCOME> 1,692,708
<REALIZED-GAINS-CURRENT> (551,385)
<APPREC-INCREASE-CURRENT> 1,468,052
<NET-CHANGE-FROM-OPS> 2,609,375
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,655,958)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,298,192
<NUMBER-OF-SHARES-REDEEMED> (533,534)
<SHARES-REINVESTED> 90,526
<NET-CHANGE-IN-ASSETS> 9,923,308
<ACCUMULATED-NII-PRIOR> 78,519
<ACCUMULATED-GAINS-PRIOR> (170,615)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (55,106)
<AVERAGE-NET-ASSETS> 28,110,319
<PER-SHARE-NAV-BEGIN> 10.360
<PER-SHARE-NII> .600
<PER-SHARE-GAIN-APPREC> .310
<PER-SHARE-DIVIDEND> (.600)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.670
<EXPENSE-RATIO> .200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN MUNICIPAL SECURITIES TRUST
MAY 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 48,360,975
<INVESTMENTS-AT-VALUE> 49,758,824
<RECEIVABLES> 1,316,632
<ASSETS-OTHER> 128,817
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,204,273
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,731
<TOTAL-LIABILITIES> 102,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,376,271
<SHARES-COMMON-STOCK> 5,145,872
<SHARES-COMMON-PRIOR> 3,283,367
<ACCUMULATED-NII-CURRENT> 96,559
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,769,137)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,397,849
<NET-ASSETS> 51,101,542
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,906,912
<OTHER-INCOME> 0
<EXPENSES-NET> (82,749)
<NET-INVESTMENT-INCOME> 2,824,163
<REALIZED-GAINS-CURRENT> (1,402,544)
<APPREC-INCREASE-CURRENT> 2,759,666
<NET-CHANGE-FROM-OPS> 4,181,285
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,727,267)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,877,255
<NUMBER-OF-SHARES-REDEEMED> (1,120,517)
<SHARES-REINVESTED> 105,767
<NET-CHANGE-IN-ASSETS> 19,163,239
<ACCUMULATED-NII-PRIOR> (337)
<ACCUMULATED-GAINS-PRIOR> (366,593)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (82,749)
<AVERAGE-NET-ASSETS> 41,013,100
<PER-SHARE-NAV-BEGIN> 9.730
<PER-SHARE-NII> .660
<PER-SHARE-GAIN-APPREC> .176
<PER-SHARE-DIVIDEND> (.636)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.930
<EXPENSE-RATIO> .200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN MUNICIPAL SECURITIES TRUST MAY 31, 1995
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN WASHINGTON MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 5,833,334
<INVESTMENTS-AT-VALUE> 5,865,979
<RECEIVABLES> 110,853
<ASSETS-OTHER> 35,687
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,012,519
<PAYABLE-FOR-SECURITIES> 172,753
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,969
<TOTAL-LIABILITIES> 271,722
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,756,478
<SHARES-COMMON-STOCK> 579,874
<SHARES-COMMON-PRIOR> 447,362
<ACCUMULATED-NII-CURRENT> 36,472
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (84,798)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,645
<NET-ASSETS> 5,740,797
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 297,529
<OTHER-INCOME> 0
<EXPENSES-NET> (4,794)
<NET-INVESTMENT-INCOME> 292,735
<REALIZED-GAINS-CURRENT> (53,725)
<APPREC-INCREASE-CURRENT> 282,570
<NET-CHANGE-FROM-OPS> 521,580
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (287,372)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 193,017
<NUMBER-OF-SHARES-REDEEMED> (83,642)
<SHARES-REINVESTED> 23,137
<NET-CHANGE-IN-ASSETS> 1,468,529
<ACCUMULATED-NII-PRIOR> 31,109
<ACCUMULATED-GAINS-PRIOR> (31,073)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,794)
<AVERAGE-NET-ASSETS> 4,776,133
<PER-SHARE-NAV-BEGIN> 9.550
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> .355
<PER-SHARE-DIVIDEND> (.565)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.900
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN MUNICIPAL SECURITIES TRUST MAY 31, 1995
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> FRANKLIN TENNESSEE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 5,812,333
<INVESTMENTS-AT-VALUE> 6,066,897
<RECEIVABLES> 121,511
<ASSETS-OTHER> 150,817
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,339,225
<PAYABLE-FOR-SECURITIES> 342,902
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,345
<TOTAL-LIABILITIES> 353,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,694,037
<SHARES-COMMON-STOCK> 568,467
<SHARES-COMMON-PRIOR> 220,000
<ACCUMULATED-NII-CURRENT> 42,120
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,743)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 254,564
<NET-ASSETS> 5,985,978
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 220,937
<OTHER-INCOME> 0
<EXPENSES-NET> (3,592)
<NET-INVESTMENT-INCOME> 217,345
<REALIZED-GAINS-CURRENT> (4,742)
<APPREC-INCREASE-CURRENT> 232,907
<NET-CHANGE-FROM-OPS> 445,510
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (177,638)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 378,401
<NUMBER-OF-SHARES-REDEEMED> (43,219)
<SHARES-REINVESTED> 13,285
<NET-CHANGE-IN-ASSETS> 3,761,909
<ACCUMULATED-NII-PRIOR> 2,413
<ACCUMULATED-GAINS-PRIOR> (1)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,592)
<AVERAGE-NET-ASSETS> 3,611,493
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> .520
<PER-SHARE-GAIN-APPREC> .353
<PER-SHARE-DIVIDEND> (.453)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.530
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN MUNICIPAL SECURITIES TRUST
MAY 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> FRANKLIN ARKANSAS MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> MAY-31-1995
<INVESTMENTS-AT-COST> 3,811,477
<INVESTMENTS-AT-VALUE> 3,949,511
<RECEIVABLES> 146,048
<ASSETS-OTHER> 46,098
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,141,657
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,916
<TOTAL-LIABILITIES> 7,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,000,584
<SHARES-COMMON-STOCK> 400,569
<SHARES-COMMON-PRIOR> 220,000
<ACCUMULATED-NII-CURRENT> 31,781
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (36,658)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 138,034
<NET-ASSETS> 4,133,741
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 171,186
<OTHER-INCOME> 0
<EXPENSES-NET> (2,978)
<NET-INVESTMENT-INCOME> 168,208
<REALIZED-GAINS-CURRENT> (36,658)
<APPREC-INCREASE-CURRENT> 127,376
<NET-CHANGE-FROM-OPS> 258,926
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (138,970)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177,525
<NUMBER-OF-SHARES-REDEEMED> (9,117)
<SHARES-REINVESTED> 12,161
<NET-CHANGE-IN-ASSETS> 1,920,540
<ACCUMULATED-NII-PRIOR> 2,543
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,978)
<AVERAGE-NET-ASSETS> 2,981,801
<PER-SHARE-NAV-BEGIN> 10.060
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> .191
<PER-SHARE-DIVIDEND> (.441)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.320
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the 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, 1995, 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, 1995.
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 AND LYBRAND L.L.P.
San Francisco, California
June 30, 1995
