FRANKLIN/TEMPLETON GROUP OF FUNDS
777 Mariners Island Boulevard
San Mateo, California 94404
July 26, 1995
Filed Via EDGAR (CIK #0000881309)
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for Franklin Municipal Securities Trust
File No. 33-44132
Gentlemen:
Pursuant to Rule 24f-2 under the Investment Company Act of 1940,
Franklin Municipal Securities Trust (the "Fund") hereby files its
Rule 24f-2 Notice for the fiscal year ended May 31, 1995 (the
"Fiscal Year"). The registration fee, shown in the attached
calculation, has been transmitted via wire transfer to the Mellon
Bank.
At the beginning of the Fiscal Year, the Fund did not have any
shares of beneficial interest which had been registered under the
Securities Act of 1933 other than pursuant to Rule 24f-2, but
which remained unsold.
During the Fiscal Year, the Fund did not register shares of
beneficial interest other than pursuant to Rule 24f-2 and sold a
total of 4,924,390 shares of beneficial interest. 1/ All of the
Fund shares sold during the Fiscal Year were sold in reliance
upon the registration pursuant to Rule 24f-2. Attached is an
opinion of counsel indicating that these securities were legally
issued, fully paid and non-assessable.
Sincerely,
FRANKLIN MUNICIPAL SECURITIES TRUST
/s/ Larry L. Greene
Larry L. Greene
Assistant Secretary
1/ Footnote to Rule 24f-2 Notice for Franklin Municipal Securities Trust
The calculation pursuant to subsection (c) of Rule 24f-2 of the
fee in connection with the shares sold in reliance upon Rule 24f-2
is as follows:
Aggregate sales price of securities sold in
reliance upon Rule 24f-2 during Fiscal Year $48,014,059
Less: the difference between:
(1) the aggregate redemption/
repurchase price of Fund
shares redeemed or repur-
chased during the Fiscal
Year and $17,201,765
(2) the aggregate redemption/
repurchase price of Fund
shares redeemed or repur-
chased during the Fiscal
Year and previously applied
pursuant to Rule 24e-2(a) in
filings made pursuant to
Section 24(e)(1) of the
Investment Company Act of
1940 -0- $17,201,765
Aggregate sales price on which fee
will be based $30,812,294
Divided by:
Rate of fee pursuant to Section
6(b) of Securities Act of 1933
2900
Fee payable $10,625
Stradley Ronon Stevens and Young
2600 One Commerce Square
Philadelphia, Pennsylvania 19103-7098
Direct Dial:
(215) 564-8101
July 25, 1995
Franklin Municipal Securities Trust
777 Mariners Island Boulevard
San Mateo, CA 94404
Gentlemen:
You have requested our opinion with respect to the shares of
beneficial interest sold by Franklin Municipal Securities Trust
(the "Trust") during its fiscal year end May 31, 1995, in
connection with the Notice being filed by the Trust pursuant to
Rule 24f-2 under the Investment Company Act of 1940. You have
represented that a total of 4,924,390 shares were sold by the
Trust during said fiscal year, all of which were sold in reliance
upon Rule 24f-2.
Based upon our review of such records, documents, and
representations as we have deemed relevant, it is our opinion
that the shares of beneficial interest of the Trust sold and
issued by the Trust during its fiscal year ended May 31, 1995,
in reliance upon the registration under the Securities Act of
1933 pursuant to Rule 24f-2 under the Investment Company Act of
1940, as amended were legally issued, fully paid and non-
assessable.
We hereby consent to the filing of this opinion as an
exhibit to the "Rule 24f-2 Notice" being filed by the Trust,
covering the registration of the said shares under the Securities
Act and the applications and registration statements, and
amendments thereto, filed in accordance with the securities laws
of the various states in which shares of the Trust are offered,
and we further consent to reference in the Prospectus of the
Trust to the fact that this opinion concerning the legality of
the issue has been rendered by us.
Very truly yours,
STRADLEY, RONON, STEVENS & YOUNG
By: /s/ Audrey C. Talley
Audrey C. Talley
