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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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062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 94.3
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 8.7
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
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
<PAGE> PAGE 22
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 3708
071 B000500 1989
071 C000500 2179
071 D000500 91
072 A000500 6
072 B000500 69
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 0
072 S000500 0
072 T000500 1
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 1
072 Y000500 0
072 Z000500 68
072AA000500 4
072BB000500 45
072CC010500 0
072CC020500 218
072DD010500 42
072DD020500 0
072EE000500 0
073 A010500 0.1520
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 73
074 B000500 0
074 C000500 100
074 D000500 2598
074 E000500 0
074 F000500 0
074 G000500 0
<PAGE> PAGE 23
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 120
074 M000500 0
074 N000500 2891
074 O000500 129
074 P000500 1
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 4
074 S000500 0
074 T000500 2757
074 U010500 298
074 U020500 0
074 V010500 9.24
074 V020500 0.00
074 W000500 0.0000
074 X000500 47
074 Y000500 751
075 A000500 0
075 B000500 2613
076 000500 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1994 SEMI-
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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 28,417,509
<INVESTMENTS-AT-VALUE> 25,705,483
<RECEIVABLES> 672,144
<ASSETS-OTHER> 80,119
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,457,746
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,478
<TOTAL-LIABILITIES> 83,478
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,384,169
<SHARES-COMMON-STOCK> 2,765,302
<SHARES-COMMON-PRIOR> 2,597,599
<ACCUMULATED-NII-CURRENT> 106,927
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (404,802)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,712,026)
<NET-ASSETS> 26,374,268
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 842,897
<OTHER-INCOME> 0
<EXPENSES-NET> (13,571)
<NET-INVESTMENT-INCOME> 829,326
<REALIZED-GAINS-CURRENT> (234,187)
<APPREC-INCREASE-CURRENT> (2,032,038)
<NET-CHANGE-FROM-OPS> (1,436,899)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (800,918)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 326,542
<NUMBER-OF-SHARES-REDEEMED> 204,401
<SHARES-REINVESTED> 45,562
<NET-CHANGE-IN-ASSETS> (529,792)
<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> (13,571)
<AVERAGE-NET-ASSETS> 27,119,382
<PER-SHARE-NAV-BEGIN> 10.360
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> (.830)
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.540
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1994 SEMI-
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNI. FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 42,536,363
<INVESTMENTS-AT-VALUE> 39,699,648
<RECEIVABLES> 981,533
<ASSETS-OTHER> 144,679
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 40,825,860
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 651,831
<TOTAL-LIABILITIES> 651,831
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 44,412,058
<SHARES-COMMON-STOCK> 4,408,604
<SHARES-COMMON-PRIOR> 3,283,367
<ACCUMULATED-NII-CURRENT> 45,202
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,446,516)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,836,715)
<NET-ASSETS> 40,174,029
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,257,155
<OTHER-INCOME> 0
<EXPENSES-NET> (16,332)
<NET-INVESTMENT-INCOME> 1,240,823
<REALIZED-GAINS-CURRENT> (1,079,923)
<APPREC-INCREASE-CURRENT> (1,474,898)
<NET-CHANGE-FROM-OPS> (1,313,998)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,195,284)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,520,674
<NUMBER-OF-SHARES-REDEEMED> 441,031
<SHARES-REINVESTED> 45,594
<NET-CHANGE-IN-ASSETS> 8,235,726
<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> (16,332)
<AVERAGE-NET-ASSETS> 36,059,755
<PER-SHARE-NAV-BEGIN> 9.73
<PER-SHARE-NII> 0.330
<PER-SHARE-GAIN-APPREC> (0.632)
<PER-SHARE-DIVIDEND> (0.318)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.110
<EXPENSE-RATIO> 0.090
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1994 SEMI-
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRELY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER>3
<NAME> FRANKLIN WASHINGTON MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 4,949,676
<INVESTMENTS-AT-VALUE> 4,353,063
<RECEIVABLES> 103,042
<ASSETS-OTHER> 21,271
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,477,376
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 75,578
<TOTAL-LIABILITIES> 75,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,040,430
<SHARES-COMMON-STOCK> 503,317
<SHARES-COMMON-PRIOR> 447,362
<ACCUMULATED-NII-CURRENT> 35,254
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (77,273)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (596,613)
<NET-ASSETS> 4,401,798
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 139,173
<OTHER-INCOME> 0
<EXPENSES-NET> (2,235)
<NET-INVESTMENT-INCOME> 136,938
<REALIZED-GAINS-CURRENT> (46,200)
<APPREC-INCREASE-CURRENT> (346,688)
<NET-CHANGE-FROM-OPS> (255,950)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (132,793)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 60,408
<NUMBER-OF-SHARES-REDEEMED> 15,223
<SHARES-REINVESTED> 10,770
<NET-CHANGE-IN-ASSETS> 129,530
<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> (2,235)
<AVERAGE-NET-ASSETS> 4,434,895
<PER-SHARE-NAV-BEGIN> 9.55
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.279)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.75
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1994 SEMI-
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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 3,591,961
<INVESTMENTS-AT-VALUE> 3,368,329
<RECEIVABLES> 83,860
<ASSETS-OTHER> 158,788
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,610,977
<PAYABLE-FOR-SECURITIES> 296,935
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,309
<TOTAL-LIABILITIES> 303,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,498,103
<SHARES-COMMON-STOCK> 351,603
<SHARES-COMMON-PRIOR> 220,000
<ACCUMULATED-NII-CURRENT> 33,501
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (239)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (223,632)
<NET-ASSETS> 3,307,733
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 79,410
<OTHER-INCOME> 0
<EXPENSES-NET> (1,320)
<NET-INVESTMENT-INCOME> 78,090
<REALIZED-GAINS-CURRENT> (238)
<APPREC-INCREASE-CURRENT> (245,289)
<NET-CHANGE-FROM-OPS> (167,437)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (47,002)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 127,769
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 3,834
<NET-CHANGE-IN-ASSETS> 1,083,664
<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> (1,320)
<AVERAGE-NET-ASSETS> 2,668,930
<PER-SHARE-NAV-BEGIN> 10.110
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> (.781)
<PER-SHARE-DIVIDEND> (.159)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.410
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1994 SEMI-
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> 6-MOS
<FISCAL-YEAR-END> MAY-31-1995
<PERIOD-END> NOV-30-1994
<INVESTMENTS-AT-COST> 2,905,354
<INVESTMENTS-AT-VALUE> 2,697,951
<RECEIVABLES> 120,489
<ASSETS-OTHER> 72,947
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,891,387
<PAYABLE-FOR-SECURITIES> 129,010
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,559
<TOTAL-LIABILITIES> 134,569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,977,863
<SHARES-COMMON-STOCK> 298,492
<SHARES-COMMON-PRIOR> 220,000
<ACCUMULATED-NII-CURRENT> 27,659
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (41,301)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (207,403)
<NET-ASSETS> 2,756,818
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 68,903
<OTHER-INCOME> 0
<EXPENSES-NET> (1,306)
<NET-INVESTMENT-INCOME> 67,597
<REALIZED-GAINS-CURRENT> (41,301)
<APPREC-INCREASE-CURRENT> (218,061)
<NET-CHANGE-FROM-OPS> (191,765)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (42,481)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77,278
<NUMBER-OF-SHARES-REDEEMED> 2,479
<SHARES-REINVESTED> 3,693
<NET-CHANGE-IN-ASSETS> 543,617
<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> (1,306)
<AVERAGE-NET-ASSETS> 2,613,482
<PER-SHARE-NAV-BEGIN> 10.060
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> (0.898)
<PER-SHARE-DIVIDEND> (0.152)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.24
<EXPENSE-RATIO> 0.100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
