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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 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 100.9
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 8.0
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
<PAGE> PAGE 22
070 O020500 N
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 2410
071 B000500 400
071 C000500 4857
071 D000500 8
072 A000500 6
072 B000500 148
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 16
072 G000500 0
072 H000500 0
072 I000500 1
072 J000500 0
072 K000500 1
072 L000500 2
072 M000500 0
072 N000500 2
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 1
072 S000500 2
072 T000500 1
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 27
072 Y000500 24
072 Z000500 145
072AA000500 11
072BB000500 0
072CC010500 113
072CC020500 0
072DD010500 141
072DD020500 0
072EE000500 0
073 A010500 0.2891
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 100
074 B000500 0
074 C000500 0
<PAGE> PAGE 23
074 D000500 5982
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 98
074 M000500 0
074 N000500 6180
074 O000500 238
074 P000500 1
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 11
074 S000500 0
074 T000500 5930
074 U010500 563
074 U020500 0
074 V010500 10.53
074 V020500 0.00
074 W000500 0.0000
074 X000500 130
074 Y000500 868
075 A000500 0
075 B000500 5062
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 NOVEMBER 30, 1995 SEMI ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> FRANKLIN HAWAII MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 36,183,882
<INVESTMENTS-AT-VALUE> 37,779,407
<RECEIVABLES> 877,003
<ASSETS-OTHER> 701,862
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,358,272
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,809
<TOTAL-LIABILITIES> 67,809
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,347,486
<SHARES-COMMON-STOCK> 3,611,757
<SHARES-COMMON-PRIOR> 3,452,783
<ACCUMULATED-NII-CURRENT> 110,967
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (763,515)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,595,525
<NET-ASSETS> 39,290,463
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,113,463
<OTHER-INCOME> 0
<EXPENSES-NET> (65,629)
<NET-INVESTMENT-INCOME> 1,047,834
<REALIZED-GAINS-CURRENT> (41,515)
<APPREC-INCREASE-CURRENT> 807,461
<NET-CHANGE-FROM-OPS> 1,813,780
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,052,136)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 366,034
<NUMBER-OF-SHARES-REDEEMED> (252,660)
<SHARES-REINVESTED> 45,600
<NET-CHANGE-IN-ASSETS> 2,463,095
<ACCUMULATED-NII-PRIOR> 115,269
<ACCUMULATED-GAINS-PRIOR> (722,000)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 117,033
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157,873
<AVERAGE-NET-ASSETS> 37,317,686
<PER-SHARE-NAV-BEGIN> 10.670
<PER-SHARE-NII> .298
<PER-SHARE-GAIN-APPREC> .213
<PER-SHARE-DIVIDEND> (.301)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.880
<EXPENSE-RATIO> .350
<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 NOVEMBER 30, 1995 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 72,880,274
<INVESTMENTS-AT-VALUE> 75,333,590
<RECEIVABLES> 2,018,974
<ASSETS-OTHER> 332,648
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,685,212
<PAYABLE-FOR-SECURITIES> 4,513,719
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 189,192
<TOTAL-LIABILITIES> 4,702,911
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 72,163,607
<SHARES-COMMON-STOCK> 7,238,744
<SHARES-COMMON-PRIOR> 5,145,872
<ACCUMULATED-NII-CURRENT> 139,023
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,773,645)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,453,316
<NET-ASSETS> 72,982,301
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,055,160
<OTHER-INCOME> 0
<EXPENSES-NET> (100,923)
<NET-INVESTMENT-INCOME> 1,954,237
<REALIZED-GAINS-CURRENT> (4,508)
<APPREC-INCREASE-CURRENT> 1,055,467
<NET-CHANGE-FROM-OPS> 3,005,196
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,911,773)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,741,341
<NUMBER-OF-SHARES-REDEEMED> (724,646)
<SHARES-REINVESTED> 76,177
<NET-CHANGE-IN-ASSETS> 21,880,759
<ACCUMULATED-NII-PRIOR> 96,559
<ACCUMULATED-GAINS-PRIOR> (1,769,137)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 181,128
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 238,690
<AVERAGE-NET-ASSETS> 57,766,269
<PER-SHARE-NAV-BEGIN> 9.930
<PER-SHARE-NII> .328
<PER-SHARE-GAIN-APPREC> .150
<PER-SHARE-DIVIDEND> (.328)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.080
<EXPENSE-RATIO> .350
<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 NOVEMBER 30, 1995 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> FRANKLIN WASHINGTON MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 5,839,315
<INVESTMENTS-AT-VALUE> 6,071,729
<RECEIVABLES> 120,403
<ASSETS-OTHER> 91,036
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,283,168
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,853
<TOTAL-LIABILITIES> 9,853
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,127,368
<SHARES-COMMON-STOCK> 617,343
<SHARES-COMMON-PRIOR> 579,874
<ACCUMULATED-NII-CURRENT> 38,075
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (124,542)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 232,414
<NET-ASSETS> 6,273,315
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 175,414
<OTHER-INCOME> 0
<EXPENSES-NET> (2,915)
<NET-INVESTMENT-INCOME> 172,499
<REALIZED-GAINS-CURRENT> (39,744)
<APPREC-INCREASE-CURRENT> 199,769
<NET-CHANGE-FROM-OPS> 332,524
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (170,896)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,698
<NUMBER-OF-SHARES-REDEEMED> (33,161)
<SHARES-REINVESTED> 12,932
<NET-CHANGE-IN-ASSETS> 532,518
<ACCUMULATED-NII-PRIOR> 36,472
<ACCUMULATED-GAINS-PRIOR> (84,798)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,258
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30,253
<AVERAGE-NET-ASSETS> 5,826,367
<PER-SHARE-NAV-BEGIN> 9.900
<PER-SHARE-NII> 0.288
<PER-SHARE-GAIN-APPREC> 0.261
<PER-SHARE-DIVIDEND> (0.289)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.160
<EXPENSE-RATIO> 0.100
<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 NOVEMBER 30, 1995 SEMI ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 04
<NAME> FRANKLIN TENNESSEE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 8,758,735
<INVESTMENTS-AT-VALUE> 9,198,164
<RECEIVABLES> 133,005
<ASSETS-OTHER> 191,445
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,522,614
<PAYABLE-FOR-SECURITIES> 393,990
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,098
<TOTAL-LIABILITIES> 413,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,624,355
<SHARES-COMMON-STOCK> 847,504
<SHARES-COMMON-PRIOR> 568,467
<ACCUMULATED-NII-CURRENT> 50,138
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,396)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 439,429
<NET-ASSETS> 9,109,526
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 229,223
<OTHER-INCOME> 0
<EXPENSES-NET> (9,968)
<NET-INVESTMENT-INCOME> 219,255
<REALIZED-GAINS-CURRENT> 347
<APPREC-INCREASE-CURRENT> 184,865
<NET-CHANGE-FROM-OPS> 404,467
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (211,237)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 284,231
<NUMBER-OF-SHARES-REDEEMED> (19,025)
<SHARES-REINVESTED> 13,831
<NET-CHANGE-IN-ASSETS> 3,123,548
<ACCUMULATED-NII-PRIOR> 42,120
<ACCUMULATED-GAINS-PRIOR> (4,743)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23,617
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34,360
<AVERAGE-NET-ASSETS> 7,528,502
<PER-SHARE-NAV-BEGIN> 10.530
<PER-SHARE-NII> .281
<PER-SHARE-GAIN-APPREC> .235
<PER-SHARE-DIVIDEND> (.296)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.750
<EXPENSE-RATIO> .260
<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 NOVEMBER 30, 1995 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> FRANKLIN ARKANSAS MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1996
<PERIOD-END> NOV-30-1995
<INVESTMENTS-AT-COST> 5,731,175
<INVESTMENTS-AT-VALUE> 5,982,505
<RECEIVABLES> 97,944
<ASSETS-OTHER> 99,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,180,253
<PAYABLE-FOR-SECURITIES> 237,929
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 12,475
<TOTAL-LIABILITIES> 250,404
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,668,964
<SHARES-COMMON-STOCK> 563,101
<SHARES-COMMON-PRIOR> 400,569
<ACCUMULATED-NII-CURRENT> 35,679
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (26,124)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 251,330
<NET-ASSETS> 5,929,849
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 147,573
<OTHER-INCOME> 0
<EXPENSES-NET> (2,522)
<NET-INVESTMENT-INCOME> 145,051
<REALIZED-GAINS-CURRENT> 10,534
<APPREC-INCREASE-CURRENT> 113,296
<NET-CHANGE-FROM-OPS> 268,881
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (141,153)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 166,074
<NUMBER-OF-SHARES-REDEEMED> (14,392)
<SHARES-REINVESTED> 10,850
<NET-CHANGE-IN-ASSETS> 1,796,108
<ACCUMULATED-NII-PRIOR> 31,781
<ACCUMULATED-GAINS-PRIOR> (36,658)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,828
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,472
<AVERAGE-NET-ASSETS> 5,046,632
<PER-SHARE-NAV-BEGIN> 10.320
<PER-SHARE-NII> .273
<PER-SHARE-GAIN-APPREC> .226
<PER-SHARE-DIVIDEND> (.289)
<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>
January 26, 1996
Securities & Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
RE: Form N-SAR
Gentlemen:
Pursuant to Section 30(a) of the Investment Company Act of 1940
and Rule 30a-1, please find Franklin Municipal Securities Trust
Form N-SAR as of November 30, 1995.
The $125 filing fee was remitted to the U.S. Treasury designated
lockbox depository at the Mellon Bank in Pennsylvania.
Should you have any questions, please call me at (415) 312-2050.
Thank you.
Sincerely,
FRANKLIN MUNICIPAL SECURITIES TRUST
S\Junko Tanaka
Fund Accounting Manager
