As filed with the Securities and Exchange Commission on Apri 26, 1996.
File Nos.
33-44132
811-6481
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post Effective Amendment No. 9 (x)
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 11 (x)
FRANKLIN MUNICIPAL SECURITIES TRUST
(Exact Name of Registrant as Specified in Charter)
777 MARINERS ISLAND BLVD., SAN MATEO, CA 94404
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (415) 312-2000
Harmon E. Burns, 777 Mariners Island Blvd., San Mateo, CA 94404
(Name and Address of Agent for Service of Process)
Approximate Date of Proposed Public Offering:
It is proposed that this filing will become effective (check appropriate box)
[ ] immediately upon filing pursuant to paragraph (b)
[x] on May 1, 1996 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(i)
[ ] on (Date) pursuant to paragraph (a)(ii)
[ ] on (Date) pursuant to paragraph (a)(ii) of rule 485
If appropriate, check the following box
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Declaration Pursuant to Rule 24f-2. The issuer has registered an
indefinite number or amount of securities under the Securities Act of
1933 pursuant to Section 24(f)(2) under the Investment Company Act of
1940. The Rule 24f-2 Notice for the issuer's most recent fiscal year was
filed on July 27, 1995.
FRANKLIN MUNICIPAL SECURITIES TRUST
CROSS REFERENCE SHEET
FORM N-1A
Part A: Information Required in Prospectus
(Franklin California High Yield Municipal Fund)
N-1A Location in
Item No. Item Registration Statement
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial "Financial Highlights - How Has the
Information Fund Performed?"; "How Does the
Fund Measure Performance?"
4. General Description of "What is Franklin California High
Registrant Yield Municipal Fund?"; "How Does
the Fund Invest Its Assets?";
"General Information"
5. Management of the Fund "Who Manages the Fund?"
5A. Management's Discussion of Contained in Registrant's Annual
Fund Performance Report to Shareholders
6. Capital Stock and Other "What Distributions Might I Receive
Securities from the Fund?"; "How Taxation
Affects You and the Fund?";
"General Information"
7. Purchase of Securities "Who Manages the Fund?"; "How Do I
Being Offered Buy Shares?"; "How Are Fund Shares
Valued?"
8. Redemption or Repurchase "What If My Investment Outlook
Changes? - Exchange Privilege";
"How Do I Sell?"; "Telephone
Transactions"
9. Pending Legal Proceedings Not Applicable
FRANKLIN MUNICIPAL SECURITIES TRUST
CROSS REFERENCE SHEET
FORM N-1A
Part B: Information Required in
Statement of Additional Information
10. Cover Page "Cover Page"
11. Table of Contents "Contents"
12. General Information and "Miscellaneous Information"
History
13. Investment Objectives and "Each Fund's Investment Objectives
Policies and Policies"; "Description of
Municipal and Other Securities";
"Investment Restrictions",
14. Management of the "Officers and Trustees"
Registrant
15. Control Persons and "Officers and Trustees";
Principal Holders of "Miscellaneous Information"
Securities
16. Investment Advisory and "Investment Advisory and Other
Other Services Services"
17. Brokerage Allocation and "How Do the Funds Purchase
Other Practices Securities for Their Portfolios?"
18. Capital Stock and Other "Miscellaneous Information"
Securities
19. Purchase, Redemption and "How Do I Buy and Sell Shares?";
Pricing of Securities "Additional Information"; "How Are
Being Offered Fund Shares Valued?"; "Financial
Statements"
20. Tax Status "Additional Information Regarding
Taxation";
21. Underwriters "The Trust's Underwriter"
22. Calculation of Performance "General Information"
Data
This amendment, Post-Effective Amendment No. 9 which relates to the
Registrant's previously filed Post-Effective Amendment No. 8, filed February
28, 1996, including the Prospectus and Statement of Additional Information
contained therein, is being filed under Rule 485(b)(v) to extend the date in
which the amendment will become effective automatically to May 1, 1996. The
earlier filing was made to add a second class of shares to Franklin
California High Yield Municipal Fund, a series of Registrant.
FRANKLIN MUNICIPAL SECURITIES TRUST
File Nos. 33-44132 & 811-6481
FORM N-1A
PART C
Other Information
Item 24 Financial Statements and Exhibits
(a) Unaudited Financial Statements incorporated herein by reference to
the Registrant's Semi-Annual Report to Shareholders dated
November 30, 1995 as filed with the SEC on Form Type N-30D on
January 26, 1996.
(i) Statement of Investments in Securities and Net Assets -
November 30, 1995 (unaudited).
(ii) Statement of Assets and Liabilities - November 30, 1995
(unaudited).
(iii)Statement of Operations - for the six months ended November
30, 1995 (unaudited).
(iv) Statements of Changes in Net Assets - for the six months
ended November 30, 1995 (unaudited) and the year ended May
31, 1995.
(v) Notes to Financial Statement
(b) Financial Statements incorporated herein by reference to the
Registrant's Annual Report to Shareholders, dated May 31, 1995 as
filed with the SEC on Form Type N-30D on July 27, 1995.
(i) Report of Independent Auditors.
(ii) Statement of Investments in Securities and Net Assets - May
31, 1995.
(iii)Statement of Assets and Liabilities - May 31, 1995.
(iv) Statement of Operations - for the year ended May 31, 1995.
(v) Statements of Changes in Net Assets - for the years ended
May 31, 1995 and May 31, 1994.
(c) Exhibits:
The following exhibits, are incorporated by reference as noted.
(1) copies of the charter as now in effect;
(i) Agreement and Declaration of Trust dated December 10, 1991
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(ii) Certificate of Trust dated December 10, 1991
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(iii)Certificate of Amendment to Certificate of Trust dated May
14, 1992
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(2) copies of the existing By-Laws or instruments corresponding
thereto;
(i) By-Laws of the Franklin Municipal Securities Trust
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(ii) Amendment to the By-Laws dated April 19, 1994
Filing: Post-Effective Amendment No. 8 to Registration
Statement on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: February 28, 1996
(3) copies of any voting trust agreement with respect to more than
five percent of any class of equity securities of the Registrant;
Not Applicable
(4) specimens or copies of each security issued by the Registrant,
including copies of all constituent instruments, defining the
rights of the holders of such securities, and copies of each
security being registered;
Not Applicable
(5) copies of all investment advisory contracts relating to the
management of the assets of the Registrant;
(i) Management Agreement between Registrant and Franklin
Advisers, Inc., dated February 26, 1992
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(ii) Amendment to Management Agreement between Registrant and
Franklin Advisers, Inc., dated August 1, 1995
Filing: Post-Effective Amendment No. 8 to Registration
Statement on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: February 28, 1996
(6) copies of each underwriting or distribution contract between the
Registrant and a principal underwriter, and specimens or copies
of all agreements between principal underwriters and dealers;
(i) Amended and Restated Distribution Agreement between
Registrant and Franklin/Templeton Distributors, Inc., dated
April 23, 1995
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(ii) Form of Dealer Agreement between Franklin/Templeton
Distributors, Inc., and securities dealers
Registrant: Franklin Federal Tax-Free Income Fund
Filing: Post-Effective Amendment No. 17 to Registration
Statement on Form N-1A
File No. 2-75925
Filing Date: March 28, 1995
(7) copies of all bonus, profit sharing, pension or other similar
contracts or arrangements wholly or partly for the benefit of
directors or officers of the Registrant in their capacity as
such; any such plan that is not set forth in a formal document,
furnish a reasonably detailed description thereof;
Not Applicable
(8) copies of all custodian agreements and depository contracts under
Section 17(f) of the 1940 Act, with respect to securities and
similar investments of the Registrant, including the schedule of
renumeration;
(i) Custodian Agreement between Registrant and Bank of America
NT & SA
Filing: Post-Effective Amendment No. 54 to Registration on
Form N-1A
File No. 2-12647
Filing Date: February 27, 1995
(ii) Custodian Agreements between Registrant and Citibank
Delaware:
1. Citicash Management ACH Customer Agreement
2. Citibank Cash Management Services Master
Agreement
3. Short Form Bank Agreement - Deposits and
Disbursements of Funds
Registrant: Franklin Premier Return Fund
Filing: Post-Effective Amendment No. 54 to Registration
Statement on Form N-1A
File No. 2-12647
Filing Date: February 27, 1995
(iii)Master Custody Agreement between Registrant and
Bank of New York dated February 16, 1996
Filing: Post-Effective Amendment No. 8 to
Registration Statement on form N-1A
File Nos. 33-44132- & 811-6481
Filing Date: February 28, 1995
(iv) Terminal Link Agreement between Registrant and
The Bank of New York dated February 16, 1996
Filing: Post-Effective Amendment No. 8 to
Registration Statement on form N-1A
File Nos. 33-44132- & 811-6481
Filing Date: February 28, 1995
(9) copies of all other material contracts not made in the
ordinary course of business which are to be performed in
whole or in part at or after the date of filing the
Registration Statement;
Not Applicable
(10) an opinion and consent of counsel as to the legality of the
securities being registered, indicating whether they will when
sold be legally issued, fully paid and nonassessable;
Not Applicable
(11) copies of any other opinions, appraisals or rulings and consents
to the use thereof relied on in the preparation of this
registration statement and required by Section 7 of the 1933 Act;
Not Applicable
(12) all financial statements omitted from Item 23;
Not Applicable
(13) copies of any agreements or understandings made in consideration
for providing the initial capital between or among the
Registrant, the underwriter, adviser, promoter or initial
stockholders and written assurances from promoters or initial
stockholders that their purchases were made for investment
purposes without any present intention of redeeming or reselling;
(i) Letter of Understanding dated February 11, 1992 and March 6,
1992
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(14) copies of the model plan used in the establishment of any
retirement plan in conjunction with which Registrant offers its
securities, any instructions thereto and any other documents
making up the model plan. Such form(s) should disclose the costs
and fees charged in connection therewith;
Not Applicable
(15) copies of any plan entered into by Registrant pursuant to Rule
12b-1 under the 1940 Act, which describes all material aspects of
the financing of distribution of Registrant's shares, and any
agreements with any person relating to implementation of such
plan.
(i) Amended and Restated Distribution Plan dated July 1, 1993
for Franklin Washington Municipal Bond Fund
Filing: Post-Effective Amendment No. 2 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: March 3, 1993
(ii) Amended and Restated Distribution Plan dated July 1, 1993
for Franklin Hawaii Municipal Bond Fund
Filing: Post-Effective Amendment No. 3 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: April 30, 1993
(iii)Amended and Restated Distribution Plan dated July 1, 1993
for Franklin California High Yield Municipal Fund
Filing: Post-Effective Amendment No. 3 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: April 30, 1993
(iv) Amended and Restated Distribution Plan dated May 10, 1994
for Franklin Arkansas Municipal Bond Fund and Franklin
Tennessee Municipal Bond Fund
Filing: Post-Effective Amendment No. 5 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: March 11, 1994
(v) Form of Class II Distribution Plan pursuant to Rule 12b-1 on
behalf of Franklin California High Yield Municipal Fund
Filing: Post-Effective Amendment No. 8 to
Registration Statement on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: February 28, 1996
(16) schedule for computation of each performance quotation provided in
the registration statement in response to Item 22 (which need not
be audited).
(i) Schedule for computation of performance quotation
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(17) Power of Attorney
(i) Power of Attorney dated March 15, 1995
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(ii) Certificate of Secretary dated March 15, 1995
Filing: Post-Effective Amendment No. 7 to Registration
Statement of Registrant on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: July 31, 1995
(18) Copies of any plan entered into by Registrant pursuant to Rule
18f-3 under the 1940 Act.
(i) Form of Multiclass Plan
Filing: Post-Effective Amendment No. 8 to
Registration Statement on Form N-1A
File Nos. 33-44132 & 811-6481
Filing Date: February 28, 1996
(27) Financial Data Schedule Computation
Not Applicable
Item 25 Persons Controlled by or under Common Control with
Registrant
None
Item 26 Number of Holders of Securities
As of January 31, 1996 the number of record holders of each class of
securities of the Registrant were as follows:
Number of Recordholders
Title of Class Class I Class II
Shares of Beneficial
Interest of Franklin Municipal
Securities Trust
Franklin Hawaii Municipal Bond Fund 972 n/a
Franklin California High Yield Municipal Fund 1,782 -0-
Franklin Washington Municipal Bond Fund 143 n/a
Franklin Arkansas Municipal Bond Fund 187 n/a
Franklin Tennessee Municipal Bond Fund 140 n/a
Item 27 Indemnification
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to trustees, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a trustee, officer or
controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such trustee, officer or
controlling person in connection with securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court or appropriate
jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
Item 28 Business and Other Connections of Investment Adviser
The officers and directors of the Registrant's manager also serve as
officers and/or directors for (1) the manager's corporate parent, Franklin
Resources, Inc., and/or (2) other investment companies in the Franklin
Group of Funds(R). In addition, Mr. Charles B. Johnson is a director of
General Host Corporation. For additional information please see Part B and
Schedules A and D of Form ADV of the Funds' Investment Manager (SEC File
801-26292), incorporated herein by reference, which sets forth the officers
and directors of the Investment Manager and information as to any business,
profession, vocation or employment of a substantial nature engaged in by
those officers and directors during the past two years.
Item 29 Principal Underwriters
a) Franklin/Templeton Distributors, Inc., ("Distributors") also acts as
principal underwriter of shares of:
AGE High Income Fund, Inc.
Franklin California Tax-Free Income Fund, Inc.
Franklin California Tax-Free Trust
Franklin Custodian Funds, Inc.
Franklin Equity Fund
Franklin Federal Money Fund
Franklin Federal Tax-Free Income Fund
Franklin Gold Fund
Franklin Investors Securities Trust
Franklin Managed Trust
Franklin Money Fund
Franklin New York Tax-Free Income Fund, Inc.
Franklin New York Tax-Free Trust
Franklin Premier Return Fund
Franklin Real Estate Securities Trust
Franklin Strategic Series
Franklin Tax-Advantaged High Yield Securities Fund
Franklin Tax-Advantaged International Bond Fund
Franklin Tax-Advantaged U.S. Government Securities Fund
Franklin Tax-Exempt Money Fund
Franklin Tax-Free Trust
Franklin Templeton Global Trust
Franklin Templeton International Trust
Franklin Templeton Money Fund Trust
Franklin Value Investors Trust
Institutional Fiduciary Trust
Franklin Templeton Japan Fund
Templeton American Trust, Inc.
Templeton Capital Accumulator Fund, Inc.
Templeton Developing Markets Trust
Templeton Funds, Inc.
Templeton Global Investment Trust
Templeton Global Opportunities Trust
Templeton Growth Fund, Inc.
Templeton Income Trust
Templeton Institutional Funds, Inc.
Templeton Real Estate Securities Fund
Templeton Smaller Companies Growth Fund, Inc.
Templeton Variable Products Series Fund
b) The information required by this Item 29 with respect to each director
and officer of Distributors is incorporated by reference to Part B of
this N-1A and Schedule A of Form BD filed by Distributors with the
Securities and Exchange Commission pursuant to the Securities Act of
1934 (SEC File No. 8-5889).
c) Not Applicable. Registrant's principal underwriter is an affiliated
person of an affiliated person of the Registrant.
Item 30 Location of Accounts and Records
The accounts, books or other documents required to be maintained by Section
31 (a) of the Investment Company Act of 1940 are kept by the Trust or its
shareholder services agent, Franklin/Templeton Investor Services, Inc.,
both of whose address is 777 Mariners Island Blvd., San Mateo, CA. 94404.
Item 31 Management Services
There are no management-related service contracts not discussed in Part A
or Part B.
Item 32 Undertakings
(a) The Registrant hereby undertakes to comply with the information
requirements in Item 5A of the Form N-1A by including the required
information in the Trust's annual report and to furnish each person to
whom a prospectus is delivered a copy of the annual report upon
request and without charge.
(b) The registrant hereby undertakes to promptly call a meeting of
shareholders for the purpose of voting upon the question of removal of
any trustee or trustees when requested in writing to do so by the
record holders of not less than 10 percent of the Registrant's
outstanding shares and to assist its shareholders in communicating
with other shareholders in accordance with the requirements of Section
16(c) of the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement Pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this
Post-Effective Amendment to its Registrant's Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized in the
City of San Mateo and the State of California, on the 26th day of April, 1996.
FRANKLIN MUNICIPAL SECURITIES TRUST
By: Rupert H. Johnson, Jr. *
Rupert H. Johnson, Jr.
President
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Amendment has been signed below by the
following persons in the capacities and on the dated indicated:
Rupert H. Johnson, Jr.* Trustee and Principal
Rupert H. Johnson Executive Officer
Dated: April 26, 1996
Martin L. Flanagan* Principal Financial Officer
Martin L. Flanagan Dated: April 26, 1996
Diomedes Loo-Tam* Principal Accounting Officer
Diomedes Loo-Tam Dated: April 26, 1996
Frank H. Abbott, III* Trustee
Frank H. Abbott, III Dated: April 26, 1996
Harris J. Ashton* Trustee
Harris J. Ashton Dated: April 26, 1996
Harmon E. Burns* Trustee
Harmon E. Burns Dated: April 26, 1996
S. Joseph Fortunato* Trustee
S. Joseph Fortunato Dated: April 26, 1996
David W. Garbellano* Trustee
David W. Garbellano Dated: April 26, 1996
Charles B. Johnson * Trustee
Charles B. Johnson Dated: April 26, 1996
Frank W. T. LaHaye* Trustee
Frank W. T. LaHaye Dated: April 26, 1996
Gordon S. Macklin* Trustee
Gordon S. Macklin Dated: April 26, 1996
Hayato Tanaka* Trustee
Hayato Tanaka Dated: April 26, 1996
*By/s/Larry L. Greene, Attorney-in-Fact
(Pursuant to Powers of Attorney previously filed)
FRANKLIN MUNICIPAL SECURITIES TRUST
REGISTRATION STATEMENT
EXHIBITS INDEX
EXHIBIT NO. DESCRIPTION LOCATION
EX-99.B1(i) Agreement and Declaration *
of Trust dated December
10, 1991
EX-99.B1(ii) Certificate of Trust *
dated December 10, 1991
EX-99.B1(iii) Certificate of Amendment *
to Certificate of Trust
dated May 14, 1992
EX-99.B2(i) By-Laws of the Franklin *
Municipal Securities
Trust
EX-99.B2(ii) Amendment to the By-Laws *
dated April 19, 1994
EX-99.B5(i) Management Agreement *
between Registrant and
Franklin Advisers, Inc.,
dated February 26, 1996
EX-99.B5(ii) Amendment to Management *
Agreement between
Registrant and Franklin
Advisers, Inc., dated
August 1, 1995
EX-99.B6(i) Amended and Restated *
Distribution Agreement
between Registrant and
Franklin/Templeton
Distributors, Inc., dated
April 23, 1995
EX-99.B6(ii) Form of Dealer Agreement *
between
Franklin/Templeton
Distributors, Inc.,
EX-99.B8(i) Custodian Agreement *
between Registrant and
Bank of America NT & SA
EX-99.B8(ii) Custodian Agreement *
between Registrant and
Citibank Delaware
EX-99.B8(iii) Master Custody Agreement *
between Registrant and
Bank of New York dated
February 16, 1996
EX-99.B8(iv) Terminal Link Agreement *
between Registrant and
Bank of New York dated
February 16, 1996
EX-99.B13(i) Letter of Understanding *
dated February 11, 1992
EX-99.B15(i) Amended and Restated *
Distribution Plan dated
July 1, 1993
EX-99.B15(ii) Amended and Restated *
Distribution Plan dated
July 1, 1993 for Franklin
Hawaii Municipal Bond
Fund
EX-99.B15(iii) Amended and Restated *
Distribution Plan dated
July 1, 1993
EX-99.B15(iv) Amended and Restated *
Distribution Plan dated
May 10, 1994
EX-99.B15(v) Form of Class II *
Distribution plan
pursuant to Rule 12b-1 on
behalf of Franklin
California High Yield
Municipal Fund
EX-99.B16(i) Schedule for computation *
of performance quotation
EX-99.B17(i) Power of Attorney dated *
March 15, 1995
EX-99.B17(ii) Certificate of Secretary *
dated March 15, 1996
EX-99.B18(i) Form of Multiclass Plan *
