<PAGE> PAGE 1
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007 C020200 FRANKLIN CALIFORNIA HIGH YIELD MUNI. FUND
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007 C020300 FRANKLIN WASHINGTON MUNICIPAL BOND FUND
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007 C010400 4
007 C020400 FRANKLIN TENNESSEE MUNICIPAL BOND FUND
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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
070 H010100 N
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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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SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1997 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-31-1998
<PERIOD-END> NOV-30-1997
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND - CLASS I
<S> <C>
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<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
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<NET-CHANGE-IN-ASSETS> 96,237,236
<ACCUMULATED-NII-PRIOR> (25,090)
<ACCUMULATED-GAINS-PRIOR> (2,164,045)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 733,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,103,031
<AVERAGE-NET-ASSETS> 253,753,083
<PER-SHARE-NAV-BEGIN> 10.10
<PER-SHARE-NII> .320
<PER-SHARE-GAIN-APPREC> .420
<PER-SHARE-DIVIDEND> (.310)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> .420
<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, 1997 SEMI-ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 300,919,988
<INVESTMENTS-AT-VALUE> 316,140,189
<RECEIVABLES> 7,513,127
<ASSETS-OTHER> 965,716
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 324,619,032
<PAYABLE-FOR-SECURITIES> 3,221,721
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,139,261
<TOTAL-LIABILITIES> 4,360,982
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 306,741,536
<SHARES-COMMON-STOCK> 2,116,773
<SHARES-COMMON-PRIOR> 1,049,884
<ACCUMULATED-NII-CURRENT> 73,192
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,776,879)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,220,201
<NET-ASSETS> 320,258,050
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,651,317
<OTHER-INCOME> 0
<EXPENSES-NET> (613,867)
<NET-INVESTMENT-INCOME> 8,037,450
<REALIZED-GAINS-CURRENT> 387,166
<APPREC-INCREASE-CURRENT> 10,486,585
<NET-CHANGE-FROM-OPS> 18,911,201
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (428,674)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,113,016
<NUMBER-OF-SHARES-REDEEMED> (64,738)
<SHARES-REINVESTED> 18,611
<NET-CHANGE-IN-ASSETS> 96,237,236
<ACCUMULATED-NII-PRIOR> (25,090)
<ACCUMULATED-GAINS-PRIOR> (2,164,045)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 733,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,103,031
<AVERAGE-NET-ASSETS> 16,191,241
<PER-SHARE-NAV-BEGIN> 10.12
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .430
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> .900
<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, 1997 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-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 8,664,607
<INVESTMENTS-AT-VALUE> 9,113,539
<RECEIVABLES> 188,367
<ASSETS-OTHER> 77,466
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,379,372
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,583
<TOTAL-LIABILITIES> 16,583
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,995,567
<SHARES-COMMON-STOCK> 903,808
<SHARES-COMMON-PRIOR> 828,587
<ACCUMULATED-NII-CURRENT> 40,681
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (122,391)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 448,932
<NET-ASSETS> 9,362,789
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 254,526
<OTHER-INCOME> 0
<EXPENSES-NET> (4,470)
<NET-INVESTMENT-INCOME> 250,056
<REALIZED-GAINS-CURRENT> 6,555
<APPREC-INCREASE-CURRENT> 221,044
<NET-CHANGE-FROM-OPS> 477,655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (250,089)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,616
<NUMBER-OF-SHARES-REDEEMED> (30,542)
<SHARES-REINVESTED> 17,147
<NET-CHANGE-IN-ASSETS> 1,002,100
<ACCUMULATED-NII-PRIOR> 40,714
<ACCUMULATED-GAINS-PRIOR> (128,946)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,104
<AVERAGE-NET-ASSETS> 8,919,631
<PER-SHARE-NAV-BEGIN> 10.090
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .270
<PER-SHARE-DIVIDEND> (.290)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.360
<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 NOVEMBER 30, 1997 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-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 34,917,388
<INVESTMENTS-AT-VALUE> 36,578,630
<RECEIVABLES> 2,285,543
<ASSETS-OTHER> 9,003
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,873,176
<PAYABLE-FOR-SECURITIES> 2,770,719
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,718
<TOTAL-LIABILITIES> 2,849,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,301,902
<SHARES-COMMON-STOCK> 3,248,283
<SHARES-COMMON-PRIOR> 2,493,560
<ACCUMULATED-NII-CURRENT> 28,181
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32,414
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,661,242
<NET-ASSETS> 36,023,739
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 935,911
<OTHER-INCOME> 0
<EXPENSES-NET> (66,554)
<NET-INVESTMENT-INCOME> 869,357
<REALIZED-GAINS-CURRENT> 97,971
<APPREC-INCREASE-CURRENT> 976,750
<NET-CHANGE-FROM-OPS> 1,944,078
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (864,298)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,115,652
<NUMBER-OF-SHARES-REDEEMED> (411,428)
<SHARES-REINVESTED> 50,499
<NET-CHANGE-IN-ASSETS> 9,315,278
<ACCUMULATED-NII-PRIOR> 23,122
<ACCUMULATED-GAINS-PRIOR> (65,557)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 104,150
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152,476
<AVERAGE-NET-ASSETS> 33,236,220
<PER-SHARE-NAV-BEGIN> 10.710
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .380
<PER-SHARE-DIVIDEND> (.290)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.090
<EXPENSE-RATIO> .400
<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, 1997 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-31-1998
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 18,861,024
<INVESTMENTS-AT-VALUE> 19,642,271
<RECEIVABLES> 422,627
<ASSETS-OTHER> 39,929
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,104,827
<PAYABLE-FOR-SECURITIES> 751,672
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,817
<TOTAL-LIABILITIES> 791,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,518,423
<SHARES-COMMON-STOCK> 1,783,191
<SHARES-COMMON-PRIOR> 1,250,114
<ACCUMULATED-NII-CURRENT> 48,735
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (35,067)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 781,247
<NET-ASSETS> 19,313,338
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 462,707
<OTHER-INCOME> 0
<EXPENSES-NET> (8,344)
<NET-INVESTMENT-INCOME> 454,363
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 467,419
<NET-CHANGE-FROM-OPS> 921,782
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (450,816)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 546,816
<NUMBER-OF-SHARES-REDEEMED> (40,332)
<SHARES-REINVESTED> 26,593
<NET-CHANGE-IN-ASSETS> 6,172,988
<ACCUMULATED-NII-PRIOR> 45,188
<ACCUMULATED-GAINS-PRIOR> (35,067)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52,383
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 80,046
<AVERAGE-NET-ASSETS> 16,717,137
<PER-SHARE-NAV-BEGIN> 10.510
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .330
<PER-SHARE-DIVIDEND> (.290)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.830
<EXPENSE-RATIO> .100
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
