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<PAGE> PAGE 20
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074 I000500 0
074 J000500 481
074 K000500 0
074 L000500 726
<PAGE> PAGE 21
074 M000500 0
074 N000500 42198
074 O000500 0
074 P000500 41
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 283
074 S000500 0
074 T000500 41874
074 U010500 3862
074 U020500 0
074 V010500 10.84
074 V020500 0.00
074 W000500 0.0000
074 X000500 731
074 Y000500 3467
075 A000500 0
075 B000500 37655
076 000500 0.00
074 O000700 4
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 0
074 S000700 0
074 T000700 0
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
029 001800 Y
030 A001800 0
030 B001800 0.00
030 C001800 0.00
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN MUNICIPAL SECURITIES TRUST MAY 31, 1999 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> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 39,807,346
<INVESTMENTS-AT-VALUE> 41,503,202
<RECEIVABLES> 919,872
<ASSETS-OTHER> 119,559
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,542,633
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 344,754
<TOTAL-LIABILITIES> 344,754
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,530,086
<SHARES-COMMON-STOCK> 3,809,302
<SHARES-COMMON-PRIOR> 4,043,306
<ACCUMULATED-NII-CURRENT> 39,103
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (67,166)
<ACCUM-APPREC-OR-DEPREC> 1,695,856
<NET-ASSETS> 42,197,879
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,620,539
<OTHER-INCOME> 0
<EXPENSES-NET> (266,085)
<NET-INVESTMENT-INCOME> 2,354,454
<REALIZED-GAINS-CURRENT> 478,643
<APPREC-INCREASE-CURRENT> (749,177)
<NET-CHANGE-FROM-OPS> 2,083,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,431,359)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 622,742
<NUMBER-OF-SHARES-REDEEMED> (934,657)
<SHARES-REINVESTED> 77,911
<NET-CHANGE-IN-ASSETS> (2,940,262)
<ACCUMULATED-NII-PRIOR> 114,350
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (545,809)
<GROSS-ADVISORY-FEES> (292,001)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (392,393)
<AVERAGE-NET-ASSETS> 46,719,843
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> (.060)
<PER-SHARE-DIVIDEND> (.580)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.080
<EXPENSE-RATIO> .570
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST MAY 31, 1999 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 A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 659,630,901
<INVESTMENTS-AT-VALUE> 674,870,960
<RECEIVABLES> 11,905,318
<ASSETS-OTHER> 36,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686,812,353
<PAYABLE-FOR-SECURITIES> 22,440,270
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,282,028
<TOTAL-LIABILITIES> 24,722,298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649,604,165
<SHARES-COMMON-STOCK> 55,062,650
<SHARES-COMMON-PRIOR> 38,697,871
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (942,423)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,811,746)
<ACCUM-APPREC-OR-DEPREC> 15,240,059
<NET-ASSETS> 662,090,055
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,944,137
<OTHER-INCOME> 0
<EXPENSES-NET> (2,777,019)
<NET-INVESTMENT-INCOME> 29,167,118
<REALIZED-GAINS-CURRENT> 469,247
<APPREC-INCREASE-CURRENT> (4,500,445)
<NET-CHANGE-FROM-OPS> 25,135,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,178,326)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27,772,926
<NUMBER-OF-SHARES-REDEEMED> (12,429,134)
<SHARES-REINVESTED> 1,020,987
<NET-CHANGE-IN-ASSETS> 209,516,366
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6,110)
<OVERDIST-NET-GAINS-PRIOR> (2,280,993)
<GROSS-ADVISORY-FEES> (3,022,340)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,313,489)
<AVERAGE-NET-ASSETS> 565,019,922
<PER-SHARE-NAV-BEGIN> 10.650
<PER-SHARE-NII> .570
<PER-SHARE-GAIN-APPREC> (.040)
<PER-SHARE-DIVIDEND> (.580)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.600
<EXPENSE-RATIO> .440
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN MUNICIPAL SECURITIES TRUST MAY 31, 1999 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 C
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 659,630,901
<INVESTMENTS-AT-VALUE> 674,870,960
<RECEIVABLES> 11,905,318
<ASSETS-OTHER> 36,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 686,812,353
<PAYABLE-FOR-SECURITIES> 22,440,270
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,282,028
<TOTAL-LIABILITIES> 24,722,298
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 649,604,165
<SHARES-COMMON-STOCK> 7,370,464
<SHARES-COMMON-PRIOR> 3,780,428
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (942,423)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,811,746)
<ACCUM-APPREC-OR-DEPREC> 15,240,059
<NET-ASSETS> 662,090,055
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,944,137
<OTHER-INCOME> 0
<EXPENSES-NET> (2,777,019)
<NET-INVESTMENT-INCOME> 29,167,118
<REALIZED-GAINS-CURRENT> 469,247
<APPREC-INCREASE-CURRENT> (4,500,445)
<NET-CHANGE-FROM-OPS> 25,135,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,925,105)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,445,199
<NUMBER-OF-SHARES-REDEEMED> (981,379)
<SHARES-REINVESTED> 126,216
<NET-CHANGE-IN-ASSETS> 209,516,366
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (6,110)
<OVERDIST-NET-GAINS-PRIOR> (2,280,993)
<GROSS-ADVISORY-FEES> (3,022,340)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,313,489)
<AVERAGE-NET-ASSETS> 565,019,922
<PER-SHARE-NAV-BEGIN> 10.680
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> (.040)
<PER-SHARE-DIVIDEND> (.520)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.630
<EXPENSE-RATIO> .990
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST MAY 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS E
NTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> FRANKLIN WASHINGTON MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 10,433,687
<INVESTMENTS-AT-VALUE> 10,945,465
<RECEIVABLES> 198,135
<ASSETS-OTHER> 134,278
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,277,878
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,956
<TOTAL-LIABILITIES> 77,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,803,651
<SHARES-COMMON-STOCK> 1,075,032
<SHARES-COMMON-PRIOR> 989,775
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,314)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (109,193)
<ACCUM-APPREC-OR-DEPREC> 511,778
<NET-ASSETS> 11,199,922
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 626,774
<OTHER-INCOME> 0
<EXPENSES-NET> (53,040)
<NET-INVESTMENT-INCOME> 573,734
<REALIZED-GAINS-CURRENT> 17,493
<APPREC-INCREASE-CURRENT> (61,931)
<NET-CHANGE-FROM-OPS> 529,296
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (614,037)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 250,699
<NUMBER-OF-SHARES-REDEEMED> (196,657)
<SHARES-REINVESTED> 31,215
<NET-CHANGE-IN-ASSETS> 823,763
<ACCUMULATED-NII-PRIOR> 33,989
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (126,686)
<GROSS-ADVISORY-FEES> (71,672)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (107,726)
<AVERAGE-NET-ASSETS> 11,467,749
<PER-SHARE-NAV-BEGIN> 10.480
<PER-SHARE-NII> .530
<PER-SHARE-GAIN-APPREC> (.020)
<PER-SHARE-DIVIDEND> (.570)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.420
<EXPENSE-RATIO> .460
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST MAY 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS E
NTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 04
<NAME> FRANKLIN TENNESSEE MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 76,428,415
<INVESTMENTS-AT-VALUE> 77,755,683
<RECEIVABLES> 1,492,119
<ASSETS-OTHER> 59,956
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,307,758
<PAYABLE-FOR-SECURITIES> 1,969,276
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 221,105
<TOTAL-LIABILITIES> 2,190,381
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,782,472
<SHARES-COMMON-STOCK> 6,911,892
<SHARES-COMMON-PRIOR> 3,949,484
<ACCUMULATED-NII-CURRENT> 74,975
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (67,338)
<ACCUM-APPREC-OR-DEPREC> 1,327,268
<NET-ASSETS> 77,117,377
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,158,661
<OTHER-INCOME> 0
<EXPENSES-NET> (238,950)
<NET-INVESTMENT-INCOME> 2,919,711
<REALIZED-GAINS-CURRENT> (65,650)
<APPREC-INCREASE-CURRENT> (845,514)
<NET-CHANGE-FROM-OPS> 2,008,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,879,542)
<DISTRIBUTIONS-OF-GAINS> (137,536)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,411,015
<NUMBER-OF-SHARES-REDEEMED> (591,080)
<SHARES-REINVESTED> 142,474
<NET-CHANGE-IN-ASSETS> 32,591,541
<ACCUMULATED-NII-PRIOR> 34,304
<ACCUMULATED-GAINS-PRIOR> 135,848
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (373,934)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (487,237)
<AVERAGE-NET-ASSETS> 59,829,941
<PER-SHARE-NAV-BEGIN> 11.270
<PER-SHARE-NII> .550
<PER-SHARE-GAIN-APPREC> (.090)
<PER-SHARE-DIVIDEND> (.550)
<PER-SHARE-DISTRIBUTIONS> (.020)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.160
<EXPENSE-RATIO> .400
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST MAY 31, 1999 ANNUAL REPORT AND IS QUALIFIED IN ITS E
NTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> FRANKLIN ARKANSAS MUNICIPAL BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 40,327,243
<INVESTMENTS-AT-VALUE> 40,932,694
<RECEIVABLES> 1,207,005
<ASSETS-OTHER> 58,060
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,197,759
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 323,294
<TOTAL-LIABILITIES> 323,294
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,346,924
<SHARES-COMMON-STOCK> 3,862,180
<SHARES-COMMON-PRIOR> 2,763,059
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (40,355)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (37,555)
<ACCUM-APPREC-OR-DEPREC> 605,451
<NET-ASSETS> 41,874,465
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,001,226
<OTHER-INCOME> 0
<EXPENSES-NET> (169,026)
<NET-INVESTMENT-INCOME> 1,832,200
<REALIZED-GAINS-CURRENT> (8,020)
<APPREC-INCREASE-CURRENT> (543,273)
<NET-CHANGE-FROM-OPS> 1,280,907
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,917,061)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,504,757
<NUMBER-OF-SHARES-REDEEMED> (480,014)
<SHARES-REINVESTED> 74,378
<NET-CHANGE-IN-ASSETS> 11,497,283
<ACCUMULATED-NII-PRIOR> 43,656
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (29,535)
<GROSS-ADVISORY-FEES> (235,345)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (317,400)
<AVERAGE-NET-ASSETS> 37,655,354
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> (.130)
<PER-SHARE-DIVIDEND> (.560)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.840
<EXPENSE-RATIO> .450
<FN>
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
Franklin Municipal Securities Trust
In planning and performing our audit of the financial
statements of Franklin Municipal Securities Trust for the
year ended May 31, 1999, we considered its internal
control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Franklin Municipal Securities Trust is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of any specific internal control component does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control,
including controls over safeguarding securities that we
consider to be material weaknesses as defined above as of
May 31, 1999.
This report is intended solely for the information and use
of management and Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, California
July 1, 1999
NAME OF REGISTRANT:
Franklin Municipal Securities Trust
File No. 811-6481
EXHIBIT ITEM No. 77C: Submission of matters to a vote of
security holders.
At a Special Meeting of Shareholders of Franklin Arkansas
Municipal Bond Fund, Franklin Hawaii Municipal Bond Fund, and
Franklin Washington Municipal Bond Fund (three series of the
registrant, each referred to below as a "Municipal Fund") held on
June 23, 1999 the following item was voted upon by the relevant
series:
(1) For shareholders of each Municipal Fund to approve an
Agreement and Plan of Reorganization between the Registrant, on
behalf of the particular Municipal Fund, and Franklin Federal Tax-
Free Income Fund (the "Federal Fund") that provides for: (i) the
acquisition of substantially all of the assets of the Municipal
Fund in exchange for Class A shares of the Federal Fund; (ii) the
distribution of Class A shares of the Federal Fund to the
shareholders of shares of the Municipal Fund; and (iii) the
liquidation and dissolution of the Municipal Fund.
VOTE FOR VOTE AGAINST
Franklin Arkansas Municipal Bond Fund 2,444,134 149,844
Franklin Hawaii Municipal Bond Fund 1,980,675 197,101
Franklin Washington Municipal Bond Fund 633,365 15,318
