<PAGE> PAGE 1
000 A000000 11/30/1999
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000 J000000 U
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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
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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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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 NOVEMBER 30, 1999 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<F1>
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 157,392
<OTHER-INCOME> 0
<EXPENSES-NET> 20,965
<NET-INVESTMENT-INCOME> 136,427
<REALIZED-GAINS-CURRENT> (8,005)
<APPREC-INCREASE-CURRENT> (836,435)
<NET-CHANGE-FROM-OPS> (708,012)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,975
<NUMBER-OF-SHARES-REDEEMED> (3,833,934)
<SHARES-REINVESTED> 10,657
<NET-CHANGE-IN-ASSETS> (2,503,157)
<ACCUMULATED-NII-PRIOR> 39,104
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (67,167)
<GROSS-ADVISORY-FEES> 16,906
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 20,965
<AVERAGE-NET-ASSETS> 41,069,300
<PER-SHARE-NAV-BEGIN> 11.08
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.23)
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.84<F2>
<EXPENSE-RATIO> .776<F3>
<FN>
<F1>FOR THE PERIOD JUNE 1, 1999 THRU JUNE 24, 1999.
<F2>FRANKLIN HAWAII MUNICIPAL BOND FUND MERGED INTO FRANKLIN FEDERAL
TAX-FREE INCOME FUND ON JUNE 24, 1999.
<F3>ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIE
D 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> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 656,283,617
<INVESTMENTS-AT-VALUE> 632,572,816
<RECEIVABLES> 17,674,842
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 650,247,658
<PAYABLE-FOR-SECURITIES> 14,657,190
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,193,409
<TOTAL-LIABILITIES> 30,850,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 656,249,077
<SHARES-COMMON-STOCK> 55,422,557
<SHARES-COMMON-PRIOR> 55,062,650
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,211,741)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11,929,476)
<ACCUM-APPREC-OR-DEPREC> (23,710,801)
<NET-ASSETS> 619,397,059
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,521,022
<OTHER-INCOME> 0
<EXPENSES-NET> (1,788,272)
<NET-INVESTMENT-INCOME> 17,732,750
<REALIZED-GAINS-CURRENT> (10,117,730)
<APPREC-INCREASE-CURRENT> (38,950,860)
<NET-CHANGE-FROM-OPS> (31,335,840)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (16,072,998)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,429,419
<NUMBER-OF-SHARES-REDEEMED> (13,731,514)
<SHARES-REINVESTED> 662,002
<NET-CHANGE-IN-ASSETS> (42,692,996)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (942,423)
<OVERDIST-NET-GAINS-PRIOR> (1,811,746)
<GROSS-ADVISORY-FEES> (1,600,472)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,346,602)
<AVERAGE-NET-ASSETS> 653,818,284
<PER-SHARE-NAV-BEGIN> 10.600
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> (.760)
<PER-SHARE-DIVIDEND> (.280)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.840
<EXPENSE-RATIO> .480<F1>
<FN>
<F1>ANNUALIZED.
<F2>INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME IN THE AMOUNT OF $.004
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIE
D 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> 6-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 656,283,617
<INVESTMENTS-AT-VALUE> 632,572,816
<RECEIVABLES> 17,674,842
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 650,247,658
<PAYABLE-FOR-SECURITIES> 14,657,190
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,193,409
<TOTAL-LIABILITIES> 30,850,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 656,249,077
<SHARES-COMMON-STOCK> 7,525,958
<SHARES-COMMON-PRIOR> 7,370,464
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1,211,741)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11,929,476)
<ACCUM-APPREC-OR-DEPREC> (23,710,801)
<NET-ASSETS> 619,397,059
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,521,022
<OTHER-INCOME> 0
<EXPENSES-NET> (1,788,272)
<NET-INVESTMENT-INCOME> 17,732,750
<REALIZED-GAINS-CURRENT> (10,117,730)
<APPREC-INCREASE-CURRENT> (38,950,860)
<NET-CHANGE-FROM-OPS> (31,335,840)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,929,070)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,273,885
<NUMBER-OF-SHARES-REDEEMED> (1,212,795)
<SHARES-REINVESTED> 94,404
<NET-CHANGE-IN-ASSETS> (42,692,996)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (942,423)
<OVERDIST-NET-GAINS-PRIOR> (1,811,746)
<GROSS-ADVISORY-FEES> (1,600,472)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,346,602)
<AVERAGE-NET-ASSETS> 653,818,284
<PER-SHARE-NAV-BEGIN> 10.630
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> (.770)
<PER-SHARE-DIVIDEND> (.250)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.860
<EXPENSE-RATIO> 1.040<F1>
<FN>
<F1>ANNUALIZED.
<F2>INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME IN THE AMOUNT OF $.004
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIE
D 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<F1>
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,075,033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 146,740
<OTHER-INCOME> 0
<EXPENSES-NET> 15,454
<NET-INVESTMENT-INCOME> 131,687
<REALIZED-GAINS-CURRENT> 16,125
<APPREC-INCREASE-CURRENT> (410,629)
<NET-CHANGE-FROM-OPS> (262,817)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (128,870)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,952
<NUMBER-OF-SHARES-REDEEMED> (1,083,299)
<SHARES-REINVESTED> 6,314
<NET-CHANGE-IN-ASSETS> (718,012)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (5,811)
<OVERDIST-NET-GAINS-PRIOR> (109,193)
<GROSS-ADVISORY-FEES> 16,097
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26,089
<AVERAGE-NET-ASSETS> 10,805,849
<PER-SHARE-NAV-BEGIN> 10.420
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> (0.120)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.05<F2>
<EXPENSE-RATIO> .598<F3>
<FN>
<F1>FOR THE PERIOD JUNE 1, 1999 THRU AUGUST 26, 1999.
<F2>FRANKLIN WASHINGTON MUNICIPAL BOND FUND MERGED INTO FRANKLIN
FEDERAL TAX-FREE INCOME FUND ON AUGUST 26, 1999.
<F3>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIE
D 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-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 72,604,462
<INVESTMENTS-AT-VALUE> 68,777,753
<RECEIVABLES> 2,502,758
<ASSETS-OTHER> 92,565
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 71,373,076
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 485,065
<TOTAL-LIABILITIES> 485,065
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 75,421,430
<SHARES-COMMON-STOCK> 6,870,368
<SHARES-COMMON-PRIOR> 6,911,893
<ACCUMULATED-NII-CURRENT> 113,616
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (820,328)
<ACCUM-APPREC-OR-DEPREC> (3,826,708)
<NET-ASSETS> 70,888,010
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,082,260
<OTHER-INCOME> 0
<EXPENSES-NET> (148,495)
<NET-INVESTMENT-INCOME> 1,933,765
<REALIZED-GAINS-CURRENT> (752,990)
<APPREC-INCREASE-CURRENT> (5,153,976)
<NET-CHANGE-FROM-OPS> (3,973,201)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,895,122)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 826,862
<NUMBER-OF-SHARES-REDEEMED> (965,601)
<SHARES-REINVESTED> 97,214
<NET-CHANGE-IN-ASSETS> (6,229,366)
<ACCUMULATED-NII-PRIOR> 74,974
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (67,338)
<GROSS-ADVISORY-FEES> (231,859)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (296,221)
<AVERAGE-NET-ASSETS> 73,992,267
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> (.850)
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.320
<EXPENSE-RATIO> .400<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIE
D 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<F1>
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 3,862,181
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 544,615
<OTHER-INCOME> 0
<EXPENSES-NET> 34,160
<NET-INVESTMENT-INCOME> 510,455
<REALIZED-GAINS-CURRENT> (65,065)
<APPREC-INCREASE-CURRENT> (1,783,398)
<NET-CHANGE-FROM-OPS> (1,338,008)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 472,916
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 101,664
<NUMBER-OF-SHARES-REDEEMED> 3,986,964
<SHARES-REINVESTED> 23,119
<NET-CHANGE-IN-ASSETS> (2,873,722)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (40,355)
<OVERDIST-NET-GAINS-PRIOR> (37,555)
<GROSS-ADVISORY-FEES> 78,812
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104,134
<AVERAGE-NET-ASSETS> 40,948,779
<PER-SHARE-NAV-BEGIN> 10.84
<PER-SHARE-NII> .130
<PER-SHARE-GAIN-APPREC> (.480)
<PER-SHARE-DIVIDEND> (.120)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.37<F2>
<EXPENSE-RATIO> .350<F3>
<FN>
<F1>FOR THE PERIOD JUNE 1, 1999 THRU AUGUST 26, 1999.
<F2>FRANKLIN ARKANSAS MUNICIPAL BOND FUND MERGED INTO FRANKLIN
FEDERAL TAX-FREE INCOME FUND ON AUGUST 26, 1999.
<F3>ANNUALIZED.
</FN>
</TABLE>
