<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
MUNICIPAL SECURITIES TRUST NOVEMBER 30, 2000 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-31-2001
<PERIOD-END> NOV-30-2000
<INVESTMENTS-AT-COST> 69,268,449
<INVESTMENTS-AT-VALUE> 68,400,745
<RECEIVABLES> 1,485,029
<ASSETS-OTHER> 65,662
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,951,436
<PAYABLE-FOR-SECURITIES> 739,970
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 247,059
<TOTAL-LIABILITIES> 987,029
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,955,068
<SHARES-COMMON-STOCK> 6,522,595
<SHARES-COMMON-PRIOR> 6,361,278
<ACCUMULATED-NII-CURRENT> 104,199
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,227,156)
<ACCUM-APPREC-OR-DEPREC> (867,704)
<NET-ASSETS> 68,964,407
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,910,533
<OTHER-INCOME> 0
<EXPENSES-NET> (135,133)
<NET-INVESTMENT-INCOME> 1,775,400
<REALIZED-GAINS-CURRENT> (37,291)
<APPREC-INCREASE-CURRENT> 3,616,556
<NET-CHANGE-FROM-OPS> 5,354,665
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,789,813)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 617,415
<NUMBER-OF-SHARES-REDEEMED> (551,189)
<SHARES-REINVESTED> 95,091
<NET-CHANGE-IN-ASSETS> 5,222,729
<ACCUMULATED-NII-PRIOR> 118,612
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,189,865)
<GROSS-ADVISORY-FEES> (213,696)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (273,414)
<AVERAGE-NET-ASSETS> 67,410,527
<PER-SHARE-NAV-BEGIN> 10.020
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> .560
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.570
<EXPENSE-RATIO> .400<F1>
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER .82%
</FN>
</TABLE>
