<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> 021
<NAME> FRANKLIN CALIFORNIA HIGH YIELD MUNICIPAL FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAY-31-2001
<PERIOD-END> NOV-30-2000
<INVESTMENTS-AT-COST> 536,575,119
<INVESTMENTS-AT-VALUE> 542,783,562
<RECEIVABLES> 11,475,403
<ASSETS-OTHER> 53,952
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 554,312,917
<PAYABLE-FOR-SECURITIES> 6,181,988
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,919,679
<TOTAL-LIABILITIES> 9,101,667
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 580,552,025
<SHARES-COMMON-STOCK> 47,813,888
<SHARES-COMMON-PRIOR> 48,769,154
<ACCUMULATED-NII-CURRENT> 988,266
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (42,537,484)
<ACCUM-APPREC-OR-DEPREC> 6,208,443
<NET-ASSETS> 545,211,250
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19,055,644
<OTHER-INCOME> 0
<EXPENSES-NET> (1,564,569)
<NET-INVESTMENT-INCOME> 17,491,075
<REALIZED-GAINS-CURRENT> (2,854,821)
<APPREC-INCREASE-CURRENT> 21,886,680
<NET-CHANGE-FROM-OPS> 36,522,934
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,665,452)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,931,947
<NUMBER-OF-SHARES-REDEEMED> (6,428,605)
<SHARES-REINVESTED> 541,392
<NET-CHANGE-IN-ASSETS> 15,089,926
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1,051,949)
<OVERDIST-NET-GAINS-PRIOR> (39,682,663)
<GROSS-ADVISORY-FEES> (1,363,750)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,008,729)
<AVERAGE-NET-ASSETS> 548,981,807
<PER-SHARE-NAV-BEGIN> 9.520
<PER-SHARE-NII> .320
<PER-SHARE-GAIN-APPREC> .340
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.900
<EXPENSE-RATIO> .500<F1>
<FN>
<F1>ANNUALIZED; EXPENSE RATIO EXCLUDING WAIVER .66%
</FN>
</TABLE>
