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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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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors
of the Franklin Premier Return Fund:
In planning and performing our audit of the financial statements and financial
highlights of the Franklin Premier Return Fund for the year ended December 31,
1995, we considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Franklin Premier Return Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgements by management are required to assess
the expected benefits and related costs of internal control structure policies
and procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 and financial
highlights 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 the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1995.
This report is intended solely for the information and use of management of the
Franklin Premier Return Fund and the Securities and Exchange Commission.
S\COOPERS AND LYBRAND L.L.P.
Coopers and Lybrand L.L.P.
San Francisco, California
January 31, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN PREMIER RETURN FUND DECEMBER 31, 1995 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
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<INVESTMENTS-AT-VALUE> 36,819,590
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 41,174,565
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,172
<TOTAL-LIABILITIES> 1,855,922
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 5,423,517
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<ACCUMULATED-NII-CURRENT> 70,714
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (356,102)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 39,318,643
<DIVIDEND-INCOME> 464,056
<INTEREST-INCOME> 796,036
<OTHER-INCOME> 0
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<REALIZED-GAINS-CURRENT> 355,611
<APPREC-INCREASE-CURRENT> 4,911,516
<NET-CHANGE-FROM-OPS> 6,161,147
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (857,567)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,254,336
<NUMBER-OF-SHARES-REDEEMED> (1,120,306)
<SHARES-REINVESTED> 96,003
<NET-CHANGE-IN-ASSETS> 13,687,910
<ACCUMULATED-NII-PRIOR> 34,261
<ACCUMULATED-GAINS-PRIOR> (711,713)
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 6.110
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<PER-SHARE-DISTRIBUTIONS> .000
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
