<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 0000038721
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002 B000000 SAN MATEO
002 C000000 CA
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007 C020200 FRANKLIN DYNATECH SERIES
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007 C010300 3
007 C020300 FRANKLIN UTILITIES SERIES
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007 C010400 4
007 C020400 FRANKLIN INCOME SERIES
007 C030400 N
007 C010500 5
007 C020500 FRANKLIN U.S. GOVERNMENT SECURITIES SERIES
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
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008 D01AA01 SAN MATEO
008 D02AA01 CA
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008 D04AA01 7777
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
<PAGE> PAGE 2
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
011 C04AA01 7777
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
012 C04AA01 7777
013 A00AA01 COOPERS & LYBRAND L.L.P.
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013 B03AA01 94105
013 B04AA01 2119
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<PAGE> PAGE 3
020 C000010 42
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022 C000004 14818288
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022 C000005 11648267
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<PAGE> PAGE 4
026 G020000 N
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045 00AA00 Y
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<PAGE> PAGE 5
054 M00AA00 Y
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015 A000101 BANK OF AMERICA NT & SA
015 B000101 C
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015 C020101 CA
015 C030101 94104
015 C040101 1502
015 E010101 X
015 A000102 THE BANK OF NEW YORK
015 B000102 C
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015 C020102 NY
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<PAGE> PAGE 6
015 E010102 X
015 A000103 THE BANK OF BOSTON
015 B000103 S
015 C010103 BUENOS AIRES
015 D010103 ARGENTINA
015 E040103 X
015 A000104 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000104 S
015 C010104 MELBOURNE
015 D010104 AUSTRALIA
015 E040104 X
015 A000105 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000105 S
015 C010105 VIENNA
015 D010105 AUSTRIA
015 E040105 X
015 A000106 STANDARD CHARTERED BANK PLC (SCB)
015 B000106 S
015 C010106 DHAKA
015 D010106 BANGLADESH
015 E040106 X
015 A000107 BANQUE BRUXELLES LAMBERT (BBL)
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015 C010107 BRUSSELS
015 D010107 BELGIUM
015 E040107 X
015 A000108 THE BANK OF BOSTON
015 B000108 S
015 C010108 SAO PAULO
015 D010108 BRAZIL
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015 E040109 X
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015 B000110 S
015 C010110 SANTIAGO
015 D010110 CHILE
015 E040110 X
015 A000111 BANCO DECHILE
015 B000111 S
015 C010111 SANTIAGO
015 D010111 CHILE
015 E040111 X
015 A000112 STANDARD CHARTERED BANK
015 B000112 S
015 C010112 SHANGHAI
015 D010112 CHINA
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<PAGE> PAGE 7
015 A000113 STANDARD CHARTERED BANK
015 B000113 S
015 C010113 SHENZHEN
015 D010113 CHINA
015 E040113 X
015 A000114 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C010114 BOGOTA
015 D010114 COLOMBIA
015 E040114 X
015 A000115 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000115 S
015 C010115 PRAHA (PRAGUE)
015 D010115 CZECH REPUBLIC
015 E040115 X
015 A000116 DEN DANSKE BANK
015 B000116 S
015 C010116 COPENHAGEN
015 D010116 DENMARK
015 E040116 X
015 A000117 CEDEL
015 B000117 S
015 C010117 LUXEMBOURG
015 D010117 EUROMARKET
015 E040117 X
015 A000118 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000118 S
015 C010118 LONDON
015 D010118 EUROMARKET
015 E040118 X
015 A000119 MERITA BANK (MB)
015 B000119 S
015 C010119 HELSINKI
015 D010119 FINLAND
015 E040119 X
015 A000120 BANQUE PARIBAS
015 B000120 S
015 C010120 PARIS
015 D010120 FRANCE
015 E040120 X
015 A000121 DRESDNER BANK AG
015 B000121 S
015 C010121 FRANKFURT
015 D010121 GERMANY
015 E040121 X
015 A000122 ALPHA CREDIT BANK A.E.
015 B000122 S
015 C010122 ATHENS
015 D010122 GREECE
015 E040122 X
015 A000123 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
<PAGE> PAGE 8
015 B000123 S
015 C010123 HONG KONG
015 D010123 HONG KONG
015 E040123 X
015 A000124 CITIBANK, N.A.
015 B000124 S
015 C010124 BUDAPEST
015 D010124 HUNGARY
015 E040124 X
015 A000125 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000125 S
015 C010125 BOMBAY
015 D010125 INDIA
015 E040125 X
015 A000126 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000126 S
015 C010126 JAKARTA
015 D010126 INDONESIA
015 E040126 X
015 A000127 ALLIED IRISH BANK (ATB)
015 B000127 S
015 C010127 DUBLIN
015 D010127 IRELAND
015 E040127 X
015 A000128 ISRAEL DISCOUNT BANK
015 B000128 S
015 C010128 TEL AVIV
015 D010128 ISRAEL
015 E040128 X
015 A000129 BANCA COMMERCIALE ITALIANA (BCI)
015 B000129 S
015 C010129 MILAN
015 D010129 ITALY
015 E040129 X
015 A000130 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000130 S
015 C010130 TOKYO
015 D010130 JAPAN
015 E040130 X
015 A000131 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000131 S
015 C010131 KUALA LUMPUR
015 D010131 MALAYSIA
015 E040131 X
015 A000132 BANCO NACIONAL DE MEXICO
015 B000132 S
015 C010132 MEXICO CITY
015 D010132 MEXICO
015 E040132 X
015 A000133 BANQUE COMMERCIALE DU MAROC (BCM)
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<PAGE> PAGE 9
015 C010133 CASABLANCA
015 D010133 MOROCCO
015 E040133 X
015 A000134 MEESPIERSON
015 B000134 S
015 C010134 AMSTERDAM
015 D010134 NETHERLANDS
015 E040134 X
015 A000135 AUSTRALIA AND NEW ZEALAND BANKING GROUP
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015 C010135 WELLINGTON
015 D010135 NEW ZEALAND
015 E040135 X
015 A000136 DEN NORSKE BANK A.S.
015 B000136 S
015 C010136 BERGEN/OSLO
015 D010136 NORWAY
015 E040136 X
015 A000137 CITIBANK, N.A.
015 B000137 S
015 C010137 LIMA
015 D010137 PERU
015 E040137 X
015 A000138 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000138 C
015 C010138 MANILA
015 D010138 PHILIPPINES
015 E040138 X
015 A000139 BANK HANDLOWY W WARSZAWIE S.A.
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015 C010139 WARSAW
015 D010139 POLAND
015 E040139 X
015 A000140 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
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015 C010140 LISBON
015 D010140 PORTUGAL
015 E040140 X
015 A000141 UNITED OVERSEAS BANK (UOB)
015 B000141 S
015 C010141 SINGAPORE
015 D010141 SINGAPORE
015 E040141 X
015 A000142 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000142 S
015 C010142 JOHANNESBURG
015 D010142 SOUTH AFRICA
015 E040142 X
015 A000143 SEOUL BANK (SB)
015 B000143 S
015 C010143 SEOUL
<PAGE> PAGE 10
015 D010143 SOUTH KOREA
015 E040143 X
015 A000144 BANCO BILBAO VIZCAYA (BBV)
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015 C010144 MADRID/BILBAO
015 D010144 SPAIN
015 E040144 X
015 A000145 STANDARD CHARTERED BANK (SCB)
015 B000145 S
015 C010145 COLOMBO
015 D010145 SRI LANKA
015 E040145 X
015 A000146 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000146 S
015 C010146 STOCKHOLM
015 D010146 SWEDEN
015 E040146 X
015 A000147 UNION BANK OF SWITZERLAND (UBS)
015 B000147 S
015 C010147 ZURICH
015 D010147 SWITZERLAND
015 E040147 X
015 A000148 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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015 C010148 TAIPEI
015 D010148 TAIWAN
015 E040148 X
015 A000149 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
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015 D010149 THAILAND
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015 A000150 CITIBANK, N.A.
015 B000150 S
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015 D010150 TURKEY
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015 A000151 THE BANK OF NEW YORK
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015 D010151 UNITED KINGDOM
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015 A000152 THE BANK OF BOSTON
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015 C010152 MONTEVIDEO
015 D010152 URUGUAY
015 E040152 X
015 A000153 CITIBANK, N.A.
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<PAGE> PAGE 11
015 E040153 X
015 A000154 CITIBANK DELAWARE
015 B000154 C
015 C010154 NEW CASTLE
015 C020154 DE
015 C030154 19720
015 C040154 2409
015 E010154 X
015 A000155 STANDARD CHARTERED BANK (SCB)
015 B000155 S
015 C010155 KARACHI
015 D010155 PAKISTAN
015 E040155 X
024 000100 Y
025 A000101 DAIWA SECURITIES AMERICA, INC.
025 B000101 13-5680329
025 C000101 D
025 D000101 26820
025 A000102 NIKKO SECURITIES CO. INTERNATIONAL, INC.
025 B000102 94-1302123
025 C000102 D
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025 A000103 LEHMAN BROTHERS, INC.
025 B000103 13-2518466
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025 A000104 FUJI SECURITIES, INC.
025 B000104 13-3038090
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<PAGE> PAGE 12
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<PAGE> PAGE 13
062 R000100 0.0
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066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
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070 A020100 Y
070 B010100 Y
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070 H010100 Y
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070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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015 A000201 BANK OF AMERICA NT & SA
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015 C030201 94104
015 C040201 1502
015 E010201 X
015 A000202 THE BANK OF NEW YORK
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015 C030202 10286
015 E010202 X
015 A000203 THE BANK OF BOSTON
015 B000203 S
015 C010203 BUENOS AIRES
015 D010203 ARGENTINA
015 E040203 X
015 A000204 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 A000205 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
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015 C010205 VIENNA
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<PAGE> PAGE 16
015 B000206 S
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015 A000207 BANQUE BRUXELLES LAMBERT (BBL)
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015 A000209 THE ROYAL TRUST CORPORATION OF CANADA
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<PAGE> PAGE 17
015 C010216 COPENHAGEN
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015 A000217 CEDEL
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015 A000219 MERITA BANK (MB)
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015 C010219 HELSINKI
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015 A000220 BANQUE PARIBAS
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015 B000223 S
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015 D010223 HONG KONG
015 E040223 X
015 A000224 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000224 S
015 C010224 BOMBAY
015 D010224 INDIA
015 E040224 X
015 A000225 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000225 S
015 C010225 JAKARTA
015 D010225 INDONESIA
015 E040225 X
015 A000226 ALLIED IRISH BANK (ATB)
015 B000226 S
015 C010226 DUBLIN
<PAGE> PAGE 18
015 D010226 IRELAND
015 E040226 X
015 A000227 ISRAEL DISCOUNT BANK
015 B000227 S
015 C010227 TEL AVIV
015 D010227 ISRAEL
015 E040227 X
015 A000228 BANCA COMMERCIALE ITALIANA (BCI)
015 B000228 S
015 C010228 MILAN
015 D010228 ITALY
015 E040228 X
015 A000229 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000229 S
015 C010229 TOKYO
015 D010229 JAPAN
015 E040229 X
015 A000230 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000230 S
015 C010230 KUALA LUMPUR
015 D010230 MALAYSIA
015 E040230 X
015 A000231 BANCO NACIONAL DE MEXICO
015 B000231 S
015 C010231 MEXICO CITY
015 D010231 MEXICO
015 E040231 X
015 A000232 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000232 S
015 C010232 CASABLANCA
015 D010232 MOROCCO
015 E040232 X
015 A000233 MEESPIERSON
015 B000233 S
015 C010233 AMSTERDAM
015 D010233 NETHERLANDS
015 E040233 X
015 A000234 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000234 S
015 C010234 WELLINGTON
015 D010234 NEW ZEALAND
015 E040234 X
015 A000235 DEN NORSKE BANK A.S.
015 B000235 S
015 C010235 BERGEN/OSLO
015 D010235 NORWAY
015 E040235 X
015 A000236 STANDARD CHARTERED BANK (SCB)
015 B000236 S
015 C010236 KARACHI
015 D010236 PAKISTAN
<PAGE> PAGE 19
015 E040236 X
015 A000237 CITIBANK, N.A.
015 B000237 S
015 C010237 LIMA
015 D010237 PERU
015 E040237 X
015 A000238 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000238 S
015 C010238 MANILA
015 D010238 PHILIPPINES
015 E040238 X
015 A000239 BANK HANDLOWY W WARSZAWIE S.A.
015 B000239 S
015 C010239 WARSAW
015 D010239 POLAND
015 E040239 X
015 A000240 BANCO COMERCIAL PORTGUES, S.A. (BCP)
015 B000240 S
015 C010240 LISBON
015 D010240 PORTUGAL
015 E040240 X
015 A000241 UNITED OVERSEAS BANK (UOB)
015 B000241 S
015 C010241 SINGAPORE
015 D010241 SINGAPORE
015 E040241 X
015 A000242 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000242 S
015 C010242 JOHANNESBURG
015 D010242 SOUTH AFRICA
015 E040242 X
015 A000243 SEOULBANK (SB)
015 B000243 S
015 C010243 SEOUL
015 D010243 SOUTH KOREA
015 E040243 X
015 A000244 BANCO BILBAO VIZCAYA (BBV)
015 B000244 S
015 C010244 MADRID/BILBAO
015 D010244 SPAIN
015 E040244 X
015 A000245 STANDARD CHARTERED BANK (SCB)
015 B000245 S
015 C010245 COLOMBO
015 D010245 SRI LANKA
015 E040245 X
015 A000246 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000246 S
015 C010246 STOCKHOLM
015 D010246 SWEDEN
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<PAGE> PAGE 20
015 A000247 UNION BANK OF SWITZERLAND (UBS)
015 B000247 S
015 C010247 ZURICH
015 D010247 SWITZERLAND
015 E040247 X
015 A000248 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000248 S
015 C010248 TAIPEI
015 D010248 TAIWAN
015 E040248 X
015 A000249 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000249 S
015 C010249 BANGKOK
015 D010249 THAILAND
015 E040249 X
015 A000250 CITIBANK, N.A.
015 B000250 S
015 C010250 ISTANBUL
015 D010250 TURKEY
015 E040250 X
015 A000251 THE BANK OF NEW YORK
015 B000251 S
015 C010251 LONDON
015 D010251 UNITED KINGDOM
015 E040251 X
015 A000252 THE BANK OF BOSTON
015 B000252 S
015 C010252 MONTEVIDEO
015 D010252 URUGUAY
015 E040252 X
015 A000253 CITIBANK, N.A.
015 B000253 S
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015 E040255 X
024 000200 Y
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<PAGE> PAGE 21
025 D000201 13656
025 A000202 NIKKO SECURITIES CO. INTERNATIONAL, INC.
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025 C000202 D
025 D000202 11557
025 A000203 LEHMAN BROTHERS, INC.
025 B000203 13-2518466
025 C000203 D
025 D000203 11557
025 A000204 FUJI SECURITIES, INC.
025 B000204 13-3038090
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<PAGE> PAGE 22
031 B000200 0
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<PAGE> PAGE 23
070 B020200 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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015 A000301 BANK OF AMERICA NT & SA
015 B000301 C
015 C010301 SAN FRANCISCO
015 C020301 CA
015 C030301 94104
015 C040301 1502
015 E010301 X
015 A000302 THE BANK OF NEW YORK
015 B000302 C
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10286
015 E010302 X
015 A000303 THE BANK OF BOSTON
015 B000303 S
015 C010303 BUENOS AIRES
015 D010303 ARGENTINA
015 E040303 X
015 A000304 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000304 S
015 C010304 MELBOURNE
015 D010304 AUSTRALIA
015 E040304 X
015 A000305 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000305 S
015 C010305 VIENNA
015 D010305 AUSTRIA
015 E040305 X
015 A000306 STANDARD CHARTERED BANK PLC (SCB)
015 B000306 S
015 C010306 DHAKA
015 D010306 BANGLADESH
015 E040306 X
015 A000307 BANQUE BRUXELLES LAMBERT (BBL)
015 B000307 S
015 C010307 BRUSSELS
015 D010307 BELGIUM
015 E040307 X
015 A000308 THE BANK OF BOSTON
015 B000308 S
015 C010308 SAO PAULO
015 D010308 BRAZIL
015 E040308 X
015 A000309 THE ROYAL TRUST CORPORATION OF CANADA
015 B000309 S
015 C010309 MONTREAL
<PAGE> PAGE 26
015 D010309 CANADA
015 E040309 X
015 A000310 THE BANK OF BOSTON
015 B000310 S
015 C010310 SANTIAGO
015 D010310 CHILE
015 E040310 X
015 A000311 BANCO DE CHILE
015 B000311 S
015 C010311 SANTIAGO
015 D010311 CHILE
015 E040311 X
015 A000312 STANDARD CHARTERED BANK
015 B000312 S
015 C010312 SHANGHAI
015 D010312 CHINA
015 E040312 X
015 A000313 STANDARD CHARTERED BANK
015 B000313 S
015 C010313 SHENZHEN
015 D010313 CHINA
015 E040313 X
015 A000314 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000314 S
015 C010314 BOGOTA
015 D010314 COLOMBIA
015 E040314 X
015 A000315 DEN DANSKE BANK
015 B000315 S
015 C010315 COPENHAGEN
015 D010315 DENMARK
015 E040315 X
015 A000316 CEDEL
015 B000316 S
015 C010316 LUXEMBOURG
015 D010316 EUROMARKET
015 E040316 X
015 A000317 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000317 S
015 C010317 LONDON
015 D010317 EUROMARKET
015 E040317 X
015 A000318 MERITA BANK (MB)
015 B000318 S
015 C010318 HELSINKI
015 D010318 FINLAND
015 E040318 X
015 A000319 BANQUE PARIBAS
015 B000319 S
015 C010319 PARIS
015 D010319 FRANCE
<PAGE> PAGE 27
015 E040319 X
015 A000320 DRESDNER BANK AG
015 B000320 S
015 C010320 FRANKFURT
015 D010320 GERMANY
015 E040320 X
015 A000321 ALPHA CREDIT BANK A.E.
015 B000321 S
015 C010321 ATHENS
015 D010321 GREECE
015 E040321 X
015 A000322 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000322 S
015 C010322 HONG KONG
015 D010322 HONG KONG
015 E040322 X
015 A000323 CITIBANK, N.A.
015 B000323 S
015 C010323 BUDAPEST
015 D010323 HUNGARY
015 E040323 X
015 A000324 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000324 S
015 C010324 BOMBAY
015 D010324 INDIA
015 E040324 X
015 A000325 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000325 S
015 C010325 JAKARTA
015 D010325 INDONESIA
015 E040325 X
015 A000326 ALLIED IRISH BANK (ATB)
015 B000326 S
015 C010326 DUBLIN
015 D010326 IRELAND
015 E040326 X
015 A000327 ISRAEL DISCOUNT BANK
015 B000327 S
015 C010327 TEL AVIV
015 D010327 ISRAEL
015 E040327 X
015 A000328 BANCA COMMERCIALE ITALIANA (BCI)
015 B000328 S
015 C010328 MILAN
015 D010328 ITALY
015 E040328 X
015 A000329 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000329 S
015 C010329 TOKYO
015 D010329 JAPAN
015 E040329 X
<PAGE> PAGE 28
015 A000330 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000330 S
015 C010330 KUALA LUMPUR
015 D010330 MALAYSIA
015 E040330 X
015 A000331 BANCO NACIONAL DE MEXICO
015 B000331 S
015 C010331 MEXICO CITY
015 D010331 MEXICO
015 E040331 X
015 A000332 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000332 S
015 C010332 CASABLANCA
015 D010332 MOROCCO
015 E040332 X
015 A000333 MEESPIERSON
015 B000333 S
015 C010333 AMSTERDAM
015 D010333 NETHERLANDS
015 E040333 X
015 A000334 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B000334 S
015 C010334 WELLINGTON
015 D010334 NEW ZEALAND
015 E040334 X
015 A000335 DEN NORSKE BANK A.S.
015 B000335 S
015 C010335 BERGEN/OSLO
015 D010335 NORWAY
015 E040335 X
015 A000336 STANDARD CHARTERED BANK (SCB)
015 B000336 S
015 C010336 KARACHI
015 D010336 PAKISTAN
015 E040336 X
015 A000337 CITIBANK, N.A.
015 B000337 S
015 C010337 LIMA
015 D010337 PERU
015 E040337 X
015 A000338 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000338 S
015 C010338 MANILA
015 D010338 PHILIPPINES
015 E040338 X
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015 B000339 S
015 C010339 WARSAW
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<PAGE> PAGE 29
015 B000340 S
015 C010340 LISBON
015 D010340 PORTUGAL
015 E040340 X
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015 B000341 S
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015 D010341 SINGAPORE
015 E040341 X
015 A000342 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000342 S
015 C010342 JOHANNESBURG
015 D010342 SOUTH AFRICA
015 E040342 X
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015 D010344 SPAIN
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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015 B000401 C
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<PAGE> PAGE 35
015 C030401 94104
015 C040401 1502
015 E010401 X
015 A000402 CITIBANK DELAWARE
015 B000402 C
015 C010402 NEW CASTLE
015 C020402 DE
015 C030402 19720
015 C040402 2409
015 E010402 X
015 A000403 THE BANK OF NEW YORK
015 B000403 C
015 C010403 NEW YORK
015 C020403 NY
015 C030403 10286
015 E010403 X
015 A000404 THE BANK OF BOSTON
015 B000404 S
015 C010404 BUENOS AIRES
015 D010404 ARGENTINA
015 E040404 X
015 A000405 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
015 B000405 S
015 C010405 MELBOURNE
015 D010405 AUSTRALIA
015 E040405 X
015 A000406 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000406 S
015 C010406 VIENNA
015 D010406 AUSTRIA
015 E040406 X
015 A000407 STANDARD CHARTERED BANK PLC (SCB)
015 B000407 S
015 C010407 DHAKA
015 D010407 BANGLADESH
015 E040407 X
015 A000408 BANQUE BRUXELLES LAMBERT (BBL)
015 B000408 S
015 C010408 BRUSSELS
015 D010408 BELGIUM
015 E040408 X
015 A000409 THE BANK OF BOSTON
015 B000409 S
015 C010409 SAO PAULO
015 D010409 BRAZIL
015 E040409 X
015 A000410 THE ROYAL TRUST CORPORATION OF CANADA
015 B000410 S
015 C010410 MONTREAL
015 D010410 CANADA
015 E040410 X
<PAGE> PAGE 36
015 A000411 THE BANK OF BOSTON
015 B000411 S
015 C010411 SANTIAGO
015 D010411 CHILE
015 E040411 X
015 A000412 BANCO DECHILE
015 B000412 S
015 C010412 SANTIAGO
015 D010412 CHILE
015 E040412 X
015 A000413 STANDARD CHARTERED BANK
015 B000413 S
015 C010413 SHANGHAI
015 D010413 CHINA
015 E040413 X
015 A000414 STANDARD CHARTERED BANK
015 B000414 S
015 C010414 SHENZHEN
015 D010414 CHINA
015 E040414 X
015 A000415 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000415 S
015 C010415 BOGOTA
015 D010415 COLOMBIA
015 E040415 X
015 A000416 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000416 S
015 C010416 PRAHA (PRAGUE)
015 D010416 CZECH REPUBLIC
015 E040416 X
015 A000417 DEN DANSKE BANK
015 B000417 S
015 C010417 COPENHAGEN
015 D010417 DENMARK
015 E040417 X
015 A000418 CEDEL
015 B000418 S
015 C010418 LUXEMBOURG
015 D010418 EUROMARKET
015 E040418 X
015 A000419 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000419 S
015 C010419 LONDON
015 D010419 EUROMARKET
015 E040419 X
015 A000420 MERITA BANK (MB)
015 B000420 S
015 C010420 HELSINKI
015 D010420 FINLAND
015 E040420 X
015 A000421 BANQUE PARIBAS
<PAGE> PAGE 37
015 B000421 S
015 C010421 PARIS
015 D010421 FRANCE
015 E040421 X
015 A000422 DRESDNER BANK AG
015 B000422 S
015 C010422 FRANKFURT
015 D010422 GERMANY
015 E040422 X
015 A000423 ALPHA CREDIT BANK A.E.
015 B000423 S
015 C010423 ATHENS
015 D010423 GREECE
015 E040423 X
015 A000424 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000424 S
015 C010424 HONG KONG
015 D010424 HONG KONG
015 E040424 X
015 A000425 CITIBANK, N.A.
015 B000425 S
015 C010425 BUDAPEST
015 D010425 HUNGARY
015 E040425 X
015 A000426 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000426 S
015 C010426 BOMBAY
015 D010426 INDIA
015 E040426 X
015 A000427 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000427 S
015 C010427 JAKARTA
015 D010427 INDONESIA
015 E040427 X
015 A000428 ALLIED IRISH BANK (ATB)
015 B000428 S
015 C010428 DUBLIN
015 D010428 IRELAND
015 E040428 X
015 A000429 ISRAEL DISCOUNT BANK
015 B000429 S
015 C010429 TEL AVIV
015 D010429 ISRAEL
015 E040429 X
015 A000430 BANCA COMMERCIALE ITALIANA (BCI)
015 B000430 S
015 C010430 MILAN
015 D010430 ITALY
015 E040430 X
015 A000431 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000431 S
<PAGE> PAGE 38
015 C010431 TOKYO
015 D010431 JAPAN
015 E040431 X
015 A000432 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000432 S
015 C010432 KUALA LUMPUR
015 D010432 MALAYSIA
015 E040432 X
015 A000433 BANCO NACIONAL DE MEXICO
015 B000433 S
015 C010433 MEXICO CITY
015 D010433 MEXICO
015 E040433 X
015 A000434 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000434 S
015 C010434 CASABLANCA
015 D010434 MOROCCO
015 E040434 X
015 A000435 MEESPIERSON
015 B000435 S
015 C010435 AMSTERDAM
015 D010435 NETHERLANDS
015 E040435 X
015 A000436 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000436 S
015 C010436 WELLINGTON
015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.
015 B000437 S
015 C010437 BERGEN/OSLO
015 D010437 NORWAY
015 E040437 X
015 A000438 STANDARD CHARTERED BANK (SCB)
015 B000438 S
015 C010438 KARACHI
015 D010438 PAKISTAN
015 E040438 X
015 A000439 CITIBANK, N.A.
015 B000439 S
015 C010439 LIMA
015 D010439 PERU
015 E040439 X
015 A000440 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000440 S
015 C010440 MANILA
015 D010440 PHILIPPINES
015 E040440 X
015 A000441 BANK HANDLOWY W WARSZAWIE S.A.
015 B000441 S
015 C010441 WARSAW
<PAGE> PAGE 39
015 D010441 POLAND
015 E040441 X
015 A000442 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000442 S
015 C010442 LISBON
015 D010442 PORTUGAL
015 E040442 X
015 A000443 UNITED OVERSEAS BANK (UOB)
015 B000443 S
015 C010443 SINGAPORE
015 D010443 SINGAPORE
015 E040443 X
015 A000444 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000444 S
015 C010444 JOHANNESBURG
015 D010444 SOUTH AFRICA
015 E040444 X
015 A000445 SEOUL BANK (SB)
015 B000445 S
015 C010445 SEOUL
015 D010445 SOUTH KOREA
015 E040445 X
015 A000446 BANCO BILBAO VIZCAYA (BBV)
015 B000446 S
015 C010446 MADRID/BILBAO
015 D010446 SPAIN
015 E040446 X
015 A000447 STANDARD CHARTERED BANK (SCB)
015 B000447 S
015 C010447 COLOMBO
015 D010447 SRI LANKA
015 E040447 X
015 A000448 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000448 S
015 C010448 STOCKHOLM
015 D010448 SWEDEN
015 E040448 X
015 A000449 UNION BANK OF SWITZERLAND (UBS)
015 B000449 S
015 C010449 ZURICH
015 D010449 SWITZERLAND
015 E040449 X
015 A000450 THE HONGKONG AND SHANGHAI BANKING CORP., LTD
015 B000450 S
015 C010450 TAIPEI
015 D010450 TAIWAN
015 E040450 X
015 A000451 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000451 S
015 C010451 BANGKOK
015 D010451 THAILAND
<PAGE> PAGE 40
015 E040451 X
015 A000452 CITIBANK, N.A.
015 B000452 S
015 C010452 ISTANBUL
015 D010452 TURKEY
015 E040452 X
015 A000453 THE BANK OF NEW YORK
015 B000453 S
015 C010453 LONDON
015 D010453 UNITED KINGDOM
015 E040453 X
015 A000454 THE BANK OF BOSTON
015 B000454 S
015 C010454 MONTEVIDEO
015 D010454 URUGUAY
015 E040454 X
015 A000455 CITIBANK, N.A.
015 B000455 S
015 C010455 CARACAS
015 D010455 VENEZUELA
015 E040455 X
024 000400 Y
025 A000401 DAIWA SECURITIES AMERICA, INC.
025 B000401 13-5680329
025 C000401 D
025 D000401 96039
025 A000402 NIKKO SECURITIES CO. INTERNATIONAL, INC.
025 B000402 94-1302123
025 C000402 D
025 D000402 81281
025 A000403 LEHMAN BROTHERS, INC.
025 B000403 13-2518466
025 C000403 D
025 D000403 81281
025 A000404 FUJI SECURITIES, INC.
025 B000404 13-3038090
025 C000404 D
025 D000404 81281
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 139535
028 A020400 22703
028 A030400 0
028 A040400 62008
028 B010400 128994
028 B020400 23025
028 B030400 0
028 B040400 62627
028 C010400 131750
<PAGE> PAGE 41
028 C020400 77658
028 C030400 0
028 C040400 66859
028 D010400 182854
028 D020400 24013
028 D030400 0
028 D040400 78149
028 E010400 185326
028 E020400 24511
028 E030400 0
028 E040400 88404
028 F010400 174442
028 F020400 24967
028 F030400 0
028 F040400 83188
028 G010400 942901
028 G020400 196877
028 G030400 0
028 G040400 441235
028 H000400 942901
029 000400 Y
030 A000400 25411
030 B000400 4.25
030 C000400 0.00
031 A000400 0
031 B000400 574
032 000400 25985
033 000400 0
034 000400 Y
035 000400 33
036 A000400 N
036 B000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 4396
044 000400 1852
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 6.4
062 E000400 0.0
062 F000400 1.5
062 G000400 0.3
062 H000400 0.0
062 I000400 0.3
<PAGE> PAGE 42
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 6.2
062 N000400 0.0
062 O000400 0.0
062 P000400 34.4
062 Q000400 10.7
062 R000400 39.4
063 A000400 0
063 B000400 10.0
064 A000400 N
064 B000400 Y
065 000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 Y
<PAGE> PAGE 43
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 2255660
071 B000400 978441
071 C000400 5224103
071 D000400 19
072 A000400 6
072 B000400 92484
072 C000400 162501
072 D000400 0
072 E000400 0
072 F000400 14515
072 G000400 0
072 H000400 0
072 I000400 1822
072 J000400 531
072 K000400 476
072 L000400 222
072 M000400 18
072 N000400 57
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 29
072 S000400 44
072 T000400 4509
072 U000400 0
072 V000400 0
072 W000400 78
072 X000400 22301
072 Y000400 0
072 Z000400 232684
072AA000400 82997
072BB000400 51800
072CC010400 26486
072CC020400 0
072DD010400 238874
072DD020400 4343
072EE000400 72032
073 A010400 0.0900
073 A020400 0.0839
073 B000400 0.0270
073 C000400 0.0000
074 A000400 2575
074 B000400 421164
074 C000400 139904
074 D000400 3406112
074 E000400 594625
074 F000400 1993654
<PAGE> PAGE 44
074 G000400 0
074 H000400 0
074 I000400 18827
074 J000400 1948
074 K000400 0
074 L000400 118085
074 M000400 0
074 N000400 6696894
074 O000400 65408
074 P000400 4751
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 1463
074 S000400 0
074 T000400 6625272
074 U010400 2794749
074 U020400 92620
074 V010400 2.29
074 V020400 2.30
074 W000400 0.0000
074 X000400 335635
074 Y000400 132030
075 A000400 0
075 B000400 6319460
076 000400 0.00
015 A000501 BANK OF AMERICA NT & SA
015 B000501 C
015 C010501 SAN FRANCISCO
015 C020501 CA
015 C030501 94104
015 C040501 1502
015 E010501 X
015 A000502 THE BANK OF NEW YORK
015 B000502 C
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10286
015 E010502 X
015 A000503 CITIBANK DELAWARE
015 B000503 C
015 C010503 NEW CASTLE
015 C020503 DE
015 C030503 19720
015 C040503 2409
015 E010503 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
<PAGE> PAGE 45
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 55842
028 A020500 29815
028 A030500 0
028 A040500 132012
028 B010500 54375
028 B020500 29762
028 B030500 0
028 B040500 130817
028 C010500 51511
028 C020500 29788
028 C030500 0
028 C040500 134758
028 D010500 62720
028 D020500 29776
028 D030500 0
028 D040500 131512
028 E010500 57484
028 E020500 29747
028 E030500 0
028 E040500 136100
028 F010500 56410
028 F020500 29691
028 F030500 0
028 F040500 159225
028 G010500 338342
028 G020500 178579
028 G030500 0
028 G040500 824424
028 H000500 338342
029 000500 Y
030 A000500 7418
030 B000500 4.25
030 C000500 0.00
031 A000500 216
031 B000500 0
032 000500 7202
033 000500 0
034 000500 Y
035 000500 4
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
<PAGE> PAGE 46
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 4358
044 000500 326
062 A000500 Y
062 B000500 1.5
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 98.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 24.8
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
<PAGE> PAGE 47
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 486731
071 B000500 693915
071 C000500 10759148
071 D000500 5
072 A000500 6
072 B000500 425889
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 24840
072 G000500 0
072 H000500 0
072 I000500 3334
072 J000500 508
072 K000500 1087
072 L000500 552
072 M000500 28
072 N000500 105
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 39
072 S000500 53
072 T000500 4215
072 U000500 0
072 V000500 0
072 W000500 126
072 X000500 34887
072 Y000500 0
072 Z000500 391002
072AA000500 167
072BB000500 19703
072CC010500 0
072CC020500 88889
<PAGE> PAGE 48
072DD010500 392914
072DD020500 698
072EE000500 0
073 A010500 0.2460
073 A020500 0.2226
073 B000500 0.0000
073 C000500 0.0000
074 A000500 7
074 B000500 0
074 C000500 161123
074 D000500 10484411
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 81438
074 M000500 0
074 N000500 10726979
074 O000500 17685
074 P000500 6243
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 8288
074 S000500 0
074 T000500 10694763
074 U010500 1567449
074 U020500 5262
074 V010500 6.80
074 V020500 6.78
074 W000500 0.0000
074 X000500 459515
074 Y000500 491707
075 A000500 0
075 B000500 11022430
076 000500 0.00
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN GROWTH SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 416,281,281
<INVESTMENTS-AT-VALUE> 784,013,647
<RECEIVABLES> 119,293,809
<ASSETS-OTHER> 842,945
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 904,150,401
<PAYABLE-FOR-SECURITIES> 3,536,027
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 767,177
<TOTAL-LIABILITIES> 4,303,204
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 520,428,311
<SHARES-COMMON-STOCK> 40,912,845
<SHARES-COMMON-PRIOR> 36,788,747
<ACCUMULATED-NII-CURRENT> 4,318,370
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,368,150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 367,732,366
<NET-ASSETS> 899,847,197
<DIVIDEND-INCOME> 5,480,872
<INTEREST-INCOME> 2,264,007
<OTHER-INCOME> 0
<EXPENSES-NET> (3,427,191)
<NET-INVESTMENT-INCOME> 4,317,688
<REALIZED-GAINS-CURRENT> 10,951,354
<APPREC-INCREASE-CURRENT> 82,807,041
<NET-CHANGE-FROM-OPS> 98,076,083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,277,569)
<DISTRIBUTIONS-OF-GAINS> (5,917,362)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,823,068
<NUMBER-OF-SHARES-REDEEMED> (3,239,772)
<SHARES-REINVESTED> 540,802
<NET-CHANGE-IN-ASSETS> 182,821,103
<ACCUMULATED-NII-PRIOR> 6,336,281
<ACCUMULATED-GAINS-PRIOR> 2,390,493
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,813,028
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,427,191
<AVERAGE-NET-ASSETS> 811,269,422
<PER-SHARE-NAV-BEGIN> 19.380
<PER-SHARE-NII> .100
<PER-SHARE-GAIN-APPREC> 2.398
<PER-SHARE-DIVIDEND> (.164)
<PER-SHARE-DISTRIBUTIONS> (.154)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.560
<EXPENSE-RATIO> .840
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> FRANKLIN GROWTH SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 416,281,281
<INVESTMENTS-AT-VALUE> 784,013,647
<RECEIVABLES> 119,293,809
<ASSETS-OTHER> 842,945
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 904,150,401
<PAYABLE-FOR-SECURITIES> 3,536,027
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 767,177
<TOTAL-LIABILITIES> 4,303,204
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 520,428,311
<SHARES-COMMON-STOCK> 830,828
<SHARES-COMMON-PRIOR> 215,274
<ACCUMULATED-NII-CURRENT> 4,318,370
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,368,150
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 367,732,366
<NET-ASSETS> 899,847,197
<DIVIDEND-INCOME> 5,480,872
<INTEREST-INCOME> 2,264,007
<OTHER-INCOME> 0
<EXPENSES-NET> (3,427,191)
<NET-INVESTMENT-INCOME> 4,317,688
<REALIZED-GAINS-CURRENT> 10,951,354
<APPREC-INCREASE-CURRENT> 82,807,041
<NET-CHANGE-FROM-OPS> 98,076,083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (58,030)
<DISTRIBUTIONS-OF-GAINS> (56,335)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 709,908
<NUMBER-OF-SHARES-REDEEMED> (99,314)
<SHARES-REINVESTED> 4,960
<NET-CHANGE-IN-ASSETS> 182,821,103
<ACCUMULATED-NII-PRIOR> 6,336,281
<ACCUMULATED-GAINS-PRIOR> 2,390,493
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,813,028
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,427,191
<AVERAGE-NET-ASSETS> 811,269,422
<PER-SHARE-NAV-BEGIN> 19.330
<PER-SHARE-NII> .004
<PER-SHARE-GAIN-APPREC> 2.409
<PER-SHARE-DIVIDEND> (.159)
<PER-SHARE-DISTRIBUTIONS> (.154)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.430
<EXPENSE-RATIO> 1.620
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> FRANKLIN DYNATECH SERIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 37,276,087
<INVESTMENTS-AT-VALUE> 80,741,048
<RECEIVABLES> 12,607,739
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,348,787
<PAYABLE-FOR-SECURITIES> 347,462
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 477,975
<TOTAL-LIABILITIES> 825,437
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,385,935
<SHARES-COMMON-STOCK> 7,490,067
<SHARES-COMMON-PRIOR> 7,274,083
<ACCUMULATED-NII-CURRENT> 281,478
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 390,976
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,464,961
<NET-ASSETS> 92,523,350
<DIVIDEND-INCOME> 196,814
<INTEREST-INCOME> 575,776
<OTHER-INCOME> 0
<EXPENSES-NET> (482,485)
<NET-INVESTMENT-INCOME> 290,105
<REALIZED-GAINS-CURRENT> 391,410
<APPREC-INCREASE-CURRENT> (1,346,046)
<NET-CHANGE-FROM-OPS> (664,531)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (854,470)
<DISTRIBUTIONS-OF-GAINS> (1,652,504)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,333,875
<NUMBER-OF-SHARES-REDEEMED> (1,295,612)
<SHARES-REINVESTED> 177,721
<NET-CHANGE-IN-ASSETS> (463,288)
<ACCUMULATED-NII-PRIOR> 845,843
<ACCUMULATED-GAINS-PRIOR> 1,652,070
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 290,562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 482,485
<AVERAGE-NET-ASSETS> 92,994,507
<PER-SHARE-NAV-BEGIN> 12.780
<PER-SHARE-NII> .040
<PER-SHARE-GAIN-APPREC> (.124)
<PER-SHARE-DIVIDEND> (.118)
<PER-SHARE-DISTRIBUTIONS> (.228)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.350
<EXPENSE-RATIO> 1.040
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN UTILITIES SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 2,414,299,579
<INVESTMENTS-AT-VALUE> 2,687,245,217
<RECEIVABLES> 77,636,371
<ASSETS-OTHER> 625,269
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,765,506,857
<PAYABLE-FOR-SECURITIES> 16,430,735
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,400,843
<TOTAL-LIABILITIES> 25,831,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,415,579,602
<SHARES-COMMON-STOCK> 268,160,130
<SHARES-COMMON-PRIOR> 283,663,463
<ACCUMULATED-NII-CURRENT> 5,271,056
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43,180,649
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 272,945,638
<NET-ASSETS> 2,739,675,279
<DIVIDEND-INCOME> 16,186,338
<INTEREST-INCOME> 64,604,506
<OTHER-INCOME> 0
<EXPENSES-NET> (10,418,186)
<NET-INVESTMENT-INCOME> 70,372,658
<REALIZED-GAINS-CURRENT> 43,207,320
<APPREC-INCREASE-CURRENT> 94,849,115
<NET-CHANGE-FROM-OPS> 208,429,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (71,874,819)
<DISTRIBUTIONS-OF-GAINS> (19,929,424)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,799,055
<NUMBER-OF-SHARES-REDEEMED> (35,221,794)
<SHARES-REINVESTED> 6,919,406
<NET-CHANGE-IN-ASSETS> (15,503,333)
<ACCUMULATED-NII-PRIOR> 7,091,302
<ACCUMULATED-GAINS-PRIOR> 19,981,831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,515,779
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,418,186
<AVERAGE-NET-ASSETS> 2,818,386,873
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> .474
<PER-SHARE-DIVIDEND> (.262)
<PER-SHARE-DISTRIBUTIONS> (.072)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.150
<EXPENSE-RATIO> .730
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> FRANKLIN UTILITIES SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 2,414,299,579
<INVESTMENTS-AT-VALUE> 2,687,245,217
<RECEIVABLES> 77,636,371
<ASSETS-OTHER> 625,269
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,765,506,857
<PAYABLE-FOR-SECURITIES> 16,430,735
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,400,843
<TOTAL-LIABILITIES> 25,831,578
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,415,579,602
<SHARES-COMMON-STOCK> 1,673,253
<SHARES-COMMON-PRIOR> 858,757
<ACCUMULATED-NII-CURRENT> 5,271,056
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 43,180,649
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 272,945,638
<NET-ASSETS> 2,739,675,279
<DIVIDEND-INCOME> 16,186,338
<INTEREST-INCOME> 64,604,506
<OTHER-INCOME> 0
<EXPENSES-NET> (10,418,186)
<NET-INVESTMENT-INCOME> 70,372,658
<REALIZED-GAINS-CURRENT> 43,207,320
<APPREC-INCREASE-CURRENT> 94,849,115
<NET-CHANGE-FROM-OPS> 208,429,093
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (318,085)
<DISTRIBUTIONS-OF-GAINS> (79,078)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 884,983
<NUMBER-OF-SHARES-REDEEMED> (103,386)
<SHARES-REINVESTED> 32,899
<NET-CHANGE-IN-ASSETS> 814,496
<ACCUMULATED-NII-PRIOR> 7,091,302
<ACCUMULATED-GAINS-PRIOR> 19,981,831
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,515,779
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,418,186
<AVERAGE-NET-ASSETS> 12,677,927
<PER-SHARE-NAV-BEGIN> 9.750
<PER-SHARE-NII> .210
<PER-SHARE-GAIN-APPREC> .496
<PER-SHARE-DIVIDEND> (.244)
<PER-SHARE-DISTRIBUTIONS> (.072)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.140
<EXPENSE-RATIO> 1.270
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN INCOME SERIES - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 5,919,509,066
<INVESTMENTS-AT-VALUE> 6,153,123,118
<RECEIVABLES> 541,195,750
<ASSETS-OTHER> 2,575,430
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,696,894,298
<PAYABLE-FOR-SECURITIES> 65,408,314
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,213,838
<TOTAL-LIABILITIES> 71,622,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,371,832,347
<SHARES-COMMON-STOCK> 2,794,749,208
<SHARES-COMMON-PRIOR> 2,556,652,794
<ACCUMULATED-NII-CURRENT> 7,399,774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,008,245
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 233,031,780
<NET-ASSETS> 6,625,272,146
<DIVIDEND-INCOME> 162,501,066
<INTEREST-INCOME> 92,483,741
<OTHER-INCOME> 0
<EXPENSES-NET> (22,300,465)
<NET-INVESTMENT-INCOME> 232,684,342
<REALIZED-GAINS-CURRENT> 31,196,954
<APPREC-INCREASE-CURRENT> 26,486,435
<NET-CHANGE-FROM-OPS> 290,367,731
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (238,874,069)
<DISTRIBUTIONS-OF-GAINS> (70,834,799)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 342,105,809
<NUMBER-OF-SHARES-REDEEMED> (188,204,849)
<SHARES-REINVESTED> 84,195,454
<NET-CHANGE-IN-ASSETS> 673,661,789
<ACCUMULATED-NII-PRIOR> 1,820,982
<ACCUMULATED-GAINS-PRIOR> 69,953,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,514,679
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,300,465
<AVERAGE-NET-ASSETS> 6,319,460,048
<PER-SHARE-NAV-BEGIN> 2.300
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 0.017
<PER-SHARE-DIVIDEND> (0.090)
<PER-SHARE-DISTRIBUTIONS> (0.027)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.290
<EXPENSE-RATIO> 0.690
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN INCOME SERIES - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 5,919,509,066
<INVESTMENTS-AT-VALUE> 6,153,123,118
<RECEIVABLES> 541,195,750
<ASSETS-OTHER> 2,575,430
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,696,894,298
<PAYABLE-FOR-SECURITIES> 65,408,314
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,213,838
<TOTAL-LIABILITIES> 71,622,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,371,832,347
<SHARES-COMMON-STOCK> 92,620,122
<SHARES-COMMON-PRIOR> 28,581,175
<ACCUMULATED-NII-CURRENT> 7,399,774
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,008,245
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 233,031,780
<NET-ASSETS> 6,625,272,146
<DIVIDEND-INCOME> 162,501,066
<INTEREST-INCOME> 92,483,741
<OTHER-INCOME> 0
<EXPENSES-NET> (22,300,465)
<NET-INVESTMENT-INCOME> 232,684,342
<REALIZED-GAINS-CURRENT> 31,196,954
<APPREC-INCREASE-CURRENT> 26,486,435
<NET-CHANGE-FROM-OPS> 290,367,731
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,342,533)
<DISTRIBUTIONS-OF-GAINS> (1,196,764)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65,110,957
<NUMBER-OF-SHARES-REDEEMED> (2,599,971)
<SHARES-REINVESTED> 1,527,961
<NET-CHANGE-IN-ASSETS> 673,661,789
<ACCUMULATED-NII-PRIOR> 1,820,982
<ACCUMULATED-GAINS-PRIOR> 69,953,906
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14,514,679
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,300,465
<AVERAGE-NET-ASSETS> 6,319,460,048
<PER-SHARE-NAV-BEGIN> 2.300
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 0.031
<PER-SHARE-DIVIDEND> (0.084)
<PER-SHARE-DISTRIBUTIONS> (0.027)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.300
<EXPENSE-RATIO> 1.220
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 10,656,384,253
<INVESTMENTS-AT-VALUE> 10,645,534,639
<RECEIVABLES> 81,437,768
<ASSETS-OTHER> 6,744
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,726,979,151
<PAYABLE-FOR-SECURITIES> 17,685,063
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,530,913
<TOTAL-LIABILITIES> 32,215,976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,373,763,190
<SHARES-COMMON-STOCK> 1,567,449,219
<SHARES-COMMON-PRIOR> 1,615,683,903
<ACCUMULATED-NII-CURRENT> 21,974,952
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (690,125,353)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,849,614)
<NET-ASSETS> 10,694,763,175
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 425,888,865
<OTHER-INCOME> 0
<EXPENSES-NET> (34,887,205)
<NET-INVESTMENT-INCOME> 391,001,660
<REALIZED-GAINS-CURRENT> (19,536,478)
<APPREC-INCREASE-CURRENT> (88,889,339)
<NET-CHANGE-FROM-OPS> 282,575,843
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (392,914,464)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,329,339
<NUMBER-OF-SHARES-REDEEMED> (119,414,164)
<SHARES-REINVESTED> 25,850,141
<NET-CHANGE-IN-ASSETS> (418,536,697)
<ACCUMULATED-NII-PRIOR> 24,585,885
<ACCUMULATED-GAINS-PRIOR> (670,588,875)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,839,979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34,887,205
<AVERAGE-NET-ASSETS> 11,022,429,900
<PER-SHARE-NAV-BEGIN> 6.870
<PER-SHARE-NII> .245
<PER-SHARE-GAIN-APPREC> (.069)
<PER-SHARE-DIVIDEND> (.246)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.800
<EXPENSE-RATIO> .630
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN CUSTODIAN FUNDS, INC. MARCH 31, 1996 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 052
<NAME> FRANKLIN U.S. GOVERNMENT SECURITIES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 10,656,384,253
<INVESTMENTS-AT-VALUE> 10,645,534,639
<RECEIVABLES> 81,437,768
<ASSETS-OTHER> 6,744
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,726,979,151
<PAYABLE-FOR-SECURITIES> 17,685,063
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,530,913
<TOTAL-LIABILITIES> 32,215,976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,373,763,190
<SHARES-COMMON-STOCK> 5,262,491
<SHARES-COMMON-PRIOR> 1,707,173
<ACCUMULATED-NII-CURRENT> 21,974,952
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (690,125,353)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (10,849,614)
<NET-ASSETS> 10,694,763,175
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 425,888,865
<OTHER-INCOME> 0
<EXPENSES-NET> (34,887,205)
<NET-INVESTMENT-INCOME> 391,001,660
<REALIZED-GAINS-CURRENT> (19,536,478)
<APPREC-INCREASE-CURRENT> (88,889,339)
<NET-CHANGE-FROM-OPS> 282,575,843
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (698,129)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,753,971
<NUMBER-OF-SHARES-REDEEMED> (261,847)
<SHARES-REINVESTED> 63,194
<NET-CHANGE-IN-ASSETS> (418,536,697)
<ACCUMULATED-NII-PRIOR> 24,585,885
<ACCUMULATED-GAINS-PRIOR> (670,588,875)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24,839,979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 34,887,205
<AVERAGE-NET-ASSETS> 11,022,429,900
<PER-SHARE-NAV-BEGIN> 6.850
<PER-SHARE-NII> .235
<PER-SHARE-GAIN-APPREC> (.082)
<PER-SHARE-DIVIDEND> (.223)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 6.780
<EXPENSE-RATIO> 1.200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
