<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000810303
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 FRANKLIN TAX-ADVANTAGED HIGH YIELD SECS FUND
001 B000000 811-5008
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BOULEVARD
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
<PAGE> PAGE 2
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
<PAGE> PAGE 3
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
007 C018700 87
007 C018800 88
007 C018900 89
007 C019000 90
008 A000001 FRANKLIN ADVISERS, INC.
008 B000001 A
008 C000001 801-26292
008 D010001 SAN MATEO
008 D020001 CA
008 D030001 94403
008 D040001 7777
011 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B000001 8-5889
011 C010001 SAN MATEO
011 C020001 CA
011 C030001 94403
011 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
014 A000001 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000001 8-5889
015 A000001 BANK OF AMERICA NT & SA
015 B000001 C
015 C010001 SAN FRANCISCO
015 C020001 CA
015 C030001 94104
015 C040001 1502
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
<PAGE> PAGE 4
015 A000003 CITIBANK, N.A.
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 NATIONAL AUSTRALIA BANK LTD.
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 D020004 3000
015 E040004 X
015 A000005 CREDITANSTALT-BANKVEREIN
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 STANDARD CHARTERED BANK
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 E040006 X
015 A000007 BANQUE BRUSSELES LAMBERT
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 D020007 B-1040
015 E040007 X
015 A000008 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B000008 S
015 C010008 HAMILTON
015 D010008 BERMUDA
015 E040008 X
015 A000009 THE CANADA TRUST COMPANY
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 D020009 M5J2T2
015 E040009 X
015 A000010 THE HONGKONG AND SHANGHAI BANKING CORP.
015 B000010 S
015 C010010 SHANGHAI
015 D010010 CHINA
015 D020010 200040
015 E040010 X
015 A000011 THE HONGKONG AND SHANGHAI BANKING CORP.
015 B000011 S
015 C010011 SHENZHEN
015 D010011 CHINA
015 E040011 X
015 A000012 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000012 S
<PAGE> PAGE 5
015 C010012 BOGOTA
015 D010012 COLOMBIA
015 E040012 X
015 A000013 UNIBANK
015 B000013 S
015 C010013 COPENHAGEN
015 D010013 DENMARK
015 E040013 X
015 A000014 KANSALLIS-OSAKE-PANKKI
015 B000014 S
015 C010014 HELSINKI
015 D010014 FINLAND
015 D020014 SF-00100
015 E040014 X
015 A000015 SOCIETE GENERALE
015 B000015 S
015 C010015 PARIS
015 D010015 FRANCE
015 E040015 X
015 A000016 BERLINER HANDELS-UND FRANKFURTER BANK
015 B000016 S
015 C010016 FRANKFURT
015 D010016 GERMANY
015 E040016 X
015 A000017 BARCLAYS BANK PLC
015 B000017 S
015 C010017 ATHENS
015 D010017 GREECE
015 D020017 105 51
015 E040017 X
015 A000018 BARCLAYS BANK PLC
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
015 E040018 X
015 A000019 BANK LEUMI LE-ISRAEL, B.M.
015 B000019 S
015 C010019 TEL AVIV
015 D010019 ISRAEL
015 E040019 X
015 A000020 CITIBANK, N.A.
015 B000020 S
015 C010020 MILAN
015 D010020 ITALY
015 E040020 X
015 A000021 BARCLAYS TRUST & BANKING CO (JAPAN) LIMITED
015 B000021 S
015 C010021 TOKYO
015 D010021 JAPAN
015 E040021 X
015 A000022 THE HONGKONG AND SHANGHAI BANKING CORP.
<PAGE> PAGE 6
015 B000022 S
015 C010022 SEOUL
015 D010022 KOREA
015 E040022 X
015 A000023 CEDEL S.A. (DEPOSITORY)
015 B000023 S
015 C010023 LUXEMBOURG CITY
015 D010023 LUXEMBOURG
015 D020023 L - 1010
015 E040023 X
015 A000024 UNITED MALAYAN BANKING CORPORATION BERHARD
015 B000024 S
015 C010024 KUALA LUMPUR
015 D010024 MALAYSIA
015 E040024 X
015 A000025 BANCO NACIONAL DE MEXICO
015 B000025 S
015 C010025 MEXICO CITY
015 D010025 MEXICO
015 E040025 X
015 A000026 KAS-ASSOCIATIE N.V.
015 B000026 S
015 C010026 AMSTERDAM
015 D010026 NETHERLANDS
015 E040026 X
015 A000027 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000027 S
015 C010027 WELLINGTON
015 D010027 NEW ZEALAND
015 E040027 X
015 A000028 CHRISTIANIA BANK OG KREDITKASSE
015 B000028 S
015 C010028 BERGEN
015 D010028 NORWAY
015 E040028 X
015 A000029 STANDARD CHARTERED BANK
015 B000029 S
015 C010029 KARACHI
015 D010029 PAKISTAN
015 E040029 X
015 A000030 BANCO DE CREDITO DEL PERU
015 B000030 S
015 C010030 LIMA
015 D010030 PERU
015 E040030 X
015 A000031 THE HONGKONG AND SHANGHAI BANKING CORP.
015 B000031 S
015 C010031 MANILA
015 D010031 PHILIPPINES
015 E040031 X
015 A000032 CITIBANK, N.A.
<PAGE> PAGE 7
015 B000032 S
015 C010032 WARSAW
015 D010032 POLAND
015 D020032 00-920
015 E040032 X
015 A000033 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000033 S
015 C010033 LISBON
015 D010033 PORTUGAL
015 E040033 X
015 A000034 BARCLAYS BANK PLC
015 B000034 S
015 C010034 SINGAPORE
015 D010034 SINGAPORE
015 D020034 0104
015 E040034 X
015 A000035 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000035 S
015 C010035 JOHANNESBURG
015 D010035 SOUTH AFRICA
015 D020035 2001
015 E040035 X
015 A000036 BANCO DE SANTANDER
015 B000036 S
015 C010036 MADRID
015 D010036 SPAIN
015 D020036 28022
015 E040036 X
015 A000037 THE HONGKONG AND SHANGHAI BANKING CORP.
015 B000037 S
015 C010037 COLOMBO
015 D010037 SRI LANKA
015 E040037 X
015 A000038 SKANDINAVISKA ENSKILDA BANKEN
015 B000038 S
015 C010038 STOCKHOLM
015 D010038 SWEDEN
015 E040038 X
015 A000039 SWISS BANK CORPORATION
015 B000039 S
015 C010039 ZURICH
015 D010039 SWITZERLAND
015 E040039 X
015 A000040 THE HONGKONG AND SHANGHAI BANKING CORP.
015 B000040 S
015 C010040 TAIPEI
015 D010040 TAIWAN
015 E040040 X
015 A000041 BANGKOK BANK LIMITED
015 B000041 S
015 C010041 BANGKOK
<PAGE> PAGE 8
015 D010041 THAILAND
015 E040041 X
015 A000042 YAPI VE KREDI BANKASI A.S.
015 B000042 S
015 C010042 ISTANBUL
015 D010042 TURKEY
015 E040042 X
015 A000043 BANK OF AMERICA FOREIGN DIVISION - LONDON
015 B000043 S
015 C010043 LONDON
015 D010043 UNITED KINGDOM
015 E040043 X
015 A000044 CITIBANK, N.A.
015 B000044 S
015 C010044 CARACAS
015 D010044 VENEZUELA
015 E040044 X
015 A000045 CITIBANK, N.A.
015 B000045 S
015 C010045 SAO PAULO
015 D010045 BRAZIL
015 E040045 X
015 A000046 CITIBANK, N.A.
015 B000046 S
015 C010046 BUDAPEST
015 D010046 HUNGARY
015 E040046 X
015 A000047 STANDARD CHARTERED BANK
015 B000047 S
015 C010047 FORT BOMBAY
015 D010047 INDIA
015 E040047 X
015 A000048 THE HONGKONG AND SHANGHAI BANKING CORP.
015 B000048 S
015 C010048 JAKARTA
015 D010048 INDONESIA
015 E040048 X
015 A000049 BANK OF IRELAND
015 B000049 S
015 C010049 DUBLIN
015 D010049 IRELAND
015 E040049 X
015 A000050 BANK OF AMERICA FOREIGN DIVISION - FRANKFURT
015 B000050 S
015 C010050 FRANKFURT
015 D010050 GERMANY
015 E040050 X
018 000000 Y
019 A000000 Y
019 B000000 190
019 C000000 FRNKTEMGRP
<PAGE> PAGE 9
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 DAIWA SECURITIES AMERICA INC
022 B000001 13-5680329
022 C000001 187308
022 D000001 0
022 A000002 LEHMAN BROTHERS SECS
022 B000002 13-2518466
022 C000002 129757
022 D000002 1553
022 A000003 CITICORP
022 B000003 13-3187336
022 C000003 51243
022 D000003 0
022 A000004 FUJI SECURITIES INC
022 B000004 13-3038090
022 C000004 10976
022 D000004 0
022 A000005 SANWA-BGK SEC CO L.P.
022 B000005 13-3154528
022 C000005 7712
022 D000005 0
022 A000006 DONALDSON LUFKIN & JENRETTE
022 B000006 13-2741729
022 C000006 7027
022 D000006 0
022 A000007 NOMURA SECURITIES INTL INC
022 B000007 13-2642206
022 C000007 2071
022 D000007 1801
022 A000008 BANKERS TRUST CO
022 B000008 13-4941247
022 C000008 1000
022 D000008 2281
022 A000009 GREENWICH CAPITAL MARKETS INC
022 B000009 13-3122275
022 C000009 2608
022 D000009 0
022 A000010 FIRST BOSTON CORP
022 B000010 13-5659485
022 C000010 1790
022 D000010 473
<PAGE> PAGE 10
023 C000000 406564
023 D000000 6108
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 1449
028 A020000 493
028 A030000 0
028 A040000 1884
028 B010000 1892
028 B020000 465
028 B030000 0
028 B040000 1467
028 C010000 2692
028 C020000 496
028 C030000 0
028 C040000 1328
028 D010000 3016
028 D020000 432
028 D030000 0
028 D040000 1019
028 E010000 6618
028 E020000 517
028 E030000 0
028 E040000 1779
028 F010000 2381
028 F020000 484
028 F030000 0
028 F040000 1120
028 G010000 18048
028 G020000 2887
028 G030000 0
028 G040000 8597
028 H000000 18048
029 000000 Y
<PAGE> PAGE 11
030 A000000 114
030 B000000 4.25
030 C000000 0.00
031 A000000 6
031 B000000 0
032 000000 108
033 000000 0
034 000000 Y
035 000000 0
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 39
044 000000 3
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 100000
048 A020000 0.625
048 B010000 150000
048 B020000 0.500
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 250000
<PAGE> PAGE 12
048 K020000 0.450
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 2500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 4.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 92.5
062 Q000000 0.0
062 R000000 1.1
063 A000000 0
063 B000000 8.8
064 A000000 N
<PAGE> PAGE 13
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 15754
071 B000000 6108
071 C000000 85379
071 D000000 7
072 A000000 6
072 B000000 4576
072 C000000 0
072 D000000 0
072 E000000 0
<PAGE> PAGE 14
072 F000000 284
072 G000000 0
072 H000000 0
072 I000000 11
072 J000000 4
072 K000000 9
072 L000000 5
072 M000000 3
072 N000000 9
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 2
072 S000000 2
072 T000000 39
072 U000000 0
072 V000000 0
072 W000000 4
072 X000000 372
072 Y000000 0
072 Z000000 4204
072AA000000 505
072BB000000 443
072CC010000 7373
072CC020000 0
072DD010000 4349
072DD020000 0
072EE000000 0
073 A010000 0.4070
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 470
074 B000000 4029
074 C000000 0
074 D000000 93565
074 E000000 0
074 F000000 1143
074 G000000 0
074 H000000 0
074 I000000 7
074 J000000 0
074 K000000 0
074 L000000 2038
074 M000000 2
074 N000000 101254
074 O000000 0
074 P000000 66
074 Q000000 0
074 R010000 0
074 R020000 0
<PAGE> PAGE 15
074 R030000 0
074 R040000 1
074 S000000 0
074 T000000 101187
074 U010000 11649
074 U020000 0
074 V010000 8.69
074 V020000 0.00
074 W000000 0.0000
074 X000000 1254
074 Y000000 4077
075 A000000 0
075 B000000 89481
076 000000 0.00
077 A000000 N
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN PARTNERS FUNDS FRANKLIN TAX-ADVANTAGED HIGH YIELD SECURITIES
FUND JUNE 30, 1995 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 93,231,444
<INVESTMENTS-AT-VALUE> 94,714,567
<RECEIVABLES> 6,067,889
<ASSETS-OTHER> 471,533
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,253,989
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,277
<TOTAL-LIABILITIES> 67,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,362,425
<SHARES-COMMON-STOCK> 11,649,443
<SHARES-COMMON-PRIOR> 10,153,969
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,659,223)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,483,510
<NET-ASSETS> 101,186,712
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,575,646
<OTHER-INCOME> 0
<EXPENSES-NET> (371,198)
<NET-INVESTMENT-INCOME> 4,204,448
<REALIZED-GAINS-CURRENT> 62,014
<APPREC-INCREASE-CURRENT> 7,373,471
<NET-CHANGE-FROM-OPS> 11,639,933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,348,856)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,183,073
<NUMBER-OF-SHARES-REDEEMED> (1,030,205)
<SHARES-REINVESTED> 342,606
<NET-CHANGE-IN-ASSETS> 20,035,979
<ACCUMULATED-NII-PRIOR> 145,950
<ACCUMULATED-GAINS-PRIOR> (3,722,779)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (283,991)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (371,198)
<AVERAGE-NET-ASSETS> 89,481,209
<PER-SHARE-NAV-BEGIN> 7.990
<PER-SHARE-NII> .393
<PER-SHARE-GAIN-APPREC> .714
<PER-SHARE-DIVIDEND> (.407)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.690
<EXPENSE-RATIO> .830
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
