<PAGE> PAGE 1
000 B000000 12/31/94
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
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
<PAGE> PAGE 2
012 C040001 7777
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
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 S
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
015 C040002 2409
015 E010002 X
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 E040004 X
015 A000005 CREDITANSTALT-BANKVEREIN
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 BARCLAYS BANK PLC
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 E040006 X
015 A000007 BANQUE BRUXELLES LAMBERT SA
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
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
<PAGE> PAGE 3
015 B000009 S
015 C010009 TORONTO
015 D010009 CANADA
015 E040009 X
015 A000010 HONG KONG AND SHANGHAI BANK
015 B000010 S
015 C010010 SHANGHAI
015 D010010 CHINA
015 E040010 X
015 A000011 HONG KONG AND SHANGHAI BANK
015 B000011 S
015 C010011 SHENZHEN
015 D010011 CHINA
015 E040011 X
015 A000012 CITITRUST COLOMBIA S. A. SOCIEDAD FIDUCIARIA
015 B000012 S
015 C010012 BOGOTA
015 D010012 COLOMBIA
015 E040012 X
015 A000013 UNIBANK A/S
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 E040014 X
015 A000015 SOCIETE GENERALE; SICOVAM (DEPOSITORY)
015 B000015 S
015 C010015 NANTES
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 NATIONAL BANK OF GREECE
015 B000017 S
015 C010017 ATHENS
015 D010017 GREECE
015 E040017 X
015 A000018 BARCLAYS BANK PLC
015 B000018 S
015 C010018 HONG KONG
015 D010018 HONG KONG
015 E040018 X
015 A000019 CITIBANK, N. A.
015 B000019 S
<PAGE> PAGE 4
015 C010019 BUDAPEST
015 D010019 HUNGARY
015 E040019 X
015 A000020 STANDARD CHARTERED BANK
015 B000020 S
015 C010020 BOMBAY
015 D010020 INDIA
015 E040020 X
015 A000021 HONG KONG AND SHANGHAI BANK
015 B000021 S
015 C010021 JAKARTA
015 D010021 INDONESIA
015 E040021 X
015 A000022 BANK OF IRELAND
015 B000022 S
015 C010022 DUBLIN
015 D010022 IRELAND
015 E040022 X
015 A000023 BANK LEUMI LE-ISRAEL, B. M.
015 B000023 S
015 C010023 TEL AVIV
015 D010023 ISRAEL
015 E040023 X
015 A000024 CITIBANK, N. A.
015 B000024 S
015 C010024 MILAN
015 D010024 ITALY
015 E040024 X
015 A000025 BARCLAYS TRUST & BANKING CO (JAPAN) LIMITED
015 B000025 S
015 C010025 TOKYO
015 D010025 JAPAN
015 E040025 X
015 A000026 HONG KONG AND SHANGHAI BANK
015 B000026 S
015 C010026 SEOUL
015 D010026 KOREA
015 E040026 X
015 A000027 CEDEL S. A. (DEPOSITORY)
015 B000027 S
015 C010027 LUXEMBOURG
015 D010027 LUXEMBOURG
015 E040027 X
015 A000028 UNITED MALAYSIAN BANKING CORPORATION BERHARD
015 B000028 S
015 C010028 KUALA LUMPUR
015 D010028 MALAYSIA
015 E040028 X
015 A000029 BANCO NACIONAL DE MEXICO
015 B000029 S
015 C010029 MEXICO CITY
<PAGE> PAGE 5
015 D010029 MEXICO
015 E040029 X
015 A000030 KAS-ASSOCIATIE N. V.
015 B000030 S
015 C010030 AMSTERDAM
015 D010030 NETHERLANDS
015 E040030 X
015 A000031 ANZ BANKING GROUP LIMITED
015 B000031 S
015 C010031 WELLINGTON
015 D010031 NEW ZEALAND
015 E040031 X
015 A000032 CHRISTIANA BANK OG KREDITKASSE
015 B000032 S
015 C010032 BERGEN
015 D010032 NORWAY
015 E040032 X
015 A000033 STANDARD CHARTERED BANK
015 B000033 S
015 C010033 KARACHI
015 D010033 PAKISTAN
015 E040033 X
015 A000034 BANCO DE CREDITO DEL PERU
015 B000034 S
015 C010034 LIMA
015 D010034 PERU
015 E040034 X
015 A000035 HONG KONG AND SHANGHAI BANK
015 B000035 S
015 C010035 MAKATI
015 D010035 PHILIPPINES
015 E040035 X
015 A000036 CITIBANK POLAND S. A.
015 B000036 S
015 C010036 WARSAW
015 D010036 POLAND
015 E040036 X
015 A000037 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000037 S
015 C010037 LISBON
015 D010037 PORTUGAL
015 E040037 X
015 A000038 BARCLAYS BANK PLC
015 B000038 S
015 C010038 SINGAPORE
015 D010038 SINGAPORE
015 E040038 X
015 A000039 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000039 S
015 C010039 JOHANNESBURG
015 D010039 SOUTH AFRICA
<PAGE> PAGE 6
015 E040039 X
015 A000040 BANCO DE SANTANDER
015 B000040 S
015 C010040 MADRID
015 D010040 SPAIN
015 E040040 X
015 A000041 HONG KONG AND SHANGHAI BANK
015 B000041 S
015 C010041 COLOMBO
015 D010041 SRI LANKA
015 E040041 X
015 A000042 SKANDINAVISKA ENSKILDA BANKEN
015 B000042 S
015 C010042 STOCKHOLM
015 D010042 SWEDEN
015 E040042 X
015 A000043 SWISS BANK CORPORATION
015 B000043 S
015 C010043 ZURICH
015 D010043 SWITZERLAND
015 E040043 X
015 A000044 THE CHASE MANHATTAN BANK, N. A.
015 B000044 S
015 C010044 TAIPEI
015 D010044 TAIWAN
015 E040044 X
015 A000045 BANGKOK BANK LIMITED
015 B000045 S
015 C010045 BANGKOK
015 D010045 THAILAND
015 E040045 X
015 A000046 YAPI VE KREDI BANKASI A. S.
015 B000046 S
015 C010046 ISTANBUL
015 D010046 TURKEY
015 E040046 X
015 A000047 BANK OF AMERICA NT & SA
015 B000047 S
015 C010047 LONDON
015 D010047 UNITED KINGDOM
015 E040047 X
015 A000048 CITIBANK, N. A.
015 B000048 S
015 C010048 CARACAS
015 D010048 VENEZUELA
015 E040048 X
018 000000 Y
019 A000000 Y
019 B000000 114
019 C000000 FRANKLNGRP
020 C000001 0
<PAGE> PAGE 7
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 378041
022 D000001 0
022 A000002 LEHMAN BROTHERS SECS.
022 B000002 13-2518466
022 C000002 316498
022 D000002 2224
022 A000003 CITICORP
022 B000003 13-3187336
022 C000003 84247
022 D000003 0
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 69570
022 D000004 0
022 A000005 FUJI SECURITIES INC.
022 B000005 13-3038090
022 C000005 23120
022 D000005 0
022 A000006 GREENWICH SEC.
022 B000006 13-2697091
022 C000006 20229
022 D000006 0
022 A000007 SANWA-BGK SEC. CO. L. P.
022 B000007 13-3154528
022 C000007 15399
022 D000007 0
022 A000008 HONG KONG SHANGHAI BANKING CORPORATION
022 B000008 13-2650272
022 C000008 15224
022 D000008 0
022 A000009 MERRILL LYNCH PIERCE FENNER
022 B000009 13-5674085
022 C000009 8873
022 D000009 2113
022 A000010 BANK OF AMERICA NT & SA
022 B000010 94-1687665
022 C000010 6387
022 D000010 892
023 C000000 964841
<PAGE> PAGE 8
023 D000000 11634
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 2386
028 A020000 371
028 A030000 0
028 A040000 2781
028 B010000 3728
028 B020000 455
028 B030000 0
028 B040000 1845
028 C010000 1904
028 C020000 403
028 C030000 0
028 C040000 3151
028 D010000 2417
028 D020000 429
028 D030000 0
028 D040000 1718
028 E010000 2342
028 E020000 420
028 E030000 0
028 E040000 1355
028 F010000 2774
028 F020000 432
028 F030000 0
028 F040000 2143
028 G010000 15551
028 G020000 2510
028 G030000 0
028 G040000 12993
028 H000000 15551
029 000000 Y
030 A000000 401
<PAGE> PAGE 9
030 B000000 4.25
030 C000000 0.25
031 A000000 24
031 B000000 0
032 000000 377
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
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041 000000 Y
042 A000000 11
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042 C000000 14
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043 000000 30
044 000000 0
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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
048 K020000 0.450
049 000000 N
<PAGE> PAGE 10
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 Y
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 1.5
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062 F000000 0.0
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062 I000000 0.0
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062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 95.2
062 Q000000 0.0
062 R000000 0.6
063 A000000 0
063 B000000 7.9
064 A000000 N
064 B000000 N
066 A000000 N
<PAGE> PAGE 11
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 34561
071 B000000 13215
071 C000000 71864
071 D000000 18
072 A000000 12
072 B000000 7780
072 C000000 0
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072 E000000 0
072 F000000 482
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<PAGE> PAGE 12
072 H000000 0
072 I000000 22
072 J000000 9
072 K000000 19
072 L000000 10
072 M000000 8
072 N000000 23
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 6
072 S000000 4
072 T000000 30
072 U000000 0
072 V000000 0
072 W000000 7
072 X000000 620
072 Y000000 0
072 Z000000 7160
072AA000000 627
072BB000000 216
072CC010000 0
072CC020000 9329
072DD010000 7006
072DD020000 0
072EE000000 0
073 A010000 0.7601
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 340
074 B000000 1212
074 C000000 0
074 D000000 77229
074 E000000 0
074 F000000 491
074 G000000 0
074 H000000 0
074 I000000 4
074 J000000 0
074 K000000 0
074 L000000 1936
074 M000000 0
074 N000000 81212
074 O000000 0
074 P000000 55
074 Q000000 0
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074 R020000 0
074 R030000 0
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<PAGE> PAGE 13
074 S000000 0
074 T000000 81151
074 U010000 10154
074 U020000 0
074 V010000 7.99
074 V020000 0.00
074 W000000 0.0000
074 X000000 1263
074 Y000000 3815
075 A000000 0
075 B000000 76513
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 NONE
080 C000000 130000
081 A000000 Y
081 B000000 185
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 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 DECEMBER 31, 1994 ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 83,612,975
<INVESTMENTS-AT-VALUE> 77,723,974
<RECEIVABLES> 3,147,752
<ASSETS-OTHER> 340,524
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 81,212,250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61,517
<TOTAL-LIABILITIES> 61,517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 90,617,523
<SHARES-COMMON-STOCK> 10,153,969
<SHARES-COMMON-PRIOR> 7,756,335
<ACCUMULATED-NII-CURRENT> 145,950
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,722,779)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (5,889,961)
<NET-ASSETS> 81,150,733
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,779,908
<OTHER-INCOME> 0
<EXPENSES-NET> (620,153)
<NET-INVESTMENT-INCOME> 7,159,755
<REALIZED-GAINS-CURRENT> 410,528
<APPREC-INCREASE-CURRENT> (9,329,425)
<NET-CHANGE-FROM-OPS> (1,759,142)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,005,950)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,299,297
<NUMBER-OF-SHARES-REDEEMED> (2,452,405)
<SHARES-REINVESTED> 550,742
<NET-CHANGE-IN-ASSETS> (1,759,142)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,141,162)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (481,741)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (620,153)
<AVERAGE-NET-ASSETS> 76,512,801
<PER-SHARE-NAV-BEGIN> 8.970
<PER-SHARE-NII> .770
<PER-SHARE-GAIN-APPREC> (.990)
<PER-SHARE-DIVIDEND> (.760)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 7.990
<EXPENSE-RATIO> (.810)
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Limited Partners and Managing General Partners of
Franklin Tax-Advantaged International Bond Fund
(A California Limited Partnership),
Franklin Tax-Advantaged U.S. Government Securities Fund
(A California Limited Partnership), and
Franklin Tax-Advantaged High Yield Securities Fund
(A California Limited Partnership):
In planning and performing our audit of the financial statements
and financial highlights of the Franklin Partners Funds for the
year ended December 31, 1994, 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 Partners Funds 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, 1994.
This report is intended solely for the information and use of
management of the Franklin Partners Funds and the Securities and
Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
February 1, 1995
