<PAGE> PAGE 1
000 B000000 12/31/95
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
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 SACRAMENTO
013 B020001 CA
013 B030001 95814
013 B040001 4602
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 1300
015 E010001 X
015 A000002 CITIBANK DELAWARE
015 B000002 C
015 C010002 NEW CASTLE
015 C020002 DE
015 C030002 19720
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 VIA STANDARD CHARTERED BANK
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 E040006 X
015 A000007 BANQUE BRUXELLES LAMBERT
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 E040007 X
015 A000008 THE BANK OF N.T. BUTTERFIELD & SON LTD.
015 B000008 S
015 C010008 HAMILTON
015 D010008 BERMUDA
015 E040008 X
<PAGE> PAGE 3
015 A000009 CITIBANK N.A.
015 B000009 S
015 C010009 SAO PAULO
015 D010009 BRAZIL
015 E040009 X
015 A000010 THE CANADA TRUST COMPANY
015 B000010 S
015 C010010 TORONTO
015 D010010 CANADA
015 E040010 X
015 A000011 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000011 S
015 C010011 SHANGHAI
015 D010011 CHINA
015 E040011 X
015 A000012 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000012 S
015 C010012 SHENZHEN
015 D010012 CHINA
015 E040012 X
015 A000013 CTBANK, NA VIA CITITRUST CLMBIA SA SOC FIDU.
015 B000013 S
015 C010013 BOGOTA
015 D010013 COLOMBIA
015 E040013 X
015 A000014 UNIBANK
015 B000014 S
015 C010014 COPENHAGEN
015 D010014 DENMARK
015 E040014 X
015 A000015 KANSALLIS-OSAKE-PANKKI
015 B000015 S
015 C010015 HELSINKI
015 D010015 FINLAND
015 E040015 X
015 A000016 SOCIETE GENERALE
015 B000016 S
015 C010016 PARIS
015 D010016 FRANCE
015 E040016 X
015 A000017 BERLINER HANDELS-UND FRANKFURTER BANK
015 B000017 S
015 C010017 FRANKFURT
015 D010017 GERMANY
015 E040017 X
015 A000018 BANK OF AMERICA FOREIGN DIVISION
015 B000018 S
015 C010018 FRANKFURT
015 D010018 GERMANY
015 E040018 X
015 A000019 BARCLAYS BANK PLC
<PAGE> PAGE 4
015 B000019 S
015 C010019 ATHENS
015 D010019 GREECE
015 E040019 X
015 A000020 BARCLAYS BANK PLC
015 B000020 S
015 C010020 HONG KONG
015 D010020 HONG KONG
015 E040020 X
015 A000021 CITIBANK, N.A.
015 B000021 S
015 C010021 BUDAPEST
015 D010021 HUNGARY
015 E040021 X
015 A000022 BARCLAYS BANK PLC VIA STND. CHARTERED BANK
015 B000022 S
015 C010022 BOMBAY
015 D010022 INDIA
015 E040022 X
015 A000023 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000023 S
015 C010023 JAKARTA
015 D010023 INDONESIA
015 E040023 X
015 A000024 BANK OF IRELAND
015 B000024 S
015 C010024 DUBLIN
015 D010024 IRELAND
015 E040024 X
015 A000025 BANK LEUMI LE-ISRAEL, B.M.
015 B000025 S
015 C010025 TEL AVIV
015 D010025 ISRAEL
015 E040025 X
015 A000026 CITIBANK, N.A.
015 B000026 S
015 C010026 MILAN
015 D010026 ITALY
015 E040026 X
015 A000027 BARCLAYS BANK PLC VIA BAR. TR & BNK CO. (JPN)
015 B000027 S
015 C010027 TOKYO
015 D010027 JAPAN
015 E040027 X
015 A000028 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000028 S
015 C010028 SEOUL
015 D010028 SOUTH KOREA
015 E040028 X
015 A000029 CEDEL S.A. (DEPOSITORY)
015 B000029 S
<PAGE> PAGE 5
015 C010029 LUXEMBOURG CITY
015 D010029 LUXEMBOURG
015 E040029 X
015 A000030 BARCLAYS BANK PLC VIA UTD. MAL. BNK. CORP. BE
015 B000030 S
015 C010030 KUALA LUMPUR
015 D010030 MALAYSIA
015 E040030 X
015 A000031 BANCO NACIONAL DE MEXICO
015 B000031 S
015 C010031 MEXICO CITY
015 D010031 MEXICO
015 E040031 X
015 A000032 KAS-ASSOCIATIE N.V.
015 B000032 S
015 C010032 AMSTERDAM
015 D010032 NETHERLANDS
015 E040032 X
015 A000033 ANZ BANKING GROUP (NEW ZEALAND) LIMITED
015 B000033 S
015 C010033 WELLINGTON
015 D010033 NEW ZEALAND
015 E040033 X
015 A000034 CHRISTIANIA BANK OG KREDITKASSE
015 B000034 S
015 C010034 BERGEN
015 D010034 NORWAY
015 E040034 X
015 A000035 BARCLAYS BANK PLC VIA STND. CHARTERED BANK
015 B000035 S
015 C010035 KARACHI
015 D010035 PAKISTAN
015 E040035 X
015 A000036 BANCO DE CREDITO DEL PERU
015 B000036 S
015 C010036 LIMA
015 D010036 PERU
015 E040036 X
015 A000037 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000037 S
015 C010037 MANILA
015 D010037 PHILIPPINES
015 E040037 X
015 A000038 CITIBANK, N.A.
015 B000038 S
015 C010038 WARSAW
015 D010038 POLAND
015 E040038 X
015 A000039 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
015 B000039 S
015 C010039 LISBON
<PAGE> PAGE 6
015 D010039 PORTUGAL
015 E040039 X
015 A000040 BARCLAYS BANK PLC
015 B000040 S
015 C010040 SINGAPORE
015 D010040 SINGAPORE
015 E040040 X
015 A000041 STANDARD BANK OF SOUTH AFRICA, LTD.
015 B000041 S
015 C010041 JOHANNESBURG
015 D010041 SOUTH AFRICA
015 E040041 X
015 A000042 BANCO DE SANTANDER
015 B000042 S
015 C010042 MADRID
015 D010042 SPAIN
015 E040042 X
015 A000043 BARCLAYS BANK PLC VIA HK & SHANGHAI BANK CORP
015 B000043 S
015 C010043 COLOMBO
015 D010043 SRI LANKA
015 E040043 X
015 A000044 SKANDINAVISKA ENSKILDA BANKEN
015 B000044 S
015 C010044 STOCKHOLM
015 D010044 SWEDEN
015 E040044 X
015 A000045 SWISS BANK CORPORATION
015 B000045 S
015 C010045 ZURICH
015 D010045 SWITZERLAND
015 E040045 X
015 A000046 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000046 S
015 C010046 TAIPEI
015 D010046 TAIWAN (ROC)
015 E040046 X
015 A000047 BARCLAYS BANK PLC VIA BANGKOK BANK LIMITED
015 B000047 S
015 C010047 BANGKOK
015 D010047 THAILAND
015 E040047 X
015 A000048 BARCLAYS BANK PLC VIA YAPI VE KRED. BNK. A.S.
015 B000048 S
015 C010048 ISTANBUL
015 D010048 TURKEY
015 E040048 X
015 A000049 THE BANK OF NEW YORK
015 B000049 S
015 C010049 LONDON
015 D010049 UNITED KINGDOM
<PAGE> PAGE 7
015 E040049 X
015 A000050 CITIBANK, N.A.
015 B000050 S
015 C010050 CARACAS
015 D010050 VENEZUELA
015 E040050 X
018 000000 Y
019 A000000 Y
019 B000000 195
019 C000000 FRNKTEMGRP
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 414841
022 D000001 0
022 A000002 LEHMAN BROTHERS SECURITIES
022 B000002 13-2518466
022 C000002 372514
022 D000002 0
022 A000003 SWISS BANK CORP.
022 B000003 13-2639550
022 C000003 278836
022 D000003 0
022 A000004 CHASE MANHATTAN BANK
022 B000004 13-2633612
022 C000004 83842
022 D000004 0
022 A000005 UBS SECURITIES, INC.
022 B000005 13-2932996
022 C000005 78915
022 D000005 0
022 A000006 DONALDSON LUFTKIN & JENRETTE
022 B000006 13-2741729
022 C000006 77298
022 D000006 0
022 A000007 CITICORP
022 B000007 13-3187336
022 C000007 68340
022 D000007 0
022 A000008 FUJI SECURITIES, INC.
022 B000008 13-3038090
<PAGE> PAGE 8
022 C000008 53239
022 D000008 0
022 A000009 NIKKO SECURITIES CO.
022 B000009 94-1302123
022 C000009 44496
022 D000009 0
022 A000010 BEAR STERNS AND CO.
022 B000010 13-3299429
022 C000010 29861
022 D000010 0
023 C000000 1637132
023 D000000 16244
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 7609
028 A020000 489
028 A030000 0
028 A040000 5126
028 B010000 11850
028 B020000 542
028 B030000 0
028 B040000 3063
028 C010000 16641
028 C020000 504
028 C030000 0
028 C040000 604
028 D010000 12855
028 D020000 620
028 D030000 0
028 D040000 1718
028 E010000 12199
028 E020000 621
028 E030000 0
028 E040000 1489
<PAGE> PAGE 9
028 F010000 12812
028 F020000 581
028 F030000 0
028 F040000 6434
028 G010000 73966
028 G020000 3357
028 G030000 0
028 G040000 18434
028 H000000 73966
029 000000 Y
030 A000000 551
030 B000000 4.25
030 C000000 0.00
031 A000000 22
031 B000000 0
032 000000 529
033 000000 0
034 000000 N
035 000000 0
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 98
044 000000 6
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
<PAGE> PAGE 10
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
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 5.2
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
<PAGE> PAGE 11
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 89.2
062 Q000000 0.0
062 R000000 0.9
063 A000000 0
063 B000000 8.3
064 A000000 N
064 B000000 Y
065 000000 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
<PAGE> PAGE 12
070 R020000 N
071 A000000 76802
071 B000000 18694
071 C000000 101208
071 D000000 18
072 A000000 12
072 B000000 10604
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 678
072 G000000 0
072 H000000 0
072 I000000 24
072 J000000 10
072 K000000 8
072 L000000 4
072 M000000 6
072 N000000 20
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 7
072 S000000 17
072 T000000 115
072 U000000 0
072 V000000 0
072 W000000 7
072 X000000 896
072 Y000000 0
072 Z000000 9708
072AA000000 1778
072BB000000 1189
072CC010000 7378
072CC020000 0
072DD010000 9853
072DD020000 0
072EE000000 0
073 A010000 0.7842
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 4829
074 B000000 8367
074 C000000 0
074 D000000 142849
074 E000000 0
074 F000000 1339
074 G000000 0
074 H000000 0
074 I000000 0
<PAGE> PAGE 13
074 J000000 0
074 K000000 0
074 L000000 2824
074 M000000 0
074 N000000 160208
074 O000000 0
074 P000000 107
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 21
074 S000000 0
074 T000000 160080
074 U010000 18378
074 U020000 0
074 V010000 8.71
074 V020000 0.00
074 W000000 0.0000
074 X000000 1467
074 Y000000 4189
075 A000000 0
075 B000000 109399
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 C000000 130000
081 A000000 Y
081 B000000 194
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
<PAGE> PAGE 14
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
TAX-ADVANTAGED HIGH YIELD SECURITIES FUND DECEMBER 31, 1995 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000810303
<NAME> FRANKLIN TAX-ADVANTAGED HIGH YIELD SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 142,698,451
<INVESTMENTS-AT-VALUE> 144,187,685
<RECEIVABLES> 11,191,362
<ASSETS-OTHER> 4,829,321
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 160,208,368
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 128,304
<TOTAL-LIABILITIES> 128,304
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 161,724,429
<SHARES-COMMON-STOCK> 18,377,717
<SHARES-COMMON-PRIOR> 10,153,969
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,133,305)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,488,940
<NET-ASSETS> 160,080,064
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,603,694
<OTHER-INCOME> 0
<EXPENSES-NET> (895,515)
<NET-INVESTMENT-INCOME> 9,708,179
<REALIZED-GAINS-CURRENT> 588,709
<APPREC-INCREASE-CURRENT> 7,378,901
<NET-CHANGE-FROM-OPS> 17,675,789
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,853,364)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,645,479
<NUMBER-OF-SHARES-REDEEMED> (3,151,509)
<SHARES-REINVESTED> 729,778
<NET-CHANGE-IN-ASSETS> 78,929,331
<ACCUMULATED-NII-PRIOR> 145,950
<ACCUMULATED-GAINS-PRIOR> (3,722,779)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 678,079
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 895,515
<AVERAGE-NET-ASSETS> 109,398,547
<PER-SHARE-NAV-BEGIN> 7.99
<PER-SHARE-NII> .770
<PER-SHARE-GAIN-APPREC> .734
<PER-SHARE-DIVIDEND> (.784)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 8.71
<EXPENSE-RATIO> .820
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Partners and Managing Partners of Franklin
Tax-Advantaged High Yield Securities Fund:
In planning and performing our audit of the financial statements and
financial highlights of the Franklin Tax-Advantaged High Yield
Securites 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 FTA High Yield Securities Fund is responsible
for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments 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 Tax-Advantaged High Yield Securities
Fund and the Securities and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
31-Jan-96
