<PAGE> PAGE 1
000 A000000 06/30/96
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
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
015 A000003 THE BANK OF BOSTON
015 B000003 S
015 C010003 BUENOS AIRES
015 D010003 ARGENTINA
015 E040003 X
015 A000004 AUSTRALIA AND NEW ZEALAND BANKING GRP. LTD.
015 B000004 S
015 C010004 MELBOURNE
015 D010004 AUSTRALIA
015 E040004 X
015 A000005 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000005 S
015 C010005 VIENNA
015 D010005 AUSTRIA
015 E040005 X
015 A000006 STANDARD CHARTERED BANK PLC (SCB)
015 B000006 S
015 C010006 DHAKA
015 D010006 BANGLADESH
015 E040006 X
015 A000007 BANQUE BRUXELLES LAMBERT (BBL)
015 B000007 S
015 C010007 BRUSSELS
015 D010007 BELGIUM
015 E040007 X
015 A000008 DELETE
015 A000009 THE BANK OF BOSTON
015 B000009 S
015 C010009 SAO PAULO
<PAGE> PAGE 3
015 D010009 BRAZIL
015 E040009 X
015 A000010 THE ROYAL TRUST CORPORATION OF CANADA
015 B000010 S
015 C010010 MONTREAL
015 D010010 CANADA
015 E040010 X
015 A000011 STANDARD CHARTERED BANK
015 B000011 S
015 C010011 SHANGHAI
015 D010011 CHINA
015 E040011 X
015 A000012 STANDARD CHARTERED BANK
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 DEN DANSKE BANK
015 B000014 S
015 C010014 COPENHAGEN
015 D010014 DENMARK
015 E040014 X
015 A000015 MERITA BANK (MB)
015 B000015 S
015 C010015 HELSINKI
015 D010015 FINLAND
015 E040015 X
015 A000016 BANQUE PARIBAS
015 B000016 S
015 C010016 PARIS
015 D010016 FRANCE
015 E040016 X
015 A000017 DRESDNER BANK AG
015 B000017 S
015 C010017 FRANKFURT
015 D010017 GERMANY
015 E040017 X
015 A000018 DELETE
015 A000019 ALPHA CREDIT BANK A.E.
015 B000019 S
015 C010019 ATHENS
015 D010019 GREECE
015 E040019 X
015 A000020 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000020 S
015 C010020 HONG KONG
<PAGE> PAGE 4
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 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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 ALLIED IRISH BANK (AIB)
015 B000024 S
015 C010024 DUBLIN
015 D010024 IRELAND
015 E040024 X
015 A000025 ISRAEL DISCOUNT BANK
015 B000025 S
015 C010025 TEL AVIV
015 D010025 ISRAEL
015 E040025 X
015 A000026 BANCA COMMERCIALE ITALIANA (BCI)
015 B000026 S
015 C010026 MILAN
015 D010026 ITALY
015 E040026 X
015 A000027 YASUDA TRUST AND BANKING COMPANY LTD.
015 B000027 S
015 C010027 TOKYO
015 D010027 JAPAN
015 E040027 X
015 A000028 SEOULBANK (SB)
015 B000028 S
015 C010028 SEOUL
015 D010028 SOUTH KOREA
015 E040028 X
015 A000029 DELETE
015 A000030 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
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
<PAGE> PAGE 5
015 D010031 MEXICO
015 E040031 X
015 A000032 MEESPIERSON
015 B000032 S
015 C010032 AMSTERDAM
015 D010032 NETHERLANDS
015 E040032 X
015 A000033 AUSTRALIA AND NEW ZEALAND BANKING GRP. LTD.
015 B000033 S
015 C010033 WELLINGTON
015 D010033 NEW ZEALAND
015 E040033 X
015 A000034 DEN NORSKE BANK A.S.
015 B000034 S
015 C010034 BERGEN/OSLO
015 D010034 NORWAY
015 E040034 X
015 A000035 STANDARD CHARTERED BANK (SCB)
015 B000035 S
015 C010035 KARACHI
015 D010035 PAKISTAN
015 E040035 X
015 A000036 CITIBANK, N.A.
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 BANK HANDLOWY W WARSZAWIE S.A.
015 B000038 S
015 C010038 WARSAW
015 D010038 POLAND
015 E040038 X
015 A000039 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000039 S
015 C010039 LISBON
015 D010039 PORTUGAL
015 E040039 X
015 A000040 UNITED OVERSEAS BANK (UOB)
015 B000040 S
015 C010040 SINGAPORE
015 D010040 SINGAPORE
015 E040040 X
015 A000041 STANDARD BANK OF SOUTH AFRICA, LTD. (SBSA)
015 B000041 S
015 C010041 JOHANNESBURG
015 D010041 SOUTH AFRICA
<PAGE> PAGE 6
015 E040041 X
015 A000042 BANCO BILBAO VIZCAYA (BBV)
015 B000042 S
015 C010042 MADRID/BILBAO
015 D010042 SPAIN
015 E040042 X
015 A000043 STANDARD CHARTERED BANK (SCB)
015 B000043 S
015 C010043 COLOMBO
015 D010043 SRI LANKA
015 E040043 X
015 A000044 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000044 S
015 C010044 STOCKHOLM
015 D010044 SWEDEN
015 E040044 X
015 A000045 UNION BANK OF SWITZERLAND (UBS)
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 THE SIAM COMMERCIAL BANK PUBLIC CO. LTD.(SCB)
015 B000047 S
015 C010047 BANGKOK
015 D010047 THAILAND
015 E040047 X
015 A000048 CITIBANK, N.A.
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
015 E040049 X
015 A000050 CITIBANK, N.A.
015 B000050 S
015 C010050 CARACAS
015 D010050 VENEZUELA
015 E040050 X
015 A000051 THE BANK OF BOSTON
015 B000051 S
015 C010051 SANTIAGO
015 D010051 CHILE
015 E040051 X
<PAGE> PAGE 7
015 A000052 THE BANK OF NEW YORK
015 B000052 C
015 C010052 NEW YORK
015 C020052 NY
015 C030052 10286
015 E010052 X
015 A000053 BANCO DE CHILE
015 B000053 S
015 C010053 SANTIAGO
015 D010053 CHILE
015 E040053 X
015 A000054 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000054 S
015 C010054 PRAGUE
015 D010054 CZECH REPUBLIC
015 E040054 X
015 A000055 CEDEL
015 B000055 S
015 C010055 LUXEMBOURG
015 D010055 EUROMARKET
015 E040055 X
015 A000056 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000056 S
015 C010056 LONDON
015 D010056 EUROMARKET
015 E040056 X
015 A000057 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000057 S
015 C010057 CASABLANCA
015 D010057 MOROCCO
015 E040057 X
015 A000058 THE BANK OF BOSTON
015 B000058 S
015 C010058 MONTEVIDEO
015 D010058 URUGUAY
015 E040058 X
018 000000 Y
019 A000000 Y
019 B000000 191
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
<PAGE> PAGE 8
022 A000001 SBCI SWISS BANK CORP. INV. BANK
022 B000001 13-2639550
022 C000001 264207
022 D000001 0
022 A000002 FUJI SECURITIES, INC.
022 B000002 13-3038090
022 C000002 228089
022 D000002 0
022 A000003 DAIWA SECURITIES AMERICA, INC.
022 B000003 13-5680329
022 C000003 208890
022 D000003 0
022 A000004 DONALDSON LUFTKIN & JENRETTE
022 B000004 13-2741729
022 C000004 193286
022 D000004 5145
022 A000005 UBS SECURITIES, INC.
022 B000005 13-2932996
022 C000005 172918
022 D000005 0
022 A000006 BEAR STEARNS AND CO., INC.
022 B000006 13-3299429
022 C000006 170507
022 D000006 638
022 A000007 BANK OF AMERICA NT & SA
022 B000007 94-1687665
022 C000007 146760
022 D000007 0
022 A000008 BANKERS TRUST CO.
022 B000008 13-4941247
022 C000008 143493
022 D000008 0
022 A000009 LEHMAN BROTHERS SEURITIES
022 B000009 13-2518466
022 C000009 97429
022 D000009 0
022 A000010 NIKKO SECURITIES CO. INTL. INC.
022 B000010 94-1300213
022 C000010 91157
022 D000010 0
023 C000000 1818839
023 D000000 8577
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
<PAGE> PAGE 9
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 13040
028 A020000 744
028 A030000 0
028 A040000 2494
028 B010000 17516
028 B020000 734
028 B030000 0
028 B040000 2920
028 C010000 39150
028 C020000 761
028 C030000 0
028 C040000 11910
028 D010000 15304
028 D020000 1000
028 D030000 0
028 D040000 5251
028 E010000 12752
028 E020000 961
028 E030000 0
028 E040000 13761
028 F010000 13113
028 F020000 921
028 F030000 0
028 F040000 6306
028 G010000 110875
028 G020000 5121
028 G030000 0
028 G040000 42642
028 H000000 110875
029 000000 Y
030 A000000 485
030 B000000 4.25
030 C000000 0.00
031 A000000 18
031 B000000 0
032 000000 467
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
<PAGE> PAGE 10
038 000000 0
039 000000 Y
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 120
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
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
<PAGE> PAGE 11
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 5.1
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 91.0
062 Q000000 0.0
062 R000000 1.5
063 A000000 0
063 B000000 5.3
064 A000000 N
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
<PAGE> PAGE 12
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 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
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 82079
071 B000000 10805
071 C000000 182732
071 D000000 6
072 A000000 6
072 B000000 9342
072 C000000 44
072 D000000 0
072 E000000 0
072 F000000 570
072 G000000 0
072 H000000 0
072 I000000 13
072 J000000 3
072 K000000 6
072 L000000 3
072 M000000 3
072 N000000 11
072 O000000 0
072 P000000 0
072 Q000000 0
<PAGE> PAGE 13
072 R000000 4
072 S000000 6
072 T000000 131
072 U000000 0
072 V000000 0
072 W000000 33
072 X000000 783
072 Y000000 0
072 Z000000 8603
072AA000000 337
072BB000000 1156
072CC010000 0
072CC020000 3851
072DD010000 8603
072DD020000 0
072EE000000 0
073 A010000 0.3696
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 5014
074 B000000 11576
074 C000000 0
074 D000000 208328
074 E000000 2004
074 F000000 1321
074 G000000 0
074 H000000 0
074 I000000 25
074 J000000 0
074 K000000 0
074 L000000 4273
074 M000000 0
074 N000000 232541
074 O000000 3611
074 P000000 135
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 31
074 S000000 0
074 T000000 228764
074 U010000 26796
074 U020000 0
074 V010000 8.54
074 V020000 0.00
074 W000000 0.0000
074 X000000 1761
074 Y000000 4123
075 A000000 0
<PAGE> PAGE 14
075 B000000 200275
076 000000 0.00
077 A000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
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 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 JUNE 30, 1996 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-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 214,039,537
<INVESTMENTS-AT-VALUE> 211,677,469
<RECEIVABLES> 15,848,865
<ASSETS-OTHER> 5,014,143
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232,540,477
<PAYABLE-FOR-SECURITIES> 3,610,750
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 165,913
<TOTAL-LIABILITIES> 3,776,663
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 235,077,944
<SHARES-COMMON-STOCK> 26,795,604
<SHARES-COMMON-PRIOR> 18,377,717
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,952,124)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,362,006)
<NET-ASSETS> 228,763,814
<DIVIDEND-INCOME> 43,897
<INTEREST-INCOME> 9,342,417
<OTHER-INCOME> 0
<EXPENSES-NET> (783,614)
<NET-INVESTMENT-INCOME> 8,602,700
<REALIZED-GAINS-CURRENT> (818,819)
<APPREC-INCREASE-CURRENT> (3,850,946)
<NET-CHANGE-FROM-OPS> 3,932,935
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,602,700)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,761,380
<NUMBER-OF-SHARES-REDEEMED> (4,935,245)
<SHARES-REINVESTED> 591,752
<NET-CHANGE-IN-ASSETS> 68,683,750
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,133,305)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 570,157
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 783,614
<AVERAGE-NET-ASSETS> 200,275,181
<PER-SHARE-NAV-BEGIN> 8.71
<PER-SHARE-NII> .370
<PER-SHARE-GAIN-APPREC> (.170)
<PER-SHARE-DIVIDEND> (.370)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.54
<EXPENSE-RATIO> .780
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
