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<PAGE> PAGE 2
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<PAGE> PAGE 4
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAIN SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN PARTNERS FUNDS FRANKLIN TAX-ADVANTAGED U.S. GOVERNMENT 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> 468,651,739
<INVESTMENTS-AT-VALUE> 425,436,848
<RECEIVABLES> 34,205,613
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 459,642,461
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,221,355
<TOTAL-LIABILITIES> 3,221,355
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 507,640,765
<SHARES-COMMON-STOCK> 46,759,786
<SHARES-COMMON-PRIOR> 52,626,766
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,004,768)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (43,214,891)
<NET-ASSETS> 456,421,106
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 39,713,088
<OTHER-INCOME> 0
<EXPENSES-NET> (3,225,724)
<NET-INVESTMENT-INCOME> 36,487,364
<REALIZED-GAINS-CURRENT> (6,576,310)
<APPREC-INCREASE-CURRENT> (54,248,227)
<NET-CHANGE-FROM-OPS> (24,337,173)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (36,487,364)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,919,069
<NUMBER-OF-SHARES-REDEEMED> (18,014,014)
<SHARES-REINVESTED> 2,227,965
<NET-CHANGE-IN-ASSETS> (117,585,696)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,428,458)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,608,074)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (3,225,724)
<AVERAGE-NET-ASSETS> 527,424,376
<PER-SHARE-NAV-BEGIN> 10.910
<PER-SHARE-NII> .704
<PER-SHARE-GAIN-APPREC> (1.150)
<PER-SHARE-DIVIDEND> (.704)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> (.610)
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 Fund
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 Fund 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 Franklin Partners Fund and the Securities and
Exchange Commission.
S\COOPERS AND LYBRAND
Coopers and Lybrand L.L.P.
San Francisco, California
February 1, 1995
