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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE DIOMEDES LOO TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN GOVERNMENT SECURITIES TRUST 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> 15,347,682
<INVESTMENTS-AT-VALUE> 14,008,306
<RECEIVABLES> 1,272,289
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,280,595
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,217
<TOTAL-LIABILITIES> 38,217
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,603,074
<SHARES-COMMON-STOCK> 1,264,470
<SHARES-COMMON-PRIOR> 1,246,000
<ACCUMULATED-NII-CURRENT> 1,086,876
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (108,196)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,339,376)
<NET-ASSETS> 15,242,378
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,186,053
<OTHER-INCOME> 0
<EXPENSES-NET> (99,139)
<NET-INVESTMENT-INCOME> 1,086,914
<REALIZED-GAINS-CURRENT> (58,583)
<APPREC-INCREASE-CURRENT> (1,667,828)
<NET-CHANGE-FROM-OPS> (639,497)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (953,810)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 482,593
<NUMBER-OF-SHARES-REDEEMED> (542,950)
<SHARES-REINVESTED> 78,827
<NET-CHANGE-IN-ASSETS> (1,325,518)
<ACCUMULATED-NII-PRIOR> 953,772
<ACCUMULATED-GAINS-PRIOR> (49,613)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (74,896)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (99,139)
<AVERAGE-NET-ASSETS> 15,856,509
<PER-SHARE-NAV-BEGIN> 13.30
<PER-SHARE-NII> .850
<PER-SHARE-GAIN-APPREC> (1.346)
<PER-SHARE-DIVIDEND> (.754)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.05
<EXPENSE-RATIO> .630
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Directors of Franklin
Government Securities Trust:
In planning and performing our audit of the financial statements
and financial highlights of the Franklin Government Securities
Trust 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 Government Securities Trust 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 Government Securities Trust and the
Securities and Exchange Commission.
S\COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
San Francisco, California
December 29, 1994
