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SIGNATURE KIMBERLY MONASTERIO
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL STATEMENT INFORMATION EXTRACTED
FROM THE FRANKLIN GOVERNMENT SECURITIES TRUST DECEMBER 31, 1995 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000844040
<NAME> FRANKLIN GOVERNMENT SECURITIES TRUST
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
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<INVESTMENTS-AT-VALUE> 20,982,356
<RECEIVABLES> 1,979,547
<ASSETS-OTHER> 4,579
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,966,482
<PAYABLE-FOR-SECURITIES> 444,730
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,639
<TOTAL-LIABILITIES> 475,369
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,051,566
<SHARES-COMMON-STOCK> 1,685,270
<SHARES-COMMON-PRIOR> 1,264,470
<ACCUMULATED-NII-CURRENT> 1,246586
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 22,491,113
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,361,244
<OTHER-INCOME> 0
<EXPENSES-NET> (114,620)
<NET-INVESTMENT-INCOME> 1,246,624
<REALIZED-GAINS-CURRENT> (21,303)
<APPREC-INCREASE-CURRENT> 1,661,836
<NET-CHANGE-FROM-OPS> 2,887,157
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,086,914)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
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<ACCUMULATED-GAINS-PRIOR> (108,196)
<OVERDISTRIB-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 12.050
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</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of Franklin Government Securities Trust:
In planning and performing our audit of the financial statements and financial
highlights of the funds comprising the Franklin Government Securities Trust
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 Franklin Government Securities Trust 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 Government Securities Trust and the Securities and Exchange
Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
January 26, 1996
February 27, 1996
Securities & Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
RE: Form N-SAR
Gentlemen:
Pursuant to Section 30(a) of the Investment Company Act of 1940 and Rule 30a-1,
please find Franklin Government Securities Trust Form N-SAR as of December 31,
1995.
The $125 filing fee was remitted to the U.S. Treasury designated lockbox
depository at the Mellon Bank in Pennsylvania.
Should you have any questions, please call me at (415) 312-2050
Thank you.
Sincerely,
FRANKLIN INVESTORS SECURITIES TRUST
S\Laura Fergerson
Fund Accounting Manager
