<PAGE> PAGE 1
000 A000000 06/30/97
000 C000000 0000844040
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 GOVERNMENT SECURITIES TRUST
001 B000000 811-5709
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
010 A000001 FRANKLIN TEMPLETON SERVICES, INC.
010 C010001 SAN MATEO
010 C020001 CA
010 C030001 94403
010 C040001 7777
012 A000001 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B000001 84-1036
012 C010001 SAN MATEO
012 C020001 CA
012 C030001 94403
012 C040001 7777
<PAGE> PAGE 2
013 A000001 COOPERS & LYBRAND L.L.P.
013 B010001 SAN FRANCISCO
013 B020001 CA
013 B030001 94105
013 B040001 2119
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 206
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 UBS SECURITIES, L.L.C.
022 B000001 13-2932996
022 C000001 16160
022 D000001 0
022 A000002 DAIWA SECURITIES AMERICA INC
022 B000002 13-5680329
022 C000002 15468
022 D000002 0
022 A000003 FUJI SECURITIES INC
022 B000003 13-3038090
022 C000003 15092
022 D000003 0
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 14576
022 D000004 0
022 A000005 CIBC WOOD GUNDY SECURITY
022 B000005 13-3639028
022 C000005 14516
022 D000005 0
022 A000006 BEAR, STEARNS & CO INC
022 B000006 13-3299429
022 C000006 12910
022 D000006 0
022 A000007 LEHMAN BROTHERS, INC
<PAGE> PAGE 3
022 B000007 13-2518466
022 C000007 12552
022 D000007 0
022 A000008 AUBREY LANSTON & COMPANY
022 B000008 13-5552129
022 C000008 12379
022 D000008 0
022 A000009 SBCI SWISS BANK CORP INV BANK
022 B000009 13-2639550
022 C000009 11977
022 D000009 0
022 A000010 BANK OF AMERICA NT & SA
022 B000010 94-1687665
022 C000010 8925
022 D000010 0
023 C000000 157237
023 D000000 0
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 N
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 278
028 A020000 0
028 A030000 0
028 A040000 400
028 B010000 121
028 B020000 0
028 B030000 0
028 B040000 155
028 C010000 414
028 C020000 0
028 C030000 0
028 C040000 249
028 D010000 679
028 D020000 0
028 D030000 0
<PAGE> PAGE 4
028 D040000 204
028 E010000 172
028 E020000 0
028 E030000 0
028 E040000 227
028 F010000 381
028 F020000 1578
028 F030000 0
028 F040000 174
028 G010000 2045
028 G020000 1578
028 G030000 0
028 G040000 1409
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
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 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
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 9750000
048 C020000 0.450
048 D010000 2500000
<PAGE> PAGE 5
048 D020000 0.440
048 E010000 2500000
048 E020000 0.420
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 15000000
048 K020000 0.400
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 Y
058 B000000 Y
058 C000000 N
058 D000000 N
058 E000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
<PAGE> PAGE 6
062 D000000 7.1
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 92.4
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 24.2
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 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
<PAGE> PAGE 7
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 1254
071 B000000 1027
071 C000000 22620
071 D000000 5
072 A000000 6
072 B000000 873
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 74
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 0
072 K000000 1
072 L000000 0
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 8
072 S000000 0
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 0
072 X000000 83
072 Y000000 0
072 Z000000 790
072AA000000 7
072BB000000 27
072CC010000 192
072CC020000 0
072DD010000 1578
072DD020000 0
072EE000000 0
073 A010000 0.8692
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
<PAGE> PAGE 8
074 B000000 1781
074 C000000 0
074 D000000 23069
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 142
074 M000000 0
074 N000000 24992
074 O000000 0
074 P000000 13
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 17
074 S000000 0
074 T000000 24962
074 U010000 1946
074 U020000 0
074 V010000 12.83
074 V020000 0.00
074 W000000 0.0000
074 X000000 1
074 Y000000 3050
075 A000000 0
075 B000000 23811
076 000000 0.00
077 A000000 N
078 000000 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
<PAGE> PAGE 9
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 JUNE 30, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 23,109,566
<INVESTMENTS-AT-VALUE> 23,068,628
<RECEIVABLES> 1,923,289
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,991,917
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,636
<TOTAL-LIABILITIES> 29,636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,423,707
<SHARES-COMMON-STOCK> 1,946,156
<SHARES-COMMON-PRIOR> 1,775,096
<ACCUMULATED-NII-CURRENT> 789,630
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (210,118)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (40,938)
<NET-ASSETS> 24,962,281
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 872,782
<OTHER-INCOME> 0
<EXPENSES-NET> (82,979)
<NET-INVESTMENT-INCOME> 789,803
<REALIZED-GAINS-CURRENT> (20,103)
<APPREC-INCREASE-CURRENT> 192,121
<NET-CHANGE-FROM-OPS> 961,821
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,578,341)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 154,222
<NUMBER-OF-SHARES-REDEEMED> (106,278)
<SHARES-REINVESTED> 123,116
<NET-CHANGE-IN-ASSETS> 1,597,734
<ACCUMULATED-NII-PRIOR> 1,578,168
<ACCUMULATED-GAINS-PRIOR> (190,015)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 73,791
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 82,979
<AVERAGE-NET-ASSETS> 23,811,460
<PER-SHARE-NAV-BEGIN> 13.160
<PER-SHARE-NII> 0.390
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> (0.870)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.830
<EXPENSE-RATIO> 0.700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
