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008 D030001 94403
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010 C010001 SAN MATEO
010 C020001 CA
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010 C040001 7777
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012 B000001 84-1036
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<PAGE> PAGE 2
013 A000001 COOPERS & LYBRAND L.L.P.
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013 B040001 2119
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022 A000001 SWISS BANK CORP INV BANK
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<PAGE> PAGE 3
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022 B000009 94-1302123
022 C000009 17278
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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, 1996 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-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 22,901,998
<INVESTMENTS-AT-VALUE> 22,668,939
<RECEIVABLES> 663,192
<ASSETS-OTHER> 63,588
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,395,719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,172
<TOTAL-LIABILITIES> 31,172
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,209,453
<SHARES-COMMON-STOCK> 1,775,096
<SHARES-COMMON-PRIOR> 1,685,270
<ACCUMULATED-NII-CURRENT> 1,578,168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (190,015)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (233,059)
<NET-ASSETS> 23,364,547
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,743,912
<OTHER-INCOME> 0
<EXPENSES-NET> (165,675)
<NET-INVESTMENT-INCOME> 1,578,237
<REALIZED-GAINS-CURRENT> (60,516)
<APPREC-INCREASE-CURRENT> (555,519)
<NET-CHANGE-FROM-OPS> 962,202
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,246,655)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 369,844
<NUMBER-OF-SHARES-REDEEMED> (380,636)
<SHARES-REINVESTED> 100,618
<NET-CHANGE-IN-ASSETS> 873,434
<ACCUMULATED-NII-PRIOR> 1,246,586
<ACCUMULATED-GAINS-PRIOR> (129,499)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 148,596
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 166,712
<AVERAGE-NET-ASSETS> 23,709,887
<PER-SHARE-NAV-BEGIN> 13.350
<PER-SHARE-NII> 0.840
<PER-SHARE-GAIN-APPREC> (0.340)
<PER-SHARE-DIVIDEND> (0.690)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.160
<EXPENSE-RATIO> 0.700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the Franklin Governement 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,
1996, 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, 1996.
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
February 4, 1997
