<PAGE> PAGE 1
000 A000000 04/30/98
000 C000000 0000872687
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ADJUSTABLE RATE SECURITIES PORTFOLIOS
001 B000000 811-6242
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 Y
007 B000000 2
007 C010100 1
007 C020100 U.S. GOV'T ADJUSTABLE RATE MORTGAGE PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 ADJUSTABLE RATE SECURITIES PORTFOLIO
007 C030200 N
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 A00AA01 FRANKLIN ADVISERS, INC.
008 B00AA01 A
008 C00AA01 801-26292
008 D01AA01 SAN MATEO
008 D02AA01 CA
008 D03AA01 94404
008 D04AA01 1585
010 A00AA01 DELETE
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94404
012 C04AA01 1585
<PAGE> PAGE 2
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
015 A00AA01 BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
015 A00AA02 DELETE
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 219
019 C00AA00 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 BARCLAYS DE ZOETE WEDD NY
022 B000001 13-3551367
022 C000001 247490
022 D000001 0
022 A000002 DONALDSON LUFKIN & JENRETTE
022 B000002 13-2741729
022 C000002 246695
022 D000002 0
022 A000003 UBS SECURITIES, L.L.C.
022 B000003 13-2932996
022 C000003 244229
022 D000003 0
022 A000004 SBCI SWISS BANK CORP INV BANK
022 B000004 13-2639550
022 C000004 240884
022 D000004 0
022 A000005 LEHMAN BROTHERS, INC.
022 B000005 13-2518466
022 C000005 236146
022 D000005 0
022 A000006 CIBC WOOD GUNDY SECURITY
022 B000006 13-3639028
022 C000006 234026
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<PAGE> PAGE 3
022 A000007 DRESDNER U.S. FINANCE, INC.
022 B000007 04-2442748
022 C000007 215361
022 D000007 0
022 A000008 GREENWICH CAPITAL MARKETS, INC.
022 B000008 13-3122275
022 C000008 182945
022 D000008 0
022 A000009 PARIBAS CORP.
022 B000009 13-3235334
022 C000009 159335
022 D000009 0
022 A000010 BT ALEX BROWN
022 B000010 -
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036 B00AA00 0
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<PAGE> PAGE 4
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
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046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 5000000
048 A02AA00 0.400
048 B01AA00 5000000
048 B02AA00 0.350
048 C01AA00 5000000
048 C02AA00 0.330
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048 D02AA00 0.000
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048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 15000000
048 K02AA00 0.300
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
<PAGE> PAGE 5
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 Y
054 O00AA00 Y
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
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081 B00AA00 0
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083 B00AA00 0
084 B00AA00 0
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028 A020100 1788
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028 B010100 8763
028 B020100 1728
028 B030100 0
028 B040100 21581
028 C010100 10059
028 C020100 1687
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<PAGE> PAGE 6
028 C040100 14001
028 D010100 12260
028 D020100 1673
028 D030100 0
028 D040100 13870
028 E010100 7186
028 E020100 1657
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064 B000100 N
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070 A020100 Y
070 B010100 N
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070 C010100 N
070 C020100 N
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<PAGE> PAGE 7
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 68406
071 B000100 90905
071 C000100 318802
071 D000100 21
072 A000100 6
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<PAGE> PAGE 8
072 S000100 1
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073 A010100 0.2900
073 A020100 0.0000
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073 C000100 0.0000
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074 B000100 22627
074 C000100 0
074 D000100 307997
074 E000100 0
074 F000100 0
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074 J000100 784
074 K000100 0
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074 M000100 0
074 N000100 333590
074 O000100 18200
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<PAGE> PAGE 9
076 000100 0.00
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<PAGE> PAGE 10
062 R000200 0.0
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070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
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070 K010200 Y
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070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
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070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 11049
071 B000200 8273
071 C000200 22246
071 D000200 37
072 A000200 6
072 B000200 714
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<PAGE> PAGE 11
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072 Y000200 22
072 Z000200 687
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073 A010200 0.3080
073 A020200 0.0000
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<PAGE> PAGE 12
074 R040200 46
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SIGNATURE LAURA FERGERSON
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ADJUSTABLE RATE SECURITIES PORTFOLIOS APRIL 30, 1998 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> U.S. GOVERNMENT ADJUSTABLE RATE MORTGAGE PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 306,880,084
<INVESTMENTS-AT-VALUE> 307,996,950
<RECEIVABLES> 25,592,729
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 333,589,679
<PAYABLE-FOR-SECURITIES> 18,199,679
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,870
<TOTAL-LIABILITIES> 18,376,549
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 450,998,096
<SHARES-COMMON-STOCK> 33,429,511
<SHARES-COMMON-PRIOR> 36,140,971
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (136,901,832)
<ACCUM-APPREC-OR-DEPREC> 1,116,866
<NET-ASSETS> 315,213,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10,497,096
<OTHER-INCOME> 0
<EXPENSES-NET> (408,073)
<NET-INVESTMENT-INCOME> 10,089,023
<REALIZED-GAINS-CURRENT> 225,049
<APPREC-INCREASE-CURRENT> (1,949,369)
<NET-CHANGE-FROM-OPS> 8,364,703
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,089,023)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,661,927
<NUMBER-OF-SHARES-REDEEMED> (9,440,987)
<SHARES-REINVESTED> 1,067,600
<NET-CHANGE-IN-ASSETS> (27,327,960)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (137,126,881)
<GROSS-ADVISORY-FEES> (657,991)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (704,129)
<AVERAGE-NET-ASSETS> 329,069,411
<PER-SHARE-NAV-BEGIN> 9.480
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.430
<EXPENSE-RATIO> 0.240<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 0.420%. THESE
RATIOS ARE ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ADJUSTABLE RATE SECURITIES PORTFOLIOS APRIL 30,1998 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> ADJUSTABLE RATE SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 24,824,632
<INVESTMENTS-AT-VALUE> 24,660,609
<RECEIVABLES> 5,546,727
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,207,336
<PAYABLE-FOR-SECURITIES> 3,674,574
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,197
<TOTAL-LIABILITIES> 3,724,771
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,375,192
<SHARES-COMMON-STOCK> 2,664,405
<SHARES-COMMON-PRIOR> 2,265,903
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,728,604)
<ACCUM-APPREC-OR-DEPREC> (164,023)
<NET-ASSETS> 26,482,565
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 714,430
<OTHER-INCOME> 0
<EXPENSES-NET> (27,474)
<NET-INVESTMENT-INCOME> 686,956
<REALIZED-GAINS-CURRENT> (451)
<APPREC-INCREASE-CURRENT> (20,478)
<NET-CHANGE-FROM-OPS> 666,027
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (685,862)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 891,067
<NUMBER-OF-SHARES-REDEEMED> (561,533)
<SHARES-REINVESTED> 68,968
<NET-CHANGE-IN-ASSETS> 3,942,703
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,729,247)
<GROSS-ADVISORY-FEES> (44,405)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (49,025)
<AVERAGE-NET-ASSETS> 22,197,006
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> .308
<PER-SHARE-GAIN-APPREC> (.010)
<PER-SHARE-DIVIDEND> (.308)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.940
<EXPENSE-RATIO> .250<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED;EXPENSE RATIO EXCLUDING WAIVER .45%
</FN>
</TABLE>
