<PAGE> PAGE 1
000 B000000 10/31/1999
000 C000000 0000872687
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 ADJUSTABLE RATE SECURITIES PORTFOLIOS
001 B000000 811-6242
001 C000000 6503122000
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 Y
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 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
015 A00AA01 THE BANK OF NEW YORK
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10286
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 234
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 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
022 B000001 13-2741729
022 C000001 491110
022 D000001 5930
022 A000002 BARCLAYS CAPITAL INC.
022 B000002 13-3551367
022 C000002 482019
022 D000002 0
022 A000003 WARBURG DILLON READ, L.L.C.
022 B000003 13-3340045
022 C000003 480469
022 D000003 0
022 A000004 PARIBAS CORP.
022 B000004 13-3235334
022 C000004 472484
022 D000004 0
022 A000005 CIBC WORLD MARKETS CORP.
022 B000005 13-2798343
022 C000005 464971
022 D000005 0
022 A000006 PAINE WEBBER INC.
022 B000006 13-2638166
022 C000006 445418
022 D000006 0
022 A000007 DRESDNER KLEINWORT BENSON, NORTH AMERICA, LLC
<PAGE> PAGE 3
022 B000007 04-2442748
022 C000007 393398
022 D000007 0
022 A000008 LEHMAN BROTHERS INC.
022 B000008 13-2518466
022 C000008 329187
022 D000008 7762
022 A000009 BANC OF AMERICA SECURITIES L.L.C.
022 B000009 52-2058405
022 C000009 283255
022 D000009 0
022 A000010 BEAR, STEARNS & CO., INC.
022 B000010 13-3299429
022 C000010 280329
022 D000010 0
023 C000000 4842657
023 D000000 23806
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
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025 D00AA06 0
025 D00AA07 0
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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
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030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
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035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
<PAGE> PAGE 4
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
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045 00AA00 Y
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047 00AA00 Y
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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 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 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
<PAGE> PAGE 5
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
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
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
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<PAGE> PAGE 6
070 P02AA00 Y
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 B00AA00 NONE
080 C00AA00 175000
081 A00AA00 Y
081 B00AA00 233
082 A00AA00 Y
082 B00AA00 100
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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028 A010100 42590
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028 D020100 1271
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028 D040100 19928
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<PAGE> PAGE 7
028 E020100 1296
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062 A000100 Y
062 B000100 0.0
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062 D000100 3.8
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062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 93.9
062 O000100 0.0
062 P000100 0.0
062 Q000100 1.4
062 R000100 0.0
063 A000100 0
063 B000100 20.1
064 A000100 Y
064 B000100 N
071 A000100 62363
071 B000100 95492
071 C000100 268454
071 D000100 23
072 A000100 12
072 B000100 16537
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1150
072 G000100 0
072 H000100 0
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072 J000100 3
072 K000100 1
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<PAGE> PAGE 8
072 N000100 0
072 O000100 0
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072 X000100 1240
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072AA000100 0
072BB000100 140
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072CC020100 1786
072DD010100 15297
072DD020100 0
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073 A010100 0.4960
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 10639
074 C000100 0
074 D000100 268616
074 E000100 0
074 F000100 0
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074 O000100 0
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074 R040100 63
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074 T000100 281974
074 U010100 30279
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074 V010100 9.31
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<PAGE> PAGE 9
074 W000100 0.0000
074 X000100 1
074 Y000100 11803
075 A000100 0
075 B000100 287622
076 000100 0.00
028 A010200 0
028 A020200 2
028 A030200 0
028 A040200 140
028 B010200 0
028 B020200 0
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028 G040200 140
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062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
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062 L000200 0.0
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<PAGE> PAGE 10
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
071 A000200 0
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071 C000200 0
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072 A000200 7
072 B000200 764
072 C000200 0
072 D000200 0
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072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
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072 Q000200 0
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072 T000200 0
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072 Y000200 0
072 Z000200 709
072AA000200 34
072BB000200 36
072CC010200 36
072CC020200 0
072DD010200 709
072DD020200 0
072EE000200 0
073 A010200 0.2720
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
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074 F000200 0
<PAGE> PAGE 11
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 0
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074 R020200 0
074 R030200 0
074 R040200 0
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074 U010200 0
074 U020200 0
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074 W000200 0.0000
074 X000200 0
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075 A000200 0
075 B000200 25813
076 000200 0.00
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASST. TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE ADJUSTAB
LE RATE SECURITIES PORTFOLIOS OCTOBER 31, 1999 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> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 271,302,712
<INVESTMENTS-AT-VALUE> 268,616,018
<RECEIVABLES> 13,516,371
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 282,132,389
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158,449
<TOTAL-LIABILITIES> 158,449
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 421,656,524
<SHARES-COMMON-STOCK> 30,278,780
<SHARES-COMMON-PRIOR> 32,277,857
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (136,995,890)
<ACCUM-APPREC-OR-DEPREC> (2,686,694)
<NET-ASSETS> 281,973,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,537,167
<OTHER-INCOME> 0
<EXPENSES-NET> (1,240,074)
<NET-INVESTMENT-INCOME> 15,297,093
<REALIZED-GAINS-CURRENT> (140,123)
<APPREC-INCREASE-CURRENT> (1,785,775)
<NET-CHANGE-FROM-OPS> 13,371,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,297,093)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,450,025
<NUMBER-OF-SHARES-REDEEMED> (22,090,242)
<SHARES-REINVESTED> 1,641,140
<NET-CHANGE-IN-ASSETS> (20,459,803)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (136,855,767)
<GROSS-ADVISORY-FEES> (1,150,240)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,240,074)
<AVERAGE-NET-ASSETS> 287,621,768
<PER-SHARE-NAV-BEGIN> 9.370
<PER-SHARE-NII> .454
<PER-SHARE-GAIN-APPREC> (.060)
<PER-SHARE-DIVIDEND> (.454)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.310
<EXPENSE-RATIO> .430
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
ADJUSTABLE RATE SECURITIES PORTFOLIOS OCTOBER 31, 1999 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> YEAR<F1>
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 2,945,779
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 764,119
<OTHER-INCOME> 0
<EXPENSES-NET> (55,540)
<NET-INVESTMENT-INCOME> 708,579
<REALIZED-GAINS-CURRENT> (2,637)
<APPREC-INCREASE-CURRENT> 36,487
<NET-CHANGE-FROM-OPS> 742,429
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (708,579)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 233,216
<NUMBER-OF-SHARES-REDEEMED> (1,206,517)
<SHARES-REINVESTED> 69,308
<NET-CHANGE-IN-ASSETS> (8,947,473)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,803,982)
<GROSS-ADVISORY-FEES> (53,252)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (55,540)
<AVERAGE-NET-ASSETS> 25,813,325
<PER-SHARE-NAV-BEGIN> 9.940
<PER-SHARE-NII> .272
<PER-SHARE-GAIN-APPREC> .021
<PER-SHARE-DIVIDEND> (.272)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 0.000 <F2>
<EXPENSE-RATIO> .440
<FN>
<F1>FOR THE PERIOD NOVEMBER 1, 1998 THRU MAY 6, 1999 (LIQUIDATION
DATE)
<F2>FINAL NAV AS OF MAY 6, 1999 (LIQUIDATION DATE) WAS 9.960
</FN>
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of
Adjustable Rate Securities Portfolios
In planning and performing our audit of the financial
statements of Adjustable Rate Securities Portfolios for the
year ended October 31, 1999, we considered its internal
control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of Adjustable Rate Securities Portfolios is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 any specific internal control component 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 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 internal control,
including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
San Francisco, California
December 6, 1999
