PHILADELPHIA (AP) _ Michael Milken, the indicted junk bond financier, has been returned to the ''alumni honor roll'' at his graduate school alma mater.

The University of Pennsylvania's Wharton School said it has replaced a photograph of Milken that was stolen earlier this month. The new picture was put up Friday without ceremony, Wharton spokeswoman Denise Portner said.

The Milken photograph, together with 17 other picture-plaques, will remain until students vote at an unspecified date on a new group of alumni to be placed on the so-called alumni honor roll. Those now shown were chosen in 1986.

Among alumni honored on the Wharton wall are entrepreneur Donald Trump, media magnate Walter Annenberg, Supreme Court Justice William Brennan, CBS founder William Paley, Apple Computer Inc.'s John Sculley, Robert Crandall of American Airlines and beer tycoon August Busch III.

Honored Wharton alumni are selected on the basis of outstanding achievements and contributions to society.

Milken was indicted in March on 98 counts of racketeering and fraud in connection with his activities with the Wall Street investment firm Drexel Burnham Lambert Inc., where he headed the junk bond division. He has pleaded innocent.

Milken resigned from Drexel in June. Drexel in September pleaded guilty to six counts of securities-law violations and began paying a record $650 million in fines and penalties.

The trial of Milken and two co-defendants is scheduled to begin in March.