<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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015 A000201 BANK OF AMERICA, NT & SA
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<PAGE> PAGE 10
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015 A000203 CITIBANK, N.A.
015 B000203 S
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015 D010203 ARGENTINA
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015 A000204 NATIONAL AUSTRALIA BANK LTD.
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015 A000205 CREDITANSTALT-BANKVEREIN
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015 D010205 AUSTRIA
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015 A000207 BANQUE BRUXELLES LAMBERT
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015 A000210 HONG KONG & SHANGHAI BANK
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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008 A000301 DELETE
010 A000301 FANKLIN ADVISERS, INC.
010 B000301 801-26292
010 C010301 SAN MATEO
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015 A000301 BANK OF AMERICA NT & SA
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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069 000300 N
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070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
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070 M010300 N
070 M020300 N
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070 Q020300 N
<PAGE> PAGE 22
070 R010300 N
070 R020300 N
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<PAGE> PAGE 23
074 I000300 0
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008 A000401 FRANKLIN ADVISERS, INC.
008 B000401 A
008 C000401 801-26292
008 D010401 SAN MATEO
008 D020401 CA
008 D030401 94403
008 D040401 7777
015 A000401 BANK OF AMERICA NT & SA
015 B000401 C
015 C010401 SAN FRANCISCO
015 C020401 CA
015 C030401 94104
015 C040401 1502
015 E010401 X
015 A000402 CITIBANK DELAWARE
015 B000402 C
015 C010402 NEW CASTLE
015 C020402 DE
015 C030402 19720
015 E010402 X
015 A000403 CITIBANK, N.A.
015 B000403 S
015 C010403 BUENOS AIRES
015 D010403 ARGENTINA
015 E040403 X
015 A000404 NATIONAL AUSTRALIA BANK LTD.
<PAGE> PAGE 24
015 B000404 S
015 C010404 MELBOURNE, VICTORIA
015 D010404 AUSTRALIA
015 E040404 X
015 A000405 CREDITANSTALT-BANKVEREIN
015 B000405 S
015 C010405 VIENNA
015 D010405 AUSTRIA
015 E040405 X
015 A000406 STANDARD CHARTERED BANK
015 B000406 S
015 C010406 DHAKA
015 D010406 BANGLADESH
015 E040406 X
015 A000407 BANQUE BRUXELLES LAMBERT S/A
015 B000407 S
015 C010407 BRUSSELS
015 D010407 BELGIUM
015 E040407 X
015 A000408 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
015 B000408 S
015 C010408 HAMILTON
015 D010408 BERMUDA
015 E040408 X
015 A000409 THE CANADA TRUST COMPANY
015 B000409 S
015 C010409 TORONTO
015 D010409 CANADA
015 E040409 X
015 A000410 HONG KONG & SHANGHAI BANK
015 B000410 S
015 C010410 SHANGHAI
015 D010410 CHINA
015 E040410 X
015 A000411 HONG KONG & SHANGHAI BANK
015 B000411 S
015 C010411 SHENZHEN
015 D010411 CHINA
015 E040411 X
015 A000412 CITITRUST COLOMBIA S.A. SOCIEDED FIDUCIARIA
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015 D010412 COLOMBIA
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015 B000413 S
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<PAGE> PAGE 25
015 C010414 HELSINKI
015 D010414 FINLAND
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015 A000415 SOCIETE GENERALE
015 B000415 S
015 C010415 NANTES CEDEX
015 D010415 FRANCE
015 E040415 X
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015 C010416 FRANKFURT
015 D010416 GERMANY
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015 D010420 INDONESIA
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015 D010421 IRELAND
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015 A000422 BANK LEUMI LE ISRAEL B.M.
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015 A000423 CITIBANK, N.A.
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015 D010423 ITALY
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<PAGE> PAGE 26
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015 D010425 KOREA
015 E040425 X
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015 B000426 S
015 C010426 CHARLOTTE
015 D010426 LUXEMBOURG
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015 D010427 MALAYSIA
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015 D010430 NEW ZEALAND
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015 D010431 NORWAY
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015 A000434 HONG KONG & SHANGHAI BANK
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<PAGE> PAGE 27
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015 A000435 BANCO EXPIRITO SANTO E COMMERCIAL DE LISBOA
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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069 000400 N
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070 A020400 Y
070 B010400 Y
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070 F010400 N
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070 H020400 N
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070 I020400 N
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<PAGE> PAGE 31
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
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070 R010400 N
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<PAGE> PAGE 32
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008 A000501 FRANKLIN ADVISER, INC
008 B000501 A
008 C000501 801-26292
008 D010501 SAN MATEO
008 D020501 CA
008 D030501 94403
008 D040501 7777
015 A000501 BANK OF AMERICA NT&SA
015 B000501 C
015 C010501 SAN FRANCISCO
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015 C030501 94104
015 C040501 1502
015 E010501 X
015 A000502 CITIBANK N.A.
015 B000502 S
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015 D010502 ARGENTINA
015 E040502 X
015 A000503 NATIONAL AUSTRALIA BANK LTD.
<PAGE> PAGE 33
015 B000503 S
015 C010503 MELBOURNE
015 D010503 AUSTRALIA
015 E040503 X
015 A000504 STANDARD CHARTERED BANK
015 B000504 S
015 C010504 DHAKA
015 D010504 BANGLADESH
015 E040504 X
015 A000505 BANQUE BRUXELLES LAMBERT SA
015 B000505 S
015 C010505 BRUSSELS
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015 E040505 X
015 A000506 THE BANK OF N.T. BUTTERFIELD & SON LIMITED
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015 B000507 S
015 C010507 TORONTO
015 D010507 CANADA
015 E040507 X
015 A000508 HONG KONG AND SHANGHAI BANK
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015 C010508 SHANGHAI
015 D010508 CHINA
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015 A000509 HONG KONG & SHANGHAI BANK
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015 C010509 SHENZHEN
015 D010509 CHINA
015 E040509 X
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015 B000510 S
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015 D010510 THAILAND
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015 A000511 STANDARD CHARTERED BANK
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015 C010512 LIMA
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015 A000513 HONG KONG AND SHANGHAI BANK
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<PAGE> PAGE 34
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<PAGE> PAGE 35
015 D010523 NORWAY
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015 A000524 SKANDINAVISKA ENSKILDA BANKEN
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015 A000533 YAPI VE KREDI BANKASI A.S.
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<PAGE> PAGE 36
015 E040533 X
015 A000534 BANCO DE SANTANDER
015 B000534 S
015 C010534 MADRID
015 D010534 SPAIN
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015 A000535 CITITRUST COLOMBIA S.A.SOCIEDAD
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015 D010540 HONG KONG
015 E040540 X
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015 D010542 ISRAEL
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015 D010543 GERMANY
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<PAGE> PAGE 37
015 A000544 CITIBANK N.A.
015 B000544 C
015 C010544 NEW CASTLE
015 C020544 DE
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015 B000545 S
015 C010545 VIENNA
015 D010545 AUSTRIA
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028 A010500 5552
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<PAGE> PAGE 38
042 D000500 78
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048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 250000
048 K020500 0.425
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
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<PAGE> PAGE 39
062 E000500 0.0
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062 O000500 0.0
062 P000500 1.4
062 Q000500 75.5
062 R000500 2.5
063 A000500 0
063 B000500 8.1
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 Y
070 H010500 N
070 H020500 N
070 I010500 Y
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
<PAGE> PAGE 40
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 149150
071 B000500 139985
071 C000500 174806
071 D000500 81
072 A000500 12
072 B000500 18525
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074 B000500 6221
<PAGE> PAGE 41
074 C000500 31423
074 D000500 143927
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075 B000500 200632
076 000500 0.00
010 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94403
010 C040601 7777
015 A000601 BANK OF AMERICA NT&SA
015 B000601 C
015 C010601 SAN FRANCISCO
015 C020601 CA
015 C030601 94104
015 C040601 1502
015 E010601 X
015 A000602 CITIBANK DALAWARE
015 B000602 C
015 C010602 NEW CASTLE
015 C020602 DE
015 C030602 19720
015 E010602 X
028 A010600 3518
<PAGE> PAGE 42
028 A020600 101
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<PAGE> PAGE 43
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048 I010600 0
048 I020600 0.000
048 J010600 0
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048 K010600 10000000
048 K020600 0.080
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050 000600 N
051 000600 N
052 000600 N
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055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
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061 000600 100
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<PAGE> PAGE 44
062 O000600 0.0
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063 B000600 0.0
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066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
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067 000600 N
068 A000600 N
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069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
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070 K020600 Y
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070 O020600 N
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070 P020600 N
<PAGE> PAGE 45
070 Q010600 N
070 Q020600 N
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070 R020600 N
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<PAGE> PAGE 46
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SIGNATURE KENNETH V. DOMINGUES
TITLE VP, TREASURER, CFO
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1994 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FIST-SHORT-INTERM U.S. GOV'T FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 231,271,813
<INVESTMENTS-AT-VALUE> 224,848,983
<RECEIVABLES> 2,447,732
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 227,296,715
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,944,984
<TOTAL-LIABILITIES> 1,944,984
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 233,662,090
<SHARES-COMMON-STOCK> 22,470,954
<SHARES-COMMON-PRIOR> 25,340,952
<ACCUMULATED-NII-CURRENT> 548,107
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,435,636)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,422,830)
<NET-ASSETS> 225,351,731
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,598,114
<OTHER-INCOME> 0
<EXPENSES-NET> (1,644,350)
<NET-INVESTMENT-INCOME> 11,953,764
<REALIZED-GAINS-CURRENT> (2,434,010)
<APPREC-INCREASE-CURRENT> (14,853,553)
<NET-CHANGE-FROM-OPS> (5,333,799)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,480,943)
<DISTRIBUTIONS-OF-GAINS> (2,327,982)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,376,245
<NUMBER-OF-SHARES-REDEEMED> 11,076,480
<SHARES-REINVESTED> 830,236
<NET-CHANGE-IN-ASSETS> (48,326,250)
<ACCUMULATED-NII-PRIOR> 75,286
<ACCUMULATED-GAINS-PRIOR> 2,326,356
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,308,206)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,644,350)
<AVERAGE-NET-ASSETS> 251,474,526
<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.696)
<PER-SHARE-DIVIDEND> (0.472)
<PER-SHARE-DISTRIBUTIONS> (0.092)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 0.650
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL
INFORMATION EXTRACTED FROM THE FRANKLIN INVESTORS
SECURITIES TRUST OCTOBER 31, 1994 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 64,004,251
<INVESTMENTS-AT-VALUE> 64,310,438
<RECEIVABLES> 3,096,029
<ASSETS-OTHER> 83,669
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,406,467
<PAYABLE-FOR-SECURITIES> 367,100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,341
<TOTAL-LIABILITIES> 537,441
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,557,080
<SHARES-COMMON-STOCK> 5,418,177
<SHARES-COMMON-PRIOR> 3,709,205
<ACCUMULATED-NII-CURRENT> 201,976
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,803,783
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 306,187
<NET-ASSETS> 66,869,026
<DIVIDEND-INCOME> 1,245,377
<INTEREST-INCOME> 2,096,835
<OTHER-INCOME> 0
<EXPENSES-NET> (494,999)
<NET-INVESTMENT-INCOME> 2,847,213
<REALIZED-GAINS-CURRENT> 3,806,156
<APPREC-INCREASE-CURRENT> (5,480,396)
<NET-CHANGE-FROM-OPS> 1,172,973
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,799,225
<DISTRIBUTIONS-OF-GAINS> 456,579
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,874,074
<NUMBER-OF-SHARES-REDEEMED> 1,333,980
<SHARES-REINVESTED> 168,878
<NET-CHANGE-IN-ASSETS> 19,428,756
<ACCUMULATED-NII-PRIOR> 153,988
<ACCUMULATED-GAINS-PRIOR> 454,206
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (327,355)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (494,999)
<AVERAGE-NET-ASSETS> 58,792,209
<PER-SHARE-NAV-BEGIN> 12.790
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> (0.327)
<PER-SHARE-DIVIDEND> (0.594)
<PER-SHARE-DISTRIBUTIONS> (0.119)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.340
<EXPENSE-RATIO> 0.840
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1994 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN ADJUSTABLE U.S. GOV'T SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 772,055,642
<INVESTMENTS-AT-VALUE> 705,999,804
<RECEIVABLES> 30,761
<ASSETS-OTHER> 75,682
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 706,106,247
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,489,425
<TOTAL-LIABILITIES> 5,489,425
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 816,909,788
<SHARES-COMMON-STOCK> 76,126,510
<SHARES-COMMON-PRIOR> 185,663,040
<ACCUMULATED-NII-CURRENT> 1,257,858
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (51,494,986)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (66,055,838)
<NET-ASSETS> 700,616,822
<DIVIDEND-INCOME> 43,807,494
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (4,276,520)
<NET-INVESTMENT-INCOME> 39,530,974
<REALIZED-GAINS-CURRENT> (41,756,476)
<APPREC-INCREASE-CURRENT> (30,761,861)
<NET-CHANGE-FROM-OPS> (32,987,363)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (35,166,432)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,780,288
<NUMBER-OF-SHARES-REDEEMED> 124,466,619
<SHARES-REINVESTED> 2,149,801
<NET-CHANGE-IN-ASSETS> (1,112,887,194)
<ACCUMULATED-NII-PRIOR> (3,106,684)
<ACCUMULATED-GAINS-PRIOR> (9,738,510)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,077,633)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (4,276,520)
<AVERAGE-NET-ASSETS> 1,077,906,217
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> (0.606)
<PER-SHARE-DIVIDEND> (0.314)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.200
<EXPENSE-RATIO> 0.400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1994 ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> FIST - EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 76,738,123
<INVESTMENTS-AT-VALUE> 79,350,462
<RECEIVABLES> 14,108,036
<ASSETS-OTHER> 82,590
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93,541,088
<PAYABLE-FOR-SECURITIES> 531,255
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 247,069
<TOTAL-LIABILITIES> 778,324
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 88,424,734
<SHARES-COMMON-STOCK> 6,560,288
<SHARES-COMMON-PRIOR> 2,828,752
<ACCUMULATED-NII-CURRENT> 83,999
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,641,692
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,612,339
<NET-ASSETS> 92,762,764
<DIVIDEND-INCOME> 3,068,530
<INTEREST-INCOME> 524,823
<OTHER-INCOME> 0
<EXPENSES-NET> (522,268)
<NET-INVESTMENT-INCOME> 3,071,085
<REALIZED-GAINS-CURRENT> 1,644,175
<APPREC-INCREASE-CURRENT> (2,521,207)
<NET-CHANGE-FROM-OPS> 2,194,053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,312,595)
<DISTRIBUTIONS-OF-GAINS> (984,309)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,591,942
<NUMBER-OF-SHARES-REDEEMED> (1,088,922)
<SHARES-REINVESTED> 228,516
<NET-CHANGE-IN-ASSETS> 50,585,534
<ACCUMULATED-NII-PRIOR> 325,509
<ACCUMULATED-GAINS-PRIOR> 981,826
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (312,644)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (522,268)
<AVERAGE-NET-ASSETS> 67,819,477
<PER-SHARE-NAV-BEGIN> 14.910
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> (0.358)
<PER-SHARE-DIVIDEND> (0.725)
<PER-SHARE-DISTRIBUTIONS> (0.307)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.140
<EXPENSE-RATIO> 0.770
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1994 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATE-
MENTS.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> FIST - GLOBAL GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 193,447,773
<INVESTMENTS-AT-VALUE> 180,007,372
<RECEIVABLES> 13,671,630
<ASSETS-OTHER> 94,453
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 193,773,455
<PAYABLE-FOR-SECURITIES> 6,198,638
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 370,974
<TOTAL-LIABILITIES> 6,569,612
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 200,005,841
<SHARES-COMMON-STOCK> 23,212,589
<SHARES-COMMON-PRIOR> 20,978,367
<ACCUMULATED-NII-CURRENT> 16,291,164
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (15,963,546)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,129,616)
<NET-ASSETS> 187,203,843
<DIVIDEND-INCOME> 380,806
<INTEREST-INCOME> 18,524,791
<OTHER-INCOME> 0
<EXPENSES-NET> (1,780,237)
<NET-INVESTMENT-INCOME> 17,125,270
<REALIZED-GAINS-CURRENT> (15,722,563)
<APPREC-INCREASE-CURRENT> (13,307,282)
<NET-CHANGE-FROM-OPS> (11,904,575)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,894,107)
<DISTRIBUTIONS-OF-GAINS> (1,855,676)
<DISTRIBUTIONS-OTHER> (14,044,105)
<NUMBER-OF-SHARES-SOLD> 10,688,600
<NUMBER-OF-SHARES-REDEEMED> 9,444,482
<SHARES-REINVESTED> 990,104
<NET-CHANGE-IN-ASSETS> (8,422,670)
<ACCUMULATED-NII-PRIOR> 1,060,001
<ACCUMULATED-GAINS-PRIOR> 1,614,693
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,130,298)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,780,327)
<AVERAGE-NET-ASSETS> 200,631,599
<PER-SHARE-NAV-BEGIN> 9.330
<PER-SHARE-NII> 1.300
<PER-SHARE-GAIN-APPREC> (1.806)
<PER-SHARE-DIVIDEND> (.078)
<PER-SHARE-DISTRIBUTIONS> (.083)
<RETURNS-OF-CAPITAL> (.603)
<PER-SHARE-NAV-END> 8.060
<EXPENSE-RATIO> 0.890
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1994 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATE-
MENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> FRANKLIN ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1994
<PERIOD-END> OCT-31-1994
<INVESTMENTS-AT-COST> 25,555,241
<INVESTMENTS-AT-VALUE> 24,640,724
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,640,724
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 76,484
<TOTAL-LIABILITIES> 76,484
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,898,594
<SHARES-COMMON-STOCK> 2,532,014
<SHARES-COMMON-PRIOR> 3,765,966
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (419,837)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (914,517)
<NET-ASSETS> 24,564,240
<DIVIDEND-INCOME> 1,743,780
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (76,466)
<NET-INVESTMENT-INCOME> 1,667,314
<REALIZED-GAINS-CURRENT> (419,700)
<APPREC-INCREASE-CURRENT> (878,448)
<NET-CHANGE-FROM-OPS> 369,166
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,667,314)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,764,004
<NUMBER-OF-SHARES-REDEEMED> (5,120,792)
<SHARES-REINVESTED> 122,836
<NET-CHANGE-IN-ASSETS> (13,244,765)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (137)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (76,466)
<AVERAGE-NET-ASSETS> 37,452,191
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> (0.341)
<PER-SHARE-DIVIDEND> (0.449)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.700
<EXPENSE-RATIO> 0.200
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of Franklin Investors Securities Trust:
In planning and performing our audit of the financial statements
and financial highlights of the funds comprising the Franklin
Investors Securities Trust for the year ended October 31, 1994, 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 Investors Securities Trust is
responsible for establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgements 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 October 31, 1994.
This report is intended solely for the information and use of
management of the Franklin Investors Securities Trust and the
Securities and Exchange Commission.
S\Coopers & Lybrand L.L.P.
San Francisco, California
December 27, 1994
