<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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<PAGE> PAGE 10
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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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<PAGE> PAGE 19
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010 B000301 801-26292
010 C010301 SAN MATEO
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<PAGE> PAGE 20
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<PAGE> PAGE 21
055 A000300 N
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069 000300 N
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070 A020300 N
070 B010300 N
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<PAGE> PAGE 22
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
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070 K020300 Y
070 L010300 N
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070 M010300 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
008 D010401 SAN MATEO
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008 D040401 7777
015 A000401 BANK OF AMERICA NT & SA
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015 A000402 CITIBANK DELAWARE
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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.
015 B000404 S
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015 D010404 AUSTRALIA
015 E040404 X
015 A000405 CREDITANSTALT-BANKVEREIN
015 B000405 S
015 C010405 VIENNA
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015 A000406 BARCLAYS BANK PLC VIA STANDARD CHARTERED BANK
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015 D010406 BANGLADESH
015 E040406 X
015 A000407 BANQUE BRUXELLES LAMBERT SA
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 HM GX
015 D010408 BERMUDA
015 E040408 X
015 A000409 THE CANADA TRUST COMPANY
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015 C010409 TORONTO
015 D010409 CANADA
<PAGE> PAGE 25
015 E040409 X
015 A000410 HONG KONG & SHANGHAI BANK
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015 C010410 SHENZHEN
015 D010410 CHINA
015 E040410 X
015 A000411 HONG KONG & SHANGHAI BANK
015 B000411 S
015 C010411 SHANGHAI
015 D010411 CHINA
015 E040411 X
015 A000412 CITITRUST COLOMBIA S.A. SOCIEDED FIDUCIARIA
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<PAGE> PAGE 26
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015 D010426 LUXEMBOURG
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015 A000428 BANCO NACIONAL DE MEXICO
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<PAGE> PAGE 27
015 A000431 CHRISTIANIA BANK OG KREDITKASSE
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015 D010434 PHILIPPINES
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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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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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015 B000535 S
015 C010535 LISBON
015 D010535 PORTUGAL
015 E040535 X
015 A000536 BARCLAYS BANK PLC
015 B000536 S
015 C010536 SINGAPORE
015 D010536 SINGAPORE
<PAGE> PAGE 37
015 E040536 X
015 A000537 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000537 S
015 C010537 JOHANNESBURG
015 D010537 SOUTH AFRICA
015 E040537 X
015 A000538 BANCO DE SANTANDER
015 B000538 S
015 C010538 MADRID
015 D010538 SPAIN
015 E040538 X
015 A000539 HONG KONG AND SHANGHAI BANK
015 B000539 S
015 C010539 COLOMBO
015 D010539 SRI LANKA
015 E040539 X
015 A000540 SKANDINAVISKA ENSKILDA BANKEN
015 B000540 S
015 C010540 STOCKHOLM
015 D010540 SWEDEN
015 E040540 X
015 A000541 SWISS BANK CORPORATION
015 B000541 S
015 C010541 ZURICH
015 D010541 SWITZERLAND
015 E040541 X
015 A000542 BANGKOK BANK LIMITED
015 B000542 S
015 C010542 BANGKOK
015 D010542 THAILAND
015 E040542 X
015 A000543 YAPI VE KREDI BANKASI A.S.
015 B000543 S
015 C010543 ISTANBUL
015 D010543 TURKEY
015 E040543 X
015 A000544 BANK OF AMERICA NT & SA
015 B000544 S
015 C010544 LONDON
015 D010544 UNITED KINGDOM
015 E040544 X
015 A000545 CITIBANK N.A.
015 B000545 S
015 C010545 CARACAS
015 D010545 VENEZUELA
015 E040545 X
015 A000546 CITIBANK, N.A.
015 B000546 S
015 C010546 SAO PAULO
015 D010546 BRAZIL
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<PAGE> PAGE 38
015 A000547 CITIBANK BUDAPEST RT
015 B000547 S
015 C010547 VACI
015 D010547 HUNGARY
015 E040547 X
015 A000548 CITIBANK POLAND, S.A.
015 B000548 S
015 C010548 WARSAW
015 D010548 POLAND
015 E040548 X
015 A000549 HONG KONG AND SHANGHAI BANK CORP LTD.
015 B000549 S
015 C010549 TAIPEI
015 D010549 TAIWAN
015 E040549 X
015 A000550 UNITED MALAYSIAN BANKING CORPORATION
015 B000550 S
015 C010550 KUALA LUMPUR
015 D010550 MALAYSIA
015 E040550 X
024 000500 N
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<PAGE> PAGE 39
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055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
<PAGE> PAGE 40
061 000500 100
062 A000500 Y
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062 D000500 3.2
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062 H000500 0.0
062 I000500 2.1
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062 M000500 2.8
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062 O000500 0.0
062 P000500 2.4
062 Q000500 77.7
062 R000500 2.3
063 A000500 0
063 B000500 7.7
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
<PAGE> PAGE 41
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 67968
071 B000500 73784
071 C000500 154072
071 D000500 44
072 A000500 6
072 B000500 8258
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<PAGE> PAGE 42
073 A020500 0.0000
073 B000500 0.0000
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075 B000500 174411
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 DELAWARE
015 B000602 C
<PAGE> PAGE 43
015 C010602 NEW CASTLE
015 C020602 DE
015 C030602 19720
015 C040602 2409
015 E010602 X
024 000600 N
028 A010600 1880
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<PAGE> PAGE 44
043 000600 21
044 000600 12
045 000600 Y
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048 J020600 0.000
048 K010600 10000000
048 K020600 0.080
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
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059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 100
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062 B000600 0.0
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<PAGE> PAGE 45
062 O000600 0.0
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066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 Y
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
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
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
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070 N020600 N
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070 O020600 N
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070 Q020600 N
<PAGE> PAGE 46
070 R010600 N
070 R020600 N
071 A000600 8966
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<PAGE> PAGE 47
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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 INVESTORS SECURITIES TRUST APRIL 30, 1995 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 206,917,694
<INVESTMENTS-AT-VALUE> 206,555,442
<RECEIVABLES> 2,668,725
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 209,224,167
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 734,575
<TOTAL-LIABILITIES> 734,575
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214,016,623
<SHARES-COMMON-STOCK> 20,514,788
<SHARES-COMMON-PRIOR> 22,470,954
<ACCUMULATED-NII-CURRENT> 495,112
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,659,891)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (362,252)
<NET-ASSETS> 208,489,592
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,539,884
<OTHER-INCOME> 0
<EXPENSES-NET> (808,660)
<NET-INVESTMENT-INCOME> 5,731,224
<REALIZED-GAINS-CURRENT> (3,224,255)
<APPREC-INCREASE-CURRENT> 6,060,578
<NET-CHANGE-FROM-OPS> 8,567,547
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,784,219)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,026,212
<NUMBER-OF-SHARES-REDEEMED> (4,333,414)
<SHARES-REINVESTED> 351,036
<NET-CHANGE-IN-ASSETS> (16,862,139)
<ACCUMULATED-NII-PRIOR> 548,107
<ACCUMULATED-GAINS-PRIOR> (2,435,636)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (600,846)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (808,660)
<AVERAGE-NET-ASSETS> 216,710,065
<PER-SHARE-NAV-BEGIN> 10.030
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 0.127
<PER-SHARE-DIVIDEND> (0.267)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.160
<EXPENSE-RATIO> .750
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE FRANKLIN INVESTORS SECURITIES
TRUST APRIL 30, 1995 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 66,571,531
<INVESTMENTS-AT-VALUE> 67,435,192
<RECEIVABLES> 4,818,580
<ASSETS-OTHER> 44,924
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 72,298,696
<PAYABLE-FOR-SECURITIES> 2,142,820
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120,811
<TOTAL-LIABILITIES> 2,263,631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,653,880
<SHARES-COMMON-STOCK> 5,958,504
<SHARES-COMMON-PRIOR> 5,418,177
<ACCUMULATED-NII-CURRENT> 196,753
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 320,771
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 863,661
<NET-ASSETS> 70,035,065
<DIVIDEND-INCOME> 756,020
<INTEREST-INCOME> 1,230,794
<OTHER-INCOME> 0
<EXPENSES-NET> (329,332)
<NET-INVESTMENT-INCOME> 1,657,482
<REALIZED-GAINS-CURRENT> 320,371
<APPREC-INCREASE-CURRENT> 557,474
<NET-CHANGE-FROM-OPS> 2,535,327
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,662,705)
<DISTRIBUTIONS-OF-GAINS> (3,803,383)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 855,635
<NUMBER-OF-SHARES-REDEEMED> (656,062)
<SHARES-REINVESTED> 340,754
<NET-CHANGE-IN-ASSETS> 3,166,039
<ACCUMULATED-NII-PRIOR> 201,976
<ACCUMULATED-GAINS-PRIOR> 3,803,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (206,003)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (329,332)
<AVERAGE-NET-ASSETS> 66,032,930
<PER-SHARE-NAV-BEGIN> 12.340
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> .109
<PER-SHARE-DIVIDEND> (.292)
<PER-SHARE-DISTRIBUTIONS> (.697)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.750
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST FUND APRIL 30, 1995 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 631,270,984
<INVESTMENTS-AT-VALUE> 578,903,582
<RECEIVABLES> 80,604
<ASSETS-OTHER> 63,876
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 579,048,062
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,148,730
<TOTAL-LIABILITIES> 1,148,730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 692,467,632
<SHARES-COMMON-STOCK> 62,538,540
<SHARES-COMMON-PRIOR> 76,126,510
<ACCUMULATED-NII-CURRENT> 1,801,278
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (64,002,176)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (52,367,402)
<NET-ASSETS> 577,899,332
<DIVIDEND-INCOME> 19,131,571
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,411,583)
<NET-INVESTMENT-INCOME> 17,719,988
<REALIZED-GAINS-CURRENT> (12,507,190)
<APPREC-INCREASE-CURRENT> 13,688,436
<NET-CHANGE-FROM-OPS> 18,901,234
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,176,568)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,058,655
<NUMBER-OF-SHARES-REDEEMED> (20,873,456)
<SHARES-REINVESTED> 1,226,831
<NET-CHANGE-IN-ASSETS> (122,717,490)
<ACCUMULATED-NII-PRIOR> 1,257,858
<ACCUMULATED-GAINS-PRIOR> (51,494,986)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (313,976)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,411,583)
<AVERAGE-NET-ASSETS> 628,488,153
<PER-SHARE-NAV-BEGIN> 9.200
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> .032
<PER-SHARE-DIVIDEND> (.252)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.240
<EXPENSE-RATIO> .450
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1995 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> FRANKLIN EQUITY INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-30-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 81,812,561
<INVESTMENTS-AT-VALUE> 87,498,826
<RECEIVABLES> 32,499,913
<ASSETS-OTHER> 157,037
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 120,155,776
<PAYABLE-FOR-SECURITIES> 2,383,200
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 208,911
<TOTAL-LIABILITIES> 2,592,111
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 110,718,735
<SHARES-COMMON-STOCK> 8,165,724
<SHARES-COMMON-PRIOR> 6,560,288
<ACCUMULATED-NII-CURRENT> 199,542
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 959,123
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,686,265
<NET-ASSETS> 117,563,665
<DIVIDEND-INCOME> 2,142,661
<INTEREST-INCOME> 729,155
<OTHER-INCOME> 0
<EXPENSES-NET> (500,925)
<NET-INVESTMENT-INCOME> 2,370,891
<REALIZED-GAINS-CURRENT> 970,187
<APPREC-INCREASE-CURRENT> 3,073,926
<NET-CHANGE-FROM-OPS> 6,415,004
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,255,348)
<DISTRIBUTIONS-OF-GAINS> (1,652,756)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,390,157
<NUMBER-OF-SHARES-REDEEMED> (1,004,224)
<SHARES-REINVESTED> 219,503
<NET-CHANGE-IN-ASSETS> 24,800,901
<ACCUMULATED-NII-PRIOR> 83,999
<ACCUMULATED-GAINS-PRIOR> 1,641,692
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (319,753)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (500,925)
<AVERAGE-NET-ASSETS> 101,886,815
<PER-SHARE-NAV-BEGIN> 14.140
<PER-SHARE-NII> .320
<PER-SHARE-GAIN-APPREC> .492
<PER-SHARE-DIVIDEND> (.309)
<PER-SHARE-DISTRIBUTIONS> (.243)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.400
<EXPENSE-RATIO> .980
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1995 SEMI ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 166,740,729
<INVESTMENTS-AT-VALUE> 158,276,203
<RECEIVABLES> 23,904,893
<ASSETS-OTHER> 100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 182,181,196
<PAYABLE-FOR-SECURITIES> 12,913,539
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 448,978
<TOTAL-LIABILITIES> 13,362,517
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 182,893,090
<SHARES-COMMON-STOCK> 21,030,970
<SHARES-COMMON-PRIOR> 23,212,589
<ACCUMULATED-NII-CURRENT> 15,829,946
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,376,864)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,527,493)
<NET-ASSETS> 168,818,679
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,258,451
<OTHER-INCOME> 0
<EXPENSES-NET> (807,606)
<NET-INVESTMENT-INCOME> 7,450,845
<REALIZED-GAINS-CURRENT> (5,413,318)
<APPREC-INCREASE-CURRENT> 4,602,123
<NET-CHANGE-FROM-OPS> 6,639,650
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,912,063)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,494,863
<NUMBER-OF-SHARES-REDEEMED> (5,165,176)
<SHARES-REINVESTED> 488,694
<NET-CHANGE-IN-ASSETS> (18,385,164)
<ACCUMULATED-NII-PRIOR> 16,291,164
<ACCUMULATED-GAINS-PRIOR> (15,963,546)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (493,259)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (807,606)
<AVERAGE-NET-ASSETS> 174,411,388
<PER-SHARE-NAV-BEGIN> 8.060
<PER-SHARE-NII> .410
<PER-SHARE-GAIN-APPREC> (.080)
<PER-SHARE-DIVIDEND> (.360)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.030
<EXPENSE-RATIO> .930
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1995 SEMI
ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> FRANKLIN ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 19,972,170
<INVESTMENTS-AT-VALUE> 19,303,168
<RECEIVABLES> 18,000
<ASSETS-OTHER> 688
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19,321,856
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,077
<TOTAL-LIABILITIES> 8,077
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,625,483
<SHARES-COMMON-STOCK> 1,986,769
<SHARES-COMMON-PRIOR> 2,532,014
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (642,702)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (669,002)
<NET-ASSETS> 19,313,779
<DIVIDEND-INCOME> 686,138
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (43,371)
<NET-INVESTMENT-INCOME> 642,767
<REALIZED-GAINS-CURRENT> (222,865)
<APPREC-INCREASE-CURRENT> 245,515
<NET-CHANGE-FROM-OPS> 665,417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (642,767)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,052,291
<NUMBER-OF-SHARES-REDEEMED> (1,647,339)
<SHARES-REINVESTED> 49,803
<NET-CHANGE-IN-ASSETS> (5,250,461)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (419,837)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (5,086)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (43,371)
<AVERAGE-NET-ASSETS> 21,894,202
<PER-SHARE-NAV-BEGIN> 9.700
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .022
<PER-SHARE-DIVIDEND> (.282)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.720
<EXPENSE-RATIO> .400
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
EXHIBIT 77 C
FRANKLIN RESOURCES, INC.
777 Mariners Island Blvd.
P.O. Box 7777
San Mateo, CA 94403-7777
415/312-3000
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the Class II
shares of each of the Franklin Templeton Funds listed on the
attached Schedule A (the "Funds"), each of which is a series of
the Investment Companies as indicated on Schedule A (the
"Companies"), does hereby take the following actions and does
hereby consent to the following resolution:
RESOLVED: That the Distribution Plans pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as
agreed to and accepted by Franklin/Templeton
Distributors, Inc. and each of the Companies prior to
the date below, be and it hereby is, approved for each
Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
s/H.E. Burns
Dated as of: April 28, 1995 By: Harmon E. Burns
Executive Vice President
SCHEDULE A
INVESTMENT COMPANY FUND & CLASS; TITAN NUMBER
Franklin Gold Fund Franklin Gold Fund - Class II; 232
Franklin Equity Fund Franklin Equity Fund - Class II; 234
Franklin Custodian Funds, Inc. Growth Series - Class II; 206
Utilities Series - Class II;
207
Income Series - Class II; 209
U.S. Government Securities
Series - Class II; 210
Franklin California Tax-Free Franklin California Tax-Free Income
Income Fund, Inc. Fund - Class II; 212
Franklin New York Tax-Free Franklin New York Tax-Free Income
Income Fund, Inc. Fund - Class II; 215
Franklin Federal Tax-Free Franklin Federal Tax-Free Income
Income Fund Fund -Class II; 216
Franklin Managed Trust Franklin Rising Dividends
Fund - Class II; 258
Franklin California Tax-Free Franklin California Insured Tax-Free
Trust
Income Fund - Class II; 224
Franklin New York Tax-Free Trust Franklin New York Insured Tax-Free
Income Fund - Class II; 281
Franklin Investors Securities Franklin Global Government Income
Trust
Fund - Class II; 235
Franklin Equity Income
Fund - Class II; 239
Franklin Strategic Series Franklin Global Utilities
Fund - Class II; 297
Franklin Real Estate Securities Franklin Real Estate Securities
Trust
Fund - Class II; 292
INVESTMENT COMPANY FUND AND CLASS; TITAN NUMBER
Franklin Tax-Free Franklin Alabama Tax-Free Income Fund - Class II;
264
Trust Franklin Arizona Tax-Free Income Fund - Class II;
226
Franklin Colorado Tax-Free Income Fund - Class
II; 227
Franklin Connecticut Tax Free Income
Fund - Class II; 266
Franklin Florida Tax-Free Income Fund - Class II;
265
Franklin Georgia Tax-Free Income Fund - Class II;
228
Franklin High Yield Tax-Free Income Fund - Class
II; 230
Franklin Insured Tax-Free Income Fund - Class II;
221
Franklin Louisiana Tax-Free Income Fund - Class
II; 268
Franklin Maryland Tax-Free Income Fund - Class
II; 269
Franklin Massachusetts Insured Tax-Free Income
Fund - Class II; 218
Franklin Michigan Insured Tax-Free Income
Fund - Class II; 219
Franklin Minnesota Insured Tax-Free Income
Fund - Class II; 220
Franklin Missouri Tax-Free Income Fund - Class
II; 260
Franklin New Jersey Tax-Free Income
Fund - Class II; 271
Franklin North Carolina Tax-Free Income
Fund - Class II; 270
Franklin Ohio Insured Tax-Free Income
Fund - Class II; 222
Franklin Oregon Tax-Free Income Fund - Class II;
261
Franklin Pennsylvania Tax-Free Income
Fund - Class II; 229
Franklin Puerto Rico Tax-Free Income
Fund - Class II; 223
Franklin Texas Tax-Free Income Fund - Class II;
262
Franklin Virginia Tax-Free Income Fund - Class
II; 263
