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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
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
068 B000300 N
069 000300 N
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070 H020300 N
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070 I020300 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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008 A000401 FRANKLIN ADVISERS, INC.
008 B000401 A
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008 D010401 SAN MATEO
008 D020401 CA
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008 D040401 7777
015 A000401 BANK OF AMERICA NT & SA
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015 B000404 S
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015 A000405 CREDITANSTALT-BANKVEREIN
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015 E040405 X
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015 E040406 X
<PAGE> PAGE 25
015 A000407 BANQUE BRUSSELS LAMBERT
015 B000407 S
015 C010407 BRUSSELS
015 D010407 BELGIUM
015 E040407 X
015 A000408 THE BANK OF N.T. BUTTERFIELD & SON LTD
015 B000408 S
015 C010408 HAMILTON
015 D010408 BERMUDA
015 E040408 X
015 A000409 THE CANADA TRUST COMPANY
015 B000409 S
015 C010409 TORONTO
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015 E040409 X
015 A000410 THE HONG KONG & SHANGHAI BANKING CORP., LTD
015 B000410 S
015 C010410 SHENZEN
015 D010410 CHINA
015 E040410 X
015 A000411 THE HONG KONG & SHANGHAI BANKING CORP., LTD
015 B000411 S
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015 D010411 CHINA
015 E040411 X
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<PAGE> PAGE 26
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015 E040417 X
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015 D010418 HONG KONG
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015 A000421 BANK OF IRELAND
015 B000421 S
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015 A000422 BANK LEUMI LE-ISRAEL, B.M.
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015 A000425 THE HONG KONG & SHANGHAI BANKING CORP., LTD.
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<PAGE> PAGE 27
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015 D010428 MEXICO
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015 B000429 S
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015 D010429 NETHERLANDS
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015 D010430 NEW ZEALAND
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015 A000431 CHRISTIANIA BANK OG KREDITKASSE
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015 D010431 NORWAY
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015 B000432 S
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015 A000434 THE HONG KONG & SHANGHAI BANKING CORP., LTD.
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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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015 A000501 BANK OF AMERICA NT&SA
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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 C010530 WELLINGTON
015 D010530 NEW ZEALAND
015 E040530 X
015 A000531 CHRISTIANA BANK OG KREDITKASSE
015 B000531 S
015 C010531 BERGEN
015 D010531 NORWAY
015 E040531 X
015 A000532 STANDARD CHARTERED BANK
015 B000532 S
015 C010532 KARACHI
015 D010532 PAKISTAN
015 E040532 X
015 A000533 BANCO DE CREDITO DEL PERU
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<PAGE> PAGE 37
015 E040533 X
015 A000534 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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015 C010534 MANILA
015 D010534 PHILIPPINES
015 E040534 X
015 A000535 BANCO ESPIRITO SANTO E COMERCIAL DE LISBOA
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015 C010535 LISBON
015 D010535 PORTUGAL
015 E040535 X
015 A000536 BARCLAYS BANK PLC
015 B000536 S
015 C010536 SINGAPORE
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015 E040536 X
015 A000537 STANDARD BANK OF SOUTH AFRICA LIMITED
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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 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
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 LTD.
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
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<PAGE> PAGE 38
015 A000544 BANK OF NEW YORK
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
015 E040546 X
015 A000547 CITIBANK N.A.
015 B000547 S
015 C010547 BUDAPEST
015 D010547 HUNGARY
015 E040547 X
015 A000548 CITIBANK, N.A.
015 B000548 S
015 C010548 WARSAW
015 D010548 POLAND
015 E040548 X
015 A000549 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000549 S
015 C010549 TAIPEI
015 D010549 TAIWAN
015 E040549 X
015 A000550 UNITED MALAYAN BANKING CORPORATION BERHAD
015 B000550 S
015 C010550 KUALA LUMPUR
015 D010550 MALAYSIA
015 E040550 X
015 A000551 THE HONGKONG AND SHANGHAI BANKING CORP., LTD.
015 B000551 S
015 C010551 SEOUL
015 D010551 SOUTH KOREA
015 E040551 X
024 000500 N
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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056 000500 N
057 000500 N
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062 M000500 22.3
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063 B000500 8.5
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 Y
<PAGE> PAGE 41
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 N
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
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 160823
071 B000500 173027
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072 B000500 15392
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<PAGE> PAGE 42
072 K000500 66
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073 A010500 0.6450
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074 A000500 1
074 B000500 5759
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<PAGE> PAGE 43
074 U020500 144
074 V010500 8.31
074 V020500 8.31
074 W000500 0.0000
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075 B000500 168289
076 000500 0.00
008 A000601 DELETE
010 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94403
010 C040601 7777
013 A000601 COOPERS & LYBRAND L.L.P.
013 B010601 SAN FRANCISCO
013 B020601 CA
013 B030601 94105
013 B040601 2119
015 A000601 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
015 B000601 C
015 C010601 SAN MATEO
015 C020601 CA
015 C030601 94403
015 C040601 7777
015 E030601 X
015 A000602 CITIBANK DELAWARE
015 B000602 C
015 C010602 NEW CASTLE
015 C020602 DE
015 C030602 19720
015 C040602 2409
015 E010602 X
024 000600 N
028 A010600 204
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<PAGE> PAGE 44
028 D040600 924
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<PAGE> PAGE 45
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055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
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060 A000600 Y
060 B000600 Y
061 000600 100
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066 A000600 Y
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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
<PAGE> PAGE 46
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
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070 G020600 N
070 H010600 N
070 H020600 N
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070 I020600 N
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070 J020600 N
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070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 10728
071 B000600 18533
071 C000600 20125
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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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 OCTOBER 31, 1995 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> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 201,589,041
<INVESTMENTS-AT-VALUE> 205,249,016
<RECEIVABLES> 3,503,761
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 208,752,777
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 695,337
<TOTAL-LIABILITIES> 695,337
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 209,784,649
<SHARES-COMMON-STOCK> 20,101,531
<SHARES-COMMON-PRIOR> 22,470,954
<ACCUMULATED-NII-CURRENT> 613,089
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,000,273)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,659,975
<NET-ASSETS> 208,057,440
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,146,067
<OTHER-INCOME> 0
<EXPENSES-NET> (1,563,830)
<NET-INVESTMENT-INCOME> 11,582,237
<REALIZED-GAINS-CURRENT> (3,564,637)
<APPREC-INCREASE-CURRENT> 10,082,805
<NET-CHANGE-FROM-OPS> 18,100,405
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,517,255)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,024,376
<NUMBER-OF-SHARES-REDEEMED> (7,081,035)
<SHARES-REINVESTED> 687,236
<NET-CHANGE-IN-ASSETS> (17,294,291)
<ACCUMULATED-NII-PRIOR> 548,107
<ACCUMULATED-GAINS-PRIOR> (2,435,636)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,187,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,563,830
<AVERAGE-NET-ASSETS> 213,512,738
<PER-SHARE-NAV-BEGIN> 10.030
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> .309
<PER-SHARE-DIVIDEND> (0.549)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.350
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<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 OCTOBER 31, 1995 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 75,353,759
<INVESTMENTS-AT-VALUE> 77,740,166
<RECEIVABLES> 7,321,639
<ASSETS-OTHER> 105,290
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85,167,095
<PAYABLE-FOR-SECURITIES> 1,253,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 181,152
<TOTAL-LIABILITIES> 1,434,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,543,261
<SHARES-COMMON-STOCK> 6,561,376
<SHARES-COMMON-PRIOR> 5,418,177
<ACCUMULATED-NII-CURRENT> 152,947
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,650,203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,386,407
<NET-ASSETS> 83,732,818
<DIVIDEND-INCOME> 1,554,812
<INTEREST-INCOME> 2,659,811
<OTHER-INCOME> 0
<EXPENSES-NET> (740,465)
<NET-INVESTMENT-INCOME> 3,474,158
<REALIZED-GAINS-CURRENT> 4,651,306
<APPREC-INCREASE-CURRENT> 2,080,220
<NET-CHANGE-FROM-OPS> 10,205,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,522,594)
<DISTRIBUTIONS-OF-GAINS> (3,804,886)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,010,356
<NUMBER-OF-SHARES-REDEEMED> (1,305,974)
<SHARES-REINVESTED> 438,817
<NET-CHANGE-IN-ASSETS> 16,863,792
<ACCUMULATED-NII-PRIOR> 201,976
<ACCUMULATED-GAINS-PRIOR> 3,803,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 453,492
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 740,465
<AVERAGE-NET-ASSETS> 72,086,889
<PER-SHARE-NAV-BEGIN> 12.340
<PER-SHARE-NII> .580
<PER-SHARE-GAIN-APPREC> 1.099
<PER-SHARE-DIVIDEND> (.592)
<PER-SHARE-DISTRIBUTIONS> (.697)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.730
<EXPENSE-RATIO> 1.030
<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 OCTOBER 31, 1995 ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 75,353,759
<INVESTMENTS-AT-VALUE> 77,740,166
<RECEIVABLES> 7,321,639
<ASSETS-OTHER> 105,290
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85,167,095
<PAYABLE-FOR-SECURITIES> 1,253,125
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 181,152
<TOTAL-LIABILITIES> 1,434,277
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,543,261
<SHARES-COMMON-STOCK> 16,471
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 152,947
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,650,203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,386,407
<NET-ASSETS> 83,732,818
<DIVIDEND-INCOME> 1,554,812
<INTEREST-INCOME> 2,659,811
<OTHER-INCOME> 0
<EXPENSES-NET> (740,465)
<NET-INVESTMENT-INCOME> 3,474,158
<REALIZED-GAINS-CURRENT> 4,651,306
<APPREC-INCREASE-CURRENT> 2,080,220
<NET-CHANGE-FROM-OPS> 10,205,684
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (593)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,208
<NUMBER-OF-SHARES-REDEEMED> (30,783)
<SHARES-REINVESTED> 46
<NET-CHANGE-IN-ASSETS> 16,863,792
<ACCUMULATED-NII-PRIOR> 201,976
<ACCUMULATED-GAINS-PRIOR> 3,803,783
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 453,492
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 740,465
<AVERAGE-NET-ASSETS> 308,309
<PER-SHARE-NAV-BEGIN> 13.060
<PER-SHARE-NII> .070
<PER-SHARE-GAIN-APPREC> (.373)
<PER-SHARE-DIVIDEND> (.047)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.710
<EXPENSE-RATIO> 1.600
<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 OCTOBER 31, 1995 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> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 548,994,094
<INVESTMENTS-AT-VALUE> 509,752,849
<RECEIVABLES> 142,499
<ASSETS-OTHER> 67,505
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 509,962,853
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 592,271
<TOTAL-LIABILITIES> 592,271
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 617,511,791
<SHARES-COMMON-STOCK> 54,517,877
<SHARES-COMMON-PRIOR> 76,126,510
<ACCUMULATED-NII-CURRENT> 1,352,705
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,252,669)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (39,241,245)
<NET-ASSETS> 509,370,582
<DIVIDEND-INCOME> 36,196,034
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,503,621)
<NET-INVESTMENT-INCOME> 33,692,413
<REALIZED-GAINS-CURRENT> (18,757,683)
<APPREC-INCREASE-CURRENT> 26,814,593
<NET-CHANGE-FROM-OPS> 41,749,323
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,597,566)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,029,557
<NUMBER-OF-SHARES-REDEEMED> (37,854,275)
<SHARES-REINVESTED> 2,216,085
<NET-CHANGE-IN-ASSETS> (191,246,240)
<ACCUMULATED-NII-PRIOR> 1,257,858
<ACCUMULATED-GAINS-PRIOR> (51,494,986)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 584,957
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,503,621
<AVERAGE-NET-ASSETS> 584,983,866
<PER-SHARE-NAV-BEGIN> 9.200
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> .136
<PER-SHARE-DIVIDEND> (.536)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.340
<EXPENSE-RATIO> .610
<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 OCTOBER 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 159,954,724
<INVESTMENTS-AT-VALUE> 169,137,015
<RECEIVABLES> 1,857,789
<ASSETS-OTHER> 169,977
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,164,781
<PAYABLE-FOR-SECURITIES> 1,644,561
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 236,384
<TOTAL-LIABILITIES> 1,880,945
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,096,673
<SHARES-COMMON-STOCK> 11,121,614
<SHARES-COMMON-PRIOR> 6,560,288
<ACCUMULATED-NII-CURRENT> 399,686
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,605,186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,182,291
<NET-ASSETS> 169,283,836
<DIVIDEND-INCOME> 4,900,662
<INTEREST-INCOME> 1,819,320
<OTHER-INCOME> 0
<EXPENSES-NET> (1,241,358)
<NET-INVESTMENT-INCOME> 5,478,624
<REALIZED-GAINS-CURRENT> 4,616,219
<APPREC-INCREASE-CURRENT> 6,569,952
<NET-CHANGE-FROM-OPS> 16,664,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,162,293)
<DISTRIBUTIONS-OF-GAINS> (1,652,725)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,072,743
<NUMBER-OF-SHARES-REDEEMED> (1,878,096)
<SHARES-REINVESTED> 366,679
<NET-CHANGE-IN-ASSETS> 76,521,072
<ACCUMULATED-NII-PRIOR> 83,999
<ACCUMULATED-GAINS-PRIOR> 1,641,692
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 754,194
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,257,338
<AVERAGE-NET-ASSETS> 123,499,801
<PER-SHARE-NAV-BEGIN> 14.140
<PER-SHARE-NII> 0.630
<PER-SHARE-GAIN-APPREC> 1.272
<PER-SHARE-DIVIDEND> (0.609)
<PER-SHARE-DISTRIBUTIONS> (0.243)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.190
<EXPENSE-RATIO> 1.000
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1995 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 159,954,724
<INVESTMENTS-AT-VALUE> 169,137,015
<RECEIVABLES> 1,857,789
<ASSETS-OTHER> 169,977
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,164,781
<PAYABLE-FOR-SECURITIES> 1,644,561
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 236,384
<TOTAL-LIABILITIES> 1,880,945
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,096,673
<SHARES-COMMON-STOCK> 25,444
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 399,686
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,605,186
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,182,291
<NET-ASSETS> 169,283,836
<DIVIDEND-INCOME> 4,900,662
<INTEREST-INCOME> 1,819,320
<OTHER-INCOME> 0
<EXPENSES-NET> (1,241,358)
<NET-INVESTMENT-INCOME> 5,478,624
<REALIZED-GAINS-CURRENT> 4,616,219
<APPREC-INCREASE-CURRENT> 6,569,952
<NET-CHANGE-FROM-OPS> 16,664,795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (644)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25,828
<NUMBER-OF-SHARES-REDEEMED> (425)
<SHARES-REINVESTED> 41
<NET-CHANGE-IN-ASSETS> 76,521,072
<ACCUMULATED-NII-PRIOR> 83,999
<ACCUMULATED-GAINS-PRIOR> 1,641,692
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 754,194
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,257,338
<AVERAGE-NET-ASSETS> 386,376
<PER-SHARE-NAV-BEGIN> 15.380
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> (0.193)
<PER-SHARE-DIVIDEND> (0.047)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.190
<EXPENSE-RATIO> 1.990
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1995 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 159,742,614
<INVESTMENTS-AT-VALUE> 156,648,217
<RECEIVABLES> 21,509,342
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,002
<TOTAL-ASSETS> 178,158,561
<PAYABLE-FOR-SECURITIES> 9,779,831
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,215,823
<TOTAL-LIABILITIES> 11,995,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,992,975
<SHARES-COMMON-STOCK> 19,849,662
<SHARES-COMMON-PRIOR> 23,212,589
<ACCUMULATED-NII-CURRENT> 100,998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,593,867)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,337,199)
<NET-ASSETS> 166,162,907
<DIVIDEND-INCOME> 427,054
<INTEREST-INCOME> 15,392,484
<OTHER-INCOME> 0
<EXPENSES-NET> (1,645,420)
<NET-INVESTMENT-INCOME> 14,174,118
<REALIZED-GAINS-CURRENT> (4,205,563)
<APPREC-INCREASE-CURRENT> 9,792,417
<NET-CHANGE-FROM-OPS> 19,760,972
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,730,112)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,386,320)
<NUMBER-OF-SHARES-SOLD> 5,432,041
<NUMBER-OF-SHARES-REDEEMED> (9,709,607)
<SHARES-REINVESTED> 914,639
<NET-CHANGE-IN-ASSETS> (21,040,936)
<ACCUMULATED-NII-PRIOR> 16,291,164
<ACCUMULATED-GAINS-PRIOR> (15,963,546)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (984,273)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,645,420)
<AVERAGE-NET-ASSETS> 170,811,183
<PER-SHARE-NAV-BEGIN> 8.060
<PER-SHARE-NII> .670
<PER-SHARE-GAIN-APPREC> .290
<PER-SHARE-DIVIDEND> (.645)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> (.065)
<PER-SHARE-NAV-END> 8.310
<EXPENSE-RATIO> .960
<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 OCTOBER 31, 1995 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 052
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 159,742,614
<INVESTMENTS-AT-VALUE> 156,648,217
<RECEIVABLES> 21,509,342
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,002
<TOTAL-ASSETS> 178,158,561
<PAYABLE-FOR-SECURITIES> 9,779,831
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,215,823
<TOTAL-LIABILITIES> 11,995,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,992,975
<SHARES-COMMON-STOCK> 143,557
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 100,998
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,593,867)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,337,199)
<NET-ASSETS> 166,162,907
<DIVIDEND-INCOME> 427,054
<INTEREST-INCOME> 15,392,484
<OTHER-INCOME> 0
<EXPENSES-NET> (1,645,420)
<NET-INVESTMENT-INCOME> 14,174,118
<REALIZED-GAINS-CURRENT> (4,205,563)
<APPREC-INCREASE-CURRENT> 9,792,417
<NET-CHANGE-FROM-OPS> 19,760,972
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,628)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (1,753)
<NUMBER-OF-SHARES-SOLD> 145,023
<NUMBER-OF-SHARES-REDEEMED> (3,208)
<SHARES-REINVESTED> 1,742
<NET-CHANGE-IN-ASSETS> (21,040,936)
<ACCUMULATED-NII-PRIOR> 16,291,164
<ACCUMULATED-GAINS-PRIOR> (15,963,546)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (984,273)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,645,420)
<AVERAGE-NET-ASSETS> 514,274
<PER-SHARE-NAV-BEGIN> 8.030
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> .301
<PER-SHARE-DIVIDEND> (.301)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> (.030)
<PER-SHARE-NAV-END> 8.310
<EXPENSE-RATIO> 1.540
<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 OCTOBER 31, 1995 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 17,443,950
<INVESTMENTS-AT-VALUE> 17,037,804
<RECEIVABLES> 49
<ASSETS-OTHER> 2,337
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,040,190
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,434
<TOTAL-LIABILITIES> 26,434
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,137,841
<SHARES-COMMON-STOCK> 1,732,290
<SHARES-COMMON-PRIOR> 2,532,014
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (717,939)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (406,146)
<NET-ASSETS> 17,013,756
<DIVIDEND-INCOME> 1,278,303
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (92,077)
<NET-INVESTMENT-INCOME> 1,186,226
<REALIZED-GAINS-CURRENT> (298,102)
<APPREC-INCREASE-CURRENT> 508,371
<NET-CHANGE-FROM-OPS> 1,396,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,186,226)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,190,439
<NUMBER-OF-SHARES-REDEEMED> (2,082,373)
<SHARES-REINVESTED> 92,210
<NET-CHANGE-IN-ASSETS> (7,550,484)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (419,837)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,936
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 106,665
<AVERAGE-NET-ASSETS> 20,375,421
<PER-SHARE-NAV-BEGIN> 9.700
<PER-SHARE-NII> .580
<PER-SHARE-GAIN-APPREC> .120
<PER-SHARE-DIVIDEND> (.580)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> .700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</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, 1995,
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 judgments 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, 1995.
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 15, 1995
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77I(b):
Terms of new or amended securites
The registrant issues two classes of shares in three of its six
series: Franklin Global Government Income Fund - Class I and
Franklin Global Government Income Fund - Class II; Franklin
Convertible Securities Fund - Class I and Franklin Convertible
Securities Fund - Class II; and Franklin Equity Income Fund -
Class I and Franklin Equity Income Fund - Class II. Shares of
each class of a series represent proportionate interests in the
assets of the series and have the same voting and other rights
and preferences as the other classes and series of the Registrant
for matters that affect the Registrant as a whole.
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders
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 Franklin Convertible Securities Fund (the "Fund"), a
series of Franklin Investors Securities Trust (the "Trust"), does
hereby take the following actions and does hereby consent to the
following resolution:
RESOLVED: That the Class II Distribution Plan pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as agreed to
and accepted by Franklin/Templeton Distributors, Inc. and the
Trust prior to the date below, be and it hereby is, approved for
the 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: October 2, 1995 By: Harmon E. Burns
Executive Vice President
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders
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 Franklin Equity Income Fund (the "Fund"), a series of
Franklin Investors Securities Trust (the "Trust"), does hereby
take the following actions and does hereby consent to the
following resolution:
RESOLVED: That the Class II Distribution Plan pursuant to Rule
12b-1 (under the Investment Company Act of 1940), as agreed to
and accepted by Franklin/Templeton Distributors, Inc. and the
Trust prior to the date below, be and it hereby is, approved for
the 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: October 2, 1995 By: Harmon E. Burns
Executive Vice President
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77D:
Terms of new or amended securites
At a meeting of the Board of Trustees on December 13, 1994, the
following resolution was approved:
RESOLVED, that the Prospectus for the Franklin Adjustable Rate
Securities Fund (the "Fund") be amended or supplemented to the
extent necessary to indicate that the Fund may invest up to
35% of its total net assets in (1) collateralized mortgage
obligations ("CMOs") backed by fixed-rate pass-throughs, whole
loan mortgages or stripped mortgage-backed securities rated AA
or better; (2) fixed-rate premium pass-through mortgage
securities rated AA or better; (3) asset-backed securities
rated AA or better; and (4) Small Business Administration
("SBA") securities.
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
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
