<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000809707
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FRANKLIN INVESTORS SECURITIES TRUST
001 B000000 811-4986
001 C000000 4153122000
002 A000000 777 MARINERS ISLAND BLVD.
002 B000000 SAN MATEO
002 C000000 CA
002 D010000 94404
002 D020000 1585
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 6
007 C010100 1
007 C020100 FRANKLIN SHORT-INTERMEDIATE U.S. GOV'T SEC.
007 C030100 N
007 C010200 2
007 C020200 FRANKLIN CONVERTIBLE SECURITIES FUND
007 C030200 N
007 C010300 3
007 C020300 FRANKLIN ADJUSTABLE U.S. GOV'T SEC. FUND
007 C030300 N
007 C010400 4
007 C020400 FRANKLIN EQUITY INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 FRANKLIN GLOBAL GOVERNMENT INCOME FUND
007 C030500 N
007 C010600 6
007 C020600 FRANKLIN ADJUSTABLE RATE SECURITIES FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
011 A00AA01 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
011 B00AA01 8-5889
011 C01AA01 SAN MATEO
011 C02AA01 CA
011 C03AA01 94403
011 C04AA01 7777
<PAGE> PAGE 2
012 A00AA01 FRANKLIN/TEMPLETON INVESTOR SERVICES, INC.
012 B00AA01 84-1036
012 C01AA01 SAN MATEO
012 C02AA01 CA
012 C03AA01 94403
012 C04AA01 7777
013 A00AA01 COOPERS & LYBRAND L.L.P.
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
013 B04AA01 2119
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 193
019 C00AA00 FRNKTEMGRP
020 A000001 EDWARDS (A G) & SONS INC
020 B000001 43-0895447
020 C000001 42
020 A000002 PAINWEBBER INC
020 B000002 13-2638166
020 C000002 29
020 A000003 SMITH BARNEY SHEARSON
020 B000003 13-1912900
020 C000003 27
020 A000004 SOLOMON BROTHERS INC
020 B000004 13-3082694
020 C000004 23
020 A000005 MERRILL LYNCH PIERCE FENNER
020 B000005 13-5674085
020 C000005 22
020 A000006 LEHMAN BROTHERS, INC
020 B000006 13-2518466
020 C000006 20
020 A000007 GOLDMAN SACHS & CO
020 B000007 13-5108880
020 C000007 17
020 A000008 BEAR, STEARNS & CO INC
020 B000008 13-3299429
020 C000008 12
020 A000009 DAIN BOSWORTH INC
020 B000009 41-0212020
020 C000009 11
020 A000010 NATWEST SECURITIES CORPORATION
020 B000010 11-0773597
020 C000010 10
021 000000 378
022 A000001 SBCI SWISS BANK CORP INV BANK
022 B000001 13-2639550
022 C000001 1247034
022 D000001 0
022 A000002 FUJI SECURITIES INC
<PAGE> PAGE 3
022 B000002 13-3038090
022 C000002 1064216
022 D000002 19760
022 A000003 DAIWA SECURITIES AMERICA INC
022 B000003 13-5680329
022 C000003 1042598
022 D000003 0
022 A000004 DONALDSON LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 976997
022 D000004 0
022 A000005 BEAR, STEARNS & CO INC
022 B000005 13-3299429
022 C000005 908669
022 D000005 94
022 A000006 BANK OF AMERICA NT & SA
022 B000006 94-1687665
022 C000006 904502
022 D000006 645
022 A000007 UBS SECURITIES, L.L.C.
022 B000007 13-2932996
022 C000007 886386
022 D000007 941
022 A000008 BANKERS TRUST CO
022 B000008 13-4941247
022 C000008 674818
022 D000008 0
022 A000009 LEHMAN BROTHERS, INC.
022 B000009 13-2518466
022 C000009 636060
022 D000009 0
022 A000010 NIKKO SECURITIES CO INTL INC
022 B000010 94-1302123
022 C000010 615746
022 D000010 0
023 C000000 11122520
023 D000000 494523
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 Y
040 00AA00 Y
<PAGE> PAGE 4
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
077 B000000 Y
078 000000 N
080 C00AA00 130000
081 A00AA00 Y
081 B00AA00 187
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 FRANKLIN ADVISERS, INC.
008 B000101 A
008 C000101 801-26292
008 D010101 SAN MATEO
008 D020101 CA
<PAGE> PAGE 5
008 D030101 94403
008 D040101 7777
014 A000101 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000101 8-5889
015 A000101 BANK OF AMERICA NT&SA
015 B000101 C
015 C010101 SAN FRANCISCO
015 C020101 CA
015 C030101 94104
015 C040101 1502
015 E010101 X
015 A000102 CITIBANK DELAWARE
015 B000102 C
015 C010102 NEW CASTLE
015 C020102 DE
015 C030102 19720
015 C040102 2409
015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 C
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10286
015 E010103 X
024 000100 N
025 A000101 DELETE
025 D000101 0
025 A000102 DELETE
025 D000102 0
025 A000103 DELETE
025 D000103 0
025 A000104 DELETE
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 5781
028 A020100 572
028 A030100 0
028 A040100 9625
028 B010100 3512
028 B020100 566
028 B030100 0
028 B040100 5172
028 C010100 7579
028 C020100 557
028 C030100 0
028 C040100 8762
028 D010100 4325
028 D020100 550
<PAGE> PAGE 6
028 D030100 0
028 D040100 6762
028 E010100 6786
028 E020100 557
028 E030100 0
028 E040100 8390
028 F010100 5972
028 F020100 508
028 F030100 0
028 F040100 8183
028 G010100 33955
028 G020100 3310
028 G030100 0
028 G040100 46894
028 H000100 33955
029 000100 Y
030 A000100 230
030 B000100 2.25
030 C000100 0.00
031 A000100 29
031 B000100 0
032 000100 201
033 000100 0
034 000100 Y
035 000100 0
036 A000100 N
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 161
044 000100 30
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100000
048 A020100 0.625
048 B010100 150000
048 B020100 0.500
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
<PAGE> PAGE 7
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 250000
048 K020100 0.450
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 100
062 A000100 Y
062 B000100 38.5
062 C000100 0.0
062 D000100 0.2
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 60.1
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 2.2
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
<PAGE> PAGE 8
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 145611
071 B000100 156024
071 C000100 200510
071 D000100 73
072 A000100 12
072 B000100 12991
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 1142
072 G000100 0
072 H000100 0
072 I000100 81
072 J000100 7
072 K000100 32
072 L000100 21
072 M000100 22
072 N000100 19
<PAGE> PAGE 9
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 13
072 S000100 1
072 T000100 165
072 U000100 0
072 V000100 0
072 W000100 5
072 X000100 1508
072 Y000100 0
072 Z000100 11483
072AA000100 398
072BB000100 699
072CC010100 0
072CC020100 1358
072DD010100 11299
072DD020100 0
072EE000100 0
073 A010100 0.5700
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 429
074 C000100 75397
074 D000100 117852
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 3823
074 M000100 0
074 N000100 197501
074 O000100 0
074 P000100 138
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1321
074 S000100 0
074 T000100 196042
074 U010100 19068
074 U020100 0
074 V010100 10.28
074 V020100 0.00
074 W000100 0.0000
<PAGE> PAGE 10
074 X000100 6858
074 Y000100 26474
075 A000100 0
075 B000100 203758
076 000100 0.00
008 A000201 FRANKLIN ADVISERS, INC.
008 B000201 A
008 C000201 801-26292
008 D010201 SAN MATEO
008 D020201 CA
008 D030201 94403
008 D040201 7777
014 A000201 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000201 8-5889
015 A000201 DELETE
015 A000202 CITIBANK DELAWARE
015 B000202 C
015 C010202 NEW CASTLE
015 C020202 DE
015 C030202 19720
015 C040202 2409
015 E010202 X
015 A000203 BANK OF NEW YORK
015 B000203 C
015 C010203 NEW YORK
015 C020203 NY
015 C030203 10286
015 E010203 X
015 A000204 THE BANK OF BOSTON
015 B000204 S
015 C010204 BUENOS AIRES
015 D010204 ARGENTINA
015 E040204 X
015 A000205 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000205 S
015 C010205 MELBOURNE
015 D010205 AUSTRALIA
015 E040205 X
015 A000206 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000206 S
015 C010206 VIENNA
015 D010206 AUSTRIA
015 E040206 X
015 A000207 STANDARD CHARTERED BANK PLC (SCB)
015 B000207 S
015 C010207 DHAKA
015 D010207 BANGLADESH
015 E040207 X
015 A000208 BANQUE BRUXELLESLAMBERT (BBL)
015 B000208 S
015 C010208 BRUSSELS
<PAGE> PAGE 11
015 D010208 BELGIUM
015 E040208 X
015 A000209 THE BANK OF BOSTON
015 B000209 S
015 C010209 SAO PAULO
015 D010209 BRAZIL
015 E040209 X
015 A000210 THE ROYAL TRUST CORPORATION OF CANADA
015 B000210 S
015 C010210 MONTREAL
015 D010210 CANADA
015 E040210 X
015 A000211 THE BANK OF BOSTON
015 B000211 S
015 C010211 SANTIAGO
015 D010211 CHILE
015 E040211 X
015 A000212 BANCO DE CHILE
015 B000212 S
015 C010212 SANTIAGO
015 D010212 CHILE
015 E040212 X
015 A000213 STANDARD CHARTERED BANK
015 B000213 S
015 C010213 SHANGHAI
015 D010213 CHINA
015 E040213 X
015 A000214 STANDARD CHARTERED BANK
015 B000214 S
015 C010214 SHENZHEN
015 D010214 CHINA
015 E040214 X
015 A000215 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A
015 B000215 S
015 C010215 BOGOTA
015 D010215 COLOMBIA
015 E040215 X
015 A000216 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000216 S
015 C010216 PRAHA (PRAGUE)
015 D010216 CZECH REPUBLIC
015 E040216 X
015 A000217 DEN DANSKE BANK
015 B000217 S
015 C010217 COPENHAGEN
015 D010217 DENMARK
015 E040217 X
015 A000218 CEDEL
015 B000218 S
015 C010218 LUXEMBOURG CITY
015 D010218 LUXEMBOURG
<PAGE> PAGE 12
015 E040218 X
015 A000219 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000219 S
015 C010219 LONDON
015 D010219 LUXEMBOURG
015 E040219 X
015 A000220 MERITA BANK (MB)
015 B000220 S
015 C010220 HELSINKI
015 D010220 FINLAND
015 E040220 X
015 A000221 BANQUE PARIBAS
015 B000221 S
015 C010221 PARIS
015 D010221 FRANCE
015 E040221 X
015 A000222 DRESDNER BANK AG
015 B000222 S
015 C010222 FRANKFURT
015 D010222 GERMANY
015 E040222 X
015 A000223 ALPHA CREDIT BANK A.E.
015 B000223 S
015 C010223 ATHENS
015 D010223 GREECE
015 E040223 X
015 A000224 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000224 S
015 C010224 HONG KONG
015 D010224 HONG KONG
015 E040224 X
015 A000225 CITIBANK, N.A.
015 B000225 S
015 C010225 BUDAPEST
015 D010225 HUNGARY
015 E040225 X
015 A000226 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000226 S
015 C010226 BOMBAY
015 D010226 INDIA
015 E040226 X
015 A000227 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000227 S
015 C010227 JAKARTA
015 D010227 INDONESIA
015 E040227 X
015 A000228 ALLIED IRISH BANK (AIB)
015 B000228 S
015 C010228 DUBLIN
015 D010228 IRELAND
015 E040228 X
<PAGE> PAGE 13
015 A000229 ISRAEL DISCOUNT BANK
015 B000229 S
015 C010229 TEL AVIV
015 D010229 ISRAEL
015 E040229 X
015 A000230 BANCA COMMERCIALE ITALIANA (BCI)
015 B000230 S
015 C010230 MILAN
015 D010230 ITALY
015 E040230 X
015 A000231 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000231 S
015 C010231 TOKYO
015 D010231 JAPAN
015 E040231 X
015 A000232 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000232 S
015 C010232 KUALA LUMPUR
015 D010232 MALAYSIA
015 E040232 X
015 A000233 BANCO NACIONAL DE MEXICO
015 B000233 S
015 C010233 MEXICO CITY
015 D010233 MEXICO
015 E040233 X
015 A000234 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000234 S
015 C010234 CASABLANCA
015 D010234 MOROCCO
015 E040234 X
015 A000235 MEESPIERSON
015 B000235 S
015 C010235 AMSTERDAM
015 D010235 NETHERLANDS
015 E040235 X
015 A000236 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000236 S
015 C010236 WELLINGTON
015 D010236 NEW ZEALAND
015 E040236 X
015 A000237 DEN NORSKE BANK A.S.
015 B000237 S
015 C010237 BERGEN/OSLO
015 D010237 NORWAY
015 E040237 X
015 A000238 STANDARD CHARTERED BANK (SCB)
015 B000238 S
015 C010238 KARACHI
015 D010238 PAKISTAN
015 E040238 X
015 A000239 CITIBANK, N.A.
<PAGE> PAGE 14
015 B000239 S
015 C010239 LIMA
015 D010239 PERU
015 E040239 X
015 A000240 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000240 S
015 C010240 MANILA
015 D010240 PHILIPPINES
015 E040240 X
015 A000241 BANK HANDLOWY W WARSZAWIE S.A.
015 B000241 S
015 C010241 WARSAW
015 D010241 POLAND
015 E040241 X
015 A000242 BANCO COMERCIAL PORTUGUES, S.A.
015 B000242 S
015 C010242 LISBON
015 D010242 PORTUGAL
015 E040242 X
015 A000243 UNITED OVERSEAS BANK (UOB)
015 B000243 S
015 C010243 SINGAPORE
015 D010243 SINGAPORE
015 E040243 X
015 A000244 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000244 S
015 C010244 JOHANNESBURG
015 D010244 SOUTH AFRICA
015 E040244 X
015 A000245 SEOULBANK (SB)
015 B000245 S
015 C010245 SEOUL
015 D010245 SOUTH KOREA
015 E040245 X
015 A000246 BANCO BILBAO VIZCAYA (BBV)
015 B000246 S
015 C010246 MADRID/BILBAO
015 D010246 SPAIN
015 E040246 X
015 A000247 STANDARD CHARTERED BANK (SCB)
015 B000247 S
015 C010247 COLOMBO
015 D010247 SRI LANKA
015 E040247 X
015 A000248 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000248 S
015 C010248 STOCKHOLM
015 D010248 SWEDEN
015 E040248 X
015 A000249 UNION BANK OF SWITZERLAND (UBS)
015 B000249 S
<PAGE> PAGE 15
015 C010249 ZURICH
015 D010249 SWITZERLAND
015 E040249 X
015 A000250 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000250 S
015 C010250 TAIPEI
015 D010250 TAIWAN
015 E040250 X
015 A000251 THE SIAM COMMERCIAL BANK PUBLIC CO LTD (SCB)
015 B000251 S
015 C010251 BANGKOK
015 D010251 THAILAND
015 E040251 X
015 A000252 CITIBANK, N.A.
015 B000252 S
015 C010252 ISTANBUL
015 D010252 TURKEY
015 E040252 X
015 A000253 THE BANK OF NEW YORK
015 B000253 S
015 C010253 LONDON
015 D010253 UNITED KINGDOM
015 E040253 X
015 A000254 THE BANK OF BOSTON
015 B000254 S
015 C010254 MONTEVIDEO
015 D010254 URUGUAY
015 E040254 X
015 A000255 CITIBANK, N.A.
015 B000255 S
015 C010255 CARACAS
015 D010255 VENEZUELA
015 E040255 X
024 000200 N
025 A000201 DELETE
025 D000201 0
025 A000202 DELETE
025 D000202 0
025 A000203 DELETE
025 D000203 0
025 A000204 DELETE
025 D000204 0
025 A000205 DELETE
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 8023
028 A020200 317
028 A030200 0
028 A040200 1613
<PAGE> PAGE 16
028 B010200 7613
028 B020200 331
028 B030200 0
028 B040200 2293
028 C010200 5955
028 C020200 340
028 C030200 0
028 C040200 3567
028 D010200 5739
028 D020200 356
028 D030200 0
028 D040200 1388
028 E010200 4640
028 E020200 367
028 E030200 0
028 E040200 3957
028 F010200 5276
028 F020200 363
028 F030200 0
028 F040200 2375
028 G010200 37246
028 G020200 2074
028 G030200 0
028 G040200 15193
028 H000200 37246
029 000200 Y
030 A000200 1131
030 B000200 4.50
030 C000200 0.00
031 A000200 18
031 B000200 0
032 000200 1113
033 000200 0
034 000200 Y
035 000200 1
036 A000200 N
036 B000200 0
042 A000200 0
042 B000200 0
042 C000200 100
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 300
044 000200 79
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
<PAGE> PAGE 17
048 A010200 100000
048 A020200 0.625
048 B010200 150000
048 B020200 0.500
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 250000
048 K020200 0.450
055 A000200 N
055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
059 000200 Y
060 A000200 Y
060 B000200 Y
061 000200 100
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 9.6
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 66.5
062 Q000200 0.0
062 R000200 23.1
063 A000200 0
063 B000200 3.0
<PAGE> PAGE 18
064 A000200 N
064 B000200 N
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 Y
066 F000200 N
066 G000200 N
067 000200 Y
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 Y
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 171036
071 B000200 133254
<PAGE> PAGE 19
071 C000200 102640
071 D000200 130
072 A000200 12
072 B000200 4562
072 C000200 1995
072 D000200 0
072 E000200 0
072 F000200 700
072 G000200 0
072 H000200 0
072 I000200 96
072 J000200 6
072 K000200 28
072 L000200 19
072 M000200 12
072 N000200 22
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 7
072 S000200 1
072 T000200 291
072 U000200 0
072 V000200 0
072 W000200 5
072 X000200 1187
072 Y000200 0
072 Z000200 5370
072AA000200 13825
072BB000200 4191
072CC010200 1567
072CC020200 0
072DD010200 5000
072DD020200 175
072EE000200 4665
073 A010200 0.6000
073 A020200 0.5276
073 B000200 0.6790
073 C000200 0.0000
074 A000200 37
074 B000200 13553
074 C000200 0
074 D000200 94333
074 E000200 28478
074 F000200 4290
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 1804
074 K000200 0
074 L000200 1948
<PAGE> PAGE 20
074 M000200 0
074 N000200 144443
074 O000200 2397
074 P000200 175
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 59
074 S000200 0
074 T000200 141812
074 U010200 9739
074 U020200 810
074 V010200 13.45
074 V020200 13.41
074 W000200 0.0000
074 X000200 9410
074 Y000200 2120
075 A000200 0
075 B000200 112975
076 000200 0.00
010 A000301 FRANKLIN ADVISERS, INC.
010 B000301 801-26292
010 C010301 SAN MATEO
010 C020301 CA
010 C030301 94403
010 C040301 7777
015 A000301 FRANKLIN/TEMPLETON INVESTORS SERVICES, INC.
015 B000301 C
015 C010301 SAN MATEO
015 C020301 CA
015 C030301 94403
015 C040301 7777
015 E030301 X
015 A000302 DELETE
015 A000303 DELETE
024 000300 N
028 A010300 8700
028 A020300 1273
028 A030300 0
028 A040300 18046
028 B010300 3848
028 B020300 1273
028 B030300 0
028 B040300 9385
028 C010300 14615
028 C020300 1256
028 C030300 0
028 C040300 20229
028 D010300 8290
028 D020300 1241
<PAGE> PAGE 21
028 D030300 0
028 D040300 17061
028 E010300 11968
028 E020300 1173
028 E030300 0
028 E040300 21544
028 F010300 12353
028 F020300 1091
028 F030300 0
028 F040300 45823
028 G010300 59774
028 G020300 7307
028 G030300 0
028 G040300 132088
028 H000300 59774
029 000300 Y
030 A000300 152
030 B000300 2.25
030 C000300 0.00
031 A000300 20
031 B000300 0
032 000300 132
033 000300 0
034 000300 Y
035 000300 0
036 A000300 N
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 1069
044 000300 78
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 5000000
048 A020300 0.100
048 B010300 5000000
048 B020300 0.090
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
<PAGE> PAGE 22
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 10000000
048 K020300 0.080
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 100
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 Y
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
<PAGE> PAGE 23
069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
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
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 108635
071 B000300 222647
071 C000300 461840
071 D000300 24
072 A000300 12
072 B000300 0
072 C000300 29156
072 D000300 0
072 E000300 0
072 F000300 0
072 G000300 462
072 H000300 0
072 I000300 285
072 J000300 0
<PAGE> PAGE 24
072 K000300 96
072 L000300 75
072 M000300 51
072 N000300 19
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 12
072 S000300 2
072 T000300 1008
072 U000300 0
072 V000300 0
072 W000300 18
072 X000300 2028
072 Y000300 0
072 Z000300 27128
072AA000300 84
072BB000300 8416
072CC010300 10070
072CC020300 0
072DD010300 27723
072DD020300 0
072EE000300 0
073 A010300 0.5620
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 54
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 397479
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 87
074 M000300 0
074 N000300 397620
074 O000300 0
074 P000300 255
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 287
074 S000300 0
074 T000300 397078
074 U010300 42382
<PAGE> PAGE 25
074 U020300 0
074 V010300 9.37
074 V020300 0.00
074 W000300 0.0000
074 X000300 21171
074 Y000300 0
075 A000300 0
075 B000300 462438
076 000300 0.00
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
014 A000401 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000401 8-5889
015 A000401 BANK OF AMERICA
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 C040402 2409
015 E010402 X
015 A000403 BANK OF NEW YORK
015 B000403 C
015 C010403 NEW YORK
015 C020403 NY
015 C030403 10286
015 E010403 X
015 A000404 THE BANK OF BOSTON
015 B000404 S
015 C010404 BUENOS AIRES
015 D010404 ARGENTINA
015 E040404 X
015 A000405 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000405 S
015 C010405 MELBOURNE
015 D010405 AUSTRALIA
015 E040405 X
015 A000406 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000406 S
015 C010406 VIENNA
<PAGE> PAGE 26
015 D010406 AUSTRIA
015 E040406 X
015 A000407 STANDARD CHARTERED BANK PLC (SCB)
015 B000407 S
015 C010407 DHAKA
015 D010407 BANGLADESH
015 E040407 X
015 A000408 BANQUE BRUXELLESLAMBERT (BBL)
015 B000408 S
015 C010408 BRUSSELS
015 D010408 BELGIUM
015 E040408 X
015 A000409 THE BANK OF BOSTON
015 B000409 S
015 C010409 SAO PAULO
015 D010409 BRAZIL
015 E040409 X
015 A000410 THE ROYAL TRUST CORPORATION OF CANADA
015 B000410 S
015 C010410 MONTREAL
015 D010410 CANADA
015 E040410 X
015 A000411 THE BANK OF BOSTON
015 B000411 S
015 C010411 SANTIAGO
015 D010411 CHILE
015 E040411 X
015 A000412 BANCO DE CHILE
015 B000412 S
015 C010412 SANTIAGO
015 D010412 CHILE
015 E040412 X
015 A000413 STANDARD CHARTERED BANK
015 B000413 S
015 C010413 SHANGHAI
015 D010413 CHINA
015 E040413 X
015 A000414 STANDARD CHARTERED BANK
015 B000414 S
015 C010414 SHENZHEN
015 D010414 CHINA
015 E040414 X
015 A000415 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000415 S
015 C010415 BOGOTA
015 D010415 COLOMBIA
015 E040415 X
015 A000416 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000416 S
015 C010416 PRAHA (PRAGUE)
015 D010416 CZECH REPUBLIC
<PAGE> PAGE 27
015 E040416 X
015 A000417 DEN DANSKE BANK
015 B000417 S
015 C010417 COPENHAGEN
015 D010417 DENMARK
015 E040417 X
015 A000418 CEDEL
015 B000418 S
015 C010418 LUXEMBOURG CITY
015 D010418 LUXEMBOURG
015 E040418 X
015 A000419 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000419 S
015 C010419 LONDON
015 D010419 LUXEMBOURG
015 E040419 X
015 A000420 MERITA BANK (MB)
015 B000420 S
015 C010420 HELSINKI
015 D010420 FINLAND
015 E040420 X
015 A000421 BANQUE PARIBAS
015 B000421 S
015 C010421 PARIS
015 D010421 FRANCE
015 E040421 X
015 A000422 DRESDNER BANK AG
015 B000422 S
015 C010422 FRANKFURT
015 D010422 GERMANY
015 E040422 X
015 A000423 ALPHA CREDIT BANK A.E.
015 B000423 S
015 C010423 ATHENS
015 D010423 GREECE
015 E040423 X
015 A000424 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000424 S
015 C010424 HONG KONG
015 D010424 HONG KONG
015 E040424 X
015 A000425 CITIBANK, N.A.
015 B000425 S
015 C010425 BUDAPEST
015 D010425 HUNGARY
015 E040425 X
015 A000426 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000426 S
015 C010426 BOMBAY
015 D010426 INDIA
015 E040426 X
<PAGE> PAGE 28
015 A000427 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000427 S
015 C010427 JAKARTA
015 D010427 INDONESIA
015 E040427 X
015 A000428 ALLIED IRISH BANK (AIB)
015 B000428 S
015 C010428 DUBLIN
015 D010428 IRELAND
015 E040428 X
015 A000429 ISRAEL DISCOUNT BANK
015 B000429 S
015 C010429 TEL AVIV
015 D010429 ISRAEL
015 E040429 X
015 A000430 BANCA COMMERCIALE ITALIANA (BCI)
015 B000430 S
015 C010430 MILAN
015 D010430 ITALY
015 E040430 X
015 A000431 YASUDA TRUST AND BANKING COMPANY LIMITED
015 B000431 S
015 C010431 TOKYO
015 D010431 JAPAN
015 E040431 X
015 A000432 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000432 S
015 C010432 KUALA LUMPUR
015 D010432 MALAYSIA
015 E040432 X
015 A000433 BANCO NACIONAL DE MEXICO
015 B000433 S
015 C010433 MEXICO CITY
015 D010433 MEXICO
015 E040433 X
015 A000434 BANQUE COMMERCIALE DU MAROC (BCM)
015 B000434 S
015 C010434 CASABLANCA
015 D010434 MOROCCO
015 E040434 X
015 A000435 MEESPIERSON
015 B000435 S
015 C010435 AMSTERDAM
015 D010435 NETHERLANDS
015 E040435 X
015 A000436 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000436 S
015 C010436 WELLINGTON
015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.
<PAGE> PAGE 29
015 B000437 S
015 C010437 BERGEN/OSLO
015 D010437 NORWAY
015 E040437 X
015 A000438 STANDARD CHARTERED BANK (SCB)
015 B000438 S
015 C010438 KARACHI
015 D010438 PAKISTAN
015 E040438 X
015 A000439 CITIBANK, N.A.
015 B000439 S
015 C010439 LIMA
015 D010439 PERU
015 E040439 X
015 A000440 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000440 S
015 C010440 MANILA
015 D010440 PHILIPPINES
015 E040440 X
015 A000441 BANK HANDLOWY W WARSZAWIE S.A.
015 B000441 S
015 C010441 WARSAW
015 D010441 POLAND
015 E040441 X
015 A000442 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
015 B000442 S
015 C010442 LISBON
015 D010442 PORTUGAL
015 E040442 X
015 A000443 UNITED OVERSEAS BANK (UOB)
015 B000443 S
015 C010443 SINGAPORE
015 D010443 SINGAPORE
015 E040443 X
015 A000444 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000444 S
015 C010444 JOHANNESBURG
015 D010444 SOUTH AFRICA
015 E040444 X
015 A000445 SEOULBANK (SB)
015 B000445 S
015 C010445 SEOUL
015 D010445 SOUTH KOREA
015 E040445 X
015 A000446 BANCO BILBAO VIZCAYA (BBV)
015 B000446 S
015 C010446 MADRID/BILBAO
015 D010446 SPAIN
015 E040446 X
015 A000447 STANDARD CHARTERED BANK (SCB)
015 B000447 S
<PAGE> PAGE 30
015 C010447 COLOMBO
015 D010447 SRI LANKA
015 E040447 X
015 A000448 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000448 S
015 C010448 STOCKHOLM
015 D010448 SWEDEN
015 E040448 X
015 A000449 UNION BANK OF SWITZERLAND (UBS)
015 B000449 S
015 C010449 ZURICH
015 D010449 SWITZERLAND
015 E040449 X
015 A000450 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000450 S
015 C010450 TAIPEI
015 D010450 TAIWAN
015 E040450 X
015 A000451 THE SIAM COMMERICAL BANK PUBLIC COMPANY LTD
015 B000451 S
015 C010451 BANGKOK
015 D010451 THAILAND
015 E040451 X
015 A000452 CITIBANK, N.A.
015 B000452 S
015 C010452 ISTANBUL
015 D010452 TURKEY
015 E040452 X
015 A000453 THE BANK OF NEW YORK
015 B000453 S
015 C010453 LONDON
015 D010453 UNITED KINGDOM
015 E040453 X
015 A000454 THE BANK OF BOSTON
015 B000454 S
015 C010454 MONTEVIDEO
015 D010454 URUGUAY
015 E040454 X
015 A000455 CITIBANK, N.A.
015 B000455 S
015 C010455 CARACAS
015 D010455 VENEZUELA
015 E040455 X
024 000400 Y
025 A000401 MORGAN (J.P.) & CO., INC.
025 B000401 13-3224016
025 C000401 E
025 D000401 2634
025 A000402 DELETE
025 D000402 0
025 A000403 DELETE
<PAGE> PAGE 31
025 D000403 0
025 A000404 DELETE
025 D000404 0
025 A000405 DELETE
025 D000405 0
025 A000406 DELETE
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 13551
028 A020400 596
028 A030400 0
028 A040400 9838
028 B010400 9579
028 B020400 612
028 B030400 0
028 B040400 5107
028 C010400 10562
028 C020400 622
028 C030400 0
028 C040400 4826
028 D010400 10182
028 D020400 641
028 D030400 0
028 D040400 3720
028 E010400 9261
028 E020400 658
028 E030400 0
028 E040400 4680
028 F010400 10027
028 F020400 655
028 F030400 0
028 F040400 7277
028 G010400 63162
028 G020400 3784
028 G030400 0
028 G040400 35448
028 H000400 63162
029 000400 Y
030 A000400 1818
030 B000400 4.50
030 C000400 0.00
031 A000400 18
031 B000400 0
032 000400 1800
033 000400 0
034 000400 Y
035 000400 2
036 A000400 N
036 B000400 0
042 A000400 0
<PAGE> PAGE 32
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 607
044 000400 169
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 100000
048 A020400 0.625
048 B010400 150000
048 B020400 0.500
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 250000
048 K020400 0.450
055 A000400 N
055 B000400 N
056 000400 N
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 100
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
<PAGE> PAGE 33
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
<PAGE> PAGE 34
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 141569
071 B000400 46696
071 C000400 193372
071 D000400 24
072 A000400 12
072 B000400 1490
072 C000400 9756
072 D000400 0
072 E000400 0
072 F000400 1251
072 G000400 0
072 H000400 0
072 I000400 194
072 J000400 6
072 K000400 60
072 L000400 29
072 M000400 24
072 N000400 34
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 16
072 S000400 1
072 T000400 608
072 U000400 0
072 V000400 0
072 W000400 7
072 X000400 2230
072 Y000400 0
072 Z000400 9016
072AA000400 8971
072BB000400 3470
072CC010400 15107
072CC020400 0
072DD010400 8654
072DD020400 244
072EE000400 4654
073 A010400 0.6491
073 A020400 0.5582
073 B000400 0.3990
073 C000400 0.0000
074 A000400 469
<PAGE> PAGE 35
074 B000400 16622
074 C000400 0
074 D000400 0
074 E000400 16041
074 F000400 231341
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 120
074 K000400 0
074 L000400 1339
074 M000400 0
074 N000400 265932
074 O000400 374
074 P000400 326
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 53
074 S000400 0
074 T000400 265179
074 U010400 15051
074 U020400 1113
074 V010400 16.41
074 V020400 16.38
074 W000400 0.0000
074 X000400 19713
074 Y000400 3670
075 A000400 0
075 B000400 221121
076 000400 0.00
008 A000501 FRANKLIN ADVISERS,INC
008 B000501 A
008 C000501 801-26292
008 D010501 SAN MATEO
008 D020501 CA
008 D030501 94403
008 D040501 7777
008 A000502 TEMPLETON INVESTMENT COUNSEL, INC.
008 B000502 S
008 C000502 801-15125
008 D010502 FORT LAUDERDALE
008 D020502 FL
008 D030502 33394
008 D040502 3091
014 A000501 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000501 8-5889
015 A000501 BANK OF AMERICA NT&SA
015 B000501 C
015 C010501 SAN FRANCISCO
<PAGE> PAGE 36
015 C020501 CA
015 C030501 94104
015 C040501 1502
015 E010501 X
015 A000502 CITIBANK DELAWARE
015 B000502 C
015 C010502 NEW CASTLE
015 C020502 DE
015 C030502 19720
015 C040502 2409
015 E010502 X
015 A000503 BANK OF NEW YORK
015 B000503 C
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10286
015 E010503 X
015 A000504 THE BANK OF BOSTON
015 B000504 S
015 C010504 BUENOS AIRES
015 D010504 ARGENTINA
015 E040504 X
015 A000505 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000505 S
015 C010505 MELBOURNE
015 D010505 AUSTRALIA
015 E040505 X
015 A000506 GIROCREDIT BANK AG DER OSTERREICHISCHEN SPARK
015 B000506 S
015 C010506 VIENNA
015 D010506 AUSTRIA
015 E040506 X
015 A000507 STANDARD CHARTERED BANK PLC (SCB)
015 B000507 S
015 C010507 DHAKA
015 D010507 BANGLADESH
015 E040507 X
015 A000508 BANQUE BRUXELLESLAMBERT (BBL)
015 B000508 S
015 C010508 BRUSSELS
015 D010508 BELGIUM
015 E040508 X
015 A000509 THE BANK OF BOSTON
015 B000509 S
015 C010509 SAO PAULO
015 D010509 BRAZIL
015 E040509 X
015 A000510 THE ROYAL TRUST CORPORATION OF CANADA
015 B000510 S
015 C010510 MONTREAL
015 D010510 CANADA
<PAGE> PAGE 37
015 E040510 X
015 A000511 THE BANK OF BOSTON
015 B000511 S
015 C010511 SANTIAGO
015 D010511 CHILE
015 E040511 X
015 A000512 BANCO DE CHILE
015 B000512 S
015 C010512 SANTIAGO
015 D010512 CHILE
015 E040512 X
015 A000513 STANDARD CHARTERED BANK
015 B000513 S
015 C010513 SHANGHAI
015 D010513 CHINA
015 E040513 X
015 A000514 STANDARD CHARTERED BANK
015 B000514 S
015 C010514 SHENZHEN
015 D010514 CHINA
015 E040514 X
015 A000515 CITIBANK, N.A. VIA CITITRUST COLOMBIA S.A.
015 B000515 S
015 C010515 BOGOTA
015 D010515 COLOMBIA
015 E040515 X
015 A000516 CESKOSLOVENSKA OBCHODNI BANKA (CSOB)
015 B000516 S
015 C010516 PRAHA (PRAGUE)
015 D010516 CZECH REPUBLIC
015 E040516 X
015 A000517 DEN DANSKE BANK
015 B000517 S
015 C010517 COPENHAGEN
015 D010517 DENMARK
015 E040517 X
015 A000518 CEDEL
015 B000518 S
015 C010518 LUXEMBOURG CITY
015 D010518 LUXEMBOURG
015 E040518 X
015 A000519 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000519 S
015 C010519 LONDON
015 D010519 LUXEMBOURG
015 E040519 X
015 A000520 MERITA BANK (MB)
015 B000520 S
015 C010520 HELSINKI
015 D010520 FINLAND
015 E040520 X
<PAGE> PAGE 38
015 A000521 BANQUE PARIBAS
015 B000521 S
015 C010521 PARIS
015 D010521 FRANCE
015 E040521 X
015 A000522 DRESDNER BANK AG
015 B000522 S
015 C010522 FRANKFURT
015 D010522 GERMANY
015 E040522 X
015 A000523 ALPHA CREDIT BANK
015 B000523 S
015 C010523 ATHENS
015 D010523 GREECE
015 E040523 X
015 A000524 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000524 S
015 C010524 HONG KONG
015 D010524 HONG KONG
015 E040524 X
015 A000525 CITIBANK, N.A.
015 B000525 S
015 C010525 BUDAPEST
015 D010525 HUNGARY
015 E040525 X
015 A000526 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000526 S
015 C010526 BOMBAY
015 D010526 INDIA
015 E040526 X
015 A000527 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000527 S
015 C010527 JAKARTA
015 D010527 INDONESIA
015 E040527 X
015 A000528 ALLIED IRISH BANK (ATB)
015 B000528 S
015 C010528 DUBLIN
015 D010528 IRELAND
015 E040528 X
015 A000529 ISRAEL DISCOUNT BANK
015 B000529 S
015 C010529 TEL AVIV
015 D010529 ISRAEL
015 E040529 X
015 A000530 BANCA COMMERICALE ITALIANA (BCI)
015 B000530 S
015 C010530 MILAN
015 D010530 ITALY
015 E040530 X
015 A000531 YASUDA TRUST AND BANKING COMPANY LIMITED
<PAGE> PAGE 39
015 B000531 S
015 C010531 TOKYO
015 D010531 JAPAN
015 E040531 X
015 A000532 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
015 B000532 S
015 C010532 KUALA LUMPUR
015 D010532 MALAYSIA
015 E040532 X
015 A000533 BANCO NACIONAL DE MEXICO
015 B000533 S
015 C010533 MEXICO CITY
015 D010533 MEXICO
015 E040533 X
015 A000534 BANQUE COMMERICALE DU MAROC (BCM)
015 B000534 S
015 C010534 CASABLANCA
015 D010534 MOROCCO
015 E040534 X
015 A000535 MEESPIERSON
015 B000535 S
015 C010535 AMSTERDAM
015 D010535 NETHERLANDS
015 E040535 X
015 A000536 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
015 B000536 S
015 C010536 WELLINGTON
015 D010536 NEW ZEALAND
015 E040536 X
015 A000537 DEN NORSKE BANK A.S.
015 B000537 S
015 C010537 BERGEN/OSLO
015 D010537 NORWAY
015 E040537 X
015 A000538 STANDARD CHARTERED BANK (SCB)
015 B000538 S
015 C010538 KARACHI
015 D010538 PAKISTAN
015 E040538 X
015 A000539 CITIBANK, N.A.
015 B000539 S
015 C010539 LIMA
015 D010539 PERU
015 E040539 X
015 A000540 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000540 S
015 C010540 MANILA
015 D010540 PHILIPPINES
015 E040540 X
015 A000541 BANK HANDLOWY W WARSZAWIE S.A.
015 B000541 S
<PAGE> PAGE 40
015 C010541 WARSAW
015 D010541 POLAND
015 E040541 X
015 A000542 BANCO COMERCIAL PORTUGUES, S.A.
015 B000542 S
015 C010542 LISBON
015 D010542 PORTUGAL
015 E040542 X
015 A000543 UNITED OVERSEAS BANK (UOB)
015 B000543 S
015 C010543 SINGAPORE
015 D010543 SINGAPORE
015 E040543 X
015 A000544 STANDARD BANK OF SOUTH AFRICA LIMITED (SBSA)
015 B000544 S
015 C010544 JOHANNESBURG
015 D010544 SOUTH AFRICA
015 E040544 X
015 A000545 SEOULBANK (SB)
015 B000545 S
015 C010545 SEOUL
015 D010545 SOUTH KOREA
015 E040545 X
015 A000546 BANCO BILBAO VIZCAYA (BBV)
015 B000546 S
015 C010546 MADRID/BILBAO
015 D010546 SPAIN
015 E040546 X
015 A000547 STANDARD CHARTERED BANK (SCB)
015 B000547 S
015 C010547 COLOMBO
015 D010547 SRI LANKA
015 E040547 X
015 A000548 SKANDINAVISKA ENSKILDA BANKEN (SEB)
015 B000548 S
015 C010548 STOCKHOLM
015 D010548 SWEDEN
015 E040548 X
015 A000549 UNION BANK OF SWITZERLAND (UBS)
015 B000549 S
015 C010549 ZURICH
015 D010549 SWITZERLAND
015 E040549 X
015 A000550 THE HONGKONG AND SHANGHAI BANKING CORP LTD
015 B000550 S
015 C010550 TAIPEI
015 D010550 TAIWAN
015 E040550 X
015 A000551 THE SIAN COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000551 S
015 C010551 BANGKOK
<PAGE> PAGE 41
015 D010551 THAILAND
015 E040551 X
015 A000552 CITIBANK, N.A.
015 B000552 S
015 C010552 ISTANBUL
015 D010552 TURKEY
015 E040552 X
015 A000553 THE BANK OF NEW YORK
015 B000553 S
015 C010553 LONDON
015 D010553 UNITED KINGDOM
015 E040553 X
015 A000554 THE BANK OF BOSTON
015 B000554 S
015 C010554 MONTEVIDEO
015 D010554 URUGUAY
015 E040554 X
015 A000555 CITIBANK, N.A.
015 B000555 S
015 C010555 CARACAS
015 D010555 VENEZUELA
015 E040555 X
024 000500 N
025 A000501 DELETE
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 2161
028 A020500 434
028 A030500 0
028 A040500 5596
028 B010500 1009
028 B020500 424
028 B030500 0
028 B040500 3806
028 C010500 4074
028 C020500 433
028 C030500 0
028 C040500 3160
028 D010500 2477
028 D020500 434
028 D030500 0
028 D040500 5511
028 E010500 1985
028 E020500 426
028 E030500 0
<PAGE> PAGE 42
028 E040500 3324
028 F010500 2713
028 F020500 428
028 F030500 0
028 F040500 4141
028 G010500 14419
028 G020500 2579
028 G030500 0
028 G040500 25538
028 H000500 14419
029 000500 Y
030 A000500 226
030 B000500 4.25
030 C000500 0.00
031 A000500 0
031 B000500 6
032 000500 232
033 000500 0
034 000500 Y
035 000500 1
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 164
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 100000
048 A020500 0.625
048 B010500 150000
048 B020500 0.500
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
<PAGE> PAGE 43
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 250000
048 K020500 0.450
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 100
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.5
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 20.7
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 75.3
062 R000500 0.0
063 A000500 0
063 B000500 5.6
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 N
070 D010500 N
070 D020500 N
<PAGE> PAGE 44
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
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 194849
071 B000500 221280
071 C000500 139465
071 D000500 140
072 A000500 12
072 B000500 12643
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 867
072 G000500 0
072 H000500 0
072 I000500 122
072 J000500 16
072 K000500 6
072 L000500 41
072 M000500 17
072 N000500 30
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 10
072 S000500 1
<PAGE> PAGE 45
072 T000500 164
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 1274
072 Y000500 0
072 Z000500 11369
072AA000500 3820
072BB000500 2857
072CC010500 0
072CC020500 4017
072DD010500 10402
072DD020500 159
072EE000500 0
073 A010500 0.6000
073 A020500 0.5540
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 704
074 C000500 0
074 D000500 135656
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 1226
074 K000500 0
074 L000500 4484
074 M000500 0
074 N000500 142070
074 O000500 0
074 P000500 126
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 618
074 S000500 0
074 T000500 141326
074 U010500 15905
074 U020500 428
074 V010500 8.65
074 V020500 8.65
074 W000500 0.0000
074 X000500 9578
074 Y000500 0
075 A000500 0
075 B000500 148244
076 000500 0.00
<PAGE> PAGE 46
010 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94403
010 C040601 7777
015 A000601 FRANKLIN/TEMPLETON INVESTORS SERVICES, INC.
015 B000601 C
015 C010601 SAN MATEO
015 C020601 CA
015 C030601 94403
015 C040601 7777
015 E030601 X
015 A000602 DELETE
015 A000603 DELETE
024 000600 N
028 A010600 564
028 A020600 47
028 A030600 0
028 A040600 539
028 B010600 612
028 B020600 46
028 B030600 0
028 B040600 471
028 C010600 1281
028 C020600 56
028 C030600 0
028 C040600 519
028 D010600 493
028 D020600 54
028 D030600 0
028 D040600 484
028 E010600 396
028 E020600 61
028 E030600 0
028 E040600 339
028 F010600 336
028 F020600 59
028 F030600 0
028 F040600 616
028 G010600 3682
028 G020600 323
028 G030600 0
028 G040600 2968
028 H000600 3682
029 000600 Y
030 A000600 25
030 B000600 2.25
030 C000600 0.00
031 A000600 3
031 B000600 0
<PAGE> PAGE 47
032 000600 22
033 000600 0
034 000600 Y
035 000600 0
036 A000600 N
036 B000600 0
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 35
044 000600 7
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.000
048 A010600 5000000
048 A020600 0.100
048 B010600 5000000
048 B020600 0.090
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 10000000
048 K020600 0.080
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 100
<PAGE> PAGE 48
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
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
<PAGE> PAGE 49
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 6443
071 B000600 7836
071 C000600 15461
071 D000600 42
072 A000600 12
072 B000600 0
072 C000600 953
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 15
072 H000600 0
072 I000600 11
072 J000600 0
072 K000600 5
072 L000600 11
072 M000600 2
072 N000600 15
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 7
072 S000600 0
072 T000600 34
072 U000600 0
072 V000600 0
072 W000600 1
072 X000600 101
072 Y000600 0
072 Z000600 852
072AA000600 2
072BB000600 70
072CC010600 163
072CC020600 0
072DD010600 852
<PAGE> PAGE 50
072DD020600 0
072EE000600 0
073 A010600 0.5448
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 15740
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 2
074 M000600 0
074 N000600 15742
074 O000600 0
074 P000600 11
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 24
074 S000600 0
074 T000600 15707
074 U010600 1591
074 U020600 0
074 V010600 9.87
074 V020600 0.00
074 W000600 0.0000
074 X000600 928
074 Y000600 0
075 A000600 0
075 B000600 15387
076 000600 0.00
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, 1996 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 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 134,647,851
<INVESTMENTS-AT-VALUE> 135,654,648
<RECEIVABLES> 6,415,089
<ASSETS-OTHER> 488
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,070,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 744,525
<TOTAL-LIABILITIES> 744,525
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,421,670
<SHARES-COMMON-STOCK> 15,904,735
<SHARES-COMMON-PRIOR> 19,849,662
<ACCUMULATED-NII-CURRENT> 259,884
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,035,705)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 679,851
<NET-ASSETS> 141,325,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,642,863
<OTHER-INCOME> 0
<EXPENSES-NET> 1,273,487
<NET-INVESTMENT-INCOME> 11,369,376
<REALIZED-GAINS-CURRENT> 962,741
<APPREC-INCREASE-CURRENT> 4,017,050
<NET-CHANGE-FROM-OPS> 16,349,167
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,401,793)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,025,707
<NUMBER-OF-SHARES-REDEEMED> (8,597,709)
<SHARES-REINVESTED> 627,075
<NET-CHANGE-IN-ASSETS> (24,837,207)
<ACCUMULATED-NII-PRIOR> 100,998
<ACCUMULATED-GAINS-PRIOR> (4,593,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 866,730
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,273,487
<AVERAGE-NET-ASSETS> 148,244,202
<PER-SHARE-NAV-BEGIN> 8.310
<PER-SHARE-NII> .610
<PER-SHARE-GAIN-APPREC> .330
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.600)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.650
<EXPENSE-RATIO> .850
<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, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 134,647,851
<INVESTMENTS-AT-VALUE> 135,654,648
<RECEIVABLES> 6,415,089
<ASSETS-OTHER> 488
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,070,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 744,525
<TOTAL-LIABILITIES> 744,525
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 143,421,670
<SHARES-COMMON-STOCK> 427,618
<SHARES-COMMON-PRIOR> 143,557
<ACCUMULATED-NII-CURRENT> 259,884
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,035,705)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 679,851
<NET-ASSETS> 141,325,700
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,642,863
<OTHER-INCOME> 0
<EXPENSES-NET> 1,273,487
<NET-INVESTMENT-INCOME> 11,369,376
<REALIZED-GAINS-CURRENT> 962,741
<APPREC-INCREASE-CURRENT> 4,017,050
<NET-CHANGE-FROM-OPS> 16,349,167
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (159,145)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 346,306
<NUMBER-OF-SHARES-REDEEMED> (73,846)
<SHARES-REINVESTED> 11,601
<NET-CHANGE-IN-ASSETS> (24,837,207)
<ACCUMULATED-NII-PRIOR> 100,998
<ACCUMULATED-GAINS-PRIOR> (4,593,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 866,730
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,273,487
<AVERAGE-NET-ASSETS> 148,244,202
<PER-SHARE-NAV-BEGIN> 8.310
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> .334
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.554)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.650
<EXPENSE-RATIO> 1.400
<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, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 190,946,708
<INVESTMENTS-AT-VALUE> 193,248,831
<RECEIVABLES> 4,251,990
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197,500,821
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,459,025
<TOTAL-LIABILITIES> 1,459,025
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 199,337,051
<SHARES-COMMON-STOCK> 19,068,446
<SHARES-COMMON-PRIOR> 20,101,531
<ACCUMULATED-NII-CURRENT> 701,887
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,299,265)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,302,123
<NET-ASSETS> 196,041,796
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,991,174
<OTHER-INCOME> 0
<EXPENSES-NET> (1,508,667)
<NET-INVESTMENT-INCOME> 11,482,507
<REALIZED-GAINS-CURRENT> (300,618)
<APPREC-INCREASE-CURRENT> (1,357,852)
<NET-CHANGE-FROM-OPS> 9,824,037
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,299,126)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,187,123
<NUMBER-OF-SHARES-REDEEMED> (8,876,550)
<SHARES-REINVESTED> 656,342
<NET-CHANGE-IN-ASSETS> (12,015,644)
<ACCUMULATED-NII-PRIOR> 613,089
<ACCUMULATED-GAINS-PRIOR> (6,000,273)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,142,250
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,508,667
<AVERAGE-NET-ASSETS> 203,758,217
<PER-SHARE-NAV-BEGIN> 10.350
<PER-SHARE-NII> .580
<PER-SHARE-GAIN-APPREC> (.080)
<PER-SHARE-DIVIDEND> (.570)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.280
<EXPENSE-RATIO> .740
<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, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 123,148,029
<INVESTMENTS-AT-VALUE> 127,101,668
<RECEIVABLES> 17,304,662
<ASSETS-OTHER> 36,778
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,443,108
<PAYABLE-FOR-SECURITIES> 2,396,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 233,921
<TOTAL-LIABILITIES> 2,630,650
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,882,850
<SHARES-COMMON-STOCK> 9,738,551
<SHARES-COMMON-PRIOR> 6,561,376
<ACCUMULATED-NII-CURRENT> 360,304
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,615,665
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,953,639
<NET-ASSETS> 141,812,458
<DIVIDEND-INCOME> 1,994,722
<INTEREST-INCOME> 4,561,747
<OTHER-INCOME> 0
<EXPENSES-NET> (1,186,716)
<NET-INVESTMENT-INCOME> 5,369,753
<REALIZED-GAINS-CURRENT> 9,634,023
<APPREC-INCREASE-CURRENT> 1,567,232
<NET-CHANGE-FROM-OPS> 16,571,008
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,000,306)
<DISTRIBUTIONS-OF-GAINS> (4,634,096)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,365,828
<NUMBER-OF-SHARES-REDEEMED> (1,733,409)
<SHARES-REINVESTED> 544,756
<NET-CHANGE-IN-ASSETS> 58,079,640
<ACCUMULATED-NII-PRIOR> 152,947
<ACCUMULATED-GAINS-PRIOR> 4,650,203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 699,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,186,716
<AVERAGE-NET-ASSETS> 112,975,157
<PER-SHARE-NAV-BEGIN> 12.730
<PER-SHARE-NII> .610
<PER-SHARE-GAIN-APPREC> 1.389
<PER-SHARE-DIVIDEND> (.600)
<PER-SHARE-DISTRIBUTIONS> (.679)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.450
<EXPENSE-RATIO> 1.020
<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, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 123,148,029
<INVESTMENTS-AT-VALUE> 127,101,668
<RECEIVABLES> 17,304,662
<ASSETS-OTHER> 36,778
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,443,108
<PAYABLE-FOR-SECURITIES> 2,396,729
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 233,921
<TOTAL-LIABILITIES> 2,630,650
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 127,882,850
<SHARES-COMMON-STOCK> 809,797
<SHARES-COMMON-PRIOR> 16,471
<ACCUMULATED-NII-CURRENT> 360,304
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,615,665
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,953,639
<NET-ASSETS> 141,812,458
<DIVIDEND-INCOME> 1,994,722
<INTEREST-INCOME> 4,561,747
<OTHER-INCOME> 0
<EXPENSES-NET> (1,186,716)
<NET-INVESTMENT-INCOME> 5,369,753
<REALIZED-GAINS-CURRENT> 9,634,023
<APPREC-INCREASE-CURRENT> 1,567,232
<NET-CHANGE-FROM-OPS> 16,571,008
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (174,577)
<DISTRIBUTIONS-OF-GAINS> (30,571)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 804,020
<NUMBER-OF-SHARES-REDEEMED> (22,905)
<SHARES-REINVESTED> 12,211
<NET-CHANGE-IN-ASSETS> 58,079,640
<ACCUMULATED-NII-PRIOR> 152,947
<ACCUMULATED-GAINS-PRIOR> 4,650,203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 699,545
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,186,716
<AVERAGE-NET-ASSETS> 112,975,157
<PER-SHARE-NAV-BEGIN> 12.710
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> 1.397
<PER-SHARE-DIVIDEND> (.528)
<PER-SHARE-DISTRIBUTIONS> (.679)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.410
<EXPENSE-RATIO> 1.790
<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 31,1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 426,650,050
<INVESTMENTS-AT-VALUE> 397,479,127
<RECEIVABLES> 86,824
<ASSETS-OTHER> 53,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 397,619,676
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 541,292
<TOTAL-LIABILITIES> 541,292
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 504,076,216
<SHARES-COMMON-STOCK> 42,381,783
<SHARES-COMMON-PRIOR> 54,517,877
<ACCUMULATED-NII-CURRENT> 757,513
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (78,584,422)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (29,170,923)
<NET-ASSETS> 397,078,384
<DIVIDEND-INCOME> 29,156,206
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,028,100)
<NET-INVESTMENT-INCOME> 27,128,106
<REALIZED-GAINS-CURRENT> (8,331,753)
<APPREC-INCREASE-CURRENT> 10,070,322
<NET-CHANGE-FROM-OPS> 28,866,675
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,723,298)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,565,477
<NUMBER-OF-SHARES-REDEEMED> (28,356,704)
<SHARES-REINVESTED> 1,655,133
<NET-CHANGE-IN-ASSETS> (112,292,198)
<ACCUMULATED-NII-PRIOR> 1,352,705
<ACCUMULATED-GAINS-PRIOR> (70,252,669)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 462,426
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,028,100
<AVERAGE-NET-ASSETS> 462,437,838
<PER-SHARE-NAV-BEGIN> 9.340
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> .032
<PER-SHARE-DIVIDEND> (.562)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.370
<EXPENSE-RATIO> .690
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 223,092,081
<INVESTMENTS-AT-VALUE> 247,381,554
<RECEIVABLES> 18,081,045
<ASSETS-OTHER> 469,359
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 265,931,958
<PAYABLE-FOR-SECURITIES> 373,976
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 378,897
<TOTAL-LIABILITIES> 752,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234,919,620
<SHARES-COMMON-STOCK> 15,050,554
<SHARES-COMMON-PRIOR> 11,121,614
<ACCUMULATED-NII-CURRENT> 620,202
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,349,790
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,289,473
<NET-ASSETS> 265,179,085
<DIVIDEND-INCOME> 9,756,197
<INTEREST-INCOME> 1,489,651
<OTHER-INCOME> 0
<EXPENSES-NET> (2,229,428)
<NET-INVESTMENT-INCOME> 9,016,420
<REALIZED-GAINS-CURRENT> 5,500,551
<APPREC-INCREASE-CURRENT> 15,107,182
<NET-CHANGE-FROM-OPS> 29,624,153
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,653,540)
<DISTRIBUTIONS-OF-GAINS> (4,623,214)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,911,802
<NUMBER-OF-SHARES-REDEEMED> (3,657,228)
<SHARES-REINVESTED> 674,366
<NET-CHANGE-IN-ASSETS> 95,895,249
<ACCUMULATED-NII-PRIOR> 399,686
<ACCUMULATED-GAINS-PRIOR> 4,605,186
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,251,297
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,229,428
<AVERAGE-NET-ASSETS> 221,121,353
<PER-SHARE-NAV-BEGIN> 15.190
<PER-SHARE-NII> .640
<PER-SHARE-GAIN-APPREC> 1.628
<PER-SHARE-DIVIDEND> (.649)
<PER-SHARE-DISTRIBUTIONS> (.399)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.410
<EXPENSE-RATIO> 0.980
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1996 ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 223,092,081
<INVESTMENTS-AT-VALUE> 247,381,554
<RECEIVABLES> 18,081,045
<ASSETS-OTHER> 469,359
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 265,931,958
<PAYABLE-FOR-SECURITIES> 373,976
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 378,897
<TOTAL-LIABILITIES> 752,873
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 234,919,620
<SHARES-COMMON-STOCK> 1,112,763
<SHARES-COMMON-PRIOR> 25,444
<ACCUMULATED-NII-CURRENT> 620,202
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,349,790
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,289,473
<NET-ASSETS> 265,179,085
<DIVIDEND-INCOME> 9,756,197
<INTEREST-INCOME> 1,489,651
<OTHER-INCOME> 0
<EXPENSES-NET> (2,229,428)
<NET-INVESTMENT-INCOME> 9,016,420
<REALIZED-GAINS-CURRENT> 5,500,551
<APPREC-INCREASE-CURRENT> 15,107,182
<NET-CHANGE-FROM-OPS> 29,624,153
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (244,243)
<DISTRIBUTIONS-OF-GAINS> (30,854)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,133,269
<NUMBER-OF-SHARES-REDEEMED> (61,758)
<SHARES-REINVESTED> 15,808
<NET-CHANGE-IN-ASSETS> 95,895,249
<ACCUMULATED-NII-PRIOR> 399,686
<ACCUMULATED-GAINS-PRIOR> 4,605,186
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,251,297
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,229,428
<AVERAGE-NET-ASSETS> 221,121,353
<PER-SHARE-NAV-BEGIN> 15.190
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 1.627
<PER-SHARE-DIVIDEND> (.558)
<PER-SHARE-DISTRIBUTIONS> (.399)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.380
<EXPENSE-RATIO> 1.730
<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, 1996 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> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 15,982,926
<INVESTMENTS-AT-VALUE> 15,740,121
<RECEIVABLES> 2,172
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,742,293
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,920
<TOTAL-LIABILITIES> 34,920
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,735,880
<SHARES-COMMON-STOCK> 1,591,286
<SHARES-COMMON-PRIOR> 1,732,290
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (785,702)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (242,805)
<NET-ASSETS> 15,707,373
<DIVIDEND-INCOME> 952,752
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (100,758)
<NET-INVESTMENT-INCOME> 851,994
<REALIZED-GAINS-CURRENT> (67,763)
<APPREC-INCREASE-CURRENT> 163,341
<NET-CHANGE-FROM-OPS> 947,572
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 851,994
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 686,370
<NUMBER-OF-SHARES-REDEEMED> (892,821)
<SHARES-REINVESTED> 65,447
<NET-CHANGE-IN-ASSETS> (1,306,383)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (717,939)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,384
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100,758
<AVERAGE-NET-ASSETS> 15,386,746
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> 0.055
<PER-SHARE-DIVIDEND> (.545)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.870
<EXPENSE-RATIO> .900
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Shareholders and Board of Trustees
of the 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, 1996, 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, 1996.
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.
Coopers & Lybrand L.L.P.
San Francisco, California
December 4, 1996
