<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 N
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
<PAGE> PAGE 19
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
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070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
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<PAGE> PAGE 20
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<PAGE> PAGE 21
015 C020302 DE
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015 A000303 BANK OF NEW YORK
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024 000300 N
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<PAGE> PAGE 22
036 B000300 0
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<PAGE> PAGE 23
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067 000300 N
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069 000300 N
070 A010300 N
070 A020300 N
070 B010300 N
070 B020300 N
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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
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070 J020300 N
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<PAGE> PAGE 24
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
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070 P020300 N
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<PAGE> PAGE 25
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008 A000401 FRANKLIN ADVISERS, INC.
008 B000401 A
008 C000401 801-26292
008 D010401 SAN MATEO
008 D020401 CA
008 D030401 94403
008 D040401 7777
015 A000401 BANK OF AMERICA NT & SA
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<PAGE> PAGE 26
015 C020402 DE
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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
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
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015 A000410 THE ROYAL TRUST CORPORATION OF CANADA
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015 E040410 X
015 A000411 THE BANK OF BOSTON
015 B000411 S
015 C010411 SANTIAGO
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<PAGE> PAGE 27
015 B000412 S
015 C010412 SANTIAGO
015 D010412 CHILE
015 E040412 X
015 A000413 STANDARD CHARTERED BANK
015 B000413 S
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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
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015 E040417 X
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015 B000418 S
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015 D010418 EUROMARKET
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015 A000419 FIRST CHICAGO CLEARING CENTRE (FCCC)
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015 D010419 EUROMARKET
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015 E040420 X
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015 B000421 S
015 C010421 PARIS
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<PAGE> PAGE 28
015 C010422 FRANKFURT
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015 E040422 X
015 A000423 ALPHA CREDIT BANK A.E.
015 B000423 S
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015 D010423 GREECE
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015 A000424 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 A000425 CITIBANK, N.A.
015 B000425 S
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015 E040425 X
015 A000426 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 D010426 INDIA
015 E040426 X
015 A000427 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 D010427 INDONESIA
015 E040427 X
015 A000428 ALLIED IRISH BANK (ATB)
015 B000428 S
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015 D010428 IRELAND
015 E040428 X
015 A000429 ISRAEL DISCOUNT BANK
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015 D010429 ISRAEL
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015 A000430 BANCA COMMERCIALE ITALIANA (BCI)
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015 C010430 MILAN
015 D010430 ITALY
015 E040430 X
015 A000431 YASUDA TRUST & BANKING COMPANY LIMITED
015 B000431 S
015 C010431 TOKYO
015 D010431 JAPAN
015 E040431 X
015 A000432 THE HONGKONG BANK MALAYSIA BERHAD (HBMB)
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<PAGE> PAGE 29
015 D010432 MALAYSIA
015 E040432 X
015 A000433 BANCO NACIONAL DE MEXICO
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015 A000434 BANQUE COMMERCIALE DU MAROC (BCM)
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015 D010434 MOROCCO
015 E040434 X
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015 C010435 AMSTERDAM
015 D010435 NETHERLANDS
015 E040435 X
015 A000436 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED
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015 C010436 WELLINGTON
015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.
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015 C010437 BERGEN/OSLO
015 D010437 NORWAY
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015 A000438 STANDARD CHARTERED BANK (SCB)
015 B000438 S
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015 D010438 PAKISTAN
015 E040438 X
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015 D010439 PERU
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015 A000440 THE HONGKONG & SHANGHAI BANKING CORP LTD
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<PAGE> PAGE 30
015 E040442 X
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015 A000452 CITIBANK, N.A.
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<PAGE> PAGE 31
015 A000453 THE BANK OF NEW YORK
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015 A000454 THE BANK OF BOSTON
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024 000400 Y
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025 C000403 D
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025 B000404 13-3038090
025 C000404 D
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025 B000405 13-3224016
025 C000405 E
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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070 F020400 N
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070 G020400 N
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070 H020400 N
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070 I020400 N
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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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.
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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 CA
015 C030503 10286
015 E010503 X
015 A000504 THE BANK OF BOSTON
015 B000504 S
015 C010504 BUENOS AIRES
<PAGE> PAGE 37
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
015 E040510 X
015 A000511 THE BANK OF BOSTON
015 B000511 S
015 C010511 SANTIAGO
015 D010511 CHILE
015 E040511 X
015 A000512 BANCO DECHILE
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
<PAGE> PAGE 38
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
015 D010518 EUROMARKET
015 E040518 X
015 A000519 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000519 S
015 C010519 LONDON
015 D010519 EUROMARKET
015 E040519 X
015 A000520 MERITA BANK (MB)
015 B000520 S
015 C010520 HELSINKI
015 D010520 FINLAND
015 E040520 X
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 A.E.
015 B000523 S
015 C010523 ATHENS
015 D010523 GREECE
015 E040523 X
015 A000524 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000524 S
015 C010524 HONG KONG
015 D010524 HONG KONG
015 E040524 X
<PAGE> PAGE 39
015 A000525 CITIBANK, N.A.
015 B000525 S
015 C010525 BUDAPEST
015 D010525 HUNGARY
015 E040525 X
015 A000526 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000526 S
015 C010526 BOMBAY
015 D010526 INDIA
015 E040526 X
015 A000527 THE HONGKONG & 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
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
<PAGE> PAGE 40
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 & 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
015 C010541 WARSAW
015 D010541 POLAND
015 E040541 X
015 A000542 BANCO COMERCIAL PORTUGUES, S.A. (BCP)
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 STANDARDD 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
<PAGE> PAGE 41
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 & SHANGHAI BANKING CORP LTD
015 B000550 S
015 C010550 TAIPEI
015 D010550 TAIWAN
015 E040550 X
015 A000551 THE SIAM COMMERICAL BANK PUBLIC COMPANY LTD
015 B000551 S
015 C010551 BANGKOK
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
<PAGE> PAGE 42
015 D010555 VENEZUELA
015 E040555 X
024 000500 Y
025 A000501 BANK OF AMERICA NT& SA
025 B000501 94-1687665
025 C000501 D
025 D000501 674
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 1960
028 A020500 474
028 A030500 0
028 A040500 9208
028 B010500 1620
028 B020500 465
028 B030500 0
028 B040500 6119
028 C010500 7552
028 C020500 473
028 C030500 0
028 C040500 7475
028 D010500 2301
028 D020500 460
028 D030500 0
028 D040500 7185
028 E010500 6066
028 E020500 448
028 E030500 0
028 E040500 10065
028 F010500 2829
028 F020500 447
028 F030500 0
028 F040500 7127
028 G010500 22328
028 G020500 2767
028 G030500 0
028 G040500 47179
028 H000500 22328
029 000500 Y
030 A000500 130
030 B000500 4.25
030 C000500 0.00
031 A000500 0
031 B000500 4
032 000500 134
033 000500 0
<PAGE> PAGE 43
034 000500 Y
035 000500 0
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 60
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
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
<PAGE> PAGE 44
062 C000500 0.0
062 D000500 0.5
062 E000500 0.0
062 F000500 0.0
062 G000500 0.9
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.3
062 M000500 12.3
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 83.6
062 R000500 0.0
063 A000500 0
063 B000500 7.5
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
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
<PAGE> PAGE 45
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 114258
071 B000500 131195
071 C000500 146368
071 D000500 78
072 A000500 6
072 B000500 6601
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 449
072 G000500 0
072 H000500 0
072 I000500 61
072 J000500 10
072 K000500 0
072 L000500 15
072 M000500 12
072 N000500 16
072 O000500 0
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072 Q000500 0
072 R000500 16
072 S000500 1
072 T000500 60
072 U000500 0
072 V000500 0
072 W000500 19
072 X000500 659
072 Y000500 0
072 Z000500 5942
072AA000500 2148
072BB000500 2076
072CC010500 0
072CC020500 286
072DD010500 5489
072DD020500 60
072EE000500 0
073 A010500 0.3000
073 A020500 0.2770
073 B000500 0.0000
073 C000500 0.0000
<PAGE> PAGE 46
074 A000500 1
074 B000500 674
074 C000500 1340
074 D000500 138301
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 2023
074 K000500 0
074 L000500 4112
074 M000500 252
074 N000500 146703
074 O000500 2026
074 P000500 91
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 328
074 S000500 0
074 T000500 144258
074 U010500 17054
074 U020500 294
074 V010500 8.32
074 V020500 8.31
074 W000500 0.0000
074 X000500 10209
074 Y000500 0
075 A000500 0
075 B000500 155566
076 000500 0.00
010 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94403
010 C040601 7777
015 A000601 BANK OF AMERICA NT&SA
015 B000601 C
015 C010601 SAN FRANCISCO
015 C020601 CA
015 C030601 94104
015 C040601 1502
015 E010601 X
015 A000602 CITIBANK DELAWARE
015 B000602 C
015 C010602 NEW CASTLE
015 C020602 DE
015 C030602 19720
<PAGE> PAGE 47
015 C040602 2409
015 E010602 X
015 A000603 BANK OF NEW YORK
015 B000603 C
015 C010603 NEW YORK
015 C020603 NY
015 C030603 10286
015 E010603 X
024 000600 N
028 A010600 879
028 A020600 49
028 A030600 0
028 A040600 833
028 B010600 537
028 B020600 58
028 B030600 0
028 B040600 2232
028 C010600 476
028 C020600 58
028 C030600 0
028 C040600 1036
028 D010600 141
028 D020600 54
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028 D040600 723
028 E010600 583
028 E020600 48
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028 E040600 398
028 F010600 435
028 F020600 54
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028 F040600 587
028 G010600 3051
028 G020600 321
028 G030600 0
028 G040600 5809
028 H000600 3051
029 000600 Y
030 A000600 13
030 B000600 2.25
030 C000600 0.00
031 A000600 2
031 B000600 0
032 000600 11
033 000600 0
034 000600 Y
035 000600 0
036 A000600 N
036 B000600 0
042 A000600 0
<PAGE> PAGE 48
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 17
044 000600 6
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
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048 D020600 0.000
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048 E020600 0.000
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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
062 A000600 N
062 B000600 0.0
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062 D000600 0.0
062 E000600 0.0
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062 G000600 0.0
<PAGE> PAGE 49
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
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
<PAGE> PAGE 50
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 2914
071 B000600 5327
071 C000600 15540
071 D000600 19
072 A000600 6
072 B000600 0
072 C000600 481
072 D000600 0
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072 L000600 2
072 M000600 1
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072 T000600 18
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072 X000600 50
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072 Z000600 431
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072CC010600 51
072CC020600 0
072DD010600 431
072DD020600 0
072EE000600 0
073 A010600 0.2737
073 A020600 0.0000
073 B000600 0.0000
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074 A000600 2
<PAGE> PAGE 51
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 14609
074 G000600 0
074 H000600 0
074 I000600 0
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074 K000600 0
074 L000600 0
074 M000600 0
074 N000600 14611
074 O000600 0
074 P000600 12
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 39
074 S000600 0
074 T000600 14560
074 U010600 1486
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074 V010600 9.80
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SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1996 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 200,036,579
<INVESTMENTS-AT-VALUE> 200,903,049
<RECEIVABLES> 4,472,134
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 205,375,183
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 620,021
<TOTAL-LIABILITIES> 620,021
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 208,872,884
<SHARES-COMMON-STOCK> 20,011,521
<SHARES-COMMON-PRIOR> 20,101,531
<ACCUMULATED-NII-CURRENT> 710,390
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (5,694,582)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 866,470
<NET-ASSETS> 204,755,162
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,561,238
<OTHER-INCOME> 0
<EXPENSES-NET> (769,610)
<NET-INVESTMENT-INCOME> 5,791,628
<REALIZED-GAINS-CURRENT> 305,691
<APPREC-INCREASE-CURRENT> (2,793,505)
<NET-CHANGE-FROM-OPS> 3,303,814
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,694,327)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,862,493
<NUMBER-OF-SHARES-REDEEMED> (4,284,740)
<SHARES-REINVESTED> 332,237
<NET-CHANGE-IN-ASSETS> (3,302,278)
<ACCUMULATED-NII-PRIOR> 613,089
<ACCUMULATED-GAINS-PRIOR> (6,000,273)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 584,712
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 769,610
<AVERAGE-NET-ASSETS> 208,680,193
<PER-SHARE-NAV-BEGIN> 10.350
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> (.128)
<PER-SHARE-DIVIDEND> (.282)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.230
<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 APRIL 30, 1996 SEMI 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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 99,746,036
<INVESTMENTS-AT-VALUE> 105,589,150
<RECEIVABLES> 12,285,071
<ASSETS-OTHER> 196,899
<OTHER-ITEMS-ASSETS> 10,371
<TOTAL-ASSETS> 118,081,491
<PAYABLE-FOR-SECURITIES> 3,089,696
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,055
<TOTAL-LIABILITIES> 3,259,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,763,734
<SHARES-COMMON-STOCK> 8,421,274
<SHARES-COMMON-PRIOR> 6,561,376
<ACCUMULATED-NII-CURRENT> 108,878
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,106,064
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,843,064
<NET-ASSETS> 114,821,740
<DIVIDEND-INCOME> 861,867
<INTEREST-INCOME> 1,852,918
<OTHER-INCOME> 0
<EXPENSES-NET> (501,065)
<NET-INVESTMENT-INCOME> 2,213,720
<REALIZED-GAINS-CURRENT> 5,120,528
<APPREC-INCREASE-CURRENT> 3,456,657
<NET-CHANGE-FROM-OPS> 10,790,905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,223,219)
<DISTRIBUTIONS-OF-GAINS> (4,634,096)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,063,816
<NUMBER-OF-SHARES-REDEEMED> (598,467)
<SHARES-REINVESTED> 394,549
<NET-CHANGE-IN-ASSETS> 31,088,922
<ACCUMULATED-NII-PRIOR> 152,947
<ACCUMULATED-GAINS-PRIOR> 4,650,203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 309,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 501,065
<AVERAGE-NET-ASSETS> 97,360,107
<PER-SHARE-NAV-BEGIN> 12.730
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> 1.139
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> (.679)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 13.180
<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 APRIL 30, 1996 SEMI 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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 99,746,036
<INVESTMENTS-AT-VALUE> 105,589,150
<RECEIVABLES> 12,285,071
<ASSETS-OTHER> 196,899
<OTHER-ITEMS-ASSETS> 10,371
<TOTAL-ASSETS> 118,081,491
<PAYABLE-FOR-SECURITIES> 3,089,696
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 170,055
<TOTAL-LIABILITIES> 3,259,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 103,763,734
<SHARES-COMMON-STOCK> 289,720
<SHARES-COMMON-PRIOR> 16,471
<ACCUMULATED-NII-CURRENT> 108,878
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,106,064
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,843,064
<NET-ASSETS> 114,821,740
<DIVIDEND-INCOME> 861,867
<INTEREST-INCOME> 1,852,918
<OTHER-INCOME> 0
<EXPENSES-NET> (501,065)
<NET-INVESTMENT-INCOME> 2,213,720
<REALIZED-GAINS-CURRENT> 5,120,528
<APPREC-INCREASE-CURRENT> 3,456,657
<NET-CHANGE-FROM-OPS> 10,790,905
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (34,570)
<DISTRIBUTIONS-OF-GAINS> (30,571)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 273,983
<NUMBER-OF-SHARES-REDEEMED> (5,108)
<SHARES-REINVESTED> 4,374
<NET-CHANGE-IN-ASSETS> 31,088,922
<ACCUMULATED-NII-PRIOR> 152,947
<ACCUMULATED-GAINS-PRIOR> 4,650,203
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 309,036
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 501,065
<AVERAGE-NET-ASSETS> 97,360,107
<PER-SHARE-NAV-BEGIN> 12.710
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> 1.160
<PER-SHARE-DIVIDEND> (.271)
<PER-SHARE-DISTRIBUTIONS> (.679)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.160
<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 APRIL 30,1996 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 497,181,672
<INVESTMENTS-AT-VALUE> 459,766,166
<RECEIVABLES> 130,104
<ASSETS-OTHER> 43,889
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 459,940,159
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 469,490
<TOTAL-LIABILITIES> 469,490
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 569,082,287
<SHARES-COMMON-STOCK> 49,344,373
<SHARES-COMMON-PRIOR> 54,517,877
<ACCUMULATED-NII-CURRENT> 1,268,220
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (73,464,332)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (37,415,506)
<NET-ASSETS> 459,470,669
<DIVIDEND-INCOME> 15,577,514
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,108,001)
<NET-INVESTMENT-INCOME> 14,469,513
<REALIZED-GAINS-CURRENT> (3,211,663)
<APPREC-INCREASE-CURRENT> 1,825,739
<NET-CHANGE-FROM-OPS> 13,083,589
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14,553,998)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,147,767
<NUMBER-OF-SHARES-REDEEMED> (14,190,398)
<SHARES-REINVESTED> 869,127
<NET-CHANGE-IN-ASSETS> (49,899,913)
<ACCUMULATED-NII-PRIOR> 1,352,705
<ACCUMULATED-GAINS-PRIOR> (70,252,669)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 243,393
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,108,001
<AVERAGE-NET-ASSETS> 486,396,149
<PER-SHARE-NAV-BEGIN> 9.340
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> (.030)
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.310
<EXPENSE-RATIO> .710
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1996 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 175,797,432
<INVESTMENTS-AT-VALUE> 197,414,771
<RECEIVABLES> 29,980,159
<ASSETS-OTHER> 666,490
<OTHER-ITEMS-ASSETS> 43,948
<TOTAL-ASSETS> 228,105,368
<PAYABLE-FOR-SECURITIES> 1,153,468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 240,535
<TOTAL-LIABILITIES> 1,394,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203,429,761
<SHARES-COMMON-STOCK> 13,778,945
<SHARES-COMMON-PRIOR> 11,121,614
<ACCUMULATED-NII-CURRENT> 178,613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,485,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,617,343
<NET-ASSETS> 226,711,365
<DIVIDEND-INCOME> 4,023,891
<INTEREST-INCOME> 902,790
<OTHER-INCOME> 0
<EXPENSES-NET> (933,213)
<NET-INVESTMENT-INCOME> 3,993,468
<REALIZED-GAINS-CURRENT> 1,535,766
<APPREC-INCREASE-CURRENT> 12,435,048
<NET-CHANGE-FROM-OPS> 17,964,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,160,652)
<DISTRIBUTIONS-OF-GAINS> (4,623,232)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,710,228
<NUMBER-OF-SHARES-REDEEMED> (1,501,870)
<SHARES-REINVESTED> 448,973
<NET-CHANGE-IN-ASSETS> 57,427,529
<ACCUMULATED-NII-PRIOR> 399,686
<ACCUMULATED-GAINS-PRIOR> 4,605,186
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 573,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 933,213
<AVERAGE-NET-ASSETS> 199,398,212
<PER-SHARE-NAV-BEGIN> 15.190
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> 1.206
<PER-SHARE-DIVIDEND> (.337)
<PER-SHARE-DISTRIBUTIONS> (.399)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.970
<EXPENSE-RATIO> 0.920
<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 APRIL 30, 1996 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANICAL STATMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 175,797,432
<INVESTMENTS-AT-VALUE> 197,414,771
<RECEIVABLES> 29,980,159
<ASSETS-OTHER> 666,490
<OTHER-ITEMS-ASSETS> 43,948
<TOTAL-ASSETS> 228,105,368
<PAYABLE-FOR-SECURITIES> 1,153,468
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 240,535
<TOTAL-LIABILITIES> 1,394,003
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203,429,761
<SHARES-COMMON-STOCK> 417,455
<SHARES-COMMON-PRIOR> 25,444
<ACCUMULATED-NII-CURRENT> 178,613
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,485,648
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,617,343
<NET-ASSETS> 226,711,365
<DIVIDEND-INCOME> 4,023,891
<INTEREST-INCOME> 902,790
<OTHER-INCOME> 0
<EXPENSES-NET> (933,213)
<NET-INVESTMENT-INCOME> 3,993,468
<REALIZED-GAINS-CURRENT> 1,535,766
<APPREC-INCREASE-CURRENT> 12,435,048
<NET-CHANGE-FROM-OPS> 17,964,286
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (55,107)
<DISTRIBUTIONS-OF-GAINS> (30,854)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 396,247
<NUMBER-OF-SHARES-REDEEMED> (9,314)
<SHARES-REINVESTED> 5,078
<NET-CHANGE-IN-ASSETS> 57,427,529
<ACCUMULATED-NII-PRIOR> 399,686
<ACCUMULATED-GAINS-PRIOR> 4,605,186
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 573,546
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 933,213
<AVERAGE-NET-ASSETS> 199,398,212
<PER-SHARE-NAV-BEGIN> 15.190
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> 1.197
<PER-SHARE-DIVIDEND> (.298)
<PER-SHARE-DISTRIBUTIONS> (.399)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.960
<EXPENSE-RATIO> 1.660
<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 APRIL 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 143,472,015
<INVESTMENTS-AT-VALUE> 139,640,796
<RECEIVABLES> 6,810,015
<ASSETS-OTHER> 252,327
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,703,138
<PAYABLE-FOR-SECURITIES> 2,025,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 418,943
<TOTAL-LIABILITIES> 2,444,691
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151,907,707
<SHARES-COMMON-STOCK> 17,054,156
<SHARES-COMMON-PRIOR> 19,849,662
<ACCUMULATED-NII-CURRENT> 494,977
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,521,438)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,622,799)
<NET-ASSETS> 144,258,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,601,584
<OTHER-INCOME> 0
<EXPENSES-NET> 659,144
<NET-INVESTMENT-INCOME> 5,942,440
<REALIZED-GAINS-CURRENT> 72,429
<APPREC-INCREASE-CURRENT> (285,600)
<NET-CHANGE-FROM-OPS> 5,729,269
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,488,863)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,490,136
<NUMBER-OF-SHARES-REDEEMED> (5,612,773)
<SHARES-REINVESTED> 327,131
<NET-CHANGE-IN-ASSETS> (21,904,460)
<ACCUMULATED-NII-PRIOR> 100,998
<ACCUMULATED-GAINS-PRIOR> (4,593,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 449,350
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 659,144
<AVERAGE-NET-ASSETS> 155,566,465
<PER-SHARE-NAV-BEGIN> 8.310
<PER-SHARE-NII> .320
<PER-SHARE-GAIN-APPREC> (.010)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.300)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.320
<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 APRIL 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 143,472,015
<INVESTMENTS-AT-VALUE> 139,640,796
<RECEIVABLES> 6,810,015
<ASSETS-OTHER> 252,327
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 146,703,138
<PAYABLE-FOR-SECURITIES> 2,025,748
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 418,943
<TOTAL-LIABILITIES> 2,444,691
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 151,907,707
<SHARES-COMMON-STOCK> 293,642
<SHARES-COMMON-PRIOR> 143,557
<ACCUMULATED-NII-CURRENT> 494,977
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,521,438)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,622,799)
<NET-ASSETS> 144,258,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,601,584
<OTHER-INCOME> 0
<EXPENSES-NET> 659,144
<NET-INVESTMENT-INCOME> 5,942,440
<REALIZED-GAINS-CURRENT> 72,429
<APPREC-INCREASE-CURRENT> (285,600)
<NET-CHANGE-FROM-OPS> 5,729,269
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (59,598)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 171,233
<NUMBER-OF-SHARES-REDEEMED> (25,570)
<SHARES-REINVESTED> 4,422
<NET-CHANGE-IN-ASSETS> (21,904,460)
<ACCUMULATED-NII-PRIOR> 100,998
<ACCUMULATED-GAINS-PRIOR> (4,593,867)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 449,350
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 659,144
<AVERAGE-NET-ASSETS> 155,566,465
<PER-SHARE-NAV-BEGIN> 8.310
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> (.023)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.277)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.310
<EXPENSE-RATIO> 1.430
<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 FUND APRIL 30, 1996 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 14,963,844
<INVESTMENTS-AT-VALUE> 14,608,896
<RECEIVABLES> 0
<ASSETS-OTHER> 1,594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,610,490
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50,979
<TOTAL-LIABILITIES> 50,979
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,700,212
<SHARES-COMMON-STOCK> 1,485,537
<SHARES-COMMON-PRIOR> 1,732,290
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (785,753)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (354,948)
<NET-ASSETS> 14,559,511
<DIVIDEND-INCOME> 481,299
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (50,537)
<NET-INVESTMENT-INCOME> 430,762
<REALIZED-GAINS-CURRENT> (67,814)
<APPREC-INCREASE-CURRENT> 51,198
<NET-CHANGE-FROM-OPS> 414,146
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (430,762)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 310,337
<NUMBER-OF-SHARES-REDEEMED> (589,704)
<SHARES-REINVESTED> 32,614
<NET-CHANGE-IN-ASSETS> (2,454,245)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (717,939)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,785
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 50,537
<AVERAGE-NET-ASSETS> 15,575,655
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> (.016)
<PER-SHARE-DIVIDEND> (.274)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> .900
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
