<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
015 B000205 S
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015 C010206 VIENNA
015 D010206 AUSTRIA
015 E040206 X
015 A000207 STANDARD CHARTERED BANK PLC (SCB)
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015 C010207 DHAKA
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015 A000208 BANQUE BRUXELLES LAMBERT (BBL)
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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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015 A000269 FIRST CHICAGO CLEARING CENTRE (FCCC)
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015 E040269 X
015 A000270 THE FIRST NATIONAL BANK OF BOSTON
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015 E040270 X
015 A000271 CITIBANK, N.A.
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015 C010271 CARACAS
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015 E040271 X
015 A000272 STANBIC BANK ZAMBIA LIMITED (STANBIC)
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015 C010272 LUSAKA
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015 E040272 X
015 A000273 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
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015 D010273 ZIMBABWE
015 E040273 X
015 A000274 MERCHANT BANK (GHANA) LIMITED
015 B000274 S
015 C010274 ACCRA
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015 E040274 X
024 000200 N
025 A000201 DELETE
025 D000201 0
025 A000202 DELETE
025 D000202 0
025 A000203 DELETE
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025 A000204 DELETE
<PAGE> PAGE 19
025 D000204 0
025 A000205 DELETE
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<PAGE> PAGE 20
042 E000200 0
042 F000200 0
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044 000200 53
045 000200 Y
046 000200 N
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048 I010200 0
048 I020200 0.000
048 J010200 0
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055 B000200 N
056 000200 N
057 000200 N
058 A000200 N
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062 A000200 Y
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<PAGE> PAGE 21
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062 Q000200 0.0
062 R000200 34.0
063 A000200 0
063 B000200 2.1
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
<PAGE> PAGE 22
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
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071 C000200 141805
071 D000200 85
072 A000200 6
072 B000200 3276
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072 I000200 68
072 J000200 2
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072 L000200 10
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072EE000200 9862
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073 A020200 0.2530
073 B000200 0.9010
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<PAGE> PAGE 23
074 C000200 0
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074 E000200 42866
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074 U010200 11769
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010 A000301 FRANKLIN ADVISERS, INC.
010 B000301 801-26292
010 C010301 SAN MATEO
010 C020301 CA
010 C030301 94403
010 C040301 7777
015 A000301 BANK OF AMERICA NT&SA
015 B000301 C
015 C010301 SAN FRANCISCO
015 C020301 CA
015 C030301 94104
015 C040301 1502
015 E010301 X
015 A000302 CITIBANK DELAWARE
015 B000302 C
015 C010302 NEW CASTLE
015 C020302 DE
015 C030302 19720
015 C040302 2409
015 E010302 X
<PAGE> PAGE 24
015 A000303 BANK OF NEW YORK
015 B000303 C
015 C010303 NEW YORK
015 C020303 NY
015 C030303 10286
015 E010303 X
015 A000304 FRANKLIN/TEMPLETON INVESTORS SERVICES, INC.
015 B000304 C
015 C010304 SAN MATEO
015 C020304 CA
015 C030304 94403
015 C040304 7777
015 E030304 X
024 000300 N
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<PAGE> PAGE 25
029 000300 Y
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030 C000300 0.00
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032 000300 62
033 000300 0
034 000300 Y
035 000300 0
036 A000300 N
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042 A000300 0
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042 C000300 100
042 D000300 0
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042 G000300 0
042 H000300 0
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044 000300 50
045 000300 Y
046 000300 N
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056 000300 N
<PAGE> PAGE 26
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
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066 A000300 Y
066 B000300 N
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066 D000300 N
066 E000300 N
066 F000300 Y
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
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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
<PAGE> PAGE 27
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 62252
071 B000300 101627
071 C000300 378594
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<PAGE> PAGE 28
072 Z000300 11148
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072BB000300 2826
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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
<PAGE> PAGE 29
008 D040401 7777
010 A000401 FRANKLIN TEMPLETON SERVICES, INC.
010 B000401 801-26292
010 C010401 SAN MATEO
010 C020401 CA
010 C030401 94404
010 C040401 7777
014 A000401 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000401 8-5889
015 A000401 BANK OF AMERICA NT & SA
015 B000401 C
015 C010401 SAN FRANCISCO
015 C020401 CA
015 C030401 94104
015 C040401 1502
015 E010401 X
015 A000402 CITIBANK DELAWARE
015 B000402 C
015 C010402 NEW CASTLE
015 C020402 DE
015 C030402 19720
015 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 CREDITANSTALT BANKVEREIN
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 BRUXELLES LAMBERT (BBL)
015 B000408 S
<PAGE> PAGE 30
015 C010408 BRUSSELS
015 D010408 BELGIUM
015 E040408 X
015 A000409 THE FIRST NATIONAL BANK OF BOSTON
015 B000409 S
015 C010409 SAO PAULO
015 D010409 BRAZIL
015 E040409 X
015 A000410 THE ROYAL BANK OF CANADA
015 B000410 S
015 C010410 MONTREAL
015 D010410 CANADA
015 E040410 X
015 A000411 THE FIRST NATIONAL 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 THE STANDARD CHARTERED BANK
015 B000413 S
015 C010413 HONG KONG
015 D010413 CHINA
015 E040413 X
015 A000414 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B000414 S
015 C010414 GABARONE
015 D010414 BOTSWANA
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
015 E040416 X
015 A000417 DEN DANSKE BANK
015 B000417 S
015 C010417 COPENHAGEN
015 D010417 DENMARK
015 E040417 X
015 A000418 CEDEL (DEPOSITORY)
015 B000418 S
015 C010418 LUXEMBOURG CITY
<PAGE> PAGE 31
015 D010418 LUXEMBOURG
015 E040418 X
015 A000419 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000419 S
015 C010419 LUXEMBOURG CITY
015 D010419 LUXEMBOURG
015 E040419 X
015 A000420 MERITA BANK LTD. (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/MAIN
015 D010422 GERMANY
015 E040422 X
015 A000423 NATIONAL BANK OF GREECE SA
015 B000423 S
015 C010423 ATHENS
015 D010423 GREECE
015 E040423 X
015 A000424 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000424 S
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015 D010424 HONG KONG
015 E040424 X
015 A000425 CITIBANK BUDAPEST RT.
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 MUMBAI
015 D010426 INDIA
015 E040426 X
015 A000427 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000427 S
015 C010427 JAKARTA
015 D010427 INDONESIA
015 E040427 X
015 A000428 ALLIED IRISH BANKS, PLC (AIB)
015 B000428 S
015 C010428 DUBLIN
015 D010428 IRELAND
<PAGE> PAGE 32
015 E040428 X
015 A000429 BANK LEUMI LE-ISRAEL B.M.
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 BANK OF TOKYO MITSUBISHI (BTM)
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.
015 B000437 S
015 C010437 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
<PAGE> PAGE 33
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 PASIG CITY 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 LIMITED (UOB)
015 B000443 S
015 C010443 SINGAPORE
015 D010443 SINGAPORE
015 E040443 X
015 A000444 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
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
015 D010446 SPAIN
015 E040446 X
015 A000447 STANDARD CHARTERED BANK (SCB)
015 B000447 S
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
<PAGE> PAGE 34
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 CO LTD (SCB)
015 B000451 S
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015 D010451 THAILAND
015 E040451 X
015 A000452 CITIBANK, N.A. - ISTANBUL BRANCH
015 B000452 S
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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 FIRST NATIONAL 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
015 A000456 CITIBANK, N.A.
015 B000456 S
015 C010456 QUITO
015 D010456 ECUADOR
015 E040456 X
015 A000457 CITIBANK, N.A. - EGYPT BRANCH
015 B000457 S
015 C010457 CAIRO
015 D010457 EGYPT
015 E040457 X
015 A000458 CREDIT COMMERCIAL DE FRANCE
015 B000458 S
015 C010458 PARIS
015 D010458 FRANCE
015 E040458 X
015 A000459 BANQUE PARIBAS SA
015 B000459 S
<PAGE> PAGE 35
015 C010459 MILAN
015 D010459 ITALY
015 E040459 X
015 A000460 JASDEC (DEPOSITORY)
015 B000460 S
015 C010460 TOKYO
015 D010460 JAPAN
015 E040460 X
015 A000461 THE BRITISH BANK OF THE MIDDLE EAST
015 B000461 S
015 C010461 AMMAN
015 D010461 JORDAN
015 E040461 X
015 A000462 STANBIC BANK KENYA LIMITED (STANBIC)
015 B000462 S
015 C010462 NAIROBI
015 D010462 KENYA
015 E040462 X
015 A000463 STANBIC BANK NAMIBIA LIMITED (STANBIC)
015 B000463 S
015 C010463 WINDHOEK
015 D010463 NAMIBIA
015 E040463 X
015 A000464 KAS - ASSOCIATIE NV
015 B000464 S
015 C010464 AMSTERDAM
015 D010464 NETHERLANDS
015 E040464 X
015 A000465 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
015 B000465 S
015 C010465 LAGOS
015 D010465 NIGERIA
015 E040465 X
015 A000466 CREDIT SUISSE (MOSCOW) LTD.
015 B000466 S
015 C010466 MOSCOW
015 D010466 RUSSIA
015 E040466 X
015 A000467 DEVELOPMENT BANK OF SINGAPORE
015 B000467 S
015 C010467 SINGAPORE
015 D010467 SINGAPORE
015 E040467 X
015 A000468 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
015 B000468 S
015 C010468 BRATISLAVA
015 D010468 SLOVAK REPUBLIC
015 E040468 X
015 A000469 STANBIC BANK SWAZILAND LIMITED (STANIC)
015 B000469 S
015 C010469 MBABANE
<PAGE> PAGE 36
015 D010469 SWAZILAND
015 E040469 X
015 A000470 BANK LEU LTD.
015 B000470 S
015 C010470 ZURICH
015 D010470 SWITZERLAND
015 E040470 X
015 A000471 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000471 S
015 C010471 BANGKOK
015 D010471 THAILAND
015 E040471 X
015 A000472 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000472 S
015 C010472 LONDON
015 D010472 UNITED KINGDOM
015 E040472 X
015 A000473 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B000473 S
015 C010473 LUSAKA
015 D010473 ZAMBIA
015 E040473 X
015 A000474 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
015 B000474 S
015 C010474 HARARE
015 D010474 ZIMBABWE
015 E040474 X
015 A000475 MERCHANT BANK (GHANA) LIMITED
015 B000475 S
015 C010475 ACCRA
015 D010475 GHANA
015 E040475 X
024 000400 N
025 A000401 DELETE
025 D000401 0
025 A000402 DELETE
025 D000402 0
025 A000403 DELETE
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 14152
028 A020400 681
028 A030400 0
028 A040400 4341
<PAGE> PAGE 37
028 B010400 10347
028 B020400 5790
028 B030400 0
028 B040400 5586
028 C010400 11098
028 C020400 729
028 C030400 0
028 C040400 10433
028 D010400 11032
028 D020400 737
028 D030400 0
028 D040400 6235
028 E010400 16682
028 E020400 748
028 E030400 0
028 E040400 10225
028 F010400 9723
028 F020400 771
028 F030400 0
028 F040400 5536
028 G010400 73034
028 G020400 9456
028 G030400 0
028 G040400 42356
028 H000400 73034
029 000400 Y
030 A000400 721
030 B000400 4.50
030 C000400 0.00
031 A000400 0
031 B000400 36
032 000400 757
033 000400 0
034 000400 Y
035 000400 7
036 A000400 N
036 B000400 0
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 473
044 000400 66
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
<PAGE> PAGE 38
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
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
<PAGE> PAGE 39
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
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 54505
071 B000400 24506
071 C000400 277960
071 D000400 9
<PAGE> PAGE 40
072 A000400 6
072 B000400 526
072 C000400 6098
072 D000400 0
072 E000400 0
072 F000400 807
072 G000400 0
072 H000400 0
072 I000400 109
072 J000400 2
072 K000400 30
072 L000400 14
072 M000400 15
072 N000400 17
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 8
072 S000400 0
072 T000400 461
072 U000400 0
072 V000400 0
072 W000400 3
072 X000400 1466
072 Y000400 0
072 Z000400 5158
072AA000400 6796
072BB000400 188
072CC010400 11814
072CC020400 0
072DD010400 5334
072DD020400 361
072EE000400 5495
073 A010400 0.3330
073 A020400 0.2600
073 B000400 0.3250
073 C000400 0.0000
074 A000400 76
074 B000400 23621
074 C000400 0
074 D000400 0
074 E000400 21109
074 F000400 274527
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 735
074 K000400 0
074 L000400 1374
074 M000400 0
074 N000400 321442
<PAGE> PAGE 41
074 O000400 3190
074 P000400 382
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 167
074 S000400 0
074 T000400 317703
074 U010400 16815
074 U020400 1702
074 V010400 17.16
074 V020400 17.14
074 W000400 0.0000
074 X000400 22036
074 Y000400 3551
075 A000400 0
075 B000400 297602
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
010 A000501 FRANKLIN TEMPLETON SERVICES, INC.
010 B000501 801-26292
010 C010501 SAN MATEO
010 C020501 CA
010 C030501 94404
010 C040501 7777
014 A000501 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000501 8-5889
015 A000501 THE FIRST NATIONAL BANK OF BOSTON
015 B000501 S
015 C010501 SANTIAGO
015 D010501 CHILE
015 E040501 X
015 A000502 BANCO DE CHILE
015 B000502 S
015 C010502 SANTIAGO
015 D010502 CHILE
015 E040502 X
<PAGE> PAGE 42
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 CREDITANSTALT BANKVEREIN
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 BRUXELLES LAMBERT (BBL)
015 B000508 S
015 C010508 BRUSSELS
015 D010508 BELGIUM
015 E040508 X
015 A000509 THE FIRST NATIONAL BANK OF BOSTON
015 B000509 S
015 C010509 SAO PAULO
015 D010509 BRAZIL
015 E040509 X
015 A000510 ROYAL BANK OF CANADA
015 B000510 S
015 C010510 MONTREAL
015 D010510 CANADA
015 E040510 X
015 A000511 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000511 S
015 C010511 BOGOTA
015 D010511 COLOMBIA
015 E040511 X
015 A000512 CITIBANK, N.A.
015 B000512 S
015 C010512 QUITO
015 D010512 ECUADOR
015 E040512 X
<PAGE> PAGE 43
015 A000513 STANDARD CHARTERED BANK, HONG KONG
015 B000513 S
015 C010513 HONG KONG
015 D010513 CHINA
015 E040513 X
015 A000514 STANBIC BANK BOTSWANA LIMITED (STANBIC)
015 B000514 S
015 C010514 GABARONE
015 D010514 BOTSWANA
015 E040514 X
015 A000515 CIITBANK, N.A. - EGYPT BRANCH
015 B000515 S
015 C010515 CAIRO
015 D010515 EGYPT
015 E040515 X
015 A000516 CESKOSLOVENSKA OBCHODNI BANKA A.S. (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 (DEPOSITORY)
015 B000518 S
015 C010518 LUXEMBOURG CITY
015 D010518 LUXEMBOURG
015 E040518 X
015 A000519 CREDIT COMMERCIAL DE FRANCE
015 B000519 S
015 C010519 PARIS
015 D010519 FRANCE
015 E040519 X
015 A000520 MERITA BANK LTD. (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/MAIN
015 D010522 GERMANY
015 E040522 X
015 A000523 NATIONAL BANK OF GREECE SA
<PAGE> PAGE 44
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 BUDAPEST RT.
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 MUMBAI
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 BANKS, PLC (AIB)
015 B000528 S
015 C010528 DUBLIN
015 D010528 IRELAND
015 E040528 X
015 A000529 BANK LEUMI LE - ISRAEL B.M.
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 BANK OF TOKYO MITSUBISHI (BTM)
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
<PAGE> PAGE 45
015 C010533 MEXICO CITY
015 D010533 MEXICO
015 E040533 X
015 A000534 BANQUE COMMERCIALE 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 ASA
015 B000537 S
015 C010537 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 PASIG CITY 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 LIMITED (UOB)
015 B000543 S
015 C010543 SINGAPORE
<PAGE> PAGE 46
015 D010543 SINGAPORE
015 E040543 X
015 A000544 STANDARD CORPORATE AND MERCHANT BANK (SCMB)
015 B000544 S
015 C010544 JOHANNESBURG
015 D010544 SOUTH AFRICA
015 E040544 X
015 A000545 BANQUE PARIBAS SA
015 B000545 S
015 C010545 MILAN
015 D010545 ITALY
015 E040545 X
015 A000546 BANCO BILBAO VIZCAYA (BBV)
015 B000546 S
015 C010546 MADRID
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
015 B000549 S
015 C010549 ZURICH
015 D010549 SWITZERLAND
015 E040549 X
015 A000550 JASDEC (DEPOSITORY)
015 B000550 S
015 C010550 TOKYO
015 D010550 JAPAN
015 E040550 X
015 A000551 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000551 S
015 C010551 BANGKOK
015 D010551 THAILAND
015 E040551 X
015 A000552 CITIBANK, N.A. - ISTANBUL BRANCH
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
<PAGE> PAGE 47
015 E040553 X
015 A000554 THE FIRST NATIONAL BANK OF BOSTON
015 B000554 S
015 C010554 MONTEVIDEO
015 D010554 URUGUAY
015 E040554 X
015 A000555 THE BRITISH BANK OF THE MIDDLE EAST
015 B000555 S
015 C010555 AMMAN
015 D010555 JORDAN
015 E040555 X
015 A000556 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000556 S
015 C010556 LUXEMBOURG CITY
015 D010556 LUXEMBOURG
015 E040556 X
015 A000557 KAS - ASSOCIATIE NV
015 B000557 S
015 C010557 AMSTERDAM
015 D010557 NETHERLANDS
015 E040557 X
015 A000558 CREDIT SUISSE (MOSCOW) LTD.
015 B000558 S
015 C010558 MOSCOW
015 D010558 RUSSIA
015 E040558 X
015 A000559 DEVELOPMENT BANK OF SINGAPORE
015 B000559 S
015 C010559 SINGAPORE
015 D010559 SINGAPORE
015 E040559 X
015 A000560 SEOULBANK (SB)
015 B000560 S
015 C010560 SEOUL
015 D010560 SOUTH KOREA
015 E040560 X
015 A000561 BANK LEU LTD.
015 B000561 S
015 C010561 ZURICH
015 D010561 SWITZERLAND
015 E040561 X
015 A000562 STANBIC BANK KENYA LIMITED (STANBIC)
015 B000562 S
015 C010562 NAIROBI
015 D010562 KENYA
015 E040562 X
015 A000563 STANBIC BANK NAMIBIA LIMITED (STANBIC)
015 B000563 S
015 C010563 WINDHOEK
015 D010563 NAMIBIA
015 E040563 X
<PAGE> PAGE 48
015 A000564 THE HONGKONG AND SHANGHAI BANKING CORP, LTD
015 B000564 S
015 C010564 TAIPEI
015 D010564 TAIWAN
015 E040564 X
015 A000565 STANBIC MERCHANT BANK NIGERIA LTD. (STANBIC)
015 B000565 S
015 C010565 LAGOS
015 D010565 NIGERIA
015 E040565 X
015 A000566 BANGKOK BANK PUBLIC COMPANY LTD.
015 B000566 S
015 C010566 BANGKOK
015 D010566 THAILAND
015 E040566 X
015 A000567 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000567 S
015 C010567 LONDON
015 D010567 UNITED KINGDOM
015 E040567 X
015 A000568 CESKOSLOVENSKA OBCHODNA BANKA AS (CSOB)
015 B000568 S
015 C010568 BRATISLAVA
015 D010568 SLOVAK REPUBLIC
015 E040568 X
015 A000569 STANBIC BANK SWAZILAND LIMITED (STANBIC)
015 B000569 S
015 C010569 MBABANE
015 D010569 SWAZILAND
015 E040569 X
015 A000570 CITIBANK, N.A.
015 B000570 S
015 C010570 CARACAS
015 D010570 VENEZUELA
015 E040570 X
015 A000571 BANK OF AMERICA NT&SA
015 B000571 C
015 C010571 SAN FRANCISCO
015 C020571 CA
015 C030571 94104
015 C040571 1502
015 E010571 X
015 A000572 CITIBANK DELAWARE
015 B000572 C
015 C010572 NEW CASTLE
015 C020572 DE
015 C030572 19720
015 C040572 2409
015 E010572 X
015 A000573 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B000573 S
<PAGE> PAGE 49
015 C010573 LUSAKA
015 D010573 ZAMBIA
015 E040573 X
015 A000574 STANBIC BANK ZIMBABWE LIMITED (STANBIC)
015 B000574 S
015 C010574 HARARE
015 D010574 ZIMBABWE
015 E040574 X
015 A000575 MERCHANT BANK (GHANA) LIMITED
015 B000575 S
015 C010575 ACCRA
015 D010575 GHANA
015 E040575 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
025 D000509 0
025 D000510 0
025 D000511 0
025 D000512 0
025 D000513 0
025 D000514 0
025 D000515 0
025 D000516 0
025 D000517 0
025 D000518 0
025 D000519 0
025 D000520 0
025 D000521 0
025 D000522 0
025 D000523 0
025 D000524 0
028 A010500 1163
028 A020500 423
028 A030500 0
028 A040500 3260
028 B010500 848
028 B020500 588
028 B030500 0
028 B040500 2869
028 C010500 1175
028 C020500 413
028 C030500 0
028 C040500 3387
<PAGE> PAGE 50
028 D010500 1869
028 D020500 409
028 D030500 0
028 D040500 3814
028 E010500 2415
028 E020500 404
028 E030500 0
028 E040500 4095
028 F010500 2072
028 F020500 400
028 F030500 0
028 F040500 3420
028 G010500 9542
028 G020500 2637
028 G030500 0
028 G040500 20845
028 H000500 8771
029 000500 Y
030 A000500 92
030 B000500 4.25
030 C000500 0.00
031 A000500 0
031 B000500 8
032 000500 100
033 000500 0
034 000500 Y
035 000500 2
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 77
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
<PAGE> PAGE 51
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 1.0
062 C000500 0.0
062 D000500 15.8
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 12.5
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 68.8
062 R000500 0.0
063 A000500 0
063 B000500 3.9
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
<PAGE> PAGE 52
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
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 163093
071 B000500 187369
071 C000500 122306
071 D000500 133
072 A000500 6
072 B000500 5212
072 C000500 6
072 D000500 0
072 E000500 0
072 F000500 399
072 G000500 0
072 H000500 0
072 I000500 63
072 J000500 10
072 K000500 13
072 L000500 13
<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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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, 1997 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 141,057,219
<INVESTMENTS-AT-VALUE> 141,151,055
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1997 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES FUND -
ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 141,057,219
<INVESTMENTS-AT-VALUE> 141,151,055
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 188,192,656
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<TOTAL-LIABILITIES> 955,848
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<NET-CHANGE-IN-ASSETS> (8,804,988)
<ACCUMULATED-NII-PRIOR> 701,887
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1997 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-31-1997
<PERIOD-END> APR-30-1997
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<TOTAL-ASSETS> 172,365,578
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 376,669
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (114,924)
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<NET-INVESTMENT-INCOME> 4,043,199
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<DISTRIBUTIONS-OF-INCOME> (3,255,824)
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<NUMBER-OF-SHARES-SOLD> 2,970,804
<NUMBER-OF-SHARES-REDEEMED> (1,660,658)
<SHARES-REINVESTED> 720,356
<NET-CHANGE-IN-ASSETS> 30,176,451
<ACCUMULATED-NII-PRIOR> 360,304
<ACCUMULATED-GAINS-PRIOR> 9,615,665
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470,092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 864,159
<AVERAGE-NET-ASSETS> 159,969,753
<PER-SHARE-NAV-BEGIN> 13.450
<PER-SHARE-NII> .330
<PER-SHARE-GAIN-APPREC> .391
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> (.901)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.970
<EXPENSE-RATIO> 1.010
<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, 1997 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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 141,613,675
<INVESTMENTS-AT-VALUE> 141,498,751
<RECEIVABLES> 30,298,835
<ASSETS-OTHER> 567,992
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 172,365,578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 376,669
<TOTAL-LIABILITIES> 376,669
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 163,805,703
<SHARES-COMMON-STOCK> 1,500,154
<SHARES-COMMON-PRIOR> 809,797
<ACCUMULATED-NII-CURRENT> 853,705
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,444,425
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (114,924)
<NET-ASSETS> 171,988,909
<DIVIDEND-INCOME> 1,630,745
<INTEREST-INCOME> 3,276,613
<OTHER-INCOME> 0
<EXPENSES-NET> (864,159)
<NET-INVESTMENT-INCOME> 4,043,199
<REALIZED-GAINS-CURRENT> 7,690,970
<APPREC-INCREASE-CURRENT> (4,068,563)
<NET-CHANGE-FROM-OPS> 7,665,606
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (293,974)
<DISTRIBUTIONS-OF-GAINS> (857,185)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 694,710
<NUMBER-OF-SHARES-REDEEMED> (76,536)
<SHARES-REINVESTED> 72,183
<NET-CHANGE-IN-ASSETS> 30,176,451
<ACCUMULATED-NII-PRIOR> 360,304
<ACCUMULATED-GAINS-PRIOR> 9,615,665
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 470,092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 864,159
<AVERAGE-NET-ASSETS> 159,969,753
<PER-SHARE-NAV-BEGIN> 13.410
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .394
<PER-SHARE-DIVIDEND> (.253)
<PER-SHARE-DISTRIBUTIONS> (.901)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.930
<EXPENSE-RATIO> 1.730
<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 30,1997 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 384,477,117
<INVESTMENTS-AT-VALUE> 359,287,798
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 359,323,037
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,532,179
<TOTAL-LIABILITIES> 1,532,179
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 463,245,825
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<SHARES-COMMON-PRIOR> 42,381,783
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (81,382,578)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (25,189,319)
<NET-ASSETS> 357,790,858
<DIVIDEND-INCOME> 12,029,059
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (880,767)
<NET-INVESTMENT-INCOME> 11,148,292
<REALIZED-GAINS-CURRENT> (2,798,156)
<APPREC-INCREASE-CURRENT> 3,981,604
<NET-CHANGE-FROM-OPS> 12,331,740
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,788,875)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,925,727
<NUMBER-OF-SHARES-REDEEMED> (12,946,544)
<SHARES-REINVESTED> 671,739
<NET-CHANGE-IN-ASSETS> (39,287,526)
<ACCUMULATED-NII-PRIOR> 757,513
<ACCUMULATED-GAINS-PRIOR> (78,584,422)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 189,468
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 880,767
<AVERAGE-NET-ASSETS> 383,362,877
<PER-SHARE-NAV-BEGIN> 9.370
<PER-SHARE-NII> .280
<PER-SHARE-GAIN-APPREC> .027
<PER-SHARE-DIVIDEND> (.267)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.410
<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, 1997 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 259,532,802
<INVESTMENTS-AT-VALUE> 295,635,858
<RECEIVABLES> 25,730,027
<ASSETS-OTHER> 76,318
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 321,442,203
<PAYABLE-FOR-SECURITIES> 3,190,127
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 548,724
<TOTAL-LIABILITIES> 3,738,851
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,053,197
<SHARES-COMMON-STOCK> 16,814,800
<SHARES-COMMON-PRIOR> 15,050,554
<ACCUMULATED-NII-CURRENT> 84,189
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,462,910
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,103,056
<NET-ASSETS> 317,703,352
<DIVIDEND-INCOME> 6,098,569
<INTEREST-INCOME> 525,705
<OTHER-INCOME> 0
<EXPENSES-NET> (1,465,864)
<NET-INVESTMENT-INCOME> 5,158,410
<REALIZED-GAINS-CURRENT> 6,607,699
<APPREC-INCREASE-CURRENT> 11,813,583
<NET-CHANGE-FROM-OPS> 23,579,692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,333,694)
<DISTRIBUTIONS-OF-GAINS> (5,098,267)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,591,942
<NUMBER-OF-SHARES-REDEEMED> (2,353,561)
<SHARES-REINVESTED> 525,865
<NET-CHANGE-IN-ASSETS> 52,524,267
<ACCUMULATED-NII-PRIOR> 620,202
<ACCUMULATED-GAINS-PRIOR> 5,349,790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 806,977
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,465,864
<AVERAGE-NET-ASSETS> 297,602,413
<PER-SHARE-NAV-BEGIN> 16.410
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> 1.108
<PER-SHARE-DIVIDEND> (.333)
<PER-SHARE-DISTRIBUTIONS> (.325)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.160
<EXPENSE-RATIO> 0.930
<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, 1997 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 259,532,802
<INVESTMENTS-AT-VALUE> 295,635,858
<RECEIVABLES> 25,730,027
<ASSETS-OTHER> 76,318
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 321,442,203
<PAYABLE-FOR-SECURITIES> 3,190,127
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 548,724
<TOTAL-LIABILITIES> 3,738,851
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 275,053,197
<SHARES-COMMON-STOCK> 1,702,136
<SHARES-COMMON-PRIOR> 1,112,763
<ACCUMULATED-NII-CURRENT> 84,189
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,462,910
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 36,103,056
<NET-ASSETS> 317,703,352
<DIVIDEND-INCOME> 6,098,569
<INTEREST-INCOME> 525,705
<OTHER-INCOME> 0
<EXPENSES-NET> (1,465,864)
<NET-INVESTMENT-INCOME> 5,158,410
<REALIZED-GAINS-CURRENT> 6,607,699
<APPREC-INCREASE-CURRENT> 11,813,583
<NET-CHANGE-FROM-OPS> 23,579,692
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (360,729)
<DISTRIBUTIONS-OF-GAINS> (396,312)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 667,454
<NUMBER-OF-SHARES-REDEEMED> (119,571)
<SHARES-REINVESTED> 41,490
<NET-CHANGE-IN-ASSETS> 52,524,267
<ACCUMULATED-NII-PRIOR> 620,202
<ACCUMULATED-GAINS-PRIOR> 5,349,790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 806,977
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,465,864
<AVERAGE-NET-ASSETS> 297,602,413
<PER-SHARE-NAV-BEGIN> 16.380
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> 1.105
<PER-SHARE-DIVIDEND> (.260)
<PER-SHARE-DISTRIBUTIONS> (.325)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 17.140
<EXPENSE-RATIO> 1.670
<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, 1997 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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 108,527,221
<INVESTMENTS-AT-VALUE> 105,962,649
<RECEIVABLES> 29,083,787
<ASSETS-OTHER> 1,325,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,372,131
<PAYABLE-FOR-SECURITIES> 6,240,816
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,360,121
<TOTAL-LIABILITIES> 7,600,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,754,602
<SHARES-COMMON-STOCK> 14,783,361
<SHARES-COMMON-PRIOR> 15,904,735
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (163,122)
<ACCUMULATED-NET-GAINS> (3,932,049)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,888,237)
<NET-ASSETS> 128,771,194
<DIVIDEND-INCOME> 6,096
<INTEREST-INCOME> 5,212,334
<OTHER-INCOME> 0
<EXPENSES-NET> (606,786)
<NET-INVESTMENT-INCOME> 4,611,644
<REALIZED-GAINS-CURRENT> (896,344)
<APPREC-INCREASE-CURRENT> (2,568,088)
<NET-CHANGE-FROM-OPS> 1,147,212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,901,253)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 891,063
<NUMBER-OF-SHARES-REDEEMED> (2,309,113)
<SHARES-REINVESTED> 296,676
<NET-CHANGE-IN-ASSETS> (12,554,506)
<ACCUMULATED-NII-PRIOR> 259,884
<ACCUMULATED-GAINS-PRIOR> (3,035,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 399,197
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 606,786
<AVERAGE-NET-ASSETS> 131,972,862
<PER-SHARE-NAV-BEGIN> 8.650
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> (.320)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.400
<EXPENSE-RATIO> .890
<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, 1997 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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 108,527,221
<INVESTMENTS-AT-VALUE> 105,962,649
<RECEIVABLES> 29,083,787
<ASSETS-OTHER> 1,325,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,372,131
<PAYABLE-FOR-SECURITIES> 6,240,816
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,360,121
<TOTAL-LIABILITIES> 7,600,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,754,602
<SHARES-COMMON-STOCK> 456,260
<SHARES-COMMON-PRIOR> 427,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (163,122)
<ACCUMULATED-NET-GAINS> (3,932,049)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,888,237)
<NET-ASSETS> 128,771,194
<DIVIDEND-INCOME> 6,096
<INTEREST-INCOME> 5,212,334
<OTHER-INCOME> 0
<EXPENSES-NET> (606,786)
<NET-INVESTMENT-INCOME> 4,611,644
<REALIZED-GAINS-CURRENT> (896,344)
<APPREC-INCREASE-CURRENT> (2,568,088)
<NET-CHANGE-FROM-OPS> 1,147,212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (120,340)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 134,391
<NUMBER-OF-SHARES-REDEEMED> (114,497)
<SHARES-REINVESTED> 8,748
<NET-CHANGE-IN-ASSETS> (12,554,506)
<ACCUMULATED-NII-PRIOR> 259,884
<ACCUMULATED-GAINS-PRIOR> (3,035,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 399,197
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 606,786
<AVERAGE-NET-ASSETS> 131,972,862
<PER-SHARE-NAV-BEGIN> 8.650
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> (.223)
<PER-SHARE-DIVIDEND> (.297)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.400
<EXPENSE-RATIO> 1.440
<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 30,1997 SEMI-ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 053
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 108,527,221
<INVESTMENTS-AT-VALUE> 105,962,649
<RECEIVABLES> 29,083,787
<ASSETS-OTHER> 1,325,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 136,372,131
<PAYABLE-FOR-SECURITIES> 6,240,816
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,360,121
<TOTAL-LIABILITIES> 7,600,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,754,602
<SHARES-COMMON-STOCK> 88,041
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (163,122)
<ACCUMULATED-NET-GAINS> (3,932,049)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,888,237)
<NET-ASSETS> 128,771,194
<DIVIDEND-INCOME> 6,096
<INTEREST-INCOME> 5,212,334
<OTHER-INCOME> 0
<EXPENSES-NET> (606,786)
<NET-INVESTMENT-INCOME> 4,611,644
<REALIZED-GAINS-CURRENT> (896,344)
<APPREC-INCREASE-CURRENT> (2,568,088)
<NET-CHANGE-FROM-OPS> 1,147,212
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,057)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89,137
<NUMBER-OF-SHARES-REDEEMED> (2,624)
<SHARES-REINVESTED> 1,528
<NET-CHANGE-IN-ASSETS> (12,554,506)
<ACCUMULATED-NII-PRIOR> 259,884
<ACCUMULATED-GAINS-PRIOR> (3,035,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 399,197
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 606,786
<AVERAGE-NET-ASSETS> 131,972,862
<PER-SHARE-NAV-BEGIN> 8.710
<PER-SHARE-NII> .180
<PER-SHARE-GAIN-APPREC> (.277)
<PER-SHARE-DIVIDEND> (.203)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.410
<EXPENSE-RATIO> .800
<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, 1997 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-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 27,591,437
<INVESTMENTS-AT-VALUE> 27,425,838
<RECEIVABLES> 35,625
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 27,461,463
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 158,392
<TOTAL-LIABILITIES> 158,392
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,270,387
<SHARES-COMMON-STOCK> 2,760,488
<SHARES-COMMON-PRIOR> 1,591,286
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (801,717)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (165,599)
<NET-ASSETS> 27,303,071
<DIVIDEND-INCOME> 538,999
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (49,544)
<NET-INVESTMENT-INCOME> 489,455
<REALIZED-GAINS-CURRENT> (16,015)
<APPREC-INCREASE-CURRENT> 77,206
<NET-CHANGE-FROM-OPS> 550,646
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (489,455)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,626,239
<NUMBER-OF-SHARES-REDEEMED> (496,323)
<SHARES-REINVESTED> 39,286
<NET-CHANGE-IN-ASSETS> 11,595,698
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (785,702)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,712
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 49,544
<AVERAGE-NET-ASSETS> 17,419,401
<PER-SHARE-NAV-BEGIN> 9.870
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> 0.018
<PER-SHARE-DIVIDEND> (0.278)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.890
<EXPENSE-RATIO> 0.820
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
wpdoc2\nsar\1997\135-77i.doc
5/15/97
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77I(b):
The Franklin Global Government Income Fund series of the
registrant began offering an additional class of shares on
January 1, 1997: Franklin Global Government Income Fund -
Advisor Class. Class I, Class II and Advisor Class shares
differ as to sales charges, expenses and services. Shares of
each class of a series represent proportionate interests in
the assets of the series and have the same voting and other
rights and preferences as the other classes and series of
the Registrant for matters that affect the Registrant as a
whole.
wpdoc2\nsar\1997\136-77i.doc
5/15/97
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77I(b):
One series of the registrant began offering an additional
class of shares on January 1, 1997: Franklin Short-
Intermediate U.S. Government Securities Fund - Advisor
Class. Class I, Class II and Advisor Class shares differ as
to sales charges, expenses and services. Shares of each
class of a series represent proportionate interests in the
assets of the series and have the same voting and other
rights and preferences as the other classes and series of
the Registrant for matters that affect the Registrant as a
whole.
