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<PAGE> PAGE 2
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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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066 B000300 N
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066 D000300 N
066 E000300 N
066 F000300 Y
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068 A000300 N
068 B000300 N
069 000300 N
070 A010300 N
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070 B010300 N
<PAGE> PAGE 19
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
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072 N000300 30
<PAGE> PAGE 20
072 O000300 0
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<PAGE> PAGE 21
074 X000300 17636
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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 94404
008 D040401 1585
010 A000401 FRANKLIN TEMPLETON SERVICES, INC.
010 B000401 801-
010 C010401 SAN MATEO
010 C020401 CA
010 C030401 94404
010 C040401 1585
015 A000401 THE PHILIPPINE CENTRAL DEPOSITORY, INC.
015 B000401 S
015 C010401 MAKATI CITY
015 D010401 PHILIPPINES
015 E040401 X
015 A000402 OSMANLI BANKASI A.S. (OTTOMAN BANK)
015 B000402 S
015 C010402 ISTANBUL
015 D010402 TURKEY
015 E040402 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)
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<PAGE> PAGE 22
015 C010407 DHAKA
015 D010407 BANGLADESH
015 E040407 X
015 A000408 BANQUE BRUXELLES LAMBERT (BBL)
015 B000408 S
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 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 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B000415 S
015 C010415 BOGOTA
015 D010415 COLOMBIA
015 E040415 X
015 A000416 CESKOSLOVENSKA OBCHODNI BANKA A.S.(CSOB)
015 B000416 S
015 C010416 PRAHA (PRAGUE)
015 D010416 CZECH REPUBLIC
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<PAGE> PAGE 23
015 D010417 DENMARK
015 E040417 X
015 A000418 BANQUE INTERNATIONALE A LUXEMBOURG
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015 C010418 LUXEMBOURG CITY
015 D010418 LUXEMBOURG
015 E040418 X
015 A000419 CEDEL (DEPOSITORY)
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015 C010419 LUXEMBOURG CITY
015 D010419 LUXEMBOURG
015 E040419 X
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015 B000420 S
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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
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015 D010423 GREECE
015 E040423 X
015 A000424 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 E040424 X
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015 B000426 S
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015 D010426 INDIA
015 E040426 X
015 A000427 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 C010427 JAKARTA
015 D010427 INDONESIA
<PAGE> PAGE 24
015 E040427 X
015 A000428 ALLIED IRISH BANKS, PLC (AIB)
015 B000428 S
015 C010428 DUBLIN
015 D010428 IRELAND
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
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015 B000436 S
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015 D010436 NEW ZEALAND
015 E040436 X
015 A000437 DEN NORSKE BANK A.S.A.
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015 C010437 OSLO
015 D010437 NORWAY
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<PAGE> PAGE 25
015 A000438 STANDARD CHARTERED BANK (SCB)
015 B000438 S
015 C010438 KARACHI
015 D010438 PAKISTAN
015 E040438 X
015 A000439 CITIBANK, N.A.
015 B000439 S
015 C010439 LIMA
015 D010439 PERU
015 E040439 X
015 A000440 THE HONGKONG & SHANGHAI BANKING CORP LTD
015 B000440 S
015 C010440 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)
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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
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015 D010444 SOUTH AFRICA
015 E040444 X
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015 B000445 S
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015 B000446 S
015 C010446 MADRID
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015 B000447 S
015 C010447 COLOMBO
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<PAGE> PAGE 26
015 B000448 S
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015 A000449 UNION BANK OF SWITZERLAND
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015 E040449 X
015 A000450 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 B000454 S
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015 E040455 X
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<PAGE> PAGE 27
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015 D010459 ITALY
015 E040459 X
015 A000460 JASDEC (DEPOSITORY)
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015 D010464 NETHERLANDS
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<PAGE> PAGE 28
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<PAGE> PAGE 29
062 G000400 0.0
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070 A020400 Y
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070 C020400 N
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070 E020400 N
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070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
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<PAGE> PAGE 30
071 D000400 29
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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 94404
008 D040501 1585
008 A000502 TEMPLETON INVESTMENT COUNSEL, INC.
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008 D030502 33394
008 D040502 3091
010 A000501 FRANKLIN TEMPLETON SERVICES, INC.
010 B000501 801-
<PAGE> PAGE 31
010 C010501 SAN MATEO
010 C020501 CA
010 C030501 94404
010 C040501 1585
015 A000501 BANCO DE CHILE
015 B000501 S
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015 D010501 CHILE
015 E040501 X
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015 B000502 S
015 C010502 SANTIAGO
015 D010502 CHILE
015 E040502 X
015 A000503 BANK OF NEW YORK
015 B000503 C
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10286
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015 D010506 AUSTRIA
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015 D010507 BANGLADESH
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<PAGE> PAGE 32
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015 D010512 FRANCE
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015 D010513 CHINA
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<PAGE> PAGE 33
015 C010520 HELSINKI
015 D010520 FINLAND
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015 A000527 THE HONGKONG & SHANGHAI BANKING CORP LTD
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015 C010527 JAKARTA
015 D010527 INDONESIA
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015 A000528 ALLIED IRISH BANKS, PLC (AIB)
015 B000528 S
015 C010528 DUBLIN
015 D010528 IRELAND
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015 A000529 BANK LEUMI LE - ISRAEL B.M.
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015 C010529 TEL AVIV
015 D010529 ISRAEL
015 E040529 X
015 A000530 BANCA COMMERICALE ITALIANA (BCI)
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015 C010530 MILAN
<PAGE> PAGE 34
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
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015 D010532 MALAYSIA
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015 D010534 MOROCCO
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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 & SHANGHAI BANKING CORP LTD
015 B000540 S
015 C010540 PASIG CITY MANILA
015 D010540 PHILIPPINES
<PAGE> PAGE 35
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
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
<PAGE> PAGE 36
015 A000551 THE SIAM COMMERCIAL BANK PUBLIC COMPANY LTD
015 B000551 S
015 C010551 BANGKOK
015 D010551 THAILAND
015 E040551 X
015 A000552 OSMANLI BANKASI A.S.(OTTOMAN BANK)
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 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 FIRST CHICAGO CLEARING CENTRE (FCCC)
015 B000558 S
015 C010558 LONDON
015 D010558 UNITED KINGDOM
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.
<PAGE> PAGE 37
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
015 A000564 THE HONGKONG & 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 THE PHILIPPINES CENTRAL DEPOSITORY, INC.
015 B000567 S
015 C010567 MAKATI CITY
015 D010567 PHILIPPINES
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 DELETE
015 A000572 DELETE
<PAGE> PAGE 38
015 A000573 STANBIC BANK ZAMBIA LIMITED (STANBIC)
015 B000573 S
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
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 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 153
044 000500 0
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 2.3
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 20.1
062 N000500 0.0
<PAGE> PAGE 39
062 O000500 0.0
062 P000500 0.0
062 Q000500 75.8
062 R000500 0.0
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
071 A000500 231488
071 B000500 241712
071 C000500 119754
071 D000500 193
072 A000500 12
074 N000500 126044
074 O000500 1232
074 P000500 123
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1126
074 S000500 0
074 T000500 123563
074 U010500 14074
074 U020500 620
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 8912
074 Y000500 0
075 A000500 0
075 B000500 132103
010 A000601 FRANKLIN ADVISERS, INC.
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94404
010 C040601 1585
014 A000601 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000601 8-5889
015 A000601 DELETE
015 A000602 DELETE
015 A000603 BANK OF NEW YORK
015 B000603 C
015 C010603 NEW YORK
015 C020603 NY
015 C030603 10286
015 E010603 X
015 A000604 FRANKLIN/TEMPLETON INVESTORS SERVICES, INC.
015 B000604 C
<PAGE> PAGE 40
015 C010604 SAN MATEO
015 C020604 CA
015 C030604 94404
015 C040604 1585
015 E030604 X
015 A000605 DELETE
024 000600 N
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 1967
028 A020600 89
028 A030600 0
028 A040600 3541
028 B010600 994
028 B020600 86
028 B030600 0
028 B040600 5584
028 C010600 1273
028 C020600 88
028 C030600 0
028 C040600 937
028 D010600 1873
028 D020600 82
028 D030600 0
028 D040600 1691
028 E010600 859
028 E020600 93
028 E030600 0
028 E040600 1971
028 F010600 1880
028 F020600 84
028 F030600 0
028 F040600 1974
028 G010600 8846
028 G020600 522
028 G030600 0
028 G040600 15698
028 H000600 8846
029 000600 Y
030 A000600 96
030 B000600 2.25
030 C000600 0.00
031 A000600 0
031 B000600 0
032 000600 96
<PAGE> PAGE 41
033 000600 0
034 000600 Y
035 000600 0
036 A000600 N
036 B000600 0
042 A000600 0
042 B000600 0
042 C000600 100
042 D000600 0
042 E000600 0
042 F000600 0
042 G000600 0
042 H000600 0
043 000600 49
044 000600 20
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.000
048 A010600 5000000
048 A020600 0.100
048 B010600 5000000
048 B020600 0.090
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 10000000
048 K020600 0.080
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 100
062 A000600 N
<PAGE> PAGE 42
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 Y
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
<PAGE> PAGE 43
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 22512
071 B000600 17267
071 C000600 19913
071 D000600 87
072 A000600 12
072 B000600 0
072 C000600 1240
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 20
072 H000600 0
072 I000600 16
072 J000600 0
072 K000600 4
072 L000600 2
072 M000600 2
072 N000600 13
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 6
072 S000600 0
072 T000600 49
072 U000600 0
072 V000600 0
072 W000600 1
072 X000600 113
072 Y000600 0
072 Z000600 1127
072AA000600 0
072BB000600 145
072CC010600 369
072CC020600 0
072DD010600 1127
072DD020600 0
<PAGE> PAGE 44
072EE000600 0
073 A010600 0.5600
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 21210
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 19
074 M000600 0
074 N000600 21229
074 O000600 0
074 P000600 15
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 77
074 S000600 0
074 T000600 21137
074 U010600 2122
074 U020600 0
074 V010600 9.96
074 V020600 0.00
074 W000600 0.0000
074 X000600 1026
074 Y000600 0
075 A000600 0
075 B000600 19982
076 000600 0.00
045 002200 Y
048 002200 0.000
048 A012200 0
048 A022200 0.000
048 B012200 0
048 B022200 0.000
048 C012200 0
048 C022200 0.000
048 D012200 0
048 D022200 0.000
048 E012200 0
048 E022200 0.000
048 F012200 0
<PAGE> PAGE 45
048 F022200 0.000
048 G012200 0
048 G022200 0.000
048 H012200 0
048 H022200 0.000
048 I012200 0
048 I022200 0.000
048 J012200 0
048 J022200 0.000
048 K012200 0
048 K022200 0.000
074 T003500 0
075 A003600 0
075 B003600 0
SIGNATURE DIOMEDES LOO-TAM
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1997 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN SHORT-INTER U.S. GOV. SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 188,126,025
<INVESTMENTS-AT-VALUE> 190,657,534
<RECEIVABLES> 3,738,283
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,395,817
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,960,642
<TOTAL-LIABILITIES> 1,960,642
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,606,905
<SHARES-COMMON-STOCK> 18,665,327
<SHARES-COMMON-PRIOR> 19,068,446
<ACCUMULATED-NII-CURRENT> 497,544
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,200,783)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,531,509
<NET-ASSETS> 192,435,175
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,986,846
<OTHER-INCOME> 0
<EXPENSES-NET> (1,481,235)
<NET-INVESTMENT-INCOME> 10,505,611
<REALIZED-GAINS-CURRENT> 98,482
<APPREC-INCREASE-CURRENT> 229,386
<NET-CHANGE-FROM-OPS> 10,833,479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,697,486)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,455,984
<NUMBER-OF-SHARES-REDEEMED> (10,469,896)
<SHARES-REINVESTED> 610,793
<NET-CHANGE-IN-ASSETS> (3,606,621)
<ACCUMULATED-NII-PRIOR> 701,887
<ACCUMULATED-GAINS-PRIOR> (6,299,265)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,076,296
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,481,235
<AVERAGE-NET-ASSETS> 190,806,845
<PER-SHARE-NAV-BEGIN> 10.280
<PER-SHARE-NII> .570
<PER-SHARE-GAIN-APPREC> .020
<PER-SHARE-DIVIDEND> (.580)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.290
<EXPENSE-RATIO> .780
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1997 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN SHORT-INTER U.S. GOV. SECURITIES FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 188,126,025
<INVESTMENTS-AT-VALUE> 190,657,534
<RECEIVABLES> 3,738,283
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,395,817
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,960,642
<TOTAL-LIABILITIES> 1,960,642
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 195,606,905
<SHARES-COMMON-STOCK> 37,349
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 497,544
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,200,783)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,531,509
<NET-ASSETS> 192,435,175
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,986,846
<OTHER-INCOME> 0
<EXPENSES-NET> (1,481,235)
<NET-INVESTMENT-INCOME> 10,505,611
<REALIZED-GAINS-CURRENT> 98,482
<APPREC-INCREASE-CURRENT> 229,386
<NET-CHANGE-FROM-OPS> 10,833,479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,468)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37,960
<NUMBER-OF-SHARES-REDEEMED> (1,004)
<SHARES-REINVESTED> 393
<NET-CHANGE-IN-ASSETS> (3,606,621)
<ACCUMULATED-NII-PRIOR> 701,827
<ACCUMULATED-GAINS-PRIOR> (6,299,265)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,076,296
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,481,235
<AVERAGE-NET-ASSETS> 190,806,845
<PER-SHARE-NAV-BEGIN> 10.240
<PER-SHARE-NII> .470
<PER-SHARE-GAIN-APPREC> .070
<PER-SHARE-DIVIDEND> (.480)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.300
<EXPENSE-RATIO> .700
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1997 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 227,366,851
<INVESTMENTS-AT-VALUE> 240,393,143
<RECEIVABLES> 7,778,769
<ASSETS-OTHER> 1,199,335
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,371,247
<PAYABLE-FOR-SECURITIES> 840,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 617,163
<TOTAL-LIABILITIES> 1,457,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 215,491,211
<SHARES-COMMON-STOCK> 14,427,760
<SHARES-COMMON-PRIOR> 9,738,551
<ACCUMULATED-NII-CURRENT> 1,287,973
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,108,020
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,026,292
<NET-ASSETS> 247,913,496
<DIVIDEND-INCOME> 3,625,422
<INTEREST-INCOME> 7,253,933
<OTHER-INCOME> 0
<EXPENSES-NET> (2,039,769)
<NET-INVESTMENT-INCOME> 8,839,586
<REALIZED-GAINS-CURRENT> 18,354,800
<APPREC-INCREASE-CURRENT> 9,072,653
<NET-CHANGE-FROM-OPS> 36,267,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,148,153)
<DISTRIBUTIONS-OF-GAINS> (9,004,822)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,074,889
<NUMBER-OF-SHARES-REDEEMED> (3,302,613)
<SHARES-REINVESTED> 916,933
<NET-CHANGE-IN-ASSETS> 106,101,038
<ACCUMULATED-NII-PRIOR> 360,304
<ACCUMULATED-GAINS-PRIOR> 9,615,665
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,075,628
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,039,769
<AVERAGE-NET-ASSETS> 187,204,807
<PER-SHARE-NAV-BEGIN> 13.450
<PER-SHARE-NII> .640
<PER-SHARE-GAIN-APPREC> 2.150
<PER-SHARE-DIVIDEND> (.600)
<PER-SHARE-DISTRIBUTIONS> (.900)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.740
<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 OCTOBER 31, 1997 ANNUAL REPORT
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> FRANKLIN CONVERTIBLE SECURITIES FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 227,366,851
<INVESTMENTS-AT-VALUE> 240,393,143
<RECEIVABLES> 7,778,769
<ASSETS-OTHER> 1,199,335
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 249,371,247
<PAYABLE-FOR-SECURITIES> 840,588
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 617,163
<TOTAL-LIABILITIES> 1,457,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 215,491,211
<SHARES-COMMON-STOCK> 2,402,672
<SHARES-COMMON-PRIOR> 809,797
<ACCUMULATED-NII-CURRENT> 1,287,973
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,108,020
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,026,292
<NET-ASSETS> 247,913,496
<DIVIDEND-INCOME> 3,625,422
<INTEREST-INCOME> 7,253,933
<OTHER-INCOME> 0
<EXPENSES-NET> (2,039,769)
<NET-INVESTMENT-INCOME> 8,839,586
<REALIZED-GAINS-CURRENT> 18,354,800
<APPREC-INCREASE-CURRENT> 9,072,653
<NET-CHANGE-FROM-OPS> 36,267,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (764,202)
<DISTRIBUTIONS-OF-GAINS> (857,185)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,693,202
<NUMBER-OF-SHARES-REDEEMED> (197,081)
<SHARES-REINVESTED> 96,754
<NET-CHANGE-IN-ASSETS> 106,101,038
<ACCUMULATED-NII-PRIOR> 360,304
<ACCUMULATED-GAINS-PRIOR> 9,615,665
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,075,628
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,039,769
<AVERAGE-NET-ASSETS> 187,204,807
<PER-SHARE-NAV-BEGIN> 13.410
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> 2.130
<PER-SHARE-DIVIDEND> (.500)
<PER-SHARE-DISTRIBUTIONS> (.900)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.680
<EXPENSE-RATIO> 1.740
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1997 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> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 356,924,519
<INVESTMENTS-AT-VALUE> 336,298,798
<RECEIVABLES> 78,248
<ASSETS-OTHER> 39,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 336,416,121
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,425,660
<TOTAL-LIABILITIES> 1,425,660
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 437,628,544
<SHARES-COMMON-STOCK> 35,328,183
<SHARES-COMMON-PRIOR> 42,381,783
<ACCUMULATED-NII-CURRENT> 955,056
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (82,967,418)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20,625,721)
<NET-ASSETS> 334,990,461
<DIVIDEND-INCOME> 22,969,711
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,825,830)
<NET-INVESTMENT-INCOME> 21,143,881
<REALIZED-GAINS-CURRENT> (4,382,996)
<APPREC-INCREASE-CURRENT> 8,545,202
<NET-CHANGE-FROM-OPS> 25,306,087
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,946,338)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,504,396
<NUMBER-OF-SHARES-REDEEMED> (27,867,699)
<SHARES-REINVESTED> 1,309,703
<NET-CHANGE-IN-ASSETS> (62,087,923)
<ACCUMULATED-NII-PRIOR> 757,513
<ACCUMULATED-GAINS-PRIOR> (78,584,422)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 363,663
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,825,830
<AVERAGE-NET-ASSETS> 363,734,650
<PER-SHARE-NAV-BEGIN> 9.370
<PER-SHARE-NII> .550
<PER-SHARE-GAIN-APPREC> .100
<PER-SHARE-DIVIDEND> (.540)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.480
<EXPENSE-RATIO> .750
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1997 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 330,902,056
<INVESTMENTS-AT-VALUE> 396,774,283
<RECEIVABLES> 2,302,033
<ASSETS-OTHER> 592,793
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 399,669,109
<PAYABLE-FOR-SECURITIES> 878,812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 958,646
<TOTAL-LIABILITIES> 1,837,458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 314,368,425
<SHARES-COMMON-STOCK> 18,260,314
<SHARES-COMMON-PRIOR> 15,050,554
<ACCUMULATED-NII-CURRENT> 603,756
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,986,141
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65,873,329
<NET-ASSETS> 397,831,651
<DIVIDEND-INCOME> 14,097,622
<INTEREST-INCOME> 1,172,968
<OTHER-INCOME> 0
<EXPENSES-NET> (3,458,953)
<NET-INVESTMENT-INCOME> 11,811,637
<REALIZED-GAINS-CURRENT> 16,999,297
<APPREC-INCREASE-CURRENT> 41,583,856
<NET-CHANGE-FROM-OPS> 70,394,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,821,047)
<DISTRIBUTIONS-OF-GAINS> (5,098,255)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,936,844
<NUMBER-OF-SHARES-REDEEMED> (4,489,818)
<SHARES-REINVESTED> 762,734
<NET-CHANGE-IN-ASSETS> 132,652,566
<ACCUMULATED-NII-PRIOR> 620,202
<ACCUMULATED-GAINS-PRIOR> 5,349,790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,783,336
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,458,953
<AVERAGE-NET-ASSETS> 333,846,424
<PER-SHARE-NAV-BEGIN> 16.410
<PER-SHARE-NII> .640
<PER-SHARE-GAIN-APPREC> 3.230
<PER-SHARE-DIVIDEND> (.640)
<PER-SHARE-DISTRIBUTIONS> (.330)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.310
<EXPENSE-RATIO> .970
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1997 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER>042
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 330,902,056
<INVESTMENTS-AT-VALUE> 396,774,283
<RECEIVABLES> 2,302,033
<ASSETS-OTHER> 592,793
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 399,669,109
<PAYABLE-FOR-SECURITIES> 878,812
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 958,646
<TOTAL-LIABILITIES> 1,837,458
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 314,368,425
<SHARES-COMMOM-STOCK> 2,350,676
<SHARES-COMMON-PRIOR> 1,112,763
<ACCUMULATED-NII-CURRENT> 603,756
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,986,141
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 65,873,329
<NET-ASSETS> 397,831,651
<DIVIDEND-INCOME> 14,097,622
<INTEREST-INCOME> 1,172,968
<OTHER-INCOME> 0
<EXPENSES-NET> (3,458,953)
<NET-INVESTMENT-INCOME> 11,811,637
<REALIZED-GAINS-CURRENT> 16,999,297
<APPREC-INCREASE-CURRENT> 41,583,856
<NET-CHANGE-FROM-OPS> 70,394,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (874,988)
<DISTRIBUTIONS-OF-GAINS> (396,739)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,537,907
<NUMBER-OF-SHARES-REDEEMED> (364,896)
<SHARES-REINVESTED> 64,902
<NET-CHANGE-IN-ASSETS> 132,652,566
<ACCUMULATED-NII-PRIOR> 620,202
<ACCUMULATED-GAINS-PRIOR> 5,349,790
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,783,336
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,458,953
<AVERAGE-NET-ASSETS> 333,846,424
<PER-SHARE-NAV-BEGIN> 16.380
<PER-SHARE-NII> .500
<PER-SHARE-GAIN-APPREC> 3.220
<PER-SHARE-DIVIDEND> (.510)
<PER-SHARE-DISTRIBUTIONS> (.330)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 19.260
<EXPENSE-RATIO> 1.720
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1997, ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
[NUMBER] 051
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND-CLASS I
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 124,273,516
<INVESTMENTS-AT-VALUE> 121,289,999
<RECEIVABLES> 3,800,915
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,233
<TOTAL-ASSETS> 126,043,883
<PAYABLE-FOR-SECURITIES> 1,231,549
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,249,390
<TOTAL-LIABILITIES> 2,480,939
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,368,923
<SHARES-COMMON-STOCK> 14,074,297
<SHARES-COMMON-PRIOR> 15,904,735
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (184,646)
<ACCUMULATED-NET-GAINS> (2,971,285)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,650,048)
<NET-ASSETS> 123,562,944
<DIVIDEND-INCOME> 15,206
<INTEREST-INCOME> 10,392,152
<OTHER-INCOME> 0
<EXPENSES-NET> (1,215,945)
<NET-INVESTMENT-INCOME> 9,191,413
<REALIZED-GAINS-CURRENT> (76)
<APPREC-INCREASE-CURRENT> (3,329,899)
<NET-CHANGE-FROM-OPS> 5,861,438
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,275,930)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,472,734
<NUMBER-OF-SHARES-REDEEMED> (4,879,312)
<SHARES-REINVESTED> 576,140
<NET-CHANGE-IN-ASSETS> (17,762,756)
<ACCUMULATED-NII-PRIOR> 259,884
<ACCUMULATED-GAINS-PRIOR> (3,035,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 785,629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,215,945
<AVERAGE-NET-ASSETS> 127,728,063
<PER-SHARE-NAV-BEGIN> 8.650
<PER-SHARE-NII> .600
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> (.620)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.410
<EXPENSE-RATIO> .900
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1997, ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
[NUMBER] 052
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND-CLASS II
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 124,273,516
<INVESTMENTS-AT-VALUE> 121,289,999
<RECEIVABLES> 3,800,915
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,233
<TOTAL-ASSETS> 126,043,883
<PAYABLE-FOR-SECURITIES> 1,231,549
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,249,390
<TOTAL-LIABILITIES> 2,480,939
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,368,923
<SHARES-COMMON-STOCK> 531,824
<SHARES-COMMON-PRIOR> 427,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (184,646)
<ACCUMULATED-NET-GAINS> (2,971,285)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,650,048)
<NET-ASSETS> 123,562,944
<DIVIDEND-INCOME> 15,206
<INTEREST-INCOME> 10,392,152
<OTHER-INCOME> 0
<EXPENSES-NET> (1,215,945)
<NET-INVESTMENT-INCOME> 9,191,413
<REALIZED-GAINS-CURRENT> (76)
<APPREC-INCREASE-CURRENT> (3,329,899)
<NET-CHANGE-FROM-OPS> 5,861,438
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (254,743)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 314,368
<NUMBER-OF-SHARES-REDEEMED> (228,727)
<SHARES-REINVESTED> 18,565
<NET-CHANGE-IN-ASSETS> (17,762,756)
<ACCUMULATED-NII-PRIOR> 259,884
<ACCUMULATED-GAINS-PRIOR> (3,035,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 785,629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,215,945
<AVERAGE-NET-ASSETS> 3,825,495
<PER-SHARE-NAV-BEGIN> 8.650
<PER-SHARE-NII> .550
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> (.570)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.410
<EXPENSE-RATIO> 1.460
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1997, ANNUAL REPORT AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
[NUMBER] 053
<NAME> FRANKLIN GLOBAL GOVERNMENT INCOME FUND-ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 124,273,516
<INVESTMENTS-AT-VALUE> 121,289,999
<RECEIVABLES> 3,800,915
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,233
<TOTAL-ASSETS> 126,043,883
<PAYABLE-FOR-SECURITIES> 1,231,549
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,249,390
<TOTAL-LIABILITIES> 2,480,939
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,368,923
<SHARES-COMMON-STOCK> 88,115
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (184,646)
<ACCUMULATED-NET-GAINS> (2,971,285)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,650,048)
<NET-ASSETS> 123,562,944
<DIVIDEND-INCOME> 15,206
<INTEREST-INCOME> 10,392,152
<OTHER-INCOME> 0
<EXPENSES-NET> (1,215,945)
<NET-INVESTMENT-INCOME> 9,191,413
<REALIZED-GAINS-CURRENT> (76)
<APPREC-INCREASE-CURRENT> (3,329,899)
<NET-CHANGE-FROM-OPS> 5,861,438
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40,774)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 102,752
<NUMBER-OF-SHARES-REDEEMED> (19,378)
<SHARES-REINVESTED> 4,741
<NET-CHANGE-IN-ASSETS> (17,762,756)
<ACCUMULATED-NII-PRIOR> 259,884
<ACCUMULATED-GAINS-PRIOR> (3,035,705)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 785,629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,215,945
<AVERAGE-NET-ASSETS> 663,517
<PER-SHARE-NAV-BEGIN> 8.710
<PER-SHARE-NII> 0.490
<PER-SHARE-GAIN-APPREC> (0.280)
<PER-SHARE-DIVIDEND> (0.510)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.410
<EXPENSE-RATIO> 0.820
<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 FRANLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1997 ANNUAL REPORT AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 061
<NAME> FRANKLIN ADJUSTABLE RATE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 21,083,576
<INVESTMENTS-AT-VALUE> 21,210,207
<RECEIVABLES> 18,736
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,228,943
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,604
<TOTAL-LIABILITIES> 91,604
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,940,953
<SHARES-COMMON-STOCK> 2,122,079
<SHARES-COMMON-PRIOR> 1,591,286
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (930,245)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126,631
<NET-ASSETS> 21,137,339
<DIVIDEND-INCOME> 1,239,654
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (112,494)
<NET-INVESTMENT-INCOME> 1,127,160
<REALIZED-GAINS-CURRENT> (144,543)
<APPREC-INCREASE-CURRENT> 369,436
<NET-CHANGE-FROM-OPS> 1,352,053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,127,160)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,515,583
<NUMBER-OF-SHARES-REDEEMED> (2,076,570)
<SHARES-REINVESTED> 91,780
<NET-CHANGE-IN-ASSETS> 5,429,966
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (785,702)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112,494
<AVERAGE-NET-ASSETS> 19,982,182
<PER-SHARE-NAV-BEGIN> 9.870
<PER-SHARE-NII> .560
<PER-SHARE-GAIN-APPREC> .090
<PER-SHARE-DIVIDEND> (.560)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.960
<EXPENSE-RATIO> .810
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
Franklin Investors Securities Trust:
In planning and performing our audit of the financial
statements of Franklin Investors Securities Trust for the
year ended October 31, 1997, we considered its internal
control, including controls over safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Franklin Investors Securities Trust is
responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and
judgements by management are required to assess the expected
benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external
purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and may not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of any specific internal control component does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control,
including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of
October 31, 1997.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
San Francisco, California
December 05, 1997
