<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
014 B000201 8-5889
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015 A000203 BANK OF NEW YORK
015 B000203 C
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015 A000204 BANKBOSTON
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015 A000211 ROYAL BANK OF CANADA
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<PAGE> PAGE 11
015 B000217 S
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015 A000220 MERITA BANK LTD.
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015 A000221 BANQUE PARIBAS
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<PAGE> PAGE 12
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015 A000247 STANDARD CHARTERED BANK
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<PAGE> PAGE 13
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015 A000255 DELETE
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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070 F020300 N
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070 G020300 N
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070 H020300 N
070 I010300 N
070 I020300 N
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070 J020300 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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008 B000401 A
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008 D030401 94404
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010 A000401 FRANKLIN TEMPLETON SERVICES, INC.
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014 A000401 FRANKLIN/TEMPLETON DISTRIBUTORS, INC.
014 B000401 8-5889
015 A000401 BANK OF NEW YORK
015 B000401 C
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<PAGE> PAGE 25
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015 E040403 X
015 A000404 CREDITANSTALT AG
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015 A000405 BANQUE BRUXELLES LAMBERT
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015 A000406 ROYAL BANK OF CANADA
015 B000406 S
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015 A000407 STANDARD CHARTERED BANK
015 B000407 S
015 C010407 SHANGHAI
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015 A000408 DEN DANSKE BANK
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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015 A000503 BANK OF NEW YORK
015 B000503 C
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<PAGE> PAGE 35
015 C010504 BUENOS AIRES
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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015 D010539 PERU
015 E040539 X
015 A000540 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000540 S
015 C010540 MANILA
015 D010540 PHILIPPINES
015 E040540 X
015 A000541 BANK HANDLOWY W. WARSAWIE, S.A.
015 B000541 S
015 C010541 WARSAW
015 D010541 POLAND
015 E040541 X
015 A000542 BANCO COMERCIAL PORTUGUES
015 B000542 S
015 C010542 LISBON
015 D010542 PORTUGAL
015 E040542 X
015 A000543 UNITED OVERSEAS BANK LTD.
015 B000543 S
015 C010543 SINGAPORE
015 D010543 SINGAPORE
015 E040543 X
015 A000544 STANDARD BANK OF SOUTH AFRICA LTD.
015 B000544 S
015 C010544 JOHANNESBURG
<PAGE> PAGE 38
015 D010544 SOUTH AFRICA
015 E040544 X
015 A000545 DELETE
015 A000546 BANCO BILBAO VIZCAYA
015 B000546 S
015 C010546 MADRID
015 D010546 SPAIN
015 E040546 X
015 A000547 STANDARD CHARTERED BANK
015 B000547 S
015 C010547 COLOMBO
015 D010547 SRI LANKA
015 E040547 X
015 A000548 SKANDINAVISKA ENKILDA BANKEN
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 DELETE
015 A000551 SIAM COMMERCIAL BANK
015 B000551 S
015 C010551 BANGKOK
015 D010551 THAILAND
015 E040551 X
015 A000552 OSMANLI BANKASI A.S.
015 B000552 S
015 C010552 ISTANBUL
015 D010552 TURKEY
015 E040552 X
015 A000553 BANK OF NEW YORK
015 B000553 S
015 C010553 LONDON
015 D010553 UNITED KINGDOM
015 E040553 X
015 A000554 DELETE
015 A000555 DELETE
015 A000556 BANQUE INTERNATIONALE A LUXEMBOURG
015 B000556 S
015 C010556 LUXEMBOURG CITY
015 D010556 LUXEMBOURG
015 E040556 X
015 A000557 DELETE
015 A000558 FIRST CHICAGO
015 B000558 S
015 C010558 LONDON
015 D010558 UNITED KINGDOM
<PAGE> PAGE 39
015 E040558 X
015 A000559 DELETE
015 A000560 DELETE
015 A000561 DELETE
015 A000562 DELETE
015 A000563 DELETE
015 A000564 DELETE
015 A000565 DELETE
015 A000566 DELETE
015 A000567 DELETE
015 A000568 DELETE
015 A000569 DELETE
015 A000570 CITIBANK, N.A.
015 B000570 S
015 C010570 CARACAS
015 D010570 VENEZUELA
015 E040570 X
015 A000571 DELETE
015 A000572 DELETE
015 A000573 STANBIC BANK ZAMBIA LTD.
015 B000573 S
015 C010573 LUSAKA
015 D010573 ZAMBIA
015 E040573 X
015 A000574 STANBIC BANK ZIMBABWE LTD.
015 B000574 S
015 C010574 HARARE
015 D010574 ZIMBABWE
015 E040574 X
015 A000575 DELETE
015 A000576 STANDARD CHARTERED BANK
015 B000576 S
015 C010576 SHANGHAI
015 D010576 CHINA
015 E040576 X
015 A000577 EUROCLEAR
015 B000577 S
015 C010577 BRUSSELS
015 D010577 BELGIUM
015 E040577 X
015 A000578 DELETE
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 2595
<PAGE> PAGE 40
028 A020500 406
028 A030500 0
028 A040500 2096
028 B010500 1554
028 B020500 488
028 B030500 0
028 B040500 4110
028 C010500 1976
028 C020500 406
028 C030500 0
028 C040500 2265
028 D010500 1710
028 D020500 403
028 D030500 0
028 D040500 3321
028 E010500 2173
028 E020500 400
028 E030500 0
028 E040500 3089
028 F010500 2214
028 F020500 398
028 F030500 0
028 F040500 3198
028 G010500 12222
028 G020500 2501
028 G030500 0
028 G040500 18079
028 H000500 4662
029 000500 Y
030 A000500 119
030 B000500 4.25
030 C000500 0.00
031 A000500 0
031 B000500 8
032 000500 127
033 000500 0
034 000500 Y
035 000500 0
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 76
044 000500 0
045 000500 Y
<PAGE> PAGE 41
046 000500 N
047 000500 Y
048 000500 0.000
048 A010500 100000
048 A020500 0.625
048 B010500 150000
048 B020500 0.500
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 250000
048 K020500 0.450
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 Y
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
<PAGE> PAGE 42
060 A000500 N
060 B000500 N
061 000500 100
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 3.9
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 20.6
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 73.7
062 R000500 0.0
063 A000500 0
063 B000500 6.9
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
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
<PAGE> PAGE 43
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 21868
071 B000500 26550
071 C000500 114163
071 D000500 19
072 A000500 6
072 B000500 5026
072 C000500 2
072 D000500 0
072 E000500 0
072 F000500 368
072 G000500 0
072 H000500 0
072 I000500 74
072 J000500 19
072 K000500 13
072 L000500 11
072 M000500 5
072 N000500 13
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 2
072 S000500 0
072 T000500 76
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 581
072 Y000500 0
072 Z000500 4447
072AA000500 2140
072BB000500 644
072CC010500 0
072CC020500 1224
072DD010500 4292
072DD020500 206
<PAGE> PAGE 44
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 4639
074 C000500 0
074 D000500 113680
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 3401
074 M000500 152
074 N000500 121872
074 O000500 0
074 P000500 116
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1329
074 S000500 0
074 T000500 120427
074 U010500 13547
074 U020500 751
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 8686
074 Y000500 0
075 A000500 0
075 B000500 122735
076 000500 0.00
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
<PAGE> PAGE 45
015 C020603 NY
015 C030603 10286
015 E010603 X
015 A000604 FRANKLIN/TEMPLETON INVESTORS SERVICES, INC.
015 B000604 C
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 1273
028 A020600 75
028 A030600 0
028 A040600 2355
028 B010600 1167
028 B020600 81
028 B030600 0
028 B040600 1709
028 C010600 2206
028 C020600 65
028 C030600 0
028 C040600 917
028 D010600 777
028 D020600 74
028 D030600 0
028 D040600 778
028 E010600 1271
028 E020600 76
028 E030600 0
028 E040600 872
028 F010600 5208
028 F020600 80
028 F030600 0
028 F040600 1309
028 G010600 11902
028 G020600 451
028 G030600 0
028 G040600 7940
028 H000600 7098
029 000600 Y
030 A000600 50
<PAGE> PAGE 46
030 B000600 2.25
030 C000600 0.00
031 A000600 6
031 B000600 0
032 000600 44
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 27
044 000600 24
045 000600 N
048 000600 0.000
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
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 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
059 000600 Y
060 A000600 Y
<PAGE> PAGE 47
060 B000600 Y
061 000600 100
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 Y
066 G000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
<PAGE> PAGE 48
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 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 9507
071 B000600 5199
071 C000600 21475
071 D000600 24
072 A000600 6
072 B000600 0
072 C000600 648
072 D000600 0
072 E000600 0
072 F000600 0
072 G000600 11
072 H000600 0
072 I000600 8
072 J000600 0
072 K000600 2
072 L000600 1
072 M000600 1
072 N000600 8
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 1
072 S000600 0
072 T000600 27
072 U000600 0
072 V000600 0
072 W000600 1
072 X000600 60
072 Y000600 0
072 Z000600 588
072AA000600 0
072BB000600 7
072CC010600 0
<PAGE> PAGE 49
072CC020600 16
072DD010600 588
072DD020600 0
072EE000600 0
073 A010600 0.2833
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 4
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 25495
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 125
074 M000600 0
074 N000600 25624
074 O000600 0
074 P000600 15
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 83
074 S000600 0
074 T000600 25526
074 U010600 2565
074 U020600 0
074 V010600 9.95
074 V020600 0.00
074 W000600 0.0000
074 X000600 1266
074 Y000600 0
075 A000600 0
075 B000600 21048
076 000600 0.00
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
<PAGE> PAGE 50
074 K001000 0
074 L001000 0
074 M001000 0
074 N001000 0
031 A001900 0
031 B001900 0
032 001900 0
033 001900 0
042 A002200 0
042 B002200 0
042 C002200 0
042 D002200 0
042 E002200 0
042 F002200 0
042 G002200 0
042 H002200 0
043 002200 0
044 002200 0
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
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
048 002400 0.000
048 A012400 0
048 A022400 0.000
048 B012400 0
048 B022400 0.000
048 C012400 0
048 C022400 0.000
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048 D022400 0.000
<PAGE> PAGE 51
048 E012400 0
048 E022400 0.000
048 F012400 0
048 F022400 0.000
048 G012400 0
048 G022400 0.000
048 H012400 0
048 H022400 0.000
048 I012400 0
048 I022400 0.000
048 J012400 0
048 J022400 0.000
048 K012400 0
048 K022400 0.000
074 O003500 0
074 P003500 0
074 Q003500 0
074 R013500 0
074 R023500 0
074 R033500 0
074 R043500 0
074 S003500 0
074 T003500 0
074 U013500 0
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074 V023500 0.00
074 W003500 0.0000
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075 A003600 0
075 B003600 0
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST APRIL 30, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 185,458,378
<INVESTMENTS-AT-VALUE> 187,266,077
<RECEIVABLES> 5,654,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192,920,463
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,879,866
<TOTAL-LIABILITIES> 2,879,866
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,674,958
<SHARES-COMMON-STOCK> 18,267,225
<SHARES-COMMON-PRIOR> 18,665,327
<ACCUMULATED-NII-CURRENT> 212,716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,654,776)
<ACCUM-APPREC-OR-DEPREC> 1,807,699
<NET-ASSETS> 190,040,597
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,798,146
<OTHER-INCOME> 0
<EXPENSES-NET> (739,799)
<NET-INVESTMENT-INCOME> 5,058,347
<REALIZED-GAINS-CURRENT> 546,007
<APPREC-INCREASE-CURRENT> (723,810)
<NET-CHANGE-FROM-OPS> 4,880,544
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,310,095)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,932,009
<NUMBER-OF-SHARES-REDEEMED> (6,638,733)
<SHARES-REINVESTED> 308,622
<NET-CHANGE-IN-ASSETS> (2,394,578)
<ACCUMULATED-NII-PRIOR> 497,544
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (6,200,783)
<GROSS-ADVISORY-FEES> (536,860)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (739,799)
<AVERAGE-NET-ASSETS> 191,205,622
<PER-SHARE-NAV-BEGIN> 10.290
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> (.010)
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.270
<EXPENSE-RATIO> .780<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST APRIL 30, 1998 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 185,458,378
<INVESTMENTS-AT-VALUE> 187,266,077
<RECEIVABLES> 5,654,386
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192,920,463
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,879,866
<TOTAL-LIABILITIES> 2,879,866
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,674,958
<SHARES-COMMON-STOCK> 244,745
<SHARES-COMMON-PRIOR> 37,349
<ACCUMULATED-NII-CURRENT> 212,716
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,654,776)
<ACCUM-APPREC-OR-DEPREC> 1,807,699
<NET-ASSETS> 190,040,597
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,798,146
<OTHER-INCOME> 0
<EXPENSES-NET> (739,799)
<NET-INVESTMENT-INCOME> 5,058,347
<REALIZED-GAINS-CURRENT> 546,007
<APPREC-INCREASE-CURRENT> (723,810)
<NET-CHANGE-FROM-OPS> 4,880,544
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (33,080)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 210,761
<NUMBER-OF-SHARES-REDEEMED> (5,881)
<SHARES-REINVESTED> 2,516
<NET-CHANGE-IN-ASSETS> (2,394,578)
<ACCUMULATED-NII-PRIOR> 497,544
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (6,200,783)
<GROSS-ADVISORY-FEES> (536,860)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (739,799)
<AVERAGE-NET-ASSETS> 191,205,622
<PER-SHARE-NAV-BEGIN> 10.300
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> (.030)
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.260
<EXPENSE-RATIO> .680<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 253,887,916
<INVESTMENTS-AT-VALUE> 265,084,616
<RECEIVABLES> 11,248,938
<ASSETS-OTHER> 2,919,649
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279,253,203
<PAYABLE-FOR-SECURITIES> 1,613,375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 786,455
<TOTAL-LIABILITIES> 2,399,830
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 255,252,862
<SHARES-COMMON-STOCK> 15,968,719
<SHARES-COMMON-PRIOR> 14,427,760
<ACCUMULATED-NII-CURRENT> 779,689
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,624,122
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,196,700
<NET-ASSETS> 276,853,373
<DIVIDEND-INCOME> 2,270,163
<INTEREST-INCOME> 4,835,381
<OTHER-INCOME> 0
<EXPENSES-NET> (1,410,841)
<NET-INVESTMENT-INCOME> 5,694,703
<REALIZED-GAINS-CURRENT> 9,744,069
<APPREC-INCREASE-CURRENT> (1,829,592)
<NET-CHANGE-FROM-OPS> 13,609,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,325,434)
<DISTRIBUTIONS-OF-GAINS> (15,493,732)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,111,342
<NUMBER-OF-SHARES-REDEEMED> (2,707,881)
<SHARES-REINVESTED> 1,137,498
<NET-CHANGE-IN-ASSETS> 28,939,877
<ACCUMULATED-NII-PRIOR> 1,287,973
<ACCUMULATED-GAINS-PRIOR> 18,108,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (723,648)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,410,841)
<AVERAGE-NET-ASSETS> 262,447,151
<PER-SHARE-NAV-BEGIN> 14.740
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> .420
<PER-SHARE-DIVIDEND> (.350)
<PER-SHARE-DISTRIBUTIONS> (1.040)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.080
<EXPENSE-RATIO> .960<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 253,887,916
<INVESTMENTS-AT-VALUE> 265,084,616
<RECEIVABLES> 11,248,938
<ASSETS-OTHER> 2,919,649
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 279,253,203
<PAYABLE-FOR-SECURITIES> 1,613,375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 786,455
<TOTAL-LIABILITIES> 2,399,830
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 255,252,862
<SHARES-COMMON-STOCK> 3,710,249
<SHARES-COMMON-PRIOR> 2,402,672
<ACCUMULATED-NII-CURRENT> 779,689
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,624,122
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,196,700
<NET-ASSETS> 276,853,373
<DIVIDEND-INCOME> 2,270,163
<INTEREST-INCOME> 4,835,381
<OTHER-INCOME> 0
<EXPENSES-NET> (1,410,841)
<NET-INVESTMENT-INCOME> 5,694,703
<REALIZED-GAINS-CURRENT> 9,744,069
<APPREC-INCREASE-CURRENT> (1,829,592)
<NET-CHANGE-FROM-OPS> 13,609,180
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (877,553)
<DISTRIBUTIONS-OF-GAINS> (2,734,235)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,308,278
<NUMBER-OF-SHARES-REDEEMED> (210,636)
<SHARES-REINVESTED> 209,935
<NET-CHANGE-IN-ASSETS> 28,939,877
<ACCUMULATED-NII-PRIOR> 1,287,973
<ACCUMULATED-GAINS-PRIOR> 18,108,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (723,648)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,410,841)
<AVERAGE-NET-ASSETS> 262,447,151
<PER-SHARE-NAV-BEGIN> 14.680
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> .420
<PER-SHARE-DIVIDEND> (.290)
<PER-SHARE-DISTRIBUTIONS> (1.040)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 14.020
<EXPENSE-RATIO> 1.700<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 331,767,271
<INVESTMENTS-AT-VALUE> 310,948,716
<RECEIVABLES> 550,135
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311,498,851
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,468,799
<TOTAL-LIABILITIES> 1,468,799
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 414,545,292
<SHARES-COMMON-STOCK> 32,881,364
<SHARES-COMMON-PRIOR> 35,328,183
<ACCUMULATED-NII-CURRENT> 822,385
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (84,519,070)
<ACCUM-APPREC-OR-DEPREC> (20,818,555)
<NET-ASSETS> 310,030,052
<DIVIDEND-INCOME> 9,935,623
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (803,417)
<NET-INVESTMENT-INCOME> 9,132,206
<REALIZED-GAINS-CURRENT> (1,551,652)
<APPREC-INCREASE-CURRENT> (192,834)
<NET-CHANGE-FROM-OPS> 7,387,720
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,264,877)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,354,015
<NUMBER-OF-SHARES-REDEEMED> (11,383,545)
<SHARES-REINVESTED> 582,711
<NET-CHANGE-IN-ASSETS> (24,960,409)
<ACCUMULATED-NII-PRIOR> 955,056
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (82,967,418)
<GROSS-ADVISORY-FEES> (161,790)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (803,417)
<AVERAGE-NET-ASSETS> 323,595,826
<PER-SHARE-NAV-BEGIN> 9.480
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> (.050)
<PER-SHARE-DIVIDEND> (.270)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.430
<EXPENSE-RATIO> .740<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> ANNUALIZED, EXPENSE RATIO EXCLUDING WAIVER .92%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 380,987,898
<INVESTMENTS-AT-VALUE> 486,935,804
<RECEIVABLES> 33,764,322
<ASSETS-OTHER> 234,012
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 520,934,138
<PAYABLE-FOR-SECURITIES> 1,645,503
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,800,458
<TOTAL-LIABILITIES> 3,445,961
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 395,814,981
<SHARES-COMMON-STOCK> 20,973,189
<SHARES-COMMON-PRIOR> 18,260,314
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (55,084)
<ACCUMULATED-NET-GAINS> 15,780,374
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 105,947,906
<NET-ASSETS> 517,488,177
<DIVIDEND-INCOME> 8,159,433<F1>
<INTEREST-INCOME> 904,280
<OTHER-INCOME> 0
<EXPENSES-NET> (2,310,470)
<NET-INVESTMENT-INCOME> 6,753,243
<REALIZED-GAINS-CURRENT> 15,784,283
<APPREC-INCREASE-CURRENT> 40,074,577
<NET-CHANGE-FROM-OPS> 62,612,103
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,637,100)
<DISTRIBUTIONS-OF-GAINS> (15,051,119)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,930,881
<NUMBER-OF-SHARES-REDEEMED> (3,179,127)
<SHARES-REINVESTED> 961,121
<NET-CHANGE-IN-ASSETS> 119,656,526
<ACCUMULATED-NII-PRIOR> 603,756
<ACCUMULATED-GAINS-PRIOR> 16,986,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,186,664)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,310,470)
<AVERAGE-NET-ASSETS> 463,925,455
<PER-SHARE-NAV-BEGIN> 19.310
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> 2.510
<PER-SHARE-DIVIDEND> (.340)<F2>
<PER-SHARE-DISTRIBUTIONS> (.800)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.990
<EXPENSE-RATIO> .900<F3>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> Net of foreign taxes of $63,363.
<F2> Include distributions in excess of net investment income in the amount of $.002.
<F3> Annulized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 380,987,898
<INVESTMENTS-AT-VALUE> 486,935,804
<RECEIVABLES> 33,764,322
<ASSETS-OTHER> 234,012
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 520,934,138
<PAYABLE-FOR-SECURITIES> 1,645,503
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,800,458
<TOTAL-LIABILITIES> 3,445,961
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 395,814,981
<SHARES-COMMON-STOCK> 3,694,865
<SHARES-COMMON-PRIOR> 2,350,676
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (55,084)
<ACCUMULATED-NET-GAINS> 15,780,374
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 105,947,906
<NET-ASSETS> 517,488,177
<DIVIDEND-INCOME> 8,159,433<F1>
<INTEREST-INCOME> 904,280
<OTHER-INCOME> 0
<EXPENSES-NET> (2,310,470)
<NET-INVESTMENT-INCOME> 6,753,243
<REALIZED-GAINS-CURRENT> 15,784,283
<APPREC-INCREASE-CURRENT> 40,074,577
<NET-CHANGE-FROM-OPS> 62,612,103
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (774,983)
<DISTRIBUTIONS-OF-GAINS> (1,938,931)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,483,633
<NUMBER-OF-SHARES-REDEEMED> (265,882)
<SHARES-REINVESTED> 126,438
<NET-CHANGE-IN-ASSETS> 119,656,526
<ACCUMULATED-NII-PRIOR> 603,756
<ACCUMULATED-GAINS-PRIOR> 16,986,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,186,664)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,310,470)
<AVERAGE-NET-ASSETS> 463,925,455
<PER-SHARE-NAV-BEGIN> 19.260
<PER-SHARE-NII> .240
<PER-SHARE-GAIN-APPREC> 2.490
<PER-SHARE-DIVIDEND> (.260)<F2>
<PER-SHARE-DISTRIBUTIONS> (.800)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.930
<EXPENSE-RATIO> 1.640<F3>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> Net of foreign taxes of $63,363.
<F2> Include distributions in excess of net investment income in the amount of $.002.
<F3> Annualized.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Investor Securities Trust April 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 116920626
<INVESTMENTS-AT-VALUE> 113679990
<RECEIVABLES> 8039276
<ASSETS-OTHER> 152729
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121871995
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1444554
<TOTAL-LIABILITIES> 1444554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126013371
<SHARES-COMMON-STOCK> 13547009
<SHARES-COMMON-PRIOR> 14074297
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (236558)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1475036)
<ACCUM-APPREC-OR-DEPREC> (3874336)
<NET-ASSETS> 120427441
<DIVIDEND-INCOME> 2226
<INTEREST-INCOME> 5025507
<OTHER-INCOME> 0
<EXPENSES-NET> (581037)
<NET-INVESTMENT-INCOME> 4446696
<REALIZED-GAINS-CURRENT> 1496249
<APPREC-INCREASE-CURRENT> (1224288)
<NET-CHANGE-FROM-OPS> 4718657
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4292188)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1204998
<NUMBER-OF-SHARES-REDEEMED> (2014000)
<SHARES-REINVESTED> 281714
<NET-CHANGE-IN-ASSETS> (3135503)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (184646)
<OVERDIST-NET-GAINS-PRIOR> (2971285)
<GROSS-ADVISORY-FEES> (368285)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (581037)
<AVERAGE-NET-ASSETS> 122734857
<PER-SHARE-NAV-BEGIN> 8.410
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> (0.310)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.420
<EXPENSE-RATIO> 0.930<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>Annualized
<F2>Includes distributions in excess of net investment income in
the amount of $.01
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Investor Securities Trust April 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 116920626
<INVESTMENTS-AT-VALUE> 113679990
<RECEIVABLES> 8039276
<ASSETS-OTHER> 152729
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121871995
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1444554
<TOTAL-LIABILITIES> 1444554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126013371
<SHARES-COMMON-STOCK> 665244
<SHARES-COMMON-PRIOR> 531824
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (236558)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1475036)
<ACCUM-APPREC-OR-DEPREC> (3874336)
<NET-ASSETS> 120427441
<DIVIDEND-INCOME> 2226
<INTEREST-INCOME> 5025507
<OTHER-INCOME> 0
<EXPENSES-NET> (581037)
<NET-INVESTMENT-INCOME> 4446696
<REALIZED-GAINS-CURRENT> 1496249
<APPREC-INCREASE-CURRENT> (1224288)
<NET-CHANGE-FROM-OPS> 4718657
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (178732)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 234248
<NUMBER-OF-SHARES-REDEEMED> (113779)
<SHARES-REINVESTED> 12951
<NET-CHANGE-IN-ASSETS> (3135503)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (184646)
<OVERDIST-NET-GAINS-PRIOR> (2971285)
<GROSS-ADVISORY-FEES> (368285)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (581037)
<AVERAGE-NET-ASSETS> 122734857
<PER-SHARE-NAV-BEGIN> 8.410
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> (0.290)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.430
<EXPENSE-RATIO> 1.480<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>Annualized
<F2>Includes distributions in excess of net investment income
in the amount of $.01.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Investor Securities Trust April 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 116920626
<INVESTMENTS-AT-VALUE> 113679990
<RECEIVABLES> 8039276
<ASSETS-OTHER> 152729
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121871995
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1444554
<TOTAL-LIABILITIES> 1444554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126013371
<SHARES-COMMON-STOCK> 85546
<SHARES-COMMON-PRIOR> 88115
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (236558)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1475036)
<ACCUM-APPREC-OR-DEPREC> (3874336)
<NET-ASSETS> 120427441
<DIVIDEND-INCOME> 2226
<INTEREST-INCOME> 5025507
<OTHER-INCOME> 0
<EXPENSES-NET> (581037)
<NET-INVESTMENT-INCOME> 4446696
<REALIZED-GAINS-CURRENT> 1496249
<APPREC-INCREASE-CURRENT> (1224288)
<NET-CHANGE-FROM-OPS> 4718657
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27688)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10688
<NUMBER-OF-SHARES-REDEEMED> (16255)
<SHARES-REINVESTED> 2998
<NET-CHANGE-IN-ASSETS> (3135503)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (184646)
<OVERDIST-NET-GAINS-PRIOR> (2971285)
<GROSS-ADVISORY-FEES> (368285)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (581037)
<AVERAGE-NET-ASSETS> 122734857
<PER-SHARE-NAV-BEGIN> 8.410
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> (0.310)<F2>
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 8.430
<EXPENSE-RATIO> 0.830<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>Annualized
<F2>Includes distributions in excess of net investment income in
the amount of $.01.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1998 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-31-1998
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 25,384,816
<INVESTMENTS-AT-VALUE> 25,495,090
<RECEIVABLES> 125,422
<ASSETS-OTHER> 3,607
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,624,119
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,321
<TOTAL-LIABILITIES> 98,321
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,352,603
<SHARES-COMMON-STOCK> 2,565,034
<SHARES-COMMON-PRIOR> 2,122,079
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (937,079)
<ACCUM-APPREC-OR-DEPREC> 110,274
<NET-ASSETS> 25,525,798
<DIVIDEND-INCOME> 648,245
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (60,276)
<NET-INVESTMENT-INCOME> 587,969
<REALIZED-GAINS-CURRENT> (6,834)
<APPREC-INCREASE-CURRENT> (16,357)
<NET-CHANGE-FROM-OPS> 564,778
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (587,969)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,195,237
<NUMBER-OF-SHARES-REDEEMED> (797,535)
<SHARES-REINVESTED> 45,253
<NET-CHANGE-IN-ASSETS> 4,388,459
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (930,245)
<GROSS-ADVISORY-FEES> (10,528)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (60,276)
<AVERAGE-NET-ASSETS> 21,048,350
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.280
<PER-SHARE-GAIN-APPREC> (0.010)
<PER-SHARE-DIVIDEND> (0.280)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.950
<EXPENSE-RATIO> 0.830<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>ANNUALIZED, EXPENSE RATIO EXLCUDING WAIVER 1.03%
</FN>
</TABLE>
wpdoc2\nsar\1998\136-77D.doc
6/10/98
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4936
EXHIBIT ITEM No. 77D: Policies with respect to security
investments
At a meeting held on February 26, 1998, the Board of Trustees of
the Registrant approved the following resolutions:
FURTHER RESOLVED, that the maximum permissible
investment in less developed and developing countries
by the Franklin Global Government Income Fund be
increased from 20% of such Fund's net assets to 30% of
such Fund's net assets; and
FURTHER RESOLVED, that the maximum permissible
investment by the Franklin Equity Income Fund in Real
Estate Investment Trusts ("REITs") that are listed on a
securities exchange or traded over-the-counter and meet
such Fund's investment objective be increased from 10%
of such Fund's assets to 15% of such Fund's assets; and
FURTHER RESOLVED, that the maximum permissible
investment in securities of developing markets by the
Franklin Equity Income Fund be increased from the
currently unstated 5% of such Fund's assets to 10% of
such Fund's total assets; and
FURTHER RESOLVED, that the revisions to the Franklin
Adjustable Rate Securities Fund's permissible
investments to clarify that the Adjustable Rate
Securities Portfolio, the master fund in which such
Fund invests all of its assets, may invest in
commercial mortgage-backed securities be, and they
hereby are, approved.
