<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 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
070 F020100 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
015 C030401 10286
015 E010401 X
015 A000402 BANKBOSTON
015 B000402 S
015 C010402 BUENOS AIRES
015 D010402 ARGENTINA
015 E040402 X
015 A000403 NATIONAL AUSTRALIA BANK
015 B000403 S
015 C010403 MELBOURNE
015 D010403 AUSTRALIA
015 E040403 X
015 A000404 BANK AUSTRIA AG
015 B000404 S
015 C010404 VIENNA
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015 A000405 BANQUE BRUXELLES LAMBERT
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015 C010405 BRUSSELS
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015 E040405 X
015 A000406 ROYAL BANK OF CANADA
015 B000406 S
015 C010406 TORONTO
015 D010406 CANADA
015 E040406 X
015 A000407 STANDARD CHARTERED BANK
015 B000407 S
015 C010407 SHANGHAI
015 D010407 CHINA
015 E040407 X
015 A000408 DEN DANSKE BANK
015 B000408 S
015 C010408 COPENHAGEN
015 D010408 DENMARK
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015 A000409 BANQUE ET CAISSE D'EPARGNE DE L'ETAT
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015 C010409 LUXEMBOURG
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015 E040409 X
015 A000410 MERITA BANK PLC
015 B000410 S
015 C010410 HELSINKI
015 D010410 FINLAND
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015 A000411 BANQUE PARIBAS
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<PAGE> PAGE 22
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015 C010412 FRANKFURT
015 D010412 GERMANY
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015 D010419 NETHERLANDS
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<PAGE> PAGE 23
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015 A000425 UNITED OVERSEAS BANK LTD.
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015 A000426 STANDARD BANK OF SOUTH AFRICA LTD.
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<PAGE> PAGE 24
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<PAGE> PAGE 25
054 A000400 Y
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054 C000400 Y
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054 G000400 Y
054 H000400 Y
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<PAGE> PAGE 26
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008 A000501 FRANKLIN ADVISERS,INC.
008 B000501 A
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<PAGE> PAGE 27
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<PAGE> PAGE 28
015 E040514 X
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
015 A000547 DELETE
015 A000548 DELETE
015 A000549 DELETE
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015 A000570 DELETE
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<PAGE> PAGE 32
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<PAGE> PAGE 33
053 A000500 N
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056 000500 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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056 000600 N
057 000600 N
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<PAGE> PAGE 39
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070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
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<PAGE> PAGE 40
070 Q020600 N
070 R010600 N
070 R020600 N
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<PAGE> PAGE 41
074 H000600 0
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008 A000701 FRANKLIN ADVISORS, INC
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010 A000701 FRANKLIN TEMPLETON SERVICES, INC.
010 C010701 SAN MATEO
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015 A000701 BANKBOSTON
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<PAGE> PAGE 42
015 E040701 X
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<PAGE> PAGE 43
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015 C010716 ABIDJAN
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015 C010718 LUXEMBOURG
015 D010718 LUXEMBOURG
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015 C010719 KUALA LUMPUR
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015 D010720 MAURITIUS
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015 B000721 S
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015 D010721 MEXICO
015 E040721 X
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<PAGE> PAGE 44
015 B000722 S
015 C010722 CASABLANCA
015 D010722 MOROCCO
015 E040722 X
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015 B000723 S
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015 D010723 NETHERLANDS
015 E040723 X
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015 B000724 S
015 C010724 WELLINGTON
015 D010724 NEW ZEALAND
015 E040724 X
015 A000725 DEN NORSKE BANK AS
015 B000725 S
015 C010725 OSLO
015 D010725 NORWAY
015 E040725 X
015 A000726 HONGKONG & SHANGHAI BANKING CORP.
015 B000726 S
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015 D010726 PHILIPPINES
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015 A000727 BANCO COMERCIAL PORTUGUES
015 B000727 S
015 C010727 LISBON
015 D010727 PORTUGAL
015 E040727 X
015 A000728 UNITED OVERSEAS BANK LTD.
015 B000728 S
015 C010728 SINGAPORE
015 D010728 SINGAPORE
015 E040728 X
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015 B000729 S
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015 B000730 S
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015 D010730 SPAIN
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015 A000731 SKANDINAVISKA ENKILDA BANKEN
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015 C010731 STOCKHOLM
015 D010731 SWEDEN
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<PAGE> PAGE 45
015 C010732 ZURICH
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015 A000734 OSMANLI BANKASI A.S. (OTTOMAN BANK)
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015 A000735 THE BANK OF NEW YORK
015 B000735 S
015 C010735 LONDON
015 D010735 UNITED KINGDOM
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015 A000736 BANK OF NEW YORK
015 B000736 C
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015 C020736 NY
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015 A000737 BANK BOSTON, N.A.
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015 A000738 STANBIC BANK ZAMBIA LTD.
015 B000738 S
015 C010738 LUSAKA
015 D010738 ZAMBIA
015 E040738 X
015 A000739 STANBIC BANK ZIMBABWE LTD.
015 B000739 S
015 C010739 HARARE
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015 E040739 X
015 A000740 FIRST CHICAGO
015 B000740 S
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015 D010740 UNITED KINGDOM
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025 A000701 FIRST CHICAGO
025 B000701 36-2669970
025 C000701 D
025 D000701 315
025 A000702 BEAR, STEARNS & CO INC
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025 C000702 D
<PAGE> PAGE 46
025 D000702 776
025 A000703 DEUTSCHE BANK CAPITAL CORP
025 B000703 13-6124068
025 C000703 D
025 D000703 151
025 A000704 MORGAN STANLEY & CO INC
025 B000704 13-2655998
025 C000704 D
025 D000704 148
025 A000705 MERRILL LYNCH PIERCE FENNER
025 B000705 13-5674085
025 C000705 D
025 D000705 508
025 A000706 SALOMAN BROTHERS INC
025 B000706 13-3082694
025 C000706 D
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<PAGE> PAGE 47
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050 000700 N
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054 C000700 Y
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054 K000700 Y
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056 000700 N
057 000700 N
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061 000700 1000
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<PAGE> PAGE 48
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062 L000700 2.2
062 M000700 18.2
062 N000700 39.5
062 O000700 0.0
062 P000700 34.4
062 Q000700 1.5
062 R000700 0.0
063 A000700 0
063 B000700 11.1
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
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070 A020700 Y
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070 C020700 N
070 D010700 N
070 D020700 N
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070 E020700 Y
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070 F020700 N
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070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
<PAGE> PAGE 49
070 O010700 Y
070 O020700 N
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070 P020700 N
070 Q010700 N
070 Q020700 N
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<PAGE> PAGE 50
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074 D000700 33507
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074 N000700 38003
074 O000700 2035
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074 T000700 35821
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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 OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 217,518,738
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<PER-SHARE-NAV-BEGIN> 10.300
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> 0.160
<PER-SHARE-DIVIDEND> (0.580)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.450
<EXPENSE-RATIO> 0.690
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 197,483,936
<INVESTMENTS-AT-VALUE> 182,079,542
<RECEIVABLES> 33,610,519
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 215,690,061
<PAYABLE-FOR-SECURITIES> 2,137,603
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,450,680
<TOTAL-LIABILITIES> 3,588,283
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 235,242,256
<SHARES-COMMON-STOCK> 14,519,796
<SHARES-COMMON-PRIOR> 14,427,760
<ACCUMULATED-NII-CURRENT> 916,488
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,652,572)
<ACCUM-APPREC-OR-DEPREC> (15,404,394)
<NET-ASSETS> 212,101,778
<DIVIDEND-INCOME> 5,318,127
<INTEREST-INCOME> 8,817,126
<OTHER-INCOME> 0
<EXPENSES-NET> (2,802,370)
<NET-INVESTMENT-INCOME> 11,332,883
<REALIZED-GAINS-CURRENT> (8,538,539)
<APPREC-INCREASE-CURRENT> (28,430,686)
<NET-CHANGE-FROM-OPS> (25,636,342)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,877,888)
<DISTRIBUTIONS-OF-GAINS> (15,493,732)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,772,514
<NUMBER-OF-SHARES-REDEEMED> (6,083,262)
<SHARES-REINVESTED> 1,402,784
<NET-CHANGE-IN-ASSETS> (35,811,718)
<ACCUMULATED-NII-PRIOR> 1,287,973
<ACCUMULATED-GAINS-PRIOR> 18,108,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,377,487)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,802,370)
<AVERAGE-NET-ASSETS> 251,484,011
<PER-SHARE-NAV-BEGIN> 14.740
<PER-SHARE-NII> .620
<PER-SHARE-GAIN-APPREC> (1.920)
<PER-SHARE-DIVIDEND> (.650)
<PER-SHARE-DISTRIBUTIONS> (1.040)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.750
<EXPENSE-RATIO> .980
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 197,483,936
<INVESTMENTS-AT-VALUE> 182,079,542
<RECEIVABLES> 33,610,519
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 215,690,061
<PAYABLE-FOR-SECURITIES> 2,137,603
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,450,680
<TOTAL-LIABILITIES> 3,588,283
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 235,242,256
<SHARES-COMMON-STOCK> 3,549,740
<SHARES-COMMON-PRIOR> 2,402,672
<ACCUMULATED-NII-CURRENT> 916,488
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (8,652,572)
<ACCUM-APPREC-OR-DEPREC> (15,404,394)
<NET-ASSETS> 212,101,778
<DIVIDEND-INCOME> 5,318,127
<INTEREST-INCOME> 8,817,126
<OTHER-INCOME> 0
<EXPENSES-NET> (2,802,370)
<NET-INVESTMENT-INCOME> 11,332,883
<REALIZED-GAINS-CURRENT> (8,538,539)
<APPREC-INCREASE-CURRENT> (28,430,686)
<NET-CHANGE-FROM-OPS> (25,636,342)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,820,566)
<DISTRIBUTIONS-OF-GAINS> (2,734,235)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,925,827
<NUMBER-OF-SHARES-REDEEMED> (1,045,779)
<SHARES-REINVESTED> 267,020
<NET-CHANGE-IN-ASSETS> (35,811,718)
<ACCUMULATED-NII-PRIOR> 1,287,973
<ACCUMULATED-GAINS-PRIOR> 18,108,020
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,377,487)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,802,370)
<AVERAGE-NET-ASSETS> 251,484,011
<PER-SHARE-NAV-BEGIN> 14.680
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> (1.910)
<PER-SHARE-DIVIDEND> (.540)
<PER-SHARE-DISTRIBUTIONS> (1.040)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 11.700
<EXPENSE-RATIO> 1.730
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 321,282,773
<INVESTMENTS-AT-VALUE> 299,455,245
<RECEIVABLES> 1,116,138
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 300,571,383
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,273,792
<TOTAL-LIABILITIES> 2,273,792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 404,916,455
<SHARES-COMMON-STOCK> 31,854,776
<SHARES-COMMON-PRIOR> 35,328,183
<ACCUMULATED-NII-CURRENT> 687,275
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (85,478,611)
<ACCUM-APPREC-OR-DEPREC> (21,827,528)
<NET-ASSETS> 298,297,591
<DIVIDEND-INCOME> 18,453,876
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,578,556)
<NET-INVESTMENT-INCOME> 16,875,320
<REALIZED-GAINS-CURRENT> (2,511,193)
<APPREC-INCREASE-CURRENT> (1,201,807)
<NET-CHANGE-FROM-OPS> 13,162,320
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,143,101)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,728,448
<NUMBER-OF-SHARES-REDEEMED> (22,292,627)
<SHARES-REINVESTED> 1,090,772
<NET-CHANGE-IN-ASSETS> (36,692,870)
<ACCUMULATED-NII-PRIOR> 955,056
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (82,967,418)
<GROSS-ADVISORY-FEES> (313,856)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,578,556)
<AVERAGE-NET-ASSETS> 313,597,557
<PER-SHARE-NAV-BEGIN> 9.480
<PER-SHARE-NII> .510
<PER-SHARE-GAIN-APPREC> (.120)
<PER-SHARE-DIVIDEND> (.510)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.360
<EXPENSE-RATIO> .760<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1> INCLUDES THE FUND'S SHARE OF THE PORTFOLIO'S ALLOCATED
EXPENSES. EXPENSE RATIO EXCLUDING WAIVER .93%.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 403,590,782
<INVESTMENTS-AT-VALUE> 471,060,295
<RECEIVABLES> 43,189,221
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 514,249,516
<PAYABLE-FOR-SECURITIES> 3,119,582
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,823,809
<TOTAL-LIABILITIES> 4,943,391
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,391,404
<SHARES-COMMON-STOCK> 21,485,042
<SHARES-COMMON-PRIOR> 18,260,314
<ACCUMULATED-NII-CURRENT> 581,251
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,863,957
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,469,513
<NET-ASSETS> 509,306,125
<DIVIDEND-INCOME> 18,152,795<F1>
<INTEREST-INCOME> 1,793,468
<OTHER-INCOME> 0
<EXPENSES-NET> (5,057,327)
<NET-INVESTMENT-INCOME> 14,888,936
<REALIZED-GAINS-CURRENT> 27,859,622
<APPREC-INCREASE-CURRENT> 1,596,184
<NET-CHANGE-FROM-OPS> 44,344,742
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13,224,776)
<DISTRIBUTIONS-OF-GAINS> (15,051,100)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,015,338
<NUMBER-OF-SHARES-REDEEMED> (7,026,650)
<SHARES-REINVESTED> 1,236,040
<NET-CHANGE-IN-ASSETS> 111,474,474
<ACCUMULATED-NII-PRIOR> 603,756
<ACCUMULATED-GAINS-PRIOR> 16,986,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,419,689)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,057,327)
<AVERAGE-NET-ASSETS> 480,692,821
<PER-SHARE-NAV-BEGIN> 19.310
<PER-SHARE-NII> 0.640
<PER-SHARE-GAIN-APPREC> 1.420
<PER-SHARE-DIVIDEND> (0.650)
<PER-SHARE-DISTRIBUTIONS> (0.790)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.930
<EXPENSE-RATIO> 0.940
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1> Net of foreign taxes of $149,292.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FRANKLIN INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 403,590,782
<INVESTMENTS-AT-VALUE> 471,060,295
<RECEIVABLES> 43,189,221
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 514,249,516
<PAYABLE-FOR-SECURITIES> 3,119,582
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,823,809
<TOTAL-LIABILITIES> 4,943,391
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 413,391,404
<SHARES-COMMON-STOCK> 4,078,328
<SHARES-COMMON-PRIOR> 2,350,676
<ACCUMULATED-NII-CURRENT> 581,251
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 27,863,957
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,469,513
<NET-ASSETS> 509,306,125
<DIVIDEND-INCOME> 18,152,795<F1>
<INTEREST-INCOME> 1,793,468
<OTHER-INCOME> 0
<EXPENSES-NET> (5,057,327)
<NET-INVESTMENT-INCOME> 14,888,936
<REALIZED-GAINS-CURRENT> 27,859,622
<APPREC-INCREASE-CURRENT> 1,596,184
<NET-CHANGE-FROM-OPS> 44,344,742
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,678,440)
<DISTRIBUTIONS-OF-GAINS> (1,938,931)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,664,562
<NUMBER-OF-SHARES-REDEEMED> (1,103,002)
<SHARES-REINVESTED> 166,092
<NET-CHANGE-IN-ASSETS> 111,474,474
<ACCUMULATED-NII-PRIOR> 603,756
<ACCUMULATED-GAINS-PRIOR> 16,986,141
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (2,419,689)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (5,057,327)
<AVERAGE-NET-ASSETS> 480,692,821
<PER-SHARE-NAV-BEGIN> 19.260
<PER-SHARE-NII> 0.500
<PER-SHARE-GAIN-APPREC> 1.410
<PER-SHARE-DIVIDEND> (0.500)
<PER-SHARE-DISTRIBUTIONS> (0.790)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.880
<EXPENSE-RATIO> 1.690
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
<FN>
<F1> Net of foreign taxes of $149,292.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Global Government Income Fund's October 31, 1998 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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 113845936
<INVESTMENTS-AT-VALUE> 108514705
<RECEIVABLES> 9550108
<ASSETS-OTHER> 121661
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118186474
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 770782
<TOTAL-LIABILITIES> 770782
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125474707
<SHARES-COMMON-STOCK> 13436494
<SHARES-COMMON-PRIOR> 14074297
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (792503)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1961405)
<ACCUM-APPREC-OR-DEPREC> (5305107)
<NET-ASSETS> 117415692
<DIVIDEND-INCOME> 2226
<INTEREST-INCOME> 10086769
<OTHER-INCOME> 0
<EXPENSES-NET> (1170539)
<NET-INVESTMENT-INCOME> 8918456
<REALIZED-GAINS-CURRENT> 225201
<APPREC-INCREASE-CURRENT> (2655059)
<NET-CHANGE-FROM-OPS> 6488598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8320901)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2683291
<NUMBER-OF-SHARES-REDEEMED> (3877271)
<SHARES-REINVESTED> 556177
<NET-CHANGE-IN-ASSETS> (6147252)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (184646)
<OVERDIST-NET-GAINS-PRIOR> (2971285)
<GROSS-ADVISORY-FEES> (722502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1170539)
<AVERAGE-NET-ASSETS> 113328743
<PER-SHARE-NAV-BEGIN> 8.41
<PER-SHARE-NII> .62
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> (0.61)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.25
<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Global Government Income Fund's October 31, 1998 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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 113845936
<INVESTMENTS-AT-VALUE> 108514705
<RECEIVABLES> 9550108
<ASSETS-OTHER> 121661
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118186474
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 770782
<TOTAL-LIABILITIES> 770782
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125474707
<SHARES-COMMON-STOCK> 691521
<SHARES-COMMON-PRIOR> 531824
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (792,503)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1961405)
<ACCUM-APPREC-OR-DEPREC> (5305107)
<NET-ASSETS> 117415692
<DIVIDEND-INCOME> 2226
<INTEREST-INCOME> 10086769
<OTHER-INCOME> 0
<EXPENSES-NET> (1170539)
<NET-INVESTMENT-INCOME> 8918456
<REALIZED-GAINS-CURRENT> 225201
<APPREC-INCREASE-CURRENT> (2655059)
<NET-CHANGE-FROM-OPS> 6488598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (365285)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 405491
<NUMBER-OF-SHARES-REDEEMED> (273562)
<SHARES-REINVESTED> 27768
<NET-CHANGE-IN-ASSETS> (6147252)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (184646)
<OVERDIST-NET-GAINS-PRIOR> (2971285)
<GROSS-ADVISORY-FEES> (722502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1170539)
<AVERAGE-NET-ASSETS> 5401688
<PER-SHARE-NAV-BEGIN> 8.41
<PER-SHARE-NII> .58
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> (0.56)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.26
<EXPENSE-RATIO> 1.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
The schedule contains summary financial information extracted from the
Franklin Global Government Income Fund's October 31, 1998 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> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 113845936
<INVESTMENTS-AT-VALUE> 108514705
<RECEIVABLES> 9550108
<ASSETS-OTHER> 121661
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 118186474
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 770782
<TOTAL-LIABILITIES> 770782
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125474707
<SHARES-COMMON-STOCK> 100477
<SHARES-COMMON-PRIOR> 88115
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (792503)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1961405)
<ACCUM-APPREC-OR-DEPREC> (5305107)
<NET-ASSETS> 117415692
<DIVIDEND-INCOME> 2226
<INTEREST-INCOME> 10086769
<OTHER-INCOME> 0
<EXPENSES-NET> (1170539)
<NET-INVESTMENT-INCOME> 8918456
<REALIZED-GAINS-CURRENT> 225201
<APPREC-INCREASE-CURRENT> (2655059)
<NET-CHANGE-FROM-OPS> 6488598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (55448)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 30190
<NUMBER-OF-SHARES-REDEEMED> (24127)
<SHARES-REINVESTED> 6299
<NET-CHANGE-IN-ASSETS> (6147252)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (184646)
<OVERDIST-NET-GAINS-PRIOR> (2971285)
<GROSS-ADVISORY-FEES> (722502)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1170539)
<AVERAGE-NET-ASSETS> 750205
<PER-SHARE-NAV-BEGIN> 8.41
<PER-SHARE-NII> .63
<PER-SHARE-GAIN-APPREC> (0.16)
<PER-SHARE-DIVIDEND> (0.62)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.26
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1998 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-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 28,862,032
<INVESTMENTS-AT-VALUE> 28,943,162
<RECEIVABLES> 58,601
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,001,763
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 109,383
<TOTAL-LIABILITIES> 109,383
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,744,670
<SHARES-COMMON-STOCK> 2,903,576
<SHARES-COMMON-PRIOR> 2,122,079
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (933,420)
<ACCUM-APPREC-OR-DEPREC> 81,130
<NET-ASSETS> 28,892,380
<DIVIDEND-INCOME> 1,373,011
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (135,094)
<NET-INVESTMENT-INCOME> 1,237,917
<REALIZED-GAINS-CURRENT> (2,319)
<APPREC-INCREASE-CURRENT> (45,501)
<NET-CHANGE-FROM-OPS> 1,190,097
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,237,917)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,428,247
<NUMBER-OF-SHARES-REDEEMED> (1,741,821)
<SHARES-REINVESTED> 95,071
<NET-CHANGE-IN-ASSETS> 7,755,041
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (930,245)
<GROSS-ADVISORY-FEES> (23,128)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (135,094)
<AVERAGE-NET-ASSETS> 23,140,168
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> .540
<PER-SHARE-GAIN-APPREC> (.010)
<PER-SHARE-DIVIDEND> (.540)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.950
<EXPENSE-RATIO> .840
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN BOND FUND - CLASS I
<S> <C>
<PERIOD-TYPE> YEAR<F2>
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> AUG-03-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 34,084,825
<INVESTMENTS-AT-VALUE> 34,384,313
<RECEIVABLES> 3,618,432
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,002,745
<PAYABLE-FOR-SECURITIES> 2,035,372
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146,787
<TOTAL-LIABILITIES> 2,182,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,166,264
<SHARES-COMMON-STOCK> 408,284
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 172,883
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 175,522
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 305,917
<NET-ASSETS> 35,820,586
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 334,080
<OTHER-INCOME> 0
<EXPENSES-NET> (16,708)
<NET-INVESTMENT-INCOME> 317,372
<REALIZED-GAINS-CURRENT> 175,522
<APPREC-INCREASE-CURRENT> 305,917
<NET-CHANGE-FROM-OPS> 798,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,709)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 428,859
<NUMBER-OF-SHARES-REDEEMED> (21,120)
<SHARES-REINVESTED> 545
<NET-CHANGE-IN-ASSETS> 35,820,586
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (24,877)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (63,120)
<AVERAGE-NET-ASSETS> 23,739,237
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> .300
<PER-SHARE-DIVIDEND> (.050)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.370
<EXPENSE-RATIO> .500<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.29%. THESE
RATIOS ARE ANNUALIZED.
<F2>FOR THE PERIOD AUGUST 3, 1998 (EFFECTIVE DATE) TO OCTOBER 31,1998.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
INVESTORS SECURITIES TRUST OCTOBER 31, 1998 ANNUAL REPORT AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 073
<NAME> FRANKLIN BOND FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> YEAR<F2>
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> AUG-03-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 34,084,825
<INVESTMENTS-AT-VALUE> 34,384,313
<RECEIVABLES> 3,618,432
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,002,745
<PAYABLE-FOR-SECURITIES> 2,035,372
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146,787
<TOTAL-LIABILITIES> 2,182,159
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,166,264
<SHARES-COMMON-STOCK> 3,043,142
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 172,883
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 175,522
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 305,917
<NET-ASSETS> 35,820,586
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 334,080
<OTHER-INCOME> 0
<EXPENSES-NET> (16,708)
<NET-INVESTMENT-INCOME> 317,372
<REALIZED-GAINS-CURRENT> 175,522
<APPREC-INCREASE-CURRENT> 305,917
<NET-CHANGE-FROM-OPS> 798,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (140,700)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,061,438
<NUMBER-OF-SHARES-REDEEMED> (30,728)
<SHARES-REINVESTED> 12,432
<NET-CHANGE-IN-ASSETS> 35,820,586
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (24,877)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (63,120)
<AVERAGE-NET-ASSETS> 23,739,237
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> .120
<PER-SHARE-GAIN-APPREC> .310
<PER-SHARE-DIVIDEND> (.050)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.380
<EXPENSE-RATIO> .250<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> .000
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFILIATE IS 1.04%. THESE
RATIOS ARE ANNUALIZED.
<F2>FOR THE PERIOD AUGUST 3, 1998 (EFFECTIVE DATE) TO OCTOBER 31, 1998.
</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, 1998, 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, 1998.
This report is intended solely for the information and use
of management and the Securities and Exchange Commission.
PricewaterhouseCoopers L.L.P.
San Francisco, California
December 17, 1998
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4787
EXHIBIT ITEM No. 77C:
Submission of matters to a vote of security holders.
FRANKLIN INVESTORS SECURITIES TRUST
ACTION OF SOLE SHAREHOLDER BY WRITTEN CONSENT
The undersigned, being the sole shareholder of the
Franklin Bond Fund (the "Fund"), a series of Franklin Investors
Securities Trust (the "Trust"), does hereby take the following
actions and does hereby consent to the following resolutions:
RESOLVED: That the terms and conditions of the Investment Advisory
Agreement dated July 16, 1998 entered into between Franklin
Advisers, Inc. and the Trust, be, and it hereby is, approved for
the Fund.
RESOLVED: That the terms and conditions of the Subadvisory
Agreement dated July 16, 1998 entered into between Franklin
Advisers, Inc. and Templeton Investment Counsel, Inc. be, and it
hereby is, approved for the Fund.
By execution hereof, the undersigned shareholder waives
prior notice of the foregoing action by written consent.
FRANKLIN RESOURCES, INC.
By: /s/ H.E. Burns
Harmon E. Burns
Executive Vice President
Dated: July 24, 1998
