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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
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070 J020300 N
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<PAGE> PAGE 22
070 O010300 N
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
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<PAGE> PAGE 23
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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 C010401 SAN MATEO
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010 C040401 1585
015 A000401 BANK OF NEW YORK
015 B000401 C
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<PAGE> PAGE 24
015 C010402 BUENOS AIRES
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015 A000403 NATIONAL AUSTRALIA BANK
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<PAGE> PAGE 25
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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
070 I010400 N
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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010 A000501 FRANKLIN TEMPLETON SERVICES, INC.
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015 A000501 BANK AUSTRIA AG
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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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015 D010540 ZAMBIA
015 E040540 X
015 A000541 STANBIC BANK ZIMBABWE LTD.
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015 D010541 ZIMBABWE
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015 B000542 C
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015 C030542 10286
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015 C010543 BUENOS AIRES
015 D010543 ARGENTINA
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<PAGE> PAGE 38
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044 000500 54
045 000500 Y
046 000500 N
047 000500 Y
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<PAGE> PAGE 39
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048 I020500 0.000
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048 J020500 0.000
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050 000500 N
051 000500 N
052 000500 N
053 A000500 N
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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
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054 O000500 Y
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
061 000500 1000
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062 I000500 0.0
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<PAGE> PAGE 40
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062 P000500 1.2
062 Q000500 81.1
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063 B000500 9.0
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064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
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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 Y
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 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
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071 B000500 51936
<PAGE> PAGE 41
071 C000500 105680
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<PAGE> PAGE 42
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010 A000601 FRANKLIN ADVISERS, INC
010 B000601 801-26292
010 C010601 SAN MATEO
010 C020601 CA
010 C030601 94404
010 C040601 1585
015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
015 C030601 10286
015 E010601 X
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015 C010602 SAN MATEO
015 C020602 CA
015 C030602 94404
015 C040602 1585
015 E030602 X
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019 C000600 FRNKTEMGRP
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<PAGE> PAGE 43
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035 000600 2
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042 B000600 0
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<PAGE> PAGE 44
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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
060 B000600 Y
061 000600 1000
062 A000600 N
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<PAGE> PAGE 45
066 D000600 N
066 E000600 N
066 F000600 Y
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067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 N
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 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
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071 B000600 11480
071 C000600 25736
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<PAGE> PAGE 46
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<PAGE> PAGE 47
074 R010600 0
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008 A000701 FRANKLIN ADVISERS, INC
008 B000701 A
008 C000701 801-26292
008 D010701 SAN MATEO
008 D020701 CA
008 D030701 94404
008 D040701 1585
008 A000702 TEMPLETON INVESTMENT COUNSEL INC
008 B000702 S
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008 D010702 FORT LAUDERDALE
008 D020702 FL
008 D030702 33394
008 D040702 3091
010 A000701 FRANKLIN TEMPLETON SERVICES, INC.
010 C010701 SAN MATEO
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010 C030701 94404
010 C040701 1585
015 A000701 BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
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015 B000702 S
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015 D010702 ARGENTINA
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<PAGE> PAGE 48
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015 A000705 BANQUE BRUXELLES LAMBERT
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015 A000706 BANKBOSTON
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015 C010706 SAO PAULO
015 D010706 BRAZIL
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015 C010707 TORONTO
015 D010707 CANADA
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015 D010708 CZECH REPUBLIC
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015 C010709 COPENHAGEN
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015 C010710 QUITO
015 D010710 ECUADOR
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015 D010711 UNITED KINGDOM
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015 D010712 LUXEMBOURG
015 E040712 X
015 A000713 EUROCLEAR
015 B000713 S
015 C010713 BRUSSELS
015 D010713 BELGIUM
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<PAGE> PAGE 49
015 B000714 S
015 C010714 HELSINKI
015 D010714 FINLAND
015 E040714 X
015 A000715 BANQUE PARIBAS
015 B000715 S
015 C010715 PARIS
015 D010715 FRANCE
015 E040715 X
015 A000716 DRESDNER BANK AG
015 B000716 S
015 C010716 FRANKFURT
015 D010716 GERMANY
015 E040716 X
015 A000717 NATIONAL BANK OF GREECE, S.A.
015 B000717 S
015 C010717 ATHENS
015 D010717 GREECE
015 E040717 X
015 A000718 HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 D010718 HONG KONG
015 E040718 X
015 A000719 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000719 S
015 C010719 JAKARTA
015 D010719 INDONESIA
015 E040719 X
015 A000720 ALLIED IRISH BANKS, PLC
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015 C010720 DUBLIN
015 D010720 IRELAND
015 E040720 X
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015 C010721 MILAN
015 D010721 ITALY
015 E040721 X
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015 B000722 S
015 C010722 ABIDJAN
015 D010722 IVORY COAST
015 E040722 X
015 A000723 BANK OF TOKYO - MITSUBISHI LIMITED
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015 C010723 TOKYO
015 D010723 JAPAN
015 E040723 X
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<PAGE> PAGE 50
015 C010724 LUXEMBOURG CITY
015 D010724 LUXEMBOURG
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015 A000725 HSBC BANK MALAYSIA BERHAD
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015 C010725 KUALA LUMPUR
015 D010725 MALAYSIA
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015 A000726 HONKKONG & SHANGHAI BANKING CORP. LTD.
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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051 000700 N
052 000700 N
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054 E000700 Y
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054 K000700 Y
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054 M000700 Y
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054 O000700 Y
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056 000700 N
057 000700 N
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060 B000700 Y
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<PAGE> PAGE 55
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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 B020700 N
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070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 Y
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 Y
<PAGE> PAGE 56
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 35351
071 B000700 24872
071 C000700 38808
071 D000700 64
072 A000700 6
072 B000700 1248
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072 D000700 0
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072 M000700 0
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072 S000700 2
072 T000700 7
072 U000700 40
072 V000700 0
072 W000700 1
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072 Y000700 121
072 Z000700 1189
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072DD020700 1175
072EE000700 182
073 A010700 0.3300
073 A020700 0.3500
073 B000700 0.0500
073 C000700 0.0000
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074 B000700 9767
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<PAGE> PAGE 57
074 G000700 0
074 H000700 0
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074 V010700 9.99
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074 W000700 0.0000
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074 Y000700 13458
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076 000700 0.00
SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN
INVESTORS SECURITIES TRUST APRIL 30, 1999 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES
FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 215,689,987
<INVESTMENTS-AT-VALUE> 216,682,859
<RECEIVABLES> 14,187,087
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 230,869,946
<PAYABLE-FOR-SECURITIES> 20,483,922
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,181,404
<TOTAL-LIABILITIES> 22,665,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212,321,330
<SHARES-COMMON-STOCK> 20,077,807
<SHARES-COMMON-PRIOR> 21,430,138
<ACCUMULATED-NII-CURRENT> 252,865
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,362,447)
<ACCUM-APPREC-OR-DEPREC> 992,872
<NET-ASSETS> 208,204,620
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,296,951
<OTHER-INCOME> 0
<EXPENSES-NET> (843,691)
<NET-INVESTMENT-INCOME> 5,453,260
<REALIZED-GAINS-CURRENT> 291,626
<APPREC-INCREASE-CURRENT> (4,923,832)
<NET-CHANGE-FROM-OPS> 821,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,146,567)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,002,387
<NUMBER-OF-SHARES-REDEEMED> (15,683,356)
<SHARES-REINVESTED> 328,638
<NET-CHANGE-IN-ASSETS> (19,571,638)
<ACCUMULATED-NII-PRIOR> 11,371
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5,654,073)
<GROSS-ADVISORY-FEES> (599,331)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (843,691)
<AVERAGE-NET-ASSETS> 215,910,478
<PER-SHARE-NAV-BEGIN> 10.460
<PER-SHARE-NII> .260
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> (.250)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.250
<EXPENSE-RATIO> .780<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN
INVESTORS SECURITIES TRUST APRIL 30, 1999 SEMI-ANNUAL REPORT AND
IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> FRANKLIN SHORT-INTERMEDIATE U.S. GOVERNMENT SECURITIES
FUND - ADVISOR CLASS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 215,689,987
<INVESTMENTS-AT-VALUE> 216,682,859
<RECEIVABLES> 14,187,087
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 230,869,946
<PAYABLE-FOR-SECURITIES> 20,483,922
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,181,404
<TOTAL-LIABILITIES> 22,665,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212,321,330
<SHARES-COMMON-STOCK> 235,617
<SHARES-COMMON-PRIOR> 348,555
<ACCUMULATED-NII-CURRENT> 252,865
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (5,362,447)
<ACCUM-APPREC-OR-DEPREC> 992,872
<NET-ASSETS> 208,204,620
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,296,951
<OTHER-INCOME> 0
<EXPENSES-NET> (843,691)
<NET-INVESTMENT-INCOME> 5,453,260
<REALIZED-GAINS-CURRENT> 291,626
<APPREC-INCREASE-CURRENT> (4,923,832)
<NET-CHANGE-FROM-OPS> 821,054
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (65,199)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 106,824
<NUMBER-OF-SHARES-REDEEMED> (222,936)
<SHARES-REINVESTED> 3,174
<NET-CHANGE-IN-ASSETS> (19,571,638)
<ACCUMULATED-NII-PRIOR> 11,371
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5,654,073)
<GROSS-ADVISORY-FEES> (599,331)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (843,691)
<AVERAGE-NET-ASSETS> 215,910,478
<PER-SHARE-NAV-BEGIN> 10.450
<PER-SHARE-NII> .270
<PER-SHARE-GAIN-APPREC> (.220)
<PER-SHARE-DIVIDEND> (.260)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.240
<EXPENSE-RATIO> .680<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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 A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 161,744,810
<INVESTMENTS-AT-VALUE> 162,935,664
<RECEIVABLES> 21,159,872
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,095,536
<PAYABLE-FOR-SECURITIES> 8,268,277
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,052,673
<TOTAL-LIABILITIES> 10,320,950
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,521,961
<SHARES-COMMON-STOCK> 11,463,244
<SHARES-COMMON-PRIOR> 14,519,796
<ACCUMULATED-NII-CURRENT> 221,674
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,159,903)
<ACCUM-APPREC-OR-DEPREC> 1,190,854
<NET-ASSETS> 173,774,586
<DIVIDEND-INCOME> 3,258,845
<INTEREST-INCOME> 2,751,716
<OTHER-INCOME> 0
<EXPENSES-NET> (1,183,462)
<NET-INVESTMENT-INCOME> 4,827,099
<REALIZED-GAINS-CURRENT> (7,507,331)
<APPREC-INCREASE-CURRENT> 16,595,248
<NET-CHANGE-FROM-OPS> 13,915,016
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,543,565)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 683,145
<NUMBER-OF-SHARES-REDEEMED> (4,021,781)
<SHARES-REINVESTED> 282,084
<NET-CHANGE-IN-ASSETS> (38,327,192)
<ACCUMULATED-NII-PRIOR> 916,488
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,652,572)
<GROSS-ADVISORY-FEES> (552,121)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,183,462)
<AVERAGE-NET-ASSETS> 198,933,033
<PER-SHARE-NAV-BEGIN> 11.750
<PER-SHARE-NII> .310
<PER-SHARE-GAIN-APPREC> .530
<PER-SHARE-DIVIDEND> (.340)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.250
<EXPENSE-RATIO> 1.040<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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 C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 161,744,810
<INVESTMENTS-AT-VALUE> 162,935,664
<RECEIVABLES> 21,159,872
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,095,536
<PAYABLE-FOR-SECURITIES> 8,268,277
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,052,673
<TOTAL-LIABILITIES> 10,320,950
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188,521,961
<SHARES-COMMON-STOCK> 2,733,039
<SHARES-COMMON-PRIOR> 3,549,740
<ACCUMULATED-NII-CURRENT> 221,674
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,159,903)
<ACCUM-APPREC-OR-DEPREC> 1,190,854
<NET-ASSETS> 173,774,586
<DIVIDEND-INCOME> 3,258,845
<INTEREST-INCOME> 2,751,716
<OTHER-INCOME> 0
<EXPENSES-NET> (1,183,462)
<NET-INVESTMENT-INCOME> 4,827,099
<REALIZED-GAINS-CURRENT> (7,507,331)
<APPREC-INCREASE-CURRENT> 16,595,248
<NET-CHANGE-FROM-OPS> 13,915,016
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (978,348)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 206,711
<NUMBER-OF-SHARES-REDEEMED> (1,085,914)
<SHARES-REINVESTED> 62,502
<NET-CHANGE-IN-ASSETS> (38,327,192)
<ACCUMULATED-NII-PRIOR> 916,488
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (8,652,572)
<GROSS-ADVISORY-FEES> (552,121)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (1,183,462)
<AVERAGE-NET-ASSETS> 198,933,033
<PER-SHARE-NAV-BEGIN> 11.700
<PER-SHARE-NII> .250
<PER-SHARE-GAIN-APPREC> .550
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 12.200
<EXPENSE-RATIO> 1.780<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN
INVESTORS SECURITIES TRUST APRIL 30, 1999 SEMI-ANNUAL REPORT AND
IS QUALIFIED I
N 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-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 296,616,096
<INVESTMENTS-AT-VALUE> 275,784,107
<RECEIVABLES> 2,840,573
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 278,624,680
<PAYABLE-FOR-SECURITIES> 2,592,105
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,283,297
<TOTAL-LIABILITIES> 3,875,402
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 382,049,177
<SHARES-COMMON-STOCK> 29,405,390
<SHARES-COMMON-PRIOR> 31,854,776
<ACCUMULATED-NII-CURRENT> 690,168
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (87,158,078)
<ACCUM-APPREC-OR-DEPREC> (20,831,989)
<NET-ASSETS> 274,749,278
<DIVIDEND-INCOME> 7,577,842
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (725,954)
<NET-INVESTMENT-INCOME> 6,851,888
<REALIZED-GAINS-CURRENT> (1,679,467)
<APPREC-INCREASE-CURRENT> 995,539
<NET-CHANGE-FROM-OPS> 6,167,960
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,848,995)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,056,267
<NUMBER-OF-SHARES-REDEEMED> (7,955,146)
<SHARES-REINVESTED> 449,493
<NET-CHANGE-IN-ASSETS> (23,548,313)
<ACCUMULATED-NII-PRIOR> 687,275
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (85,478,611)
<GROSS-ADVISORY-FEES> (141,550)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (725,954)
<AVERAGE-NET-ASSETS> 283,147,652
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> .230
<PER-SHARE-GAIN-APPREC> (.020)
<PER-SHARE-DIVIDEND> (.230)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.340
<EXPENSE-RATIO> .960<F1>
<FN>
<F1>ANNUALIZED;THE EXPENSE RATIO INCLUDES THE FUND'S
SHARE OF THE PORTFOLIO'S ALLOCATED EXPENSES.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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 A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 430,471,697
<INVESTMENTS-AT-VALUE> 514,314,647
<RECEIVABLES> 21,990,759
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 536,305,406
<PAYABLE-FOR-SECURITIES> 3,956,536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,291,211
<TOTAL-LIABILITIES> 7,247,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 426,573,567
<SHARES-COMMON-STOCK> 21,782,428
<SHARES-COMMON-PRIOR> 21,485,042
<ACCUMULATED-NII-CURRENT> 143,279
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,497,863
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83,842,950
<NET-ASSETS> 529,057,659
<DIVIDEND-INCOME> 9,698,288
<INTEREST-INCOME> 838,039
<OTHER-INCOME> 0
<EXPENSES-NET> (2,740,878)
<NET-INVESTMENT-INCOME> 7,795,449
<REALIZED-GAINS-CURRENT> 18,510,732
<APPREC-INCREASE-CURRENT> 16,373,437
<NET-CHANGE-FROM-OPS> 42,679,618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,125,624)
<DISTRIBUTIONS-OF-GAINS> (23,373,175)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,619,429
<NUMBER-OF-SHARES-REDEEMED> (4,724,244)
<SHARES-REINVESTED> 1,402,201
<NET-CHANGE-IN-ASSETS> 19,751,534
<ACCUMULATED-NII-PRIOR> 581,251
<ACCUMULATED-GAINS-PRIOR> 27,863,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,292,714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,740,878)
<AVERAGE-NET-ASSETS> 518,489,483
<PER-SHARE-NAV-BEGIN> 19.930
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> 1.350
<PER-SHARE-DIVIDEND> (.320)
<PER-SHARE-DISTRIBUTIONS> (1.070)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.190
<EXPENSE-RATIO> .930<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 043
<NAME> FRANKLIN EQUITY INCOME FUND - CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 430,471,697
<INVESTMENTS-AT-VALUE> 514,314,647
<RECEIVABLES> 21,990,759
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 536,305,406
<PAYABLE-FOR-SECURITIES> 3,956,536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,291,211
<TOTAL-LIABILITIES> 7,247,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 426,573,567
<SHARES-COMMON-STOCK> 47,784
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 143,279
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,497,863
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83,842,950
<NET-ASSETS> 529,057,659
<DIVIDEND-INCOME> 9,698,288
<INTEREST-INCOME> 838,039
<OTHER-INCOME> 0
<EXPENSES-NET> (2,740,878)
<NET-INVESTMENT-INCOME> 7,795,449
<REALIZED-GAINS-CURRENT> 18,510,732
<APPREC-INCREASE-CURRENT> 16,373,437
<NET-CHANGE-FROM-OPS> 42,679,618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,039)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,625
<NUMBER-OF-SHARES-REDEEMED> (23)
<SHARES-REINVESTED> 182
<NET-CHANGE-IN-ASSETS> 19,751,534
<ACCUMULATED-NII-PRIOR> 581,251
<ACCUMULATED-GAINS-PRIOR> 27,863,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,292,714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,740,878)
<AVERAGE-NET-ASSETS> 518,489,483
<PER-SHARE-NAV-BEGIN> 19.370
<PER-SHARE-NII> .160
<PER-SHARE-GAIN-APPREC> .810
<PER-SHARE-DIVIDEND> (.170)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.170
<EXPENSE-RATIO> 1.670<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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 C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 430,471,697
<INVESTMENTS-AT-VALUE> 514,314,647
<RECEIVABLES> 21,990,759
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 536,305,406
<PAYABLE-FOR-SECURITIES> 3,956,536
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,291,211
<TOTAL-LIABILITIES> 7,247,747
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 426,573,567
<SHARES-COMMON-STOCK> 4,384,324
<SHARES-COMMON-PRIOR> 4,078,328
<ACCUMULATED-NII-CURRENT> 143,279
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 18,497,863
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 83,842,950
<NET-ASSETS> 529,057,659
<DIVIDEND-INCOME> 9,698,288
<INTEREST-INCOME> 838,039
<OTHER-INCOME> 0
<EXPENSES-NET> (2,740,878)
<NET-INVESTMENT-INCOME> 7,795,449
<REALIZED-GAINS-CURRENT> 18,510,732
<APPREC-INCREASE-CURRENT> 16,373,437
<NET-CHANGE-FROM-OPS> 42,679,618
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,103,758)
<DISTRIBUTIONS-OF-GAINS> (4,503,651)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 876,470
<NUMBER-OF-SHARES-REDEEMED> (841,222)
<SHARES-REINVESTED> 270,748
<NET-CHANGE-IN-ASSETS> 19,751,534
<ACCUMULATED-NII-PRIOR> 581,251
<ACCUMULATED-GAINS-PRIOR> 27,863,957
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (1,292,714)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,740,878)
<AVERAGE-NET-ASSETS> 518,489,483
<PER-SHARE-NAV-BEGIN> 19.880
<PER-SHARE-NII> .230
<PER-SHARE-GAIN-APPREC> 1.340
<PER-SHARE-DIVIDEND> (.250)
<PER-SHARE-DISTRIBUTIONS> (1.070)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 20.130
<EXPENSE-RATIO> 1.680<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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 A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 108,646,880
<INVESTMENTS-AT-VALUE> 99,987,353
<RECEIVABLES> 5,254,565
<ASSETS-OTHER> 209,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,451,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,437,236
<TOTAL-LIABILITIES> 1,437,236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,394,714
<SHARES-COMMON-STOCK> 11,969,145
<SHARES-COMMON-PRIOR> 13,436,494
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (776,231)
<ACCUMULATED-NET-GAINS> 57,614
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,662,157)
<NET-ASSETS> 104,013,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,686,246
<OTHER-INCOME> 0
<EXPENSES-NET> (615,663)
<NET-INVESTMENT-INCOME> 4,070,583
<REALIZED-GAINS-CURRENT> 2,019,019
<APPREC-INCREASE-CURRENT> (3,357,050)
<NET-CHANGE-FROM-OPS> 2,732,552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,830,684)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,774,353
<NUMBER-OF-SHARES-REDEEMED> (3,512,116)
<SHARES-REINVESTED> 270,414
<NET-CHANGE-IN-ASSETS> (13,401,752)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (792,503)
<OVERDIST-NET-GAINS-PRIOR> (1,961,405)
<GROSS-ADVISORY-FEES> (336,245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (615,663)
<AVERAGE-NET-ASSETS> 110,612,349
<PER-SHARE-NAV-BEGIN> 8.250
<PER-SHARE-NII> .420
<PER-SHARE-GAIN-APPREC> (.210)
<PER-SHARE-DIVIDEND> (.300)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.160
<EXPENSE-RATIO> 1.100<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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 C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 108,646,880
<INVESTMENTS-AT-VALUE> 99,987,353
<RECEIVABLES> 5,254,565
<ASSETS-OTHER> 209,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,451,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,437,236
<TOTAL-LIABILITIES> 1,437,236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,394,714
<SHARES-COMMON-STOCK> 677,953
<SHARES-COMMON-PRIOR> 691,521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (776,231)
<ACCUMULATED-NET-GAINS> 57,614
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,662,157)
<NET-ASSETS> 104,013,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,686,246
<OTHER-INCOME> 0
<EXPENSES-NET> (615,663)
<NET-INVESTMENT-INCOME> 4,070,583
<REALIZED-GAINS-CURRENT> 2,019,019
<APPREC-INCREASE-CURRENT> (3,357,050)
<NET-CHANGE-FROM-OPS> 2,732,552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (193,084)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,524
<NUMBER-OF-SHARES-REDEEMED> (117,509)
<SHARES-REINVESTED> 15,417
<NET-CHANGE-IN-ASSETS> (13,401,752)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (792,503)
<OVERDIST-NET-GAINS-PRIOR> (1,961,405)
<GROSS-ADVISORY-FEES> (336,245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (615,663)
<AVERAGE-NET-ASSETS> 110,612,349
<PER-SHARE-NAV-BEGIN> 8.260
<PER-SHARE-NII> .380
<PER-SHARE-GAIN-APPREC> (.190)
<PER-SHARE-DIVIDEND> (.280)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.170
<EXPENSE-RATIO> 1.630<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE
FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 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-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 108,646,880
<INVESTMENTS-AT-VALUE> 99,987,353
<RECEIVABLES> 5,254,565
<ASSETS-OTHER> 209,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,451,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,437,236
<TOTAL-LIABILITIES> 1,437,236
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 113,394,714
<SHARES-COMMON-STOCK> 93,232
<SHARES-COMMON-PRIOR> 100,477
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (776,231)
<ACCUMULATED-NET-GAINS> 57,614
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (8,662,157)
<NET-ASSETS> 104,013,940
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,686,246
<OTHER-INCOME> 0
<EXPENSES-NET> (615,663)
<NET-INVESTMENT-INCOME> 4,070,583
<REALIZED-GAINS-CURRENT> 2,019,019
<APPREC-INCREASE-CURRENT> (3,357,050)
<NET-CHANGE-FROM-OPS> 2,732,552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,543)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,312
<NUMBER-OF-SHARES-REDEEMED> (24,181)
<SHARES-REINVESTED> 3,624
<NET-CHANGE-IN-ASSETS> (13,401,752)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (792,503)
<OVERDIST-NET-GAINS-PRIOR> (1,961,405)
<GROSS-ADVISORY-FEES> (336,245)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (615,663)
<AVERAGE-NET-ASSETS> 110,612,349
<PER-SHARE-NAV-BEGIN> 8.260
<PER-SHARE-NII> .430
<PER-SHARE-GAIN-APPREC> (.210)
<PER-SHARE-DIVIDEND> (.310)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.170
<EXPENSE-RATIO> .980<F1>
<FN>
<F1>ANNUALIZED
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE FRANKLIN
INVESTORS SECURITIES TRUST APRIL 30,1999 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-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 20,352,808
<INVESTMENTS-AT-VALUE> 20,498,719
<RECEIVABLES> 79,404
<ASSETS-OTHER> 76
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,578,199
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,307
<TOTAL-LIABILITIES> 125,307
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,268,132
<SHARES-COMMON-STOCK> 2,052,482
<SHARES-COMMON-PRIOR> 2,903,576
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (961,151)
<ACCUM-APPREC-OR-DEPREC> 145,911
<NET-ASSETS> 20,452,892
<DIVIDEND-INCOME> 686,188
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (80,672)
<NET-INVESTMENT-INCOME> 605,516
<REALIZED-GAINS-CURRENT> (27,731)
<APPREC-INCREASE-CURRENT> 64,781
<NET-CHANGE-FROM-OPS> 642,566
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (605,516)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 380,701
<NUMBER-OF-SHARES-REDEEMED> (1,276,888)
<SHARES-REINVESTED> 45,093
<NET-CHANGE-IN-ASSETS> (8,439,488)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (933,420)
<GROSS-ADVISORY-FEES> (12,904)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (80,672)
<AVERAGE-NET-ASSETS> 25,835,317
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> (0.230)
<PER-SHARE-DISTRIBUTIONS> .000
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.960
<EXPENSE-RATIO> 1.060<F1>
<FN>
<F1>ANNUALIZED;THE EXPENSE RATIO INCLUDES THE FUND'S
SHARE OF THE PORTFOLIO'S ALLOCATED EXPENSE.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 SEMI-ANNUAL
REPORT AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 071
<NAME> FRANKLIN BOND FUND - CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 40,163,445
<INVESTMENTS-AT-VALUE> 39,911,510
<RECEIVABLES> 12,682,430
<ASSETS-OTHER> 19,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,613,744
<PAYABLE-FOR-SECURITIES> 10,504,006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,749,874
<TOTAL-LIABILITIES> 17,253,880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,161,658
<SHARES-COMMON-STOCK> 672,176
<SHARES-COMMON-PRIOR> 408,284
<ACCUMULATED-NII-CURRENT> 10,525
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (539,010)
<ACCUM-APPREC-OR-DEPREC> (273,309)
<NET-ASSETS> 35,359,864
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,247,864
<OTHER-INCOME> 0
<EXPENSES-NET> (58,931)
<NET-INVESTMENT-INCOME> 1,188,933
<REALIZED-GAINS-CURRENT> (532,647)
<APPREC-INCREASE-CURRENT> (579,226)
<NET-CHANGE-FROM-OPS> 77,060
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (176,757)
<DISTRIBUTIONS-OF-GAINS> (23,840)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 341,680
<NUMBER-OF-SHARES-REDEEMED> (85,630)
<SHARES-REINVESTED> 7,842
<NET-CHANGE-IN-ASSETS> (460,722)
<ACCUMULATED-NII-PRIOR> 172,883
<ACCUMULATED-GAINS-PRIOR> 175,522
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (84,063)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (180,309)
<AVERAGE-NET-ASSETS> 39,886,756
<PER-SHARE-NAV-BEGIN> 10.370
<PER-SHARE-NII> .290
<PER-SHARE-GAIN-APPREC> (.290)
<PER-SHARE-DIVIDEND> (.330)
<PER-SHARE-DISTRIBUTIONS> (.050)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 9.990
<EXPENSE-RATIO> .500<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFLIATE
IS 1.12%. THESE RATIOS ARE ANNUALIZED.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM
THE FRANKLIN INVESTORS SECURITIES TRUST APRIL 30, 1999 SEMI-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> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 40,163,445
<INVESTMENTS-AT-VALUE> 39,911,510
<RECEIVABLES> 12,682,430
<ASSETS-OTHER> 19,804
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,613,744
<PAYABLE-FOR-SECURITIES> 10,504,006
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,749,874
<TOTAL-LIABILITIES> 17,253,880
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,161,658
<SHARES-COMMON-STOCK> 2,864,994
<SHARES-COMMON-PRIOR> 3,043,142
<ACCUMULATED-NII-CURRENT> 10,525
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (539,010)
<ACCUM-APPREC-OR-DEPREC> (273,309)
<NET-ASSETS> 35,359,864
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,247,864
<OTHER-INCOME> 0
<EXPENSES-NET> (58,931)
<NET-INVESTMENT-INCOME> 1,188,933
<REALIZED-GAINS-CURRENT> (532,647)
<APPREC-INCREASE-CURRENT> (579,226)
<NET-CHANGE-FROM-OPS> 77,060
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,174,534)
<DISTRIBUTIONS-OF-GAINS> (158,045)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 730,129
<NUMBER-OF-SHARES-REDEEMED> (1,029,526)
<SHARES-REINVESTED> 121,249
<NET-CHANGE-IN-ASSETS> (460,722)
<ACCUMULATED-NII-PRIOR> 172,883
<ACCUMULATED-GAINS-PRIOR> 175,522
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (84,063)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (180,309)
<AVERAGE-NET-ASSETS> 39,886,756
<PER-SHARE-NAV-BEGIN> 10.380
<PER-SHARE-NII> .300
<PER-SHARE-GAIN-APPREC> (.280)
<PER-SHARE-DIVIDEND> (.350)
<PER-SHARE-DISTRIBUTIONS> (.050)
<RETURNS-OF-CAPITAL> .000
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> .250<F1>
<FN>
<F1>EXPENSE RATIO EXCLUDING WAIVER AND PAYMENTS BY AFFLIATE
IS 0.87%. THESE RATIOS ARE ANNUALIZED.
</FN>
</TABLE>
wpdoc2\nsar\1999\136-77D.doc
6/2/99
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4986
EXHIBIT ITEM No. 77D: Policies with respect to security
investments
At a meeting of the Board of Trustees of the Registrant held on
January 12, 1999, the following resolutions were adopted:
RESOLVED, that the prospectus of the Franklin Short-
Intermediate U.S. Government Securities Fund (the
"Fund") be amended to eliminate any qualifications that
the Fund intends to invest solely in U.S. Treasury
securities and, instead, reflect that the Fund may
invest in obligations either issued or guaranteed by
U.S. Government agencies or instrumentalities including
discount notes, global notes, medium-term notes and
mortgage-backed securities; and
FURTHER RESOLVED, that the prospectus of the Fund be
further amended to change the focus of interest rate
risk from one of average maturity to one of duration.
wpdoc2\nsar\1999\137-77D.doc
6/2/99
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4986
EXHIBIT ITEM No. 77D: Policies with respect to security
investments
April 15, 1999 supplement to the Registrant's prospectus for the
Franklin Global Government Income Fund, Franklin Short-
Intermediate U.S. Government Securities Fund, Franklin
Convertible Securities Fund and Franklin Equity Income Fund
(series of the registrant):
FIST1 *P
SUPPLEMENT DATED APRIL 15, 1999
TO THE PROSPECTUS OF
FRANKLIN INVESTORS SECURITIES TRUST
(FIST1 - Franklin Global Government Income Fund, Franklin Short-
Intermediate U.S. Government Securities Fund, Franklin
Convertible Securities Fund and Franklin Equity Income Fund)
dated March 1, 1999
The prospectus is amended to replace the fourth paragraph under
"Franklin Convertible Securities Fund - Goal and Strategies -
Principal Investments" with the following:
The fund may invest up to 100% of its total assets in
securities that are below investment grade. Investment
grade securities are rated in one of the top four ratings
categories by independent rating organizations such as
Standard & Poor's Corporation (S&P) and Moody's Investors
Service, Inc. (Moody's). The fund will not invest more than
10% of its total assets in securities rated below B by
Moody's or S&P or unrated securities of comparable quality.
Generally, lower rated securities pay higher yields than
more highly rated securities to compensate investors for the
higher risk.
Please keep this supplement for future reference.
wpdoc2\nsar\1999\139-77i.doc
6/1/99
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4986
EXHIBIT ITEM No. 77I(b): Terms of new or amended securities
The Franklin Equity Income Fund (a series of the registrant)
currently offer three classes of shares, Class A, Class B,
and Class C. Before January 1, 1999, Class A shares were
designated Class I and Class C shares were designated Class
II. The Franklin Equity Income Fund series began offering
Class B shares on January 1, 1999. The Registrant may offer
additional classes of shares in the future. The full title
of each class of Franklin Equity Income Fund is:
Franklin Equity Income Fund - Class A
Franklin Equity Income Fund - Class B
Franklin Equity Income Fund - Class C
Shares of each class represent proportionate interests in
the Registrant's assets. On matters that affect the
Registrant as a whole, each class has the same voting and
other rights and preferences as any other class. On matters
that affect only one class, only shareholders of that class
may vote. Each class votes separately on matters affecting
only that class, or expressly required to be voted on
separately by state or federal law. Shares of each class of
a series have the same voting and other rights and
preferences as the other classes and series of the trust for
matters that affect the trust as a whole. Additional series
may be offered in the future.
1
wpdoc2\nsar\1998\003-77c.doc 8/21/98
NAME OF REGISTRANT:
Franklin Investors Securities Trust
File No. 811-4986
EXHIBIT ITEM No. 77C: Submission of matters to a vote of
security holders.
At a Special Meeting of Shareholders of Franklin Adjustable Rate
Securities Fund (a series of the registrant) held on April 9,
1999 the following item was voted upon:
(1) To approve a Plan of Reorganization between Franklin
Adjustable Rate Fund (the "Adjustable Rate Fund") and Franklin
Adjustable U.S. Government Securities Fund (the "Adjustable USG
Fund") that provides for: (i) the acquisition of substantially
all of the assets of the Adjustable Rate Fund in exchange for
shares of the Adjustable USG Fund; (ii) the distribution of
shares of Adjustable USG Fund to the shareholders of shares of
Adjustable Rate Fund; and (iii) the liquidation and dissolution
of Adjustable Rate Fund.
VOTE FOR VOTE AGAINST
1,373,223 10,248
